Ann: HY22 Results Update, page-73

The whole ethos of this company is opaque reporting and product offerings.

I mean customers in the USA don't realise they are paying $1 per installment unless the drill down to the FAQ and that's why their repeat usage is pathetic.

Quarterly updates only report bad debts in ANZ in small asterisk print and ignore the other territories which we know are clearly a lot higher.

Now they report bad debts as a percentage of TTV from previously as a percentage of receivables.

Note they report on the $100 million half year loss on an EBTDA basis and deliberately omitting the key component of interest a substantial cost.

Given that H1 is seasonally much busier than H2 looks like they are well on their way to a $300 million full year loss and will soon run out of funds.

In my view it's misleading to focus on the undrawn warehouse facility to promote false confidence without reference to the rapidly diminishing working capital position