I'm not sure I fully appreciated what they are trying to do (and...

I'm not sure I fully appreciated what they are trying to do (and not sure how they cut out the local processing unit in NZ), but if only 25% of that NZ terminal fleet of 30k converts to a transaction value based fee and even if that 25% of terminals only generate half the TTV at the same margin, it will mean ~$4.5m improvement to the bottom line:

Back of an envelope calcs:
- 30,000 terminals in NZ of which 7,500 convert
- Aus terminals are generating revenues of $4,800 with ~50% margin so ~$2,400 per terminal in gross profit
- if we assume 50% of that for the NZ terminal (either as a function of less TTV and lower margin) then 7500*$1200 = $9m in gross profit
- currently those NZ terminals are earning ~$600 each so ~$4.5m in gross profit
=> so you can double the bottom line (provided not much additional S&M, Admin or other costs) with these new terminals

They could double the bottom line if they convert the terminals on reasonably conservative assumptions.......the question is what the economics for those customers in NZ look like and whether this conversion is going to be quick/easy or a hard sell?

And the way they have laid out the diagram of leveraging Cuscal for the processing....you would assume they could reduce the cost of sales % with higher volume coming through, but hard to know.

Anyway, lets see what guidance they provide when they report results shortly