Very strong report, especially Quadpay. The obvious positives...

Very strong report, especially Quadpay. The obvious positives have already been picked up on this forum but some of the less obvious metrics I really liked were:

-the blended receivables book turning over every 3 months. I'm not sure if this had been reported in earlier reports, but i didn't realise. The shorter the turn over the higher the capital efficiency of the business, and 3 months is very strong. This will likely improve closer to Afterpay's receivables characteristics as ZipMoney makes up a smaller and smaller % of the business over time.
-Continued reduction in cost of capital/funding, with expectations of issuing AAA rated securitization funding.

The surprise negatives (only 1):
-Arrears rates has increased 25 basis points in a quarter which is material. I haven't seen an increase in arrears rates in the bank I work for (nor heard about peers experiencing these increases) so this was somewhat surprising. I'd be interested to know why this would be the case given there hasn't been any material changes in government support or economic uncertainty in these 3 months.