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Ann: Zip Completes $120m Oversubscribed Institutional Placement, page-114

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StefanF

5,518 Posts.

1391

17/12/20

20:50

Post #: 49663775
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Originally posted by Andredamus1: ↑

Afterpay's EBITDA margin in AU is approaching 40% (it's incremental EBITDA margin from FY19 to FY20 was over 50%).

I am confident that the US will show positive EBITDA in FY21, however that will be on ~$400m of revenue which shows the scale you need to reach in the US to break even. From FY22, the US operations will be showing meaningful profitability.

I suggest you analyse Note 2 to Afterpay's financial statements to get an understanding of the way each of the geographies are contributing to the total result. Focusing on the group result is incredibly lazy and essentially meaningless.

The Chrome Extension product which Quadpay is offering in the US is not the same as the traditional product (which Afterpay offers) as the merchant is not paying any fee to Quadpay. This is a loss making product which is demonstrated by the carnage it wreaked on Klarna's FY19 results when they rolled out their Ghost Card in the US last year.

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Shhhhh don't talk about margins on new products on this forum. The Z1P Cheer Squad want people to believe they are "50% profitable" and "like Visa".

Last edited by StefanF: 17/12/20

Z1P Price at posting: $5.63 Sentiment: Hold Disclosure: Held
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