I think the distinction here is that the denominator for FY21 should be 3.2m, not 4.4m... similarly, for FY22 the denominator is 4.1m, not 6.4m.
Convert FY21 US TTV of AUD2.4b into USD =~1.8bn, divide by 3.2m "active" customers under the new definition and you get USD554 per "active" customer. I think the claim that average spend per active customer is increasing is a fair one, but the percentage of active customers from "total customers" should be more clearly defined.
I told you good time to buy, page-1487
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