As well as stripping out the one off costs, if we also strip out...

As well as stripping out the one off costs, if we also strip out the start-up costs of USA and UK, it can be seen that the ANZ business is actually very profitable.

In the APT Nov 8 Business Developments update (page 2), Afterpay guided that the USA EBITDA losses for FY19 will be $20m, and the UK losses for FY19 will be 50%-70% of that (let's take a midpoint of $12m). Assuming losses are spread evenly across each half year, that would amount to a loss of around $16m for a half year for the USA and UK businesses combined.

At the moment the UK business is spending a lot of cash, but not making any revenue. That will change, but that's the nature of expansions. If a company wants to expand, as Afterpay does, it has to spend this money upfront.

Going forward, USA will at some point turn the losses to profits (and hopefully big profits), UK will do the same, and the ANZ business will just keep getting more profitable as it grows with scale. With the opportunity in the USA and UK many times the size of ANZ, if all goes to plan, Afterpay will become a very very big business.