Objective Analysis - FY20 Results Presentation, page-5

You can rewatch the presentation, it's up on the Afterpay website and you can skip to the end for the Q&A. The operating leverage was queried a couple of times. I'm getting the feeling that analysts are really trying to understand Afterpay's success (measured by profitability) in the ANZ region so that they can extrapolate that into new markets.

Trying to value Afterpay would be extremely hard so the ANZ region can provide an anchor point to base their valuation models on.