Objective Analysis - FY20 Results Presentation, page-7

No mention that I could see of the Shanghai Technology Centre and what exactly all the workers are doing there.... giant panda in the room that can't be mentioned so that they can save that pop for another day....

I suspect that once you remove all the expenses that are part of the land grab, you could probably get ridiculous operating leverage by being in 50 markets instead of 6-8. With global API in the cloud, plugging in a new market with retailers who already integrated with you elsewhere will be be easy...

Today's price is a bit higher than we would have had without the crash as it has killed and buried the "muh recession, muh debt, muh crash.. will kill apt" buffet zombie chants... It is anti fragile and that gives it a huge premium in this low growth world.

Customer run rate is about 7.5m pa and that's without Canada, Europe or Asia.