Objective Analysis - FY20 Results Presentation, page-8

Another point one of the bears brought up (which I thought was valid) was that although the loss in the US market as a percentage of underlying sales has decreased massively, it's still unprofitable (EBITDA-wise) compared to the ANZ market which was profitable at the same point in time after entering. TLDR it's taking the US longer to break even than ANZ.