NTM for FY20 v FY21- revenue to TTV ratio of 9.3% FY20 vs 8.7%...

NTM for FY20 v FY21
- revenue to TTV ratio of 9.3% FY20 vs 8.7% FY21
- net bad debts of 2.3% FY20 vs 1.5% FY21
- cost of funding likely to be less for FY21 due to lower contract duration and lower receivables as a % of TTV. Having significant cash balances lower the cost of funding as well.
- I would like to understand the fees customers pay vs the fees the merchant pays for OPY to take on its debt. We know the total is currently 8.7% for FY21 (let's say the distribution is 50:50).
- NTM is likely to be 8.7%-4.3%-1.5% or 2.9%, a result better than any BNPL that has released these stats.

One thing to note is revenue to TTV is decreasing as a result of competition, shorter contract lengths and better management of customers in repaying their debt. A good sign for a healthy business.

I hope management explains this clearly in the quarterly as it is a good story to tell.