The APT Downramping genius, page-9

They have a NTM(%) of 2.2% of TTV.

TTV is growing rapidly --> NTM$ value increases

As long as TTV increases faster than operating and employee expenses this growth will lead to profitability.

Afterpay ANZ is already profitable - the group isn't due to increased costs entering new markets (which has created an enormous amount of shareholder value).