@hotmix87 Thanks for posting. JK sounds very positive. A couple...

@hotmix87 Thanks for posting.

JK sounds very positive.

A couple of areas I thought were quite interesting that I've quoted with some emphasis below:

Some more clarity on GPTV and merchant book size.

"What that $880 million actually is, is our budget of what we expect to capture of the merchants that have contracted with us, GPTV. In effect, the merchants that we have already been contracted, have a combined GPTV upwards of about $3.2 billion. We are assuming that we’re going to process 25% of that this year."

This adds a bit more detail to the due diligence process that is in place with contracted GPTV figures. Shows that some of the merchants they have are pretty big and that over time the assumed 25% of each merchant's GPTV that they expect to initially capture may grow to a larger overall %. It may also explain a bit more as to why they may be moving to reporting more on GPTV once processing commences with the AU merchants as it may not be immediately clear how much GPTV they will capture from the AU merchants as the AU situation is fluid given NAB exiting. It could be possible initially processing will be higher that 25% as the AU merchants will have lost their main acquirer being NAB.

Outlook

"In terms of the way it's going, hectic, manic, the NAB exiting this sector has created an amazing opportunity in Australia and new regulatory regimes in Europe have created just as an amazing regulatory pressure on merchants to comply and both of those two things were a lever to probably far more prospects than we ever could have anticipated. Pretty bullish and I think the numbers and certainly some of the charts and trajectories we'll start to put out over the coming months will support those statements as well."

That reads to me that we could be in for a pretty nice surprise and I suspect it will be from the GPTV to be contracted with the 12+3 AU merchants.

Also liked how JK was happy to publicly talk the company up SP wise comparing with Paypal multiples, even in the face of a little bit of scoffing from Kohler. That to me shows a lot of confidence he has in the numbers to start coming out over the coming period.