It extends further when we talk about international because the way that we work with merchants internationally also adds to that compounding. This is an industry giant saying electric is the future with massive investment.”. Or is it more just the effect of the platform maturing and having more repeat customers and no real intentional effort to raise the credit quality of the underlying consumer borrower? Pay net transaction margin equates to Afterpay income, less net transaction loss, less other variable costs. And finally, the Woolard Review in the U.K. as we continue to engage with the FCA, government and stakeholders have been our core focus for the half. The Foreign Emoluments Clause is a provision in Article I, Section 9, Clause 8 of the United States Constitution, that prohibits the federal government from granting titles of nobility, and restricts members of the federal government from receiving gifts, emoluments, offices or titles from foreign states and monarchies without the consent of the United States Congress. As we move down the SMB channel and continue to expand into the broader market, we would anticipate leveraging the technology that we've rolled out in the U.S. And similarly, looking at how we get more leverage in our local region, I think that provides margin upside opportunity and increases the addressable TAM that we can then integrate with 0 technical work required. We doubled underlying sales. -------------------------------------------------------------------------------- Nicholas David Molnar, Afterpay Limited - Co-Founder, Global Chief Revenue Officer, Co-CEO, MD & Executive Director [20] -------------------------------------------------------------------------------- Yes. However, with money managers having thrown cash at a handful of market darlings like Kweichow Moutai Co. -- pushing the liquor-maker’s valuations to near records -- the correction in stocks has also accelerated mutual fund losses on the way down.“It may be convenient to dispose of idle goods when you need money following investment losses, but be wary that the price is separating from valuable memories,” Xianyu said in the statement.China’s stock market has wiped out $1 trillion in value in the past three weeks. Just any sort of granularity you could provide around this would be... -------------------------------------------------------------------------------- Nicholas David Molnar, Afterpay Limited - Co-Founder, Global Chief Revenue Officer, Co-CEO, MD & Executive Director [39] -------------------------------------------------------------------------------- Yes. Group EBITDA, excluding significant items, was $47.9 million, up from $7.7 million in the prior corresponding period and driven by an increase in net margin that more than offset increased investment in employment and operating expenses. The growth of bad loans spells trouble not only for the $350 billion NBFC sector but also for the Indian economy. -------------------------------------------------------------------------------- Operator [42] -------------------------------------------------------------------------------- Your next question in queue comes from the line of Tom Beadle from UBS. Or is there just some currency headwinds that held back the average order value from going high? So it is important. Firstly, just in terms of your in-store rollout strategy. Thanks, Siraj. -------------------------------------------------------------------------------- Christopher Charles Brendler, Seaport Global Securities LLC, Research Division - Research Analyst [16] -------------------------------------------------------------------------------- That's very helpful. Can you just talk to the merchant pipeline? Ackman, who runs hedge fund Pershing Square Capital Management, said on Twitter he also donated the shares to a donor-advised funds program and another non-profit he did not identify. -------------------------------------------------------------------------------- Operator [8] -------------------------------------------------------------------------------- Your next question on queue come from the line of Andrei Stadnik from MS. -------------------------------------------------------------------------------- Andrei Stadnik, Morgan Stanley, Research Division - VP [9] -------------------------------------------------------------------------------- I wanted to ask 2 questions. -------------------------------------------------------------------------------- Ashwini Z. Chandra, Goldman Sachs Group, Inc., Research Division - Equity Analyst [36] -------------------------------------------------------------------------------- Got it. That's where you can see a very different bend in the late fee curve. Late fees were further reduced by 3 basis points as a percentage of underlying sales, which ultimately delivered a stable net transaction loss of 0.5%. Just turning to the Matrix transaction. So seeing the broader consumer landscape start to engage with our platform and with the debit economy has been amazing to transpire. Thanks so much for the question. The pound is near its strongest against the euro in more than a year. It's Anthony here. We've had some feedback that the lead conversion might be somewhere between say, 3% and 5%. I mean typically, you've seen late fees increase as repeat users increase. If I can just get a bit more color on that. If I just look at a regulatory update for a moment. If we turn to Slide 18, this gives you a different perspective. Underlying sales more than doubled. I guess that means that roughly 10%, give or take, of your total orders processed in the half might have been converted from converted leads, sorry, based on that logic, maybe a bit more if you assume online sales only. The U.S. contributed -- was the largest contributor in Q2 to underlying sales. This is also a useful EBITDA waterfall slide in the director's report, which reconciles all the movements. -------------------------------------------------------------------------------- Nicholas David Molnar, Afterpay Limited - Co-Founder, Global Chief Revenue Officer, Co-CEO, MD & Executive Director [7] -------------------------------------------------------------------------------- Yes Phil, it's Nick here. — The National Security Agency’s Laboratory for Physical Sciences (LPS) is launching the LPS Qubit Collaboratory (LQC) in partnership with the Army Research Office (ARO). Gross losses continue to decline as a percentage of underlying sales as a result of our focus on enhancements to the proprietary risk management platform and the benefit of repeat customers. Updated with Delaware information 8-14-20. That’s displacing favored grades from countries such as Norway, Angola, and Brazil, traders said, and resulting in an unusually quiet spot market.Most refiners and traders around the world are reluctant to buy Iranian crude because of U.S. sanctions, which can result in repercussions like being cut off from the American banking system. Herbert Diess, the VW chief executive, said: “E-mobility has won the race. We've had a continued focus on new verticals in the region and our partnership with Australian Fashion Week was an amazing milestone for the company. Here is where they could come. Wall Street's main indexes rallied in late afternoon trade after the benchmark S&P 500 closed at another record high, while European shares were flat after rising to pre-pandemic levels, with travel shares gaining in both regions. I realize you spoke about more customers recurring, but could you talk about what proportion of losses stem from customers in hardship versus, say, fraud and any other factors? If we turn over the page to Slide 19, another really important core element of our platform is how we curate a 2-sided network, and we deliver those benefits to merchants, much more than a transaction engine that just resides on a merchant's website, the amount of traffic we're now generating from the Afterpay platform out to merchants is now becoming much more substantial. Got it. -------------------------------------------------------------------------------- Andrei Stadnik, Morgan Stanley, Research Division - VP [11] -------------------------------------------------------------------------------- And my second question, I wanted to ask around the average order value. The MUSC Office of Continuing Medical Education is committed to supporting the lifelong learning process of physicians and other health care providers by providing high quality educational opportunities designed to advance the quality and safety of patient care in South Carolina by enhancing learner competence and practice performance. Turning over to Slide 20. Founded in 1968 as a joint venture among Canadian and United States preservationists, APT now has members in more than 30 countries.As an APT member you will have the benefit of the following plus more: BTHL Tenth Anniversary Publication  2020. I was just wondering could you talk through what's driving that percentage down. You haven't made much reference there specifically around your timing and what your strategy is there. It is way more a function of having a quality customer base that's improving with quality, the longer time they spend on the platform. So why now from a -- both an Afterpay perspective? What's important just to be -- just to really clarify, this isn't a deal that we've announced that we've signed and now are commencing the integration, and that integration takes time to get right given the scale of both of these platforms. The breakdown on this slide provides more detail on the diversity of our funding, both from a source and a maturity perspective. When we speak about Asia, it is not 1 market, obviously. -------------------------------------------------------------------------------- Siraj Ahmed, Citigroup Inc., Research Division - Associate [23] -------------------------------------------------------------------------------- And last one, Nick, just on the -- I mean, you spoke to competition. It's Anthony, thanks for the question. It’s likely that these supplies will be temporarily held in onshore tanks before getting resold to local refineries on a later date, they added.See also: UAE Sheikh Lays Claim to Oil Cargo U.S. Says Is From IranThese private processors, which are mostly based in Shandong province, have been known to refine Iranian and Venezuelan crude into fuel, and utilize sludgy, low-quality fuel oil as feedstock for their units.The increased Iranian flows are happening as the administration of President Joe Biden attempts to revive a nuclear deal with Tehran.