Afterpay posts $345.5M net loss for H1 FY22; revenue up 55% but impairments double

Block, Inc.

Net loss after tax of $345.5M for six months ended Dec 31, 2021, compared to $79.2M loss a year ago.
Total income of $644.9M (+55% YoY) driven by Afterpay income of $560.8M and late fees of $78.5M.
Receivables impairment expense surged to $176.8M from $72.1M, reflecting higher credit losses.
Total borrowings rose to $2.0B from $1.3B at June 2021, including $1.49B SGX convertible notes reclassified to current.
Deferred tax assets increased to $340.3M from $156.1M, driven by $237.2M in tax-loss carryforwards.

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