Afterpay (ASX: APT) has reported its full-year results for FY20. We take a look at the company's headline figures, key commentary and guidance outlook, plus review the share market's reaction across the trading day.

Headline result

Afterpay managed to uphold strong growth in total income from the first half of the fiscal year, with full-year group total income leaping 97% to $519.2 million.As it flagged last week, the company delivered EBITDA of $44.4 million excluding significant items. This compares with $25.7 million a year earlier, a 73% year-on-year increase.Meanwhile, with the inclusion of significant items, which added up to about $20 million, Afterpay's statutory loss after tax was $22.9 million, reflecting the company's ongoing investment into the business.A volatile trading session saw shares in Afterpay swing more than 5% up and 5% down on the back of the company's results, however, the stock settled 0.6% higher to close on $91.26.

Key commentary

With Afterpay active customers up 116% over FY20, and active merchants increasing 72% across the same period, the BNPL juggernaut more than doubled the value of underlying sales processed through its platform, which soared 112% to $11.1 billion.

The momentum also picked up in the final quarter of the financial year, with the company operating at a run rate of $15 billion in underlying sales per annum, while also averaging 20.5k new customers per day. The US and UK were two of the largest drivers of the business' growth, accounting for 41% of underlying sales versus just 18% a year ago. In particular, US underlying sales have grown 330% to $4 billion. Approximately 90% of all underlying sales are coming from repeat customers. The average order value through Afterpay is $153.

While processing a significantly higher value of transactions, Afterpay managed to reduce its gross loss as a percentage of underlying sales. The metric decreased from 1.1% in FY19 to 0.9% in FY20, while net transaction losses, which approximately doubled, were still in line with the same representation of underlying sales as last year.On the other side of the equation, net transaction margins grew 110% from $119.3 million to $250.2 million, again, flat as a percentage of underlying sales. Late fees are now less than 14% of Afterpay's total income and 0.6% of underlying sales, compared with 24% of total income in FY18 and 19% of total income in FY19.At the end of FY20, the company had pro forma total cash of $1.38 billion, up 490% from a year ago.

Guidance outlook

Although not providing specific guidance in its results, Afterpay has briefed the market on early observations from FY21 trading. Management has noted that the strong growth from Q4 FY20 has carried through to the new financial year, with Afterpay Day also proving lucrative for the company. Underlying sales from Afterpay Day were 68% higher than the previous iteration of the event earlier this year in March.International expansion continues to be a priority for the business. Afterpay has since expanded into Canada and acquired European-based Pagantis in order to pursue growth across the European market. The company has also outlined plans to explore opportunities for a rollout in "select Asian markets" in FY21.In addition, further investment has been flagged to enhance the Afterpay platform, drive marketing efforts, consolidate its competitive position in existing markets, and hasten its expansion into new markets.