(Reuters) -Shares of Australia’s Zip surged over 25% on Friday to hit their highest level in more than three years after the buy-now-pay-later (BNPL) company reported higher annual earnings and announced plans for a secondary U.S. listing.

The company’s cash earnings before taxes, depreciation and amortization (EBTDA) more than doubled to A$170.3 million ($109.38 million) in the year ended June 30, higher than a Visible Alpha consensus estimate of A$160 million.

The earnings growth came on the back of strong performance of its U.S. business, which delivered a 41.6% growth in total transaction volume (TTV), driven mainly by spend on non-discretionary items.

The company’s net bad debts were 1.5% of TTV, down from 1.7% last year.

Zip said it expects more than 35% growth in its U.S. TTV in

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