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Sep 30, 2021
Affirm Q1 2022 Earnings Report
Affirm's Q1 2022 results exceeded financial outlook and raised outlook for GMV, revenue, and revenue less transaction costs.
Key Takeaways
Affirm reported a strong first quarter in fiscal year 2022, with significant growth in GMV, active merchants, and active consumers. The company expanded its relationship with Amazon and continued its partnership with Peloton. Total revenue increased by 55% year-over-year, driven by growth in interest income, network revenue, and gains on sales of loans.
Gross Merchandise Volume (GMV) increased by 84% to $2.7 billion.
Active merchants grew from 6,500 to 102,000, primarily due to the adoption of Shop Pay Installments.
Active consumers increased by 124% to 8.7 million.
Total revenue increased by 55% to $269.4 million.
Affirm
Affirm
Affirm Revenue by Segment
Revenue by Segment
Merchant Network Revenue
CapyFin.comCard Network Revenue
CapyFin.comInterest Income Revenue
CapyFin.comLoan Sales Gain Revenue
CapyFin.comServicing Income Revenue
CapyFin.com Forward Guidance
Affirm provided financial outlook for the fiscal second quarter and full year 2022, assuming no material impact from the Affirm Debit+ card or the partnership in Australia.
Positive Outlook
- GMV for fiscal Q2 2022 is expected to be $3.55 to $3.65 billion.
- Revenue for fiscal Q2 2022 is expected to be $320 to $330 million.
- GMV for fiscal year 2022 is expected to be $13.13 to $13.38 billion.
- Revenue for fiscal year 2022 is expected to be $1,225 to $1,250 million.
- Transaction Costs for fiscal year 2022 is expected to be $645 to $655 million.
Challenges Ahead
- Transaction Costs for fiscal Q2 2022 is expected to be $143 to $148 million.
- Revenue Less Transaction Costs for fiscal Q2 2022 is expected to be $178 to $183 million.
- Adjusted Operating Loss as a Percentage of Revenue for fiscal Q2 2022 is expected to be (7) to (5) percent.
- Revenue Less Transaction Costs for fiscal year 2022 is expected to be $580 to $595 million.
- Adjusted Operating Loss as a Percentage of Revenue for fiscal year 2022 is expected to be (14) to (12) percent.
Revenue & Expenses
Visualization of income flow from segment revenue to net income