Loading...
•
Sep 30, 2023
Affirm Q1 2024 Earnings Report
Affirm delivered strong results, exceeding expectations across all metrics and demonstrating growth and profitability.
Key Takeaways
Affirm reported strong Q1 2024 results, with GMV growth accelerating to 28% year-over-year and total revenue increasing by 37% year-over-year. The company exceeded its outlook for Revenue Less Transaction Costs (RLTC) and achieved record adjusted operating income. Affirm also saw growth in active consumers and the Affirm Card program.
GMV grew 28% year-over-year to $5.6 billion, driven by strong demand at enterprise platform partners and growth in Affirm Card and virtual cards.
Total revenue increased 37% year-over-year to $497 million, driven by higher interest income and network revenue.
Adjusted operating income was $60 million, representing a 12% adjusted operating margin, the highest in Affirm's history.
Active consumer count grew 15% year-over-year to 16.9 million.
Affirm
Affirm
Affirm Revenue by Segment
Revenue by Segment
Merchant 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 full year FY'24 and the second fiscal quarter of 2024, considering the current macroeconomic conditions.
Positive Outlook
- GMV of more than $24.25 billion for FY'24
- Revenue as a percentage of GMV similar to FY'23
- Revenue Less Transaction Costs as a percentage of GMV similar to FY'23
- Adjusted Operating Margin of more than 5 percent for FY'24
- Weighted Average Shares Outstanding of 311 million for FY'24
Challenges Ahead
- GMV between $6.70 to $6.90 billion for Fiscal Q2 2024
- Revenue between $495 to $520 million for Fiscal Q2 2024
- Transaction Costs between $310 to $320 million for Fiscal Q2 2024
- Revenue Less Transaction Costs between $185 to $200 million for Fiscal Q2 2024
- Adjusted Operating Margin between 2 to 4 percent for Fiscal Q2 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income