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Dec 31, 2021
Affirm Q2 2022 Earnings Report
Affirm's Q2 2022 financial results exceeded expectations, driven by network scale and GMV growth.
Key Takeaways
Affirm reported a strong second quarter with significant growth in GMV, active merchants, and active consumers. Total revenue increased by 77% year-over-year, driven by growth in network revenue, interest income, gains on sales of loans, and servicing income.
GMV increased by 115% to $4.5 billion.
Active merchants grew to 168,000 from 8,000.
Active consumers increased by 150% to 11.2 million.
Transactions per active consumer increased 15% to 2.5.
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 third quarter and full year 2022, including estimates of GMV, revenue, and transaction costs related to its rollout at Amazon. The outlook assumes no material impact from the rollout of its Affirm Debit+ card.
Positive Outlook
- GMV for fiscal Q3 2022 is expected to be $3.61 to $3.71 billion.
- Revenue for fiscal Q3 2022 is expected to be $325 to $335 million.
- GMV for fiscal year 2022 is expected to be $14.58 to $14.78 billion.
- Revenue for fiscal year 2022 is expected to be $1.290 to $1.310 billion.
- The Company's financial outlook for the fiscal third quarter and full year 2022 now includes estimates of GMV, revenue, and transaction costs related to its rollout at Amazon.
Challenges Ahead
- Adjusted operating loss as a percentage of revenue for fiscal Q3 2022 is expected to be (21) to (19) percent.
- Transaction Costs for fiscal Q3 2022 is expected to be $187 to $192 million
- Adjusted operating loss as a percentage of revenue for fiscal year 2022 is expected to be (14) to (12) percent.
- Transaction Costs for fiscal year 2022 is expected to be $705 to $715 million
- The Company's outlook assumes no material impact to GMV, revenue, or transaction costs from the rollout of its Affirm Debit+ card.
Revenue & Expenses
Visualization of income flow from segment revenue to net income