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Dec 31, 2023
Affirm Q2 2024 Earnings Report
Affirm delivered outstanding results driven by GMV growth and revenue increase.
Key Takeaways
Affirm reported a strong second quarter in fiscal year 2024, with GMV growing 32% year-over-year to $7.5 billion and revenue increasing 48% year-over-year to $591 million. The company also generated $93 million in Adjusted Operating Income, a significant improvement from the previous year. Affirm Card saw substantial growth, with over 700,000 active cardholders generating $397 million in GMV.
GMV grew 32% year-over-year to $7.5 billion, accelerating for the third consecutive quarter.
Revenue grew 48% year-over-year to $591 million.
Revenue Less Transaction Costs (RLTC) grew 68% year-over-year to $242 million, representing 3.2% of GMV.
Adjusted Operating Income was $93 million, compared to a loss of $62 million in the same quarter last year.
Revenue by Segment
Forward Guidance
Affirm provided financial outlook for fiscal year 2024 and Q3 2024.
Positive Outlook
- GMV: more than $25.25 billion
- Revenue as a percentage of GMV: increase ~65 basis points from FY’23
- Revenue Less Transaction Costs as a percentage of GMV: increase ~20 basis points from FY’23
- Adjusted Operating Margin: more than 11 percent
- Weighted Average Shares Outstanding: 311 million
Challenges Ahead
- Revenue: $530 to $550 million
- Transaction Costs: $325 to $335 million
- Revenue Less Transaction Costs: $205 to $215 million
- Adjusted Operating Margin: 6 to 8 percent
- Weighted Average Shares Outstanding: 314 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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