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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.
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 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