Affirm Stock (AFRM) Earnings Call | FYQ2 Breakdown
Summary
TLDRこのスクリプトは、アフィルム(Affirm)の財務結果と今後の展望について詳しく説明しています。アフィルムは、後期取引で株価が15%下落したにもかかわらず、強力な四半期を報告しました。売上高は前年比で48%増加し、利益は93百万円のプラスになりました。アフィルムカードの利用は700,000枚に達し、売上高に対する割合も前年比で増加しました。また、アフィルムは、今後も支払いやクレジットカード、そしてフルサービス金融プラットフォームへの転換を目指していると述べています。
Takeaways
- 📉 株価が15%下落したが、四半期の業績は非常に強調的。
- 💹 売上高は5.91億ドルで、前年比48%の増加。
- 📈 総商品取引量(GMV)は75億ドルで、前年比32%の増加。
- 💳 Affirmカードの発行枚数は70万枚に達し、前回の5倍。
- 🛍️ 旅行・チケットの売上高は前年比56%増加し、全体の成長に貢献。
- 📊 売上高から取引コストを引いた利益は1億8700万ドルで、前年比68%の増加。
- 🔄 返済能力は良好で、30日以上の遅延返済率は年々と四半期ごとに同じ水準を維持。
- 🚀 Affirmは、PayPalの共同創業者であるMax Levchinによって創設された。
- 🌐 Shopifyとの提携が加速し、GMVの成長はAffirm全体の2倍速で進んでいる。
- 💰 四半期の予想GMVは58億から60億ドルで、売上高は53億から55億ドル。
- 🔄 資金調達能力は69%で、他の金融テクノロジー企業よりも低水準。
Q & A
アフィルムの株価がどのように変動しましたか?
-アフィルムの株価は、アフターアワーズで15%下落しました。これは悪質な四半期報告ではなく、前の四半期で株価が大きく上昇したためです。
アフィルムの四半期の業績はどのようでしたか?
-アフィルムは、実際には非常に強い四半期を発表しました。総商品取引量は75億ドルに達し、Buy Now Pay Laterの取引量は32%増加しました。
マックス・レブチンはどのような人物ですか?
-マックス・レブチンはPayPalの創設者であり、オンライン決済をデジタル化した重要な人物です。彼はElon Muskと一緒にPayPal Mafiaを形成しました。
アフィルムの売上高はどのくらいになりましたか?
-アフィルムの売上高は5億9100万ドルで、前年比で48%増加しました。
アフィルムのオペレーション利益はどのくらいでしたか?
-アフィルムのオペレーション利益は1億8700万ドルで、前年比で大きく改善されましたが、まだ赤字です。しかし、オペレーション利益を調整すると、9300万ドルの利益ができました。
アフィルムの株主への書簡でどのようなコミットメントが再確認されましたか?
-アフィルムは、信用性能、ボリューム成長、またはイノベーションを犠牲にしないで運営リーバレッジを築くことを再確認しました。市場は当初は納得していませんでしたが、12ヶ月後には彼らが約束したことを達成しました。
アフィルムのカードの成長はどのようでしたか?
-アフィルムのカードは、前回の報告以来、500,000枚から700,000枚に増加しました。これは彼らのビジネスの一部として非常に急速に拡大しています。
アフィルムの将来の展望はどのようなものですか?
-アフィルムは、今後の四半期のGMVを5.8億から6億ドル、売上高を530億から550億ドルと予測しています。これは前回の結果と比較して、成長を続けています。
アフィルムの取引コストはどのようになっていますか?
-アフィルムの取引コストは、総取引コストの350億ドルから325億ドル~335億ドルの範囲で予測されています。これは前回の四半期よりも高くなる可能性があります。
アフィルムの株主への書簡でどのような戦略が説明されていますか?
-アフィルムは、少ないリソースでより多くのことを学び、より良い会社になることができると強調しています。彼らは、金融テクノロジー投資家のワークスペースの上にこのステートメントを置くべきだと述べています。
アフィルムの旅行・チケットの成長はどのようでしたか?
-アフィルムの旅行・チケットの成長は56%で、総成長に重要な貢献をしました。しかし、スポーツ用品やアウトドア、ホーム・ライフスタイル、電子製品などの自己流儀のカテゴリーは、総成長率の向上に引き続き影響を与えています。
Outlines
📉 股市动态与公司业绩
介绍了一家公司股价在盘后交易中下跌15%的情况。尽管公司季度业绩强劲,但由于股价在上一季度大幅上涨,市场对此季度的业绩预期过高。提到了Max Levin,PayPal的创始人,以及他与Elon Musk的合作历史。强调了公司在运营效率、信用表现和产品创新方面的承诺,并提到了公司在假日季度的总商品交易额(GMV)和购买后支付(buy out pay later)的增长。
📈 公司业绩与市场反应
讨论了公司在不同业务领域的业绩,包括旅行和票务、体育用品和户外家居电子产品等。提到了公司活跃客户数量的增长,以及公司收入和交易成本的变化。还提到了公司对未来业绩的展望,包括预计的GMV和收入,以及与上一季度的比较。强调了公司在股票补偿和信用表现方面的积极变化。
🔍 业绩分析与未来展望
分析了公司在不同业务领域的业绩,包括B2B产品和国际增长的预期。提到了公司在加拿大的业务表现,以及公司股票的表现。讨论了公司成为全方位服务平台的潜力,以及公司在“买现在,以后付”(buy now pay later)模式上的可持续性。强调了公司在信用账户和国际扩张方面的策略。
📞 投资者电话会议
描述了公司与投资者的电话会议内容,包括公司的前瞻性声明、非GAAP财务措施的解释,以及公司管理层对公司业绩的讨论。提到了公司创始人兼首席执行官Max Levin和首席财务官Michael Lenford的发言,以及他们对公司未来业绩的展望和策略。
📊 业绩细节与市场动态
详细讨论了公司的业绩细节,包括GMV的增长、不同业务领域的业绩、以及公司在信用和风险管理方面的表现。提到了公司在Shopify平台上的合作成果,以及公司在产品开发和市场扩张方面的努力。强调了公司在信用卡和账户持有者方面的增长策略。
💳 信用卡业务与用户行为
分析了公司信用卡业务的表现,包括用户使用频率、信用卡发行量以及公司在信用卡业务上的策略。提到了公司在信用卡业务上的增长计划,以及公司如何通过信用卡业务来提高用户参与度和交易频率。强调了公司在信用卡业务上的长期目标和策略。
📉 股市反应与投资者情绪
讨论了公司股价在财报发布后的反应,以及投资者对公司业绩和未来展望的看法。提到了公司在股市中的表现,以及投资者对公司业绩的预期。强调了公司在股市中的表现与公司业绩之间的关系,以及投资者对公司未来业绩的期待。
Mindmap
Keywords
💡アフィルム (Affirm)
💡株価 (Stock Price)
💡Q2 (Second Quarter)
💡GMV (Gross Merchandise Volume)
💡PayPal
💡フィンテック (Fintech)
💡アフィルムカード (Affirm Card)
💡マクシミリアン・レブチン (Max Levchin)
💡Earnings Call
💡Shopify
Highlights
Stock is down 15% in the after-hours due to the stock having run so much in the last quarter.
The quarter was strong, with gross merchandise volume (GMV) hitting $7.5 billion and buy now, pay later volume up 32% year-over-year.
Revenue was $591 million, up 48%, and revenue less transaction cost was up 68%.
Operating income was $187 million, still in negatives, but adjusted to operating income, it was $93 million in the positive.
The company reiterated its commitment to building operating leverage without sacrificing credit performance, volume growth, or innovation.
The company has the fastest year-over-year GMV growth rate and increased funding capacity.
The Affirm card has scaled to 700,000 cards, up from 500,000, and is growing as a percentage of their business.
Analyst Dan Dolv, who covers fintech at Mizuho, has Affirm as his number one pick and believes it's a $50-$60 stock.
The company has been tightening its belt, improving efficiency, and focusing on becoming a better, more competitive firm.
Travel and ticketing grew 56% year-over-year and continued to contribute significantly to overall growth.
Active customers increased by 133% year-over-year to 17.6 million.
The company is expecting GMV of $5.8 to $6 billion and revenue of $530 to $550 for the next quarter.
The company is not expecting B2B products and international growth outside of America to be material contributors during fiscal year 2024.
The company has been managing credit very actively and has not made any major changes to its credit posture in the last year and a half.
The company's ability to become a full-service platform might attract more investors, as it moves beyond just buy now, pay later.
The company is excited about the growth opportunities with the Affirm card and has a long roadmap of features to come.
The company is not planning to allocate marketing dollars towards distributing the card in the foreseeable future.
The company's partnership with Shopify is going extraordinarily strong, with growth accelerating for the fourth consecutive quarter.
The company is managing through a rate environment that's substantially lower than the previous year, and as those conditions abate, they will begin to see the benefit.
The company's net charge-off rate ticked up slightly in the quarter, but they don't see a fundamental change in credit outcomes due to the Affirm card.
The company is focused on growing the Affirm card cautiously to ensure they can handle various conflicts that occur in commerce.
Transcripts
ladies and gentlemen I hope we're live
good to see you all hoping you guys are
doing
well immediately this caught me off
guard so if you guys don't know a firm
stock this is why we're all here stock
is down 15% in the after hours right now
it's not actually that they put out a
bad quarter the quarter is really strong
the problem is is that the stock had ran
so much in the last quarter uh that that
you know people are just sort of
disregarding this if we even just look
to this company uh back in October okay
early October this stock was trading
around the 17 to18 range now it's
upwards of $50 a share okay so to sort
of prove that conviction they need to
put out a stellar quarter we're going to
go through that right now just before
the call uh but Max Levin who is what
what what's so funny some people are
saying hopefully the earnings call
cannot be as bad as PayPal Max levchin
is the founder of PayPal it's kind of
funny just a little bit of history for
you guys uh so the man of a firm also
revolutionized and digitized payments
online he's the original he's the
OG um a lot of people contribute it to
Elon Musk that's actually not true Elon
must was starting a company called X at
the time uh and this guy actually worked
in the same building as him and then
they ended up merging their two
companies which created the PayPal Mafia
uh but anyway that's a little bit of
nerdy fintech news for you guys let's
talk about this quarter so gross
merchandise volume for the quarter hit
7.5 billion dollar in buy out pay later
uh you know volume up 32% year-over-year
and these are holiday quarters okay they
call it Q2 but these are fiscal quarters
rather than uh
actual you know uh quarterly times it's
still the same although that's fiscal
year or fiscal quarter 2 it still is
December 31st was the end of the quarter
uh it's just a matter of when they start
their um their accounting anyway Revenue
$591 million up
48% Revenue less their transaction cost
up 68% which actually Max Levin has a
good uh thing that he talks on that that
I really want to read uh operating
income up $187 million still in uh deep
negatives but adjusting uh to operating
income we have 93 million in the
positive which it was not before okay I
want to go to a shareholder letter
because I thought that that was really
nice um okay I I'll touch on some of
this stuff we just covered a lot of
this this time last year we reiterated
our our commitment to building operating
leverage without sacrificing credit
performance volume growth or innovation
the market wasn't exactly convinced then
but 12 months later we have done exactly
what we said we would we hope that for
PayPal as well now uh posting the
fastest year-over-year gmv growth rate
in over a year we increased our funding
capacity and we'll talk about the
percentage of that it's actually looking
very positive five billion in the last
year kept an unblinking eye on credit
delinquencies also looked uh you know
fine here um and continuous improvements
on the affirm card so look at this last
time that I actually touched on a firm
card they were at
500,000 cards now they're at
700,000 okay gmv they actually have a uh
a chart here that I was looking at look
at how fast they're uh you know directed
consumer gmv so this is the this is the
affirm card look how fast this has been
scaling as a percentage of their
business so Dan dolv who is the uh
analyst that covers fintex at mizuo he
has been talking that a firm is his
number one pick okay he thinks that this
is a $50 $60 stock all day long and the
reason that he believes in this is not
only because of a firm card he thinks
that it's going to go absolute Blitz
scale kind of what cash app did with the
cash app card but then through a firm's
transition into savings accounts and
actually taking direct deposits he
thinks that this is going to transition
over to a full service Financial
Services
platform but let's uh let's continue
reading here I wanted to touch on some
things as
well so that says percentage of gmv
where was
um yeah why don't we talk about
delinquencies here for a second we
continueed to deliver strong credit
outcomes with 30 plus day delinquencies
for monthly installment loans flat both
year-over-year and quarter over quarter
that's pretty incredible considering uh
you know the how much the market has
changed year over year I actually think
that's that's pretty exciting but I
wanted to that's not what I wanted to
touch on um was it Max Levin okay here I
wanted to touch on this for a sec
learning to do more uh with less made us
a better company this is like this
should be the statement above every
fintech investors's uh you know above
their workspace because this is exactly
how all of these companies are going to
benefit right coinbase included you know
a bunch of a bunch of companies that
I've been pretty critical on have really
really tightened the belt um and as the
sort of years go on and and macro
lightens up and we get out of some of
these worst conditions these will be
tighter companies at the end so uh from
a firm's executive leadership to our IND
individual contributions this is the
very best team we've had since our
founding committed uh competent cohesive
we will continue to be um judias
Jud I can't read that in a growing team
going forward calendar 20123 was the
year of tough of tough choices and our
ability to navigate deliberately and
quickly improved with each decision
we've
made um I deeply am grateful okay that's
just him being
nice uh travel and ticketing grew 56%
year-over-year and continued to be a
meaningful contrib to overall growth
discretionary categories that performed
well during the pandemic such as
sporting goods and outdoor home
lifestyle Electronics showed signs of
improvement but continue to be headwinds
to our overall growth
rate active customers increase 133%
year-over-year to 17.6 million uh
excluding return Le customers active uh
I'm pretty sure by the way returnly if
I'm if I'm not mistaken was a Shopify
company that
sold I got to look that up I'm I'm
curious
now
[Music]
um No Maybe I'm Wrong maybe they just
acquired this company
okay
um Revenue less transaction cost grew
68% year-over-year to $242 million or
3.2% of gmv compared to 2.5% of gmv uh
in fiscal Q2 2023 last
year increased about 70 basis points
year-over year return 3 to 4% long-term
target
range
interesting okay sorry some of this I
haven't even read yet yet just because
uh I've been a little bit busy so um
okay let's look at outlook for a second
then we'll get into the earnings
call Shopify owned 4% I think okay okay
maybe that's where I'm getting it
from um okay so they're expecting gmv of
5.8 million to uh 6 million I wish I
could bring up two different uh charts
right here but uh 5.8 to6 million
Revenue 530 to 550 okay now let's go
ahead and compare that to their last
quarterly uh results so we'll do
this I'll share my spreadsheet really
quick okay so gmv of five uh 5.8 billion
to6 billion doar a little bit higher
than q1
um it's not going to be as high as the
the holiday but you know potentially
people were expecting even better than
expected results that's why we're seeing
such a pullback on the stock right now
14% uh call in five minutes by the
way uh transaction cost where's
transaction cost here total transaction
cost 350 million they expect 325 to
335 uh so even higher than q1 as a
percentage that actually is probably
higher uh if I'm just looking at Simple
Math here
so
um Revenue as a percentage of gmv is
going to continue to climb next
quarter
uh oh this is for the rest of the
year weighted average shares outstanding
where are we right
now no I only have stock based
compensation
I got to get outstanding shares on this
chart I don't I don't follow a firm as
close as I do like a a Sofi Technologies
or something like
this yeah down down 14% still
um I'm as far as I'm as far as I'm
concerned it's just not as such a
disgusting beat as what it needed to be
however um can I throw this over here
and can okay
perfect assumptions embedded within the
Outlook
uh remain 5% for the remainder of the
Year upon Uh current forward interest
rate curve which is embedded in our
Outlook the year-over-year change from
higher Benchmark rates will uh diminish
during the remainder of the fiscal year
and no longer be a headwind as the exit
the fiscal year
yeah
uh affirm money accounts the B2B
products and international growth
outside of America are not expected to
be material contributors during fiscal
year 2024 uh so that's probably the B2B
products that they're talking about
International growth um a firm money
account if I'm if I'm aware won't even
be launching in their fiscal year which
is in the next six months as far as I'm
uh as far as I can
remember these are some of the uh just
quick notes let me just make sure I have
the webcast actually pulled
up yes sir yes
sir okay I'm going to listen to a little
bit of background noise I'm going to
drop this music off real quick just so I
can listen to their
call um active accounts continue to grow
they actually have a pretty large base
of overall accounts of just people that
don't use a firm quite often I think
it's in the 40 Millions 44 million or
something like that um but obviously not
all of those are used all the
time transactions per account don't be
too deceived by this like if you guys
saw on my spreadsheet uh the the average
transaction size actually continues to
go down which is perfectly okay but it's
just a transition from um you know their
uh you know affirm as a main checkout
button to the affirm card making smaller
purchases potentially you know uh buy
now pay lering your freaking coffee in
the
morning bear with
[Music]
me uh this is actually what I did think
was very uh very interesting so in terms
of them ring running a tighter ship they
have been doing that for sure including
stock based compensation I hope that
there's a a a chart on that I was I was
charting it out on my own it's it
continues to drop it was pretty high so
I think it's still at
15% um they call it share based payment
expense yeah well this is also
including yeah that that's this is the
full account but I was just looking at
their own employee expenses which is
kind of hard to determine just looking
within here but it is actually dropping
quarter over quarter so it's at the
lowest percentage of Revenue that
they've had since they've been a
company I think it's 15% last quarter
was like 22%
however okay
interesting yeah like like I'm looking
at their their delinquencies and you're
not actually seeing anything that's like
too crazy compared to even whenever
you're looking at Rising delinquencies
versus uh you know Sofi or another one
of these you know personal lenders this
is pretty consistent on a on a quarter
over quarter basis it's actually uh
pretty exciting to
see funding capacity is is you know
pretty decent 69% comparatively to you
know some of these other companies that
we look at that
are much more deployed than they are
that's for
sure yeah
wow
okay how many of you guys by the way how
many are actually in a firm uh and where
do you see that stock going because I am
not uh I am not invested in this
company their ability to become a full
service platform might get me in there
because it's you know an area that I
know much much more but buy now pay
later on its own is not something that I
think is sustainable for for a firm and
I think that companies like PayPal will
do much
better
yeah and also what's funny is like I I I
use a firm I have like you know uh use
them a couple times but if there's ever
any amount that is REM like even if it
has 1% interest I won't touch
it if they do offer a Zer perc then then
I like it it's fine
but not if they're trying to charge any
interest this is unbelievable though
this I think is like the very exciting
thing is is how big can this affirm card
actually get will they bring it to
Canada that's the one thing that AFF
firm's done very differently than a lot
of other fintechs they've been very
positive in Canada too
so a firm is in most retail
stores stock is down uh just
12.6% now um one thing that I do like is
I do find that the uh the earnings calls
are very informative
oh we got the call coming in now I will
switch over right right
now we will open the lines for your
questions as a reminder this conference
call is being recorded and a replay of
the call will be available on our
investor relations website for a
reasonable period of time after the call
I'd now like to turn the call over to
Zan ker director investor relations
thank you you you may
begin thank you operator before we begin
I would like to remind everyone
listening that today's call may contain
forward looking statements these
forward-looking statements are subject
to numerous risks and uncertainties
including those set forth on our filings
with the SEC which are available on our
investor relations
website actual results May differ
materially from any forward-looking
statements that we make today these
forward-looking statements speak only as
of today and the company does not assume
any obligation or intent to update them
except as required by
law in addition today's call may include
non-gaap Financial measures these
measures should be considered as a
supplement to and not a substitute for
Gap Financial
measures for historical non-gaap
Financial measures reconciliations to
the most directly comparable Gap
measures can be found in our earnings
supplement slide deck which is available
on our investor relations
website hosting today's call with me are
Max lein a firm's founder and chief
executive officer and Michael lenford
the firm's Chief Financial
Officer in line with our practice in
Prior quarters we will begin with brief
opening remarks from Max before
proceeding immediately into questions
and answers on that note I will turn the
call over to Max to
begin thank you Zane thank you all for
joining us today we're excited to share
the results from another great quarter
as is our custom the better the results
the fewer words we used to comment on
them this time around I feel good enough
to go directly to the Q&A back
Tu thank you Max with that we will now
take your questions operator please open
the line for our first
question thank you we will now be
conducting a question and answer session
if you would like to ask a question
please press star one on your telephone
keypad the confirmation to will indicate
that your line is in the question q and
you may press star two if You' like to
remove your question from the queue for
participants using speaker equipment it
may be necessary to pick up your hand
handset before pressing the star Keys
our first question comes from the line
of Ramsey elsol with Barclays please
proceed with your question hi thanks for
taking my question this evening um I was
wondering if you could help us think
through rltc for the remaining Q
quarters of the Year sort of what of the
drivers puts takes variables that could
impact rltc and uh you know drive
underperformance or outperformance you
know how should we think about those
kind of variables
yeah I think you know obviously um if
you're thinking in terms of percentage
of gmv there's there's a number of
factors mix and macro at the top of the
list if you're thinking about total
dollars then gmv on the platform was
going to be the biggest driver um of of
results there um in terms of the rltc
rate the the take rate on a percentage
of gmv it's really mix and macro so the
the mix of business across our Merchant
basee and um and the products that we
offer there and from a macro perspective
everything going on with consumers and
rates would would be there we really
like the environment we're in right now
um that's why we've updated our full
year guidance like we have so we feel
good about the back half of year rltc
margins uh as a percentage of gmv and
and feel good about that because of the
of the macro environment that we're in
um we as as per the usual we take the
current macro signals current levels of
unemployment current forward curve and
bake those into our assumptions um but
obviously there's scenarios where those
could could move one way or the other
that would change the outcome for
us okay and um a followup from me on
slide 10 where you list out your gmv
vertical mix it looks like general
merchandise is picked up quite a bit and
Tra you know from travel and ticketing
or travel and ticketing has has gone
down and and General Merchandise gone up
are there any drivers to call out there
and I guess more broadly can you just
comment on performance across you know
key verticals in
there so so travel and ticketing is a
very seasonal category um so a lot of
folks book um summer vacation travel and
the first two calendar quarters last two
fiscal quarters of our year and it tends
to be lowest in terms of bookings in
calendar quarters like Q2 and so we
think there's a huge seasonality Factor
um there and for general merchandise you
know some of our largest Merchant
Enterprise Partners fall in that bucket
and as we continue to scale those we we
will see lots of purchases there and
it's not unusual for that to be a
category that spikes in around holiday
season as a lot of holiday shopping is
done in those
channels got it makes perfect sense
thank
you thank you our next question comes
from the line of Andrew Jeffrey with
truest Securities please proceed with
your
question hi appreciate you taking the
question Max uh brevity is indeed the
sister of talent make that very clear uh
so uh I've got a couple questions just
on gmv growth and and uh tender share um
as I recall uh you tightened the credit
Box about a year ago and and and
obviously the the back half of the
fiscal year looks looks strong can you
comment EI either Max or Michael just on
kind of how underwriting and and risk
are factoring into that strength and
then the the coral are I guess or the
foll on would be around uh tender share
your Enterprise customers and it was it
it appeared to be elevated during the
holidays and I just wonder if that's a
sign of accelerating tender share to
come or aspirational Tender share
grow um appreciate the compliment first
of all um
the
underwriting
settings so single
most I would say accelerated change
we've conducted to our as they call it
box was really more of a year and a half
ago than a year ago April of 22 is when
we saw real stress on a consumer and we
reacted to that sort of within the next
60 days or so
um we've since really not done an
enormous amount of significance steering
we change marginal cut off on a merchant
by Merchant category by category product
by product basis all the time and also
change things
like allowed terms uh as in durations um
required down payments Etc so we we
managed credit very very actively since
the beginning of time for us but there's
not been a major change to our posture
in the last year and a
half
the numbers that we printed just now are
not an accident we we drove them to be
what they are very very
deliberately and I don't want anybody to
sort of assume that you know we're we're
hands off and the numbers just print
themselves like it's a lot of work and
we care quite a lot where they end up we
have a certain expectations we set with
capital markets and we intend to
continue delivering those expectations
and so that that that's first and
foremost and that that governs a lot of
our metrics as outut to that the tender
share um share wallet as we call in
internally has done really well over the
holidays um we've generally been gaining
wall here
although the stories are different
category to category uh and some cases
Merchant to
Merchant feel very good about some of
the things that we announced obviously
offline we were not a noticeable player
until recently and between the card and
some of the um online offline self
checkout kiosks was really powerful uh
and
then just sort of call out one
particularly strong performance over the
holidays especially and overall in the
last quarter Shopify has just continued
to perform extraordinarily uh the growth
of that particular partnership is
accelerating three plus years into the
partnership U that set of products grew
about twice the speed of the rest of a
firm so it's just been you know story of
success to success and we still have a
lot of things that we have not scaled
out they have their own offline
aspirations that we're obviously very
excited to be a part of Etc and so it's
a little bit of a and I'm giving a very
long-winded answer here but uh you know
frequency for us is being where consumer
shops and Sheriff tender comes as a
consequence of being available and being
able to support the the various consumer
needs that as we encounter them and the
only thing I'd add is is we did um with
the 36% APR caps that we were able to
get in place we were able to be more
expansionary in a number of places that
that is completely done now and so we
wouldn't expect any more volume benefit
there although there is still some
margin benefit we think that will come
um as the program continues to roll out
and scale but we wouldn't expect any
more volume there because of
36 thank you appreciate
it thank you our next question comes
from the line of Reggie Smith was JP
Morgan please proceed with your
question yeah good afternoon and
congrats um on the quarter I guess um
you kept your comments short but I guess
where where were you most surprised um
this was a pretty big be um and then had
a followup after
that um we try to run a tight chip so uh
surprises are rarely a welcome thing if
they are to the good um I think I mean I
already called it out but I thought
Shopify as a company appears to have
done a fantastic job with their product
and we stand to support our partners
there and have done well
together
um let's see what other
surprises don't like surprises Reggie
feel like anytime somebody surprises me
there I'm not gonna like the uh the
outcome um actually I I'll give you one
very surprising fact which is a little
bit of an inside uh inside view but we
had very noticeably accelerated our
ability to ship software and I had
anticipated some of that but I'm quite
surprised but how productive the team
have been on the engineering side on
product side on design side you know
sort percolates down to revenue so
generally
speaking I expected that we would rally
around the goals especially from sort of
the the low point of this time last year
but the you know if it's a turnaround
it's a much faster and more aggressive
turnaround than I myself
expected got it and then just looking at
the seasonal patterns of your your
margins the the back half of the Year
tends to be better than the front half
of the year and when I look at your your
full year guidance for your operating
margin I guess it implies um and even
third quarter I think it implies a
pretty substantial sequential increase
in and expenses below the rlcc line like
what um what's driving that and kind of
where should we see that show up is it a
marketing thing is it technology um my
rough math was almost like 20 million
and a sequential increase there I'm not
sure if that's uh right or not but if
you can comment on that a little bit
that would be uh
helpful yeah we don't provide a specific
guidance number for there so sometimes
the the way in which we build our
guidance can can lead to a little bit of
um uh exaggeration on that on as you
calculate it but but that's right and
there's there's couple factors to think
about firstly we and this this will
sound very trivial but I promise you it
does actually
end up becoming pretty big we do expect
there to be a lot more payroll tax
associated with stock-based compensation
in our first quarter both because people
have reset their tax obligations to um
with the new year but also because the
share price is higher and both those two
things will create a little bit of the
sequential uh bump from quarter to
quarter and then we remain really
excited about the opportunities that are
ahead for us and so we're continuing to
be thoughtful around where we should be
adding resources to go build new
products and Chase the new opportunities
and I think the strength in this
quarter's results um with respect to our
united economics and operating
efficiency give us license to to be
willing to add a little operating
expense whereas I think we've been very
cautious to do that until we could
demonstrate
it um congratulations great
quarter thank
you thank you our next question comes
from the line of Dan Dove with mizuo
please proceed with your
question hey guys uh great results uh
congrats Max and uh Mike and the team
quick question I have two questions the
one first one is on the guide obviously
the knee-jerk reaction uh which we
disagree with was that the gmv guide is
conservative you you know you quote
unquote beat by 700 million you're you
know increasing the guide by a billion
for gmv like you sound very upbeat about
the the macro is it just
conservatism yeah I mean just like we
have all year long for the full year
we're only providing a floor for our
full year guide and so we did take our
floor up by a billion dollars which we
think is a pretty pretty big step up in
what we would expect for the year we
remain very upbeat and excited about the
opportunity got it yeah I know that's
that's what it seems like and then maybe
one other question on kind of the direct
deposit opportunity you know you've had
tremendous success with the card can you
maybe talk a little bit about what
you're seeing in terms of the usage and
frequency for the people that are um
doing the direct deposit into the card
or into the affirm
app a little early uh we we gave the the
feature in name uh about 60 something
days ago so it's a little early to uh to
brag about the results but uh feel very
good about it uh
it's it's it's done in the early early
versions that it is about as well as we
could hope for um we have a lot more
things coming for that product working
on a couple of very specific things that
are just required before you can really
call yourself an account uh but feel
great uh it it's definitely uh and I
think I mentioned this before but
there's kind of three stages of a firm
usage if you are a not card holder not
account holder regular user your
frequencies four and a half transactions
a year grew again you know 20 plus
percent year on year but um if you have
a card that goes up quite a lot goes up
about 4X and then it grows again again
fairly significantly if you are an
account holder so very excited to give
more accounts to people because that's
ultimately a frequency driver for us as
well got it well sounds like a huge
opportunity and congrats again
than our next question comes from the
line of Rob wildpack with autonomous
research please proceed with your
question hey guys uh maybe I'll ask a
question on volume um in a different way
you know I think the shareholder letter
called out three quarters of
accelerating volume growth and then
within the December quarter each month
accelerated to the updated outlook for
the rest of the year seems to point to a
pretty healthy slowdown in the second
half you know half over half so wanted
to get your thoughts on what might be
driving that slowdown if there's
anything specific that you're
seeing so again I think the the F year
outlook for us is is is just a a floor
and so we've not given even a range or a
ceiling to where we'd expect so any
calculation being done on Q4 is probably
not getting to a midpoint and and any
math you're doing on that number
inclusive of our Q3 range is is taking
is is probably squeezing that number uh
quite a
bit separate from that we had a really
good Q2 right and so the really strong
second quarter um isn't something that
we would ever take and say that's a
fundamental change in the business
that's something we would take credit
for be very happy with but we'd be
pretty cautious about how we would build
up the outlook for the balance of the
year and want to be mindful of all of
the factors that can go into that um but
there's nothing in our business that
would suggest that we're slowing down
right
now okay thanks and then your picture
and appreciate this may not be in play
for this fiscal year but how would you
expect potential interest rate cuts to
flow through to funding costs and then
strategically you know would you want to
drop those savings to the bottom line
via higher rltc margin or do something
different that's a great question so so
uh when whenever we we think about a
change in rates we we need to understand
why the rates are moving um certainly if
the rates are moving in response to
other stress in the economy specifically
employment then it's not a one forone
benefit but if you hold all other
factors constant then a decline in rates
would would help us on the rltc line um
we we would seek to continue to run the
business in the 3 to 4% range that we've
talked about really since we've gone
public and if we were a to be earning at
the high end or above that we would seek
to reinvest that in uh products to
engage and re-engage acquire new users
and re-engage
them okay thanks
guys thank you our next question comes
from the line of Jason copperberg with
Bank of America please proceed with your
question thank you um so you highlighted
in the shareholder letter I think uh
about 2third of the revenue growth in
the quarter was from interest interest
income um is it fair to say that's also
the revenue line item that surprised you
most to the upside relative to your
guidance and just curious how much of
the revenue guidance range for the
fiscal years coming from the interest
income line you guys have obviously been
doing a really good job um you know on
that side of of the
equation no I I um certainly we're we're
happy to have the unit economics we do
have but I think we were probably more
surprised with the healthy Merchant fee
growth when never Merchant fees outpace
gmv growth it creates a pretty good flow
through to the full p&l in a way that's
outsized so I think some of the the
strong performance we had above our
expectations around rltc and the flow
through for the full p&l was actually
driven by the really healthy Merchant
fee
line yes the total aggregate Revenue
growth wasn't there but remember against
that interest income growth is a pretty
steep rise in funding cost um and that's
driven by both the balance sheet growth
as well as the higher Benchmark rate
rates that we in this year and in fact
interest funding costs grew faster than
interest income and so while that was
important for us to be able to get the
business where it is it's also the case
that um we don't see that as the real
Tailwind here we're we're still managing
through a a rate environment that's
substantially lower last year than this
year and as those things Abate then we
will begin to see the benefit of that
into the
future okay no that makes sense and then
um just like a two-part question on on
gmv what's your latest expectation for a
firm card gmv this this fiscal year and
then any comments you might have around
um January gmv Trends I'm kind of
curious because we heard from others
that card present volumes suffered
because of the severe weather so just
wondering if your business benefited at
all from that thank
you so we've we've not given any outlook
for the card and and I won't now what I
would say in the letter we talked
briefly about the seasonality of the car
and I think this is a really important
thing
for uh everybody to pay attention to
which is the the card had really strong
growth from um q1 to Q2 we would
estimate that about half of that growth
in card volume was actually underlying
seasonality and the other half was
growth in the card which just means as
you think through where the volume
should be for the card the balance of
the year just keep in mind the the Q2
starting point is benefited by a pretty
big step up from q1 to Q2 from a
seasonality as consumers do spend more
in the holiday season and and we're
we're still early enough with the card
fortunately we're not seeing things like
WEA impact our card
performance thank you our next question
comes from the line of Jill Shay with
ubf please proceed with your
question good evening thanks for taking
the question I was wondering if you
could provide us an update on on the
Shopify partnership and any stats that
you could share with us that would be
great
thanks it's uh one of the highlights of
this last quarter is going unbelievably
strong um it accelerated for the fourth
consecutive quarter um the program is
over three years old and the fact that
it's still picking up steam is just
great and they've been extraordinary
Partners to us
and nothing but wonderful things to say
about Toby and KAS and and Harley and
the entire team there and they're
they're just
than nothing but excellent in both their
execution and the partnership that we
had uh I think I already dropped that
stat but uh the program at Shopify grew
twice the speed of the overall affirm
growth on gmv side of things um they
have aspirations Offline that they're
going after quite strongly and there a
lot of synergies and what we're doing
now there we have a whole host of
programs we're contemplating going
forward so lots of wood to chop feeling
very good the fact that it's
accelerating suggests that this just
more more growth to be had for for both
of us this is a Shopify earnings call I
swear very helpful thank
you thank you our next question comes
from the line of James faucet with
Morgan Stanley please proceed with your
question my second largest holding I
don't care great thank you very much um
this afternoon guys for for all the time
I wanted to ask on 0% promotions uh it
seemed like at least anecdotally those
increase some um particularly towards
the end of the December quarter and I
think in your supplements you showed
that 0% long uh duration um Merchant
rates had had picked up you talk a
little bit about like what's driving
that Merchant rate tick up is it just
longer duration generally within within
that long group and how should we think
about that both in terms of impact on
rltc margin but also so just in terms of
the um type of customer and and that
you're bringing in with those promotions
just wondering if if that's enough to
move the needle on on some of these
other
metrics yes that's a good question the
you know as rates have gone up any of
our longer term 0% programs um have
needed higher Merchant fees and I really
think there's really not much more to it
than that so it's the mix and and tied
The Benchmark rates in terms of the
customers we bring in it does skew a
little bit higher on the credit Spectrum
when you do those kind of products but
given the high levels of repeat it's not
really going to change the average as
much at a firm um we of course have been
we're very active we're meeting our
Merchant Partners where we could in
providing anything promotionally in the
second quarter and we' continue to do
that but it's it didn't change an awful
lot from the prior quarter in terms of
its total mix so wouldn't don't really
think there's a fundamental
there got it got it and then wanted to
ask maybe it's a little bit convoluted
question but you're you're obviously
growing the affirm card really nicely um
you know kind of that run rate that you
talked about seems to be around 100,000
cards a quarter or I'm sorry a month how
should we think about is
a I'm wondering how we should think
about the
availability or the credit pool
available and how that's growing by
comparison right because as you send out
cards people will use it you said most
of it of that is interest bearing so
some of that available credit gets
absorbed but then there's new credit
growth in that pool as you add more
cards so just how should we think about
that that potential to buy pool growing
Visa the the growth in cards hopefully
that question makes
sense I'm going to try to answer but
feel free to tell me that I'm answering
their wrong question James um so I think
you're asking I guess the way I'm
interpreting this or at least try to
answer is does the
card availability to
Consumers create new pools available
transactions for us to take on and the
answer is
yes yeah so our offline usage with the
card versus without the card is
drastically different and so all of
those transactions are entirely
incremental you know it's not really all
that magical why transactions of the
card holders are significantly higher
than average transactions for nonc card
holder from User it's because these
people are first of all they're more
committed because they they requested a
card and two they're bringing it to
stores so it it's it it just touches a
larger open field of opportunity um in
terms of underwriting and sort of you
know our exposure and a credit side Etc
there's no change in a sense that we and
we talked about this before but for for
the longest time our sort of calling
card in the uh underwriting world was
this thing called ITX which is the
internal transactional firm credit score
and uh that allowed us to do really
precise underw writing at the
transactional level some number of
quarters ago we have augmented that with
a user credit score which allows us to
underwrite both sort of a more holistic
consumer in addition to every individual
transaction we still underwrite every
transaction we still reserve the right
to say we cannot lend money to you but
we have a score that we feel very good
about in our ability to say you know
what's the overall capacity to borrow
and pay us back and willingness to do so
and we lend on the card and off the card
using the same set of scores and the
same set of variables and limits and so
you can borrow from a firm using an
integrating Point of Sales solution you
can borrow on the card with two
different modalities of borrowing on a
card but all of it goes against the same
set of variables and same set of
observed behaviors that governs our
ability to approve the next transaction
the thing that's great about the card is
that it's optimized for convenience
everything like multi-on checkout
environments all the way to um online
shopping so it's an expansion of
opportunity but not an expansion of uh
our willingness to take on more risk I
think that answers it but I'm happy to
provide lots more details if feel like
one I think the other thing to say is I
don't think we're anywhere near the
limits on what we think um we would
think about exposure limits for these
users and and we're nowhere near some
sort of cap there for the population we
think there's a lot of frequency that we
can drive with the existing
users yeah great great appreciate that
Max thanks
Michael thank you our next question
comes from the line of John hect with
Jeff please proceed with your
question afternoon guys thanks for
taking my questions like just thinking
about kind of the appetite for selling
versus retaining um you know the loans
that you guys generate this year I mean
you you have interest rate at least the
the curve is going down it looks like
sale execution is is getting better but
you guys had an ABS transaction I think
yesterday and the execution there was
good so how do we just think about kind
of balance sheet uh movement versus
Marketplace movement over the course of
the year yeah thanks for the question so
we did price uh an ABS deal and we did
so um at an all-in cost Capital 100
basis points lower than a deal we we did
in December so in a very short period of
time you're seeing the market really
give us credit for that um and that we
think is a really healthy sign for the
capital system and ecosystem overall um
and we think is a reflection of both uh
an improved macro outlook for everybody
but for us more specifically the
disciplined approach to credit that
we've taken over the past year is is
getting valued uh we we think in the
debt Capital markets and so we feel very
strong about that when we do the
revolving ABS deals like the one we just
did our 24a a deal those do end up on
the balance sheet um and so while we do
think about that as um and a really
important funding Channel it isn't off
balance sheet our off balance sheet
strategies involve mostly selling Whole
loans although we do some some
non-revolving some term
securization with respect to the whole
loan sale we feel really excited about
both the existing Partners expanding and
the pipeline of new opportunities that
we have um those conversations um have
gone very well I think very consistent
with the reaction that the ABS Market
has had There's real value being given
to us for the the kind of credit
outcomes that we've driven and frankly
the yield that we've put into the asset
has allowed us to continue to to be able
to sell at at prices that are really
good for us um as is always the case and
we've said since day one we don't have
one strategy that's better than the
other the things that we do are first
and foremost enable the growth in the
business and I'm extremely proud of the
way the team has been able to support
the capital program over the past year
through all the volatility remaining you
know enabling all the growth that we've
delivered the second priority is to
deliver our our unit economics clearly
if we're renting in the three to four
percent range like we did this past
quarter we feel very strong about that
and then we begin to want to manage the
capital efficiency of the program that's
the third piece and obviously whole loan
sales are more efficient um but it's the
third of the three priorities and so we
wouldn't really want to overuse that
lever um and then the last last comment
is each of our Capital strategies really
exist and reinforce one another and so
um you really won't see us pivot to one
or the other we're going to continue to
scale all of our channels that means
continued ABS execution continued
forward flow and continued use of our
warehouse
lines okay my other question was asked
and answered and I appreciate the callor
thanks very
much our next question comes from the
line of Kevin Barker with Piper Sandler
please proceed with your
question thanks for taking my questions
um you know I so there was a little bit
of a tick up in the net charge off rate
in the quarter um it seems like you
built reserves last quarter that may
have preempted the charge off coming
through um or could be partially
seasonality as well um is there anything
to point out there and would you expect
that charge off to drift lower just
given you're seeing a larger portion of
gmv being driven by a firm card
thanks no I don't think the card is
going to drive different credit outcomes
for the whole portfolio I think the
level of repeat usage might where you do
see better credit outcomes on repeat
users overall but I don't think the card
is big enough really to affect the total
portfolio numbers yet um obviously when
it gets much larger um it will begin to
have a more material impact but for now
I think it's small enough um and yeah
there there's really nothing nothing to
point to specifically on the the charge
offs you know again think about our
charge off policy we charge off at 120
days the linqu once they get to past 60
or 90 days are are overwhelmingly likely
to go towards charge off so we have a
pretty good sense of that full allowance
at all times to handle the future charge
offs that we
estimate I think you mentioned that you
were um leaning in a little bit last
quarter are you you know opening up the
credit box to attract more users it
seems like it's an opportune time to do
that just given your acceleration here
and profitability that that's being
generated yeah I think the the strong
units give us permission to do that more
than anything so we talk about 3 to
four% in the revenu less transaction
cost as a percent of gmv that's the real
constraint for us and so if we're if
we're in that range we can continue to
be very aggressive about acquiring and
re-engaging new users um and and that's
that's really the constraint much more
so than anything
else thank
you thank you as a reminder if you would
like to ask a question please press star
one on your telephone keypad our next
question comes from the line Michael ING
with Goldman Sachs please proceed with
your
question hey good afternoon uh thanks
for the question I just have two uh
first a housekeeping question um could
you just help explain the uptick in the
merchant uh fee rates for the uh Long
Core zeros and you know are there any
initiatives or mixed dynamics that may
affect that going forward and then
second um just a a bigger picture
question you know transactions per
active have obviously been growing you
know 4.4 this last quarter you're also
seeing you know really strong repeat
customers you know what does that tell
you about the you know loyalty engage or
engagement of of customers and the
durability about the uh install base of
users um you know are these customers uh
using this because it's become more
habitual and you know it's a better
experience or um is it you know out of a
NE of of credit thank
you so on the on the first question
really is just a function of the mix in
our business and um that's that's always
been true for merchant fee rates we
always talk about Merchant fee rates as
being mixed driven that's why we began
breaking it out in the supplement the
slight tick up you see on one of the
categories is really just a function of
mix within that category but also as
duration goes up so does the the price
especially in this rate environment
where it's pretty duration sensitive in
terms of the prices that you charge I
don't again I don't think there's a
broader Trend to be read into there um
and on the the frequency question I'll
let Max answer
that um you know I
think it's a reflection of the fact that
the product is becoming more widely
available more than anything I think as
we sign up some of the Partnerships and
expand them like the Shopify reference I
made
earlier it does result in wider
availability the product is popular it's
well- liked by the users uh one of our
top questions in customer service is why
brand why isn't Brand X supporting a
firm right now and we work very hard to
make sure there are fewer and fewer of
those and so as we become more available
also as we become available
offline in the form of the card as well
as some of the Integrations that we've
done you'll naturally see more
transactional velocity and frequency
increase
the product
is a better product in my highly biased
opinion than that of a credit card and
as credit utilization goes up broadly I
think we are the unfair beneficiaries of
of that usage you know given a CH chance
or Choice consumers opt in for more
affirm spend than credit card spend and
uh they're rewarded by having no late
fees no compounding interest all the
good things that would bring
Thanks Max thanks
Michael thank you our next question
comes from the line of Andrew B with
Wells Fargo please proceed with your
question hey thanks for taking the
question um and excuse me if this has
already been asked but just want to get
an update on on what you've seen with
AFF firm card usage and anything that's
surprised you you know another three
months into its Evolution around
behaviors or categories um just anything
broadly around that would be
great it's going really well uh you can
see in the supplement that we are
continuing to grow it uh from my point
of view for what it's worth we're
growing it cautiously for a couple of
good reasons
one it's a new mode of operation which
means that the downstream services such
as customer service the speed resolution
Merchant disputes Etc also has to scale
so we're going to grow
deliberately for a little while longer
before we feel that we've learned all
the uh important muscle memories of how
to handle various conflicts that
inevitably occur in Commerce Etc and so
feel very good about the growth um you
know we still we'll have have many many
more turns on you know potentially
increasing that in terms of
surprises things until generally gone to
plan um there is plenty more to do on
reasons to use the card more often we
talked about uh at the investor event
last year we're dangerously close to
actually making good on it we have
reward programs in mind that give people
reasons to use the card for all
transactions not just considered
purchases uh there's plenty to do with
tighter integration between a firm card
and a firm account which we've done a
couple of things with but there's still
more more features to come so and from
my point of view the card is still very
very early there's just a long road map
of of things to do there both on the
frequency of use basis as well as just
modalities making sure the consumers
really understand the full power that it
brings and then once we feel that that's
really all figured out we have a lot
more growth to enable there when we see
that that it's the right time to do
it and is that next leg of growth just a
function of you know then you finally
get the green light to you know put the
the extra leg of sales of marketing
dollars into into the card and the
Really the solution in order to kind of
find that next L of growth or is it just
moving you know further into
that it's really there's I I don't
anticipate any marketing dollars
allocated towards Distributing the card
in any foreseeable future it's not any
budget that that is not how it's going
to get grown so today to get the card
you have to have been an affirm
transactor before you have to be in good
standing you have to be fairly far down
the affirm journey and then you have to
react to one of the now fairly visible
sort of adverts when we say hey do you
want to use the affm card we we really
think you should try it you're eligible
so we we've marketed it without too much
restraint although it's still being kept
to a higher credit quality standard than
the overall affirm so we're still
tilting the uh scale a little bit on our
favor in terms of consumers that get the
card offers are not quite at the same
level of cuto off as as everybody else
uh and so that that's one obvious way of
opening up the funnel but you can
imagine a much more aggressive approach
where for example right now you have a
choice between taking out a loan on a
one-time virtual card number or you can
go down the rabbit hole of applying for
a card obviously taking away the former
will naturally increase the ladder so
there there's several of non-dramatic
but meaningful levers of growth that we
have chosen not to pull on just yet and
then ultimately if you sign up for a
firm at some point you're just G to get
a card and uh that that's certainly not
not a thing we're going to do tomorrow
but uh that that is a uh you know a
meaningful trajectory changer so still
sounds like it's gonna be pretty
targeted for a while here great thank
you not not forecasting any anytime that
that stops or goes but uh I I feel very
good about the car growth for
now thank you there are no further
questions at this time and I would like
to turn the floor back over to Zay Coler
for closing
comments well thank you everybody for
joining the call today we look forward
to speaking with you again next
quarter they really kept their comments
very
short I didn't realize how messed up my
my hair was after putting that hat on um
okay yeah I mean it was a it was a good
quarter they saw they saw good results
it wasn't the greatest guidance that
everyone wanted to see even you know Dan
doof came on and was like hey what's
with the shockingly low uh guidance that
you guys had but uh I don't actually
think the stock is moving all that crazy
as people are predicting like going into
earnings the stock had ran 10% on the
day and then just completely evaporated
it in a little bit more um but even the
day before you know the day ended at $44
now it's at 43 right now at the end of
at the end of the day it's not a crazy
uh thing to see it's just a little bit
shocking whenever you see a big run into
earnings and then I think it catches a
little bit of fomo because maybe some
people think that uh earnings results
got leaked or something came out some
big block buy came in um and then
obviously people go oh wait nothing like
it it was great earnings but people have
to realize okay so I'm seeing a lot of
comments in the chat going why is it
selling I thought I thought this was a
great quarter they beat
expectations but like zoom out guys okay
like I said back in uh October this
stock was $16 a share okay over the next
three months there were a bunch of
indicators to show that earnings would
be amazing and then they were that was
already baked into the price that's why
they went from 1716 a share up to 50 so
the continued Beats from there have to
continue to compile onto each
other um so no the stock reaction is not
something that I think is unheard of or
or uncommon it's just they they didn't
guide
extremely excitingly and and I thought
that those comments from Max levchin at
the end were uh a little bit hard to
hear but but very very true where said a
firm card is not just about giving the
card out to everyone who wants it like
like you can't just Blitz scale this
thing because as that happens it's it's
more stress on our systems it's more
stress on customer service it's more SC
more stress on all of these other
factors that that that we haven't
actually built out so just because we
have a great product doesn't mean that
it's uh unlimited scaleability
so uh he didn't want to comment on it
but it's still a very targeted card for
now you have to be quite embedded into
the system um the only thing I really
did take away from this earnings call
was holy crap Shopify is going to have
an amazing quarter I think they're Blown
Away by shopify's growth right now it's
doubling their growth gmv wise uh than
any of their other platform
Merchants so what the heck is happening
there was some other news I don't want
to get into it I got a call again for
for people that are watching right now
that aren't future investing subscribers
if you guys don't know me we do an 8:30
PM Eastern Standard Time live stream
every single weekday talking about uh
fintech companies lots of Sofi lots of
PayPal um affirm if it continues to drop
if guidance was that weak I might
actually build a position um because
full service you know financials is
right in my circle of compet uh circle
of competence and that's something that
I really try to advocate for um big fan
of Max levchin and if they can just get
out of just buy now pay later it really
does change that thesis for me because I
don't think that that's a product that
you can build a full company on but it
is a product that could be um you know a
singular product for example if if
you're going to be like a new bank or
something like this one of these amazing
financial services companies you need a
secondary product that seen scale faster
than your first right and that could be
a firm card and then that could be cup
with uh you know deposits
through uh you know their money accounts
which could lower their cost of funding
so um very exciting but yeah I think I
think Shopify is going to be Bonkers um
I posted how excited I am that my
portfolio is doing well and Shopify has
been a great part of that um but I think
it's going to continue on for a long
time there was actually some Shopify
news today about their pricing strategy
but that's for tonight ladies and
gentlemen so if you guys want some more
news later on or want to catch up on
that news make sure you just hit that
subscribe button down below but until
next time wish you guys all a great day
and I'll see you in uh less than three
hours bye for
now
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