Max Levchin

Founder and CEO

Fellow Affirm shareholders:

We delivered excellent results in both the fourth fiscal quarter as well as full 2024 fiscal year. FQ4’24 Highlights

Just over two years ago, we set a public goal of achieving profitability on an adjusted
operating income basis exiting FY’23. As our FY’23 ended, we were proud to report that we Gross Merchandise
achieved this goal. Adjusted operating income in FQ4’23 was just $15 million, but it had a plus Volume (“GMV”)
sign in front of it!

One year later – now – our adjusted operating income is $381 million for the full FY’24,
$150 million of it earned in the fourth fiscal quarter – thanks to continued product
$7.2B
+31%
improvements, merchant growth, attentive risk management, and excellent capital execution.

It is therefore only appropriate that we set another public goal today: we intend and expect
to be profitable on a GAAP basis in our fourth fiscal quarter, and plan to operate the Revenue
business while maintaining GAAP profitability thereafter.

Growth is always the answer

$659M
+48%
At its core, Affirm is a very simple business. We connect buyers to sellers, in a network for
payments, where each transaction is an individually-priced, honest deal for the buyer and a
genuinely incremental sale for the seller. So long as our transactional unit economics stay Revenue Less
positive (and preferably in our target range of 3-4% revenue less transaction costs as a Transaction Costs (“RLTC”)1
percentage of GMV), the path to reaching any profitability goal is simply more transactions.

Fortunately, we see no shortage of demand for the honest financial products Affirm builds and
the transactions these products enable.
$309M
+70%
We grew GMV at a rate exceeding 30% and revenue at a rate exceeding 45% – in both the
quarter and the fiscal year. Transactions on the Affirm network grew 42% year over year to
24.7 million in FQ4’24, and 15% sequentially vs. FQ3’24. Transactions per active consumer Operating Income (Loss)
continued to increase, reaching 4.9 in FQ4’24. Consumers transacting quarterly or more often
accounted for approximately 40% of all Affirm transactions in FY’24 (vs approximately 10% in
FY’21).
($73M)
+$170M
Turning to merchants, year-over-year growth in active merchant count accelerated for the third
quarter in a row, exceeding 300,000 as of the end of FY’24, as we continued to make it easier
to onboard Affirm and launched new products that resonated with both consumers and Adjusted Operating Income1
merchants. Today, we partner with the top three brands and commerce platforms in the U.S.
by market share. By the end of this calendar year, we expect that Affirm will be natively
integrated into four of the top digital wallets in North America. $150M
Yet, with GMV barely over 2% of U.S. and Canadian e-commerce, we’ve only just scratched +$135M
the surface of our opportunity. We are committed to continuing to demonstrate operating
leverage (it’s addictive once you get it right), but the governing constraint we feel today is the
Net Income (Loss)
challenge of selecting which, of the many, growth opportunities to pursue now versus later.

Our growth efforts are broadly divided into increasing consumer engagement and expanding
network reach.
($45M)
+$161M
1
Information about Affirm's use of non-GAAP financial measures is provided under "Key Operating Metrics, Non-GAAP Financial Measures and
Supplemental Performance Indicators" and "Use of Non-GAAP Financial Measures" below, and reconciliations of GAAP results to non-GAAP All comparisons on a year-over-year basis
results are provided in the tables at the end of this letter.

Affirm FQ4’24 Shareholder Letter 2

Increasing consumer engagement

Building on our roots in considered purchases, we have increased frequency of use and total spend with Affirm by offering
merchant-subsidized 0% and low APR deals and expanding the network to support smaller-sized, more frequent transactions. Our
consumer-first approach, unique features of the Affirm app, and the near-ubiquitous acceptance of the Affirm Card add reasons for
consumers to use our services wherever and whenever they need us. We have plenty more to do, but the results so far speak for
themselves.

Repeat Consumers by Acquisition Cohort

We consider a consumer “repeat” once they transact with % of Consumers with Two or More Lifetime Transactions
Affirm for the second time. In cohorts of recently acquired
consumers, approximately 60% repeat within the first year,
and the time to reach the second transaction is trending
steadily shorter.

This second transaction is something of a magic unlock: on

average, 90% of repeat consumers transacting on any
given day will transact again in the next 12 months.

Repeat consumer defined as a consumer that has transacted with Affirm at least twice.
Chart calculated as repeat consumers within an acquisition cohort as of the
measurement date divided by total consumers within the acquisition cohort.

Consumer Engagement By Acquisition Cohort

Trailing Twelve Month Transactions Per Repeat Consumer Trailing Twelve Month GMV Per Repeat Consumer

Trailing Twelve Month Transactions and GMV Per Repeat Consumer defined as transactions and GMV, respectively, from repeat consumers within the trailing twelve month period divided by the
TBD…
number of total repeat consumers as of FQ4’24. For the purposes of the calculations used in creating these graphs, repeat consumers remained constant for each quarterly cohort presented.

The success of our continued efforts is even more apparent in cohortized repeat consumer transactions and GMV, shown on a
trailing 12-month basis. Recent cohorts showcase the steady improvement in how quickly each cohort of repeat consumers
ramps up their usage of Affirm in terms of both transaction frequency and total spend.

Accelerating the first repeat and improving subsequent frequency remain our top goals. In FY’25, we expect to refine the Affirm Card
experience further and integrate it better with the Affirm Money Account, expand our universal prequalification program, which helps
consumers better budget their purchases, and continue to invest in our app user experience. Our personalized transactional
incentives platform is live in our app and website with encouraging results, and we expect it to drive further engagement as we roll it
out widely.

Affirm FQ4’24 Shareholder Letter 3

Expanding network reach

Ending FY’24, our network had over 300,000 integrated active Another network growth vector is the expansion beyond North
merchants. While our consumers can transact at nearly all America. As we complete the necessary product and
merchants in the U.S. and Canada with the Affirm Card, direct engineering work, we’ve been active in the market for the last
integrations help us deliver a truly differentiated user few quarters, and expect to officially launch in the UK before
experience with Adaptive Checkout, underwrite each this calendar year wraps up.
transaction more precisely, and maximize merchant sales with
While we are far from first to launch a pay-later product in
Affirm.
Europe, we are encouraged by the merchant response to the
The sheer scale of our consumer base – we’ve underwritten Affirm way of treating consumers (no late fees, no deferred
about 50 million Americans – has become a significant interest, no gotchas, no funny stuff!) and the unique products
reason for merchants to add Affirm to their checkout pages. we bring to the market (flexible terms with customizable
This drives more consumers to sign up (or repeat!) with Affirm, payment options).
which, in turn, motivates more merchants to join us.

In FY’25 we are also focused on increasing reach and share of

cart via our merchant platform and digital wallet partnerships. Consistent Dollar-Based Net Expansion
Digital wallets are estimated to have processed more than
$700 billion in North America in calendar year ’23, of which
less than 1% was captured by Affirm, and we believe this
represents a significant expansion opportunity for us.

One of our goals is to help merchants profitably grow sales.

Recently announced Pay-in-2 and Pay-in-30-days (“Pay-in-X”)
are just some of our efforts to help address a wider variety of
transactions while helping merchants lower the cost of
payment acceptance, with more to come in FY’25. Dollar-Based Net Expansion (DBNE) is based on the quarterly GMV of merchants during
the measurement period for merchants that were active during the same quarter in the
prior fiscal year, divided by the GMV for this group of merchants during the same
quarter in the prior fiscal year. This calculation excludes GMV from outside the U.S., as
well as GMV from Returnly, and direct-to-consumer products such as Affirm Card and
one-time virtual cards.

GMV by Merchant Acquisition Cohort

GMV is shown by the fiscal year in which it was realized. Merchant cohorts are based on the fiscal year in which a merchant was acquired by Affirm, with the acquisition date defined as the
date that Affirm first captured a loan with a merchant. This chart excludes GMV from outside the U.S., as well as Returnly and direct to consumer products such as Affirm Card and one-time
virtual cards. Expansion multiple defined as GMV realized during FY'24 for a given merchant cohort divided by the first 365 days of GMV after a merchant launched within the same merchant
cohort.

Affirm FQ4’24 Shareholder Letter 4

 Operating Margin Adjusted Operating Margin1
FY’23 FY’24 FY’23 FY’24

(76%) (27%) (5%) 16%

+49 pp +21 pp
All comparisons on a year-over-year basis

Growing profitably

The best insurance policy a payments and (especially) credit We made great progress in FY’24. The opportunities ahead of
company can have against whatever macro headwinds come us are significant, and we are excited to take full advantage of
at us next is a strong, resilient margin structure. The last them. Scaling the Affirm Card, amplifying engagement with
couple years of elevated Fed funds rate have given us personalized incentives, rolling out new integrations, going live
a chance to demonstrate that Affirm’s most important in the UK, and doing it all while achieving GAAP profitability is
advantage is our ability to find ways to win in very different our plan for FY’25, and we are off to a fine start.
macroeconomic conditions. Indeed, the $381 million of
All of this can only be accomplished by a team of truly
adjusted operating income we earned in FY’24 represents
ambitious, insanely hard-working, deeply mission-driven
an adjusted operating margin increase from (5%) in FY’23 to
people that is Affirm. Thank you Affirmers, and congratulations
16% in FY’24.
on another fantastic year.
While credit didn’t get a lot of airplay in this letter, we are
keeping a watchful eye on performance, which remains in line Onward,
with our expectations. We are also pleased to report that the
U.S. consumer continues to shop and to buy, and is more
open-minded than ever to the idea of honest financial products
that put them in control of their financial destiny. Max
1
Information about Affirm's use of non-GAAP financial measures is provided under "Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators" and "Use of
Non-GAAP Financial Measures" below, and reconciliations of GAAP results to non-GAAP results are provided in the tables at the end of this letter.

Affirm FQ4’24 Shareholder Letter 5

FQ4’24 Operating Highlights
Gross Merchandise Volume (GMV) grew 31% year over year Although interest-bearing loans accounted for more than 80%
to $7.2 billion and significantly outpaced overall e-commerce of Card GMV at fiscal year end, the collective mix of Pay Now,
growth. GMV from our top five merchants and platform Pay-in-X, and monthly 0% APR products increased
partners collectively grew 38% year over year, with continued consistently over the course of the fiscal year. The mix of card
gains in share of cart. GMV may shift towards merchant-funded products such as
Pay-in-X and monthly 0% as we harmonize merchant offers
GMV growth was diversified across categories and products,
across surfaces.
and all categories except sporting goods and outdoor grew
year over year. The general merchandise category grew 45% Active consumers excluding the discontinued Returnly
year over year and was both the largest category and most business increased 19% year over year to 18.6 million as of
substantial contributor to our overall growth rate. The travel June 30, 2024. Active merchant count increased 19% year
and ticketing, electronics, and equipment and auto categories over year to 303,000 as of June 30, 2024, marking our third
all grew more than 20% year over year. consecutive quarter of acceleration in year-over-year
growth of active merchant count as merchant acceptance
Direct-to-Consumer GMV (D2C GMV) grew 37% year over
of Affirm continues to increase.
year to $1.9 billion.

Within D2C, Affirm Card generated $507 million in GMV,

up from $374 million during FQ3’24 and $129 million during
FQ4’23. Active cardholder count grew approximately
30% quarter over quarter in FQ4’24, and we approached
1.2 million active cardholders at quarter end. Ongoing
product improvements enabled us to expand card eligibility
to more of our customer base and supported growth in
active cardholders and GMV. Consistent with prior periods,
card unit economics remained similar to that of Affirm overall.

Affirm FQ4’24 Shareholder Letter 6

FQ4’24 Financial Highlights

Total Revenue RLTC Operating Income (Loss) Adj. Operating Income

As a percentage of GMV As a percentage of GMV As a percentage of Revenue As a percentage of Revenue

9.1% 4.3% (11%) 23%

+100 bps +100 bps +44 pp +19 pp

All comparisons on a year-over-year basis

Revenue
Total revenue grew 48% year over year to $659 million. ● Gain on sales of loans grew 116% as we sold more loans
Revenue as a percentage of GMV increased to 9.1%, than in prior periods, with gain on sale benefitting in part
compared to 8.1% in FQ4’23. The following factors contributed from the 2024-X1 transaction. The increase in loans sold
to revenue growth: was driven by a combination of better funding market
conditions, higher average revenue per dollar of GMV due
● Network revenue grew 28% year over year, in line with
to our pricing initiatives, and consistent execution by our
overall GMV growth.
Capital team.
● Interest income grew 57% year over year, driven by our
● Servicing income was a small contributor to overall
pricing initiatives and growth in loans held for investment.
growth, again driven by an increase in loans sold, which
led to a year-over-year increase in average off-balance
sheet platform portfolio.

Affirm FQ4’24 Shareholder Letter 7

RLTC
RLTC grew 70% year over year to $309 million, increasing 100 Revenue as a percentage of GMV improved by 100 basis
basis points to 4.3% of GMV compared to 3.3% of GMV in points, driven by an 80 basis point increase in interest income
FQ4’23. RLTC as a percentage of GMV exceeded our as a percentage of GMV. This increase reflected higher
long-term target of 3 to 4% due to the 2024-X1 securitization balances of interest-bearing loans held for investment and the
transaction, which was approximately a $30 million benefit to pricing initiatives implemented in FY’23 and ’24. Gain on sales
RLTC during the quarter. Excluding this transaction, RLTC as a of loans as a percentage of GMV also increased by
percentage of GMV would still have been at the high end of approximately 40 basis points as we sold more loans than in
our target range as we benefited from a stabilization in funding the same period during the prior fiscal year. Modestly offsetting
market conditions. these increases were declines in network revenue and
servicing income as a percentage of GMV.

Year-over-Year Change in
Revenue as a % of GMV

*Other revenue includes gain on sales of loans and servicing income

Year-over-Year Change in
RLTC as a % of GMV

*Other transaction costs include processing and servicing expense

and loss on loan purchase commitment

Affirm FQ4’24 Shareholder Letter 8

 Average Cost of Funds

Slightly offsetting the increase in revenue as a percentage of

GMV was an increase in average cost of funds, which
contributed to approximately 20 basis points higher
transaction costs as a percentage of GMV. These higher
transaction costs were attributable to a higher benchmark
interest rate environment as well as the growth in loans held
for investment.

Average funding costs increased approximately 70 basis

points year over year, but have been stable at approximately
7.7% over the past three quarters. We believe our funding
debt has now fully absorbed the increase in benchmark
interest rates, which gives us further confidence in our 3 to
4% long-term RLTC as a percentage of GMV target range.

Cost of funds defined as annualized funding costs divided by the average of funding debt
and notes issued by securitization trusts during the period

Operating Income (Loss)

Operating Income improved $170 million to a ($73) million Operating expenses declined in part due to the restructuring
operating loss, compared to a ($244) million loss in FQ4’23. program announced in February 2023 and the realization of
Operating Income as a percentage of revenue, or Operating several operational efficiency efforts. The largest decline was
Margin, was (11%) in the period, compared to (55%) during in technology and data analytics expenses, which declined
FQ4’23. Of the $73 million loss, $114 million was attributable $28 million year over year as we reduced infrastructure
to enterprise warrant and share-based expenses associated expenses in absolute terms while growing GMV. Additionally,
with warrants granted to two enterprise partners, and $65 sales and marketing and general and administrative expenses
million to employee stock-based compensation expense. collectively declined by $14 million year over year, with sales
and marketing accounting for the majority of the decrease.
The $170 million improvement in Operating Income was driven
by a $43 million year-over-year reduction in other operating
expenses excluding transaction costs and a $127 million
increase in RLTC.

Adjusted Operating Income

Adjusted Operating Income increased $135 million year over Approximately 90% of the year-over-year increase in
year to $150 million, compared to $15 million Adjusted adjusted operating income was due to the increase in RLTC.
Operating Income in FQ4’23. Adjusted Operating Income as a Non-GAAP other operating expenses also declined $9 million,
percentage of Revenue, or Adjusted Operating Margin, was or 5%, driven primarily by a decline in non-GAAP technology
23% during the period compared to 3% during FQ4’23. and data analytics expenses.
Adjusted Operating Income excludes the impact of enterprise
warrant and share-based expenses, stock-based
compensation expense, and other items.

Affirm FQ4’24 Shareholder Letter 9

Net Income (Loss)
Net income improved $161 million year over year to a ($45) million loss, compared to a loss of ($206) million in FQ4’23. The
year-over-year improvement was primarily driven by a $127 million increase in RLTC and a $43 million decrease in Other
Operating Expenses. Of the $43 million decrease in Other Operating Expenses, $37 million was attributable to a decline in
stock-based compensation expense.
Lesser factors were a slight year-over-year decrease in Other Income and increase in Income Tax Expense; these factors
collectively were a $5 million headwind to Net Income on a year-over-year basis.

Credit Quality
30+ day delinquencies excluding Pay in 4 and Peloton loans increased slightly both year over year and compared to FQ3’24. In line
with normal seasonal behavior, we expect delinquencies to increase over the coming months and decline thereafter due to loans
originated during the holiday shopping season.

Year-over-Year Comparison: Monthly

Installment Loan Ex-Peloton 30+ Day
Delinquency Rate

Affirm FQ4’24 Shareholder Letter 10

Net charge-off performance
Recent monthly installment loan cohorts are continuing to perform in-line with, or better than, historical cohorts that originated prior
to the COVID pandemic on the basis of cumulative charge-offs as a percentage of GMV. Cohorts originated during FY’24 are also
performing consistent with the cohorts originated during the same period in FY’23.

Cumulative Net Charge-offs by

Origination Vintage: Monthly
Installment Loans
Monthly Installment Loans from
FQ1’18 through FQ2’24

Dotted gray lines indicate pandemic-era cohorts (FQ3’20 through

FQ4’21), solid gray lines indicate pre-pandemic cohorts.

Cumulative Net Charge-offs by

Origination Vintage: Pay in 4 Loans

We continue to see strong performance from our recent vintages of Pay in 4 loans, with ultimate loss rates for vintages originated in
fiscal year 2024 tracking towards less than 1% of GMV.

Affirm FQ4’24 Shareholder Letter 11

Capital and Funding Update
Funding Capacity increased to $16.1 billion at the end of In FY’24, we had total ABS issuances of $3.4 billion across
FQ4’24, up from $15.6 billion at the end of FQ3’24. This six unique offerings. This issuance volume surpassed the
marked the sixth consecutive quarter that funding capacity previous high water mark achieved in FY’22 by 70%. We also
increased as we continued to have healthy discussions continued to diversify our ABS investor base and now have
with both existing and prospective investors across funding more than 120 unique institutional partners investing in our
channels. This increase includes the expansion of our existing offerings. We attribute this improved performance to a
forward flow relationship with CPPIB Credit Investments Inc. combination of execution on our strategic initiatives and a
(“CPP Investments”), which has committed $1.4 billion of favorable market backdrop.
capital in a multi-year agreement.
As part of our commitment to build a programmatic ABS
We continued to execute in the ABS market, issuing platform, we expect that we will soon benefit from an additional
$750 million in our 2024-A revolving ABS transaction in major ratings agency on our revolving ABS transactions. We
June, in addition to the $635 million 2024-X1 transaction believe that this is an important milestone as it may open up
in April. Consistent with our other recent transactions, both new pockets of capital and deepen interest across existing and
issuances were upsized and significantly oversubscribed. new investors. We also anticipate that this increased demand
Since FQ3’23, each of our ABS transactions have priced well will lead to an improvement in our cost of capital over time.
as evidenced by lower pricing spreads.

Capital Allocation and Liquidity

At the end of June, we had $2.1 billion in total liquidity split Subsequent to quarter end through August 23, 2024, we
between cash and securities available for sale, similar to our repurchased an additional $141 million in face value of
total liquidity at both the end of March as well as the end of the our convertible debt for approximately $120 million in cash,
prior fiscal year. Against this amount, we had $1.3 billion in resulting in a gain on repurchase of approximately $20 million.
convertible debt.
Following these repurchases, as of August 23, 2024,
As previously announced, in December 2023 the Affirm board approximately $1.2 billion of the convertible debt remains
of directors authorized the repurchase of up to $800 million in outstanding and the December repurchase authorization has
aggregate principal amount of our outstanding convertible debt $582 million in remaining capacity. Subject to market
during calendar year 2024. As of June 30, 2024, conditions, we will continue to evaluate opportunities to
we repurchased $77 million in face value of our convertible optimize the debt capital structure and proactively manage
debt for approximately $64 million in cash, resulting in a long-term liabilities. We may consider various approaches to
gain on repurchase of approximately $13 million under this execute any future convertible note repurchases. This could
authorization. include open market purchases, privately negotiated
purchases, purchase plans under Rule 10b5-1, or through a
combination thereof.

Affirm FQ4’24 Shareholder Letter 12

Financial Outlook
Fiscal Q1 2025 Fiscal 2025

GMV $7.1 to $7.4 billion More than $33.5 billion

At least 10 basis points higher than FY’24

Revenue $640 to $670 million
as a % of GMV

Transaction Costs $375 to $390 million Similar to FY’24 as a % of GMV

At least 10 basis points higher than FY’24

Revenue Less Transaction Costs $265 to $280 million
as a % of GMV

Adjusted Operating Margin2 14 to 16 percent More than 18.4 percent

Weighted Average Shares Outstanding 319 million 323 million

Based upon our current forecast, we

expect to achieve operating income
profitability on a GAAP basis in FQ4’25
Operating Income
and plan to operate the business going
forward in a manner designed to maintain
profitability on this basis.

Assumptions Embedded within the Outlook

Enterprise warrant expense Product and Go-to-Market Initiatives

● Expenses associated with amortization of the A through C ● Our outlook includes the expected financial impact of our
tranches of warrants granted to an enterprise partner are Affirm Money Account, the business-to-business (B2B)
expected to decline to $5 million per quarter in FQ3’25 and product, and our UK expansion. None of these initiatives
FQ4’25 compared to $74 million in FQ3’24 and $72 million are expected to be material growth contributors during
in FQ4’24. FY’25.

● FY’25 expenses associated with the “performance tranche” ● A recently-announced wallet partnership is not expected
of warrants granted to the aforementioned enterprise to contribute materially to financial results in FY’25. This
partner are expected to be similar to FY’24. reflects the early stage of the partnership which is
currently pre-commercialization.
Funding
Seasonality
● Equity Capital Required (“ECR”) as a percentage of Total
● The quarterly seasonality of FY’25 GMV is expected to be
Platform Portfolio (“ECR Ratio”) is expected to remain
consistent with FY’24, with the second and fourth fiscal
stable compared to FY’24.
quarters showing elevated volumes.
● Based upon the current forward interest rate curve which is
embedded in our outlook, benchmark interest rates are
expected to decline in FY’25 which should be a tailwind to
RLTC as a percentage of GMV.

2
A reconciliation of adjusted operating margin to the comparable GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential
variability of, expenses that may be incurred in the future.

Affirm FQ4’24 Shareholder Letter 13

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 Key Operating Metrics

Gross Merchandise Volume (“GMV”) - The Company defines GMV as the total dollar amount of all transactions on the
Affirm platform during the applicable period, net of refunds. GMV does not represent revenue earned by the Company.
However, the Company believes that GMV is a useful operating metric to both the Company and investors in assessing the
volume of transactions that take place on the Company's platform, which is an indicator of the success of the Company's
merchants and the strength of that platform.

Active Consumers - The Company defines an active consumer as a consumer who engages in at least one transaction
on its platform during the twelve months prior to the measurement date. The Company believes that active consumers is a
useful operating metric to both the Company and investors in assessing consumer adoption and engagement and
measuring the size of the Company's network.

Transactions per Active Consumer - Transactions per active consumer is defined as the average number of transactions
that an active consumer has conducted on its platform during the twelve months prior to the measurement date. The
Company believes that transactions per active consumer is a useful operating metric to both the Company and investors
in assessing consumer engagement and repeat usage, which is an indicator of the value of the Company's network.

Non-GAAP Financial Measures

Transaction Costs - The Company defines transaction costs as the sum of loss on loan purchase commitment, provision
for credit losses, funding costs, and processing and servicing expense. The Company believes that transaction costs is a
useful financial measure to both the Company and investors of those costs, which vary with the volume of transactions
processed on the Company's platform.

Transaction Costs as a Percentage of GMV - The Company defines transaction costs as a Percentage of GMV as
transaction costs, as defined above, as a percentage of GMV, as defined above. The Company believes that transaction
costs as a percentage of GMV is a useful financial measure to both the Company and investors as it approximates the
variable cost efficiency of transactions processed on the Company's platform.

Revenue Less Transaction Costs (“RLTC”) - The Company defines revenue less transaction costs as GAAP total revenue
less transaction costs, as defined above. The Company believes that revenue less transaction costs is a useful financial
measure to both the Company and investors of the economic value generated by transactions processed on the
Company's platform.

Revenue Less Transaction Costs as a Percentage of GMV - The Company defines revenue less transaction costs as a
percentage of GMV as revenue less transaction costs, as defined above, as a percentage of GMV, as defined above. The
Company believes that revenue less transaction costs as a percentage of GMV is a useful financial measure to both the
Company and investors of the unit economics of transactions processed on the Company's platform.

Adjusted Operating Income - The Company defines adjusted operating income as its GAAP operating loss, excluding: (a)
depreciation and amortization; (b) stock-based compensation included in GAAP operating loss; (c) the expense related to
warrants and share-based payments granted to enterprise partners; (d) restructuring costs included in GAAP operating
loss; and (e) certain other costs as set forth in the reconciliation of adjusted operating income (loss) to GAAP operating
loss included in the tables at the end of this letter. Adjusted operating income is presented because the Company believes
that it is a useful financial measure to both the Company and investors for evaluating its operating performance and that it
facilitates period to period comparisons of the Company's results of operations as the items excluded generally are not a
function of the Company's operating performance.

Affirm FQ4’24 Shareholder Letter 16

 Adjusted Operating Margin - The Company defines adjusted operating margin as its adjusted operating income (loss), as
defined above, as a percentage of its GAAP total revenue. Similar to adjusted operating income (loss), the Company
believes that adjusted operating margin is a useful financial measure to both the Company and investors for evaluating its
operating performance and that it facilitates period to period comparisons of the Company's results of operations as the
items excluded generally are not a function of the Company's operating performance.

Total Platform Portfolio - The Company defines total platform portfolio as the unpaid principal balance outstanding of all
loans facilitated through its platform as of the balance sheet date, including loans held for investment, loans held for sale,
and loans owned by third-parties. The Company believes that total platform portfolio is a useful financial measure to both
the Company and investors in assessing the scale of funding requirements for the Company's network.

Equity Capital Required (“ECR”) - The Company defines equity capital required as the sum of the balance of loans held
for investment and loans held for sale, less the balance of funding debt and notes issued by securitization trusts as of the
balance sheet date. The Company believes that equity capital required is a useful financial measure to both the Company
and investors in assessing the amount of the Company's total platform portfolio that the Company funds with its own
equity capital.

Equity Capital Required as a Percentage of Total Platform Portfolio (“ECR Ratio”) - The Company
defines equity capital required as a percentage of total platform portfolio as equity capital required, as defined above, as a
percentage of total platform portfolio, as defined above. The Company believes that equity capital required as a
percentage of total platform portfolio is a useful financial measure to both the Company and investors in assessing the
proportion of outstanding loans on the Company's platform that are funded by the Company's own equity capital.

Non-GAAP Sales and Marketing Expense - The Company defines non-GAAP sales and marketing expense as GAAP
sales and marketing expense, excluding: (a) depreciation and amortization; (b) stock-based compensation included in
GAAP operating loss; (c) the expense related to warrants and share-based payments granted to enterprise partners; and
(d) certain other costs as set forth in the reconciliation of adjusted operating income (loss) to GAAP operating loss included
in the tables at the end of this letter. Non-GAAP sales and marketing expense is presented because the Company believes
that it is a useful financial measure to both the Company and investors of its sales and marketing activities and that it
facilitates period to period comparisons of the Company's sales and marketing as the items excluded generally are not a
function of the Company's operating performance.

Non-GAAP Technology and Data Analytics Expense - The Company defines non-GAAP technology and data analytics
expense as GAAP technology and data analytics expense, excluding: (a) depreciation and amortization; (b) stock-based
compensation included in GAAP operating loss; and (c) certain other costs as set forth in the reconciliation of adjusted
operating income (loss) to GAAP operating loss included in the tables at the end of this letter. Non-GAAP technology and
data analytics expense is presented because the Company believes that it is a useful financial measure to both the
Company and investors of its technology and data analytics activities and that it facilitates period to period comparisons
of the Company's technology and data analytics as the items excluded generally are not a function of the Company's
operating performance.

Non-GAAP General and Administrative Expense - The Company defines non-GAAP general and administrative expense
as GAAP general and administrative expense, excluding: (a) depreciation and amortization; (b) stock-based compensation
included in GAAP operating loss; and (c) certain other costs as set forth in the reconciliation of adjusted operating income
(loss) to GAAP operating loss included in the tables at the end of this letter. Non-GAAP general and administrative expense
is presented because the Company believes that it is a useful financial measure to both the Company and investors as it
facilitates period to period comparisons of the Company's general and administrative costs as the items excluded
generally are not a function of the Company's operating performance.

Affirm FQ4’24 Shareholder Letter 17

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