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Affirm Holdings, Inc. ( NASDAQ: AFRM ) JPMorgan Global Technology, Media and Communications Conference Call May 21, 2024 10:50 AM ET Company Participants Michael Linford - Chief Financial Officer Conference Call Participants Reginald Smith - JPMorgan Reginald Smith Good morning. Thanks for coming out.

I'm Reggie Smith. I lead fintech research here at JPMorgan and I am pleased to chat with Michael Linford, CFO of Affirm, this morning. Welcome.



Michael Linford Thank you for having me. Question-and-Answer Session Q - Reginald Smith Sure. I think we'll start with a quick recap of the quarter.

Maybe talk about the trends at a very high level. Now I want to contextualize those by talking about, I guess Visa and Mastercard reported 6% US volume growth last quarter. And the US Census Bureau just reported 8.

5% e-com growth for the first quarter. So just kind of contextualizing whatever it is you're about to say versus those figures. Michael Linford Yes.

We feel like we had a really good quarter. GMV for us was up 36%, several multiples off of the e-com growth rate. Our revenue was up 51% which is a really strong revenue growth rate.

Our revenue less transaction costs grew faster than GMV so the units were marginally more profitable as they were growing very quickly. And we posted really strong adjusted operating income so we're showing operating leverage against that. So really a top-to-bottom just an excellent quarter.

Reginald Smith Thinking about that, I mean, looking at your numbe.

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