Affirm Holdings Inc

Bull points

• monthly 0% loans were growing north of 90% year on year. So we would expect that that loan product in particular continues to take a bit of share within our mix.
• I'm happy to report that we are in friends and family testing in the UK with our Shopify friends. It's very exciting, so that's obviously an enormous potential that is not lost on anyone.
• For us, the quality of the credit isn't really a decision. It's something we constrain the business with and then we operate from that point. And that's not lost on our capital partners. Again, I think the reason why what I consider to be the best credit investors in the world want to partner with the firm and do is because of that commitment we've made to operate the business in a certain way. And we've done that not just when things are really good. We've done that back through all the turmoil you've seen over the past half decade.

Bear points

• The assumption in our outlook, Rob, is that that enterprise partner is wound down sort of going into the quarter. So by the end of this quarter, fiscal Q1.
• I think the question that we make sure we ask internally is if rates are declining, why is that happening, right? And there could be offsetting impacts elsewhere in the business, you know, if rates were to decline because unemployment was rising or there was stress on the consumer, obviously that could lead to costs elsewhere in our base.
• Thank you. I'll start and let Rob finish, just because I think you're asking about assumptions in the guide. On the PSB side of things, we're pretty early there. Obviously, default on is a really important, really powerful thing. We have multiple partnerships of this manner with PSPs not named Shopify, and we're working pretty hard on expanding the list and being default on. I don't have the growth rates off the top of my head, so I don't want to perjure myself here, but I think they are accretive to the growth rate of the business, not detracting. but I will let Zane or Rob look this up. And if I'm wrong, I'm sure they'll correct me soon enough. But I'm pretty sure I'm right on this one. So it's a really important channel. It's pretty early. If you just follow our announcements, you'll see that these are significantly more recent than, for example, the Shopify announcements. So just from the pure scale and time to penetrate, these are later comers, and there's more to be had there. All of that we think accretes to the future growth. The merchant sets are a little bit different sometimes. Obviously Shopify has an extremely broad appeal, but even they have some degree of this is the canonical Shopify merchant. The same is true for every other platform, or aggregator, or payment processor, etc., etc. So each one gives us access to something that we probably haven't seen before to at least some degree. I think that's all I want to say. Yeah, and in terms of the question around the merchant, I think the easiest way to talk about the relationship is just to outline what's in our outlook, and what we've assumed in the outlook is that the integration goes away at the end of this quarter, and so it's unclear exactly what the mechanics will be of how the relationship plays out, but that's what we've assumed, and we think we've taken a pretty conservative stance in terms of volume in fiscal 26 coming from this merchant.