GMV Growth Guidance
Q: Why is Q4 GMV growth slowing compared to Q3? Any cautiousness?
A: Management doesn't run the business on a quarter-by-quarter basis. " The Q4 guidance implies faster year-over-year growth than last year, with high-end guidance suggesting about 58% growth, a slight deceleration from Q3 but not material. "

Resilient Margins Amid Rising Rates
Q: How are GMV and margins so resilient despite rising interest rates?
A: They are not highly rate-sensitive as long as rates move in subtle increments. " The business isn't ultimately sensitive to minor rate movements, and higher rates are acceptable. "

Operating Margin Improvements
Q: What is driving the operating margin outperformance, and can it continue?
A: They've achieved meaningful operating leverage through strong unit economics growth and flat or reducing fixed operating expenses. " Some trends may continue, but they plan to invest in future opportunities. "

Affirm Card Usage Trends
Q: How do you view the Affirm Card's volume growth trajectory?
A: The sequential decline is entirely seasonal. " On a trailing 12-month basis, spend per user increased at a healthy rate from Q2 to Q3. " They see significant growth potential with exciting features forthcoming. "

Balancing GMV Growth and Credit Risk
Q: How should we think about GMV vs. credit risk and potential delinquencies?
A: They're over-earning and will reinvest gains but not by loosening credit standards. " They maintain vigilant credit management and separate growth from credit risk. "

AI in Customer Service
Q: How are you using AI to reduce customer support costs?
A: They've invested heavily in AI, especially in chat support, as consumers prefer chatting. " AI preworks queries, leading to faster resolutions and potential cost savings over the next 1–3 years. "

International Expansion
Q: Is your funding model agnostic internationally? Will credit models transfer?
A: They'll need to localize funding for markets like the UK. " While expecting a learning period, they believe credit models can transfer, as seen in Canada. "

Merchant Additions
Q: Where are you seeing success with new merchant additions?
A: It's a general increase, with excitement around midsized businesses focused on growth. " They're also partnering with distributors to expand their reach. "

Average Order Value Trends
Q: What are you seeing in Average Order Value and usage patterns?
A: AOV trends are stable, and any downward movement is intentional. " As AOV moderates, transaction frequency rises steadily. " "

Affirm Card Customer Segments
Q: Which customer segments resonate with Affirm Card?
A: It appeals to habitual revolvers seeking explicit financing choices. " They aim to address other credit bands but focus on those wanting control over debt. "

Competition with Capital One and Discover
Q: How does Capital One partnering with Discover impact Affirm?
A: They respect the move but view any new network as beneficial. " Their product is fundamentally different, focusing on SKU-level data and direct merchant integration. "

Customer Acquisition and Exclusivity
Q: Does being the exclusive BNPL provider affect customer acquisition?
A: Exclusivity isn't crucial; they perform well alongside competitors. " " Side-by-side launches often see higher repeat rates due to brand strength. "

Affirm Card in Offline Commerce
Q: Any updates on Affirm Card usage in specific verticals or offline?
A: They're enhancing the card for daily transactions like groceries, gas, and restaurants. " Pay Now usage is increasing as consumers better understand the product. "