Key Takeaways AFRM grew active merchants 23% YoY in fiscal 3Q 2025, reaching around 358,000 partners. GMV surged 36% YoY to $8.6B in fiscal 3Q 2025, with FY25 GMV forecasted at $35.7-$36B. Merchant network revenues rose 34.3% YoY, backed by key partnerships and product enhancements.Affirm Holdings, Inc. (AFRM) is primarily focusing on growth and merchant expansion. It is strengthening its position in the competitive market of Buy Now Pay Later (BNPL) through merchant adoptions on its platform. The company ...

Affirm (AFRM) 2025 Conference June 11, 2025 11:00 AM ET Speaker0 Good afternoon, everybody. Welcome back again for the last presentation of the day. Last but obviously not least, the sun is out in London, so glad glad that you guys all still here. That means something. As I said, last but not least, super excited to welcome Affirm represented by Rob O'Hara, who is the CFO of the company. And we, my colleague John Hecht and I will go through the moderating the session. John, over to you. Speaker1 Hey there, ...

国际扩张战略 - 公司正积极拓展美国以外市场 包括加拿大和英国 通过与Williams-Sonoma和KAYAK的合作伙伴关系实现[1] - 此次扩张标志着公司首次进军北美以外地区 重点布局零售和旅游行业[4] - 国际扩张是公司下一阶段增长的关键驱动力 尤其瞄准Z世代和千禧一代用户群体[4] 财务表现与增长 - 2025财年第三季度总收入达7.83亿美元 同比增长36% 延续了2023年17.3%和2024年46.3%的增长趋势[2] - 活跃消费者数量同比增长21%至2190万 主要得益于用户留存率提升 Affirm卡使用率增加以及商户合作拓展[2] - 预计2025财年总收入将在31.63亿至31.93亿美元之间[2][8] 行业竞争格局 - 主要竞争对手PayPal在2025年第一季度拥有4.36亿活跃账户 同比增长2% 净收入78亿美元同比增长1%[5] - 另一竞争对手Sezzle同期活跃消费者达270万 同比增长5.4% 总收入1.049亿美元同比激增123.3%[6] - 公司股价过去一年上涨85.4% 远超行业37%的平均涨幅[7] 估值与市场预期 - 公司远期市销率为4.62 低于行业平均5.61[9] - 2025财年Zacks一致预期盈利同比增长100.6% 过去30天内有5次上调预期[10] - 当前季度每股收益预期0.11美元 较去年同期-0.14美元实现178.57%增长[11] 业务模式与定位 - 作为金融科技先驱 专注于提供透明 灵活且可靠的支付解决方案[3] - 通过战略合作伙伴关系加速国际市场渗透 同时深化本地商户合作[3][4] - 业务扩张高度依赖监管适应性及本地化执行能力[4]

公司业绩与财务表现 - 公司实现季度GAAP净利润280万美元 标志着重返盈利[1][6] - 第三季度GMV达86亿美元 同比增长36% 营收同比增长36%至7831亿美元[2][3] - 核心盈利指标RLTC同比增长53%至3526亿美元[6] - 活跃用户数达2190万 同比增长23% 每用户交易量提升19%至56笔[3][5] 产品与用户增长 - Affirm卡GMV达807亿美元 同比增长115% 活跃持卡用户约200万[4] - 0% APR分期产品贡献13%总GMV 该品类GMV同比增长44% 其中80%来自优质借款人[8] - 用户粘性增强 重复客户贡献94%交易量[5] 战略合作与市场扩张 - 与Shopify合作延长至2028年6月 并拓展至加拿大和英国市场[7] - 新增Costcocom商户 巩固与亚马逊、Target等零售巨头合作[7] - 通过AI驱动风控和透明定价构建差异化竞争优势[11] 行业前景与公司展望 - BNPL行业持续重塑消费支付方式 公司处于转型前沿[1] - 2025财年指引显示GMV和营收将持续增长 调整后运营利润率改善[9] - 产品创新(如Affirm卡)和战略伙伴关系推动扩张机会[15] 竞争与风险管理 - 行业高度竞争 需持续优化费用结构和产品创新[11] - 采用短期贷款条款、动态风控调整和定期征信报告应对信用风险[12] - 积极监测全球BNPL监管变化 坚持负责任借贷原则[13]

Affirm Holdings, Inc. (NASDAQ:AFRM) Annual William Blair Growth Stock Conference June 5, 2025 ET Company Participants Michael A. Linford - Chief Operating Officer Conference Call Participants Andrew William Jeffrey - William Blair & Company L.L.C., Research Division Andrew William Jeffrey Okay. Thank you all for joining us. I know it's been a long but productive 3 days. And I think we're ending it on a high note with Affirm. Let me just read the disclosures here quickly. So my name is Andrew Jeffrey. I'm th ...

Affirm (AFRM) FY Conference June 05, 2025 12:20 PM ET Speaker0 Okay. Thank you all for joining us. I know it's been a long, but productive three days, and I think we're ending it on a high note with firm. Let me, just read the disclosures here quickly. So my name is Andrew Jeffrey. I'm the fintech analyst at William Blair, and I'm required to inform you that complete list of research disclosures or potential conflicts of interest is on our website at williamblair.com. My pleasure to be able to introduce Mic ...

Growing success with the Affirm Card, an improving profit outlook, and a growing total addressable market for the buy now, pay later industry underpinned my ‘ Buy ’ stock classification for Affirm Holdings, Inc. (NASDAQ: AFRM ) .A financial researcher and avid investor with a keen eye for innovation and disruption, as well as growth buy-outs and value stocks. Keeping an eye on the pace of high tech and early growth companies, I write about current events and the biggest news surrounding the industry, and st ...

Key Takeaways AFRM has surged past its 200-day SMA, signaling a potential uptrend amid rising investor momentum. A 94% repeat user rate, 0% APR growth and new verticals are driving Affirm's BNPL expansion. Global rollout via Shopify and a valuation discount position AFRM for potential upside despite debt concerns.Shares of Affirm Holdings, Inc. (AFRM) are gaining momentum, buoyed by product innovation, a growing customer base, and strategic moves in the buy now, pay later (BNPL) space. Recently, AFRM has ...

公司表现与股价动态 - Affirm Holdings股价在2025年下跌17%，因当前季度增长预测低于预期[2] - 过去三年公司股价上涨126%至52美元/股，行业年均增速超50%[3] - 第三季度财报显示营收7.83亿美元(同比+36%)，每股收益0.01美元(超预期)，但第四季度营收指引8.3亿美元(低于共识1100万美元)[5] - 公司GMV第三季度达86亿美元(同比+36%)，第四季度指引95.5亿美元(高于共识3.5亿美元)[5] 业务模式与增长策略 - 公司通过Apple、Amazon和Shopify合作推动GMV增长115%，活跃持卡人数翻倍[7] - 0%利息贷款业务增长44%，商户通过补贴借贷成本促进销售[8] - 公司认为0%贷款可提升客户终身价值，未来可能转化为Affirm Card用户[9] - 用户数量达2200万(季度环比+10%)，业务依赖电子、服装和旅游消费[6] 行业趋势与竞争格局 - BNPL行业规模从2021年970亿美元以55%年增速增长至2025年5600亿美元[10] - Klarna等同行面临17%的信贷损失增长，但公司称风险可控[13] - 约三分之二BNPL贷款流向高风险信用评分借款人[12] - 公司通过证券化处理30%贷款，并与Liberty Mutual等机构达成40亿美元贷款出售协议[11] 市场观点与分析师评级 - 华尔街21位分析师平均目标价67.18美元，当前股价低估29%[4] - 高盛认为公司是"BNPL领域强势领导者"，巴克莱看好与Costco等合作[17] - 看空观点认为0%贷款导致GMV增速放缓，RLTC利润率低于预期[16] 宏观经济影响 - 2025年第一季度美国GDP萎缩0.2%，可能加剧BNPL用户财务压力[14] - CFPB警告经济下行时BNPL用户将更脆弱，需加强保护措施[15] - 公司CEO表示尽管经济不确定性存在，消费者仍在持续消费并按时还款[17]

A leading player in the buy now pay later (BNPL) space, Affirm Holdings, Inc. (AFRM) recently extended its partnership with Williams-Sonoma, Inc. to Canada. This strategic expansion allows Canadian customers to access Affirm’s services across Williams-Sonoma’s top-notch home furnishing brands, including West Elm, Pottery Barn, Mark & Graham and Williams Sonoma.Customers can take advantage of this by choosing Affirm at checkout. They need to go through a real-time eligibility check, and approved customers ca ...