Affirm Holdings, Inc.

Good afternoon. Welcome to the Affirm Holdings first quarter 2023 earnings conference call. Following the speaker's remarks, we will open the lines for your questions. As a reminder, this conference is being recorded and a replay of the call will be available on our investor relations website for a reasonable period of time after the call. I'd now like to turn the call over to Zane Keller, Director of Investor Relations. Thank you. You may begin.

Thank you, Operator. Before we begin, I'd like to remind everyone listening that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investing Relations website. Actual results may differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them except as required by law. In addition, today's call may include non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP measures can be found in our earnings supplement slide deck, which is available on our investor relations website. Before turning the call over, we wanted to briefly note our shift to a quarterly shareholder letter instead of a lengthy press release and prepared remarks. We believe that this format will enable us to spend more time answering questions from the investment community. As such, we encourage you to review the shareholder letter for commentary that we would typically include in our prepared remarks. In addition, we believe that the shareholder letter, when read in conjunction with our earnings supplement, will enhance our ability to communicate with the investment community. Both documents are available on our investor relations website. This change was also influenced by feedback that we received from investors. We hope you find the shareholder letter informative, and we welcome any feedback. Hosting today's call with me are Max Lubgin, the firm's founder and chief executive officer, and Michael Winford, the firm's chief financial officer. With that, I'd like to turn the call over to Max to begin.

Thank you, Zane. We appreciate everyone taking the time to join us. Our results reinforce the confidence we have in our strategy and the firm's ability to capitalize on our opportunities. Two years ago, about this time, we were preparing for a journey of the public company. We're now completing our eighth quarter of the publicly traded company, and it seemed like a good time to compare results for the 12 months ending September 30, 2022, versus the 12 months ending December 31, 2020, which was the last calendar year as a private company for us. Since then, this comparison, we've more than tripled active consumers. We quintupled transactions almost. We grew transactions per active consumer one and a half times, grew transaction frequency by 50%, and near tripled our trailing 12-month GMV. We also doubled our revenue and almost tripled revenue-less transaction costs, growing it up to $732 million. All in all, we've been in control of our credit results. Delinquencies and mid-charge-offs remain at or below pre-pandemic levels, very important to us, We remain focused on the long term while making sure to navigate the present macro volatility very thoughtfully. We're continuing to obsess over risk and transaction costs to maintain a strong unit economics. We will shift features that improve network scale and profitability like we always have. We're going to manage our OPEX carefully while investing in our highest conviction product opportunities. We're building deep connections with consumers and merchants who need us now more than ever before. Both sides of our network navigate economic uncertainty, and we see this as an opportunity to solidify our position as a trusted and reliable partner. Back to you, Zane.