Affirm Holdings, Inc.

that at least you know it's a 0% loan. But for a large swath of consumers, actually 599 APR is extraordinarily compelling. It's way better than anything else they could get. And so when I say 0% in the letter, what we really mean here is consumers get the benefit of reduced APRs as merchants subsidize them. And doing that in real time price to perform on the credit side, on the capital market side, because these loans are purchased downstream by people who expect yields that are strong, whatever the deal the consumer got, and making sure that these are truly incredible for merchants. It's a massive multivariate problem, and we love math here more than just about anything else. I think most of our competitors just don't, and that's our strength. Our advantage is we live better through mathematics.

That's helpful. Thanks. And just quick on the guidance and the comment that the enterprise merchant will transition off in the fiscal second quarter. It's kind of an important time with the holiday season. It's a little in the weeds, but do you think that happens at the end or the beginning of that quarter? I guess I'm asking if you're going to get the holiday spend there or not.

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.