Affirm Holdings, Inc.

This 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. Hosting today's call with me are Max Levchin, the firm's founder and chief executive officer, Michael Linford, a firm's chief operating officer, and Rob O'Hare, a firm's chief financial officer. In line with our practice in prior quarters, we will begin with brief opening remarks from Max before proceeding immediately into Q&A. On that note, I will turn the call over to Max to begin.

Thank you, Zane. Not a lot to add to the results, which were excellent, once again, in my biased opinion. But I did want to take a moment to announce that we will convene our next investor forum on May 12th this year, so coming up in a couple months. At the event, you'll hear from a larger subset of our management team, where we'll talk about our commercial and product initiatives and update our medium-term financial framework. And there will be plenty of Lebowski references. Please look for additional information, including registration details, on our investor relations websites as we get closer to the event. Back to you, Zane.

Thank you, Max. For those of you that are interested in attending the upcoming investor forum in person, please reach out to us and we will do our best to accommodate your request. Now let's get to your questions. Operator, please begin the Q&A session.