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Affirm Holdings [$AFRM] Mar 21 Earnings Highlights:
I just finished reviewing the report and the call.
Thread Outline⬇️
i) 10 key takeaways from the report;
ii) What trends are happening across the Fintech & BNPL Industry;
iii) And Key observations from Shopify & Peloton.
🧵
1/ $AFRM Top-line highlights - Revenue:
Jun 20 - 120% YoY Growth
Sep 20 - 98% YoY "
Dec 20 - 57% YoY "
Mar 21 - 67% YoY "
*8 sequential QoQ growth
Yes, growth slowed down but it was primarily due to the Covid shutdown. But now, it is accelerating as the economy is reopening.
2/ $AFRM Gross Merchandise Volume (GMV)
• GMV is growing 83% YoY though AoV slowed down
+ Increases in network revenue
• Travelling is growing triple digits (already in Feb!)
• Everyone talks about $PTON, but if you remove $PTON, the business is accelerating over 100% YoY.
• Marketplace Revenue- 141% YoY
+ Marketplace- 165%
+Services - 90% YoY
- Marketplace = combination of visits+conversion+AoV)
• Home improvement is still one of highest spend
CFO indicated that April is already momentum. Essential part.