I sat down with Affirm COO @mlinford_ to understand the strength of the US consumer, along with details about $AFRM and how they see their future potential. https://t.co/rRPuUUxw8O ...

PresentationAll right, guys. Why don't we get the ball rolling just to keep things on time. Really happy to have Affirm here with us. Affirm is a name that we've been covering now for really just a couple of quarters, a few quarters, but we're really enjoying it as a company that clearly stands above others, not only around buy now, pay later and financing, but really just broad e-comm and addressable to the consumer, really offering a great service to both merchants and consumers. Rob, we've had you here b ...

He said user adoption and GMV tied to Card each more than doubled year-over-year, and he declined to put a cap on potential penetration, noting the “unit level economics are really, really strong,” which allows the company to invest in user acquisition for the product.O’Hare said Affirm Card has filled a distribution gap because consumers can use it “anywhere that accepts Visa,” including merchants that have not integrated Affirm at checkout. He also pointed to strength in offline usage, saying in-store usa ...

Key Takeaways Affirm stock dropped 33% YTD as inflation worries and BNPL competition weighed on fintech sentiment.Affirm continues to expand users, merchants and transactions, signaling strong platform engagement.Earnings estimates and growth initiatives suggest AFRM may regain momentum over time.Shares of Affirm Holdings, Inc. (AFRM) have plunged 33.2% in the year-to-date period, underperforming the S&P 500’s 1.2% drop and the industry’s 10.6% decline. Even major buy now, pay later (BNPL) providers PayPal ...

Affirm Conference Call Summary Company Overview - **Company**: Affirm (NasdaqGS:AFRM) - **Industry**: Buy Now, Pay Later (BNPL) and e-commerce financing Key Accomplishments and Financial Performance - **Growth Metrics**: - GMV (Gross Merchandise Volume) grew by **39%** over the last 12 months [3] - Recent quarter reported **30%** adjusted operating income [4] - Fiscal second quarter saw **36%** GMV growth, **23%** active consumer growth, and **29%** RLTC (Revenue per Loan Transaction) growth [20] - GAAP operating margins expanded to nearly **11%** [20] - **Affirm Card Performance**: - Affirm Card accounted for **16%** of GMV in the last quarter, with **14%** of users utilizing the card [5] - User adoption of Affirm Card doubled year-over-year [23] Merchant Partnerships - Renewed partnership with **Amazon** for five years and with **Expedia** [6][21] - New partnerships include **Intuit**, **Lowe's**, and **ServiceTitan** [6] Consumer Network and Value Proposition - Affirm has nearly **26 million** active consumers, enhancing its value proposition to merchants [7] - Two-thirds of volume comes from monthly interest-bearing loans, allowing flexibility in monetization [13] Guidance and Market Conditions - Fiscal year guidance projects **32.5%** GMV growth and RLTC just over **4%** [31] - Credit metrics remain stable, with **96%** of transactions from repeat borrowers [44] - No significant changes in competitive intensity noted [72] Profitability and Investment Strategy - Affirm views growth and profitability as complementary rather than trade-offs [55] - Plans for continued margin expansion and investment in AI tools to enhance efficiency [61][62] International Expansion - Ongoing optimization in the UK with Shopify and new merchant wins like **Virgin Media O2** and **Wayfair** [94][96] Regulatory Landscape - Proposed legislation in New York regarding BNPL is not seen as a headwind for Affirm [129] Future Opportunities - Exploring vertical diversification, particularly in services through partnerships with **ServiceTitan** and **Intuit** [102] - Submitted application for a bank subsidiary, expected to diversify loan origination and funding channels [107][110] Conclusion - Affirm is experiencing strong growth and profitability, with a solid operational plan and positive market conditions. The company is focused on expanding its consumer base, enhancing merchant partnerships, and exploring new verticals while maintaining a stable credit posture.

Core Viewpoint - Affirm Holdings Inc. (NASDAQ:AFRM) is identified as one of the most undervalued stocks, with a Buy rating and a price target of $82 from BofA Securities, driven by its diversified growth and strong gross merchandise volume momentum [1]. Group 1: Company Performance - BofA Securities highlights Affirm's expanding merchant and consumer networks, along with its efficient multichannel model, as key drivers for above-market growth [1]. - The company has shown consistent unit economics and disciplined credit management, reinforcing confidence in its business model [2]. - Affirm has increased its fiscal 2026 targets, indicating no signs of credit or demand weakness [2]. Group 2: Market Trends - Long-term demand for Affirm's services is bolstered by younger consumers increasingly adopting buy-now, pay-later options and favoring Affirm as their payment choice [2]. - The company operates a payment network across Canada, the United States, and internationally, offering a consumer-focused app, point-of-sale payment solutions, and merchant commerce solutions [4]. Group 3: Strategic Partnerships - Stripe announced support for Affirm's buy-now, pay-later methods as a payment option for Shared Payment Tokens, enhancing Affirm's payment capabilities [3].

Group 1 - Klarna's stock has decreased by approximately 53% year-to-date and is down about 70% from its IPO price of $45.82, currently trading at $13.69. The company reported a full-year 2025 net loss of $273 million and is projected to achieve its first adjusted operating profit in Q1 2026, with a guidance of $5-$35 million [1][1][1] - Affirm Holdings is highlighted as a strong player in the buy-now-pay-later (BNPL) sector, with Q2 FY2026 revenue of $1.123 billion, reflecting a nearly 30% year-over-year increase, and a gross merchandise volume (GMV) of $13.8 billion, up 36%. The Affirm Card's GMV surged by 159% to $2.2 billion [1][1][1] - Mastercard's full-year 2025 revenue reached $32.791 billion, up over 16%, with a profit margin of 45.7%. The stock has a forward P/E ratio of approximately 27x, indicating a reasonable valuation for its market position [1][1][1] Group 2 - Visa's Q1 FY2026 revenue was reported at $10.901 billion, an increase of nearly 15%, with 36 analyst buy ratings, although it is not Cramer's top pick compared to Mastercard [1][1][1] - Cramer recommends Affirm for higher-risk BNPL exposure and Mastercard for lower-risk payment options, while advising against investing in Klarna due to its poor performance and market sentiment [1][1][1] - The overall sentiment in the market appears bearish towards Klarna, as indicated by a composite sentiment score of 36.73, suggesting a lack of confidence in the company's future prospects [1][1][1]

Group 1 - Affirm is focusing on attracting affluent consumers with higher credit scores through 0% interest promotions, as these promotions tend to engage shoppers with more purchasing power [3][7] - Approximately 80% of the monthly volume for 0% interest loans in FQ3'25 came from prime and super prime borrowers, compared to about 50% for interest-bearing products [4] - The use of interest-free options is linked to increased consumer engagement and retention, with a nearly 80% probability of continued use of Affirm's payment products when a zero interest loan is offered [4][7] Group 2 - Affirm generates revenue through interchange fees from merchants and interest on loans, while emphasizing transparency with no late fees or hidden charges [5] - A recent three-day interest holiday was implemented to offer more interest-free loans than usual, indicating a strategy to boost consumer interest [6] - Research indicates that traditional buy now, pay later users generally have lower incomes and credit scores compared to the broader population, highlighting a shift in Affirm's target demographic [6]

Group 1 - The presentation at the Morgan Stanley TMT Conference 2026 features Affirm and its President, Libor, indicating a significant interest in the company [1] - The presenter expresses excitement about the session, highlighting it as the most anticipated presentation of the week within the coverage group [2] - The presenter has prepared extensively, indicating a strong focus on Affirm with three pages of questions, suggesting the company's relevance and complexity [2]

Core Insights - Dassault Aviation reported an increase in operating profit to €635 million ($737.36 million) in 2025, up from €519 million the previous year, driven by a 19% rise in net sales to €7.42 billion from €6.23 billion [1][1][1] - The company forecasts net sales to reach €8.5 billion in 2026, with planned deliveries of 28 Rafale and 40 Falcon jets [1][1][1] Financial Performance - Operating profit increased by €116 million, representing a significant growth year-over-year [1] - Net sales rose by €1.19 billion, reflecting a 19% increase [1] Production and Deliveries - Rafale deliveries increased to 26 units in 2025 from 21 units in 2024, while Falcon deliveries rose to 37 from 31, although both fell short of the target of 40 [1][1] - The company received orders for 26 Rafale and 31 Falcon jets in 2025 [1]