Financial Data and Key Metrics Changes - The company reported excellent results for Q2 of FY 2026, with significant growth in key metrics, although specific figures were not disclosed in the opening remarks [6][10]. - The company expects RLTC take rates to hover slightly above 4% for Q3 and Q4, maintaining a similar trajectory to Q2 [21][23]. Business Line Data and Key Metrics Changes - The Affirm Card saw GMV year-over-year growth of just under 160%, with active cardholders increasing by 121% and 0% deals on the card rising by 190% year-over-year [61]. - The "other" category, which includes various small merchants, has grown to represent 15% of total GMV and is experiencing triple-digit growth [30][33]. Market Data and Key Metrics Changes - The company is expanding its international presence, particularly in the U.K., with new partnerships and deals that are expected to scale up [62][63]. - The market for ABS deals remains constructive, with recent deals priced with spreads under 100 basis points, indicating strong confidence from investors [49]. Company Strategy and Development Direction - The company is focused on building a universal acceptance mark similar to Visa, aiming to be present in every retail environment, both online and offline [111]. - The decision to explore new categories such as home improvement and medical is driven by consumer demand and the desire to build a broader network [110]. Management's Comments on Operating Environment and Future Outlook - Management noted that the current consumer environment appears healthy, with consumers willing and able to repay loans [18]. - There are no significant deviations from previous quarters, and the company is not seeing disturbances in credit quality [97]. Other Important Information - The company has applied for a bank charter to gain regulatory certainty and potentially unlock new products and services in the future [38][39]. - The Boost AI product is still in early stages, with limited merchant adoption, but it is expected to enhance marketing effectiveness for merchants [48]. Q&A Session Summary Question: Dynamics of growth with top merchants - Management indicated that the top five merchants for Q2 FY 2026 are different from the previous year, and the business is diversifying well despite some concentration [10][14]. Question: Overview of consumer trends and economic health - Management stated that the current consumer is healthy and willing to repay loans, with no significant changes observed in the economic environment [17][18]. Question: RLTC margin trajectory - Management expects RLTC margins to remain around 4% for the remainder of the year, with benefits from lower transaction costs [21][24]. Question: Impact of competition on merchant pricing - Management noted that aggressive promotional strategies from competitors have not significantly affected Affirm's pricing or market position [27][29]. Question: Growth in the "other" category - Management explained that the "other" category includes a diverse range of small merchants, and growth in this area is driven by increased awareness of Affirm's offerings [30][33]. Question: Bank charter application - Management clarified that the bank charter application is primarily for regulatory certainty and not directly linked to short-term funding costs [38][110]. Question: ABS deal execution - Management highlighted strong execution in ABS deals, with favorable market conditions leading to lower financing costs [49]. Question: Fiserv partnership - Management discussed the partnership with Fiserv, aiming to provide Buy Now, Pay Later capabilities through existing debit card infrastructure [116].