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  "authorName": "Affirm",
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  "presentationDate": "2023-06-01 00:00:00",
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      "text": "Note: \"FY'23 RLTC impact\" refers to RLTC impact as measured through the first three quarters of FY'23",
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      "text": "Driver\nBusiness Impact\nFY'23 RLTC impact\nAffirm / BNPL Industry Specific Dynamics\nPricing initiatives\nHigher APRs increase consumer interest and gain on sale\nHigher merchant fees increase network revenue\nTailwind\nProduct mix\nOur loan products have differing profitability profiles, with interest bearing loans typically being the most profitable loan product\nTailwind\nMerchant mix shift\nEnterprise partners and lower order values increase frequency and network size, but potentially at lower RLTC as a % of GMV\nIncrease in platform fees due to success of certain partnerships\nHeadwind\nProduct efficiency improvements\nUnderwriting optimizations reduce credit provisions, driving up margin\nTailwind\nMacroeconomic Factors\nConsumer spending trends\nDiscretionary purchases tend to have higher AOVs, which generally have a higher RLTC as a % of GMV\nHeadwind\nFunding costs\nHigher benchmark interest rates and credit spreads increase the cost to fund on-balance sheet loans and reduce gain on sale\nHeadwind\nHoliday seasonality\nRapid sequential GMV growth drives up 2FQ provision expense which is dilutive to RLTC as a % of GMV within quarter\nHeadwind\nConsumer credit environment\nImpacts loan loss provisions and gain on sale\nHeadwind",
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      "text": "Recent drivers of RLTC as a % of GMV",
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