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  "documentTitle": "Affirm | Results Presentation Deck | 52 slides",
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  "authorName": "Affirm",
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  "presentationDate": "2024-08-01 00:00:00",
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      "text": "Product and Go-to-Market Initiatives:\nOur outlook includes the expected financial impact of our Affirm Money Account, the business-to-business (B2B) product, and our UK expansion. None of these initiatives are expected to be material growth contributors during FY'25.\nA recently-announced wallet partnership is not expected to contribute materially to financial results in FY'25. This reflects the early stage of the partnership which is currently pre-commercialization.",
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      "text": "Enterprise Warrant Expense:\nExpenses associated with amortization of the A through C tranches of warrants granted to an enterprise partner are expected to decline to $5 million per quarter in FQ3'25 and FQ4'25 compared to $74 million in FQ3'24 and $72 million in FQ4'24.\nFY'25 expenses associated with the \"performance tranche\" of warrants granted to the aforementioned enterprise partner are expected to be similar to FY'24.",
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      "text": "Funding:\nEquity Capital Required (“ECR”) as a percentage of Total Platform Portfolio (“ECR Ratio\") is expected to remain stable compared to FY'24.\nBased upon the current forward interest rate curve which is embedded in our outlook, benchmark interest rates are expected to decline in FY'25 which should be a tailwind to RLTC as a percentage of GMV.",
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      "text": "Seasonality:\nThe quarterly seasonality of FY'25 GMV is expected to be consistent with FY'24, with the second and fourth fiscal quarters showing elevated volumes.",
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      "text": "Key Assumptions Incorporated in Outlook",
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