Affirm Holdings Inc - Ordinary Shares - Class A

Huge profitability beat; “most profitable quarter ever” (FQ4 FY26) - Management said fiscal Q4 was the company’s *most profitable quarter ever*, explicitly noting it was achieved even without a tax allowance release mentioned in their prepared remarks—signaling stronger underlying operating performance. - CEO emphasized the “core business is firing on all cylinders,” implying broad-based strength rather than one-off factors.

Guidance / longer-term growth posture: initiatives are “real,” but some future products won’t show up until FY28–FY29 - Max Levchin indicated that while near-term guidance reflects “products that are working and growing and printing profits,” the more ambitious future initiatives are expected to show up later (FY28, FY29+). - Investors should expect continued high growth, but with a deliberate strategy not to “overpromise and underdeliver.”

Credit risk / consumer stress: no worrying delinquency signals; credit stance is adjustable but not a binary lever - Asked whether consumers are under stress or whether Affirm could loosen underwriting: management said no consumer stress signals were observed (continued resilience). - They emphasized underwriting control: Affirm can “choose the loans we want to make” in small increments (described as roughly 100 million times per quarter), and they adjust policy gradually based on weekly monitoring of early delinquency (DQ0/DQ1-type signals). - Risk takeaway (positive): credit outcomes are actively managed; downside risk (negative): policies can change with macro, but so far there’s no indication of deterioration.