Affirm Holdings, Inc. (AFRM) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Think the know, speaking of maybe the most important and, least understood advantage that we have, we have been at it for a very long time. We have built some very, very sophisticated underwriting capabilities. We'll definitely talk a lot about that next week, so I'm I'm gonna bite my tongue right there. But we have some very, very cool stuff that we've done. Oh, just not just recently, but over the years in underwriting. And a great percentage, maybe the totality of our competitors that have raised their hand and said, sure. Underwriting is not that hard. We can do it. One by one found out that it is. It is actually very, very difficult. And by showing our results, we may have fooled the world by just a print a good result quarter after quarter after quarter, and we get yelled at, gosh, why don't you guys already admit that, it's always gonna be over 4%? It is a difficult balance to strike to print these unit economics day in and day out, and all of that or a lot of that comes from our AI team and the research that they do, and it's hard work. And so I think we make it very easy to believe that just isn't that hard, and it really is. And the longer the show goes, the more it becomes obvious that we are pretty good at math and are very serious about it, and the rest of the competitors are not. And then Darren, just to your question on the growth rate, obviously, we're really happy with the growth rate that we posted in Q3 and we're incrementally more positive on the Q4 growth rate in the updated guide. I will just remind everyone that we did sunset a top three merchant in Q1 of this year. So we are comping against there is a difficult comp in the prior year period and that comp did step up a little bit from Q3 to Q4. So it's a little bit more of a headwind to growth....