Affirm Holdings, Inc. (NASDAQ:AFRM) Q3 2022 Earnings Conference Call May 12, 2022 5:00 PM ET
Company Participants
Rob O’Hare - Senior Vice President, Finance
Max Levchin - Founder and Chief Executive Officer
Michael Linford - Chief Financial Officer
Conference Call Participants
Moshe Orenbuch - Credit Suisse
Dan Perlin - RBC Capital Markets
James Faucette - Morgan Stanley
Jason Kupferberg - Bank of America
Ramsey El-Assal - Barclays
Andrew Jeffrey - Truist Securities
Dan Dolev - Mizuho
Rob Wildhack - Autonomous Research
Bryan Keane - Deutsche Bank
Operator
Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Affirm Holdings Fiscal Year 2022 Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded and a replay of the call will be available on our Investor Relations website for a reasonable period of time after the call.
I’d now like to turn the call over to Rob O’Hare, Senior Vice President of Finance. Thank you. You may begin.
Rob O’Hare
Thanks, operator. Before we begin, I would like to remind everyone listening that today’s call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intend to update them, except as required by law.
In addition, today’s call may include non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP measures can be found in today’s earnings press release, which is available on our Investor Relations website.
Hosting today’s call are Max Levchin, Affirm’s Founder and Chief Executive Officer and Michael Linford, Affirm’s Chief Financial Officer.
With that, I’d like to turn the call over to Max to begin.
Max Levchin
Thanks, Rob and thank you everyone for listening in. We delivered excellent results in fiscal Q3. Active merchants grew by more than 16-fold year-over-year. Active consumers grew by 137% year-over-year, with greater frequency and engagement. Our total transactions increased by 162% year-over-year. Highlighting the trust we are building with consumers, 81% of all transactions were from repeat Affirm users. This is the highest repeat rate that we have ever reported. We accomplished this while another 1.5 million consumers joined our movement to replace confusing outdated financial products with new honest ones. Our GMV was up to $3.9 billion, growing 73% year-over-year and almost doubling, excluding Peloton. Total revenue was $355 million, a 54% increase year-over-year. In revenue less transaction costs, a key measure of our unit economics was $182 million or 4.7% of GMV. We continue to grow with our existing partners and add new ones.