#1Affirm Investor Forum November 14, 2023 affirm#2Cautionary note about forward-looking statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including statements regarding: the Company's strategy and future operations, including the Company's partnerships with certain key merchants and commerce platforms as well as its engagement with existing and prospective originating bank partners; the development, innovation, introduction and performance of, and demand for, the Company's products, including Affirm Card; the Company's ability to maintain funding sources to support its business; acquisition and retention of merchants and consumers; the Company's future growth, investments, network expansion, product mix, brand awareness, financial position, gross merchandise volume, revenue, transaction costs, operating income, provision for credit losses, and cash flows; and general economic trends and trends in the Company's industry and markets. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks, uncertainties and assumptions include factors relating to: the Company's need to attract additional merchants, partners and consumers and retain and grow its relationships with existing merchants, partners and consumers; the highly competitive and evolving nature of its industry; its need to maintain a consistently high level of consumer satisfaction and trust in its brand; the concentration of a large percentage of its revenue and GMV with a small number of merchant partners and commerce platforms; its ability to sustain its revenue growth rate or the growth rate of its related key operating metrics; its ability to successfully maintain its relationship with AFFIRM | 2023 existing originating bank partners and engage additional originating bank partners; its ability to maintain, renew or replace its existing funding arrangements and build and grow new funding relationships; the impact of any of its existing funding sources becoming unwilling or unable to provide funding to it on terms acceptable to it, or at all; its ability to effectively underwrite loans facilitated through its platform and accurately price credit risk; the performance of loans facilitated through its platform; the impact of increases in market interest rates and negotiated interest rate spreads on its business; the terms of its securitizations, warehouse credit facilities and forward flow agreements; the impact on its business of general economic conditions, including the impact of inflation, increasing recessionary concerns, instability of financial institutions, the financial performance of its merchants, and fluctuations in the U.S. consumer credit market; its ability to achieve sustained profitability in the future; its ability to grow effectively through acquisitions or other strategic investments or alliances; seasonal or other fluctuations in its revenue and GMV as a result of consumer spending patterns; pending and future litigation, regulatory actions and/or compliance issues; developments in its regulatory environment; the impact of the reduction in its workforce announced in February 2023, including its ability to continue to attract and retain highly skilled employees; and other risks that are described in its most recent Annual Report on Form 10-K, and in its other filings with the U.S. Securities and Exchange Commission. These forward-looking statements reflect the Com ny's views with respect to future events as of the date hereof and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof, and the Company assumes no obligation and does not intend to update these forward- looking statements. affirm 2#3Panelist disclosure statement All statements made and opinions expressed by the panelists are solely their own and do not necessarily reflect the views of Affirm or its affiliates. You should not treat any such statements or opinions as a recommendation to make a particular investment or follow a particular investment strategy. Neither Affirm nor its affiliates has verified the accuracy or completeness of such statements and opinions. AFFIRM | 2023 affirm 3#4Use of Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we present the following non-GAAP financial measures: revenue less transaction costs, revenue less transaction costs as a percentage of GMV, revenue less transaction costs as a percentage of revenue, and adjusted operating margin. We also present certain operating expenses on a non-GAAP basis, as well as those non-GAAP operating expenses as a percentage of GAAP total revenue. Reconciliations of each historical non-GAAP financial measure with the most directly comparable GAAP financial measure can be found in the appendix of this presentation. However, a reconciliation of adjusted operating income, adjusted operating margin and adjusted operating expenses as a percentage of revenue to the comparable GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Our management uses these non-GAAP financial measures in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including the preparation of our annual operating budget, as a measure of our operating results and the effectiveness of our business strategy, and in evaluating our financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, and our use of these non-GAAP financial measures has limitations as an analytical tool. Accordingly, you should not consider these non-GAAP financial measures in isolation or as substitutes for analysis of our financial results as reported under GAAP, and these non-GAAP measures should be considered along with other operating and financial performance measures presented in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. AFFIRM | 2023 affirm 4#5AFFIRM | 2023 affirm Life on your terms affirm 5#6Introduction AFFIRM | 2023 Max Levchin Founder & Chief Executive Officer affirm 6#7Today's Agenda AFFIRM | 2023 Affirm's three growth pillars Introduction 01 02 03 04 05 Scaling Affirm Card Final Q&A Winning at Checkout Entering New Markets Future of Affirm and Growth Pillars Q&A Future of Affirm Funding Strategy and Financial Model affirm 7#8Honest financial products that improve lives AFFIRM | 2023 Pay Affi at F Max L intervi David PY after PayP "At t color BY PYM JULY 21, "Finan T So star Levchi AFFIRM BC CNBC DIS CNBC DISI Affirn new i online PUBLISHED UPDATED W Ril @RI KEY PO ● Alterna Affirm, Levchi e-com new in progra San Francisco yes description, has s < yahoo! yahoo/finance Wil It's In thi AFF -9.7 BUY NO yaho Buy go to payr card The es and founding co Which succeeded, some c WIREI BY LAUREN GOODE BU Max Lev Credit C WSJ NE Trans Affi Rec Fin Dou The PayPal cof now, pay later healthier way With s the techlash, a compa Levchi apart By Annal Aug. 13, 2 Bloomberg Technology Affir Merc PHOTOGRAPH: KAREN SANTOS ■ Gross Affirn ■ After firms f Bloomb WATCH: Ed Ludlo "Bloombe By Paige August 2 Updated Sa CITTTTTT PYMNTS Subscribe Amazon Business Enters BNPL Space With Affirm Partnership BY PYMNTS NOVEMBER 2, 2023 amazon Select a payment method Paying with VISA Visa1234 S01/202 Pay over time with Affirm un part of check by pdg your personal and business as both you and your more Available balances can only be used with your individual payment methods Leem more Use Amazon gift card $100.00 Add a gift card, promo code, or voucher Amazon Business is offering buy now, pay later (BNPL) services in collaboration with Affirm. Amazon Business started rolling out Affirm Thursday (Nov. 2) to eligible sole proprietor businesses. It will be available at checkout to all eligible Amazon Business sole proprietor customers by Black Friday, according to a Thursday news release. "We're constantly striving to make Amazon Business the best place for small businesses to fulfill their buying needs," Todd Heimes, director of Amazon Business Worldwide, said in the release. "Integrating Affirm as a payment option helps us do just that, while providing more flexibility and convenience to our customers. The technology, ease of integration and ability to support a broad range of transactions - especially as Affirm is already used by millions of Amazon customers today - make this a affirm 00#9Scaling Affirm Card AFFIRM | 2023 Libor Michalek President affirm#10Agenda Scaling Affirm Card AFFIRM | 2023 01 Evolution of Affirm Card 02 03 04 Driving Growth FY'24 Strategy Long-Term Opportunity affirm 10#11Affirm Card The next evolution of Affirm AFFIRM | 2023 Affirm at Checkout Pay over time with as low as 0% APR at our partner merchants. 9:41 X affirm) Buy now, pay over time Checking your eligibility won't affect your credit. Example payments for $433.17 /month APR 0.00% Interest $0.00 $228.52 /month APR 10.02% Interest $143.22 ONLINE $2,599 Total 6 months $2,599.00 12 months Total $2,742.22 Affirm Marketplace Featuring data-driven product discovery and personalized offers. 9:41 Search for a store Electronics Home & Furniture = Popular right now Nike Interest-free VRBO Walmart Walmart. Auto Exclusive offers SAMSUNG Samsung HOME DEPOT Hotels.com The Home... IN-APP Luxury Discoun Expedia Expedia ebay eBay Affirm Card ™ Pay now or request a payment plan, right from the Affirm app - online and in-store. 9:41 1 X You're ready for Your plan only covers purcha Depot-make sure that's wh $230 ●●●●●●●●●●●● EXP 04/26 CVV 123 all? 1234 Q Show number D affirm) . Plan active for 01:56:49 VISA ONLINE & IN-STORE affirm 11#12Why consumers love Affirm Card The go-to card for every purchase AFFIRM | 2023 Payment flexibility A top of wallet product that gives consumers the flexibility of installments with the control of debit ● ● Supports both pay now and pay over time transactions Ability to split transactions pre- and post-purchase ZIN Universal acceptance A financial instrument that combines the power of Affirm with the ubiquity of a Visa card ● Suitable for low order value, daily spend transactions Unlocks merchant-funded offers (e.g. 0% APR, Pay in 4) on a card product Gets better over time Affirm Card is the 'hardware that gets upgraded' ● ● Consumers can unlock features as they graduate through the Affirm ecosystem Gives Affirm a natural platform to cross-sell products affirm 12#13...but don't take it from us AFFIRM | 2023 Affirm Card Customer Testimonials affirm 13#14Driving Growth AFFIRM | 2023 4545 affirm 14#15Accelerating product adoption while improving unit economics We see encouraging signs of product-market fit across all major metrics Affirm Card active consumers¹ ('000s) 600 450 300 150 O Mar 2023 Apr May Jun Jul Aug Sep Oct 2023 2023 2023 2023 2023 2023 2023 >500k active in October AFFIRM | 2023 Monthly GMV ($M) 100 80 60 40 20 O Interest Bearing Pay Now Jan Feb Mar 2023 2023 2023 Pay in 4 İİ Apr May Jun Jul Aug Sep Oct 2023 2023 2023 2023 2023 2023 2023 ~$100M monthly GMV³ 1 Affirm Card active consumer defined as a consumer who engages in at least one Affirm Card transaction during the 12 months prior to the measurement date, presented as of the end of the period. 2 Reconciliations of GAAP results to non-GAAP results are provided in the Appendix to this presentation. 3 Trailing month ended November 10, 2023. Revenue less transaction costs ("RLTC")² as a % of GMV FQ1'23 FQ2'23 FQ3'23 FQ4'23 Improving unit economics affirm FQ1'24 15#16Tapping into new spend categories Affirm Card users are transacting in categories that Affirm has historically not addressed Top 10 pay now categories by GMV Top 10 pay later categories by GMV AFFIRM | 2023 II >30% of pay now GMV in categories that Affirm historically did not address Category spend data from January 1 through October 31, 2023. Home improvement Electronics stores Gas stations Apparel OTAS and ticketing Electronics stores Home improvement Department stores Grocery stores Auto parts & services >20% of pay later GMV in categories that Affirm historically did not address Airlines Discount stores Apparel Wholesale clubs affirm 16#17Leading to strong Affirm Card cohort and mix data GMV and cumulative contribution per average user show encouraging trends Cumulative spend per average user GMV per average consumer ($) $3,000 $2,250 $1,500 $750 $0 O AFFIRM | 2023 1 2 3 4 5 6 7 Months since first transaction Increasing GMV over time 8 9 10 11 12 1 Cumulative contribution per average user by quarterly acquisition cohort ¹ Cumulative contribution per user ($) $50 $25 $0 ($25) ($50) 4 6 FQ1'23 FQ2'23 8 FQ3'23 FQ4'23 10 Months since first transaction 12 Ongoing improvement in unit economics Average estimated cumulative contribution per user within the quarterly acquisition cohort. Contribution defined as revenue less transaction costs for all card transactions less card issuance costs. Contribution per user defined as contribution for all onboarded users in a cohort. Data shown for cohorts with at least three months of transaction data. 14 16 affirm) 17#18FY'24 Strategy AFFIRM | 2023 2.50 affirm 18#19FY'24 Affirm Card strategy Your go-to card for every purchase Grow the user base AFFIRM | 2023 Increase frequency Continue innovation affirm affirm 19#20FY'24 AFFIRM CARD STRATEGY Grow the user base AFFIRM | 2023 O 8% Broaden availability Supercharge Affirm Card top of funnel through Affirm-owned channels, and leverage our huge audience for cost- effective user acquisition Extend merchant-funded offers Leverage existing merchant partnerships. to offer great, Affirm-exclusive deals to more users while giving merchants access to new, highly engaged consumers 9:41 affirm Your purchasing power Ⓒ Q Search for a store Your card is waiting Put the power of Affirm in your wallet today. Get the Affirm Card Recent visits Nike VRBO 00 00 Home Walmart Walmart H Deals affirm Card SAMSUNG Samsung HOME Hotels.com The Home... DEPOT Manage $1,600 →Expedia Expedia ebay eBay TIMIN Save 9:41 1 Best deals this week adidas adidas Up to 50% off Week of Deals. dyson Search for a store Dyson As low as 0% APR Save up to $240 on select... 00 Home Deals Ja, s Big purchase? Small payments. Card Neiman Marcus As low as 0% APR Designer Sale: Up to 70% O... Vitamix Vitamix Buy direct from Vitamix and pay over time with Affirm. DIY made oh-so-satisfying. cricut Manage affirm > 11 Save 20#21FY'24 AFFIRM CARD STRATEGY Increase frequency AFFIRM | 2023 Offer perks and rewards Earn the right to be top of wallet through daily spend incentives on Affirm Card Expand checkout options Support more merchant categories, lower cart floors, and introduce additional low AOV checkout options mal 9:41 W BY Food and drink Southport Grocery and Cafe 7 Gas'n'go 30c/gal back W HENDERSON ST BANISH DOMETHOD Grocery Snack stop 3% back Fashion stop FASHONPHILE 2% back Hebrew Benevolent Society of Chicago WEDDY ST Closes at 6:30pm Snack stop 3% back CORNELIA AVE JSCOE ST Bobs Burgers 3% back Closes at 10:30pm Shopping ilf W ADDISON ST. W SCHOOL ST Bobs Burgers 3% back $17.34 Raising Cane's Chicken Fingers Gas Old Crow Smokehouse WRIGLEY FIELD Fashion stop 2% back N CLARK ST Hawthorne A Scholastic Academy > 0.1 mi > 0.1 mi Inte Mag Ad 9:41 Food and drink Southport Grocery and Cafe Shell Grocery 24 Snack stop 3% back Pay in full Hebrew Benevolent Society of Chicago W EDDY ST Shopping Gas W CORNELIA AVE W ADDISON ST Raising Cane's Chicken Fingers 10¢/gal back Old Crow Smokehouse $17.34 Pay over time 5400 N Clark St, Chicago, IL 60640 In-store only Get directions How to use Just swipe your Affirm Card at checkout affirm N CLA TY Inte Mag Ad 21#22FY'24 AFFIRM CARD STRATEGY Continue innovation AFFIRM | 2023 Launch Affirm Money Account Introduce transactional account capabilities to back Affirm Card and deliver a full-featured debit experience, including: ● ● Savings APYS ATM access and instant debits Direct deposit Introduce new capabilities Encourage transaction frequency and consumer retention with products such as Pay in 6 or deposit APR boosts 9:41 4 Money $1,342.88 Available balance Add money 299 Activity Deposit Aug 20 Amazon.com US Aug 20 00 Home Specialized Are you earning 4.35% APY on your direct deposit? Set up direct deposit → Deals 4.00% APY Card Withdraw X Manage See all +$1,500.00 Available in 2 days $180.00 Pending $65.87 பயர் Money 9:41 1 ← Set up direct deposit and earn 4.35% APY on your balance Things to know: Enrolling and any updates to direct deposit happen through your employer. • You need your routing and account numbers to enroll your Affirm Money Account. • The account type is savings. ● Routing number Account number 021214891 281000123456 Q Generate a form Frequently asked questions > What is early direct deposit? > How do I set up early direct deposit? affirm 22#23Sizing the Long-Term Card Opportunity AFFIRM | 2023 affirm 23#24Sizing the long-term Affirm Card opportunity Substantial untapped opportunity within Affirm's existing customer base with eyes on the broader market U.S. Addressable Affirm Card Market (Users) AFFIRM | 2023 Total 240M Short-term 40M Today 0.5M Scale, frequency, and continued innovation create the opportunity for growth now, and enable an ever-improving product for the entire market Market Segment Card Market¹ Prime to Near-Prime Credit Card plus Debit Card Users² Affirm Registered Users³ Affirm Marketplace4 Affirm Card Active Consumers5 Addressable Market (Users) ~240M ~150M ~40M ~7M ~0.5M Penetration 1 Card market based upon U.S. adult population according to 2021 U.S. Census Bureau data and card penetration rate according to the 2022 Payment Card Adoption and Payment Choice study by the Atlanta Fed. 2 Prime to Near-Prime Credit Card plus Debit Card Users defined as credit card plus debit card users with a prime or near-prime credit score. 3 Affirm Registered Users based upon all-time Affirm registered marketable users. 4 Affirm Marketplace based upon all-time Affirm direct to consumer transacting users. 5 Affirm Card active consumer defined as a consumer who engages in at least one Affirm Card transaction during the 12 months prior to the measurement date, presented as of the end of the period. 0.2% 0.3% 1.25% 7.1% affirm 24#25Affirm Card: the next evolution of Affirm AFFIRM | 2023 Transactions per year Affirm Affirm at checkout affirm Affirm Anywhere Year O Affirm Card + Affirm Money Account + Affirm Card ...with more to come affirm 25#26Winning at Checkout AFFIRM | 2023 Wayne Pommen Chief Revenue Officer affirm 26#27Affirm's three key strategies to win at checkout G Unlock new merchants and segments A large, unpenetrated merchant opportunity still exists in the U.S., in both existing and new market segments AFFIRM | 2023 Grow share of cart at existing partners Proven "land and expand" playbook to increase our impact and grow our share of spend after initial launch Accelerate distribution through partnerships Reaching the long tail of merchants and consumers at scale through e-commerce platforms, PSPs, browsers and wallets affirm 27#28Unlocking New Merchants and Segments AFFIRM | 2023 insbes? affirm 28#29Why do merchants choose Affirm? 40M Registered Users¹ A powerful network of shoppers with access to transparent and honest financial products AFFIRM | 2023 MERCHANT REACH +60% integrated partners share of U.S. e-commerce LEADING AWARENESS 49% aided awareness highest among the peer group ¹ Affirm Registered User Base based upon all-time Affirm registered marketable users. 2 Gender makeup based upon Affirm active consumers as of December 31, 2021. 3 Age data based upon Affirm active consumers as of December 31, 2022. HONEST AND TRANSPARENT $0 charged in late fees or compounding interest Demographic data GENDER:2 43% male 57% female AGE:³ 48% Millennial 28% Gen X affirm 29#30Why do merchants choose Affirm? Superior performance through underwriting, user experience, and product options to meet merchant and consumer needs AFFIRM | 2023 INCREMENTAL TRANSACTIONS 76% of shoppers would have delayed or not purchased without Affirm¹ INCREASED AOV +60% lift in average order values² 1 Data from 3-week period during pilot period (2021), 3268 responses 2 Compared to not having Affirm in checkout. AOV Lift: Affirm Commercial KPIs (based on purchases made in CY 2022) 3 Cart Abandonment: External study from Shopify: Shop Pay Installments Blog Post (Jan. 2021) 4 Repeat transaction rate in FQ1'24 ENHANCED CONVERSION 28% fewer abandoned carts compared to third party installments solution³ HIGH REPEAT RATES 91% of loan transactions are by repeat customers4 affirm 30#31Core markets: tapping into an abundant U.S. e-commerce opportunity set 40% of U.S. e-commerce by sales is still untouched by Affirm Core U.S. Retail¹ AFFIRM | 2023 Total: $7T E-commerce: $1T Affirm: $20B BNPL: $60B Merchant Segment Mega Enterprise Commercial SMB Affirm Segment Definition (TAS) $1.5B+ $250M - $1.5B $5M - $250M <$5M Number of Merchants Market Size (merchants) ~50 ~500 ~50k ~3.4M ~3.5M Affirm coverage ~15% ~10% ~15% ~10% ~10% Market Size (TAS) ~$500B ~$100B ~$150B ~$150B Total Addressable Sales $900B² Based upon Affirm internal estimates. Excludes online travel services, financial brokers and dealers, and ticket sales agencies (which are not classified as retail and not included in U.S. Census Bureau data). Also excludes prohibited product categories such as gambling, cannabis, firearms, and others. Merchant segments based upon estimated merchant Total Addressable Sales (TAS). Affirm coverage ~90% ~10% ~15% ~10% -60% Affirm Share of Cart (SOC) ~1% ~4% ~1% ~3% ~2% affirm 31#32Core markets: expanding our merchant base 21,000 merchants added in the last 12 months AFFIRM | 2023 Notable wins: last 12 months SHEIN TEMU Royal Caribbean INTERNATIONAL TikTok Shop NET-A-PORTER Booking.com KAYAK metro by T Mobile CATHAY PACIFIC Ongoing traction among new and unpenetrated merchants Core market expansion opportunities O O Low AOV Third-party marketplaces Side-by-side opportunities ~80% of U.S. e-commerce transactions are under $150 adapting our offering to address the fastest growing segment of e-commerce merchants willing to have >1 provider at checkout Unlocking new sources of TAM historically not addressed by Affirm affirm 32#33Expansion markets: activating segments of consumer spend beyond our historical focus on e-commerce retail and travel AFFIRM | 2023 EXISTING CORE $1.3T Retail e- commerce Travel Activating and scaling Sources: U.S. Bureau of Labor Statistics, U.S. Census, industry reporting Retail in-store EXPANSION OPPORTUNITIES ~$10T Subscriptions Dining & Alcohol Professional Services Utilities & Fuel Local Gov. & Services Charities affirm) Evaluating Rent Payments In-home Services Insurance ATVS & Boats 33#34Growing Share of Cart AFFIRM | 2023 OP affirm 34#35'Land and expand' motion to increase our share of cart We have an extensive playbook to drive additional value for merchants Prequalification Show prepurchase spending power ▲6% ▲ 34% AOV uplift¹ more likely to convert¹ Adaptive Checkout Dynamic plan choices offered to consumers 26% conversion increase Financing Plan Customization Add promotional and longer-term plans ▲ 20% GMV uplift when offering 0% APR (or +50% GMV uplift when offering 0% APR and longer terms)¹ Brand Sponsored Promotions 0% or other offers funded by underlying vendors ▲ 115% AFFIRM | 2023 Conversion, GMV and AOV uplift figures are based on Affirm tests with retailers and internal estimates. GMV uplift (and +15% AOV uplift) when offering BSP¹ OTHER GROWTH LEVERS: ● ● ● ● ● ● Omnichannel via Affirm Card and in-store POS integration Category expansion Eligible cart size expansion Partner marketing campaigns Marketplace participation International expansion B2B customer expansion affirm 35#36CASE STUDY Growing our share of cart Multiple levers drive increased share of spend over time after merchant launch Key Expansion Initiatives: Financing plan optimization 0% APR campaigns • Steady expansion across travel categories (flights, vacations, car rental, hotels, etc.) Enhanced up-funnel messaging Channel expansion beyond web (e.g., app, telesales) AFFIRM | 2023 Travel Portfolio¹ Affirm Share of Cart 1 2 3 4 5 6 7 8 9 10 11 12 13 Quarters since launch ¹Select Affirm Travel merchants with public filings; based on Affirm GMV 2Seasonally adjusted data Key Expansion Initiatives: Financing plan optimization 0% APR campaigns Prequalification Enhanced up-funnel messaging Addition of new retail categories ● ● General Merchandise Portfolio² ● Increase in cart ceilings and lowering of cart floors Channel expansion to in-store Affirm Share of Cart 1 2 3 4 5 6 7 8 9 10 11 12 13 Quarters since launch affirm 36#37Driving expansion at existing merchant cohorts Ongoing playbook to expand share of cart Excellent track record of renewals of key merchants Strong long-term growth of each merchant cohort over time 115% dollar-based net expansion in FQ1'24 Dollar based net expansion based upon FQ1'24 GMV of merchants that were active as of the beginning of FQ1'23 / FQ1'23 GMV for merchants that were active as of the beginning of FQ1'23. This calculation excludes GMV from Affirm Canada, direct to consumer products such as Affirm Anywhere and Affirm Card, and Returnly. AFFIRM | 2023 $16B $12B $8B $4B $OB- Merchant GMV performance by calendar year cohort 2017 & Prior 2018 2020 2021 2019 LTM FQ1'24 First full year Trailing twelve months as of September 30, 2023. This calculation excludes GMV from Affirm Canada, direct to consumer products such as Affirm Anywhere and Affirm Card, and Returnly. COHORT CAGR +19% +4% +12% +14% +31% affirm 37#38Accelerating Distribution AFFIRM | 2023 affirm 38#39Scaling our reach through distribution partnerships E-commerce platforms Enables SMBs selling online to seamlessly add Affirm as a payment method Affirm has integrations with more than 75 e-commerce platform partners BIGCOMMERCE S shopify AFFIRM | 2023 WOO COMMERCE Wix.com PSP platforms Embeds Affirm within merchants' broader omnichannel payments product suite, ensuring streamlined onboarding and stickiness Affirm has partnerships with 14 PSP platform partners adyen verifone stripe worldpay from FIS Wallets and browsers Reaching merchant checkouts and shoppers through wallet integrations and browser extensions Affirm is integrated with Microsoft Edge, Shop Pay, and others shop Pay installments in partnership with affirm affirm 39#40CASE STUDY Partnership distribution LAUNCH: September 2016 Access to BigCommerce's U.S. merchants . E-COMMERCE PLATFORM Affirm became BigCommerce's preferred provider in August 2022 Delivered Embedded Onboarding in Feb 2023 to facilitate faster merchant launch AFFIRM | 2023 BigCommerce FY'17 GMV Active Merchant Count FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 LAUNCH: May 2022 Access to Stripe's hundreds of thousands of merchants Streamlined GTM approach to SMB sales ● Integration allows merchant enablement in minutes Expansion from U.S. to Canada in April 2023 PSP Stripe FQ1'23 GMV Active Merchant Count FQ2'23 FQ3'23 FQ4'23 FQ1'24 affirm 40#41Wallet case study: Shop Pay Installments Monthly GMV JUNE '21 Program Launch Shop Pay Installments launches with an industry leading Pay in 4 offering July 2021 AFFIRM | 2023 Jan 2022 JUNE '22 Adaptive Checkout New loan options, including interest- bearing and longer-term offerings are integrated into checkout July 2022 DECEMBER '22 New Marketing Tools Advanced up-funnel marketing capabilities are introduced as critical conversion tools for merchants Jan 2023 JUNE '23 In-Store Installments Integrated into Shopify's in-store POS, now supporting merchants offline + online JULY '23 + 0% Premium Offering 0% plans and longer terms are offered at-scale to Shopify merchants July 2023 affirm 41#42Entering New Markets AFFIRM | 2023 Pat Suh Senior Vice President Revenue affirm 42#43Agenda Entering new markets AFFIRM | 2023 01 International 02 B2B affirm MAU 43#44International AFFIRM | 2023 w of affirm 44#45The case for international expansion Affirm has large, untapped opportunity in markets outside of North America AFFIRM | 2023 $1T U.S. and Canada 60% of global e-commerce excluding China is outside the U.S. $1.1T EU and UK < $450B APAC ex-China U.S. retail sales and e-commerce market size based upon 2022 U.S. Census Bureau data. Canada e-commerce market size from Statistics Canada for 12 months ending July 2023, UK e-commerce market size from Statista Market Research for 2022, and EU e-commerce market size from 2023 Worldpay from FIS Global Payments Report estimate of 2022 e-commerce market. Asia Pacific ex-China market size based upon eMarketer 2021 Global E-commerce Forecast. affirm 45#46Expansion driven by both merchant and consumer pull Our merchants are asking us to expand with them and our consumer value prop resonates across markets ● ● ● Deepen key merchant and partner relationships Our large North American merchants have global businesses and are seeking a global partner We cement our merchant relationships by serving the merchant in multiple geographies These relationships also give us a path to scale and minimize risk in new markets AFFIRM | 2023 Bring honest finance to tens of millions of new consumers Providing honest financial products is differentiated vs. many incumbent players (no late fees or gotchas, overall customer alignment) Market dynamics vary, but our approach and consumer value proposition has a universal appeal Affirm can offer a wider range of financing options vs. other competitors d affirm 46#47International expansion evaluation framework We take a disciplined approach to evaluating international opportunities AFFIRM | 2023 Total opportunity Market share Economics Speed Total Addressable Market (TAM) Presence of key existing merchants and partners Product-market fit of profitable products Product integration effort ● ● ● ● ● ● ● ● Large population + GDP High consumer propensity to adopt E-commerce TAM Existing partners with high regional market share Opportunity to differentiate with merchants from competitors in market Balanced financial program mix Consumer openness to paying interest Market requirements that support appropriate unit economics Adjacency to current product capabilities and technology affirm 47#48INTERNATIONAL EXPANSION CASE STUDY: Canada Combining both organic and inorganic approaches to win in the Canadian market AFFIRM | 2023 All-time users (by calendar Half Year) GMV 0.1M 2019H2 Peloton CA Launch 0.2M 2020H1 0.3M 2020H2 0.5M 2021H1 Acquired Pay Bright 0.7M 2021H2 Consumer electronics partner CA launch 1.0M 2022H1 1.2M 2022H2 Enterprise retailer launch 1.4M 2023H1 Completed tech platform integration affirm 48#49Key U.S. partners as potential international accelerators Affirm's existing top 3 merchant and partners as a % of select market TAM AFFIRM | 2023 UK 0 France Spain Based upon Affirm internal estimates. 20% -25% 24% 23% 38% 34% Netherlands Germany Italy affirm 49#50Ranking potential new markets The UK ranks highly due to the combination of product-market fit, ease of entry, and existing merchant partner TAM AFFIRM | 2023 High Existing partner TAM Low Low Based upon Affirm internal estimates. Ease of entry and product-market fit High UK MARKET FACTS $133B TAM 20% penetration by existing partners Proven consumer demand Opportunity for more than Pay in 4 Potential market size Low product market fit Moderate product market fit High product market fit affirm) 50#51UK expansion We are entering the UK market next and in discussions with potential launch partners. AFFIRM | 2023 B AZE 2704 God affirm 51#52B2B AFFIRM | 2023 affirm 52#53B2B transactions with sole proprietors are an immediate adjacent opportunity The factors that enable us to win with consumers also allow us to support sole proprietor buyers AFFIRM | 2023 U.S. B2B TAM SMB Financing Market: >$1.4T Addressable SMB Financing Market: >$700B Addressable Sole Prop Spend:>$300B Beyond sole The overall B2B addressable market is props substantial and untapped Terms loans + lines of credit Credit cards 36% U.S. SMB Financing TAM 7% SMB Lending Est. $1.4T¹ 16% 7% 21% 13% SMB Financing market size based upon 2017 CFPB data. Addressable SMB Financing Market based upon business credit card, term loans, and lines of credit available to SMBs according to 2017 CFPB data. Addressable sole prop spend defined as nonfarm sole prop spend on materials, supplies, and other purchases according to 2020 IRS data. SBA loans Invoice factoring Equipment leasing Net terms affirm 53#54Why Affirm works Affirm has the opportunity to leverage its core B2C capabilities - fraud, underwriting, checkout, and brand trust - to seamlessly extend into the sole proprietorship market AFFIRM | 2023 69% of sole props <2 years old were declined for requested financing in 2022 Based upon Findings from the 2022 Small Business Credit Survey from the Federal Reserve affirm 54#55Addressing the pain points for B2B buyers and sellers AFFIRM | 2023 ● ● Buyer pain points Limited financing options Sole props are often ineligible for credit cards or loans and require a personal guarantor Cash capacity constrained Lack cash runway to spend especially during peak seasonal periods OPEN ● ● Seller pain points Poor credit options Credit cards and lines of credit don't underwrite or approve businesses effectively Need to unlock growth Want the same incrementality benefits of financing for the business buyer affirm 55#56CASE STUDY B2B: launching and scaling with Amazon Business Improving conversion by offering sole proprietors the terms they need AFFIRM | 2023 Launch Launched B2B with Amazon Business on November 2nd. Millions of sole proprietors are now empowered to shop and purchase on Amazon Business using Affirm. Impact Tested B2B with Amazon Business during FY'23 to gather insights; conversion rates far surpassed expectations, demonstrating strong demand. 1 Small business and sole proprietor count based upon 2023 Frequently Asked Questions About Small Business published by the SBA. 2 Affirm Registered User based upon all-time Affirm registered marketable users. O Opportunity Thrilled to deepen our partnership with Amazon by offering both B2B & B2C financing. Affirm has 40M registered users and B2B resonated most with previous customers who are also sole proprietors.² affirm 56#57Large B2B TAM with existing merchant partners and prospects Estimated $300B sole prop TAM within the U.S., of which ~$115B is served by current Affirm merchants and pilot partners Pilot Partners Other Affirm Merchants $60 $55 $300B AFFIRM | 2023 Prospects $195 Office Supplies Digital Advertising INITIAL INDUSTRIES IT Supplies Professional Tools & Supplies Hardware Supplies Janitorial Supplies affirm 57#58B2B MERCHANT CHAT: Best Buy for Business AFFIRM | 2023 Pat Suh Affirm, SVP, Revenue affirm Jai Holtz Best Buy, VP, Financial Services BEST BUY FOR BUSINESS affirm 58#59Future of Affirm AFFIRM | 2023 Max Levchin Founder & Chief Executive Officer affirm 59#60Agenda Future of Affirm AFFIRM | 2023 01 02 03 Affirm Today What's Next How We Get There affirm 60#61We have built a unique network 16.9M+ AFFIRM | 2023 Active consumers Constant innovation Underwriting expertise affirm Tech excellence Metrics presented above are as of September 30, 2023. 266k+ Active merchants Top partnerships affirm 61#62Driving merchant growth the ultimate conversion machine AFFIRM | 2023 9:41 4 = solstice.com Solstice Wyatt Fabric Sectional $650.00 Add to bag Or 4 interest-free payments of $163, plus other great payment options with affirm Prequalify now Dynamic messaging O 9:41 Xx Create your Affirm account Tell us a bit about yourself. We just need the basics. Please fill out all required * fields. Already have an account? Jill Scott affirm YOUR MOBILE NUMBER (555) 123-4567 [email protected] 02/03/1980 Suffix V Please ensure that all of the information provided is your own. It will be used to verify your identity. By creating an account, you agree to Affirm's Terms of Service, which includes your authorization for Affirm to obtain, use, and share Frictionless signup 9:41 X Pick a payment plan Choose the plan that's best for you-with no fees, ever. Payment options are subject to final eligibility and approval. Learn more PURCHASE AMOUNT $163.00/2 weeks APR 0.00% See details affirm $112.00 /month APR 10.00% $57.00/month Interest $0.00 ✓ There's no interest. Just pay for what you buy. ✓ No impact on your credit score. ✓Pay every 2 weeks with debit or credit. $650.00 Interest $20.00 8 weeks > Total $650.00 6 months > Total $670.00 12 months > Personalized payment options affirm 62#63Our users love us I affirm that Affirm is the best credit experience I've ever or will ever have. Thx Affirm, ur the bestest of them all I don't even need for them to offer more like recipes or rewards programs. If and when I find out they do they're only becoming better than themselves (link) Affirm has made it easy for me to purchase items that I need right away. My sons mattress needed to be replaced and I could not afford the lump sum amount all at once. Making payments on this item was easy to accept into my budget and my son is happy he has a better mattress to sleep on. Thanks Affirm! Shari New Berlin (link) AFFIRM | 2023 Affirm is great. It's better than using your credit cards. I'm able to pay off each item instead of paying off a credit card bill. Affirm also let you choose the amount of monthly Affirm is awesome. I'm currently a family caregiver and while taking care of my elderly and disabled relative is rewarding, it's no where near lucrative. My tight budget doesn't allow me to buy some items that I want or need, so Affirm is a lifesaver. (link) The app is great!! . Very easy to use. Find out what you're qualified for right in the app. No calling and waiting to speak with someone to make a purchase or payment. Simple as 1-2-3. Need to get it now and pay later. Get Affirm! I love Affirm! I have making purchases for 3 yes now and still NO complaints. Thanks Affirm! 100 (link) I have used this app many times to pay for big and small purchases. I prefer to pay with Affirm because it's becoming more widely accepted by more merchants as a payment source. It's not difficult to pay off the items, unlike a typical credit card. (link) This app has allowed me to purchase what I really want now, without breaking the bank. I have bought designer shoes and purses as well as tickets to events, that I otherwise could not buy directly. However with affirm you can pretty much get whatever you want. You must pay on time every time and your buying power increases. I love it. (link) Great app! I love it! I have a top of the line Samsung Galaxy and the ability to pay for it over time. Affirm really does reward a good payment history. Thanks, I have not only the best wireless service out there but the best financiers. Just love, love, love it!!! (link) affirm 63#64Expanding our network AFFIRM | 2023 CREDIT CARD 234 5678 9101 8765 00/00/00 affirm There's Always TIME FOR Coffee affirm 64#65Affirm is the better way to make big purchases. Now we are going to reinvent the rest. AFFIRM | 2023 affirm 65#66The next wave of honest financial products. AFFIRM | 2023 Bend 4BARDI affirm 66#67Affirm is more than a network It's a software development platform for financial applications with built-in distribution AFFIRM | 2023 Pi4 IDENTITY Pi6z TRUST & SAFETY AFFIRM CARD / ACCOUNT Pi6r ADAPTIVE CHECKOUT RISK Pi12 DATA SECURITY NETWORK Pi18 LEDGER Pi24 CAPITAL affirm 67#68Affirm is more than a network It's a software development platform for financial applications with built-in distribution AFFIRM | 2023 Pi4 Pi6z IDENTITY Pi6r Pi12 AFFIRM CARD / ACCOUNT Pi18 TRUST & SAFETY Pi24 ADAPTIVE CHECKOUT RISK DATA SECURITY NETWORK NEW PRODUCTS LEDGER CAPITAL affirm 68#69The future of Affirm looks like much more than a network, it looks like an operating system. AFFIRM | 2023 Our vision is to be there for every transaction (a) - - to become the preferred way to pay for consumers. affirm 69#70Five years from now... AFFIRM | 2023 affirm the leader in payments affirm 70#71Future of Affirm and Growth Pillars Question and Answer Session Max Levchin, Libor Michalek, Wayne Pommen, and Pat Suh AFFIRM | 2023 affirm) 71#72Funding Strategy AFFIRM | 2023 Brooke Major-Reid Chief Capital Officer affirm 72#73CAPITAL Capital by the numbers 14 ABS Transactions VS 2 YEARS AGO 8 +75% AFFIRM | 2023 1 As of 9/30/2023 100+ Investors VS 2 YEARS AGO 65+ >+50% 21 Warehouse and Forward Flow Partners VS 2 YEARS AGO 14 +50% $13.1B Funding Capacity VS 2 YEARS AGO $7.3B +80% affirm 73#74CAPITAL How we fund our business Approach Support continued growth by adding long-term capital partners across all funding channels Prepare by aligning with the financial forecast in the context of the overall market environment Execute on expansionary opportunities with a keen focus on maintaining pricing discipline and reducing complexity AFFIRM | 2023 Warehouse ABS Forward flow (loan sales) Least attractive Summary Lending facilities with top tier global banks Static and revolving public bond issuances with fixed rate financing; buyers include a diverse range of asset managers Bilateral sale agreements with global financial institutions and asset managers, insurance companies, and other sophisticated institutional investors Cost of Funds Capital Market Efficiency Volatility Most attractive affirm) 74#75CAPITAL Future funding strategy AFFIRM | 2023 PRIORITIES Diversity Continue to diversify funding counterparties Efficiency Optimize Cost of Funds and Equity Capital Required ("ECR") - target maintaining <5% range ECR longer-term Expansion Pursue strategic partnerships to expand access to additional, differentiated pools of capital Transformational Scale Innovative, streamlined structures to maximize flexibility and access longer duration while providing investors with greater consistency affirm 75#76Funding partner roundtable AFFIRM | 2023 Hussain Abbas CPPIB Managing Director Capital Solutions Martin Attea Barclays Managing Director and Global Head of Securitized Products Origination Brendan Feeney New York Life Investments Managing Director Structured Finance Jem Tien J.P. Morgan Investment Management Vice President, Securitized Products Investment Management Alex Saporito One William Street Managing Director Portfolio Manager Michael Linford Affirm Chief Financial Officer Brooke Major-Reid Affirm Chief Capital Officer affirm 76#77Financial Model AFFIRM | 2023 Michael Linford Chief Financial Officer affirm 77#78Agenda Financial model AFFIRM | 2023 01 Progress Since Our IPO 02 Path to $50 Billion GMV 03 Medium-Term Financial Model affirm 78#79Delivering on our financial objectives since IPO $ million unless otherwise indicated AFFIRM | 2023 odooD GMV 5x since FY'20 160% CAGR from FY'20-LTM >20% YoY projected FY'24 growth Cox Total Revenue 3x since FY'20 145% CAGR from FY'20-LTM >20% YoY projected FY'24 growth 60% CAGR $4.6B FY'20 45% CAGR $510 FY'20 $21.4B LTM $1,723 LTM Note: LTM refers to last twelve months ending September 30, 2023. ¹ Reconciliations of GAAP results to non-GAAP results are provided in the Appendix to this presentation. RLTC¹ 4x since FY'20 158% CAGR from FY'20-LTM >20% YoY projected FY'24 growth 58% CAGR Adjusted Operating Margin¹ Achieving sustained profitability > 13 p.p. improvement from FY'20-LTM ↑ 7 p.p. YoY projected FY'24 improvement $161 FY'20 FY'20 $706 LTM LTM +13.8 p.p. affirm) 79#80Path to $50 Billion GMV AFFIRM | 2023 affirm 80#81Low penetration of U.S. retail with attractive expansion opportunities Core U.S. retail AFFIRM | 2023 Total: $7T E-commerce: $1T Affirm: $20B BNPL: $60B U.S. sole prop B2B Addressable SMB financing:>$700B Addressable sole prop spend: >$300B International e-commerce $44B $133B AN U.S. retail sales and e-commerce market size based upon 2022 U.S. Census Bureau data. BNPL market size based upon Affirm internal estimates. Canada e-commerce market size from Statistics Canada for 12 months ending July 2023, UK e-commerce market size from Statista Market Research for 2022, and EU e-commerce market size from 2023 Worldpay from FIS Global Payments Report estimate of 2022 e-commerce market. SMB Financing market size based upon business credit card, term loans, and lines of credit available to SMBS according to 2017 CFPB data. Addressable sole prop spend defined as nonfarm sole prop spend on materials, supplies, and other purchases according to 2020 IRS data. SMB sole prop ad market based upon 2020 IRS data. $1T affirm 81#82Path to $50 Billion GMV Potential growth drivers and their expected contributions in FY'24 and medium-term FY'24: Checkout button driven growth $20B FY'23 AFFIRM | 2023 Winning @ Checkout affirm D2C New Markets >$24.25B FY'24 outlook MEDIUM-TERM: Diversified growth across multiple drivers $20B FY'23 Mid teens per year Winning @ Checkout affirm Mid single digits per year D2C 来 CA UK B2B Low single digits per year New Markets Notes: FY'24 Outlook based upon the Financial Outlook provided on November 8, 2023. -Winning @ Checkout includes Affirm's B2B2C business excluding B2B sole proprietorship GMV and GMV outside of North America; D2C includes Affirm Card and other direct-to-consumer offerings; New Markets includes GMV from B2B sole proprietorship transactions and GMV outside of North America. $50B Low 20s plus per year Medium term GMV affirm 82#83Medium-Term Financial Model AFFIRM | 2023 affirm 83#84Affirm Card financial products Affirm Card provides profitable options to penetrate untapped TAM from in-store and daily spend AFFIRM | 2023 Financial Product Mix As % of GMV unless otherwise indicated In-Store vs. E-comm Volume Mix As % of GMV unless otherwise indicated $18M 27% 19% 54% FQ3'23 Interest Bearing $18M 60% 40% FQ3'23 $129M 10% 8% 82% FQ4'23 $129M 77% ■Pay in 4 ■Pay Now 23% FQ4'23 $224M 9% 5% In-Store Online 86% FQ1'24 $224M 74% 26% FQ1'24 Cart Size Typical AOV Term Length APR Repeat Velocity Payment Frequency Blended RLTC % of GMV Pay Now All $1 - 50 Immediate 0% Daily One-Time Debit Pay in 4 $50 - $3,000 $50 - $150 6-8 weeks 0% Monthly Biweekly 3 - 4% Interest-Bearing Installments $50 - $17,500 $500 - $1000 3- 60 months 10 - 36% Monthly Monthly affirm 84#85Enterprise warrant expense and dilution $ million unless otherwise indicated $65 $65 FY'21A $342 $83 $171 $26 $62 FY'22A Enterprise Partner 1 AFFIRM | 2023 $499 $155 $267 $41 $36 FY'23A TBD $267 $41 $36 FY'24P ■ Enterprise Partner 2 - A tranche TBD $96 $24 $36 FY'25P TBD $36 FY'26P TBD FY'27P Enterprise Partner 2 - B&C tranches TBD FY'28P TBD FY'29P Enterprise Partner 2 - Performance tranche Enterprise Partner performance warrants will be earned only in the event that certain performance provisions and new user acquisition performance thresholds are met. This presentation does not provide a projection of the probability and / or timing of the Enterprise Partner meeting these thresholds. We expect total enterprise warrant and commercial agreement expense to decline substantially over time Excluding remaining unearned and unvested warrants at $100 strike price, we expect < 1% annual dilution from the remaining enterprise warrants Merchant Agreement Enterprise Partner 1 Enterprise Partner 2 - A tranche Enterprise Partner 2 - B&C tranches Enterprise Partner 2 - Performance tranche Agreement Date July 2020 November 2021 November 2021 November 2021 Warrants Issued 20.3M (at Signing) 1.0M (at Signing) 6.0M (3 Year Vest) Max of 15.0M (Performance Based by FY'29) Strike Price $0.01 $0.01 $0.01 $100 Unvested as of 9/30/23 Fully Vested Fully Vested 2.2M 11M Before 2029 Agreement End affirm 85#86Stock-based compensation expense and dilution $ million unless otherwise indicated $219 $103 FY'21A AFFIRM | 2023 $250 $141 FY'22A $357 $95 FY'23A CEO Value Creation Award TBD ¹ Annual dilution as measured by the annual percentage change in basic share count. $65 FY'24P TBD $35 FY'25P Employee Stock Compensation TBD $12 FY'26P Employee Stock-Based Compensation CEO Value Creation Award Conclusion . ● ● Comprised of RSUS and stock options We establish an annual dilution target¹ We expect <= 5% annual dilution in the term, and <= 3% over the medium-term Consists of $49 strike options issued in Jan 2021; up to 12.5M options can be earned Options earned based upon trailing VWAP thresholds and time-based vesting - 4M options have already been earned No incremental dilution unless 90 day VWAP exceeds $132 per share Unless Affirm's share price exceeds $132, annual SBC dilution is expected to be <= 3% over medium-term affirm 86 ar-#87Operating expense outlook (as % of revenue) Plan to drive meaningful leverage over medium-term Non GAAP OPEx % of Revenue ¹,2 Sales & Marketing General & Administrative Technology & Data Analytics Adjusted Other Operating Expenses ¹,2 Annual share dilution³ AFFIRM | 2023 FY'21 11% 19% 18% 48% n.a. HISTORICAL RESULTS FY'22 12% 24% 19% 55% 6.7% FY'23 6% 21% 20% 47% 3.5% LTM 5% 18% 18% 41% 4.9% MEDIUM-TERM MODEL >20% revenue growth Low leverage (~low single digits) Medium leverage (~mid single digits) Medium leverage (~mid single digits) 32.5-35% < 5% <= 20% revenue growth 1 Reconciliations of GAAP results to non-GAAP results are provided in the Appendix to this presentation. 2 A reconciliation of adjusted other operating expenses to the comparable GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. 3 Annual dilution as measured by the annual percentage change in basic share count. 17.5-20% <= 3% affirm 87#88NOVEMBER 2023 Profitability framework Plan to drive meaningful leverage over medium-term Year-over-year revenue growth Revenue as a % of GMV Revenue Less Transaction Costs as a % of GMV Revenue Less Transaction Costs as a % of Revenue Adjusted Other Operating Expenses as a % of Revenue Adjusted Operating Margin AFFIRM | 2023 FY'21 71% 10% 5% 50% 48% 2% HISTORICAL RESULTS FY'22 55% 9% 4% 49% 55% (6%) FY'23 18% 8% 3% 43% 47% (5%) LTM 20% 8% 3.3% 41% 41% 0% 1 FY'24 Outlook based upon the Financial Outlook provided on November 8, 2023. Reconciliations of GAAP results to non-GAAP results are provided in the Appendix to this presentation. OUTLOOK FY'24 >20% Similar to FY'23 Similar to FY'23 n.a. n.a. >5% MEDIUM-TERM MODEL >20% revenue growth 6 - 8% 3 - 4% 37.5 - 50% 32.5 - 35% 5 - 15% <= 20% revenue growth 6 - 8% 3 - 4% 37.5 - 50% 17.5 - 20% 20 - 30% affirm 88#89Affirm Investor Forum 2023 Final Question and Answer Session All Presenters AFFIRM | 2023 affirm) 89#90Thank you Questions? Investor Relations: [email protected] Media: [email protected]#91Appendix AFFIRM | 2023 affirm 91#92Reconciliation of Non-GAAP Financial Measures Loss on Loan Purchase Commitment Provision for Credit Losses Funding Costs Processing and Servicing Transaction Costs (Non-GAAP) Technology and Data Analytics Sales and Marketing Restructuring General and Administrative Total Operating Expenses AFFIRM | 2023 1 Metrics are unaudited. FY 2021 247 66 53 73 439 249 182 384 1,254 Reconciliation of Transaction Costs to Total Operating Expenses ($M) FY 2022 204 255 70 158 687 419 532 577 2,215 FY 2023 140 332 183 257 912 616 638 36 586 2,789 affirm 92#93Reconciliation of Non-GAAP Financial Measures Total Revenue Less: Transaction Costs (Non-GAAP) Revenue Less Transaction Costs (Non-GAAP) Revenue Less Transaction Costs as a % of Revenue (Non-GAAP) AFFIRM | 2023 1 Metrics are unaudited. FY 2021 870 Reconciliation of Revenue Less Transaction Costs to Total Revenue ($M) (439) 431 50% FY 2022 1,349 (687) 662 49% FY 2023 1,588 (912) 676 43% affirm 93#94Reconciliation of Non-GAAP Financial Measures Operating Income (Loss) Less: Depreciation and Amortization Less: Stock-Based Compensation Less: Enterprise warrant and share-based expense Less: Restructuring Less: Other Costs¹ Adjusted Operating Income (Loss) (Non-GAAP) Divided By: Total Revenue Adjusted Operating Margin (Non-GAAP) AFFIRM | 2023 Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss) ($M, except %) FY 2021 (384) 20 293 65 21 14 870 2% 1Other costs consist of expenses incurred in the period associated with the Company's initial public offering, acquisitions, impairment charges, restructuring and exit and disposal costs 2 Metrics are unaudited. FY 2022 (866) 53 391 343 1 (78) 1,349 (6)% FY 2023 (1,201) 133 452 499 36 9 (72) 1,588 (5)% affirm 94#95Reconciliation of Non-GAAP Financial Measures Total Operating Expenses Less: Transaction Costs (Non-GAAP) Less: Depreciation and Amortization Less: Stock-Based Compensation¹ Less: Enterprise Warrant and Share-Based Expense Less: Restructuring 2 Less: Other Costs 1 AFFIRM | 2023 Adjusted Other Operating Expenses (Non-GAAP) Divided By: Total Revenue Adjusted Other Operating Expenses as a % of Revenue (Non-GAAP) Reconciliation of Adjusted Other Operating Expenses to Total Operating Expenses ($M, except %) FY 2021 FY 2022 FY 2023 1,254 (439) (20) (290) (65) (21) 420 870 48% ¹ Excludes depreciation and amortization and stock-based compensation expense included in processing and servicing, as this is adjusted for by excluding transaction costs. 2 Other costs consist of expenses incurred in the period associated with the Company's initial public offering, acquisitions, impairment charges, restructuring and exit and disposal costs 3 Metrics are unaudited. 2,215 (687) (52) (389) (343) (1) 744 1,349 55% 2,789 (912) (133) (447) (499) (36) (9) 753 1,588 47% affirm) 95#96Reconciliation of Non-GAAP Financial Measures FY'2023 Technology and data analytics Sales and marketing General and administrative Restructuring and other Other Operating Expenses AFFIRM | 2023 1 Metrics are unaudited. Reconciliation of Adjusted Other Operating Expenses to Other Operating Expenses GAAP 616 638 586 36 1,876 D&A 112 18 3 133 Stock-Based Compensation Expense 181 26 240 447 Enterprise Warrant & Share Based Expenses 499 447 Restructuring and Other 36 Other Costs 2 7 9 Non-GAAP 322 93 337 753 affirm) 96#97Reconciliation of Non-GAAP Financial Measures FY'2022 Technology and data analytics Sales and marketing General and administrative Restructuring and other Other Operating Expenses AFFIRM | 2023 1 Metrics are unaudited. Reconciliation of Adjusted Other Operating Expenses to Other Operating Expenses GAAP 419 532 577 1,528 D&A 40 8 4 I 52 Stock-Based Compensation Expense 117 23 249 389 Enterprise Warrant & Share Based Expenses 343 343 Restructuring and Other Other Costs 1 1 Non-GAAP 262 158 324 744 affirm) 97#98Reconciliation of Non-GAAP Financial Measures FY'2021 Technology and data analytics Sales and marketing General and administrative Restructuring and other Other Operating Expenses AFFIRM | 2023 1 Metrics are unaudited. Reconciliation of Adjusted Other Operating Expenses to Other Operating Expenses GAAP 249 182 384 815 D&A 15 2 3 I 20 Stock-Based Compensation Expense 77 17 197 290 Enterprise Warrant & Share Based Expenses 65 I 65 Restructuring and Other Other Costs 1 20 21 Non-GAAP 158 97 165 420 affirm 98