Affirm Holdings delivered strong top-line growth in QQ4 2024, with revenue of $659.2 million, up 47.9% year over year and 14.4% quarter over quarter, and a gross margin of 86.5%. EBITDA totaled $130.6 million and operating income was $69.4 million, while net income was negative at $45.1 million on GAAP basis, reflecting continued interest expense and non-operating items. The company highlighted meaningful operating leverage, guiding to approximately 200 basis points of annual AOI margin expansion in FY2025 and reiterating a disciplined capital plan that prioritizes profitability alongside growth. Cashflow remained positive on an operating basis ($68.8 million) with free cash flow of $30.5 million, and Affirm ended QQ4 with $1.30 billion in cash and equivalents against $6.46 billion in total debt (net debt ≈ $5.16 billion). Management underscored a deliberate strategy to fund growth through diversified capital markets activity and securitizations, while signaling a long-run ambition to scale the Affirm Card platform and broader BNPL offerings. The QQ4 results were aided by a lower RLTC impact (excluding a one-off securitization benefit) and a favorable mix of originations, yet the firm remains exposed to funding-cost dynamics and a still-elevated debt load. A key strategic narrative centers on real-time underwriting, wallet/merchant partnerships (including Apple Pay), cohort engagement gains, and new product features to broaden the addressable consumer base and increase per-user spend toward a longer-term target of ~$7,500 annual spend and ~20 million active cards.