Use of Non-GAAP Financial Measures To supplement the Company's condensed consolidated ûnancial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company presents the following non-GAAP ûnancial measures: transaction costs, transaction costs as a percentage of GMV, revenue less transaction costs, revenue less transaction costs as a percentage of GMV, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, adjusted operating income (loss), adjusted operating margin, total platform portfolio, equity capital required, and equity capital required as a percentage of total platform portfolio. Deûnitions of these non-GAAP ûnancial measures are included under "Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators" above, and reconciliations of these non-GAAP ûnancial measures with the most directly comparable GAAP ûnancial measures are included in the tables below. Summaries of the reasons why the Company believes that the presentation of each of these non-GAAP ûnancial measures provides useful information to the Company and investors are included under "Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators" above. In addition, the Company uses these non-GAAP ûnancial measures in conjunction with ûnancial measures prepared in accordance with GAAP for planning purposes, including the preparation of its annual operating budget, and for evaluating the effectiveness of its business strategy. However, these non-GAAP ûnancial measures are presented for supplemental informational purposes only, and these non-GAAP ûnancial measures have limitations as analytical tools. Some of these limitations are as follows: ● Revenue less transaction costs and revenue less transaction costs as a percentage of GMV are not intended to be measures of operating proût or loss as they exclude key operating expenses such as technology and data analytics, sales and marketing, and general and administrative expenses; ● Adjusted operating income (loss) and adjusted operating margin exclude certain recurring, non-cash charges such as depreciation and amortization, the expense related to warrants and share-based payments granted to enterprise partners, and share-based compensation expense, which have been, and will continue to be for the foreseeable future, signiûcant recurring expenses; and ● Other companies, including companies in the same industry, may calculate these non-GAAP ûnancial measures differently from how the Company calculates them or not at all, which reduces its usefulness as a comparative measure. Accordingly, investors should not consider these non-GAAP ûnancial measures in isolation or as substitutes for analysis of the Company's ûnancial results as reported under GAAP, and these non-GAAP measures should be considered along with other operating and ûnancial performance measures presented in accordance with GAAP. Investors are encouraged to review the related GAAP ûnancial measures and the reconciliations of these non-GAAP ûnancial measures to their most directly comparable GAAP ûnancial measures and not rely on any single ûnancial measure to evaluate the business. Affirm FQ1’25 Shareholder Letter 19