As we prepare for what promises to be a great holiday season, credit remains job #1. Delinquencies rose seasonally in FQ1 and also First Payment 30+ Day Delinquency Rate as a result of expanded approvals with the APR range expansion compared to last year. We expect delinquencies to decline as we exit the holiday season, as normal. As always, credit outcomes are an input into our business model, and we intend to continue steering our unit economics to the target range of 3-4% RLTC as a percentage of GMV. There is much to be excited about the remainder of our ûscal year: expect more growth, product updates, new partnerships and geographies, and much more. And we intend to do it all while maintaining the kind of ûnancial discipline we’ve been able to exhibit over the past couple years: indeed, this quarter, RLTC grew 34% year over year relative to other operating expenses declining 1%. As always, my gratitude goes out to the Afûrmers who make all this possible, especially the UK launch team. Special congratulations to Rob O’Hare, who ofûcially becomes our CFO tomorrow, as Michael focuses on his expanded COO remit. Congratulations to everyone on a great quarter, three to go! Onward, First Payment 30 Day Delinquency Rate measures the rate of monthly installment loans 30+ days delinquent on first payment from the time of loan capture. Max Affirm FQ1’25 Shareholder Letter 5