0001628280-22-023828 | 10-K | XBRL Viewer

Net Loss per Share Attributable to Common Stockholders

12 Months Ended

Jun. 30, 2022

Net Loss per Share Attributable to Common Stockholders

On January 12, 2021, we amended and restated our certificate of incorporation to effect a reclassification of each share of our outstanding common stock into ½ share of Class A common stock and ½ share of Class B common stock, with cash paid for fractional shares. Therefore, we have two classes of common stock: Class A common stock and Class B common stock. The rights, including the dividends and distributions, of the holders of our Class A and Class B common stock are identical, except with respect to voting. Additionally, the conversion of all outstanding shares of redeemable convertible preferred stock into shares of our common stock occurred immediately prior to the reclassification.

The following tables present basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Year ended June 30, 2022
	Class A		Class B
Numerator:
Basic and diluted
Net Loss	$	(536,654)	$	(170,763)

Net loss attributable to common stockholders	$	(536,654)	$	(170,763)







Denominator:
Basic
Weighted average shares outstanding, basic	213,703,749		68,000,292
Total-basic	213,703,749		68,000,292
Diluted
Weighted average common shares outstanding, diluted	213,703,749		68,000,292

Total-diluted	213,703,749		68,000,292
Net loss per share attributable to common stockholders:
Basic	$	(2.51)	$	(2.51)
Diluted	$	(2.51)	$	(2.51)


	Year ended June 30, 2021
	Class A		Class B
Numerator:
Basic
Net Loss	$	(235,000)	$	(206,027)

Net loss attributable to common stockholders	$	(235,000)	$	(206,027)
Diluted
Net Loss	$	(235,000)	$	(206,027)
Excess return to preferred stockholders on repurchase	(16,036)		(14,069)
Gain on conversion of convertible debt	212		186
Interest on convertible debt prior to conversion	955		837

Net loss attributable to common stockholders	$	(249,869)	$	(219,073)
Denominator:
Basic
Weighted average shares outstanding, basic	84,385,884		73,982,039
Total-basic	84,385,884		73,982,039
Diluted
Weighted average common shares outstanding, diluted	84,385,884		73,982,039
Weighted average common shares attributable to convertible debt prior to conversion	438,344		438,344
Total-diluted	84,824,228		74,420,383
Net loss per share attributable to common stockholders:
Basic	$	(2.78)	$	(2.78)
Diluted	$	(2.95)	$	(2.94)

The following common stock equivalents, presented based on amounts outstanding, were excluded from the calculation of diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	Year ended June 30,
	2022	2021	2020
Stock options, including early exercise of options	18,922,009	44,178,776	42,573,405
Restricted stock units	21,387,592	14,238,738	8,235,170
Common stock warrants	5,817,203	350,000	706,065
Employee stock purchase plan shares	614,659	—	—
Convertible debt	—	—	7,182,478
Redeemable convertible preferred stock	—	—	122,115,971
Total	46,741,463	58,767,514	180,813,089

Business Description	12 Months Ended
Business Description	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time, with terms ranging from one to sixty months. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are self-originated or funded and issued by our originating bank partners. Merchants partner with us to transform the consumer shopping experience and to acquire and convert customers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied customer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties.

Segments and Geographical Information - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 222,153	$ 120,327
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	217,532	118,076
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	4,390	2,251
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 231	$ 0

Investments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 2,187,800
Equity securities, at cost	$ 43,172	$ 11,278

Fair Value of Financial Assets and Liabilities - Fair Value of Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 153,447	$ 0
Subsequent changes in fair value	(89,313)	150,135
Settlements Paid	(32,110)	0
Effect of foreign currency translation	(8,676)	3,312
Fair value at end of period	$ 23,348	$ 153,447

Income Taxes

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The U.S. and foreign components of income (loss) before income taxes for the years ended June 30, 2022, 2021, and 2020 are as follows (in thousands):


	Year Ended June 30,
	2022		2021		2020
U.S.	$	(780,699)	$	(330,313)	$	(112,080)
Foreign	55,868		(113,057)		(142)
Total loss before income taxes	$	(724,831)	$	(443,370)	$	(112,222)

Income tax expense (benefit) for the years ended June 30, 2022, 2021, and 2020 is summarized as follows (in thousands):


	Year Ended June 30,
	2022		2021		2020
Current

State	$	145	$	(10)	$	351
Foreign	230		(410)		436
Total current expense	$	375	$	(420)	$	787
Deferred
Federal	113		88		6
State	281		(2,570)		28
Foreign	(18,183)		559		(445)
Total deferred expense	(17,789)		(1,923)		(411)
Income tax (benefit) expense	$	(17,414)	$	(2,343)	$	376

The income tax benefit for the year ended June 30, 2022, was primarily attributable to a change in our assessment of the future realization of certain foreign deferred tax assets, while the income tax benefit for the year ended June 30, 2021 and the income tax expense for the year ended June 30, 2020 were primarily attributable to an adjustment to the Company's valuation allowance resulting from a deferred tax liability assumed with the acquisition of Returnly and to various state income taxes and the tax amortization of certain intangibles, respectively.

The following is a reconciliation of the U.S. statutory federal income tax rate to our effective tax rate for the years ended June 30, 2022, 2021, and 2020:


	Year Ended June 30,
	2022		2021		2020
U.S. statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal tax benefit	8.3	%	9.1	%	10.5	%
Foreign rate differential	(0.4)	%	1.5	%	—	%
Stock-based compensation	64.0	%	66.4	%	(0.4)	%
Non-deductible compensation expense	(12.4)	%	(8.4)	%	—	%
Tax benefit related to tax credits, net	15.4	%	0.5	%	—	%
Impact of change in fair value of contingent consideration	3.3	%	(5.6)	%	—	%
Change in unrecognized tax benefits	(6.2)	%	—	%	—	%
Other	0.2	%	1.6	%	(1.9)	%
Change in valuation allowance	(90.8)	%	(85.6)	%	(29.6)	%
Effective income tax rate	2.4	%	0.5	%	(0.4)	%

Significant components of deferred tax assets and liabilities are as follows (in thousands):


	Year Ended June 30,
	2022		2021
Net operating loss carryforwards	$	1,056,403	$	430,464
Allowance for credit losses	55,154		41,155
Stock-based compensation	51,288		51,126

Operating lease liabilities	19,840		23,914
Tax credit carryforwards	69,144		2,054







Other	7,581		4,837
Total deferred tax assets	$	1,259,410	$	553,550
Internally developed software	(47,217)		(15,214)
Purchased intangible assets	(11,386)		(18,150)

Right-of-use lease assets	(15,289)		(18,386)
Stock warrants	(7,200)		—




Other	(2,920)		(2,460)
Total deferred tax liabilities	$	(84,012)	$	(54,210)
Valuation allowance	(1,158,246)		(499,828)
Deferred tax assets (liabilities), net of valuation allowance	$	17,152	$	(488)

We continue to recognize a full valuation allowance against our U.S. federal and state net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by the Company for the years ended June 30, 2022, 2021, and 2020. The presence of a three-year cumulative loss limits the ability to consider other subjective evidence, such as our expectations of future taxable income and projections for growth. The domestic valuation allowance increased by $668.5 million during the year ended June 30, 2022.

As a result of the integration and consolidation of our PayBright business into and with Affirm’s Canadian business and the expansion of our overall business in Canada, as well as other objectively verifiable positive evidence that became available during the year ended June 30, 2022, all of which we have concluded is sufficient to outweigh the existing negative evidence – including the presence of a three-year cumulative loss attributable to the related foreign jurisdiction, we have determined that it is more likely than not that our foreign deferred tax assets will be realized and a valuation allowance is not required. Accordingly, the foreign valuation allowance decreased by $10.1 million during the year ended June 30, 2022.

As of June 30, 2022, we had pretax U.S. federal net operating loss ("NOL") carryforwards of approximately $3,405.9 million, state NOL carryforwards of $3,590.4 million, and foreign NOL carryforwards of $65.8 million. If not utilized, certain U.S. federal and state NOL carryforwards will begin to expire in 2029, whereas others have an unlimited carryforward period, and foreign NOL carryforwards will begin to expire in 2039. Additionally, as of June 30, 2022, we also had U.S. federal and state research and development tax credit carryforwards of $82.0 million and $37.7 million, respectively. The U.S. federal research and development tax credit carryforwards will begin to expire in 2041 while the state research and development tax credits may be carried forward indefinitely. As of June 30, 2022, the Company also had other state tax credit carryforwards of $2.6 million, which will begin to expire in 2024 if not utilized.

Of the above NOL carryforwards, approximately $42.0 million pretax U.S. federal NOL carryforwards and $36.4 million state NOL carryforwards are from domestic acquisitions, which may be subject to an annual utilization limitation under Internal Revenue Code Section 382.

The future utilization of all domestic NOL and tax credit carryforwards may be subject to an annual limitation, pursuant to Internal Revenue Code Sections 382 and 383 and similar state provisions, due to ownership changes that may have occurred previously or that could occur in the future. Any limitation may result in the expiration of all or a portion of the NOL carryforwards before utilization.

The Company accounts for uncertainties in income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (in thousands):


	Year ended June 30,
	2022		2021		2020
Beginning balance	$	—	$	—	$	—
Gross increase for tax positions related to the current year	28,407		—		—
Gross increase for tax positions related to prior years	19,460		—		—
Ending balance	$	47,867	$	—	$	—

As of June 30, 2022, the Company had no unrecognized tax benefits related to uncertain tax positions that, if recognized, would impact the effective tax rate. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease within the next twelve months.

Interest and penalties on unrecognized tax benefits are recorded as a component of tax expense. During the years ended June 30, 2022, 2021, and 2020, we did not recognize accrued interest and penalties related to unrecognized tax benefits.

We file U.S. federal and state income tax returns as well as various foreign income tax returns with varying statutes of limitation. With respect to the Company’s major tax filings, all tax years remain open to examination due to the carryover of unused net operating losses.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Summary of Significant Accounting Policies - Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - Additional Paid-In Capital	$ 445,525	$ 306,506	$ 32,545
Foreign currency translation adjustments	(5,900)	7,046	(302)
Net Loss - Accumulated Deficit	(707,417)	(441,027)	(112,598)
Total stockholders’ equity	$ 2,618,255	2,575,527	$ (367,096)	$ (263,414)
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - Additional Paid-In Capital		302,032
Foreign currency translation adjustments		7,042
Net Loss - Accumulated Deficit		(430,923)
Total stockholders’ equity		2,581,153
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation - Additional Paid-In Capital		4,474
Foreign currency translation adjustments		4
Net Loss - Accumulated Deficit		(10,104)
Total stockholders’ equity		$ (5,626)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
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+ Details

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	46,741,463	58,767,514	180,813,089
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	18,922,009	44,178,776	42,573,405
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	21,387,592	14,238,738	8,235,170
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	5,817,203	350,000	706,065
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	614,659	0	0
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	0	0	7,182,478
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	0	0	122,115,971

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits that would impact effective tax rate	$ 0.0
Accrued interest and penalties related to unrecognized tax benefits	0.0	$ 0.0	$ 0.0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	668.5
Net operating loss carryforwards	3,405.9
NOL carryforwards subject to annual utilization limitation	42.0
Domestic Tax Authority \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	82.0
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance	(10.1)
Net operating loss carryforwards	65.8
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,590.4
Tax credit carryforwards	2.6
NOL carryforwards subject to annual utilization limitation	36.4
State and Local Jurisdiction \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 37.7

Summary of Significant Accounting Policies - Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Operating Expenses
Processing and servicing	$ 157,814	$ 73,578	$ 49,831
Technology and data analytics	418,643	249,336	122,378
Sales and marketing	532,343	182,190	25,044
General and administrative	577,493	383,749	121,230
Total Operating Expenses	2,215,340	1,254,131	617,318
Other expense, net	141,217	(59,703)	(4,432)
Loss Before Income Taxes	(724,831)	(443,370)	(112,222)
Net Loss	(707,417)	(441,027)	(112,598)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(5,900)	7,046	(302)
Net Comprehensive Income	(13,922)	7,075	(302)
Comprehensive Loss	$ (721,339)	$ (433,952)	$ (112,900)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (2.51)	$ (2.78)	$ (2.63)
Diluted (in USD per share)	$ (2.51)	$ (2.94)	$ (2.63)
As Previously Reported
Operating Expenses
Processing and servicing		$ 73,767
Technology and data analytics		256,082
Sales and marketing		184,279
General and administrative		370,251
Total Operating Expenses		1,249,657
Other expense, net		(54,073)
Loss Before Income Taxes		(433,266)
Net Loss		(430,923)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments		7,042
Net Comprehensive Income		7,071
Comprehensive Loss		$ (423,852)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)		$ (2.72)
Diluted (in USD per share)		$ (2.88)
Adjustments
Operating Expenses
Processing and servicing		$ (189)
Technology and data analytics		(6,746)
Sales and marketing		(2,089)
General and administrative		13,498
Total Operating Expenses		4,474
Other expense, net		(5,630)
Loss Before Income Taxes		(10,104)
Net Loss		(10,104)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments		4
Net Comprehensive Income		4
Comprehensive Loss		$ (10,100)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)		$ (0.06)
Diluted (in USD per share)		$ (0.06)

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (1,410)	$ (22)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(2,295)	(44)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(729)	(24)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(964)	(48)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(545)	(13)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ (519)	$ (27)

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 7,149,000	$ 3,232,900	$ 2,664,400
Loans held by third party investors or unconsolidated VIEs	4,504,500	2,453,900
Unpaid principal balance on serviced sold loans		2,453,900
Servicing income	65,770	24,719	14,799
Servicing assets	1,200	2,300
Servicing liabilities	$ 2,700	4,000
Economic risk retention	5.00%
Contingent consideration liability	$ (23,348)	(153,447)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (expense) income, net
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Net Comprehensive Income
Senior Notes And Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	$ 51,678	$ 16,170	$ 0
Kite
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Escrow deposit	9,000			$ 9,000
Contingent consideration liability	$ 0			$ (1,200)

Investments (Tables)

12 Months Ended

Jun. 30, 2022

Investments, All Other Investments [Abstract]

Marketable Securities

Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the consolidated balance sheets (in thousands):


	June 30, 2022		June 30, 2021
Cash and cash equivalents:
Money market funds	$	162,483	$	143,241
Certificates of deposit	16,026		—

Commercial paper	229,272		—
Government bonds
US	58,541		—
Securities, available for sale:
Certificates of deposit	300,390		—
Corporate bonds	368,671		—
Commercial paper	478,293		—
Government bonds
Non-US	17,955		—
US	378,386		—
Securitization notes receivable and certificates (1)	51,678		16,170
Total marketable securities:	$	2,061,695	$	159,411

(1)These securities, excluding 2022-Z1, have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 11. Debt.

Unrealized Gain (Loss) on Investments

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2022 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit (1)	$	317,331	$	6	$	(921)	$	—	$	316,416
Corporate bonds (1)	371,907		7		(3,243)		—		368,671
Commercial paper (1)	708,694		16		(1,145)		—		707,565
Government bonds
Non-US	18,196		—		(241)		—		17,955
US (1)	438,947		—		(2,020)		—		436,927
Securitization notes receivable and certificates (2)	52,180		178		(659)		(21)		51,678
Total securities available for sale	$	1,907,255	$	207	$	(8,229)	$	(21)	$	1,899,212

(1)Certificates of deposit, corporate bonds, commercial paper, and US government bonds include $303.8 million classified as cash and cash equivalents within the consolidated balance sheets.

(2)These securities, excluding 2022-Z1, have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 11. Debt

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2021 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securitization notes receivable and certificates	$	16,144	$	29	$	—	$	(3)	$	16,170
Total securities available for sale	$	16,144	$	29	$	—	$	(3)	$	16,170

Schedule of Available-for-sale Securities with Unrealized Losses

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of June 30, 2022, is as follows (in thousands):


	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	290,169	$	(921)	$	—	$	—	$	290,169	$	(921)
Corporate bonds	351,088		(3,243)		—		—		351,088		(3,243)
Commercial paper	679,272		(1,145)		—		—		679,272		(1,145)
Government bonds
Non-US	17,955		(241)		—		—		17,955		(241)
US	431,903		(2,020)		—		—		431,903		(2,020)
Securitization notes receivable and certificates	722		(45)		—		—		722		(45)

Total securities available for sale (1)	$	1,771,109	$	(7,615)	$	—	$	—	$	1,771,109	$	(7,615)

(1)The number of positions with unrealized losses as of June 30, 2022 totaled 270.

Schedule of Length of Contractual Maturities of Securities Available for Sale

The length of time to contractual maturities of securities available for sale as of June 30, 2022, were as follows (in thousands):


	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	317,331	$	316,416	$	—	$	—	$	317,331	$	316,416
Corporate bonds	206,208		204,614		165,699		164,057		371,907		368,671
Commercial paper	708,694		707,565		—		—		708,694		707,565
Government bonds
Non-US	11,895		11,813		6,301		6,142		18,196		17,955
US	360,757		359,242		78,190		77,685		438,947		436,927
Securitization notes receivable and certificates (1)	—		—		52,180		51,678		52,180		51,678
Total securities available for sale	$	1,604,885	$	1,599,650	$	302,370	$	299,562	$	1,907,255	$	1,899,212

(1)Based on weighted average life of expected cash flows as of June 30, 2022.

Acquisitions - Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Jun. 01, 2021	May 01, 2021	Jan. 01, 2021
ShopBrain
Business Acquisition [Line Items]
Cash	$ 30,000
Fair value of Class A common stock transferred	10,000
Total purchase price	$ 40,000
Kite
Business Acquisition [Line Items]
Cash		$ 26,000
Less: Fair value of contingent consideration asset		(1,241)
Total purchase price		$ 24,759
Returnly
Business Acquisition [Line Items]
Cash			$ 71,484
Fair value of Class A common stock transferred			214,475
Total purchase price			$ 285,959
PayBright
Business Acquisition [Line Items]
Cash				$ 114,490
Fair value of Class A common stock transferred				116,989
Fair value of contingent consideration				57,275
Total purchase price				$ 288,754

Fair Value of Financial Assets and Liabilities - Fair Value of Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 914	$ 0
Initial transfer of financial assets	0	1,622
Repayments	(908)	(508)
Subsequent changes in fair value	371	(200)
Fair value at end of period	$ 377	$ 914

Employee Benefits	12 Months Ended
Employee Benefits	Jun. 30, 2022
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits Retirement Benefits We offer a 401(k) plan to full-time employees. Eligibility for the plan is effective on the first of the month following an employee’s first 90 days of service. Employees may elect to contribute to a traditional 401(k) plan, which qualifies as a deferred compensation arrangement under Section 401 of the Internal Revenue Code (“IRC”). In this case, participating employees defer a portion of their pre-tax earnings. Employees may also contribute to a Roth 401(k) plan using post-tax dollars. We have not made any matching contributions to date. Health and Welfare Benefits We provide health and welfare benefits to our employees, including health, dental, prescription drug and vision for which we are fully-insured. The expense incurred associated with these benefits was $20.6 million, $10.5 million, and $7.1 million for the years ended June 30, 2022, 2021, and 2020, respectively.

Investments

12 Months Ended

Jun. 30, 2022

Investments, All Other Investments [Abstract]

Investments

Marketable Securities


	June 30, 2022		June 30, 2021
Cash and cash equivalents:
Money market funds	$	162,483	$	143,241
Certificates of deposit	16,026		—

Commercial paper	229,272		—
Government bonds
US	58,541		—
Securities, available for sale:
Certificates of deposit	300,390		—
Corporate bonds	368,671		—
Commercial paper	478,293		—
Government bonds
Non-US	17,955		—
US	378,386		—
Securitization notes receivable and certificates (1)	51,678		16,170
Total marketable securities:	$	2,061,695	$	159,411

(1)These securities, excluding 2022-Z1, have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 11. Debt.

Securities Available for Sale, at Fair Value

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2022 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit (1)	$	317,331	$	6	$	(921)	$	—	$	316,416
Corporate bonds (1)	371,907		7		(3,243)		—		368,671
Commercial paper (1)	708,694		16		(1,145)		—		707,565
Government bonds
Non-US	18,196		—		(241)		—		17,955
US (1)	438,947		—		(2,020)		—		436,927
Securitization notes receivable and certificates (2)	52,180		178		(659)		(21)		51,678
Total securities available for sale	$	1,907,255	$	207	$	(8,229)	$	(21)	$	1,899,212

(1)Certificates of deposit, corporate bonds, commercial paper, and US government bonds include $303.8 million classified as cash and cash equivalents within the consolidated balance sheets.

(2)These securities, excluding 2022-Z1, have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 11. Debt

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2021 were as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securitization notes receivable and certificates	$	16,144	$	29	$	—	$	(3)	$	16,170
Total securities available for sale	$	16,144	$	29	$	—	$	(3)	$	16,170

As of June 30, 2022 and June 30, 2021, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities.


	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	290,169	$	(921)	$	—	$	—	$	290,169	$	(921)
Corporate bonds	351,088		(3,243)		—		—		351,088		(3,243)
Commercial paper	679,272		(1,145)		—		—		679,272		(1,145)
Government bonds
Non-US	17,955		(241)		—		—		17,955		(241)
US	431,903		(2,020)		—		—		431,903		(2,020)
Securitization notes receivable and certificates	722		(45)		—		—		722		(45)

Total securities available for sale (1)	$	1,771,109	$	(7,615)	$	—	$	—	$	1,771,109	$	(7,615)

(1)The number of positions with unrealized losses as of June 30, 2022 totaled 270.

There were no securities available for sale with unrealized losses for which an allowance for credit losses had not been recorded as of June 30, 2021.

The length of time to contractual maturities of securities available for sale as of June 30, 2022, were as follows (in thousands):


	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	317,331	$	316,416	$	—	$	—	$	317,331	$	316,416
Corporate bonds	206,208		204,614		165,699		164,057		371,907		368,671
Commercial paper	708,694		707,565		—		—		708,694		707,565
Government bonds
Non-US	11,895		11,813		6,301		6,142		18,196		17,955
US	360,757		359,242		78,190		77,685		438,947		436,927
Securitization notes receivable and certificates (1)	—		—		52,180		51,678		52,180		51,678
Total securities available for sale	$	1,604,885	$	1,599,650	$	302,370	$	299,562	$	1,907,255	$	1,899,212

(1)Based on weighted average life of expected cash flows as of June 30, 2022.

Gross proceeds from matured or redeemed securities for the year ended June 30, 2022 were $2,187.8 million.

For available for sale securities realized gains and losses from portfolio sales were not material for the year ended June 30, 2022 and there were no portfolio sales or associated realized gains or losses for the year ended June 30, 2021.

Non-marketable Equity Securities

Equity investments without a readily determinable fair value held at cost were $43.2 million and $11.3 million as of June 30, 2022 and June 30, 2021, respectively, and are included in other assets within the consolidated balance sheets.

There have been no unrealized or realized gains and losses due to observable changes in orderly transactions and we did not record any impairment for the years ended June 30, 2022 or June 30, 2021.

Balance Sheet Components

12 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Property, Equipment and Software, net

Property, equipment and software, net consisted of the following (in thousands):


	June 30, 2022		June 30, 2021
Internally developed software	$	200,621	$	68,197
Leasehold improvements	16,169		15,212
Computer equipment	10,751		6,707
Furniture and equipment	4,279		5,284
Total Property, equipment and software, at cost	$	231,820	$	95,400
Less: Accumulated depreciation and amortization	(60,338)		(32,901)
Total Property, equipment and software, net	$	171,482	$	62,499

Depreciation and amortization expense on property, equipment and software was $29.2 million, $15.4 million and $9.4 million for the years ended June 30, 2022, 2021, and 2020, respectively. Depreciation expense on leasehold improvements, furniture and equipment, and computer equipment is allocated between general and administrative, technology and data analytics, sales and marketing, and processing and servicing based on employee headcount in the consolidated statements of operations and comprehensive loss. Amortization expense on internally developed software is included as a component of technology and data analytics in the consolidated statements of operations and comprehensive loss.

For the year ended June 30, 2021, we recorded impairment expense of $1.5 million related to leasehold improvements. No impairment losses related to leasehold improvements were noted during both the years ended June 30, 2022 and 2020. No impairment losses related to property, equipment and software were recorded during the years ended June 30, 2022, 2021, and 2020.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the years ended June 30, 2022 and 2021 were as follows (in thousands):


Balance as of June 30, 2020	$	1,255
Additions	508,581
Effect of foreign currency translation	6,679
Balance as of June 30, 2021	$	516,515
Additions	33,318
Effect of foreign currency translation	(10,299)
Balance as of June 30, 2022	$	539,534

Refer to Note 5. Acquisitions for a description of additions to goodwill during the years ended June 30, 2022 and 2021. No impairment losses related to goodwill were recorded during the years ended June 30, 2022, 2021, and 2020.

Intangible assets consisted of the following (in thousands):


	June 30, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,371	$	(10,281)	$	28,090	3.6
Developed technology	39,782		(15,882)		23,900		1.9
Assembled workforce	12,490		(1,664)		10,826		1.3
Trademarks and domains, definite	1,507		(802)		705		2.4
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	94,646	$	(28,629)	$	66,017

In connection with the Fast asset acquisition, we also recorded a $12.9 million intangible asset representing the option to purchase developed technology as of June 30, 2022. The asset will not be amortized until the purchase is complete and the asset is placed into service. Refer to Note 5. Acquisitions for a description of the acquisition and assets acquired.


	June 30, 2021
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,951	$	(2,192)	$	36,759	4.5
Developed technology	30,176		(2,930)		27,246		2.8
Trademarks and domains (1)	3,769		(194)		3,575		3.3
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	73,246	$	(5,316)	$	67,930

(1)As of June 30, 2021, trademarks and domains included both definite and indefinite intangible assets.

Amortization expense for intangible assets was $23.5 million, $4.6 million and nil for the years ended June 30, 2022, 2021 and 2020, respectively. No impairment losses related to intangible assets were recorded during the years ended June 30, 2022, 2021, and 2020.

The expected future amortization expense of these intangible assets as of June 30, 2022 is as follows (in thousands):


2023	$	29,595
2024	21,686
2025	7,232
2026	4,993
2027 and thereafter	15
Total amortization expense	$	63,521

Commercial Agreement Assets

During the year ended June 30, 2022, we entered into a commercial agreement with Amazon.com Services LLC and Amazon Payments, Inc. ("Amazon") and granted warrants in exchange for certain exclusivity and performance provisions and the benefit of acquiring new users. In connection with the agreements, we recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon execution of the agreement. The asset was valued based on the fair value of the warrants on the grant date and represents the probable future economic benefit to be realized over the approximately 3.2 year remaining initial term of the commercial agreement. For the year ended June 30, 2022, we recognized amortization expense of $26.3 million in our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Refer to Note 15. Redeemable Convertible Preferred Stock and Stockholders’ Equity for further discussion of the warrants.

During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire new merchant partners. This asset represents the probable future economic benefit to be realized over the expected benefit period and is valued based on the fair value of the warrants on the grant date. We recognized an asset of $270.6 million associated with the fair value of the warrants, which were fully vested as of June 30, 2021. The expected benefit period of the asset was initially estimated to be four years, and the remaining useful life of the asset is reevaluated each reporting period. During the year ended June 30, 2022, the remaining expected benefit period was extended by two years upon the execution of an amendment to the commercial agreement with Shopify which extended the term of the agreement. We recorded amortization expense related to the commercial agreement asset of

$62.2 million and $64.9 million for the years ended June 30, 2022, and 2021, respectively, in our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense.

During the year ended June 30, 2021, we recognized an asset in connection with a commercial agreement with an enterprise partner, in which we granted stock appreciation rights in exchange for the benefit of acquiring access to the partner's consumers. This asset represents the probable future economic benefit to be realized over the three-year expected benefit period and is valued based on the fair value of the stock appreciation rights on the grant date. We initially recognized an asset of $25.9 million associated with the fair value of the stock appreciation rights. We recorded amortization expense related to the asset of $8.1 million, and $4.3 million for the years ended June 30, 2022, and 2021, respectively, in our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense.

Other Assets

Other assets consisted of the following (in thousands):


	June 30, 2022		June 30, 2021
Operating lease right-of-use assets	$	50,671	$	57,828
Derivative instruments	49,983		2,880
Equity securities, at cost	43,172		11,278
Prepaid expenses	37,497		21,069
Prepaid payroll taxes for stock-based compensation	35,172		111,278
Processing reserves	26,483		14,042
Other receivables	17,221		26,423
Other assets	21,368		29,881
Total other assets	$	281,567	$	274,679

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands)


	June 30, 2022		June 30, 2021
Accrued expenses	$	67,343	$	47,674
Operating lease liability	65,713		74,952
Collateral held for derivative instruments	55,779		—
Contingent consideration liability	23,348		153,447
Commercial agreement liability	—		25,357
Other liabilities	25,415		22,147
Total accrued expenses and other liabilities	$	237,598	$	323,577

Our acquisition of PayBright included consideration transferred and shares held in escrow, contingent upon the achievement of future milestones. We classified the contingent consideration as a liability and we will continue to remeasure the liability to its fair value at each reporting date until the contingency is resolved. As of June 30, 2022, the fair value of the contingent consideration liability was $23.3 million. For further details on our fair value methodology with respect to the contingent consideration, see Note 14. Fair Value of Financial Assets and Liabilities.

During the year ended June 30, 2021, we recognized a liability in connection with a commercial agreement with an enterprise partner of $25.9 million. As of June 30, 2022, we have fully settled this liability.

Equity Incentive Plans - Fair Value Assumptions (Details)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	54.00%	46.00%	45.00%
Risk-free interest rate, minimum	1.47%	0.70%	0.28%
Risk-free interest rate, maximum	3.01%	1.05%	1.76%
Expected term (in years)	5 years 6 months 21 days	6 years 4 months 6 days	5 years 10 months 13 days
Expected dividend	0.00%	0.00%	0.00%
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months
Expected dividend	0.00%

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Jun. 30, 2022	Jun. 30, 2021
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Minimum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Minimum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0178	0.0178
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Maximum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0310	0.0283
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Weighted Average \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0450	0.0450
Weighted Average \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0242	0.0180

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease expense	$ 15.2	$ 15.3	$ 13.7
Short-term lease expenses	$ 0.4	$ 1.1	$ 1.2

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Net default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 11	$ (7)
Servicing asset, effect of 50% increase in measurement input	22	(15)
Servicing liability, effect of 25% increase in measurement input	(10)	(40)
Servicing liability, effect of 50% increase in measurement input	(21)	(61)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(3,513)	(2,006)
Servicing asset, effect of 50% increase in measurement input	(7,026)	(4,011)
Servicing liability, effect of 25% increase in measurement input	6,139	3,060
Servicing liability, effect of 50% increase in measurement input	12,278	6,119
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(57)	(4)
Servicing asset, effect of 50% increase in measurement input	(109)	(1)
Servicing liability, effect of 25% increase in measurement input	(50)	(137)
Servicing liability, effect of 50% increase in measurement input	$ (98)	$ (263)

Debt

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt encompasses funding debt, convertible senior notes and our revolving credit facility.

Funding Debt

Funding debt and its aggregate future maturities consists of the following (in thousands):


	June 30, 2022		June 30, 2021
2022	$	—	$	104,159
2023	$	158,547	$	460,289
2024	421,484		22,705
2025	—		—
2026	—		102,203
2027 and thereafter	103,364		—
Total	$	683,395	$	689,356
Deferred debt issuance costs	(10,818)		(8,754)
Total funding debt, net of deferred debt issuance costs	$	672,577	$	680,602

Warehouse Credit Facilities

Through trusts, we entered into warehouse credit facilities with certain lenders to finance the purchase and origination of our loans. Each trust entered into a credit agreement and security agreement with a third-party as administrative agent and a national banking association as collateral trustee and paying agent. Borrowings under these agreements are referred to as funding debt and proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination, with advance rates ranging from 83% to 88% of the total collateralized balance. These trusts are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. These revolving facilities mature between fiscal years 2024 and 2029, and subject to covenant compliance, generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of June 30, 2022, the aggregate commitment amount of these facilities was $2,450.0 million on a revolving basis, of which $473.3 million was drawn, with $1,976.7 million remaining available. Some of the loans originated by us or purchased from the originating bank partners are pledged as collateral for borrowings in our facilities. The unpaid principal balance of these loans totaled $549.6 million and $664.1 million as of June 30, 2022 and June 30, 2021, respectively.

Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of LIBOR or an alternative commercial paper rate (which is either (i) the per annum rate equivalent to the weighted-average of the per annum rates at which all commercial paper notes were issued by certain lenders to fund advances or maintain

loans, or (ii) the daily weighted-average of LIBOR, as set forth in the applicable credit agreement), plus a spread ranging from 1.65% to 4.00%. Interest is payable monthly. In addition, these agreements require payment of a monthly unused commitment fee ranging from 0.00% to 0.75% per annum on the undrawn portion available.

These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of June 30, 2022, we were in compliance with all applicable covenants in the agreements.

Other Funding Facilities

Prior to our acquisition of PayBright on January 1, 2021, PayBright entered into various credit facilities utilized to finance the origination of loan receivables in Canada. Similar to our warehouse credit facilities, borrowings under these agreements are referred to as funding debt, and proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination. These facilities are secured by PayBright loan receivables pledged to the respective facility as collateral, mature in 2024, and bear interest based on a benchmark rate plus a spread ranging from 1.25% to 4.25%.

As of June 30, 2022, the aggregate commitment amount of these facilities was $484.0 million on a revolving basis, of which $183.1 million was drawn, with $300.9 million remaining available. The unpaid principal balance of loans pledged to these facilities totaled $210.1 million and $74.1 million as of June 30, 2022 and June 30, 2021, respectively.

These agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth at the PayBright subsidiary level or the Affirm Holdings level. As of June 30, 2022, we were in compliance with all applicable covenants in the agreements.

Repurchase Agreements

We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. The repurchase agreements each have an initial term of three months and subject to mutual agreement by Affirm and the counterparty, we may enter into a repurchase date extension for an additional three month term at market interest rates on such extension date. As of June 30, 2022, the interest rates were 2.68% on the senior pledged securities for 2022-X1, 2021-Z1 and 2021-Z2 and 4.33% on the residual certificate pledged securities for 2022-X1, 2021-Z1 and 2021-Z2 . We had $27.0 million and $13.9 million in debt outstanding under our repurchase agreements disclosed within funding debt on the consolidated balance sheets as of June 30, 2022 and June 30, 2021, respectively. The debt will be amortized through regular principal and interest payments on the pledged securities. The outstanding debt relates to $32.4 million and $16.2 million in pledged securities disclosed within securities available for sale at fair value on the consolidated balance sheets as of June 30, 2022 and June 30, 2021, respectively.

Convertible Senior Notes

On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026.

Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment

upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances:

1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2026 Notes) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;

3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

Upon conversion of the 2026 Notes, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the Indenture) calculated on a proportionate basis for each trading day in a 40 trading day observation period.

No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any.

If a fundamental change (as defined in the Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events.

The net carrying amount of the liability component of the convertible senior notes outstanding as of June 30, 2022 consisted of the following (in thousands):


	June 30, 2022
Principal	$	1,725,000
Unamortized discount and issuance costs	(18,332)
Net carrying amount	$	1,706,668

The 2026 Notes do not bear interest. For the year ended June 30, 2022, we recognized $2.4 million, of interest expense related to the amortization of debt discount and issuance costs in the consolidated statement of operations and comprehensive loss within other (expense) income, net. As of June 30, 2022, the remaining life of the 2026 Notes is approximately 53 months.

Revolving Credit Facility

On January 19, 2021, we entered into a revolving credit agreement with a syndicate of commercial banks for a $185.0 million unsecured revolving credit facility with a final maturity date of January 19, 2024. Effective December 15, 2021, we executed our right to terminate the revolving credit agreement and no early termination penalties were incurred. As of December 15, 2021, we had not drawn on the facility and there was no outstanding balance to be repaid. Upon termination, we accelerated the amortization of $1.2 million of issuance costs which were recorded in other (expense) income, net.

On February 4, 2022, we entered into a new revolving credit agreement with a syndicate of commercial banks for a $165.0 million unsecured revolving credit facility. On May 16, 2022, we increased unsecured revolving commitments under the facility to $205.0 million. This facility bears interest at a rate equal to, at our option, either (a) a Secured Overnight Financing Rate (“SOFR”) rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.85% per annum or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.0% per annum, in each case, plus an applicable margin of 0.85% per annum. The revolving credit agreement has a final maturity date of February 4, 2025. The facility contains certain covenants and restrictions, including certain financial maintenance covenants, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available. There are no borrowings outstanding under the facility as of June 30, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 19, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Depreciation		$ 29,200	$ 15,400	$ 9,400
Impairment expense on leasehold improvements		0	$ 0	0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other (expense) income, net
Goodwill impairment loss		0	$ 0	0
Amortization of intangible assets		23,500	4,600	0
Impairment of intangible assets		$ 0	0	0
Commercial agreement term		3 years 2 months 12 days
Amortization of sales and marketing expense		$ 26,300
Asset amortization period, length of extension		2 years
Amortization of commercial agreement assets		$ 96,737	69,103	0
Contingent consideration		23,348	153,447
Fast AF, Inc
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets recorded at cost	$ 25,415
Fast AF, Inc \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Identifiable intangible assets recorded at cost	$ 12,925
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Commercial agreement asset, gross		$ 133,500	270,600
Asset amortization period		4 years
Amortization of commercial agreement assets		$ 62,200	64,900
Commercial Agreement Asset, Enterprise Partner, Stock Appreciation Rights
Finite-Lived Intangible Assets [Line Items]
Commercial agreement asset, gross			$ 25,900
Asset amortization period			3 years
Amortization of commercial agreement assets		8,100	$ 4,300
Leasehold improvements
Finite-Lived Intangible Assets [Line Items]
Impairment expense on leasehold improvements		$ 0	$ 1,500	$ 0

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (28,629)	$ (5,316)
Total amortization expense	63,521
Total intangible assets, gross	94,646	73,246
Total intangible assets	66,017
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	2,146
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	38,371	38,951
Accumulated Amortization	(10,281)	(2,192)
Total amortization expense	$ 28,090	$ 36,759
Weighted Average Remaining Useful Life (in years)	3 years 7 months 6 days	4 years 6 months
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,782	$ 30,176
Accumulated Amortization	(15,882)	(2,930)
Total amortization expense	$ 23,900	$ 27,246
Weighted Average Remaining Useful Life (in years)	1 year 10 months 24 days	2 years 9 months 18 days
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,490
Accumulated Amortization	(1,664)
Total amortization expense	$ 10,826
Weighted Average Remaining Useful Life (in years)	1 year 3 months 18 days
Trademarks and domains
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,507	$ 3,769
Accumulated Amortization	(802)	(194)
Total amortization expense	$ 705	$ 3,575
Weighted Average Remaining Useful Life (in years)	2 years 4 months 24 days	3 years 3 months 18 days

Balance Sheet Components - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Roll Forward]
Beginning balance	$ 516,515	$ 1,255
Additions	33,318	508,581
Effect of foreign currency translation	(10,299)	6,679
Ending balance	$ 539,534	$ 516,515

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Segments and Geographical Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 1,349,292	$ 870,464	$ 509,528
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	1,304,304	857,222	506,212
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	44,852	13,242	3,316
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenue, net	$ 136	$ 0	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Marketable Securities [Line Items]
Marketable Securities	$ 2,061,695	$ 159,411
Money market funds \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	162,483	143,241
Certificates of deposit
Marketable Securities [Line Items]
Marketable Securities	300,390	0
Certificates of deposit \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	16,026	0
Corporate bonds
Marketable Securities [Line Items]
Marketable Securities	368,671	0
Commercial paper
Marketable Securities [Line Items]
Marketable Securities	478,293	0
Commercial paper \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	229,272	0
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable Securities	17,955	0
Government bonds, US
Marketable Securities [Line Items]
Marketable Securities	378,386	0
Government bonds, US \| Cash Equivalents
Marketable Securities [Line Items]
Marketable Securities	58,541	0
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable Securities	$ 51,678	$ 16,170

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Balance Sheet Related Disclosures [Abstract]
2023	$ 29,595
2024	21,686
2025	7,232
2026	4,993
2027 and thereafter	15
Total amortization expense	$ 63,521

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Senior Notes and Residual Trust Certificated (Details) - Senior Notes And Residual Trust Certificates	Jun. 30, 2022	Jun. 30, 2021
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0368	0.1146
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0061	0.0061
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0525	0.1050
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2250	0.1146
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1095	0.0061
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3500	0.1050
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0537	0.1146
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0265	0.0061
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1848	0.1050

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,907,255	$ 16,144
Gross Unrealized Gains	207	29
Gross Unrealized Losses	(8,229)	0
Allowance for Credit Losses	(21)	(3)
Fair Value	1,899,212	16,170
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	1,899,212	16,170
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	317,331
Gross Unrealized Gains	6
Gross Unrealized Losses	(921)
Allowance for Credit Losses	0
Fair Value	316,416
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	371,907
Gross Unrealized Gains	7
Gross Unrealized Losses	(3,243)
Allowance for Credit Losses	0
Fair Value	368,671
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	708,694
Gross Unrealized Gains	16
Gross Unrealized Losses	(1,145)
Allowance for Credit Losses	0
Fair Value	707,565
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	707,565
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,196
Gross Unrealized Gains	0
Gross Unrealized Losses	(241)
Allowance for Credit Losses	0
Fair Value	17,955
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	438,947
Gross Unrealized Gains	0
Gross Unrealized Losses	(2,020)
Allowance for Credit Losses	0
Fair Value	436,927
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,180	16,144
Gross Unrealized Gains	178	29
Gross Unrealized Losses	(659)	0
Allowance for Credit Losses	(21)	(3)
Fair Value	51,678	16,170
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	51,678	$ 16,170
Certificates Of Deposit, Corporate Bonds, Commercial Paper, and US Government Bonds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	303,800
Certificates of deposit, corporate bonds, and commercial paper classified as cash and cash equivalents	$ 303,800

Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - Revolving facilities - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Line of Credit Facility [Line Items]
Year one	$ 0	$ 104,159
Year two	158,547	460,289
Year three	421,484	22,705
Year four	0	0
Year five	0	102,203
2027 and thereafter	103,364	0
Borrowings outstanding	683,395	689,356
Deferred debt issuance costs	(10,818)	(8,754)
Total funding debt, net of deferred debt issuance costs	$ 672,577	$ 680,602

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	12 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) \| shares	14,242,111
Granted (in shares) \| shares	15,903,666
Vested (in shares) \| shares	(6,251,519)
Forfeited, expired or cancelled (in shares) \| shares	(2,506,666)
Ending balance, Non-vested (in shares) \| shares	21,387,592
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) \| $ / shares	$ 36.69
Granted (in USD per share) \| $ / shares	42.53
Vested (in USD per share) \| $ / shares	40.00
Forfeited, expired or cancelled (in USD per share) \| $ / shares	36.94
Ending balance, Non-vested (in USD per share) \| $ / shares	$ 38.41

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities	$ 237,598	$ 323,577
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Past due charge-off threshold	120 days
Allowance for accounts receivable	$ 13,900	4,100
Revenue	(559,207)	(429,402)	$ (276,092)
Non-accrued loans held for investment	1,700	1,100
Advertising costs	$ 74,000	48,100	3,300
Servicing Liability, Fair Value, Change in Fair Value, Valuation Input, Statement of Income or Comprehensive Income [Extensible Enumeration]	Servicing income
Merchant network revenue
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue	$ (458,511)	(379,551)	$ (256,752)
Minimum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales period for loans held for sale	1 year
Service period	1 year
Minimum \| Property, Plant and Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	3 years
Maximum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales period for loans held for sale	3 days
Service period	4 years
Maximum \| Property, Plant and Equipment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	7 years
Maximum \| Internally developed software
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life	3 years
Restricted stock units
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Service period	4 years
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued expenses and other liabilities		5,626
Adjustments \| Merchant network revenue
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		$ 5,400

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 1,604,885
Within 1 year, fair value	1,599,650
Greater than 1 year, less than or equal to 5 years, amortized cost	302,370
Greater than 1 year, less than or equal to 5 years, fair value	299,562
Amortized Cost	1,907,255	$ 16,144
Total, amortized cost	1,907,255
Total, fair value	1,899,212	16,170
Recurring
Debt Securities, Available-for-sale [Line Items]
Fair Value	51,678	16,170
Level 3 \| Recurring
Debt Securities, Available-for-sale [Line Items]
Fair Value	51,678	16,170
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	317,331
Within 1 year, fair value	316,416
Greater than 1 year, less than or equal to 5 years, amortized cost	0
Greater than 1 year, less than or equal to 5 years, fair value	0
Amortized Cost	317,331
Total, fair value	316,416
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	206,208
Within 1 year, fair value	204,614
Greater than 1 year, less than or equal to 5 years, amortized cost	165,699
Greater than 1 year, less than or equal to 5 years, fair value	164,057
Amortized Cost	371,907
Total, fair value	368,671
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	708,694
Within 1 year, fair value	707,565
Greater than 1 year, less than or equal to 5 years, amortized cost	0
Greater than 1 year, less than or equal to 5 years, fair value	0
Amortized Cost	708,694
Total, fair value	707,565
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	11,895
Within 1 year, fair value	11,813
Greater than 1 year, less than or equal to 5 years, amortized cost	6,301
Greater than 1 year, less than or equal to 5 years, fair value	6,142
Amortized Cost	18,196
Total, fair value	17,955
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	360,757
Within 1 year, fair value	359,242
Greater than 1 year, less than or equal to 5 years, amortized cost	78,190
Greater than 1 year, less than or equal to 5 years, fair value	77,685
Amortized Cost	438,947
Total, fair value	436,927
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0
Within 1 year, fair value	0
Greater than 1 year, less than or equal to 5 years, amortized cost	52,180
Greater than 1 year, less than or equal to 5 years, fair value	51,678
Amortized Cost	52,180	16,144
Total, amortized cost	52,180
Total, fair value	$ 51,678	$ 16,170

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands							12 Months Ended
	Apr. 19, 2022	Jul. 01, 2021	Jun. 01, 2021	May 01, 2021	Jan. 12, 2021	Jan. 01, 2021	Jun. 30, 2022	Jun. 30, 2021
ShopBrain
Business Acquisition [Line Items]
Cash		$ 30,000
Purchase price		40,000
Transaction costs							$ 200
Net assets acquired		$ 40,000
ShopBrain \| Class A common stock
Business Acquisition [Line Items]
Common stock issued (in shares)		151,745
Kite
Business Acquisition [Line Items]
Identifiable intangible assets recorded at cost			$ 6,975
Cash			26,000
Purchase price			24,759
Transaction costs							0	$ 200
Escrow deposit			9,000				9,000
Net assets acquired			$ 24,759
Returnly
Business Acquisition [Line Items]
Identifiable intangible assets recorded at cost				$ 45,900
Cash				$ 71,484
Common stock issued (in shares)				2,989,697
Purchase price				$ 285,959
Transaction costs							0	1,800
Percentage ownership prior to transaction				1.00%
Percentage ownership after transaction				100.00%
Common stock issued in escrow, subject to forfeiture (in shares)				304,364
Equity interest				$ 2,100
Gain from equity interest				1,600
Net assets acquired				$ 288,054
PayBright
Business Acquisition [Line Items]
Identifiable intangible assets recorded at cost						$ 16,653
Cash						$ 114,490
Common stock issued (in shares)						3,622,445
Purchase price						$ 288,754
Transaction costs							$ 0	$ 2,400
Common stock issued in escrow, subject to forfeiture (in shares)						2,587,362
Net assets acquired						$ 288,754
PayBright \| Class A common stock
Business Acquisition [Line Items]
Common stock issued (in shares)					1,811,222
Common stock issued in escrow, subject to forfeiture (in shares)					1,293,681
PayBright \| Class B common stock
Business Acquisition [Line Items]
Common stock issued (in shares)					1,811,222
Common stock issued in escrow, subject to forfeiture (in shares)					1,293,681
Fast AF, Inc
Business Acquisition [Line Items]
Cash paid for acquisition	$ 10,000
Identifiable intangible assets recorded at cost	25,415
Transaction costs	400
Fast AF, Inc \| Assembled workforce
Business Acquisition [Line Items]
Identifiable intangible assets recorded at cost	$ 12,490
Useful Life (in years)	1 year 6 months
Fast AF, Inc \| Senior Secured Note Issued To Fast AF, Inc \| Senior Notes
Business Acquisition [Line Items]
Forgiveness of senior secured note	$ 15,000

Acquisitions (Tables)

12 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands):


Assembled workforce	$	12,490
Option to purchase developed technology	$	12,925
Total	$	25,415

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	9,488	3.0

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	6,900	3.0
Trademarks	75		1.0
Total intangible assets	$	6,975

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	16,200	3.0
Merchant relationships	29,200		5.0
Trade name	500		1.0
Total intangible assets	$	45,900

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands)


	Fair Value		Useful Life (in years)
Developed technology	$	6,127	3.0
Merchant relationships	9,505		4.0
Trade name	1,021		5.0
Total intangible assets	$	16,653

Schedule of Acquisition Consideration Transferred

The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands):


Cash	$	30,000
Fair value of Class A common stock transferred	10,000
Total acquisition date fair value of the consideration transferred	$	40,000

The acquisition date fair value of the consideration transferred was approximately $24.8 million which consisted of the following (in thousands):


Cash	$	26,000
Less: Fair value of contingent consideration asset	$	(1,241)
Total acquisition date fair value of consideration transferred	$	24,759

The acquisition date fair value of the consideration transferred for Returnly was approximately $286.0 million, which consisted of the following (in thousands):


Cash	$	71,484
Fair value of common stock transferred	214,475
Total acquisition date fair value of consideration transferred	$	285,959

The acquisition date fair value of the consideration transferred for PayBright was approximately $288.8 million, which consisted of the following (in thousands):


Cash	$	114,490
Fair value of common stock transferred	116,989
Fair value of contingent consideration	57,275
Total purchase price	$	288,754

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Intangible assets	$	9,488
Total net assets acquired	9,488
Goodwill	30,512
Total purchase price	$	40,000

The following table summarizes the allocation of the consideration paid of approximately $24.8 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Intangible assets	$	6,975
Net assets acquired	6,975
Goodwill	$	17,784
Total purchase price	$	24,759

The following table summarizes the allocation of the fair value of the consideration paid and the previously held equity interest of approximately $288.1 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Cash and cash equivalents	$	3,788
Accounts receivable, net	9,585
Property, equipment and software	127
Intangible assets	45,900
Other assets	1,830
Total assets acquired	$	61,230
Accounts payable	594
Accrued expenses and other liabilities	6,205
Total liabilities assumed	$	6,799
Net assets acquired	$	54,431

Goodwill	233,623
Total fair value of consideration transferred and previously held investment	$	288,054

The following table summarizes the allocation of the consideration paid of approximately $288.8 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Cash and cash equivalents	$	8,219
Restricted cash	1,469
Loans held for investment	89,570


Accounts receivable, net	1,537
Property, equipment and software, net	586
Intangible assets	16,653
Other assets	5,651
Total assets acquired	$	123,685
Accounts payable	6,579
Accrued interest payable	23
Accrued expenses and other liabilities	193
Funding debt	85,310
Total liabilities assumed	$	92,105
Net assets acquired	$	31,580

Goodwill	257,174
Total purchase price	$	288,754

Schedule of Pro Forma Consolidated Total Revenues and Net Loss

The following table reflects the pro forma consolidated total revenue and net loss for the periods presented as if the acquisition of Returnly had occurred on July 1, 2019 and combines the historical results of Affirm and Returnly. This supplemental unaudited pro forma information is based upon accounting estimates and judgments that we believe are reasonable and includes certain adjustments to conform accounting standards to U.S. GAAP. This supplemental unaudited pro forma financial information has been prepared for illustrative purposes only and is not necessarily indicative of what actual results would have occurred, or of results that may occur in the future.


	Year ended June 30,		Year ended June 30,
	2021		2020
Revenue	$	880,603	$	517,438
Net loss	$	(465,875)	$	(132,721)

The following table reflects the pro forma consolidated total revenue and net loss for the periods presented as if the acquisition of PayBright had occurred on July 1, 2019 and combines the historical results of Affirm and PayBright. This supplemental unaudited pro forma information is based upon accounting estimates and judgments that we believe are reasonable and includes certain adjustments to conform accounting standards to U.S. GAAP. This supplemental unaudited pro forma financial information has been prepared for illustrative purposes only and is not necessarily indicative of what actual results would have occurred, or of results that may occur in the future.


	Year ended June 30,		Year ended June 30,
	2021		2020
Revenue	$	886,937	$	524,657
Net loss	$	(447,116)	$	(128,244)

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Repurchase Obligation Under the normal terms of our whole loans sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representation and warranties is identified. Generally, a breach in representation and warranties would occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. The aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $4,504.5 million and $2,453.9 million as of June 30, 2022 and June 30, 2021, respectively, of which we have recorded a repurchase liability of $2.0 million and $2.1 million as of June 30, 2022 and June 30, 2021, respectively, within accrued expenses and other liabilities in our consolidated balance sheets. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Toole v. Affirm Holdings, Inc. On February 28, 2022, plaintiff Jeffrey Toole filed a putative class action against Affirm and Max Levchin in the U.S. District Court for the Northern District of California (the “Toole action”). The Toole complaint alleges that Affirm violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder by issuing and then subsequently deleting a tweet from its official Twitter account on February 10, 2022, which omitted full details of Affirm’s second quarter fiscal 2022 financial results. Toole seeks class certification, unspecified compensatory and punitive damages, and costs and expenses. On June 9, 2022, the Court appointed Eric Nunez as lead plaintiff and Robbins Geller Rudman & Dowd LLP as class counsel. Vallieres v Levchin, et al. On April 25, 2022, plaintiff Michael Vallieres filed a derivative lawsuit in the U.S. District Court for the Northern District of California against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Toole action. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duty, gross mismanagement, abuse of control, unjust enrichment, and contribution under the federal securities laws, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On June 10, 2022, the Court stayed this derivative action pending the resolution of Affirm’s anticipated motion to dismiss the Toole complaint referenced above. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to the our legal proceedings, including the matters described above, would not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Amounts accrued as of June 30, 2022 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty. Concentrations of Credit Risk We have substantial credit risk primarily in our consumer loans held for investment and in our cash and cash equivalents. We maintain our cash and cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe we are not exposed to any significant credit risk in these accounts. We are exposed to default risk on both loan receivables purchased from our originating bank partners and loan receivables that are self-originated. The ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in economic and market conditions. Loans receivables are diversified geographically. As of June 30, 2022 and June 30, 2021, approximately 12% and 15%, respectively, of loan receivables related to customers residing in the state of California. No other states or provinces exceeded 10%. Concentrations of Revenue For the year ended June 30, 2022, there were no merchants that exceeded 10% of total revenue, and for the years ended June 30, 2021 and 2020, approximately 20% and 28% , respectively, of total revenue was driven by one merchant. Purchase Commitments For the years ended June 30, 2022 and 2021, we recorded purchase commitments of $37.1 million and $89.3 million, respectively, primarily related to cloud and hosting services. In February 2012, we entered into an agreement with a third-party cloud computing web services provider for our cloud computing and hosting services. In May 2020, we entered into an addendum to our agreement which included annual spending commitments for the period between May 2020 and April 2023 with an aggregate committed spend of $120.0 million during such period. Our agreement with our cloud computing web services provider will continue indefinitely until terminated by either party. Our cloud-computing web services provider may terminate the customer agreement for convenience with 30 days prior written notice and may, in some cases, terminate the agreement immediately for cause upon notice. If we fail to meet the minimum purchase commitment during any year, we may be required to pay the difference. We pay our cloud-computing web services provider monthly, and we may pay more than the minimum purchase commitment to our cloud-computing web services provider based on usage.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Prior Period Adjustments Error Corrections

The following tables provide the impact of the correction as of and for the year ended June 30, 2021, as presented below (in thousands):


	As of June 30, 2021
	As Previously Reported	Adjustments	As Corrected
Accrued expenses and other liabilities	317,951	5,626	323,577
Total liabilities	2,285,814	5,626	2,291,440
Additional paid in capital	3,462,762	4,474	3,467,236
Accumulated deficit	(888,381)	(10,104)	(898,485)
Accumulated other comprehensive income	6,769	4	6,773
Total stockholders’ equity	2,581,153	(5,626)	2,575,527


	Year Ended June 30, 2021
	As Previously Reported		Adjustments		As Corrected
Consolidated Statement of Operations and Comprehensive Loss
Processing and servicing	73,767		(189)		73,578
Technology and data analytics	256,082		(6,746)		249,336
Sales and marketing	184,279		(2,089)		182,190
General and administrative	370,251		13,498		383,749
Total Operating Expenses	1,249,657		4,474		1,254,131
Other expense, net	(54,073)		(5,630)		(59,703)
Loss Before Income Taxes	(433,266)		(10,104)		(443,370)
Net Loss Attributable to Common Stockholders	(430,923)		(10,104)		(441,027)
Foreign currency translation adjustments	7,042		4		7,046
Net Comprehensive Income	7,071		4		7,075
Comprehensive Loss	(423,852)		(10,100)		(433,952)
Net loss per share attributable to common stockholders for Class A and Class B:
Basic	$	(2.72)	$	(0.06)	$	(2.78)
Diluted	$	(2.88)	$	(0.06)	$	(2.94)


	Year Ended June 30, 2021
	As Previously Reported	Adjustments	As Corrected
Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity
Stock-based compensation - Additional Paid-In Capital	302,032	4,474	306,506
Foreign currency translation adjustments - Accumulated Other Comprehensive Income (Loss)	7,042	4	7,046
Net Loss - Accumulated Deficit	(430,923)	(10,104)	(441,027)
Balance as of June 30, 2021 - Total Stockholders' Equity	2,581,153	(5,626)	2,575,527


	Year Ended June 30, 2021
	As Previously Reported	Adjustments	As Corrected
Consolidated Statement of Cash Flows
Cash Flows from Operating Activities
Net Loss	(430,923)	(10,104)	(441,027)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities	51,655	5,630	57,285
Stock-based compensation	288,033	4,474	292,507
Net Cash Used in Operating Activities	(193,130)	—	(193,130)

Fair Value of Financial Assets and Liabilities - Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 2,464	$ 0
Facilitation of loans	5,955	4,206
Actual performance	(7,642)	(1,661)
Subsequent changes in fair value	1,210	(81)
Fair value at end of period	$ 1,987	$ 2,464

Acquisitions - Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jul. 01, 2021	Jun. 30, 2021	Jun. 01, 2021	May 01, 2021	Jan. 01, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Goodwill	$ 539,534		$ 516,515				$ 1,255
ShopBrain
Business Acquisition [Line Items]
Intangible assets		$ 9,488
Total assets acquired		9,488
Goodwill		30,512
Total purchase price		$ 40,000
Kite
Business Acquisition [Line Items]
Intangible assets				$ 6,975
Total assets acquired				6,975
Goodwill				17,784
Total purchase price				$ 24,759
Returnly
Business Acquisition [Line Items]
Cash and cash equivalents					$ 3,788
Accounts receivable, net					9,585
Property, equipment and software					127
Intangible assets					45,900
Other assets					1,830
Total assets acquired					61,230
Accounts payable					594
Accrued expenses and other liabilities					6,205
Total liabilities assumed					6,799
Net assets acquired					54,431
Goodwill					233,623
Total purchase price					$ 288,054
PayBright
Business Acquisition [Line Items]
Cash and cash equivalents						$ 8,219
Restricted cash						1,469
Loans held for investment						89,570
Accounts receivable, net						1,537
Property, equipment and software						586
Intangible assets						16,653
Other assets						5,651
Total assets acquired						123,685
Accounts payable						6,579
Accrued interest payable						23
Accrued expenses and other liabilities						193
Funding debt						85,310
Total liabilities assumed						92,105
Net assets acquired						31,580
Goodwill						257,174
Total purchase price						$ 288,754

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal tax benefit	8.30%	9.10%	10.50%
Foreign rate differential	(0.40%)	1.50%	0.00%
Stock-based compensation	64.00%	66.40%	(0.40%)
Non-deductible compensation expense	(12.40%)	(8.40%)	0.00%
Tax benefit related to tax credits, net	15.40%	0.50%	0.00%
Impact of change in fair value of contingent consideration	3.30%	(5.60%)	0.00%
Change in unrecognized tax benefits	(6.20%)	0.00%	0.00%
Other	0.20%	1.60%	(1.90%)
Change in valuation allowance	(90.80%)	(85.60%)	(29.60%)
Effective income tax rate	2.40%	0.50%	(0.40%)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).
Principles of Consolidation	Our financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on self-originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected.These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ materially from those estimates.
Segment Reporting	We conduct our operations through a single operating segment and, therefore, one reportable segment. Operating segments are components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess the performance of the business. Our CODM, the Chief Executive Officer of Affirm Holdings, Inc., uses a variety of measures to assess the performance of the business; however, detailed profitability information that could be used to allocate resources and assess the performance of the business is managed and reviewed for the consolidated company as a whole.
Business Combination	We use the acquisition method of accounting for business combination transactions, and, accordingly, recognize the fair values of assets acquired and liabilities assumed in our consolidated financial statements. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value. Transaction costs related to the acquisition of the acquired company are expensed as incurred. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date.
Cash and Cash Equivalents	Cash and cash equivalents consist of checking, money market and savings accounts held at financial institutions and short term highly liquid marketable securities, including money market funds and other corporate securities purchased with an original maturity of three months or less.
Restricted Cash	Restricted cash consists primarily of: (i) deposits restricted by standby letters of credit for office leases and certain commercial agreements; (ii) funds held in accounts as collateral for our originating bank partners; and (iii) servicing funds held in accounts contractually restricted by agreements with warehouse credit facilities, securitization trusts, and third-party loan owners. We have no ability to draw on such funds as long as they remain restricted under the applicable agreements.
Securities Available for Sale	We hold certain investments in marketable debt securities and retained interests in our unconsolidated securitization trusts which are accounted for under ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). We have classified these investments as available for sale, as defined within ASC 320. These investments are held at fair value with changes in fair value recorded in unrealized gain (loss) on securities available for sale, net within other comprehensive income (loss), excluding the portion relating to any credit loss. As of the end of each reporting period, management reviews each security where the fair value is less than the amortized cost to determine whether any portion of the decline in fair value is due to a credit loss and/or whether or not we intend to sell or will be required to sell such security before recovery of its amortized cost basis. The portion of any decline in fair value which management identifies as a credit loss will be recognized as an allowance for credit losses through other (expense) income, net. To the extent management intends to sell or may be required to sell a security in an unrealized loss position, we 1) reverse any previously recorded allowance for credit losses with an offsetting entry to reduce the amortized cost basis of the security and 2) write-off any remaining portion of the amortized cost basis to equal its fair value, with this change recorded through other (expense) income, net. Interest income for available for sale securities is recorded within other (expense) income, net. Available for sale securities initially purchased with less than 90 days until maturity with quoted transaction prices in an active market are classified as cash and cash equivalents. With respect to retained interests in our securitization trusts, we apply the guidance in ASC Topic 325, “Investments - Other” (“ASC 325”) relating to beneficial interests. Accordingly, we recognize interest income each period based on the effective interest rate calculated using expected cash flows. Changes in the timing of expected cash flows are accounted for prospectively through an adjustment to interest income. When fair value is below amortized cost, we record an allowance for credit losses measured based on the difference between amortized cost and projected cash flows discounted at the effective interest rate. The allowance for credit losses is capped at the difference between amortized cost and fair value.
Loans Held for Investment	We either originate loans directly or purchase our loans from our originating bank partners pursuant to the terms outlined in the respective executed loan sale program agreements between us and our bank partners. Loan receivables that we have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are reported at amortized cost, which includes unpaid principal balances, any related premiums including fees paid to our originating bank partners and discounts due to loss on loan purchase commitment for loans with a fair value below the purchase price, where applicable, adjusted for any charge-offs. The amortized cost is adjusted for the allowance for credit losses within loans held for investment, net.
Loans Held for Sale	We sell certain loans to third-party loan buyers and securitization trusts. A loan is initially classified as held for sale when the loan is identified as for sale to a third party loan buyer or to be sold to a securitization that is anticipated to be off balance sheet. Loans classified as held for sale are recorded at the lower of amortized cost or fair value. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. When a loan held for investment is reclassified to held for sale and reported at fair value, any allowance for the credit loss related to that loan is released and any fair value adjustment to record the loan at the lower of amortized cost or fair value is recorded. Our loans designated as held for sale are generally sold within one to three days of the balance sheet date.
Transfers of Financial Assets	We account for loan sales in accordance with ASC 860, “Transfers and Servicing” (“ASC 860”) which states that a transfer of financial assets, a group of financial assets, or a participating interest in a financial asset is accounted for as a sale if all of the following conditions are met: a.The financial assets are isolated from the transferor and its consolidated affiliates as well as its creditors; b.The transferee or beneficial interest holders have the right to pledge or exchange the transferred financial assets; and c.The transferor does not maintain effective control of the transferred assets. For the years ended June 30, 2022, 2021, and 2020, all loan sales met the requirements for sale treatment in accordance with ASC 860. We record the gain or loss on the sale of a loan at the sale date in an amount equal to the proceeds received, adjusted for initial recognition of servicing assets or liabilities obtained at the date of sale, less the carrying value of the loan. Upon the sale of a loan to a third-party loan buyer or unconsolidated securitization in which we retain servicing rights, we may recognize a servicing asset or liability. Receiving more than adequate compensation, as defined by ASC 860, for servicing those loans, results in recognition of a servicing asset. Receiving less than adequate compensation results in a servicing liability. Servicing assets and liabilities are recorded at fair value and are presented as a component of other assets or accrued expenses and other liabilities, respectively. The recognition of a servicing asset results in a corresponding increase to the gain on sales of loans. The recognition of a servicing liability results in a corresponding decrease to gain on sales of loans. The servicing rights are marked to fair value each period, with the subsequent adjustment recognized in servicing income. The subsequent measurement includes changes in inputs or assumptions used in the valuation model. In connection with the sale of a loan to a third-party loan buyer or unconsolidated securitization, we may also recognize a recourse liability in accordance with ASC 460, “Guarantees” (“ASC 460”) as in certain circumstances we may become required to re-purchase loans from third-party investors due to breaches in representations and warranties. The recognition of a recourse liability results in a corresponding decrease to gain on sales of loans. The recourse liability is amortized over the loan term and remeasured each period based on the outstanding loan balance and changes in our expectation of future repurchase obligations.
Allowance for Credit Losses	The allowance for credit losses on loans held for investment is determined based on management’s current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations on individual loans as of each balance sheet date. We immediately recognize an allowance for expected credit losses upon the origination of a loan. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our consolidated statements of operations and comprehensive loss. We have made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed. In estimating the allowance for credit losses, management utilizes a migration analysis of delinquent and current loan receivables. Migration analysis is a technique used to estimate the likelihood that a loan receivable will progress through various stages of delinquency and to charge-off. The analysis focuses on the pertinent factors underlying the quality of the loan portfolio. These factors include historical performance, the age of the receivable balance, seasonality, customer credit-worthiness, changes in the size and composition of the loan portfolio, delinquency levels, bankruptcy filings and actual credit loss experience. We also take into consideration certain qualitative factors where we adjust our quantitative baseline using our best judgment to consider the inherent uncertainty regarding future economic conditions and consumer loan performance. For example, the Company considers the impact of current economic factors at the reporting date that did not exist over the period from which historical experience was used. As of June 30, 2022, we have considered the impact of Federal Reserve monetary policy, labor market trends, inflation and consumer sentiment. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses.
Accounts Receivable, net	Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. We evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses, as applicable.
Property, Equipment and Software, net	Property, equipment and software consist of computer and office equipment, capitalized internal-use developed software and website development costs and leasehold improvements. Property, equipment and software is stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are recognized using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are depreciated over the shorter of the improvement’s estimated useful life or the remaining lease term. We capitalize costs to develop internally developed software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software or website will function and be used as intended. Capitalized internal-use software costs primarily include salaries and payroll-related costs for employees directly involved in the development efforts, software licenses acquired and fees paid to external consultants. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred. Costs incurred for enhancements that are expected to result in additional functionality are capitalized and expensed over the estimated useful life of the upgrades. Capitalized internally developed software costs are included in property, equipment and software, and amortization expense is included in technology and data analytics expense in the consolidated statements of operations and comprehensive loss. Property, equipment and software is tested for impairment when there is an indication that the carrying value of an asset group may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined not to be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value and recorded in the period the determination is made.
Goodwill and Intangible Assets	We recognize the excess of the purchase price over the fair value of identifiable net assets acquired at the acquisition date as goodwill. Goodwill is not amortized but is reviewed for impairment annually and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. If the fair value of the reporting unit is greater than the reporting unit’s carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired and written down to the reporting unit’s fair value. Identifiable intangible assets include developed technology, merchant relationships, assembled workforce, and trade names resulting from acquisitions, including asset acquisitions. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated economic lives following the pattern in which the economic benefits of the assets will be consumed, which is on a straight-line basis. Acquired intangible assets are presented net of accumulated amortization on the consolidated balance sheets. We review the carrying amounts of intangible assets group for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. We measure the recoverability of intangible assets by comparing the carrying amount of each asset to the future undiscounted cash flows we expect the asset to generate. If we consider any of these assets to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization.
Leases	We determine whether an arrangement is a lease for accounting purposes at contract inception. For operating leases, we record a right-of-use asset within other assets in our consolidated balance sheets, which represents our right to use an underlying asset for the lease term. A corresponding lease liability, which represents our obligation to make lease payments arising from the lease, is recorded in accrued expenses and other liabilities in our consolidated balance sheets. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To discount the lease payments, we use an incremental borrowing rate derived from a corporate yield curve corresponding with the lease term using information available on the commencement date. We have the option to renew or extend our leases. We include these periods in the lease term when a decision has been made to exercise the option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We have elected the practical expedient allowing the combination of lease and non-lease components by class of underlying asset. We have also elected the short-term lease exception and will not recognize right-of-use assets or lease liabilities for qualifying leases with a term of less than 12 months from lease commencement.
Non-marketable Equity Securities	Non-marketable equity securities which do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “measurement alternative”). Unrealized and realized gains and losses on the investment due to impairment or observable price changes in orderly transaction for an identical or similar investment of the same issuer, if any, are recognized in other (expense) income, net on our consolidated statements of operations and comprehensive loss and a new carrying value is established for the investment upon such recognition.
Funding Debt and Debt Issuance Costs	We borrow from various lenders through our warehouse facilities and through sale and repurchase agreements by pledging certain retained interests in our off balance sheet securitizations to finance loans we originate directly and purchase loans from our originating bank partners. These borrowings are carried at amortized cost. Costs incurred in connection with borrowings, such as banker fees, commitment fees and legal fees, are classified as deferred debt issuance costs. We defer these costs and amortize them on a straight-line basis over the term of the debt. Interest payments and amortization of debt issuance costs incurred on funding debt is presented as funding costs in the consolidated statements of operations and comprehensive loss. Unamortized debt issuance costs are presented as a reduction of the associated debt.
Income Taxes	Income taxes are accounted for using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as an income tax expense (benefit) in the period that includes the enactment date. Valuation allowances are provided when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized based on the weighting of positive and negative evidence. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryback or carryforward periods available under the applicable tax law. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, and tax planning strategies; however, in evaluating the positive evidence available, expectations of future taxable income and projections for growth are usually not sufficient to overcome the negative evidence of the presence of a three-year cumulative loss. Should there be a change in the ability to recover deferred tax assets, our income tax provision would increase or decrease in the period in which the assessment is changed. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex federal, state, and foreign tax laws and regulations, and positions taken in our tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are recognized in the financial statements only when it is more likely than not that the positions will be sustained upon examination by the tax authorities, assuming full knowledge of the position and all relevant facts. Interest and penalties, if any, on income tax uncertainties are classified within income tax expense in the income statement.
Fair Value of Assets and Liabilities	ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that use, as inputs, observable market-based parameters to the greatest extent possible. Additionally, ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: •Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. •Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. •Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Revenue Recognition	Merchant Network Revenue — Revenue from Contracts with Customers Merchant network revenue consists of merchant fees. Merchant partners (or merchants) are charged a fee on each transaction processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled. Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants promotional incentives to offer incentives to promote our platform to their customers, such as fee reductions or rebates. These amounts, as well as refunds, are recorded as a reduction of revenue and netted against merchant network revenue. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense. On May 5, 2021, our largest merchant partner at the time, Peloton, announced a voluntary recall of two of its products following a report by the U.S. Consumer Product Safety Commission released on April 17, 2021. Pursuant to ASC 606, we revised our estimate of the variable consideration associated with revenue earned on the facilitation of transactions related to the recalled products and recorded a reduction in revenue of $5.4 million during the year ended June 30, 2021. A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs. Virtual Card Network Revenue — Revenue from Contracts with Customers We have agreements with issuer processors to facilitate transactions through the issuance of virtual debit cards to be used by consumers at checkout. Consumers can apply for a virtual debit card through the Affirm app and, upon approval, receive a single-use virtual debit card to be used for their purchase online or offline at a non-integrated merchant. The virtual debit card is funded at the time a transaction is authorized using cash held by the issuer processor in a reserve fund. Our originating bank partner then originates a loan to the consumer once the transaction is confirmed by the merchant. The non-integrated merchants are charged interchange fees by the issuer processor for virtual debit card transactions, as with all debit card purchases, and the issuer processor shares a portion of this revenue with us. We also leverage this issuer processor as a means of integrating certain merchants. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees by the issuer processor and the issuer processor shares a portion of this revenue with us. From time to time, we offer certain integrated merchants promotional incentives to promote our platform to their customers, such as rebates of interchange fees charged by the issuer processor. These amounts are recorded as a reduction of revenue and netted against virtual card network revenue. Our contracts with issuer processors are defined at the transaction level and do not extend beyond the service already provided. The fees collected from issuer processors for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The fees collected are presented in revenue, net of associated processing fees. As the issuer processors do not provide distinct services to us, any fees paid to the issuer processors are offset against collected fees. We have concluded that these fees do not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to the issuer processors to facilitate transactions with consumers. A portion of virtual card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by the issuer processors. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully. Interest Income We accrue interest income using the effective interest method. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the borrower involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed and any interest that would have been earned during the disputed period is retroactively accrued. As of June 30, 2022 and June 30, 2021, the balance of loans held for investment on non-accrual status was $1.7 million and $1.1 million, respectively. The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed. Any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan are amortized into interest income over the life of the loan using the effective interest method. The amortization is presented together as interest income in the consolidated statements of operations and comprehensive loss. Servicing Income Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. We recognize this revenue on a monthly basis.
Loss on Loan Purchase Commitment	We purchase certain loans from our originating bank partners that are processed through our platform that our originating bank partner puts back to us. Under the terms of the agreements with our originating bank partners, we are generally required to pay the principal amount plus accrued interest for such loans. In certain instances, our originating bank partners may originate loans with zero or below market interest rates that we are required to purchase. In these instances, we may be required to purchase the loan for a price in excess of the fair market value of such loans, which results in a loss. These losses are recognized as loss on loan purchase commitment in our consolidated statements of operations and comprehensive loss. Due to the nature of this arrangement with our originating bank partners, we recognize a net liability for this commitment when the merchant confirms the transaction. This liability is recorded at fair value, which is determined by the difference between the estimated fair value of the loan and the anticipated purchase price. Upon purchase, the liability is included in the amortized cost basis of the purchased loan as a discount, which is amortized into interest income over the life of the loan.
Customer Referral Partners	From time to time, we make payments to customer referral partners providing lead generation services for each transaction processed through our technology platform. We first evaluate whether the customer referral partner is a customer or a vendor. We consider customer referral partners as customers if we determine they are the principal to eligible merchants in providing the facilitation of credit service. We consider customer referral partners as vendors if we determine that we are the principal to eligible merchants in providing the facilitation of credit service. Payments made to customer referral partners that are considered to be our customer are recorded as a reduction of revenue, and payments made to customer referral partners that are not considered to be our customers are recorded in processing and servicing expense, respectively, over the associated period of benefit within our consolidated statements of operations and comprehensive loss.
Sales and Marketing Costs	Sales and marketing costs include the expense related to warrants and other share-based payments granted to our enterprise partners. See Note 6. Balance Sheet Components for more information on these arrangements. Sales and marketing costs also include salaries and personnel-related costs, as well as costs of general marketing and promotional activities, promotional event programs, sponsorships, and allocated overhead. A portion of these costs related to general marketing and promotional activities are considered advertising costs within the meaning of ASC Topic 720, “Other Expenses” (“ASC 720”), and are expensed as incurred.
Derivative Instruments	We mitigate the impact of changes in interest rates with various derivative instruments, including interest rate caps, constant maturity swaps, and curve efficient swaps that are accounted for as derivatives pursuant to ASC Topic 815, “Derivatives and Hedging” ("ASC Topic 815"). ASC Topic 815 requires that an entity recognize all derivatives as either assets or liabilities on the balance sheet, measure those instruments at fair value and recognize changes in the fair value of derivatives in earnings in the period of change unless the derivative qualifies as a designated hedge that offsets certain exposures. During the periods presented, we have not designated any of our derivatives as hedging instruments.
Stock-Based Compensation	We account for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of U.S. GAAP, which requires compensation cost for the grant date fair value of stock-based awards to be recognized over the requisite service period. In addition, we made an accounting policy election to estimate the expected forfeiture rate for service-based awards and only recognize expense for those stock-based awards expected to vest. We estimate the forfeiture rate based on our historical experience with stock-based awards that are granted and forfeited prior to vesting. The fair value of stock-based awards, granted or modified, is determined on the grant date (or modification or acquisition dates, if applicable) at fair value, using appropriate valuation techniques. Service-Based Awards We record stock-based compensation expense for service-based stock options and restricted stock units (“RSUs”) on a straight-line basis over the requisite service period, which is generally one to four years. The fair value of each option on the date of grant is determined using the Black Scholes-Merton option pricing model using the single-option award approach. Volatility is based on historical volatility rates obtained from comparable publicly-traded companies that operate in the same or related business as us, as there is a limited time period of historical market data for our common stock. The risk-free interest rate is determined using a U.S. Treasury rate for the period that coincides with the expected term set forth. We used the simplified method to determine an estimate of the expected term of an employee stock option. We account for stock-based awards to non-employees, including consultants, in accordance with ASC Topic 718, “Compensation — Stock Compensation” (“ASC 718”), in which equity-classified awards are measured at the grant date fair value and recognized as expense in the period and manner as though we had paid cash in exchange for goods or services instead of granting a stock-based award. Performance-Based Awards Prior to the IPO, we granted RSUs that were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either certain change in control transactions or an initial public offering). The performance-based condition was met upon the IPO. We record stock-based compensation expense for these awards on an accelerated attribution method over the requisite service period, which is generally four years. Upon exercise or vesting of a stock-based award, the tax effect of the difference, if any, between the cumulative compensation cost recognized for financial statement purposes and the deduction for income tax purposes, will be recognized as an income tax expense or benefit in the consolidated statement of operations. Market-Based Awards We have granted stock option awards with service-based and performance-based vesting conditions, with market-based conditions that are incorporated into the grant date fair value. We determined the grant date fair value of these awards by utilizing a Monte Carlo simulation model that incorporates the possibility that the market-based conditions may not be satisfied. The Monte Carlo simulation also incorporates assumptions including expected stock price volatility, expected term, and risk-free interest rates. We estimate the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies in our industry group. We estimate the expected term of the award based on various exercise scenarios. The risk-free interest rate is determined using a U.S. Treasury rate for the period that coincides with the expected term set forth. We record stock-based compensation expense for market-based equity awards on an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied.
Foreign Currency	We have wholly-owned foreign subsidiaries that use the local currency of their respective country as their functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenue, costs, and expenses of these subsidiaries are translated into U.S. dollars using daily exchange rates when incurred. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other income (expense), net, in our consolidated statements of operations and comprehensive loss.
Basic and Diluted Net Loss per Common Share	We calculate net income or loss per share using the two-class method. The two-class method requires income available to common stockholders for the period to be allocated between each class of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Our participating securities include common stock issued upon the early exercise of stock options and convertible senior notes. We consider any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on our common stock. These participating securities do not contractually require the holders of such shares to participate in our losses. As such, net losses for the years presented were not allocated to our participating securities. Prior to the conversion of redeemable convertible preferred stock into shares of our common stock on January 12, 2021, these shares also represented participating securities. We calculate basic net loss per share attributable to common stockholders for Class A and Class B common stock by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding in each class for the period. We calculate diluted net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding in each class, after giving consideration to the dilutive effect of our redeemable convertible preferred stock, stock options, restricted stock units, employee stock purchase plan shares, convertible debt and common stock warrants that are outstanding during the period. We have generated a net loss in all periods presented, and therefore, the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Convertible Debt Instruments In August 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-06, “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40),” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. We early adopted the new standard effective July 1, 2021 on a modified retrospective basis. The adoption of the new standard did not have any impact on our financial statements as of the adoption date. As further discussed in Note 11. Debt, the Company issued certain convertible senior notes in November 2021, and the accounting for these instruments was based on the guidance in ASU 2020-06. Staff Accounting Bulletin No. 121 In March 2022, the SEC staff released Staff Accounting Bulletin No. 121 ("SAB 121"), which expressed the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for users of its crypto platform. This guidance requires entities that hold crypto-assets on behalf of platform users to recognize a liability to reflect the entity’s obligation to safeguard the crypto-assets held for its platform users, whether safeguarding is provided by the entity or by an agent acting on behalf of the entity. The liability should be measured at initial recognition and each reporting date at the fair value of the crypto-assets that the entity is responsible for holding for its platform users, taking into account any potential loss event. The entity should also recognize an asset at the same time that it recognizes the safeguarding liability, measured at initial recognition and each reporting date at the fair value of the crypto-assets held for its platform users taking into account any potential loss event. The entity should also describe the asset and the corresponding liability in the footnotes to the financial statements and consider including information regarding who (e.g. the company, its agent, or another third party) holds the cryptographic key information, maintains the internal recordkeeping of those assets, and is obligated to secure the assets and protect them from loss or theft. This guidance is effective from the first interim period after June 15, 2022 and should be applied retrospectively. We adopted the guidance in SAB 121 as of June 30, 2022 on a retrospective basis. The adoption of the guidance did not have a material impact on our financial statements. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”). This ASU is effective for all entities upon issuance as of March 12, 2020 through December 31, 2022. In January 2021, the FASB also issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which provides additional optional expedients and exceptions applicable to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This ASU is effective for all entities upon issuance as of January 7, 2021 through December 31, 2022. We have reviewed all our financial agreements that utilize LIBOR as the reference rate and determined there is no material impact to our consolidated financial statements as of June 30, 2022. Throughout the remaining effective period for ASU 2020-04 and ASU 2021-01, we will continue to evaluate the available relief measures within each of these amendments and will determine any impact on our consolidated financial statements and disclosures, as applicable. Business Combinations In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Financial Instruments - Credit Losses In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)”. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 30, 2022	Aug. 22, 2022	Dec. 31, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	984-0490
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 20.9
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEThe information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders to be held in 2022, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates.
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		228,959,103
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,109,756

Loans Held for Investment and Allowance for Credit Losses

12 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Loans Held for Investment and Allowance for Credit Losses

Loans held for investment consisted of the following (in thousands):


	June 30, 2022		June 30, 2021
Unpaid principal balance	$	2,516,733	$	2,058,863
Accrued interest receivable	20,697		15,466
Premiums on loans held for investment	8,911		7,071
Less: Discount due to loss on loan purchase commitment (1)	(20,692)		(53,177)
Less: Discount due to loss on self-originated loans (1)	(20,443)		—
Less: Fair value adjustment on loans acquired through business combination	(1,645)		(5,903)
Total loans held for investment	$	2,503,561	$	2,022,320

(1) As of June 30, 2021, discount due to loss on self-originated loans, in the amount of $6.2 million, was included with discount due to loss on loan purchase commitment.

The majority of the loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $12.1 billion, $7.9 billion, and $4.7 billion for the years ended June 30, 2022, 2021, and 2020, respectively.

These loans have a variety of lending terms as well as maturities ranging from one to sixty months. Given that our loan portfolio focuses on one product segment, point-of-sale unsecured installment loans, we generally evaluate the entire portfolio as a single homogeneous loan portfolio and make merchant or program specific adjustments as necessary.

We closely monitor credit quality for our loan receivables to manage and evaluate our related exposure to credit risk. Credit risk management begins with initial underwriting, where loan applications are assessed against the credit underwriting policy and procedures for our self-originated loans and originating bank partner loans, and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history on our platform as well as other measures. We combine these factors to establish a proprietary score as a credit quality indicator.

Our proprietary score (“ITACs”) is assigned to most loans facilitated through our technology platform, ranging from zero to 100, with 100 representing the highest credit quality and therefore the lowest likelihood of loss. The ITACs model analyzes the characteristics of a consumer's attributes that are shown to be predictive of both willingness and ability to repay including, but not limited to: basic features of a consumer's credit profile, a

consumer's prior repayment performance with other creditors, current credit utilization, and legal and policy changes. When a consumer passes both fraud and credit policy checks, the application is assigned an ITACs score. ITACs is also used for portfolio performance monitoring. Our credit risk team closely tracks the distribution of ITACs at the portfolio level, as well as ITACs at the individual loan level to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to support both the integrity of the risk scoring models and to measure possible changes in consumer behavior amongst various credit tiers.

The following table presents an analysis of the credit quality, by ITACs score, of the amortized cost basis by fiscal year of origination on loans held for investment and loans held for sale (in thousands) as of June 30, 2022:


	Amortized Costs Basis by Fiscal Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
96+	$	1,218,104	$	122,503	$	33,458	$	157	$	1	$	—	$	1,374,223
94 – 96	620,403		11,240		773		13		2		—		632,431
90 – 94	220,056		3,886		6		4		—		—		223,952
<90	44,300		135		2		—		—		—		44,437
No score(1)	186,044		20,554		3,368		444		79		2		210,491
Total loan receivables	$	2,288,907	$	158,318	$	37,607	$	618	$	82	$	2	$	2,485,534

(1)This balance represents loan receivables in new markets without sufficient data currently available for use by the Affirm scoring methodology including loan receivables originated in Canada and Australia.


	Net Charge-offs by Fiscal Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
Current period charge-offs	(133,338)		(89,960)		(3,783)		(548)		(120)		(21)		(227,770)
Current period recoveries	5,288		9,802		4,417		2,952		1,242		897		24,598
Current period net charge-offs	$	(128,050)	$	(80,158)	$	634	$	2,404	$	1,122	$	876	$	(203,172)

Loan receivables are defined as past due if either the principal or interest have not been received within four calendars days of when they are due in accordance with the agreed upon contractual terms. The following table presents an aging analysis of the amortized cost basis of loans held for investment and loans held for sale by delinquency status (in thousands):


	June 30, 2022		June 30, 2021
Non-delinquent loans	$	2,322,919	$	1,939,976
4 – 29 calendar days past due	77,963		43,838
30 – 59 calendar days past due	34,669		17,267
60 – 89 calendar days past due	26,919		12,044
90 – 119 calendar days past due (1)	23,064		6,759
Total amortized cost basis	$	2,485,534	$	2,019,884

(1)Includes $22.7 million of loan receivables as of June 30, 2022 that are 90 days or more past due, but are not on nonaccrual status.

We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses is determined based on our current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations as of each balance sheet date. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our consolidated statements of operations and comprehensive loss. When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses.

The following table details activity in the allowance for credit losses (in thousands):


	Year ended June 30,
	2022	2021	2020
Allowance at beginning of period	117,760	95,137	66,260
Adjustment due to adoption of new accounting standard	—	10,083	—
Provision for credit losses	240,804	63,755	101,540
Charge-offs	(227,770)	(65,149)	(81,052)
Recoveries of charged-off receivables	24,598	13,934	8,389
Allowance at end of period	155,392	117,760	95,137

Equity Incentive Plans (Tables)

12 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes our stock option activity for the year ended June 30, 2022:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2021	31,662,750	$	10.42	6.30
Granted	2,428,616	25.69
Exercised	(13,519,561)	5.13
Forfeited, expired or cancelled	(1,261,099)	23.68
Balance as of June 30, 2022	19,310,706	15.22		6.94
Vested and exercisable, June 30, 2022	11,792,367	$	7.61	5.98	$	139,121
Vested and exercisable, and expected to vest thereafter(1) June 30, 2022	18,922,009	$	14.53	6.91	$	164,796

(1)Options expected to vest reflect the application of an estimated forfeiture rate.


Tranche	Stock Price Hurdle		Number of Options
1	$	65.66	1,000,000
2	$	82.32	1,000,000
3	$	98.98	1,000,000
4	$	115.64	1,000,000
5	$	132.30	1,000,000
6	$	148.47	1,000,000
7	$	165.13	1,000,000
8	$	181.79	1,000,000
9	$	247.94	2,250,000
10	$	371.91	2,250,000
Total			12,500,000

Schedule of Stock Options Valuation Assumptions

We used the simplified method to determine an estimate of the expected term of an employee share option.


	Year ended June 30,
	2022	2021	2020
Volatility	54%	46%	45%
Risk-free interest rate	1.47% - 3.01%	0.70% - 1.05%	0.28% - 1.76%
Expected term (in years)	5.56	6.35	5.87
Expected dividend yield	—	—	—

Schedule of Restricted Stock Unit Activity

The following table summarizes our RSU activity during the year ended June 30, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested as of June 30, 2021	14,242,111	$	36.69
Granted	15,903,666	42.53
Vested	(6,251,519)	40.00
Forfeited, expired or cancelled	(2,506,666)	36.94
Non-vested as of June 30, 2022	21,387,592	$	38.41

Schedule of Components and Classification of Stock-based Compensation

The following table presents the components and classification of stock-based compensation (in thousands):


	Year ended June 30,
	2022		2021		2020
General and administrative	$	248,797	$	196,554	$	13,682
Technology and data analytics	116,531		76,643		12,285
Sales and marketing	23,224		17,092		4,040
Processing and servicing	2,431		2,218		82
Total stock-based compensation in operating expenses	390,983		292,507		30,089
Capitalized into property, equipment and software, net	54,542		13,999		2,921
Total stock-based compensation expense	$	445,525	$	306,506	$	33,010

Interest Income - Schedule of Interest Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Banking and Thrift, Interest [Abstract]
Interest income on unpaid principal balance	$ 365,993	$ 237,526	$ 163,374
Amortization of discount on loans	185,050	101,078	35,251
Amortization of premiums on loans	(13,085)	(9,018)	(6,157)
Interest receivable charged-off, net of recoveries	(10,078)	(3,169)	(5,738)
Interest income	$ 527,880	$ 326,417	$ 186,730

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Revenue
Revenue	$ 559,207	$ 429,402	$ 276,092
Interest income	527,880	326,417	186,730
Gain on sales of loans	196,435	89,926	31,907
Servicing income	65,770	24,719	14,799
Total Revenue, net	1,349,292	870,464	509,528
Operating Expenses
Loss on loan purchase commitment	204,081	246,700	161,452
Provision for credit losses	255,272	65,878	105,067
Funding costs	69,694	52,700	32,316
Processing and servicing	157,814	73,578	49,831
Technology and data analytics	418,643	249,336	122,378
Sales and marketing	532,343	182,190	25,044
General and administrative	577,493	383,749	121,230
Total Operating Expenses	2,215,340	1,254,131	617,318
Operating Loss	(866,048)	(383,667)	(107,790)
Other (expense) income, net	141,217	(59,703)	(4,432)
Loss Before Income Taxes	(724,831)	(443,370)	(112,222)
Income tax expense (benefit)	(17,414)	(2,343)	376
Net Loss	(707,417)	(441,027)	(112,598)
Excess return to preferred stockholders on repurchase	0	0	(13,205)
Net Loss Attributable to Common Stockholders	(707,417)	(441,027)	(125,803)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(5,900)	7,046	(302)
Unrealized gain (loss) on securities available for sale, net	(8,022)	29	0
Net Other Comprehensive Income (Loss)	(13,922)	7,075	(302)
Comprehensive Loss	$ (721,339)	$ (433,952)	$ (112,900)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (2.51)	$ (2.78)	$ (2.63)
Diluted (in USD per share)	$ (2.51)	$ (2.94)	$ (2.63)
Denominator:
Basic (in shares)	281,704,041	158,367,923	47,856,720
Diluted (in shares)	281,704,041	159,244,611	47,856,720
Merchant network revenue
Revenue
Revenue	$ 458,511	$ 379,551	$ 256,752
Virtual card network revenue
Revenue
Revenue	$ 100,696	$ 49,851	$ 19,340

Leases

12 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

We lease facilities under operating leases with various expiration dates through 2030. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from 180 days to one year. As of June 30, 2022, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to eight years.

Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. The cash collateral and deposits for the letters of credit have been recognized as restricted cash in the consolidated balance sheets and totaled $9.7 million and $9.9 million as of June 30, 2022 and June 30, 2021, respectively.

As of June 30, 2022, right-of-use assets of $50.7 million were included in other assets, and the related operating lease liability totaled $65.7 million which was included in accrued expenses and other liabilities in the consolidated balance sheet.

The impairment expense related to leases during the year ended June 30, 2022 was not material to our consolidated statements of operations. For the year ended June 30, 2021, we recognized impairment expense of $11.5 million and for several of our operating lease right-of-use assets, included in general and administrative expense on our consolidated statements of operations and comprehensive loss. There was no impairment expense related to leases during the year ended June 30, 2020.

The components of operating lease expenses are as follows (in thousands):


	Year ended June 30,
	2022		2021		2020
Operating lease expense	$	15,200	$	15,300	$	13,700
Short-term lease expenses	400		1,100		1,200

We have subleased a portion of our leased facilities. Sublease income totaled $3.1 million during the year ended June 30, 2022. There was no sublease income for both the years ended June 30, 2021 and 2020.

Lease term and discount rate information are summarized as follows:


												June 30, 2022
Weighted average remaining lease term (in years)												4.9
Weighted average discount rate												4.7%

Maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands) for the years ended:


2023	$	16,445
2024	16,334
2025	16,119
2026	15,270
2027	2,680
2028 and thereafter	7,688
Total lease payments	74,536
Less imputed interest	(8,823)
Present value of total lease liabilities	$	65,713

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 2,349	$ 2,132
Initial transfers of financial assets	2,899	2,915
Subsequent changes in fair value	(4,056)	(2,698)
Fair value at end of period	$ 1,192	$ 2,349

CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock issuance costs	$ 6,871
Redeemable convertible preferred stock
Stock issuance costs	$ 143	$ 0

Transactions with Related Parties	12 Months Ended
Transactions with Related Parties	Jun. 30, 2022
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related PartiesIn the ordinary course of business, we may enter into transactions with directors, principal officers, their immediate families and affiliated companies in which they are principal stockholders (commonly referred to as related parties). Some of our directors, principal officers, and their immediate families have received loans facilitated by us, in accordance with our regular consumer loan offerings. As of June 30, 2022, the outstanding balance and interest earned on such loans is immaterial.

Securitization and Variable Interest Entities - Unconsolidated VIEs Narrative (Details)	Apr. 15, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 22, 2022 USD ($) class buyer	Feb. 09, 2022 USD ($) buyer	Nov. 10, 2021 USD ($) buyer	Jun. 30, 2021 USD ($)	May 18, 2021 investor	May 17, 2021 USD ($)	May 05, 2021 USD ($)	Feb. 18, 2021 class	Oct. 22, 2020 USD ($)	Aug. 05, 2020 class
Debt Instrument [Line Items]
Loans held for investment		$ 2,503,561,000				$ 2,022,320,000
Securitized loans outstanding		$ 2,554,300,000
2021-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained		5.00%					5.00%		5.00%
Percentage of certificates owned		5.00%					5.00%
Securitized loans outstanding									$ 41,400,000
Gain on sale of loans								$ 16,700,000
2021-Z1 \| Secured debt
Debt Instrument [Line Items]
Securitization issued									$ 320,000,000
Fixed interest rate									1.07%
2021-Z1 \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment									$ 351,000,000
2021-Z1 \| Funding debt \| Other Assets
Debt Instrument [Line Items]
Pledged securities		$ (400,000)
2021-Z1 \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained		95.00%
2021-Z2
Debt Instrument [Line Items]
Percentage of residual certificates retained		5.00%
Percentage of certificates owned		5.00%			5.00%
Securitized loans outstanding					$ 192,500,000
Gain on sale of loans					$ 6,100,000
Third-party loan buyers \| buyer					1
2021-Z2 \| Secured debt
Debt Instrument [Line Items]
Securitization issued					$ 260,000,000
Fixed interest rate					1.17%
2021-Z2 \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment					$ 287,500,000
2021-Z2 \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained		95.00%
2022-X1
Debt Instrument [Line Items]
Percentage of residual certificates retained		5.00%
Percentage of certificates owned		5.00%		5.00%
Securitized loans outstanding				$ 258,300,000
Gain on sale of loans				$ 13,100,000
Third-party loan buyers \| buyer				2
2022-X1 \| Secured debt
Debt Instrument [Line Items]
Securitization issued				$ 366,500,000
Fixed interest rate				1.75%
Loans held for investment				$ 406,200,000
2022-X1 \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained		95.00%
2022-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained		5.00%
Percentage of certificates owned		5.00%	0.05%
Securitized loans outstanding			$ 251,700,000
Third-party loan buyers \| buyer			1
2022-Z1 \| Secured debt
Debt Instrument [Line Items]
Number of classes of securitization trusts \| class			2
2022-Z1 \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment			$ 420,300,000
2022-Z1 \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained		95.00%
2021-Z1 Residual Certificates
Debt Instrument [Line Items]
Percentage of residual certificates retained									86.90%
Percentage of certificates owned		5.00%					5.00%
2021-Z1 Residual Certificates \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained									13.10%
Percentage of residual certificates sold								81.90%
Number of third-party investors \| investor							5
2021-Z2 Residual Certificates
Debt Instrument [Line Items]
Percentage of certificates owned		5.00%
2021-Z2 Residual Certificates \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates sold					95.00%
2022-X1 Residual Certificates
Debt Instrument [Line Items]
Percentage of certificates owned		5.00%
2022-X1 Residual Certificates \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates sold				95.00%
2022-Z1 Residual Certificates
Debt Instrument [Line Items]
Percentage of certificates owned		5.00%
2022-Z1 Residual Certificates \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates sold			95.00%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained		100.00%
2021-A \| Secured debt
Debt Instrument [Line Items]
Number of classes of securitization trusts \| class										5
2021-A \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment		$ 498,500,000
2020-Z2
Debt Instrument [Line Items]
Percentage of residual certificates retained		93.30%
Securitized loans outstanding		$ 27,900,000
2020-Z2 \| Secured debt
Debt Instrument [Line Items]
Securitization issued											$ 375,000,000
Fixed interest rate											0.019%
2020-Z2 \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment		$ 101,200,000
2020-Z2 \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained		6.70%
2021-Z1 and 2021-Z2 \| Repurchase Agreement \| Other Receivables
Debt Instrument [Line Items]
Pledged securities		$ (32,400,000)				$ (16,200,000)
Affirm Asset Securitization Trust 2022-Z1 Notes, Class A \| Secured debt
Debt Instrument [Line Items]
Securitization issued			$ 356,000,000
Fixed interest rate			455.00%
Affirm Asset Securitization Trust 2022-Z1 Notes, Class B \| Secured debt
Debt Instrument [Line Items]
Securitization issued			$ 15,500,000
Fixed interest rate			649.00%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%	100.00%
2020-A \| Secured debt
Debt Instrument [Line Items]
Number of classes of securitization trusts \| class												3
Debt repayment	$ 280,400,000
2020-A \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment	$ 234,000,000

Leases - Schedule of Lease Term and Discount Rate (Details)	Jun. 30, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 10 months 24 days
Weighted average discount rate	4.70%

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Other Commitments [Line Items]
Loans held by third party investors or unconsolidated VIEs	$ 4,504.5	$ 2,453.9
Repurchase liability	2.0	2.1
Purchase commitments	37.1	$ 89.3
Committed spend	$ 120.0
Period of notice for termination of agreement	30 days
Customer Concentration Risk \| Revenue \| Largest merchant partner
Other Commitments [Line Items]
Revenue concentration percent		20.00%	28.00%
CALIFORNIA \| Geographic Concentration Risk \| Loan receivable
Other Commitments [Line Items]
Revenue concentration percent	12.00%	15.00%

Debt - Convertible Notes Outstanding (Details) - Convertible Senior Notes - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2022	Nov. 23, 2021
Line of Credit Facility [Line Items]
Principal	$ 1,725,000	$ 1,725,000
Unamortized Discount and Issuance Cost	(18,332)
Total funding debt, net of deferred debt issuance costs	$ 1,706,668

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0
Gross increase for tax positions related to the current year	28,407	0	0
Gross increase for tax positions related to prior years	19,460	0	0
Ending balance	$ 47,867	$ 0	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).

Our financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation.

Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of variable consideration for revenue, the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, the fair value of servicing assets and liabilities, discount on self-originated loans, the fair value of assets acquired and any contingent consideration transferred in business combinations, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of residual certificates issued by our securitization trusts held by third parties, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material

differences between these estimates and actual results, our financial condition or operating results will be materially affected.

These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ materially from those estimates.

Immaterial Correction of Prior Period Amounts

Subsequent to the issuance of our financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021, which was filed with the SEC on September 17, 2021, we identified understatements in certain prior period amounts related to the fair value measurement of contingent consideration and stock-based compensation.

We remeasure the fair value of the contingent consideration liability recorded in connection with the PayBright, Inc. (“PayBright”) acquisition at each reporting date. An incorrect input in the Monte Carlo simulation used to estimate the fair value as of June 30, 2021, resulted in an understatement of accrued expenses and other liabilities of $5.6 million as of June 30, 2021 as previously reported.

We measure stock-based compensation based on the fair value of an award at the grant date and recognize expense over the vesting period of the award based on the estimated portion of the award that is expected to vest. An incorrect determination of the grant date and service inception dates for certain awards granted prior to our initial public offering (“IPO”), as well as incorrect treatment of expense recognition for certain terminated employees, resulted in an understatement of additional paid in capital and misstatement of stock-based compensation expense as of and for the year ended June 30, 2021 as previously reported.

Accordingly, we have corrected the accompanying financial statements and related footnotes as of and for the year ended June 30, 2021 from amounts previously reported. We have evaluated the materiality of these misstatements based on an analysis of quantitative and qualitative factors and concluded they were not material to the prior period financial statements, individually or in aggregate.

The following tables provide the impact of the correction as of and for the year ended June 30, 2021, as presented below (in thousands):


	As of June 30, 2021
	As Previously Reported	Adjustments	As Corrected
Accrued expenses and other liabilities	317,951	5,626	323,577
Total liabilities	2,285,814	5,626	2,291,440
Additional paid in capital	3,462,762	4,474	3,467,236
Accumulated deficit	(888,381)	(10,104)	(898,485)
Accumulated other comprehensive income	6,769	4	6,773
Total stockholders’ equity	2,581,153	(5,626)	2,575,527


	Year Ended June 30, 2021
	As Previously Reported		Adjustments		As Corrected
Consolidated Statement of Operations and Comprehensive Loss
Processing and servicing	73,767		(189)		73,578
Technology and data analytics	256,082		(6,746)		249,336
Sales and marketing	184,279		(2,089)		182,190
General and administrative	370,251		13,498		383,749
Total Operating Expenses	1,249,657		4,474		1,254,131
Other expense, net	(54,073)		(5,630)		(59,703)
Loss Before Income Taxes	(433,266)		(10,104)		(443,370)
Net Loss Attributable to Common Stockholders	(430,923)		(10,104)		(441,027)
Foreign currency translation adjustments	7,042		4		7,046
Net Comprehensive Income	7,071		4		7,075
Comprehensive Loss	(423,852)		(10,100)		(433,952)
Net loss per share attributable to common stockholders for Class A and Class B:
Basic	$	(2.72)	$	(0.06)	$	(2.78)
Diluted	$	(2.88)	$	(0.06)	$	(2.94)


	Year Ended June 30, 2021
	As Previously Reported	Adjustments	As Corrected
Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity
Stock-based compensation - Additional Paid-In Capital	302,032	4,474	306,506
Foreign currency translation adjustments - Accumulated Other Comprehensive Income (Loss)	7,042	4	7,046
Net Loss - Accumulated Deficit	(430,923)	(10,104)	(441,027)
Balance as of June 30, 2021 - Total Stockholders' Equity	2,581,153	(5,626)	2,575,527


	Year Ended June 30, 2021
	As Previously Reported	Adjustments	As Corrected
Consolidated Statement of Cash Flows
Cash Flows from Operating Activities
Net Loss	(430,923)	(10,104)	(441,027)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities	51,655	5,630	57,285
Stock-based compensation	288,033	4,474	292,507
Net Cash Used in Operating Activities	(193,130)	—	(193,130)

Segment Reporting

We conduct our operations through a single operating segment and, therefore, one reportable segment.

Operating segments are components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess the performance of the business. Our CODM, the Chief Executive Officer of Affirm Holdings, Inc., uses a variety of measures to assess the performance of the business; however, detailed profitability information that could be used to allocate resources and assess the performance of the business is managed and reviewed for the consolidated company as a whole.

Business Combination

We use the acquisition method of accounting for business combination transactions, and, accordingly, recognize the fair values of assets acquired and liabilities assumed in our consolidated financial statements. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value. Transaction costs related to the acquisition of the acquired company are expensed as incurred. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date.

Cash and Cash Equivalents

Cash and cash equivalents consist of checking, money market and savings accounts held at financial institutions and short term highly liquid marketable securities, including money market funds and other corporate securities purchased with an original maturity of three months or less.

Restricted Cash

Restricted cash consists primarily of: (i) deposits restricted by standby letters of credit for office leases and certain commercial agreements; (ii) funds held in accounts as collateral for our originating bank partners; and (iii) servicing funds held in accounts contractually restricted by agreements with warehouse credit facilities, securitization trusts, and third-party loan owners. We have no ability to draw on such funds as long as they remain restricted under the applicable agreements.

Securities Available for Sale

We hold certain investments in marketable debt securities and retained interests in our unconsolidated securitization trusts which are accounted for under ASC Topic 320, “Investments - Debt Securities” (“ASC 320”). We have classified these investments as available for sale, as defined within ASC 320. These investments are held at fair value with changes in fair value recorded in unrealized gain (loss) on securities available for sale, net within other comprehensive income (loss), excluding the portion relating to any credit loss. As of the end of each reporting period, management reviews each security where the fair value is less than the amortized cost to determine whether any portion of the decline in fair value is due to a credit loss and/or whether or not we intend to sell or will be required to sell such security before recovery of its amortized cost basis. The portion of any decline in fair value which management identifies as a credit loss will be recognized as an allowance for credit losses through other (expense) income, net. To the extent management intends to sell or may be required to sell a security in an unrealized loss position, we 1) reverse any previously recorded allowance for credit losses with an offsetting entry to reduce the amortized cost basis of the security and 2) write-off any remaining portion of the amortized cost basis to equal its fair value, with this change recorded through other (expense) income, net.

Interest income for available for sale securities is recorded within other (expense) income, net.

Available for sale securities initially purchased with less than 90 days until maturity with quoted transaction prices in an active market are classified as cash and cash equivalents.

With respect to retained interests in our securitization trusts, we apply the guidance in ASC Topic 325, “Investments - Other” (“ASC 325”) relating to beneficial interests. Accordingly, we recognize interest income each period based on the effective interest rate calculated using expected cash flows. Changes in the timing of expected cash flows are accounted for prospectively through an adjustment to interest income. When fair value is below amortized cost, we record an allowance for credit losses measured based on the difference between amortized cost and projected cash flows discounted at the effective interest rate. The allowance for credit losses is capped at the difference between amortized cost and fair value.

Loans Held for Investment

We either originate loans directly or purchase our loans from our originating bank partners pursuant to the terms outlined in the respective executed loan sale program agreements between us and our bank partners. Loan receivables that we have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are reported at amortized cost, which includes unpaid principal balances, any related premiums including fees paid to our originating bank partners and discounts due to loss on loan purchase commitment for loans with a fair value below the purchase price, where applicable, adjusted for any charge-offs. The amortized cost is adjusted for the allowance for credit losses within loans held for investment, net.

Loans Held for Sale

We sell certain loans to third-party loan buyers and securitization trusts. A loan is initially classified as held for sale when the loan is identified as for sale to a third party loan buyer or to be sold to a securitization that is anticipated to be off balance sheet. Loans classified as held for sale are recorded at the lower of amortized cost or fair value. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. When a loan held for investment is reclassified to held for sale and reported at fair value, any allowance for the credit loss related to that loan is released and any fair value adjustment to record the loan at the lower of amortized cost or fair value is recorded. Our loans designated as held for sale are generally sold within one to three days of the balance sheet date. Fair value adjustments were not material for loans designated as held for sale as of June 30, 2022 and June 30, 2021.

Transfers of Financial Assets

We account for loan sales in accordance with ASC 860, “Transfers and Servicing” (“ASC 860”) which states that a transfer of financial assets, a group of financial assets, or a participating interest in a financial asset is accounted for as a sale if all of the following conditions are met:

a.The financial assets are isolated from the transferor and its consolidated affiliates as well as its creditors;

b.The transferee or beneficial interest holders have the right to pledge or exchange the transferred financial assets; and

c.The transferor does not maintain effective control of the transferred assets.

For the years ended June 30, 2022, 2021, and 2020, all loan sales met the requirements for sale treatment in accordance with ASC 860. We record the gain or loss on the sale of a loan at the sale date in an amount equal to the proceeds received, adjusted for initial recognition of servicing assets or liabilities obtained at the date of sale, less the carrying value of the loan.

Upon the sale of a loan to a third-party loan buyer or unconsolidated securitization in which we retain servicing rights, we may recognize a servicing asset or liability. Receiving more than adequate compensation, as

defined by ASC 860, for servicing those loans, results in recognition of a servicing asset. Receiving less than adequate compensation results in a servicing liability. Servicing assets and liabilities are recorded at fair value and are presented as a component of other assets or accrued expenses and other liabilities, respectively. The recognition of a servicing asset results in a corresponding increase to the gain on sales of loans. The recognition of a servicing liability results in a corresponding decrease to gain on sales of loans. The servicing rights are marked to fair value each period, with the subsequent adjustment recognized in servicing income. The subsequent measurement includes changes in inputs or assumptions used in the valuation model.

In connection with the sale of a loan to a third-party loan buyer or unconsolidated securitization, we may also recognize a recourse liability in accordance with ASC 460, “Guarantees” (“ASC 460”) as in certain circumstances we may become required to re-purchase loans from third-party investors due to breaches in representations and warranties. The recognition of a recourse liability results in a corresponding decrease to gain on sales of loans. The recourse liability is amortized over the loan term and remeasured each period based on the outstanding loan balance and changes in our expectation of future repurchase obligations.

Allowance for Credit Losses

The allowance for credit losses on loans held for investment is determined based on management’s current estimate of expected credit losses over the remaining contractual term, historical credit losses, consumer payment trends, estimates of recoveries, and future expectations on individual loans as of each balance sheet date. We immediately recognize an allowance for expected credit losses upon the origination of a loan. Adjustments to the allowance each period for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our consolidated statements of operations and comprehensive loss. We have made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed.

In estimating the allowance for credit losses, management utilizes a migration analysis of delinquent and current loan receivables. Migration analysis is a technique used to estimate the likelihood that a loan receivable will progress through various stages of delinquency and to charge-off. The analysis focuses on the pertinent factors underlying the quality of the loan portfolio. These factors include historical performance, the age of the receivable balance, seasonality, customer credit-worthiness, changes in the size and composition of the loan portfolio, delinquency levels, bankruptcy filings and actual credit loss experience. We also take into consideration certain qualitative factors where we adjust our quantitative baseline using our best judgment to consider the inherent uncertainty regarding future economic conditions and consumer loan performance. For example, the Company considers the impact of current economic factors at the reporting date that did not exist over the period from which historical experience was used. As of June 30, 2022, we have considered the impact of Federal Reserve monetary policy, labor market trends, inflation and consumer sentiment.

When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged against the allowance for credit losses. Loans are charged-off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. Refer to Note 4. Loans Held for Investment and Allowance for Credit Losses for more information.

Accounts Receivable, net

Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. We evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses, as applicable. Our allowance for credit losses with respect to accounts receivable was $13.9 million and $4.1 million as of June 30, 2022 and June 30, 2021, respectively.

Property, Equipment and Software, net

Property, equipment and software consist of computer and office equipment, capitalized internal-use developed software and website development costs and leasehold improvements. Property, equipment and software is stated at cost less accumulated depreciation and amortization. Depreciation and amortization expenses are recognized using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Leasehold improvements are depreciated over the shorter of the improvement’s estimated useful life or the remaining lease term.

We capitalize costs to develop internally developed software when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software or website will function and be used as intended. Capitalized internal-use software costs primarily include salaries and payroll-related costs for employees directly involved in the development efforts, software licenses acquired and fees paid to external consultants. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is three years. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred. Costs incurred for enhancements that are expected to result in additional functionality are capitalized and expensed over the estimated useful life of the upgrades. Capitalized internally developed software costs are included in property, equipment and software, and amortization expense is included in technology and data analytics expense in the consolidated statements of operations and comprehensive loss.

Property, equipment and software is tested for impairment when there is an indication that the carrying value of an asset group may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined not to be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value and recorded in the period the determination is made.

Goodwill and Intangible Assets

We recognize the excess of the purchase price over the fair value of identifiable net assets acquired at the acquisition date as goodwill. Goodwill is not amortized but is reviewed for impairment annually and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. If the fair value of the reporting unit is greater than the reporting unit’s carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired and written down to the reporting unit’s fair value.

Identifiable intangible assets include developed technology, merchant relationships, assembled workforce, and trade names resulting from acquisitions, including asset acquisitions. Acquired intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated economic lives following the pattern in which the economic benefits of the assets will be consumed, which is on a straight-line basis. Acquired intangible assets are presented net of accumulated amortization on the consolidated balance sheets. We review the carrying amounts of intangible assets group for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. We measure the recoverability of intangible assets by comparing the carrying amount of each asset to the future undiscounted cash flows we expect the asset to generate. If we consider any of these assets to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization.

Leases

We determine whether an arrangement is a lease for accounting purposes at contract inception. For operating leases, we record a right-of-use asset within other assets in our consolidated balance sheets, which represents our right to use an underlying asset for the lease term. A corresponding lease liability, which represents our obligation to make lease payments arising from the lease, is recorded in accrued expenses and other liabilities in our consolidated balance sheets.

ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To discount the lease payments, we use an incremental borrowing rate derived from a corporate yield curve corresponding with the lease term using information available on the commencement date. We have the option to renew or extend our leases. We include these periods in the lease term when a decision has been made to exercise the option. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

We have elected the practical expedient allowing the combination of lease and non-lease components by class of underlying asset. We have also elected the short-term lease exception and will not recognize right-of-use assets or lease liabilities for qualifying leases with a term of less than 12 months from lease commencement.

Non-marketable Equity Securities

Non-marketable equity securities which do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer (the “measurement alternative”).

Unrealized and realized gains and losses on the investment due to impairment or observable price changes in orderly transaction for an identical or similar investment of the same issuer, if any, are recognized in other (expense) income, net on our consolidated statements of operations and comprehensive loss and a new carrying value is established for the investment upon such recognition.

Funding Debt and Debt Issuance Costs

We borrow from various lenders through our warehouse facilities and through sale and repurchase agreements by pledging certain retained interests in our off balance sheet securitizations to finance loans we originate directly and purchase loans from our originating bank partners. These borrowings are carried at amortized cost. Costs incurred in connection with borrowings, such as banker fees, commitment fees and legal fees, are classified as deferred debt issuance costs. We defer these costs and amortize them on a straight-line basis over the term of the debt. Interest payments and amortization of debt issuance costs incurred on funding debt is presented as funding costs in the consolidated statements of operations and comprehensive loss. Unamortized debt issuance costs are presented as a reduction of the associated debt.

Income Taxes

Income taxes are accounted for using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as an income tax expense (benefit) in the period that includes the enactment date.

Valuation allowances are provided when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized based on the weighting of positive and negative evidence. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryback or carryforward periods available under the applicable tax law. We regularly review the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, and tax planning strategies; however, in evaluating the positive evidence available, expectations of future taxable income and projections for growth are usually not sufficient to overcome the negative evidence of the presence of a three-year cumulative loss. Should there be a change in the ability to recover deferred tax assets, our income tax provision would increase or decrease in the period in which the assessment is changed.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex federal, state, and foreign tax laws and regulations, and positions taken in our tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are recognized in the financial statements only when it is more likely than not that the positions will be sustained upon examination by the tax authorities, assuming full knowledge of the position and all relevant facts. Interest and penalties, if any, on income tax uncertainties are classified within income tax expense in the income statement.

Fair Value of Assets and Liabilities

ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that use, as inputs, observable market-based parameters to the greatest extent possible.

Additionally, ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:

•Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.

•Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means.

•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Revenue Recognition

Merchant Network Revenue — Revenue from Contracts with Customers

Merchant network revenue consists of merchant fees. Merchant partners (or merchants) are charged a fee on each transaction processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled.

Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants promotional incentives to offer incentives to promote our platform to their customers, such as fee reductions or rebates. These amounts, as well as refunds, are recorded as a reduction of revenue and netted against merchant network revenue.

We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense.

On May 5, 2021, our largest merchant partner at the time, Peloton, announced a voluntary recall of two of its products following a report by the U.S. Consumer Product Safety Commission released on April 17, 2021. Pursuant to ASC 606, we revised our estimate of the variable consideration associated with revenue earned on the facilitation of transactions related to the recalled products and recorded a reduction in revenue of $5.4 million during the year ended June 30, 2021.

A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs.

Virtual Card Network Revenue — Revenue from Contracts with Customers

We have agreements with issuer processors to facilitate transactions through the issuance of virtual debit cards to be used by consumers at checkout. Consumers can apply for a virtual debit card through the Affirm app and, upon approval, receive a single-use virtual debit card to be used for their purchase online or offline at a non-integrated merchant. The virtual debit card is funded at the time a transaction is authorized using cash held by the issuer processor in a reserve fund. Our originating bank partner then originates a loan to the consumer once the transaction is confirmed by the merchant. The non-integrated merchants are charged interchange fees by the issuer processor for virtual debit card transactions, as with all debit card purchases, and the issuer processor shares a portion of this revenue with us. We also leverage this issuer processor as a means of integrating certain merchants. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees by the issuer processor and the issuer processor shares a portion of this revenue with us. From time to time, we offer certain integrated merchants promotional incentives to promote our platform to their customers, such as rebates of interchange fees charged by the issuer processor. These amounts are recorded as a reduction of revenue and netted against virtual card network revenue.

Our contracts with issuer processors are defined at the transaction level and do not extend beyond the service already provided. The fees collected from issuer processors for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The fees collected are presented in revenue, net of associated processing fees. As the issuer processors do not provide distinct services to us, any fees paid to the issuer processors are offset against collected fees. We have concluded that these fees do not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to the issuer processors to facilitate transactions with consumers.

A portion of virtual card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by the issuer processors. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully.

Interest Income

We accrue interest income using the effective interest method. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the borrower involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed and any interest that would have been earned during the disputed period is retroactively accrued. As of June 30, 2022 and June 30, 2021, the balance of loans held for investment on non-accrual status was $1.7 million and $1.1 million, respectively.

The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is reversed.

Any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan are amortized into interest income over the life of the loan using the effective interest method. The amortization is presented together as interest income in the consolidated statements of operations and comprehensive loss.

Servicing Income

Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. We recognize this revenue on a monthly basis.

Loss on Loan Purchase Commitment

We purchase certain loans from our originating bank partners that are processed through our platform that our originating bank partner puts back to us. Under the terms of the agreements with our originating bank partners, we are generally required to pay the principal amount plus accrued interest for such loans. In certain instances, our originating bank partners may originate loans with zero or below market interest rates that we are required to purchase. In these instances, we may be required to purchase the loan for a price in excess of the fair market value of such loans, which results in a loss. These losses are recognized as loss on loan purchase commitment in our consolidated statements of operations and comprehensive loss.

Due to the nature of this arrangement with our originating bank partners, we recognize a net liability for this commitment when the merchant confirms the transaction. This liability is recorded at fair value, which is determined by the difference between the estimated fair value of the loan and the anticipated purchase price. Upon purchase, the liability is included in the amortized cost basis of the purchased loan as a discount, which is amortized into interest income over the life of the loan.

Customer Referral Partners

From time to time, we make payments to customer referral partners providing lead generation services for each transaction processed through our technology platform. We first evaluate whether the customer referral partner is a customer or a vendor. We consider customer referral partners as customers if we determine they are the principal to eligible merchants in providing the facilitation of credit service. We consider customer referral partners as vendors if we determine that we are the principal to eligible merchants in providing the facilitation of credit service. Payments made to customer referral partners that are considered to be our customer are recorded as a reduction of revenue, and payments made to customer referral partners that are not considered to be our customers are recorded in processing and servicing expense, respectively, over the associated period of benefit within our consolidated statements of operations and comprehensive loss.

Sales and Marketing Costs

Sales and marketing costs include the expense related to warrants and other share-based payments granted to our enterprise partners. See Note 6. Balance Sheet Components for more information on these arrangements. Sales and marketing costs also include salaries and personnel-related costs, as well as costs of general marketing and promotional activities, promotional event programs, sponsorships, and allocated overhead. A portion of these costs related to general marketing and promotional activities are considered advertising costs within the meaning of ASC Topic 720, “Other Expenses” (“ASC 720”), and are expensed as incurred. Advertising costs totaled $74.0 million, $48.1 million and $3.3 million for the year ended June 30, 2022, 2021, and 2020, respectively.

Derivative Instruments

We mitigate the impact of changes in interest rates with various derivative instruments, including interest rate caps, constant maturity swaps, and curve efficient swaps that are accounted for as derivatives pursuant to ASC Topic 815, “Derivatives and Hedging” ("ASC Topic 815"). ASC Topic 815 requires that an entity recognize all derivatives as either assets or liabilities on the balance sheet, measure those instruments at fair value and recognize changes in the fair value of derivatives in earnings in the period of change unless the derivative qualifies as a designated hedge that offsets certain exposures. During the periods presented, we have not designated any of our derivatives as hedging instruments.

Stock-Based Compensation

We account for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of U.S. GAAP, which requires compensation cost for the grant date fair value of stock-based awards to be recognized over the requisite service period. In addition, we made an accounting policy election to estimate the expected forfeiture rate for service-based awards and only recognize expense for those stock-based awards expected to vest. We estimate the forfeiture rate based on our historical experience with stock-based awards that are granted and forfeited prior to vesting.

The fair value of stock-based awards, granted or modified, is determined on the grant date (or modification or acquisition dates, if applicable) at fair value, using appropriate valuation techniques.

Service-Based Awards

We record stock-based compensation expense for service-based stock options and restricted stock units (“RSUs”) on a straight-line basis over the requisite service period, which is generally one to four years. The fair value of each option on the date of grant is determined using the Black Scholes-Merton option pricing model using the single-option award approach. Volatility is based on historical volatility rates obtained from comparable publicly-traded companies that operate in the same or related business as us, as there is a limited time period of historical market data for our common stock. The risk-free interest rate is determined using a U.S. Treasury rate for the period that coincides with the expected term set forth. We used the simplified method to determine an estimate of the expected term of an employee stock option.

We account for stock-based awards to non-employees, including consultants, in accordance with ASC Topic 718, “Compensation — Stock Compensation” (“ASC 718”), in which equity-classified awards are measured at the grant date fair value and recognized as expense in the period and manner as though we had paid cash in exchange for goods or services instead of granting a stock-based award.

Performance-Based Awards

Prior to the IPO, we granted RSUs that were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either certain change in control transactions or an initial public offering). The performance-based condition was met upon the IPO. We record stock-based compensation expense for these awards on an accelerated attribution method over the requisite service period, which is generally four years.

Upon exercise or vesting of a stock-based award, the tax effect of the difference, if any, between the cumulative compensation cost recognized for financial statement purposes and the deduction for income tax purposes, will be recognized as an income tax expense or benefit in the consolidated statement of operations.

Market-Based Awards

We have granted stock option awards with service-based and performance-based vesting conditions, with market-based conditions that are incorporated into the grant date fair value. We determined the grant date fair value of these awards by utilizing a Monte Carlo simulation model that incorporates the possibility that the market-based conditions may not be satisfied. The Monte Carlo simulation also incorporates assumptions including expected stock price volatility, expected term, and risk-free interest rates. We estimate the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies in our industry group. We estimate the expected term of the award based on various exercise scenarios. The risk-free interest rate is determined using a U.S. Treasury rate for the period that coincides with the expected term set forth.

We record stock-based compensation expense for market-based equity awards on an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied.

Foreign Currency

We have wholly-owned foreign subsidiaries that use the local currency of their respective country as their functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenue, costs, and expenses of these subsidiaries are translated into U.S. dollars using daily exchange rates when incurred. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other income (expense), net, in our consolidated statements of operations and comprehensive loss.

Basic and Diluted Net Loss per Common Share

We calculate net income or loss per share using the two-class method. The two-class method requires income available to common stockholders for the period to be allocated between each class of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Our participating securities include common stock issued upon the early exercise of stock options and convertible senior notes. We consider any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on our common stock. These participating securities do not contractually require the holders of such shares to participate in our losses. As such, net losses for the years presented were not allocated

to our participating securities. Prior to the conversion of redeemable convertible preferred stock into shares of our common stock on January 12, 2021, these shares also represented participating securities.

We calculate basic net loss per share attributable to common stockholders for Class A and Class B common stock by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding in each class for the period.

We calculate diluted net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding in each class, after giving consideration to the dilutive effect of our redeemable convertible preferred stock, stock options, restricted stock units, employee stock purchase plan shares, convertible debt and common stock warrants that are outstanding during the period. We have generated a net loss in all periods presented, and therefore, the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. During the years ended June 30, 2021 and 2020, the excess of the repurchase price of preferred stock over its carrying value was recorded as an increase to net loss to determine net loss attributable to common stockholders, basic and diluted.

Recently Adopted Accounting Standards

Convertible Debt Instruments

In August 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-06, “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40),” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments. Either a modified retrospective method of transition or a fully retrospective method of transition is permissible for the adoption of this standard. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted no earlier than the fiscal year beginning after December 15, 2020. We early adopted the new standard effective July 1, 2021 on a modified retrospective basis. The adoption of the new standard did not have any impact on our financial statements as of the adoption date. As further discussed in Note 11. Debt, the Company issued certain convertible senior notes in November 2021, and the accounting for these instruments was based on the guidance in ASU 2020-06.

Staff Accounting Bulletin No. 121

In March 2022, the SEC staff released Staff Accounting Bulletin No. 121 ("SAB 121"), which expressed the views of the SEC staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for users of its crypto platform. This guidance requires entities that hold crypto-assets on behalf of platform users to recognize a liability to reflect the entity’s obligation to safeguard the crypto-assets held for its platform users, whether safeguarding is provided by the entity or by an agent acting on behalf of the entity. The liability should be measured at initial recognition and each reporting date at the fair value of the crypto-assets that the entity is responsible for holding for its platform users, taking into account any potential loss event. The entity should also recognize an asset at the same time that it recognizes the safeguarding liability, measured at initial recognition and each reporting date at the fair value of the crypto-assets held for its platform users taking into account any potential loss event. The entity should also describe the asset and the corresponding liability in the footnotes to the financial statements and consider including information regarding who (e.g. the company, its agent, or another third party) holds the cryptographic key information, maintains the internal recordkeeping of those assets, and is obligated to secure the assets and protect them from loss or theft. This guidance is effective from the first interim period after June 15, 2022 and should be applied retrospectively. We adopted the guidance in SAB 121 as of June 30, 2022 on a retrospective basis. The adoption of the guidance did not have a material impact on our financial statements.

Recent Accounting Pronouncements Not Yet Adopted

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subject to meeting certain criteria, the new guidance provides optional expedients and exceptions to applying contract modification accounting under existing U.S. GAAP, to address the expected phase out of the London Interbank Offered Rate (“LIBOR”). This ASU is effective for all entities upon issuance as of March 12, 2020 through December 31, 2022. In January 2021, the FASB also issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which provides additional optional expedients and exceptions applicable to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This ASU is effective for all entities upon issuance as of January 7, 2021 through December 31, 2022. We have reviewed all our financial agreements that utilize LIBOR as the reference rate and determined there is no material impact to our consolidated financial statements as of June 30, 2022. Throughout the remaining effective period for ASU 2020-04 and ASU 2021-01, we will continue to evaluate the available relief measures within each of these amendments and will determine any impact on our consolidated financial statements and disclosures, as applicable.

Business Combinations

In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Topic 606 (Revenue from Contracts with Customers). ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted, including for interim periods, and is applicable to all business combinations for which the acquisition date occurs within the beginning of the fiscal year of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Financial Instruments - Credit Losses

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments— Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosure” which addresses areas identified by the FASB as part of its post-implementation review of the current expected credit losses model or “CECL” previously issued in ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326)”. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases in the vintage disclosures. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. Amendments in this ASU should be applied prospectively except for the transition method related to the accounting for troubled debt restructurings in which an entity has the option to apply a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Summary of Significant Accounting Policies - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Liabilities:
Accrued expenses and other liabilities	$ 237,598	$ 323,577
Total liabilities	4,355,537	2,291,440
Stockholders’ equity:
Additional paid in capital	4,231,303	3,467,236
Accumulated deficit	(1,605,902)	(898,485)
Accumulated other comprehensive gain (loss)	(7,149)	6,773
Total stockholders’ equity	$ 2,618,255	2,575,527	$ (367,096)	$ (263,414)
As Previously Reported
Liabilities:
Accrued expenses and other liabilities		317,951
Total liabilities		2,285,814
Stockholders’ equity:
Additional paid in capital		3,462,762
Accumulated deficit		(888,381)
Accumulated other comprehensive gain (loss)		6,769
Total stockholders’ equity		2,581,153
Adjustments
Liabilities:
Accrued expenses and other liabilities		5,626
Total liabilities		5,626
Stockholders’ equity:
Additional paid in capital		4,474
Accumulated deficit		(10,104)
Accumulated other comprehensive gain (loss)		4
Total stockholders’ equity		$ (5,626)

Balance Sheet Components - Property, Equipment and Software (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 231,820	$ 95,400
Less: Accumulated depreciation and amortization	(60,338)	(32,901)
Total Property, equipment and software, net	171,482	62,499
Internally developed software
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	200,621	68,197
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	16,169	15,212
Computer equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	10,751	6,707
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 4,279	$ 5,284

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 2,288,907
2021	158,318
2020	37,607
2019	618
2018	82
Prior	2
Loans held for investment	2,485,534	$ 2,019,884
2022 Current period charge-offs	(133,338)
2021 Current period charge-offs	(89,960)
2020 Current period charge-offs	(3,783)
2019 Current period charge-offs	(548)
2018 Current period charge-offs	(120)
Prior current period charge-offs	(21)
Total current period charge-offs	(227,770)
2022 Current period recoveries	5,288
2021 Current period recoveries	9,802
2020 Current period recoveries	4,417
2019 Current period recoveries	2,952
2018 Current period recoveries	1,242
Prior current period recoveries	897
Total current period recoveries	24,598
2022 Current period net charge-offs	(128,050)
2021 Current period net charge-offs	(80,158)
2020 Current period net charge-offs	634
2019 Current period net charge-offs	2,404
2018 Current period net charge-offs	1,122
Prior current period net charge-offs	876
Total current period net charge-offs	(203,172)
96+
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,218,104
2021	122,503
2020	33,458
2019	157
2018	1
Prior	0
Loans held for investment	1,374,223
94 – 96
Financing Receivable, Credit Quality Indicator [Line Items]
2022	620,403
2021	11,240
2020	773
2019	13
2018	2
Prior	0
Loans held for investment	632,431
90 – 94
Financing Receivable, Credit Quality Indicator [Line Items]
2022	220,056
2021	3,886
2020	6
2019	4
2018	0
Prior	0
Loans held for investment	223,952
Less than 90
Financing Receivable, Credit Quality Indicator [Line Items]
2022	44,300
2021	135
2020	2
2019	0
2018	0
Prior	0
Loans held for investment	44,437
No score
Financing Receivable, Credit Quality Indicator [Line Items]
2022	186,044
2021	20,554
2020	3,368
2019	444
2018	79
Prior	2
Loans held for investment	$ 210,491

Equity Incentive Plans

12 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2012 Stock Plan

Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, and restricted stock units (“RSUs”) to employees, officers, directors, and consultants. As of June 30, 2022, the maximum number of shares of common stock which may be issued under the Plan is 118,374,202 Class A shares. As of June 30, 2022 and June 30, 2021, there were 31,156,746 and 29,793,755 shares of Class A common stock, respectively, available for future grants under the Plan.

Stock Options

For stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant. Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years.

The following table summarizes our stock option activity for the year ended June 30, 2022:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2021	31,662,750	$	10.42	6.30
Granted	2,428,616	25.69
Exercised	(13,519,561)	5.13
Forfeited, expired or cancelled	(1,261,099)	23.68
Balance as of June 30, 2022	19,310,706	15.22		6.94
Vested and exercisable, June 30, 2022	11,792,367	$	7.61	5.98	$	139,121
Vested and exercisable, and expected to vest thereafter(1) June 30, 2022	18,922,009	$	14.53	6.91	$	164,796

(1)Options expected to vest reflect the application of an estimated forfeiture rate.

The weighted-average grant date fair value of employee options granted for the years ended June 30, 2022, 2021, and 2020, was $13.29, $59.83, and $3.26, respectively. The aggregate intrinsic value of options exercised was approximately $1.4 billion, $706.7 million, and $3.1 million for the years ended June 30, 2022, 2021, and 2020, respectively. The total fair value of stock options vested during the years ended June 30, 2022, 2021, and 2020 was $30.3 million, $97.4 million, and $53.9 million, respectively.

The fair value of each option on the date of grant is determined using the Black Scholes-Merton option pricing model using the single-option award approach with the weighted-average assumptions set forth in the table below. Volatility is based on historical volatility rates obtained from certain public companies that operate in the same or related business as us since there is a limited period of historical market data for our common stock. The risk-free interest rate is determined using a U.S. Treasury rate for the period that coincides with the expected term set forth. We used the simplified method to determine an estimate of the expected term of an employee share option.


	Year ended June 30,
	2022	2021	2020
Volatility	54%	46%	45%
Risk-free interest rate	1.47% - 3.01%	0.70% - 1.05%	0.28% - 1.76%
Expected term (in years)	5.56	6.35	5.87
Expected dividend yield	—	—	—

As of June 30, 2022, unrecognized compensation expense related to unvested stock options was approximately $67.0 million. The weighted-average period over which such compensation expense will be recognized is approximately 1.9 years.

When an employee exercises stock options, we collect and remit taxes on the employee’s behalf to applicable taxing authorities. As of June 30, 2022 and June 30, 2021, the balance of equity exercise taxes payable was $10.9 million and $23.7 million, respectively, which is included in accounts payable on the consolidated balance sheets.

Stock Options with Early Exercise Rights

In accordance with the Plan, for certain stock options issued prior to the IPO, we allow for early exercise of the options while retaining the right to repurchase any unvested options upon termination of employment at the

original exercise price. The proceeds received from early exercise of stock options have been recorded within accrued expenses and other liabilities on the consolidated balance sheets. As of June 30, 2022 and June 30, 2021, the early exercise liability totaled $0.3 million and $0.9 million, respectively.

Value Creation Award

In November 2020, in connection with an overall review of the compensation of Max Levchin, our Chief Executive Officer, in advance of the IPO, and taking into account Mr. Levchin’s leadership since the inception of the Company, the comparatively modest level of cash compensation he had received from the Company during his many years of service, and that he did not hold any unvested equity awards, the Company's Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company's Class A common stock (the “Value Creation Award”).

As discussed below, the Value Creation Award will only be earned, if at all, in the event the price of our Class A common stock attains stock price hurdles that are significantly in excess of the Company's IPO price per share, over a period of five years, subject to Mr. Levchin’s continued service to the Company.

The Value Creation Award is divided into ten tranches, each of which Mr. Levchin may earn by satisfying a performance condition within a five-year period following the IPO. The performance condition for each tranche will be satisfied on the date the 90 average trading day volume weighted share price of the Company’s Class A common stock exceeds certain specified stock price hurdles, presented in the table below, which were determined based on a target percentage of share price appreciation from the IPO price. Once earned as a result of satisfying the performance condition, the options will vest and become exercisable over a five-year period that commenced at the time of the IPO, subject to Mr. Levchin’s continued service to the Company, in annual amounts equal to 15%, 15%, 20%, 25% and 25%, respectively. The per share exercise price of the Value Creation Award is $49.00, the price to the public in the IPO.


Tranche	Stock Price Hurdle		Number of Options
1	$	65.66	1,000,000
2	$	82.32	1,000,000
3	$	98.98	1,000,000
4	$	115.64	1,000,000
5	$	132.30	1,000,000
6	$	148.47	1,000,000
7	$	165.13	1,000,000
8	$	181.79	1,000,000
9	$	247.94	2,250,000
10	$	371.91	2,250,000
Total			12,500,000

We estimated the fair value of the Value Creation Award granted with market conditions on the grant date using a Monte Carlo simulation model. We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. During the years ended June 30, 2022 and June 30, 2021, we incurred stock-based compensation expense of $140.7 million and $83.9 million, respectively, associated with the Value Creation Award as a component of general and administrative expense within the consolidated statements of operations and comprehensive loss. During the year ended June 30, 2022, based on achievement of the

stock price hurdles and time-based service conditions, 1,875,000 shares vested. As of June 30, 2022, none of these awards have been exercised.

As of June 30, 2022, unrecognized compensation expense related to the Value Creation Award was approximately $207.5 million. The period over which such compensation expense will be recognized is approximately 3.5 years.

Restricted Stock Units

RSUs granted prior to the IPO were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one to four years.

The following table summarizes our RSU activity during the year ended June 30, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested as of June 30, 2021	14,242,111	$	36.69
Granted	15,903,666	42.53
Vested	(6,251,519)	40.00
Forfeited, expired or cancelled	(2,506,666)	36.94
Non-vested as of June 30, 2022	21,387,592	$	38.41

As of June 30, 2022, unrecognized compensation expense related to unvested RSUs was approximately $690.0 million. The weighted-average period over which such compensation expense will be recognized is approximately 2.0 years.

2020 Employee Stock Purchase Plan

On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 8.9 million shares of Class A common stock were reserved and available for issuance under the ESPP and 149,137 shares have been issued as of June 30, 2022. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. The first offering period began on December 1, 2021, and the second offering period began on June 1, 2022.

At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. The Black-Scholes-Merton model incorporates assumptions including the dividend yield, expected stock price volatility, expected term, and risk-free interest rates. We utilized the following assumptions: a dividend yield of zero; a 0.5 year expected term based on the six-month offering period; the historical stock price volatility of comparable publicly-traded companies in our industry group; and a risk-free rate corresponding to a

U.S. Treasury rate which coincides with the expected term. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award.

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation (in thousands):


	Year ended June 30,
	2022		2021		2020
General and administrative	$	248,797	$	196,554	$	13,682
Technology and data analytics	116,531		76,643		12,285
Sales and marketing	23,224		17,092		4,040
Processing and servicing	2,431		2,218		82
Total stock-based compensation in operating expenses	390,983		292,507		30,089
Capitalized into property, equipment and software, net	54,542		13,999		2,921
Total stock-based compensation expense	$	445,525	$	306,506	$	33,010

In connection with the acquisition of Returnly on May 1, 2021, we issued 304,364 shares of our Class A common stock, which are held in escrow. Because the future payment of the escrowed shares is contingent on continued employment of certain employees, the arrangement represents stock-based compensation in the post combination period. The grant-date fair value was estimated based on the value of the shares at the date of closing. The escrowed shares have a requisite service period of two years and contain a performance-based vesting condition (i.e., the achievement of certain revenue targets). We record stock-based compensation expense on a straight-line basis for each tranche over the requisite service period, as long as the performance-based conditions are considered probable of being satisfied. As of June 30, 2022, we have not recognized any stock-based compensation expense for these awards.

We estimate the grant date fair value based on the probability of achievement of the revenue targets at each reporting period.

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Restricted cash	$ 295,636	$ 226,074	$ 61,069
Right-of-use assets	50,671	57,828
Present value of total lease liabilities	65,713	74,952
Impairment expense	362	11,544	0
Sublease Income	$ 3,100	0	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period	180 days
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period	1 year
Remaining lease term	8 years
Cash collateral and deposits for letters of credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 9,700	$ 9,900

Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Tables)

12 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Common Stock, Reserved for Future Issuance

The Company had shares of common stock reserved for issuance as follows:


	June 30, 2022	June 30, 2021


Available outstanding under stock plan	53,158,233	58,417,514
Available for future grant under stock plan	31,156,746	29,793,755
Total	84,314,979	88,211,269

Schedule of Warrant Activity

The following table summarizes the warrants activity during the years ended June 30, 2022 and June 30, 2021:


	Number of Shares	Weighted Average Exercise Price ($)	Weighted Average Remaining Life (years)
Warrants outstanding, June 30, 2020	706,065	$2.50	7.21
Granted	20,297,595	0.01	10.00
Exercised	(20,651,583)	0.04	8.93
Cancelled	(352,077)	3.80	8.27
Warrants outstanding, June 30, 2021	—	$—	0.00
Granted	22,000,000	68.19	5.60
Exercised	—	—	0.00
Cancelled	—	—	0.00
Warrants outstanding, June 30, 2022	22,000,000	$68.19	5.60
Warrants exercisable, June 30, 2022	3,382,419	$32.52	4.20

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 117,760	$ 95,137	$ 66,260
Provision for credit losses	240,804	63,755	101,540
Charge-offs	(227,770)	(65,149)	(81,052)
Recoveries of charged-off receivables	24,598	13,934	8,389
Ending balance	155,392	117,760	95,137
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	10,083	0
Ending balance		$ 0	$ 10,083

Debt (Tables)

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Funding Debt and Aggregate Future Maturities

Funding debt and its aggregate future maturities consists of the following (in thousands):


	June 30, 2022		June 30, 2021
2022	$	—	$	104,159
2023	$	158,547	$	460,289
2024	421,484		22,705
2025	—		—
2026	—		102,203
2027 and thereafter	103,364		—
Total	$	683,395	$	689,356
Deferred debt issuance costs	(10,818)		(8,754)
Total funding debt, net of deferred debt issuance costs	$	672,577	$	680,602

Schedule of Long-term Debt Instruments

The net carrying amount of the liability component of the convertible senior notes outstanding as of June 30, 2022 consisted of the following (in thousands):


	June 30, 2022
Principal	$	1,725,000
Unamortized discount and issuance costs	(18,332)
Net carrying amount	$	1,706,668

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Acquisitions

12 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Fast

On April 19, 2022, Affirm completed the closing of the transaction contemplated by a Release and Waiver Agreement entered into with Fast AF, Inc., (“Fast”) relating to the hiring of certain of its employees or service providers and an option to acquire certain of its assets. The purchase price was comprised of (i) $10.0 million in cash and (ii) forgiveness of a $15.0 million senior secured note issued to Fast in April 2022 prior to the closing.

The acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805, “Business Combinations” (“ASC 805”) since the assets acquired do not meet the definition of a business. The acquired identifiable intangible assets have been recorded at a total cost of $25.4 million, which includes approximately $0.4 million of transaction costs associated with the acquisition. The excess of the total cost of the assets over their total fair value was allocated between the assets on the basis of their relative fair values. The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements.

The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands):


Assembled workforce	$	12,490
Option to purchase developed technology	$	12,925
Total	$	25,415

The assembled workforce intangible asset has an expected useful life of 1.5 years. The developed technology asset will be amortized over its expected useful life if the associated assets are purchased and entered into service.

ShopBrain

On July 1, 2021, Affirm completed the acquisition of technology and intellectual property from Yroo, Inc. and entered into employment arrangements with certain of its employees (“the ShopBrain acquisition”). Yroo, Inc. is a data aggregation and cataloging technology company based in Canada (“ShopBrain”). The purchase price was comprised of (i) $30.0 million in cash and (ii) 151,745 shares of our Class A common stock issued to the shareholders of ShopBrain at closing.

The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands):


Cash	$	30,000
Fair value of Class A common stock transferred	10,000
Total acquisition date fair value of the consideration transferred	$	40,000

The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC 805. The acquired identifiable intangible assets have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration and the value of the assembled workforce. The goodwill is expected to be deductible for income tax purposes.


Intangible assets	$	9,488
Total net assets acquired	9,488
Goodwill	30,512
Total purchase price	$	40,000

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	9,488	3.0

The fair values of the intangible assets were determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represents Level 3 measurements.

The transaction costs associated with the acquisition were approximately $0.2 million for the year ended June 30, 2022, which are included in general and administrative expense within the consolidated statements of operations and comprehensive loss.

Pro forma adjustments would only include the additional amortization that would have been charged assuming the intangible assets had been recorded as of July 1, 2020. Such adjustments would not be material to the consolidated statements of operations and comprehensive loss for the year ended June 30, 2021.

Kite

On June 1, 2021, Affirm completed the acquisition of technology and intellectual property from Manhattan Engineering, Inc. and entered into employment arrangements with certain of its employees (“the Kite acquisition”).

The purchase price was comprised of $26.0 million in cash, including $9.0 million held in escrow and subject to forfeiture if certain employees terminate within a stipulated time period.

The acquisition date fair value of the consideration transferred was approximately $24.8 million which consisted of the following (in thousands):


Cash	$	26,000
Less: Fair value of contingent consideration asset	$	(1,241)
Total acquisition date fair value of consideration transferred	$	24,759

The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC 805. The acquired identifiable intangible assets have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to the value of assembled workforce. The goodwill is expected to be deductible for income tax purposes.


Intangible assets	$	6,975
Net assets acquired	6,975
Goodwill	$	17,784
Total purchase price	$	24,759

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	6,900	3.0
Trademarks	75		1.0
Total intangible assets	$	6,975

The transaction costs associated with the acquisition were approximately $0.2 million for the year ended June 30, 2021, which are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. There were no transaction costs associated with the acquisition for the year ended June 30, 2022.

Pro forma adjustments would only include the additional amortization that would have been charged assuming the intangible assets had been recorded as of July 1, 2019. Such adjustments would not be material to the consolidated statements of operations and comprehensive loss for the year ended June 30, 2021 and 2020.

Returnly

On May 1, 2021, Affirm completed a merger transaction with Returnly Technologies, Inc. (“Returnly”), a leading provider of online return experiences for direct-to-consumer brands. Prior to the merger transaction, Affirm owned approximately 1% of the outstanding shares of Returnly. By effect of the merger transaction, Affirm acquired

all of the remaining outstanding shares, increasing its equity interest from approximately 1% to 100%. We have included the financial results of Returnly in our consolidated financial statements from the date of acquisition.

The purchase price for the remaining interest was comprised of (i) approximately $71.5 million in cash and (ii) 2,989,697 shares of our common stock issued to the shareholders of Returnly at closing. We also issued 304,364 shares of our common stock, which are held in escrow and subject to forfeiture upon the termination of certain employees or if certain revenue milestones are not met. Because the future payment of the escrowed shares is contingent on continued employment, the arrangement represents stock-based compensation in the post combination period. Refer to Note 16. Equity Incentive Plans for additional information on the escrowed share arrangement.

The acquisition date fair value of the consideration transferred for Returnly was approximately $286.0 million, which consisted of the following (in thousands):


Cash	$	71,484
Fair value of common stock transferred	214,475
Total acquisition date fair value of consideration transferred	$	285,959

The acquisition date fair value of the equity interest in Returnly held by Affirm immediately before the acquisition date was $2.1 million, resulting in the recognition of a $1.6 million gain included in other (expense) income, net in the consolidated statements of operations and comprehensive loss.

The acquisition of Returnly was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC 805. The acquired Returnly assets, including identifiable intangible assets and liabilities assumed, have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration, new customer acquisitions, and the value of assembled workforce. Goodwill is not expected to be deductible for income tax purposes.


Cash and cash equivalents	$	3,788
Accounts receivable, net	9,585
Property, equipment and software	127
Intangible assets	45,900
Other assets	1,830
Total assets acquired	$	61,230
Accounts payable	594
Accrued expenses and other liabilities	6,205
Total liabilities assumed	$	6,799
Net assets acquired	$	54,431

Goodwill	233,623
Total fair value of consideration transferred and previously held investment	$	288,054

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):


	Fair Value		Useful Life (in years)
Developed technology	$	16,200	3.0
Merchant relationships	29,200		5.0
Trade name	500		1.0
Total intangible assets	$	45,900

The fair value of the merchant relationship intangible asset was estimated by applying the income approach, which is based upon the discounted projected future cash flows attributable to the existing merchant relationships. The fair value of the developed technology intangible asset was determined by applying the replacement cost method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements.

The transaction costs associated with the acquisition were approximately $1.8 million for the year ended June 30, 2021, which are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. There were no transaction costs associated with the acquisition for the year ended June 30, 2022.

Unaudited Pro Forma Information


	Year ended June 30,		Year ended June 30,
	2021		2020
Revenue	$	880,603	$	517,438
Net loss	$	(465,875)	$	(132,721)

PayBright

On January 1, 2021, Affirm Canada Holdings Ltd. (“Affirm Canada”), a subsidiary of Affirm, and Affirm acquired all outstanding stock of PayBright, Inc., one of Canada’s leading buy now, pay later providers, for approximately $288.8 million. We have included the financial results of PayBright in our consolidated financial statements from the date of acquisition.

The purchase price was comprised of (i) approximately $114.5 million in cash, (ii) 3,622,445 shares of our common stock issued to the shareholders of PayBright at closing and (iii) 2,587,362 shares of our common stock held in escrow and subject to forfeiture if certain revenue milestones are not met. On January 12, 2021, these shares were reclassified into an aggregate of 1,811,222 shares of our Class A common stock and 1,811,222 shares of our Class B common stock issued to the shareholders of PayBright at closing and an aggregate of 1,293,681 shares of our Class A common stock and 1,293,681 shares of our Class B common stock held in escrow.

The acquisition date fair value of the consideration transferred for PayBright was approximately $288.8 million, which consisted of the following (in thousands):


Cash	$	114,490
Fair value of common stock transferred	116,989
Fair value of contingent consideration	57,275
Total purchase price	$	288,754

For further details on our fair value methodology with respect to the contingent consideration, see Note 14. Fair Value of Financial Assets and Liabilities.

The acquisition of PayBright was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC 805. The acquired PayBright assets, including identifiable intangible assets and liabilities assumed, have been recorded at their estimated fair values with the excess purchase price assigned to goodwill. The goodwill was primarily attributed to future synergies from integration, new customer acquisitions, and the value of assembled workforce in Canada. Goodwill is not expected to be deductible for income tax purposes.


Cash and cash equivalents	$	8,219
Restricted cash	1,469
Loans held for investment	89,570


Accounts receivable, net	1,537
Property, equipment and software, net	586
Intangible assets	16,653
Other assets	5,651
Total assets acquired	$	123,685
Accounts payable	6,579
Accrued interest payable	23
Accrued expenses and other liabilities	193
Funding debt	85,310
Total liabilities assumed	$	92,105
Net assets acquired	$	31,580

Goodwill	257,174
Total purchase price	$	288,754

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands)


	Fair Value		Useful Life (in years)
Developed technology	$	6,127	3.0
Merchant relationships	9,505		4.0
Trade name	1,021		5.0
Total intangible assets	$	16,653

The transaction costs associated with the acquisition were approximately $2.4 million for the year ended June 30, 2021, which are included in general and administrative expense in the consolidated statements of operations and comprehensive loss. There were no transaction costs associated with the acquisition for the year ended June 30, 2022.

Unaudited Pro Forma Information


	Year ended June 30,		Year ended June 30,
	2021		2020
Revenue	$	886,937	$	524,657
Net loss	$	(447,116)	$	(128,244)

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Contingent Consideration (Details) - Contingent Consideration	Jun. 30, 2022	Jun. 30, 2021
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1500	0.1200
Minimum \| Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.3600	0.3700
Minimum \| Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1100	0.0800
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1500	0.1200
Maximum \| Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	1.3900	0.9700
Maximum \| Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	1.4400	0.9800
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.1500	0.1200
Weighted Average \| Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	1.1600	0.6200
Weighted Average \| Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.3400	0.3700

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Assets
Cash and cash equivalents	$ 1,255,171	$ 1,466,558
Restricted cash	295,636	226,074
Securities available for sale at fair value	1,595,373	16,170
Loans held for sale	2,670	13,030
Loans held for investment	2,503,561	2,022,320
Allowance for credit losses	(155,392)	(117,760)
Loans held for investment, net	2,348,169	1,904,560
Accounts receivable, net	142,052	91,575
Property, equipment and software, net	171,482	62,499
Goodwill	539,534	516,515
Intangible assets	78,942	67,930
Commercial agreement assets	263,196	227,377
Other assets	281,567	274,679
Total Assets	6,973,792	4,866,967
Liabilities:
Accounts payable	33,072	57,758
Payable to third-party loan owners	71,383	50,079
Accrued interest payable	6,659	2,751
Accrued expenses and other liabilities	237,598	323,577
Convertible senior notes, net	1,706,668	0
Notes issued by securitization trusts	1,627,580	1,176,673
Funding debt	672,577	680,602
Total liabilities	4,355,537	2,291,440
Commitments and contingencies (Note 9)
Stockholders’ equity:
Additional paid in capital	4,231,303	3,467,236
Accumulated deficit	(1,605,902)	(898,485)
Accumulated other comprehensive gain (loss)	(7,149)	6,773
Total stockholders’ equity	2,618,255	2,575,527
Total Liabilities and Stockholders’ Equity	6,973,792	4,866,967
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 12, 2021 USD ($)	Jun. 30, 2022 USD ($) vote $ / shares shares	Jun. 30, 2021 USD ($) yr $ / shares shares	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Temporary Equity [Line Items]
Total common stock reserved for future issuance (in shares) \| shares		84,314,979	88,211,269
Warrants granted for purchase (in shares) \| shares		22,000,000
Shares purchased by warrants (in shares) \| shares			20,297,595
Exercise price of warrants (in USD per share) \| $ / shares		$ 32.52	$ 0.01
Dividend yield		0.00%
Volatility		45.00%
Vesting of warrants exercised		$ 133,500
Sale of warrants recognized		281,000
Amortization expense of warrants sold		26,300
Expenses on sale of warrants		$ 254,700
Maturity term for warrants			10 years
Weighted-average grant date fair value of warrants granted (in dollars per share) \| $ / shares		$ 94.20	$ 13.34
Weighted-average grant date fair value for outstanding warrants (in dollars per share) \| $ / shares		94.20
Weighted-average grant date fair value for exercisable warrants (in dollars per share) \| $ / shares		$ 114.77
Commercial Agreement Asset, Shopify Inc, Warrants
Temporary Equity [Line Items]
Commercial agreement asset, gross		$ 133,500	$ 270,600
Dividend yield
Temporary Equity [Line Items]
Warrants, measurement input			0
Maturity
Temporary Equity [Line Items]
Warrants, measurement input \| yr			10
Volatility
Temporary Equity [Line Items]
Warrants, measurement input			0.52
Risk-free rate
Temporary Equity [Line Items]
Warrants, measurement input			0.0062
Minimum
Temporary Equity [Line Items]
Warrants exercise term		3 years 6 months
Risk free rate		0.93%
Maximum
Temporary Equity [Line Items]
Warrants exercise term		7 years 6 months
Risk free rate		1.47%
Series G Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock issued (in shares) \| shares			21,836,687
Redeemable convertible preferred stock per share (in USD per shares) \| $ / shares			$ 19.93
Redeemable convertible preferred stock, aggregate purchase amount			$ 434,900
Preferred stock, liquidation preference			435,100
Series G-1 Preferred Stock
Temporary Equity [Line Items]
Preferred stock, liquidation preference			$ 75,300
Conversion of convertible debt (in shares) \| shares			4,444,321
Redeemable convertible preferred stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, aggregate purchase amount			$ 434,542	$ 15,481
Conversion of convertible debt (in shares) \| shares			4,444,321
Carrying value reclassified	$ 1,300,000	$ 0	$ 0	$ 804,170	$ 798,074
Total common stock reserved for future issuance (in shares) \| shares		0	0
Class A common stock
Temporary Equity [Line Items]
Common stock, stock split	0.5
Number of votes per share \| vote		1
Exercise price of warrants (in USD per share) \| $ / shares		$ 100
Class A common stock \| First Warrant Shares
Temporary Equity [Line Items]
Shares purchased by warrants (in shares) \| shares		7,000,000
Exercise price of warrants (in USD per share) \| $ / shares		$ 0.01
Warrants exercise term		7 years 6 months
Class A common stock \| Second Warrant Shares
Temporary Equity [Line Items]
Shares purchased by warrants (in shares) \| shares		15,000,000
Class B common stock
Temporary Equity [Line Items]
Common stock, stock split	0.5
Number of votes per share \| vote		15

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Jun. 30, 2022	Jun. 30, 2021
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Adequate compensation \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0078	0.0070
Servicing liability, measurement input	0.0213	0.0129
Adequate compensation \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0185	0.0084
Servicing liability, measurement input	0.0234	0.0370
Adequate compensation \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0110	0.0081
Servicing liability, measurement input	0.0221	0.0271
Net default rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0059	0.0053
Servicing liability, measurement input	0.0903	0.0080
Net default rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.5059	0.0095
Servicing liability, measurement input	0.2444	0.0842
Net default rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0159	0.0064
Servicing liability, measurement input	0.1381	0.0712

Segments and Geographical Information

12 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments and Geographical Information

We conduct our operations through a single operating segment and, therefore, one reportable segment.

Revenue

Revenue by geography is based on the billing addresses of the borrower or the location of the merchant’s national headquarters. The following table sets forth revenue by geographic area (in thousands):


	Year ended June 30,
	2022		2021		2020
United States	$	1,304,304	$	857,222	$	506,212
Canada	44,852		13,242		3,316
Other	136		—		—
Total	$	1,349,292	$	870,464	$	509,528

Long-Lived Assets

The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands):


	Year ended June 30,
	2022		2021
United States	$	217,532	$	118,076
Canada	4,390		2,251
Other	$	231	$	—
Total	$	222,153	$	120,327

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Balance Sheet Components (Tables)

12 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	June 30, 2022		June 30, 2021
Internally developed software	$	200,621	$	68,197
Leasehold improvements	16,169		15,212
Computer equipment	10,751		6,707
Furniture and equipment	4,279		5,284
Total Property, equipment and software, at cost	$	231,820	$	95,400
Less: Accumulated depreciation and amortization	(60,338)		(32,901)
Total Property, equipment and software, net	$	171,482	$	62,499

Schedule of Goodwill

The changes in the carrying amount of goodwill during the years ended June 30, 2022 and 2021 were as follows (in thousands):


Balance as of June 30, 2020	$	1,255
Additions	508,581
Effect of foreign currency translation	6,679
Balance as of June 30, 2021	$	516,515
Additions	33,318
Effect of foreign currency translation	(10,299)
Balance as of June 30, 2022	$	539,534

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	June 30, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,371	$	(10,281)	$	28,090	3.6
Developed technology	39,782		(15,882)		23,900		1.9
Assembled workforce	12,490		(1,664)		10,826		1.3
Trademarks and domains, definite	1,507		(802)		705		2.4
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	94,646	$	(28,629)	$	66,017


	June 30, 2021
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,951	$	(2,192)	$	36,759	4.5
Developed technology	30,176		(2,930)		27,246		2.8
Trademarks and domains (1)	3,769		(194)		3,575		3.3
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	73,246	$	(5,316)	$	67,930

(1)As of June 30, 2021, trademarks and domains included both definite and indefinite intangible assets.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	June 30, 2022
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,371	$	(10,281)	$	28,090	3.6
Developed technology	39,782		(15,882)		23,900		1.9
Assembled workforce	12,490		(1,664)		10,826		1.3
Trademarks and domains, definite	1,507		(802)		705		2.4
Trademarks and domains, indefinite	2,146		—		2,146		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	94,646	$	(28,629)	$	66,017


	June 30, 2021
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,951	$	(2,192)	$	36,759	4.5
Developed technology	30,176		(2,930)		27,246		2.8
Trademarks and domains (1)	3,769		(194)		3,575		3.3
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	73,246	$	(5,316)	$	67,930

(1)As of June 30, 2021, trademarks and domains included both definite and indefinite intangible assets.

Schedule of Intangible Assets, Future Amortization Expense

The expected future amortization expense of these intangible assets as of June 30, 2022 is as follows (in thousands):


2023	$	29,595
2024	21,686
2025	7,232
2026	4,993
2027 and thereafter	15
Total amortization expense	$	63,521

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	June 30, 2022		June 30, 2021
Operating lease right-of-use assets	$	50,671	$	57,828
Derivative instruments	49,983		2,880
Equity securities, at cost	43,172		11,278
Prepaid expenses	37,497		21,069
Prepaid payroll taxes for stock-based compensation	35,172		111,278
Processing reserves	26,483		14,042
Other receivables	17,221		26,423
Other assets	21,368		29,881
Total other assets	$	281,567	$	274,679

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands)


	June 30, 2022		June 30, 2021
Accrued expenses	$	67,343	$	47,674
Operating lease liability	65,713		74,952
Collateral held for derivative instruments	55,779		—
Contingent consideration liability	23,348		153,447
Commercial agreement liability	—		25,357
Other liabilities	25,415		22,147
Total accrued expenses and other liabilities	$	237,598	$	323,577

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Acquisitions - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Apr. 19, 2022	Jul. 01, 2021	Jun. 01, 2021	May 01, 2021	Jan. 01, 2021
ShopBrain \| Developed technology
Business Acquisition [Line Items]
Fair Value		$ 9,488
Useful Life (in years)		3 years
Kite
Business Acquisition [Line Items]
Fair Value			$ 6,975
Kite \| Developed technology
Business Acquisition [Line Items]
Fair Value			$ 6,900
Useful Life (in years)			3 years
Kite \| Trademarks
Business Acquisition [Line Items]
Fair Value			$ 75
Useful Life (in years)			1 year
Returnly
Business Acquisition [Line Items]
Fair Value				$ 45,900
Returnly \| Developed technology
Business Acquisition [Line Items]
Fair Value				$ 16,200
Useful Life (in years)				3 years
Returnly \| Merchant relationships
Business Acquisition [Line Items]
Fair Value				$ 29,200
Useful Life (in years)				5 years
Returnly \| Trade name
Business Acquisition [Line Items]
Fair Value				$ 500
Useful Life (in years)				1 year
PayBright
Business Acquisition [Line Items]
Fair Value					$ 16,653
PayBright \| Developed technology
Business Acquisition [Line Items]
Fair Value					$ 6,127
Useful Life (in years)					3 years
PayBright \| Merchant relationships
Business Acquisition [Line Items]
Fair Value					$ 9,505
Useful Life (in years)					4 years
PayBright \| Trade name
Business Acquisition [Line Items]
Fair Value					$ 1,021
Useful Life (in years)					5 years
Fast AF, Inc
Business Acquisition [Line Items]
Fair Value	$ 25,415
Fast AF, Inc \| Assembled workforce
Business Acquisition [Line Items]
Fair Value	$ 12,490
Useful Life (in years)	1 year 6 months
Fast AF, Inc \| Developed technology
Business Acquisition [Line Items]
Fair Value	$ 12,925

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Operating lease right-of-use assets	$ 50,671	$ 57,828
Derivative instruments	49,983	2,880
Equity securities, at cost	43,172	11,278
Prepaid expenses	37,497	21,069
Prepaid payroll taxes for stock-based compensation	35,172	111,278
Processing reserves	26,483	14,042
Other receivables	17,221	26,423
Other assets	21,368	29,881
Total other assets	$ 281,567	$ 274,679
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total other assets	Total other assets

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Returnly
Business Acquisition [Line Items]
Revenue	$ 880,603	$ 517,438
Net loss	(465,875)	(132,721)
PayBright
Business Acquisition [Line Items]
Revenue	886,937	524,657
Net loss	$ (447,116)	$ (128,244)

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Jun. 30, 2022	Jun. 30, 2021
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Minimum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0125	0.0179
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Maximum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0354	0.0375
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Weighted Average \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0128	0.0375

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Service period	90 days
Health and welfare benefits expense	$ 20.6	$ 10.5	$ 7.1

Loans Held for Investment and Allowance for Credit Losses - Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 2,503,561	$ 2,022,320
Loans held for investment	2,485,534	2,019,884
Loan receivable on nonaccrual status	22,700
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	2,322,919	1,939,976
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	77,963	43,838
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	34,669	17,267
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	26,919	12,044
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Non-delinquent loans	$ 23,064	$ 6,759

Summary of Significant Accounting Policies - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net Loss	$ (707,417)	$ (441,027)	$ (112,598)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities	(101,789)	57,285	2,847
Stock-based compensation	390,983	292,507	29,625
Net Cash Used in Operating Activities	$ (162,194)	(193,130)	$ (71,302)
As Previously Reported
Cash Flows from Operating Activities
Net Loss		(430,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities		51,655
Stock-based compensation		288,033
Net Cash Used in Operating Activities		(193,130)
Adjustments
Cash Flows from Operating Activities
Net Loss		(10,104)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of assets and liabilities		5,630
Stock-based compensation		4,474
Net Cash Used in Operating Activities		$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Redeemable Convertible Preferred Stock and Stockholders’ Deficit

12 Months Ended

Jun. 30, 2022

Equity [Abstract]

Redeemable Convertible Preferred Stock and Stockholders’ Deficit

Redeemable Convertible Preferred Stock and Stockholders’ Equity

Redeemable Convertible Preferred Stock

During the year ended June 30, 2021, we issued 21,836,687 shares of Series G redeemable convertible preferred stock at $19.93 per share for an aggregate purchase amount of $434.9 million. These shares had a liquidation preference of $435.1 million. As part of this equity financing round, the convertible notes issued in April 2020 converted into 4,444,321 shares of Series G-1 redeemable convertible preferred stock. These shares had a liquidation preference of $75.3 million prior to conversion.

On January 12, 2021, prior to our IPO, all outstanding shares of redeemable convertible preferred stock were converted into shares of our common stock on a one-to-one basis and their carrying value of $1.3 billion was reclassified into stockholders' deficit. Following this conversion, we amended and restated our certificate of incorporation to effect a reclassification of each share of our outstanding common stock into ½ share of Class A common stock and ½ share of Class B common stock, with cash paid for fractional shares. As of June 30, 2022 and June 30, 2021, there were no shares of redeemable convertible preferred stock issued and outstanding.

Common Stock

The Company had shares of common stock reserved for issuance as follows:


	June 30, 2022	June 30, 2021


Available outstanding under stock plan	53,158,233	58,417,514
Available for future grant under stock plan	31,156,746	29,793,755
Total	84,314,979	88,211,269

The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors.

Common Stock Warrants

Common stock warrants are included as a component of additional paid in capital within the consolidated balance sheets.

During the year ended June 30, 2022, we granted warrants to purchase 22,000,000 shares of common stock in connection with a commercial agreement with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per share and a term of 3.5 years, while the remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero; years to maturity of 3.5 and 7.5 years, respectively; volatility of 45%; and a risk-free rate of 0.93% and 1.47%, respectively. In connection with the portion of these warrants that were fully vested upon execution, we recognized a commercial agreement asset of $133.5 million upon execution of the agreement in November 2021. Refer to Note 6. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions. In connection with the warrants, a total of $281.0 million was recognized within sales and marketing

expense during the year ended June 30, 2022, which included $26.3 million in amortization expense of the commercial agreement asset and $254.7 million in expense based upon the grant-date fair value of the warrant shares that vested during the period.

During the year ended June 30, 2021, we granted warrants to purchase 20,297,595 shares of common stock in connection with a commercial agreement with Shopify Inc. The exercise price was $0.01 per share, and the term of the warrants was 10 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero, years to maturity of 10 years, volatility of 52%, and a risk-free rate of 0.62%. In connection with these warrants, we recognized an asset of $270.6 million at June 30, 2021 associated with the fair value of the warrants, which were fully vested as of June 30, 2021.

The following table summarizes the warrants activity during the years ended June 30, 2022 and June 30, 2021:


	Number of Shares	Weighted Average Exercise Price ($)	Weighted Average Remaining Life (years)
Warrants outstanding, June 30, 2020	706,065	$2.50	7.21
Granted	20,297,595	0.01	10.00
Exercised	(20,651,583)	0.04	8.93
Cancelled	(352,077)	3.80	8.27
Warrants outstanding, June 30, 2021	—	$—	0.00
Granted	22,000,000	68.19	5.60
Exercised	—	—	0.00
Cancelled	—	—	0.00
Warrants outstanding, June 30, 2022	22,000,000	$68.19	5.60
Warrants exercisable, June 30, 2022	3,382,419	$32.52	4.20

The weighted-average grant date fair values of warrants granted during the years ended June 30, 2022 and June 30, 2021, were $94.20 and $13.34, respectively. On June 30, 2022, the weighted-average grant date fair values for outstanding warrants and exercisable warrants, were $94.20 and $114.77, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Warrant Activity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Number of Shares, Beginning Balance, Warrants outstanding (in shares)	0	706,065
Number of Shares, Granted (in shares)	22,000,000	20,297,595
Number of Shares, Exercised (in shares)	0	(20,651,583)
Number of Shares, Cancelled (in shares)	0	(352,077)
Number of Shares, Ending Balance, Warrants outstanding (in shares)	22,000,000	0
Number of Shares, Exercisable, Warrants outstanding (in shares)	3,382,419
Weighted Average Exercise Price ($)
Weighted Average Exercise Price, Beginning Balance, Warrants outstanding (in USD per share)	$ 0	$ 2.50
Weighted Average Exercise Price, Granted (in USD per share)	68.19	0.01
Weighted Average Exercise Price, Exercised (in USD per share)	0	0.04
Weighted Average Exercise Price, Cancelled (in USD per share)	0	3.80
Weighted Average Exercise Price, Ending Balance, Warrants outstanding (in USD per share)	68.19	0
Weighted Average Exercise Price, Exercisable, Warrants outstanding (in USD per share)	$ 32.52	$ 0.01
Weighted Average Remaining Life (years)
Weighted Average Remaining Life, Beginning Balance	0 years	7 years 2 months 15 days
Weighted Average Remaining Life, Granted	5 years 7 months 6 days	10 years
Weighted Average Remaining Life, Exercised	0 years	8 years 11 months 4 days
Weighted Average Remaining Life, Cancelled	0 years	8 years 3 months 7 days
Weighted Average Remaining Life, Ending Balance	5 years 7 months 6 days	0 years
Weighted Average Remaining Life, Exercisable	4 years 2 months 12 days

Income Taxes - Components of Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.S.	$ (780,699)	$ (330,313)	$ (112,080)
Foreign	55,868	(113,057)	(142)
Loss Before Income Taxes	$ (724,831)	$ (443,370)	$ (112,222)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Equity Incentive Plans - Schedule of Tranches (Details)	12 Months Ended
Equity Incentive Plans - Schedule of Tranches (Details)	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options (in shares)	2,428,616
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options (in shares)	12,500,000
Performance Based Stock Options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 65.66
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 82.32
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 98.98
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 115.64
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 132.30
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 148.47
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 165.13
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Eight
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 181.79
Number of Options (in shares)	1,000,000
Performance Based Stock Options \| Tranche Nine
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 247.94
Number of Options (in shares)	2,250,000
Performance Based Stock Options \| Tranche Ten
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price Hurdle (in USD per share) \| $ / shares	$ 371.91
Number of Options (in shares)	2,250,000

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended			19 Months Ended
	May 01, 2021 shares	Jun. 30, 2022 USD ($) tranche $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2022 USD ($) shares	Jan. 14, 2021 segment	Nov. 18, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		84,314,979	88,211,269		84,314,979
Weighted-average fair value of employee options granted (in USD per share) \| $ / shares		$ 13.29	$ 59.83	$ 3.26
Aggregate intrinsic value of options exercised \| $		$ 1,400,000	$ 706,700	$ 3,100
Aggregate intrinsic value of options exercised (in USD per share) \| $		30,300	97,400	53,900
Early exercise rights liability \| $		$ 300	900		$ 300
Right to purchase shares (in shares)		2,428,616
Granted (in USD per share) \| $ / shares		$ 25.69
Stock-based compensation expense \| $		$ 390,983	$ 292,507	$ 30,089
Exercised (in shares)		18,922,009			18,922,009
Expected dividend		0.00%	0.00%	0.00%
Expected term (in years)		5 years 6 months 21 days	6 years 4 months 6 days	5 years 10 months 13 days
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		31,156,746	29,793,755		31,156,746
Returnly
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period	2 years
Common stock issued in escrow, subject to forfeiture (in shares)	304,364
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period		4 years
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		53,158,233	58,417,514		53,158,233
Vesting period		4 years
Non-vested stock options, unrecognized compensation cost \| $		$ 67,000			$ 67,000
Weighted-average compensation expense recognition period		1 year 10 months 24 days
Equity exercise taxes payable \| $		$ 10,900	$ 23,700		10,900
Stock options, including early exercise of options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25.00%
Stock options, including early exercise of options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Stock options, including early exercise of options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		7 years
Expiration period		3 months
Stock options, including early exercise of options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO		10 years
Expiration period		10 years
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Non-vested stock options, unrecognized compensation cost \| $		$ 207,500			$ 207,500
Weighted-average compensation expense recognition period		3 years 6 months
Right to purchase shares (in shares)		12,500,000
Number of tranches \| tranche		10
Average trading day		90 days
Granted (in USD per share) \| $ / shares		$ 49.00
Stock-based compensation expense \| $		$ 140,700	$ 83,900
Vested (in shares)		1,875,000
Exercised (in shares)		0			0
Performance Based Stock Options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		15.00%
Right to purchase shares (in shares)		1,000,000
Performance Based Stock Options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		15.00%
Right to purchase shares (in shares)		1,000,000
Performance Based Stock Options \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		20.00%
Right to purchase shares (in shares)		1,000,000
Performance Based Stock Options \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25.00%
Right to purchase shares (in shares)		1,000,000
Performance Based Stock Options \| Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		25.00%
Right to purchase shares (in shares)		1,000,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period		2 years
Number of vesting conditions \| segment						2
Non-vested RSUs, unrecognized compensation cost \| $		$ 690,000			$ 690,000
Service period		4 years
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2012 Stock Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		118,374,202			118,374,202
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent		85.00%
Expected dividend		0.00%
Expected term (in years)		6 months
Service period		6 months
2020 Employee Stock Purchase Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)							8,900,000
Number of common stock issued (in shares)					149,137

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 12,100.0	$ 7,900.0	$ 4,700.0
Threshold period for delinquent loans past due	4 days
Past due charge-off threshold	120 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Proprietary credit quality score	0
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months
Proprietary credit quality score	100

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2022
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
2023	$ 16,445
2024	16,334
2025	16,119
2026	15,270
2027	2,680
2028 and thereafter	7,688
Total lease payments	74,536
Less imputed interest	(8,823)
Present value of total lease liabilities	$ 65,713	$ 74,952

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 390,983	$ 292,507	$ 30,089
Capitalized into property, equipment and software, net	54,542	13,999	2,921
Total stock-based compensation expense	445,525	306,506	33,010
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	248,797	196,554	13,682
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	116,531	76,643	12,285
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	23,224	17,092	4,040
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 2,431	$ 2,218	$ 82

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The U.S. and foreign components of income (loss) before income taxes for the years ended June 30, 2022, 2021, and 2020 are as follows (in thousands):


	Year Ended June 30,
	2022		2021		2020
U.S.	$	(780,699)	$	(330,313)	$	(112,080)
Foreign	55,868		(113,057)		(142)
Total loss before income taxes	$	(724,831)	$	(443,370)	$	(112,222)

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended June 30, 2022, 2021, and 2020 is summarized as follows (in thousands):


	Year Ended June 30,
	2022		2021		2020
Current

State	$	145	$	(10)	$	351
Foreign	230		(410)		436
Total current expense	$	375	$	(420)	$	787
Deferred
Federal	113		88		6
State	281		(2,570)		28
Foreign	(18,183)		559		(445)
Total deferred expense	(17,789)		(1,923)		(411)
Income tax (benefit) expense	$	(17,414)	$	(2,343)	$	376

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the U.S. statutory federal income tax rate to our effective tax rate for the years ended June 30, 2022, 2021, and 2020:


	Year Ended June 30,
	2022		2021		2020
U.S. statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal tax benefit	8.3	%	9.1	%	10.5	%
Foreign rate differential	(0.4)	%	1.5	%	—	%
Stock-based compensation	64.0	%	66.4	%	(0.4)	%
Non-deductible compensation expense	(12.4)	%	(8.4)	%	—	%
Tax benefit related to tax credits, net	15.4	%	0.5	%	—	%
Impact of change in fair value of contingent consideration	3.3	%	(5.6)	%	—	%
Change in unrecognized tax benefits	(6.2)	%	—	%	—	%
Other	0.2	%	1.6	%	(1.9)	%
Change in valuation allowance	(90.8)	%	(85.6)	%	(29.6)	%
Effective income tax rate	2.4	%	0.5	%	(0.4)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows (in thousands):


	Year Ended June 30,
	2022		2021
Net operating loss carryforwards	$	1,056,403	$	430,464
Allowance for credit losses	55,154		41,155
Stock-based compensation	51,288		51,126

Operating lease liabilities	19,840		23,914
Tax credit carryforwards	69,144		2,054







Other	7,581		4,837
Total deferred tax assets	$	1,259,410	$	553,550
Internally developed software	(47,217)		(15,214)
Purchased intangible assets	(11,386)		(18,150)

Right-of-use lease assets	(15,289)		(18,386)
Stock warrants	(7,200)		—




Other	(2,920)		(2,460)
Total deferred tax liabilities	$	(84,012)	$	(54,210)
Valuation allowance	(1,158,246)		(499,828)
Deferred tax assets (liabilities), net of valuation allowance	$	17,152	$	(488)

Schedule of Unrecognized Tax Benefits

The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (in thousands):


	Year ended June 30,
	2022		2021		2020
Beginning balance	$	—	$	—	$	—
Gross increase for tax positions related to the current year	28,407		—		—
Gross increase for tax positions related to prior years	19,460		—		—
Ending balance	$	47,867	$	—	$	—

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 04, 2022 USD ($)	Dec. 15, 2021 USD ($)	Nov. 23, 2021 USD ($) segment d $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	May 16, 2022 USD ($)	Jan. 19, 2021 USD ($)
Line of Credit Facility [Line Items]
Loans held for investment				$ 2,503,561	$ 2,022,320
Remaining life				53 months
Amortization of debt issuance costs				$ 16,152	6,416	$ 2,313
Funding debt				672,577	680,602
Repurchase Agreement
Line of Credit Facility [Line Items]
Total funding debt, net of deferred debt issuance costs				27,000	13,900
Warehouse Credit Facilities \| Funding debt \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment				549,600	664,100
PayBright Funding Facilities \| Funding debt \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment				$ 210,100	74,100
2022-X1 \| Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate				2.68%
2022-X1 \| Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate				4.33%
2021-Z1 \| Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate				2.68%
2021-Z1 \| Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate				4.33%
2021-Z2 \| Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate				2.68%
2021-Z2 \| Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate				4.33%
2021-Z1 and 2021-Z2 \| Repurchase Agreement \| Other Receivables
Line of Credit Facility [Line Items]
Pledged securities				$ 32,400	16,200
Convertible Senior Notes
Line of Credit Facility [Line Items]
Conversion ratio			0.0046371
Funding costs				2,400
Convertible Senior Notes \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| d			20
Threshold consecutive trading days \| segment			30
Threshold percentage of stock price trigger			130.00%
Convertible Senior Notes \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| d			5
Minimum percentage of common stock price trigger			98.00%
Convertible Senior Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Total funding debt, net of deferred debt issuance costs				1,706,668
Securitization issued			$ 1,725,000	1,725,000
Proceeds from debt			$ 1,704,000
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares			$ 215.65
Revolving facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility	$ 165,000						$ 205,000	$ 185,000
Unused commitment fee percentage	0.20%
Amortization of debt issuance costs		$ 1,200
Funding debt				0
Revolving facilities \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread	0.50%
Revolving facilities \| One Month London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread	1.00%
Revolving facilities \| Base Rate
Line of Credit Facility [Line Items]
Basis spread	0.85%
Revolving facilities \| LIBOR
Line of Credit Facility [Line Items]
Basis spread	1.85%
Revolving facilities \| Funding debt
Line of Credit Facility [Line Items]
Borrowings outstanding				683,395	689,356
Total funding debt, net of deferred debt issuance costs				$ 672,577	$ 680,602
Revolving facilities \| Warehouse Credit Facilities \| Funding debt
Line of Credit Facility [Line Items]
Covenant, period prior to final maturity date borrowings can occur				12 months
Aggregate commitment amount of credit facility				$ 2,450,000
Borrowings outstanding				473,300
Remaining amount available of credit facility				1,976,700
Revolving facilities \| PayBright Funding Facilities \| Funding debt
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility				484,000
Borrowings outstanding				183,100
Remaining amount available of credit facility				$ 300,900
Minimum \| Revolving facilities \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage				0.00%
Minimum \| Revolving facilities \| Warehouse Credit Facilities \| Funding debt
Line of Credit Facility [Line Items]
Advance rate percentage				83.00%
Minimum \| Revolving facilities \| Warehouse Credit Facilities \| Funding debt \| LIBOR
Line of Credit Facility [Line Items]
Basis spread				1.65%
Minimum \| Revolving facilities \| PayBright Funding Facilities \| Funding debt \| Commercial paper rate
Line of Credit Facility [Line Items]
Basis spread				1.25%
Maximum \| Revolving facilities \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage				0.75%
Maximum \| Revolving facilities \| Warehouse Credit Facilities \| Funding debt
Line of Credit Facility [Line Items]
Advance rate percentage				88.00%
Maximum \| Revolving facilities \| Warehouse Credit Facilities \| Funding debt \| LIBOR
Line of Credit Facility [Line Items]
Basis spread				4.00%
Maximum \| Revolving facilities \| PayBright Funding Facilities \| Funding debt \| Commercial paper rate
Line of Credit Facility [Line Items]
Basis spread				4.25%

Segments and Geographical Information (Tables)

12 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Revenue by Geographical Area

The following table sets forth revenue by geographic area (in thousands):


	Year ended June 30,
	2022		2021		2020
United States	$	1,304,304	$	857,222	$	506,212
Canada	44,852		13,242		3,316
Other	136		—		—
Total	$	1,349,292	$	870,464	$	509,528

Long-lived Assets by Geographic Areas

The following table sets forth our long-lived assets, consisting of property, equipment and software, net and operating lease right-of-use assets, by geographic area (in thousands):


	Year ended June 30,
	2022		2021
United States	$	217,532	$	118,076
Canada	4,390		2,251
Other	$	231	$	—
Total	$	222,153	$	120,327

Interest Income

12 Months Ended

Jun. 30, 2022

Banking and Thrift, Interest [Abstract]

Interest Income

Interest income consisted of the following components (in thousands):


	Year ended June 30,
	2022		2021		2020
Interest income on unpaid principal balance	$	365,993	237,526		163,374
Amortization of discount on loans	185,050		101,078		35,251
Amortization of premiums on loans	(13,085)		(9,018)		(6,157)
Interest receivable charged-off, net of recoveries	(10,078)		(3,169)		(5,738)
Total interest income	$	527,880	$	326,417	$	186,730

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Assets	$ 6,973,792	$ 4,866,967
Liabilities	4,355,537	2,291,440
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	996,242	305,414
Liabilities	965,909	304,567
Net Assets	30,333	847
Maximum Exposure to Losses	51,248	16,850
Variable Interest Entity, Not Primary Beneficiary \| Securitizations
Debt Instrument [Line Items]
Assets	996,242	305,414
Liabilities	965,909	304,567
Net Assets	30,333	847
Maximum Exposure to Losses	$ 51,248	$ 16,850

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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+ Details

CONSOLIDATED STATEMENT OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

Redeemable convertible preferred stock

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comprehensive Income (Loss)

Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2019

122,653,704

Beginning balance, Redeemable Convertible Preferred Stock at Jun. 30, 2019

$ 798,074

Increase (Decrease) in Temporary Equity [Roll Forward]

Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)

1,175,872

Issuance of redeemable convertible preferred stock, net of issuance costs

$ 15,481

Repurchases of redeemable convertible preferred stock (in shares)

(1,713,605)

Repurchases of redeemable convertible preferred stock

$ (9,385)

Conversion of redeemable convertible preferred stock

$ 0

Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2020

122,115,971

Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2020

$ 804,170

Beginning balance, Common Stock (in shares) at Jun. 30, 2019

^[1]

47,078,208

Beginning balance at Jun. 30, 2019

(263,414)

$ 0

$ 54,824

$ (318,238)

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (in shares)

^[1]

2,101,317

Issuance of common stock

2,733

Repurchases of common stock (in shares)

^[1]

(1,495,098)

Repurchases of common stock

(18,853)

(2,522)

(16,331)

Repurchases of redeemable convertible preferred stock

(13,205)

Convertible notes beneficial conversion option

5,998

Stock-based compensation

32,545

Foreign currency translation

(302)

Net Loss

(112,598)

Ending balance, Common Stock (in shares) at Jun. 30, 2020

^[1]

47,684,427

Ending balance at Jun. 30, 2020

(367,096)

$ (9,980)

$ 0

80,373

(447,167)

$ (9,980)

(302)

Increase (Decrease) in Temporary Equity [Roll Forward]

Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)

21,836,687

Issuance of redeemable convertible preferred stock, net of issuance costs

$ 434,542

Conversion of convertible debt (in shares)

4,444,321

Conversion of convertible debt

$ 88,559

Conversion of redeemable convertible preferred stock (in shares)

(148,396,979)

Conversion of redeemable convertible preferred stock

1,327,271

$ (1,327,271)

Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2021

Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2021

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of convertible debt

(42,124)

Conversion of redeemable convertible preferred stock (in shares)

^[1]

148,396,979

Conversion of redeemable convertible preferred stock

1,327,260

$ 2

1,327,269

(11)

Issuance of common stock (in shares)

^[1]

28,290,000

Issuance of common stock

1,305,177

$ 1

1,305,176

Issuance of common stock upon exercise of stock option (in shares)

^[1]

12,418,931

Issuance of common stock upon exercise of stock option

$ 46,462

46,462

Issuance of common stock upon exercise of warrants (in shares)

20,651,583

^[1]

Issuance of common stock upon exercise of warrants

$ 271,156

271,156

Issuance of common stock for acquisitions (in shares)

^[1]

9,167,515

Issuance of common stock for acquisitions

331,498

Vesting of restricted stock units (in shares)

^[1]

2,878,060

Repurchases of common stock (in shares)

^[1]

(129,391)

Repurchases of common stock

(800)

Stock-based compensation

306,506

Tax withholding on stock-based compensation

(158,280)

Deconsolidation of variable interest entity

(300)

Foreign currency translation

7,046

Unrealized gains on investments

Net Loss

(441,027)

Ending balance, Common Stock (in shares) at Jun. 30, 2021

^[1]

269,358,104

Ending balance at Jun. 30, 2021

2,575,527

$ 3

3,467,236

(898,485)

6,773

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of redeemable convertible preferred stock

$ 0

Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2022

Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2022

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock option (in shares)

13,519,561

13,565,397

Issuance of common stock upon exercise of stock option

$ 69,876

69,876

Issuance of common stock upon exercise of warrants (in shares)

Issuance of common stock for acquisitions (in shares)

488,097

Issuance of common stock for acquisitions

$ 42,109

42,109

Issuance of common stock, employee share purchase plan (in shares)

149,137

Issuance of common stock, employee share purchase plan

3,613

Vesting of restricted stock units (in shares)

3,815,156

Vesting of warrants for common stock

388,208

Repurchases of common stock (in shares)

(10,518)

Repurchases of common stock

(86)

Stock-based compensation

445,525

Tax withholding on stock-based compensation

(185,178)

Foreign currency translation

(5,900)

Unrealized gains on investments

(8,022)

Net Loss

(707,417)

Ending balance, Common Stock (in shares) at Jun. 30, 2022

287,365,373

Ending balance at Jun. 30, 2022

$ 2,618,255

$ 3

$ 4,231,303

$ (1,605,902)

$ (7,149)

[1]	The share amounts listed above combine common stock, Class A common stock and Class B common stock.

Segments and Geographical Information - Additional Information (Details)	12 Months Ended
	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Leases (Tables)

12 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Lease Term and Discount Rate

The components of operating lease expenses are as follows (in thousands):


	Year ended June 30,
	2022		2021		2020
Operating lease expense	$	15,200	$	15,300	$	13,700
Short-term lease expenses	400		1,100		1,200

Lease term and discount rate information are summarized as follows:


												June 30, 2022
Weighted average remaining lease term (in years)												4.9
Weighted average discount rate												4.7%

Schedule of Maturities of Lease Liabilities

Maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands) for the years ended:


2023	$	16,445
2024	16,334
2025	16,119
2026	15,270
2027	2,680
2028 and thereafter	7,688
Total lease payments	74,536
Less imputed interest	(8,823)
Present value of total lease liabilities	$	65,713

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Receivables [Abstract]
Unpaid principal balance	$ 2,516,733	$ 2,058,863
Accrued interest receivable	20,697	15,466
Premiums on loans held for investment	8,911	7,071
Less: Discount due to loss on loan purchase commitment	(20,692)	(53,177)
Less: Discount due to loss on self-originated loans	(20,443)	0
Less: Fair value adjustment on loans acquired through business combination	(1,645)	(5,903)
Total loans held for investment	$ 2,503,561	2,022,320
Discount due to loss on self-originated loans		$ 6,200

Fair Value of Financial Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	$ 1,595,373
Servicing assets	1,200	$ 2,300
Derivative instruments	49,983	2,880
Servicing liabilities	2,673	3,961	$ 1,540
Contingent consideration	23,348	153,447
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	162,483	143,241
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	16,026
Restricted cash	300,390
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	368,671
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	229,272
Restricted cash	478,293
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	17,955
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	58,541
Restricted cash	378,386
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	51,678	16,170
Servicing assets	1,192	2,349
Derivative instruments	49,983	2,880
Total assets	2,112,870	164,640
Servicing liabilities	2,673	3,961
Performance fee liability	1,710	1,290
Residual trust certificates, held by third-parties	377	914
Contingent consideration	23,348	153,447
Profit share liability	1,987	2,464
Total liabilities	30,095	162,076
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	0
Total assets	0	0
Total liabilities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	162,483	143,241
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 1 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0	0
Servicing assets	0	0
Derivative instruments	0	0
Total assets	162,483	143,241
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	1,543,695
Total assets	15,331	275,855
Total liabilities	984,285	269,975
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	16,026
Restricted cash	300,390
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	368,671
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	229,272
Restricted cash	478,293
Level 2 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	17,955
Level 2 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	58,541
Restricted cash	378,386
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0	0
Servicing assets	0	0
Derivative instruments	49,983	2,880
Total assets	1,897,517	2,880
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Contingent consideration	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale at fair value	51,678
Total assets	2,412,871	1,883,364
Total liabilities	2,212,789	1,876,134
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 3 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Restricted cash	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	51,678	16,170
Servicing assets	1,192	2,349
Derivative instruments	0	0
Total assets	52,870	18,519
Servicing liabilities	2,673	3,961
Performance fee liability	1,710	1,290
Residual trust certificates, held by third-parties	377	914
Contingent consideration	23,348	153,447
Profit share liability	1,987	2,464
Total liabilities	$ 30,095	$ 162,076

Fair Value of Financial Assets and Liabilities - Fair Value of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,290	$ 875
Purchases of loans	1,764	1,372
Settlements Paid	(418)	0
Subsequent changes in fair value	(926)	(957)
Fair value at end of period	$ 1,710	$ 1,290

Securitization and Variable Interest Entities

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Securitization and Variable Interest Entities

Consolidated VIEs

We consolidate VIEs when we are deemed to be the primary beneficiary.

Warehouse Credit Facilities

We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding self-originated loans. Refer to Note 11. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our warehouse funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary.

Securitizations

In connection with our asset-backed securitization program, we sponsor and establish trusts (deemed to be VIEs) to ultimately purchase loans facilitated by our platform. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs.

We consolidate securitization VIEs when we are deemed to be the primary beneficiary and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. Through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall.

In evaluating whether we are the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis.

Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the consolidated balance sheets.

As of June 30, 2022, we consolidated Affirm Asset Securitization Trust 2020-Z1 (“2020-Z1”), Affirm Asset Securitization Trust 2020-A (“2020-A”), Affirm Asset Securitization Trust 2020-Z2 (“2020-Z2”), Affirm Asset Securitization Trust 2021-A (“2021-A”), Affirm Asset Securitization Trust 2021-B (“2021-B”), and Affirm Asset Securitization Trust 2022-A (“2022-A”). Each securitization trust issued interest-bearing notes and residual certificates to finance the purchase of the loans facilitated by our platform. At the closing of each securitization, we contributed loans, facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $2,554.3 million. The 2020-Z1 and 2020-Z2 securitizations are secured by static pools of loans contributed at closing, whereas the 2021-A, 2021-B, and 2022-A securitizations are revolving and we may contribute additional loans from time to time until the end of the revolving period. For the 2020-Z2 securitization, we purchased $27.9 million of loan receivables from our third-party loan buyers which were then contributed to the trust.

For each securitization, the residual certificates represent the right to receive excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. For 2020-Z1, 2020-A, 2021-A, 2021-B, and 2022-A, all notes were sold to third-party investors and we retained 100% of the residual certificates issued by the securitization trusts. For 2020-Z2, all notes were sold to third-party investors and we retained 93.3% of the residual certificates issued by the securitization trust, and a third-party investor holds the remaining 6.7% of the residual certificates in 2020-Z2. The residual trust certificates held by third-party investors are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the consolidated balance sheets. In addition to the retained residual certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans.

We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes.

2020-Z1

On July 8, 2020, the notes under the 2020-Z1 securitization were issued as a single class: Class A in the amount of $150.0 million (the “2020-Z1 notes”). The 2020-Z1 notes bear interest at a fixed rate of 3.46% and have a maturity date of October 15, 2024. Principal and interest payments began in September 2020 and are payable monthly. These 2021-Z1 notes are recorded at amortized cost on the consolidated balance sheet. The 2020-Z1 notes held by third-party investors and the unamortized debt issuance costs are included in notes issued by securitization trusts with a balance of $30.5 million on the consolidated balance sheets at June 30, 2022 and are secured by loan receivables at amortized cost of $30.3 million included in loans held for investment on the consolidated balance sheets at June 30, 2022.

2020-A

On August 5, 2020, the notes under the 2020-A securitization were issued in three classes: Class A in the amount of $330.0 million, Class B in the amount of $16.2 million, and Class C in the amount of $22.1 million (collectively, the “2020-A notes”). On April 15, 2022, we exercised the optional redemption right under the 2020-A securitization where Affirm as the 100% residual certificate owner repurchased the outstanding receivables at a repurchase price of $234.0 million which was equal to the fair market value of the receivables as of the last day of the related collection period. All of the outstanding 2020-A notes were paid at the aggregate redemption price of $280.4 million. The Class A, Class B, and Class C notes previously bore interest at a fixed rate of 2.10%, 3.54%, and 6.23%, respectively, and each class had a final maturity date of February 18, 2025.

2020-Z2

On October 22, 2020, the notes under the 2020-Z2 securitization were issued as a single class: Class A in the amount of $375.0 million (the “2020-Z2 notes”). The 2020-Z2 notes bear interest at a fixed rate of 1.90% and have a maturity date of January 15, 2025. Principal and interest payments began in December 2020 and are payable monthly. These 2020-Z2 notes are recorded at amortized cost on the consolidated balance sheet. The notes held by third-party investors and the unamortized debt issuance costs are included in the 2020-Z2 notes issued by securitization trusts with a balance of $102.0 million on the consolidated balance sheets at June 30, 2022 and are secured by loan receivables at amortized cost of $101.2 million included in loans held for investment on the consolidated balance sheets at June 30, 2022. The residual trust certificates held by third-party investors are measured at fair value using a discounted cash flow model, and presented within accrued expenses and other liabilities on the consolidated balance sheets. See Note 14. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of these asset-backed securities.

2021-A

On February 18, 2021, the notes under the 2021-A securitization were issued in five classes: Class A in the amount of $407.2 million, Class B in the amount of $30.3 million, Class C in the amount of $21.0 million, Class D in the amount of $22.5 million, and Class E in the amount of $19.0 million (collectively, the “2021-A notes”). The Class A, Class B, Class C, Class D, and Class E notes bear interest at a fixed rate of 0.88%, 1.06%, 1.66%, 3.49%, and 5.65%, respectively, and each class has a maturity date of August 15, 2025. Principal and interest payments began in March 2021 and are payable monthly. These notes are recorded at amortized cost on the consolidated balance sheet. The associated debt issuance costs totaled $0.3 million as of June 30, 2022. The 2021-A notes held by third-party investors and the unamortized debt issuance costs are included in notes issued by securitization trusts with a balance of $500.0 million on the consolidated balance sheets at June 30, 2022 and are secured by loan receivables at amortized cost of $498.5 million included in loans held for investment on the consolidated balance sheets as of June 30, 2022.

2021-B

On August 4, 2021, the notes under the 2021-B securitization were issued in five classes: Class A in the amount of $418.8 million, Class B in the amount of $28.0 million, Class C in the amount of $19.8 million, Class D in the amount of $22.5 million, and Class E in the amount of $11.0 million (collectively, the “2021-B notes”). The Class A, Class B, Class C, Class D, and Class E notes bear interest at a fixed rate of 1.03%, 1.24%, 1.40%, 2.54%, and 4.61%, respectively, and each class has a maturity date of August 17, 2026. Principal and interest payments began in October 2021 and are payable monthly. These notes are recorded at amortized cost on the consolidated balance sheet. The associated debt issuance costs totaled $1.8 million as of June 30, 2022. The 2021-B notes held by third-party investors and the unamortized debt issuance costs are included in notes issued by securitization trusts with a balance of $500.0 million on the consolidated balance sheets at June 30, 2022 and are secured by loan receivables at amortized cost of $511.1 million included in loans held for investment on the consolidated balance sheets as of June 30, 2022.

2022-A

On May 4, 2022 the notes under the 2022-A securitization issued in five classes: Class A in the amount of $405.6 million, Class B in the amount of $27.6 million, Class C in the amount of $26.8 million, Class D in the amount of $18.2 million, and Class E in the amount of $21.8 million (collectively, the “2022-A notes”). The Class A, Class B, Class C, Class D, and Class E notes bear interest at a fixed rate of 4.30%, 4.64%, 4.89%, 5.53%, and 8.04%, respectively and each class has a maturity date of May 17, 2027. Principal and interest payments will begin July 2022 and are payable monthly. These notes are recorded at amortized cost on the consolidated balance sheet. The associated debt issuance costs totaled $2.7 million as of June 30, 2022. The 2022-A notes held by third-party investors and the unamortized debt issuance costs are included in notes issued by securitization trusts with a balance of $499.9 million on the consolidated balance sheets at June 30, 2022 and are secured by loan receivables at amortized cost of $519.6 million included in loans held for investment on the consolidated balance sheets as of June 30, 2022.

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs.


	June 30, 2022
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	563,207	$	534,422	$	28,785
Securitizations	1,679,062		1,632,107		46,955
Total consolidated VIEs	$	2,242,269	$	2,166,529	$	75,740


	June 30, 2021
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	688,197	$	614,882	$	73,315
Securitizations	1,115,427		1,178,545		(63,118)
Total consolidated VIEs	$	1,803,624	$	1,793,427	$	10,197

Unconsolidated VIEs

As of June 30, 2022, Affirm Asset Securitization Trust 2021-Z1 (“2021-Z1”), Affirm Asset Securitization Trust 2021-Z2 (“2021-Z2”), Affirm Asset Securitization Trust 2022-X1 (“2022-X1”), and Affirm Asset Securitization Trust 2022-Z1 (“2022-Z1”) were unconsolidated VIEs. We did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of June 30, 2022.

2021-Z1

On May 5, 2021, the notes under 2021-Z1 securitization were issued as a single class: Class A in the amount of $320.0 million (the “2021-Z1 notes”). The 2021-Z1 notes bear interest at a fixed rate of 1.07% and have a maturity date of August 15, 2025. Principal and interest payments began in June 2021 and are payable monthly.

The 2021-Z1 securitization is secured by a static pool of loans which were contributed at the closing date to the 2021-Z1 trust. The loans contributed at closing were facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $351.0 million. Of the loans sold to the 2021-Z1 trust, we purchased $41.4 million of loan receivables from one of our third-party loan buyers, which were contributed to the trust at closing.

At closing, we retained 5% of the 2021-Z1 notes and 86.9% of the residual certificates issued by the 2021-Z1 trust. The third-party loan contributor received 13.1% of the residual certificates at closing. On May 17, 2021, we sold a majority of the residual certificates retained at closing, comprising 81.9% of the par value, to five third-party investors. Subsequent to this sale, we retained only a 5% vertical interest in the 2021-Z1 trust via our ownership of 5% par amount of the 2021-Z1 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules.

We initially consolidated the 2021-Z1 trust at closing due to retaining a majority of the residual interest. However, upon completing the subsequent third-party sale of 81.9% of the residual certificates on May 17, 2021, we determined that we no longer had significant economic exposure through our variable interests and as such, we determined that we were no longer the primary beneficiary as of this date.

Upon deconsolidating the 2021-Z1 trust, we recognized a gain of $16.7 million, which is included within gain on sale of loans in our consolidated statements of operations and comprehensive loss.

2021-Z2

On November 10, 2021, the notes under 2021-Z2 securitization were issued as a single class: Class A in the amount of $260.0 million (the “2021-Z2 notes”). The 2021-Z2 notes bear interest at a fixed rate of 1.17% and have a maturity date of November 16, 2026. Principal and interest payments began in January 2022 and are payable monthly.

The 2021-Z2 securitization is secured by a static pool of loans which were contributed at the closing date to the 2021-Z2 trust. The loans contributed at closing were facilitated through our technology platform and purchased from our originating bank partners, with an aggregate outstanding principal balance of $287.5 million. Of the loans sold to the 2021-Z2 trust, we purchased $192.5 million of loan receivables from one of our third-party loan buyers, which were contributed to the trust at closing.

At closing, we retained only a 5% vertical interest in the 2021-Z2 trust via our ownership of 5% par amount of the 2021-Z2 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules. The third-party loan contributor received 95% of the residual certificates at closing.

On the closing date of the 2021-Z2 trust, we recognized a gain on sales of loans sold to the trust of $6.1 million, which is included within gain on sales of loans in our consolidated statements of operations and comprehensive loss.

2022-X1

On February 9, 2022, the notes under 2022-X1 securitization were issued as a single class: Class A in the amount of $366.5 million (the “2022-X1 notes”). The 2022-X1 notes bear interest at a fixed rate of 1.75% and have a maturity date of February 16, 2027. Principal and interest payments began in April 2022 and are payable monthly.

The 2022-X1 securitization is secured by a static pool of loans which were contributed at the closing date to the 2022-X1 trust. The loans contributed at closing were facilitated through our technology platform and originated by us or purchased from our originating bank partners, with an aggregate outstanding principal balance of $406.2 million. Of the loans sold to the 2022-X1 trust, we purchased $258.3 million of loan receivables from two of our third-party loan buyers, which were contributed to the trust at closing.

At closing, we retained only a 5% vertical interest in the 2022-X1 trust via our ownership of 5% par amount of the 2022-X1 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules. The remaining 95% of the residual certificates were sold to third-party investors at closing.

On the closing date of the 2022-X1 trust, we recognized gain on sales of loans sold to the trust of $13.1 million, which is included within gain on sales of loans in our consolidated statements of operations and comprehensive loss.

2022-Z1

On June 22, 2022, the notes under 2022-Z1 securitization were issued in two classes: Class A in the amount of $356.0 million and Class B in the amount of $15.5 million (collectively the “2022-Z1 notes”). The 2022-Z1 notes bear interest at a fixed rate of 4.55% and 6.49%, respectively and each class has a maturity date of June 15, 2027. Principal and interest payments begin in August 2022 and are payable monthly.

The 2022-Z1 securitization is secured by a static pool of loans which were contributed at the closing date to the 2022-Z1 trust. The loans contributed at closing were facilitated through our technology platform and originated by us or purchased from our originating bank partners, with an aggregate outstanding principal balance of $420.3 million. Of the loans sold to the 2022-Z1 trust, we purchased $251.7 million of loan receivables from one of our third-party loan buyers, which were contributed to the trust at closing.

At closing, we retained only a 5% vertical interest in the 2022-Z1 trust via our ownership of 5% par amount of the 2022-Z1 notes and 5% par amount of the residual interests. We were required to retain these interests for compliance with U.S. risk retention rules. The remaining 95% of the residual certificates were sold to third-party investors at closing.

On the closing date of the 2022-Z1 trust, the amount recognized within gain on sale of loans sold to the trust was immaterial, this is included within gain on sales of loans in our consolidated statements of operations and comprehensive loss.

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	June 30, 2022
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	996,242	$	965,909	$	30,333	$	51,248
Total unconsolidated VIEs	$	996,242	$	965,909	$	30,333	$	51,248


	June 30, 2021
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	305,414	$	304,567	$	847	$	16,850
Total unconsolidated VIEs	$	305,414	$	304,567	$	847	$	16,850

Assets of unconsolidated VIEs include the carrying value for loans held in the 2021-Z1, 2021-Z2, 2022-X1, and 2022-Z1 trust and cash held in the collection and reserve accounts established for the trust. Liabilities include the outstanding principal balance of the 2021-Z1, 2021-Z2, 2022-X1, and 2022-Z1 notes.

Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For 2021-Z1, 2021-Z2, 2022-X1 and 2022-Z1, this includes $51.7 million in retained notes and residual certificates disclosed within securities available for sale at fair value in our consolidated balance sheets and $0.4 million related to our servicing liabilities and receivables disclosed within other assets in our consolidated balance sheets as of June 30, 2022.

Additionally, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. In connection with 2021-Z1, 2021-Z2, 2022-X1 and 2022-Z1, this amount was not material as of June 30, 2022.

Retained Beneficial Interests in Unconsolidated VIEs

The investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in 2021-Z1, 2021-Z2, 2022-X1, and 2022-Z1 as “available for sale” and as such they are disclosed at fair value in our consolidated balance sheets.

See Note 13. Investments and Note 14. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual certificates. Additionally, as of June 30, 2022, we have pledged the 2021-Z1, 2021-Z2, and 2022-X1 retained beneficial interests as collateral in connection with a sale and repurchase agreement as described in Note 11. Debt.

Fair Value of Financial Assets and Liabilities - Fair Value of Senior Notes and Residual Trust Certificates (Details) - Senior Notes And Residual Trust Certificates - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 16,170	$ 0
Additions	54,998	16,144
Cash received (due to payments or sales)	(19,559)	0
Change in unrealized gain (loss)	(509)	29
Accrued interest	595	0
Reversal of (impairment on) securities available for sale	(17)	(3)
Fair value at end of period	$ 51,678	$ 16,170

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Revolving facilities \| Funding debt
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Deferred debt issuance costs	$ 10,818	$ 8,754
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	0	0
Other assets	0	0
Accounts receivable, net		0
Total assets	0	0
Convertible senior notes, net	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Accounts payable		0
Payable to third-party loan owners		0
Accrued interest payable		0
Accrued expenses and other liabilities		0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	2,670	13,030
Loans held for investment, net	0	0
Other assets	12,661	171,250
Accounts receivable, net		91,575
Total assets	15,331	275,855
Convertible senior notes, net	984,285
Notes issued by securitization trusts	0	0
Funding debt	0	0
Accounts payable		57,758
Payable to third-party loan owners		50,079
Accrued interest payable		2,751
Accrued expenses and other liabilities		159,387
Total liabilities	984,285	269,975
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	2,412,871	1,883,364
Other assets	0	0
Accounts receivable, net		0
Total assets	2,412,871	1,883,364
Convertible senior notes, net	0
Notes issued by securitization trusts	1,529,401	1,184,663
Funding debt	683,388	689,356
Accounts payable		0
Payable to third-party loan owners		0
Accrued interest payable		0
Accrued expenses and other liabilities		2,115
Total liabilities	2,212,789	1,876,134
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	2,670	13,030
Loans held for investment, net	2,348,169	1,904,560
Other assets	12,661	171,250
Accounts receivable, net		91,575
Total assets	2,363,500	2,180,415
Convertible senior notes, net	1,706,668
Notes issued by securitization trusts	1,627,580	1,176,673
Funding debt	683,395	689,356
Accounts payable		57,758
Payable to third-party loan owners		50,079
Accrued interest payable		2,751
Accrued expenses and other liabilities		161,502
Total liabilities	4,017,643	2,138,119
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	2,670	13,030
Loans held for investment, net	2,412,871	1,883,364
Other assets	12,661	171,250
Accounts receivable, net		91,575
Total assets	2,428,202	2,159,219
Convertible senior notes, net	984,285
Notes issued by securitization trusts	1,529,401	1,184,663
Funding debt	683,388	689,356
Accounts payable		57,758
Payable to third-party loan owners		50,079
Accrued interest payable		2,751
Accrued expenses and other liabilities		161,502
Total liabilities	$ 3,197,074	$ 2,146,109

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	84,314,979	88,211,269
Available outstanding under stock plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	53,158,233	58,417,514
Available for future grant under stock plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	31,156,746	29,793,755

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Jun. 30, 2022 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 1,771,109
Less than or equal to 1 year, unrealized losses	(7,615)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	1,771,109
Total, unrealized losses	$ (7,615)
Number of positions with unrealized losses \| position	270,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 290,169
Less than or equal to 1 year, unrealized losses	(921)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	290,169
Total, unrealized losses	(921)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	351,088
Less than or equal to 1 year, unrealized losses	(3,243)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	351,088
Total, unrealized losses	(3,243)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	679,272
Less than or equal to 1 year, unrealized losses	(1,145)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	679,272
Total, unrealized losses	(1,145)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	17,955
Less than or equal to 1 year, unrealized losses	(241)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	17,955
Total, unrealized losses	(241)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	431,903
Less than or equal to 1 year, unrealized losses	(2,020)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	431,903
Total, unrealized losses	(2,020)
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	722
Less than or equal to 1 year, unrealized losses	(45)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	722
Total, unrealized losses	$ (45)

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 3,961	$ 1,540
Initial transfers of financial assets	15,617	8,794
Subsequent changes in fair value	(16,905)	(6,373)
Fair value at end of period	$ 2,673	$ 3,961

Securitization and Variable Interest Entities - Securitizations Narrative (Details) $ in Thousands	Jun. 30, 2022 USD ($)	May 04, 2022 USD ($) class	Apr. 15, 2022 USD ($)	Aug. 04, 2021 USD ($) class	Jun. 30, 2021 USD ($)	Feb. 18, 2021 USD ($) class	Oct. 22, 2020 USD ($)	Aug. 05, 2020 USD ($) class	Jul. 08, 2020 USD ($)
Debt Instrument [Line Items]
Securitized loans outstanding	$ 2,554,300
Loans held for investment	2,503,561				$ 2,022,320
2020-Z2
Debt Instrument [Line Items]
Securitized loans outstanding	$ 27,900
Percentage of residual certificates retained	93.30%
2020-Z2 \| Secured debt
Debt Instrument [Line Items]
Securitization issued							$ 375,000
Fixed interest rate							0.019%
Total funding debt, net of deferred debt issuance costs	$ 102,000
2020-Z2 \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment	$ 101,200
2020-Z2 \| Third party loan buyer
Debt Instrument [Line Items]
Percentage of residual certificates retained	6.70%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-A \| Secured debt
Debt Instrument [Line Items]
Number of classes of securitization trusts \| class						5
Debt issuance costs	$ 300
Total funding debt, net of deferred debt issuance costs	500,000
2021-A \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment	$ 498,500
2021-A Notes, Class A \| Secured debt
Debt Instrument [Line Items]
Securitization issued						$ 407,200
Fixed interest rate						88.00%
2021-A Notes, Class B \| Secured debt
Debt Instrument [Line Items]
Securitization issued						$ 30,300
Fixed interest rate						106.00%
2021-A Notes, Class C \| Secured debt
Debt Instrument [Line Items]
Securitization issued						$ 21,000
Fixed interest rate						166.00%
2021-A Notes, Class D \| Secured debt
Debt Instrument [Line Items]
Securitization issued						$ 22,500
Fixed interest rate						349.00%
2021-A Notes, Class E \| Secured debt
Debt Instrument [Line Items]
Securitization issued						$ 19,000
Fixed interest rate						565.00%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%		100.00%
2020-A \| Secured debt
Debt Instrument [Line Items]
Number of classes of securitization trusts \| class								3
2020-A \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment			$ 234,000
2020-A Notes, Class A \| Secured debt
Debt Instrument [Line Items]
Securitization issued								$ 330,000
Fixed interest rate								210.00%
2020-A Notes, Class B \| Secured debt
Debt Instrument [Line Items]
Securitization issued								$ 16,200
Fixed interest rate								354.00%
2020-A Notes, Class C \| Secured debt
Debt Instrument [Line Items]
Securitization issued								$ 22,100
Fixed interest rate								623.00%
2021-B
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-B \| Secured debt
Debt Instrument [Line Items]
Number of classes of securitization trusts \| class				5
Debt issuance costs	$ 1,800
Total funding debt, net of deferred debt issuance costs	500,000
2021-B \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment	$ 511,100
2021-B Notes, Class A \| Secured debt
Debt Instrument [Line Items]
Securitization issued				$ 418,800
Fixed interest rate				103.00%
2021-B Notes, Class B \| Secured debt
Debt Instrument [Line Items]
Securitization issued				$ 28,000
Fixed interest rate				124.00%
2021-B Notes, Class C \| Secured debt
Debt Instrument [Line Items]
Securitization issued				$ 19,800
Fixed interest rate				140.00%
2021-B Notes, Class D \| Secured debt
Debt Instrument [Line Items]
Securitization issued				$ 22,500
Fixed interest rate				254.00%
2021-B Notes, Class E \| Secured debt
Debt Instrument [Line Items]
Securitization issued				$ 11,000
Fixed interest rate				461.00%
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-Z1 \| Secured debt
Debt Instrument [Line Items]
Securitization issued									$ 150,000
Fixed interest rate									0.0346%
Total funding debt, net of deferred debt issuance costs	$ 30,500
2020-Z1 \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment	$ 30,300
2022-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2022-A \| Secured debt
Debt Instrument [Line Items]
Number of classes of securitization trusts \| class		5
Debt issuance costs	$ 2,700
Total funding debt, net of deferred debt issuance costs	499,900
2022-A \| Secured debt \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans held for investment	$ 519,600
2022-A Notes, Class A \| Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 405,600
Fixed interest rate		430.00%
2022-A Notes, Class B \| Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 27,600
Fixed interest rate		464.00%
2022-A Notes, Class C \| Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 26,800
Fixed interest rate		489.00%
2022-A Notes, Class D \| Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 18,200
Fixed interest rate		553.00%
2022-A Notes, Class E \| Secured debt
Debt Instrument [Line Items]
Securitization issued		$ 21,800
Fixed interest rate		804.00%

Interest Income (Tables)

12 Months Ended

Jun. 30, 2022

Banking and Thrift, Interest [Abstract]

Schedule of Interest Income

Interest income consisted of the following components (in thousands):


	Year ended June 30,
	2022		2021		2020
Interest income on unpaid principal balance	$	365,993	237,526		163,374
Amortization of discount on loans	185,050		101,078		35,251
Amortization of premiums on loans	(13,085)		(9,018)		(6,157)
Interest receivable charged-off, net of recoveries	(10,078)		(3,169)		(5,738)
Total interest income	$	527,880	$	326,417	$	186,730

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Current
State	$ 145	$ (10)	$ 351
Foreign	230	(410)	436
Total current expense	375	(420)	787
Deferred
Federal	113	88	6
State	281	(2,570)	28
Foreign	(18,183)	559	(445)
Total deferred expense	(17,789)	(1,923)	(411)
Income tax (benefit) expense	$ (17,414)	$ (2,343)	$ 376

Net Loss per Share Attributable to Common Stockholders - Additional Information (Details)	Jan. 12, 2021
Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, stock split	0.5
Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, stock split	0.5

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Residual Trust Certificates (Details) - Residual Trust Certificates Held by Third-Parties in Consolidated VIEs	Jun. 30, 2022
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0075
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0800

Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Fair Value Measured on Recurring Basis

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 (in thousands):


	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	162,483	$	—	$	—	$	162,483
Certificates of deposit	—		16,026		—		16,026

Commercial paper	—		229,272		—		229,272
Government bonds - U.S.	—		58,541		—		58,541
Restricted cash:
Securities available for sale:
Certificate of deposit	—		300,390		—		300,390
Corporate bonds	—		368,671		—		368,671
Commercial paper	—		478,293		—		478,293
Government bonds:
Non-U.S.	—		17,955		—		17,955
U.S.	—		378,386		—		378,386
Securitization notes receivable and residual trust certificates	—		—		51,678		51,678
Total securities available for sale	—		1,543,695		51,678		1,595,373
Servicing assets	—		—		1,192		1,192
Derivative instruments	—		49,983		—		49,983
Total assets	$	162,483	$	1,897,517	$	52,870	$	2,112,870
Liabilities:
Servicing liabilities	$	—	$	—	$	2,673	$	2,673
Performance fee liability	—		—		1,710		1,710
Residual trust certificates, held by third-parties	—		—		377		377
Contingent consideration	—		—		23,348		23,348
Profit share liability	—		—		1,987		1,987
Total liabilities	$	—	$	—	$	30,095	$	30,095

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 (in thousands):


	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	143,241	$	—	$	—	$	143,241
Restricted cash:
Securitization notes receivable and residual trust certificates	—		—		16,170		16,170
Servicing assets	—		—		2,349		2,349
Derivative instruments	—		2,880		—		2,880
Total assets	$	143,241	$	2,880	$	18,519	$	164,640
Liabilities:

Servicing liabilities	$	—	$	—	$	3,961	$	3,961
Performance fee liability	—		—		1,290		1,290
Residual trust certificates, held by third-parties	—		—		914		914
Contingent consideration	—		—		153,447		153,447
Profit share liability	—		—		2,464		2,464
Total liabilities	$	—	$	—	$	162,076	$	162,076

Schedule of Servicing Assets at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing assets during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Servicing Assets
	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	2,349	$	2,132
Initial transfers of financial assets	2,899		2,915
Subsequent changes in fair value	(4,056)		(2,698)
Fair value at end of period	$	1,192	$	2,349

Schedule of Servicing Liabilities at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Servicing Liabilities
	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	3,961	$	1,540
Initial transfers of financial assets	15,617		8,794
Subsequent changes in fair value	(16,905)		(6,373)
Fair value at end of period	$	2,673	$	3,961

Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2022:


	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.78	%	1.85	%	1.10	%
	Net default rate	0.59	%	50.59	%	1.59	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.13	%	2.34	%	2.21	%
	Net default rate	9.03	%	24.44	%	13.81	%

(1)Estimated cost of servicing a loan as a percentage of unpaid principal balance

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2021:


	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	0.70	%	0.84	%	0.81	%
	Net default rate	0.53	%	0.95	%	0.64	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	1.29	%	3.70	%	2.71	%
	Net default rate	0.80	%	8.42	%	7.12	%

(1)Estimated cost of servicing a loan as a percentage of unpaid principal balance

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	3.10%	2.42%

Level 3 fair value measurement of the performance fee liability as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	2.83%	1.80%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties as of June 30, 2022 and June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.75%	0.75%	0.75%
Prepayment rate	8.00%	8.00%	8.00%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	3.68%	22.50%	5.37%
Loss rate	0.61%	10.95%	2.65%
Prepayment rate	5.25%	35.00%	18.48%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	11.46%	11.46%	11.46%
Loss rate	0.61%	0.61%	0.61%
Prepayment rate	10.50%	10.50%	10.50%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the contingent consideration as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	15.00%	15.00%	15.00%
Equity volatility	36.00%	139.00%	116.00%
Revenue volatility	11.00%	144.00%	34.00%

Level 3 fair value measurement of the contingent consideration as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	12.00%	12.00%	12.00%
Equity volatility	37.00%	97.00%	62.00%
Revenue volatility	8.00%	98.00%	37.00%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.25%	3.54%	1.28%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.79%	3.75%	3.75%

Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):


	June 30, 2022		June 30, 2021
Servicing assets
Net default rate assumption:
Net default rate increase of 25%	$	11	$	(7)
Net default rate increase of 50%	$	22	$	(15)
Adequate compensation assumption:
Adequate compensation increase of 25%	$	(3,513)	$	(2,006)
Adequate compensation increase of 50%	$	(7,026)	$	(4,011)
Discount rate assumption:
Discount rate increase of 25%	$	(57)	$	(4)
Discount rate increase of 50%	$	(109)	$	(1)
Servicing liabilities
Net default rate assumption:
Net default rate increase of 25%	$	(10)	$	(40)
Net default rate increase of 50%	$	(21)	$	(61)
Adequate compensation assumption:
Adequate compensation increase of 25%	$	6,139	$	3,060
Adequate compensation increase of 50%	$	12,278	$	6,119
Discount rate assumption:
Discount rate increase of 25%	$	(50)	$	(137)
Discount rate increase of 50%	$	(98)	$	(263)

Summary of Activity for Liabilities With Significant Unobservable Inputs for Fair Value

The following table summarizes the activity related to the fair value of the performance fee liability during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Performance Fee Liability
	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	1,290	$	875
Purchases of loans	1,764		1,372
Settlements Paid	(418)		—
Subsequent changes in fair value	(926)		(957)
Fair value at end of period	$	1,710	$	1,290

The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	914	$	—
Initial transfer of financial assets	—		1,622
Repayments	(908)		(508)
Subsequent changes in fair value	371		(200)
Fair value at end of period	$	377	$	914

The following table summarizes the activity related to the fair value of the notes receivable and residual trust certificates during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	16,170	$	—
Additions	54,998		16,144
Cash received (due to payments or sales)	(19,559)		—
Change in unrealized gain (loss)	(509)		29
Accrued interest	595		—
Reversal of (impairment on) securities available for sale	(17)		(3)
Fair value at end of period	$	51,678	$	16,170

The following table summarizes the activity related to the fair value of the PayBright contingent consideration during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	153,447	$	—
Subsequent changes in fair value	(89,313)		150,135
Fair value of shares released from escrow	(32,110)		—
Effect of foreign currency translation	(8,676)		3,312
Fair value at end of period	$	23,348	$	153,447

The following table summarizes the activity related to the fair value of the profit share liability during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	2,464	$	—
Facilitation of loans	5,955		4,206
Actual performance	(7,642)		(1,661)
Subsequent changes in fair value	1,210		(81)
Fair value at end of period	$	1,987	$	2,464

Schedule Sensitivity Analysis of Fair Value, Residual Trust Certificates

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual certificates held by third-party investor(s) given hypothetical changes in significant unobservable inputs (in thousands):


	June 30, 2022		June 30, 2021
Discount rate assumption:
Discount rate increase of 25%	$	(6)	$	(21)
Discount rate increase of 50%	$	(11)	$	(42)
Loss rate assumption:
Loss rate increase of 25%	$	(8)	$	(28)
Loss rate increase of 50%	$	(16)	$	(56)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(2)	$	(10)
Prepayment rate decrease of 50%	$	(3)	$	(20)

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the securitization residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands):


	Year ended June 30,
	2022		2021
Discount rate assumption:
Discount rate increase of 25%	$	(1,410)	$	(22)
Discount rate increase of 50%	$	(2,295)	$	(44)
Loss rate assumption:
Loss rate increase of 25%	$	(729)	$	(24)
Loss rate increase of 50%	$	(964)	$	(48)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(545)	$	(13)
Prepayment rate decrease of 50%	$	(519)	$	(27)

Fair Value Hierarchy for Financial Assets and Liabilities Not Recorded at Fair Value

The following table presents the fair value hierarchy for financial assets and liabilities not recorded at fair value as of June 30, 2022 (in thousands):


	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	2,670	$	—	$	2,670	$	—	$	2,670
Loans held for investment, net	2,348,169		—		—		2,412,871		2,412,871
Other assets	12,661		—		12,661		—		12,661
Total assets	$	2,363,500	$	—	$	15,331	$	2,412,871	$	2,428,202
Liabilities:
Convertible senior notes, net (1)	$	1,706,668	$	—	$	984,285	$	—	$	984,285
Notes issued by securitization trusts	1,627,580		—		—		1,529,401		1,529,401
Funding debt(2)	683,395		—		—		683,388		683,388
Total liabilities	$	4,017,643	$	—	$	984,285	$	2,212,789	$	3,197,074

(1)The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period.

(2)As of June 30, 2022, debt issuance costs in the amount of $10.8 million, was included within funding debt.

The following table presents the fair value hierarchy for financial assets and liabilities not recorded at fair value as of June 30, 2021 (in thousands):


	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	13,030	$	—	$	13,030	$	—	$	13,030
Loans held for investment, net	1,904,560		—		—		1,883,364		1,883,364
Accounts receivable, net	91,575		—		91,575		—		91,575
Other assets	171,250		—		171,250		—		171,250
Total assets	$	2,180,415	$	—	$	275,855	$	1,883,364	$	2,159,219
Liabilities:
Accounts payable	$	57,758	$	—	$	57,758	$	—	$	57,758
Payable to third-party loan owners	50,079		—		50,079		—		50,079
Accrued interest payable	2,751		—		2,751		—		2,751
Accrued expenses and other liabilities	161,502		—		159,387		2,115		161,502
Notes issued by securitization trusts	1,176,673		—		—		1,184,663		1,184,663
Funding debt	689,356		—		—		689,356		689,356
Total liabilities	$	2,138,119	$	—	$	269,975	$	1,876,134	$	2,146,109

Fair Value of Financial Assets and Liabilities

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Financial Assets and Liabilities Recorded at Fair Value

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 (in thousands):


	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	162,483	$	—	$	—	$	162,483
Certificates of deposit	—		16,026		—		16,026

Commercial paper	—		229,272		—		229,272
Government bonds - U.S.	—		58,541		—		58,541
Restricted cash:
Securities available for sale:
Certificate of deposit	—		300,390		—		300,390
Corporate bonds	—		368,671		—		368,671
Commercial paper	—		478,293		—		478,293
Government bonds:
Non-U.S.	—		17,955		—		17,955
U.S.	—		378,386		—		378,386
Securitization notes receivable and residual trust certificates	—		—		51,678		51,678
Total securities available for sale	—		1,543,695		51,678		1,595,373
Servicing assets	—		—		1,192		1,192
Derivative instruments	—		49,983		—		49,983
Total assets	$	162,483	$	1,897,517	$	52,870	$	2,112,870
Liabilities:
Servicing liabilities	$	—	$	—	$	2,673	$	2,673
Performance fee liability	—		—		1,710		1,710
Residual trust certificates, held by third-parties	—		—		377		377
Contingent consideration	—		—		23,348		23,348
Profit share liability	—		—		1,987		1,987
Total liabilities	$	—	$	—	$	30,095	$	30,095

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 (in thousands):


	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	143,241	$	—	$	—	$	143,241
Restricted cash:
Securitization notes receivable and residual trust certificates	—		—		16,170		16,170
Servicing assets	—		—		2,349		2,349
Derivative instruments	—		2,880		—		2,880
Total assets	$	143,241	$	2,880	$	18,519	$	164,640
Liabilities:

Servicing liabilities	$	—	$	—	$	3,961	$	3,961
Performance fee liability	—		—		1,290		1,290
Residual trust certificates, held by third-parties	—		—		914		914
Contingent consideration	—		—		153,447		153,447
Profit share liability	—		—		2,464		2,464
Total liabilities	$	—	$	—	$	162,076	$	162,076

There were no transfers between levels during the periods ended June 30, 2022 and June 30, 2021.

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2)

Securities Available for Sale

As of June 30, 2022, we held marketable securities classified as available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services.

Derivative Instruments

Our primary objective in holding derivatives is to reduce the volatility in cash flows associated with our funding activities, arising from changes in interest rates. We do not employ derivatives for trading or speculative purposes.

As of June 30, 2022 and June 30, 2021, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risk associated with variable interest rates. Neither the interest rate caps or the interest rate swaps have been designated as hedging instruments.

As of June 30, 2022 and June 30, 2021, the interest rate caps and interest rate swaps are in a net asset position, and classified as Level 2 within the fair value hierarchy, based on prices quoted for similar financial instruments in markets that are not active. The fair values are presented gross within other assets and offsetting collateral received by the counterparty is presented as a liability within accrued expenses and other liabilities on the consolidated balance sheets. Any changes in the fair value of these financial instruments are reflected in other (expense) income, net, on the consolidated statements of operations and comprehensive loss.

Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)

We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, contingent consideration, and profit share liability do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value. This determination requires significant judgments to be made.

Servicing Assets and Liabilities

We sold loans with an unpaid balance of $7,149.0 million, $3,232.9 million, and $2,664.4 million for the years ended June 30, 2022, 2021, and 2020, respectively, for which we retained servicing rights.

As of June 30, 2022 and June 30, 2021, we serviced loans which we sold with a remaining unpaid principal balance of $4,504.5 million and $2,453.9 million, respectively.

We use discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows:

Adequate Compensation

We estimate adequate compensation as the rate a willing market participant would require for servicing loans with similar characteristics as those in the serviced portfolio.

Discount Rate

Estimated future payments to be received under servicing agreements are discounted as a part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require.

Net Default Rate

We estimate the timing and probability of early loan payoffs, loan defaults and write-offs, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses.

We earned $65.8 million, $24.7 million, and $14.8 million of servicing income for the year ended June 30, 2022, 2021, and 2020, respectively.

As of June 30, 2022 and June 30, 2021, the aggregate fair value of the servicing assets was measured at $1.2 million and $2.3 million, respectively, and presented within other assets on the consolidated balance sheets. As of June 30, 2022 and June 30, 2021, the aggregate fair value of the servicing liabilities was measured at $2.7 million and $4.0 million, respectively, and presented within accrued expenses and other liabilities on the consolidated balance sheets.

The following table summarizes the activity related to the aggregate fair value of our servicing assets during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Servicing Assets
	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	2,349	$	2,132
Initial transfers of financial assets	2,899		2,915
Subsequent changes in fair value	(4,056)		(2,698)
Fair value at end of period	$	1,192	$	2,349

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Servicing Liabilities
	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	3,961	$	1,540
Initial transfers of financial assets	15,617		8,794
Subsequent changes in fair value	(16,905)		(6,373)
Fair value at end of period	$	2,673	$	3,961

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2022:


	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.78	%	1.85	%	1.10	%
	Net default rate	0.59	%	50.59	%	1.59	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.13	%	2.34	%	2.21	%
	Net default rate	9.03	%	24.44	%	13.81	%

(1)Estimated cost of servicing a loan as a percentage of unpaid principal balance

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of June 30, 2021:


	Unobservable Input	Minimum		Maximum		Weighted Average
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	0.70	%	0.84	%	0.81	%
	Net default rate	0.53	%	0.95	%	0.64	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation(1)	1.29	%	3.70	%	2.71	%
	Net default rate	0.80	%	8.42	%	7.12	%

(1)Estimated cost of servicing a loan as a percentage of unpaid principal balance


	June 30, 2022		June 30, 2021
Servicing assets
Net default rate assumption:
Net default rate increase of 25%	$	11	$	(7)
Net default rate increase of 50%	$	22	$	(15)
Adequate compensation assumption:
Adequate compensation increase of 25%	$	(3,513)	$	(2,006)
Adequate compensation increase of 50%	$	(7,026)	$	(4,011)
Discount rate assumption:
Discount rate increase of 25%	$	(57)	$	(4)
Discount rate increase of 50%	$	(109)	$	(1)
Servicing liabilities
Net default rate assumption:
Net default rate increase of 25%	$	(10)	$	(40)
Net default rate increase of 50%	$	(21)	$	(61)
Adequate compensation assumption:
Adequate compensation increase of 25%	$	6,139	$	3,060
Adequate compensation increase of 50%	$	12,278	$	6,119
Discount rate assumption:
Discount rate increase of 25%	$	(50)	$	(137)
Discount rate increase of 50%	$	(98)	$	(263)

Performance Fee Liability

In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net, on the consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the performance fee liability during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Performance Fee Liability
	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	1,290	$	875
Purchases of loans	1,764		1,372
Settlements Paid	(418)		—
Subsequent changes in fair value	(926)		(957)
Fair value at end of period	$	1,710	$	1,290

Significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability are the discount rate, refund rate, and default rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	3.10%	2.42%

Level 3 fair value measurement of the performance fee liability as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.78%	2.83%	1.80%

Residual Trust Certificates Held by Third-Parties in Consolidated VIEs

Refer to Note 12. Securitization and Variable Interest Entities for a description of the 2020-Z2 securitization trust. Residual trust certificates held by third-party investor(s) are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the consolidated balance sheets. Any changes in the fair value of the liability are reflected in other (expense) income, net, on the consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	914	$	—
Initial transfer of financial assets	—		1,622
Repayments	(908)		(508)
Subsequent changes in fair value	371		(200)
Fair value at end of period	$	377	$	914

Significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates held by third-parties are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.75%	0.75%	0.75%
Prepayment rate	8.00%	8.00%	8.00%


	June 30, 2022		June 30, 2021
Discount rate assumption:
Discount rate increase of 25%	$	(6)	$	(21)
Discount rate increase of 50%	$	(11)	$	(42)
Loss rate assumption:
Loss rate increase of 25%	$	(8)	$	(28)
Loss rate increase of 50%	$	(16)	$	(56)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(2)	$	(10)
Prepayment rate decrease of 50%	$	(3)	$	(20)

Retained Beneficial Interests in Unconsolidated VIEs

As of June 30, 2022, the Company held notes receivable and residual trust certificates with an aggregate fair value of $51.7 million in connection with the 2021-Z1, 2021-Z2, 2022-X1, and 2022-Z1 securitizations, which are unconsolidated securitizations. The balances correspond to the 5% economic risk retention the Company is required to maintain as the securitization sponsor. Refer to Note 12. Securitization and Variable Interest Entities for a further description of the 2021-Z1, 2021-Z2, 2022-X1and 2022-Z1 securitization trusts.

These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value on the consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an allowance, are reflected in other comprehensive income (loss) on the consolidated statements of operations and comprehensive loss. Declines in fair value due to credit are reflected in other (expense) income, net on the consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the notes receivable and residual trust certificates during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	16,170	$	—
Additions	54,998		16,144
Cash received (due to payments or sales)	(19,559)		—
Change in unrealized gain (loss)	(509)		29
Accrued interest	595		—
Reversal of (impairment on) securities available for sale	(17)		(3)
Fair value at end of period	$	51,678	$	16,170

Significant unobservable inputs used for our Level 3 fair value measurement of the notes and residual trust certificates are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	3.68%	22.50%	5.37%
Loss rate	0.61%	10.95%	2.65%
Prepayment rate	5.25%	35.00%	18.48%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	11.46%	11.46%	11.46%
Loss rate	0.61%	0.61%	0.61%
Prepayment rate	10.50%	10.50%	10.50%


	Year ended June 30,
	2022		2021
Discount rate assumption:
Discount rate increase of 25%	$	(1,410)	$	(22)
Discount rate increase of 50%	$	(2,295)	$	(44)
Loss rate assumption:
Loss rate increase of 25%	$	(729)	$	(24)
Loss rate increase of 50%	$	(964)	$	(48)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(545)	$	(13)
Prepayment rate decrease of 50%	$	(519)	$	(27)

Contingent Consideration

Our acquisition of PayBright included consideration transferred and shares held in escrow, contingent upon the achievement of future milestones. We classified the contingent consideration as a liability. The acquisition date fair value of the contingent consideration liability was estimated using a Monte Carlo simulation in which the fair value is equal to the estimated number of shares to be released from escrow, which are determined based on simulated revenue, multiplied by the simulated share price, discounted at the risk-free rate. The liability is remeasured to its fair value at each reporting date, utilizing a Monte Carlo simulation for periods in which actual revenues are unknown, until the contingency is resolved. During the year ended June 30, 2022 one of these milestones was achieved and a portion of the shares were released from escrow, resulting in a reduction to the contingent liability. The change in fair value of the contingent consideration at each reporting date is recognized as a component of other (expense) income, net in the consolidated statements of operations and comprehensive loss for the respective period.

The following table summarizes the activity related to the fair value of the PayBright contingent consideration during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	153,447	$	—
Subsequent changes in fair value	(89,313)		150,135
Fair value of shares released from escrow	(32,110)		—
Effect of foreign currency translation	(8,676)		3,312
Fair value at end of period	$	23,348	$	153,447

Significant unobservable inputs used for our Level 3 fair value measurement of the PayBright contingent consideration are the discount rate, equity volatility, and revenue volatility. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the contingent consideration as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	15.00%	15.00%	15.00%
Equity volatility	36.00%	139.00%	116.00%
Revenue volatility	11.00%	144.00%	34.00%

Level 3 fair value measurement of the contingent consideration as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	12.00%	12.00%	12.00%
Equity volatility	37.00%	97.00%	62.00%
Revenue volatility	8.00%	98.00%	37.00%

The Kite acquisition included $9.0 million of cash held in escrow, the release of which is determined based on employee retention. The acquisition date fair value of the contingent consideration of $1.2 million was estimated using a probability-weighted approach in which the likelihoods of potential employee retention outcomes were applied to the respective payout amounts and discounted to present value. The contingent consideration asset is remeasured to fair value at each reporting date based on the remaining amount held in escrow, passage of time, and

any changes in expectations regarding employee retention outcomes until the contingency is resolved. The change in fair value of the contingent consideration asset at each reporting date is recognized as a component of other (expense) income, net in the consolidated statements of operations and comprehensive loss for the respective period. During the year ended June 30, 2022, the contingency was resolved and the fair value of the contingent consideration asset was reduced to zero. For the years ended June 30, 2022 and 2021, respectively, the change in fair value of the contingent consideration asset was not material.

Profit Share Liability

During the fiscal year ended June 30, 2021, we entered into a commercial agreement with an enterprise partner, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under this program, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated program profitability levels. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities on the consolidated balance sheets.

The following table summarizes the activity related to the fair value of the profit share liability during the years ended June 30, 2022 and June 30, 2021 (in thousands):


	Year ended June 30,
	2022		2021
Fair value at beginning of period	$	2,464	$	—
Facilitation of loans	5,955		4,206
Actual performance	(7,642)		(1,661)
Subsequent changes in fair value	1,210		(81)
Fair value at end of period	$	1,987	$	2,464

Significant unobservable inputs used for our Level 3 fair value measurement of the profit share liability are the discount rate and estimated program profitability. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of June 30, 2022:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.25%	3.54%	1.28%

The following table presents quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of June 30, 2021:


Unobservable Input	Minimum	Maximum	Weighted Average
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.79%	3.75%	3.75%

Financial Assets and Liabilities Not Recorded at Fair Value

The following table presents the fair value hierarchy for financial assets and liabilities not recorded at fair value as of June 30, 2022 (in thousands):


	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	2,670	$	—	$	2,670	$	—	$	2,670
Loans held for investment, net	2,348,169		—		—		2,412,871		2,412,871
Other assets	12,661		—		12,661		—		12,661
Total assets	$	2,363,500	$	—	$	15,331	$	2,412,871	$	2,428,202
Liabilities:
Convertible senior notes, net (1)	$	1,706,668	$	—	$	984,285	$	—	$	984,285
Notes issued by securitization trusts	1,627,580		—		—		1,529,401		1,529,401
Funding debt(2)	683,395		—		—		683,388		683,388
Total liabilities	$	4,017,643	$	—	$	984,285	$	2,212,789	$	3,197,074

(2)As of June 30, 2022, debt issuance costs in the amount of $10.8 million, was included within funding debt.

The following table presents the fair value hierarchy for financial assets and liabilities not recorded at fair value as of June 30, 2021 (in thousands):


	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	13,030	$	—	$	13,030	$	—	$	13,030
Loans held for investment, net	1,904,560		—		—		1,883,364		1,883,364
Accounts receivable, net	91,575		—		91,575		—		91,575
Other assets	171,250		—		171,250		—		171,250
Total assets	$	2,180,415	$	—	$	275,855	$	1,883,364	$	2,159,219
Liabilities:
Accounts payable	$	57,758	$	—	$	57,758	$	—	$	57,758
Payable to third-party loan owners	50,079		—		50,079		—		50,079
Accrued interest payable	2,751		—		2,751		—		2,751
Accrued expenses and other liabilities	161,502		—		159,387		2,115		161,502
Notes issued by securitization trusts	1,176,673		—		—		1,184,663		1,184,663
Funding debt	689,356		—		—		689,356		689,356
Total liabilities	$	2,138,119	$	—	$	269,975	$	1,876,134	$	2,146,109

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Offsetting [Abstract]
Accrued expenses	$ 67,343	$ 47,674
Operating lease liability	65,713	74,952
Collateral held for derivative instruments	55,779	0
Contingent consideration liability	23,348	153,447
Commercial agreement liability	0	25,357
Other liabilities	25,415	22,147
Total accrued expenses and other liabilities	$ 237,598	$ 323,577
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total accrued expenses and other liabilities	Total accrued expenses and other liabilities

Securitization and Variable Interest Entities (Tables)

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs.


	June 30, 2022
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	563,207	$	534,422	$	28,785
Securitizations	1,679,062		1,632,107		46,955
Total consolidated VIEs	$	2,242,269	$	2,166,529	$	75,740


	June 30, 2021
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	688,197	$	614,882	$	73,315
Securitizations	1,115,427		1,178,545		(63,118)
Total consolidated VIEs	$	1,803,624	$	1,793,427	$	10,197

Schedule of Variable Interest Entities

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	June 30, 2022
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	996,242	$	965,909	$	30,333	$	51,248
Total unconsolidated VIEs	$	996,242	$	965,909	$	30,333	$	51,248


	June 30, 2021
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	305,414	$	304,567	$	847	$	16,850
Total unconsolidated VIEs	$	305,414	$	304,567	$	847	$	16,850

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 1,056,403	$ 430,464
Allowance for credit losses	55,154	41,155
Stock-based compensation	51,288	51,126
Operating lease liabilities	19,840	23,914
Tax credit carryforwards	69,144	2,054
Other	7,581	4,837
Total deferred tax assets	1,259,410	553,550
Internally developed software	(47,217)	(15,214)
Purchased intangible assets	(11,386)	(18,150)
Right-of-use lease assets	(15,289)	(18,386)
Stock warrants	(7,200)	0
Other	(2,920)	(2,460)
Total deferred tax liabilities	(84,012)	(54,210)
Valuation allowance	(1,158,246)	(499,828)
Deferred tax assets (liabilities), net of valuation allowance	$ 17,152
Deferred tax assets (liabilities), net of valuation allowance		$ (488)

Business Description (Details)	12 Months Ended
Business Description (Details)	Jun. 30, 2022
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net Loss	$ (707,417)	$ (441,027)	$ (112,598)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	255,272	65,878	105,067
Amortization of premiums and discounts on loans, net	(171,965)	(90,371)	(27,605)
Gain on sales of loans	(196,435)	(89,926)	(31,907)
Changes in fair value of assets and liabilities	(101,789)	57,285	2,847
Amortization of commercial agreement assets	96,737	69,103	0
Amortization of debt issuance costs	16,152	6,416	2,313
Amortization of discount on securities available for sale	2,192	0	0
Commercial agreement warrant expense	254,679	0	0
Stock-based compensation	390,983	292,507	29,625
Depreciation and amortization	52,722	19,979	9,444
Impairment of right of use assets	362	11,544	0
Other	(73,154)	5,129	81
Change in operating assets and liabilities:
Purchases of loans held for sale	(5,552,662)	(2,640,734)	(2,101,483)
Proceeds from the sale of loans held for sale	5,582,035	2,594,835	2,021,938
Accounts receivable, net	(62,700)	(22,934)	(19,049)
Other assets	(15,021)	(209,139)	19,936
Accounts payable	(24,686)	32,223	7,514
Payable to third-party loan owners	21,304	25,082	8,279
Accrued interest payable	3,907	1,395	428
Accrued expenses and other liabilities	67,290	119,625	13,868
Net Cash Used in Operating Activities	(162,194)	(193,130)	(71,302)
Cash Flows from Investing Activities
Purchases and origination of loans held for investment	(10,362,048)	(5,897,252)	(2,830,320)
Proceeds from the sale of loans held for investment	1,898,607	824,011	303,433
Principal repayments and other loan servicing activity	8,121,583	4,324,618	2,294,833
Acquisition, net of cash and restricted cash acquired	(5,999)	(222,433)	0
Purchases of intangible assets	(25,415)	0	0
Additions to property, equipment and software	(86,290)	(20,252)	(21,019)
Purchases of securities available for sale	(1,841,380)	0	0
Proceeds from maturities and repayments of securities available for sale	311,035	0	0
Other investing cash inflows	14,311	1,453	0
Other investing cash outflows	(35,742)	(32,178)	0
Net Cash Used in Investing Activities	(2,011,338)	(1,022,033)	(253,073)
Cash Flows from Financing Activities
Proceeds from issuance of convertible debt, net	1,704,300	0	75,000
Proceeds from funding debt	4,101,134	2,942,254	2,132,805
Payment of debt issuance costs	(13,751)	(12,499)	(7,687)
Principal repayments of funding debt	(4,090,562)	(3,165,103)	(1,882,155)
Proceeds from issuance of notes and residual trust certificates by securitization trusts	999,394	1,395,879	0
Principal repayments of notes issued by securitization trusts	(552,046)	(210,368)	0
Proceeds from issuance of redeemable convertible preferred stock, net	0	434,542	15,481
Repurchase and conversion of redeemable convertible preferred stock	0	(13)	(22,591)
Proceeds from initial public offering, net	0	1,305,176	0
Proceeds from exercise of common stock options and warrants and contributions to ESPP	73,914	47,042	2,733
Repurchases of common stock	(86)	(800)	(18,854)
Payments of tax withholding for stock-based compensation	(185,178)	(158,280)	0
Net Cash Provided by Financing Activities	2,037,119	2,577,830	294,732
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,412)	1,837	0
Net Increase in Cash, Cash Equivalents and Restricted Cash	(141,825)	1,364,504	(29,643)
Cash, Cash equivalents and Restricted cash, Beginning of period	1,692,632	328,128	357,771
Cash, Cash Equivalents and Restricted Cash, End of Period	1,550,807	1,692,632	328,128
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,255,171	1,466,558	267,059
Restricted cash	295,636	226,074	61,069
Total Cash, Cash Equivalents and Restricted Cash	1,550,807	1,692,632	328,128
Supplemental Disclosures of Cash Flow Information
Cash payments for interest expense	51,524	41,690	28,085
Cash paid for operating leases	15,561	13,215	0
Cash paid for income taxes	220	219	0
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Stock-based compensation included in capitalized internal-use software	54,542	13,999	2,921
Issuance of common stock in connection with settlement of contingent consideration liability	32,109	0	0
Securities retained under unconsolidated securitization transactions	54,997	0	0
Issuance of common stock in connection with acquisition	10,000	331,498	0
Right of use assets obtained in exchange for operating lease liabilities	4,604	78,421	0
Additions to property and equipment included in accrued expenses	107	6	27
Conversion of redeemable convertible preferred stock	0	1,327,271	0
Issuance of warrants in exchange for commercial agreement	0	270,579	0
Conversion of convertible debt	0	88,559	0
Acquisition of commercial agreement asset	$ 0	$ 25,900	$ 0

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Assets	$ 6,973,792	$ 4,866,967
Liabilities	4,355,537	2,291,440
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	2,242,269	1,803,624
Liabilities	2,166,529	1,793,427
Net Assets	75,740	10,197
Consolidated Variable Interest Entities \| Warehouse credit facilities
Debt Instrument [Line Items]
Assets	563,207	688,197
Liabilities	534,422	614,882
Net Assets	28,785	73,315
Consolidated Variable Interest Entities \| Securitizations
Debt Instrument [Line Items]
Assets	1,679,062	1,115,427
Liabilities	1,632,107	1,178,545
Net Assets	$ 46,955	$ (63,118)

Loans Held for Investment and Allowance for Credit Losses (Tables)

12 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Loans Held for Investment and Allowance for Credit Loss

Loans held for investment consisted of the following (in thousands):


	June 30, 2022		June 30, 2021
Unpaid principal balance	$	2,516,733	$	2,058,863
Accrued interest receivable	20,697		15,466
Premiums on loans held for investment	8,911		7,071
Less: Discount due to loss on loan purchase commitment (1)	(20,692)		(53,177)
Less: Discount due to loss on self-originated loans (1)	(20,443)		—
Less: Fair value adjustment on loans acquired through business combination	(1,645)		(5,903)
Total loans held for investment	$	2,503,561	$	2,022,320

(1) As of June 30, 2021, discount due to loss on self-originated loans, in the amount of $6.2 million, was included with discount due to loss on loan purchase commitment.

Schedule of Credit Quality by ITACs Score


	Amortized Costs Basis by Fiscal Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
96+	$	1,218,104	$	122,503	$	33,458	$	157	$	1	$	—	$	1,374,223
94 – 96	620,403		11,240		773		13		2		—		632,431
90 – 94	220,056		3,886		6		4		—		—		223,952
<90	44,300		135		2		—		—		—		44,437
No score(1)	186,044		20,554		3,368		444		79		2		210,491
Total loan receivables	$	2,288,907	$	158,318	$	37,607	$	618	$	82	$	2	$	2,485,534


	Net Charge-offs by Fiscal Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
Current period charge-offs	(133,338)		(89,960)		(3,783)		(548)		(120)		(21)		(227,770)
Current period recoveries	5,288		9,802		4,417		2,952		1,242		897		24,598
Current period net charge-offs	$	(128,050)	$	(80,158)	$	634	$	2,404	$	1,122	$	876	$	(203,172)

Schedule of Delinquent Financing Receivables

The following table presents an aging analysis of the amortized cost basis of loans held for investment and loans held for sale by delinquency status (in thousands):


	June 30, 2022		June 30, 2021
Non-delinquent loans	$	2,322,919	$	1,939,976
4 – 29 calendar days past due	77,963		43,838
30 – 59 calendar days past due	34,669		17,267
60 – 89 calendar days past due	26,919		12,044
90 – 119 calendar days past due (1)	23,064		6,759
Total amortized cost basis	$	2,485,534	$	2,019,884

(1)Includes $22.7 million of loan receivables as of June 30, 2022 that are 90 days or more past due, but are not on nonaccrual status.

Schedule of Loans Held for Investment and Allowance for Credit Loss

The following table details activity in the allowance for credit losses (in thousands):


	Year ended June 30,
	2022	2021	2020
Allowance at beginning of period	117,760	95,137	66,260
Adjustment due to adoption of new accounting standard	—	10,083	—
Provision for credit losses	240,804	63,755	101,540
Charge-offs	(227,770)	(65,149)	(81,052)
Recoveries of charged-off receivables	24,598	13,934	8,389
Allowance at end of period	155,392	117,760	95,137

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Residual Trust Certificates Inputs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	$ (6)	$ (21)
Residual trust certificates, effect of 50% increase in measurement input	(11)	(42)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	(8)	(28)
Residual trust certificates, effect of 50% increase in measurement input	(16)	(56)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, effect of 25% increase in measurement input	(2)	(10)
Residual trust certificates, effect of 50% increase in measurement input	$ (3)	$ (20)

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Numerator, Basic
Net Loss	$ (707,417)	$ (441,027)	$ (112,598)
Net Loss Attributable to Common Stockholders	(707,417)	(441,027)	(125,803)
Numerator, Diluted
Excess return to preferred stockholders on repurchase	$ 0	$ 0	$ (13,205)
Denominator:
Basic weighted average common shares outstanding (in shares)	281,704,041	158,367,923	47,856,720
Denominator, Diluted
Total-diluted (in shares)	281,704,041	159,244,611	47,856,720
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (2.51)	$ (2.78)	$ (2.63)
Diluted (in USD per share)	$ (2.51)	$ (2.94)	$ (2.63)
Class A common stock
Numerator, Basic
Net Loss	$ (536,654)	$ (235,000)
Net Loss Attributable to Common Stockholders	$ (536,654)	(235,000)
Numerator, Diluted
Excess return to preferred stockholders on repurchase		(16,036)
Gain on conversion of convertible debt		212
Interest on convertible debt prior to conversion		955
Net Loss Attributable to Common Stockholders		$ (249,869)
Denominator:
Basic weighted average common shares outstanding (in shares)	213,703,749	84,385,884
Denominator, Diluted
Weighted average common shares attributable to convertible debt prior to conversion (in shares)		438,344
Total-diluted (in shares)	213,703,749	84,824,228
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (2.51)	$ (2.78)
Diluted (in USD per share)	$ (2.51)	$ (2.95)
Class B common stock
Numerator, Basic
Net Loss	$ (170,763)	$ (206,027)
Net Loss Attributable to Common Stockholders	$ (170,763)	(206,027)
Numerator, Diluted
Excess return to preferred stockholders on repurchase		(14,069)
Gain on conversion of convertible debt		186
Interest on convertible debt prior to conversion		837
Net Loss Attributable to Common Stockholders		$ (219,073)
Denominator:
Basic weighted average common shares outstanding (in shares)	68,000,292	73,982,039
Denominator, Diluted
Weighted average common shares attributable to convertible debt prior to conversion (in shares)		438,344
Total-diluted (in shares)	68,000,292	74,420,383
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (2.51)	$ (2.78)
Diluted (in USD per share)	$ (2.51)	$ (2.94)

Net Loss per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following tables present basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Year ended June 30, 2022
	Class A		Class B
Numerator:
Basic and diluted
Net Loss	$	(536,654)	$	(170,763)

Net loss attributable to common stockholders	$	(536,654)	$	(170,763)







Denominator:
Basic
Weighted average shares outstanding, basic	213,703,749		68,000,292
Total-basic	213,703,749		68,000,292
Diluted
Weighted average common shares outstanding, diluted	213,703,749		68,000,292

Total-diluted	213,703,749		68,000,292
Net loss per share attributable to common stockholders:
Basic	$	(2.51)	$	(2.51)
Diluted	$	(2.51)	$	(2.51)


	Year ended June 30, 2021
	Class A		Class B
Numerator:
Basic
Net Loss	$	(235,000)	$	(206,027)

Net loss attributable to common stockholders	$	(235,000)	$	(206,027)
Diluted
Net Loss	$	(235,000)	$	(206,027)
Excess return to preferred stockholders on repurchase	(16,036)		(14,069)
Gain on conversion of convertible debt	212		186
Interest on convertible debt prior to conversion	955		837

Net loss attributable to common stockholders	$	(249,869)	$	(219,073)
Denominator:
Basic
Weighted average shares outstanding, basic	84,385,884		73,982,039
Total-basic	84,385,884		73,982,039
Diluted
Weighted average common shares outstanding, diluted	84,385,884		73,982,039
Weighted average common shares attributable to convertible debt prior to conversion	438,344		438,344
Total-diluted	84,824,228		74,420,383
Net loss per share attributable to common stockholders:
Basic	$	(2.78)	$	(2.78)
Diluted	$	(2.95)	$	(2.94)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	Year ended June 30,
	2022	2021	2020
Stock options, including early exercise of options	18,922,009	44,178,776	42,573,405
Restricted stock units	21,387,592	14,238,738	8,235,170
Common stock warrants	5,817,203	350,000	706,065
Employee stock purchase plan shares	614,659	—	—
Convertible debt	—	—	7,182,478
Redeemable convertible preferred stock	—	—	122,115,971
Total	46,741,463	58,767,514	180,813,089

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 295,636	$ 226,074
Loans held for investment	2,503,561	2,022,320
Allowance for credit losses	(155,392)	(117,760)
Loans held for investment, net	2,348,169	1,904,560
Accounts receivable, net	142,052	91,575
Other assets	281,567	274,679
Total Assets	6,973,792	4,866,967
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	33,072	57,758
Accrued interest payable	6,659	2,751
Accrued expenses and other liabilities	237,598	323,577
Notes issued by securitization trusts	1,627,580	1,176,673
Funding debt	672,577	680,602
Total liabilities	4,355,537	2,291,440
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	164,530	142,385
Loans held for investment	2,179,026	1,743,810
Allowance for credit losses	(124,052)	(94,463)
Loans held for investment, net	2,054,974	1,649,347
Accounts receivable, net	8,195	8,209
Other assets	14,570	3,683
Total Assets	2,242,269	1,803,624
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,897	2,927
Accrued interest payable	6,525	2,613
Accrued expenses and other liabilities	15,494	3,820
Notes issued by securitization trusts	1,627,580	1,176,673
Funding debt	514,033	607,394
Total liabilities	2,166,529	1,793,427
Total net assets of consolidated VIEs	$ 75,740	$ 10,197
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	227,255,529	181,131,728
Common stock, outstanding (in shares)	227,255,529	181,131,728
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	60,109,844	88,226,376
Common stock, outstanding (in shares)	60,109,844	88,226,376

Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Options
Beginning balance (in shares)	31,662,750
Granted (in shares)	2,428,616
Exercised (in shares)	(13,519,561)
Forfeited, expired or cancelled (in shares)	(1,261,099)
Ending balance (in shares)	19,310,706	31,662,750
Vested and exercisable (in shares)	11,792,367
Vested and exercisable, and expected to vest thereafter (in shares)	18,922,009
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 10.42
Granted (in USD per share)	25.69
Exercised (in USD per share)	5.13
Forfeited, expired or cancelled (in USD per share)	23.68
Ending balance (in USD per share)	15.22	$ 10.42
Vested and exercisable (in USD per share)	7.61
Vested and exercisable, and expected to vest thereafter (in USD per share)	$ 14.53
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term	6 years 11 months 8 days	6 years 3 months 18 days
Weighted Average Remaining Contractual Term, Vested and exercisable	5 years 11 months 23 days
Weighted Average Remaining Contractual Term, Vested and exercisable, and expected to vest	6 years 10 months 28 days
Aggregate Intrinsic Value, Vested and exercisable	$ 139,121
Aggregate Intrinsic Value, Vested and exercisable, and expected to vest	$ 164,796