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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023

OR

 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  __________ to __________

Commission File Number 001-39888

Affirm Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
84-2224323
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
650 California Street
San Francisco, California
94108
(Address of principal executive offices)
(Zip Code)
(415) 984-0490
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.00001 per shareAFRMThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
  
Non-accelerated filer  
Smaller reporting company
  
Emerging growth company
  
                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes        No  

As of May 5, 2023, the number of shares of the registrant’s Class A common stock outstanding was 235,833,709 and the number of shares of the registrant’s Class B common stock outstanding was 59,851,818.



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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Form 10-Q”), as well as information included in oral statements or other written statements made or to be made by us, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this report, including statements regarding our future results of operations and financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

our expectations regarding our future revenue, expenses, and other operating results and key operating metrics;
our ability to attract new merchants and commerce partners and retain and grow our relationships with existing merchants and commerce partners;
our ability to compete successfully in a highly competitive and evolving industry;
our ability to attract new consumers and retain and grow our relationships with our existing consumers;
our expectations regarding the development, innovation, introduction of, and demand for, our products;
our ability to successfully maintain our relationship with Celtic Bank as an originating bank partner and engage additional originating bank partners;
our ability to maintain, renew or replace our existing funding arrangements and build and grow new funding relationships;
the impact of any of our funding sources becoming unwilling or unable to provide funding to us on terms acceptable to us, or at all;
our ability to effectively price and score credit risk using our proprietary risk model;
the performance of loans facilitated and originated through our platform;
the future growth rate of our revenue and related key operating metrics;
our ability to achieve or sustain profitability in the future, including in the manner and timeframe we have previously communicated;
our ability to remain in compliance with laws and regulations that currently apply or become applicable to our business;
our ability to protect our confidential, proprietary, or sensitive information;
past and future acquisitions, investments, and other strategic investments;
our ability to maintain, protect, and enhance our brand and intellectual property;
litigation, investigations, regulatory inquiries, and proceedings;
developments in our regulatory environment;
the impact of macroeconomic conditions on our business, including the impacts of inflation, a rising interest rate environment and corresponding increases in negotiated interest rate spreads, increasing recessionary concerns and the instability of financial institutions; and
the size and growth rates of the markets in which we compete.
Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available. These forward-looking statements are subject to a number of known and unknown risks,
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uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this Form 10-Q, in our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022, and in our most recently filed Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (the Annual Report”). Other sections of this Form 10-Q may include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive, heavily regulated and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in, or implied by, any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, events, or circumstances. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report or to conform these statements to actual results or to changes in our expectations. You should read this Form 10-Q and the documents that we have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance, and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

In addition, statements such as “we believe” and similar statements reflect our current beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (investors.affirm.com), our filings with the Securities and Exchange Commission (“SEC”), webcasts, press releases, conference calls, and social media. We use these mediums, including our website, to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available on our website may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website. The contents of our website are not incorporated into this filing. We have included our investor relations website address as an inactive textual reference and do not intend it to be an active link to our website.

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Part I - Financial Information

Item 1. Unaudited Financial Statements

AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except shares and per share amounts)
March 31, 2023June 30, 2022
Assets
Cash and cash equivalents$972,477 $1,255,171 
Restricted cash409,015 295,636 
Securities available for sale at fair value1,059,031 1,595,373 
Loans held for sale122 2,670 
Loans held for investment3,775,542 2,503,561 
Allowance for credit losses(176,336)(155,392)
Loans held for investment, net3,599,206 2,348,169 
Accounts receivable, net135,816 142,052 
Property, equipment and software, net277,156 171,482 
Goodwill537,126 539,534 
Intangible assets48,267 78,942 
Commercial agreement assets198,994 263,196 
Other assets270,639 281,567 
Total Assets$7,507,849 $6,973,792 
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable$30,022 $33,072 
Payable to third-party loan owners44,187 71,383 
Accrued interest payable13,826 6,659 
Accrued expenses and other liabilities192,360 237,598 
Convertible senior notes, net1,413,345 1,706,668 
Notes issued by securitization trusts1,788,853 1,627,580 
Funding debt1,514,120 672,577 
Total liabilities4,996,713 4,355,537 
Commitments and contingencies (Note 8)
Stockholders’ equity:
    Class A common stock, par value $0.00001 per share: 3,030,000,000 shares authorized, 234,561,926 shares issued and outstanding as of March 31, 2023; 3,030,000,000 shares authorized, 227,255,529 shares issued and outstanding as of June 30, 2022
2 2 
    Class B common stock, par value $0.00001 per share: 140,000,000 shares authorized, 60,088,662 shares issued and outstanding as of March 31, 2023; 140,000,000 authorized, 60,109,844 shares issued and outstanding as of June 30, 2022
1 1 
Additional paid in capital4,918,756 4,231,303 
Accumulated deficit(2,385,285)(1,605,902)
Accumulated other comprehensive loss(22,338)(7,149)
Total stockholders’ equity2,511,136 2,618,255 
Total Liabilities and Stockholders’ Equity $7,507,849 $6,973,792 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS, CONT.
(Unaudited)
(in thousands)

    The following table presents the assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in the interim condensed consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The liabilities in the table below include liabilities for which creditors do not have recourse to the general credit of the Company. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate upon consolidation.
March 31, 2023June 30, 2022
Assets of consolidated VIEs, included in total assets above
Restricted cash$251,964 $164,530 
Loans held for investment3,382,808 2,179,026 
Allowance for credit losses(149,430)(124,052)
Loans held for investment, net3,233,378 2,054,974 
Accounts receivable, net8,196 8,195 
Other assets14,506 14,570 
Total assets of consolidated VIEs$3,508,044 $2,242,269 
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable$2,817 $2,897 
Accrued interest payable13,826 6,525 
Accrued expenses and other liabilities14,119 15,494 
Notes issued by securitization trusts1,788,853 1,627,580 
Funding debt1,358,666 514,033 
Total liabilities of consolidated VIEs3,178,281 2,166,529 
Total net assets$329,763 $75,740 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended March 31,Nine Months Ended March 31,
2023202220232022
Revenue
Merchant network revenue$119,013 $121,054 $366,181 $340,385 
Virtual card network revenue29,469 23,169 85,294 69,122 
Total network revenue148,482 144,223 451,475 409,507 
Interest income178,270 134,599 470,393 390,256 
Gain on sales of loans32,813 52,484 156,015 141,153 
Servicing income21,413 23,456 64,277 44,242 
Total Revenue, net$380,978 $354,762 $1,142,160 $985,158 
Operating Expenses
Loss on loan purchase commitment$31,224 $46,853 $105,256 $163,796 
Provision for credit losses66,438 66,294 237,377 182,581 
Funding costs51,188 15,824 120,005 50,277 
Processing and servicing65,229 43,371 186,096 110,421 
Technology and data analytics161,792 110,291 463,500 283,293 
Sales and marketing140,942 156,214 493,149 363,650 
General and administrative139,266 142,466 458,877 419,962 
Restructuring charges, net34,934  34,934  
Total Operating Expenses691,013 581,313 2,099,194 1,573,980 
Operating Loss$(310,035)$(226,551)$(957,034)$(588,822)
Other income, net103,522 172,139 175,067 68,507 
Loss Before Income Taxes$(206,513)$(54,412)$(781,967)$(520,315)
Income tax (benefit) expense (836)259 (2,584)706 
Net Loss$(205,677)$(54,671)$(779,383)$(521,021)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments$31 $5,406 $(16,993)$3,945 
Unrealized gain (loss) on securities available for sale, net4,520 (2,105)2,061 (3,041)
Unrealized gain (loss) on cash flow hedges(257) (257) 
Net Other Comprehensive Income (Loss)4,294 3,301 (15,189)904 
Comprehensive Loss$(201,383)$(51,370)$(794,572)$(520,117)
Per share data:
Net loss per share attributable to common stockholders for Class A and Class B
Basic$(0.69)$(0.19)$(2.65)$(1.86)
Diluted$(0.69)$(0.19)$(2.65)$(1.86)
Weighted average common shares outstanding
Basic297,204,715 285,641,820 293,915,268 279,570,015 
Diluted297,204,715 285,641,820 293,915,268 279,570,015 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands, except share amounts)

Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Loss
Total Stockholders Equity
SharesAmount
Balance as of June 30, 2022287,365,373 $3 $4,231,303 $(1,605,902)$(7,149)$2,618,255 
Issuance of common stock upon exercise of stock options215,949 — 1,192 — — 1,192 
Forfeiture of common stock related to acquisitions(243,384)— — — — — 
Repurchases of Common Stock(12,437)— (109)— — (109)
Vesting of restricted stock units2,166,715 — — — — — 
Vesting of warrants for common stock— — 108,742 — — 108,742 
Stock-based compensation— — 141,012 — — 141,012 
Tax withholding on stock-based compensation— — (27,311)— — (27,311)
Foreign currency translation adjustments— — — — (21,546)(21,546)
Unrealized loss on securities available for sale— — — — (5,528)(5,528)
Net loss— — — (251,269)— (251,269)
Balance as of September 30, 2022289,492,216 $3 $4,454,829 $(1,857,171)$(34,223)$2,563,438 
Issuance of common stock upon exercise of stock options300,903 — 1,372 — — 1,372 
Issuance of common stock, employee share purchase plan500,443 — 5,921 — — 5,921 
Vesting of restricted stock units1,798,218 — — — — — 
Vesting of warrants for common stock— — 128,054 — — 128,054 
Stock-based compensation— — 144,218 — — 144,218 
Tax withholding on stock-based compensation— — (18,009)— — (18,009)
Foreign currency translation adjustments— — — — 4,522 4,522 
Unrealized loss on securities available for sale— — — — 3,069 3,069 
Net loss— — — (322,437)— (322,437)
Balance as of December 31, 2022292,091,780 $3 $4,716,385 $(2,179,608)$(26,632)$2,510,148 
Issuance of common stock upon exercise of stock options185,225 — 716 — — 716 
Vesting of restricted stock units2,373,583 — — — — — 
Vesting of warrants for common stock— — 93,922 — — 93,922 
Stock-based compensation— — 125,902 — — 125,902 
Tax withholding on stock-based compensation— — (18,169)— — (18,169)
Foreign currency translation adjustments— — — — 31 31 
Unrealized gain on securities available for sale— — — — 4,520 4,520 
Unrealized loss on cash flow hedges— — — — (257)(257)
Net loss— — — (205,677)— (205,677)
Balance as of March 31, 2023294,650,588 $3 $4,918,756 $(2,385,285)$(22,338)$2,511,136 





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AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands, except share amounts)
Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive Income
Total Stockholders Equity
SharesAmount
Balance as of June 30, 2021269,358,104 $3 $3,467,236 $(898,485)$6,773 $2,575,527 
Issuance of common stock upon exercise of stock options7,403,503 — 37,470 — — 37,470 
Issuance of common stock in acquisition183,733 — 10,000 — — 10,000 
Vesting of restricted stock units772,653 — — — — — 
Repurchases of common stock(821)— (4)— — (4)
Stock-based compensation— — 104,879 — — 104,879 
Tax withholding on stock-based compensation— — (39,817)— — (39,817)
Foreign currency translation adjustments— — — — (3,802)(3,802)
Unrealized loss on securities available for sale— — — — (279)(279)
Net loss— — — (306,615)— (306,615)
Balance as of September 30, 2021277,717,172 $3 $3,579,764 $(1,205,100)$2,692 $2,377,359 
Issuance of common stock upon exercise of stock options4,689,973 — 21,674 — — 21,674 
Vesting of restricted stock units803,263 — — — — — 
Vesting of warrants for common stock— — 198,383 — — 198,383 
Stock-based compensation— — 101,920 — — 101,920 
Tax withholding on stock-based compensation— — (72,963)— — (72,963)
Foreign currency translation adjustments— — — — 2,341 2,341 
Unrealized loss on securities available for sale— — — — (657)(657)
Net loss— — — (159,735)— (159,735)
Balance as of December 31, 2021283,210,408 $3 $3,828,778 $(1,364,835)$4,376 $2,468,322 
Issuance of common stock upon exercise of stock options1,258,865 — 8,171 — — 8,171 
Repurchases of Common Stock(9,472)— (80)— — (80)
Vesting of restricted stock units1,318,524 — — — — — 
Vesting of warrants for common stock — — 92,169 — — 92,169 
Stock-based compensation— — 113,005 — — 113,005 
Tax withholding on stock-based compensation— — (54,162)— — (54,162)
Foreign currency translation adjustments— — — — 5,406 5,406 
Unrealized loss on securities available for sale— — — — (2,105)(2,105)
Net loss— — — (54,671)— (54,671)
Balance as of March 31, 2022285,778,325 $3 $3,987,881 $(1,419,506)$7,677 $2,576,055 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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AFFIRM HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended March 31,
20232022
Cash Flows from Operating Activities
Net Loss$(779,383)$(521,021)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses237,377 182,581 
Amortization of premiums and discounts on loans, net(103,468)(129,714)
Gain on sales of loans(156,015)(141,153)
Gain on extinguishment of debt(89,841) 
Changes in fair value of assets and liabilities(10,017)(38,821)
Amortization of commercial agreement assets64,202 72,804 
Amortization of debt issuance costs13,198 13,215 
Amortization of discount on securities available for sale(23,711)968 
Commercial agreement warrant expense330,718 157,023 
Stock-based compensation348,372 280,113 
Depreciation and amortization91,355 35,607 
Other294 (5,725)
Change in operating assets and liabilities:
Purchases of loans held for sale(4,719,789)(3,869,327)
Proceeds from the sale of loans held for sale4,838,250 3,868,919 
Accounts receivable, net(1,784)(42,467)
Other assets(3,292)28,018 
Accounts payable(3,618)(8,773)
Payable to third-party loan owners(27,196)(14,117)
Accrued interest payable8,028 240 
Accrued expenses and other liabilities(45,288)28,545 
Net Cash Used in Operating Activities(31,608)(103,085)
Cash Flows from Investing Activities
Purchases and origination of loans held for investment(9,622,289)(7,529,324)
Proceeds from the sale of loans held for investment1,093,894 1,330,341 
Principal repayments and other loan servicing activity7,199,568 5,867,583 
Acquisition, net of cash and restricted cash acquired(16,051)(5,999)
Additions to property, equipment and software(95,917)(59,254)
Purchases of securities available for sale(566,261)(770,047)
Proceeds from maturities and repayments of securities available for sale1,127,785 191,854 
Other investing cash inflows (outflows)3,375 (10,775)
Net Cash Used in Investing Activities(875,896)(985,621)
Cash Flows from Financing Activities
Proceeds from issuance of convertible debt, net 1,704,300 
Extinguishment of convertible debt(206,567) 
Proceeds from funding debt5,048,803 2,776,245 
Payment of debt issuance costs(17,407)(