0001820953-23-000025 | 10-Q | XBRL Viewer

Loans Held for Investment and Allowance for Credit Losses

3 Months Ended

Sep. 30, 2023

Loans Held for Investment and Allowance for Credit Losses

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


	September 30, 2023		June 30, 2023
Unpaid principal balance	$	4,585,570	$	4,451,324
Accrued interest receivable	46,886		41,079
Premiums on loans held for investment	6,828		7,135
Less: Discount due to loss on loan purchase commitment	(49,805)		(51,190)
Less: Discount due to loss on directly originated loans	(40,025)		(45,145)
Less: Fair value adjustment on loans acquired through business combination	(32)		(241)
Total loans held for investment	$	4,549,422	$	4,402,962

Loans held for investment includes loans originated through our originating bank partners and directly originated loans. 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 $4.6 billion and $3.5 billion during the three months ended September 30, 2023 and 2022, 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 directly 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 excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale (in thousands) as of September 30, 2023:


	September 30, 2023
	Amortized Costs Basis by Fiscal Year of Origination
	2024		2023		2022		2021		2020		Prior		Total
96+	$	1,293,647	$	1,393,864	$	28,287	$	8,601	$	26	$	10	$	2,724,435
94 – 96	565,028		614,611		3,550		211		15		8		1,183,422
90 – 94	96,511		65,347		1,562		18		2		4		163,444
<90	12,675		2,300		1,032		4		2		—		16,013
No score (1)	133,271		232,740		41,876		6,721		254		215		415,077
Total amortized cost basis	$	2,101,132	$	2,308,862	$	76,307	$	15,555	$	299	$	237	$	4,502,391

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

The following table presents net charge-offs by fiscal year of origination for the three months ended (in thousands) as of September 30, 2023:


	September 30, 2023
	Net Charge-offs by Fiscal Year of Origination
	2024	2023	2022	2021	2020	Prior	Total
Current period charge-offs	(1,329)	(65,283)	(3,916)	(234)	(46)	(34)	(70,842)
Current period recoveries	17	2,830	2,399	275	5	27	5,552
Current period net charge-offs	(1,312)	(62,453)	(1,517)	41	(41)	(7)	(65,290)


	June 30, 2023
	Amortized Costs Basis by Fiscal Year of Origination
	2023		2022		2021		2020		2019		Prior		Total
96+	$	2,628,060	$	39,428	$	18,910	$	3,439	$	9	$	1	$	2,689,847
94 – 96	1,104,553		7,755		439		77		6		2		1,112,832
90 – 94	133,940		3,116		26		2		4		—		137,088
<90	13,363		1,623		4		2		—		—		14,992
No score (1)	335,690		59,204		11,562		489		252		9		407,206
Total amortized cost basis	$	4,215,606	$	111,126	$	30,941	$	4,009	$	271	$	12	$	4,361,965

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

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 excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands):


	September 30, 2023		June 30, 2023
Non-delinquent loans	$	4,270,534	$	4,183,248
4 – 29 calendar days past due	120,564		92,876
30 – 59 calendar days past due	46,927		36,399
60 – 89 calendar days past due	34,279		28,171
90 – 119 calendar days past due(1)	30,087		21,271
Total amortized cost basis	$	4,502,391	$	4,361,965

(1)Includes $29.7 million and $20.9 million of loan receivables as of September 30, 2023 and June 30, 2023, respectively, 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 interim condensed 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, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended September 30,
	2023		2022
Balance at beginning of period	$	204,531	$	155,392
Provision for loan losses	92,827		61,869
Charge-offs	(70,842)		(71,036)
Recoveries of charged-off receivables	5,552		6,800
Balance at end of period	$	232,068	$	153,025

Loan Modifications for Borrowers Experiencing Financial Difficulty

We have a loan modification program for eligible borrowers facing financial difficulty if they have at least one outstanding loan with Affirm and certain other eligibility criteria are met. We consider a borrower to be experiencing financial difficulty when a loan is between 30 and 120 days past due at the time of modification. The objective of the loan modification program is to offer borrowers assistance during times of financial stress, increase recovery rates, and minimize losses.

We have two primary loan modification strategies: payment deferrals and loan re-amortization. A payment deferral provides the borrower relief by extending the due date for the next payment due. While a borrower may obtain more than one deferral, the total deferral period may not exceed three months. A loan re-amortization

provides the borrower relief by lowering monthly payments through extending the term length of the loan. The total interest due from the consumer will not exceed the initial total interest due prior to modification. A loan may not be re-amortized more than once.

The following table presents the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three months ended September 30, 2023, by type of modification (in thousands):


	Three Months Ended September 30, 2023
		Payment Deferral	Loan Re-amortization	Total	% of Total Loan Receivables Outstanding
Loans receivables		2,801	152	2,953	0.07	%

With respect to borrowers who received payment deferrals during the three months ended September 30, 2023, the length of each deferral period was one month.

With respect to borrowers who received loan re-amortization during the three months ended September 30, 2023, the payment amount was reduced by half and the term of the loan was extended between two and twelve months.

We closely monitor the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. We hold an allowance for credit losses for modified loans classified as held for investment. Our allowance estimate considers whether a loan has been modified due to a borrower experiencing financial difficulty and the increased likelihood that such loan may become delinquent or charge-off in the future.

The following table presents the delinquency status as of September 30, 2023 (in thousands), by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification:


	September 30, 2023
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	4,515	$	268	$	4,783
4 – 29 calendar days past due	1,304		112		1,416
30 – 59 calendar days past due	139		65		204
60 – 89 calendar days past due	75		6		81
90 – 119 calendar days past due	65		2		67
Total amortized cost basis	$	6,098	$	453	$	6,551

With respect to modifications during the last 12 months where the borrower was experiencing financial difficulty at the time of modification, the amortized cost basis of loans which have been subsequently charged off, or are delinquent by 60 days or more as of September 30, 2023, is immaterial.

Balance Sheet Components - Property, Equipment and Software (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 481,109	$ 414,205
Less: Accumulated depreciation and amortization	(142,360)	(124,070)
Total property, equipment and software, net	338,749	290,135
Internally developed software
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	443,992	377,301
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	20,279	20,214
Computer equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	10,252	10,187
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total Property, equipment and software, at cost	$ 6,586	$ 6,503

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Billions	3 Months Ended
	Sep. 30, 2023 USD ($) loan deferral	Sep. 30, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased \| $	$ 4.6	$ 3.5
Threshold period for delinquent loans past due	4 days
Past due charge-off threshold	120 days
Loans outstanding prior to modification \| loan	1
Number of deferrals \| deferral	1
Length of deferral term	1 month
Delinquency period	60 days
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	1 month
Proprietary credit quality score	0
Loan prior to modification, days past due	30 days
Weighted average term increase from modification	2 months
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms	60 months
Proprietary credit quality score	100
Loan prior to modification, days past due	120 days
Length of deferral term	3 months
Weighted average term increase from modification	12 months

Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Sep. 30, 2023

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 September 30, 2023 and June 30, 2023 (in thousands):


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	354,274	$	—	$	—	$	354,274
Commercial paper	—		31,015		—		31,015
Securities, available for sale:
Certificates of deposit	—		86,503		—		86,503
Corporate bonds	—		248,394		—		248,394
Commercial paper	—		163,160		—		163,160
Agency bonds	—		50,552		—		50,552
Municipal bonds	—		3,213		—		3,213
Government bonds:
Non-U.S.	—		9,199		—		9,199
U.S.	—		446,626		—		446,626
Securitization notes receivable and residual trust certificates	—		—		13,983		13,983
Servicing assets	—		—		569		569
Derivative instruments	—		41,216		—		41,216
Risk sharing asset	—		—		3,814		3,814
Total assets	$	354,274	$	1,079,878	$	18,366	$	1,452,518
Liabilities:
Servicing liabilities	$	—	$	—	$	1,851	$	1,851
Performance fee liability	—		—		1,427		1,427
Residual trust certificates, held by third-parties	—		—		93		93
Profit share liability	—		—		1,079		1,079
Risk sharing liability	—		—		471		471
Total liabilities	$	—	$	—	$	4,921	$	4,921


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	97,129	$	—	$	—	$	97,129
Commercial paper	—		54,402		—		54,402
Agency bonds	—		60,865		—		60,865
Securities, available for sale:
Certificates of deposit	—		97,224		—		97,224
Corporate bonds	—		256,772		—		256,772
Commercial paper	—		266,193		—		266,193
Agency bonds	—		84,276		—		84,276
Government bonds:
Non-U.S.	—		9,151		—		9,151
U.S.	—		441,096		—		441,096
Securitization notes receivable and residual trust certificates	—		—		18,913		18,913
Other	—		—		1,028		1,028
Servicing assets	—		—		880		880
Derivative instruments	—		50,545		—		50,545
Total assets	$	97,129	$	1,320,524	$	20,821	$	1,438,474
Liabilities:
Servicing liabilities	$	—	$	—	$	1,392	$	1,392
Performance fee liability	—		—		1,581		1,581
Residual trust certificates, held by third-parties	—		—		125		125
Profit share liability	—		—		1,832		1,832
Total liabilities	$	—	$	—	$	4,930	$	4,930

Schedule of Servicing Assets at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	880	$	1,192
Initial transfers of financial assets	—		29
Subsequent changes in fair value	(311)		(79)
Fair value at end of period	$	569	$	1,142

Schedule of Servicing Liabilities at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	1,392	$	2,673
Initial transfers of financial assets	1,389		1,988
Subsequent changes in fair value	(930)		(1,509)
Fair value at end of period	$	1,851	$	3,152

Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of September 30, 2023 and June 30, 2023:


		September 30, 2023
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	0.92	%
	Gross default rate (2)	2.44	%	12.59	%	3.81	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	2.29	%
	Gross default rate (2)	6.02	%	19.32	%	13.00	%


		June 30, 2023
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	0.93	%
	Gross default rate (2)	2.15	%	11.20	%	3.36	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	2.27	%
	Gross default rate (2)	9.50	%	21.54	%	13.64	%

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

(2)Annualized estimated gross charge-offs as a percentage of unpaid principal balance

(3)Unobservable inputs were weighted by relative fair value

September 30, 2023 and June 30, 2023:


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.79%	3.71%	2.89%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.79%	3.34%	2.86%

(1)Unobservable inputs were weighted by remaining principal balances

The following table present 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 September 30, 2023 and June 30, 2023:


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.77%	0.77%	0.77%
Prepayment rate	18.90%	18.90%	18.90%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.92%	0.92%	0.92%
Prepayment rate	7.70%	7.70%	7.70%

(1)Unobservable inputs were weighted by relative fair value

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the residual trust certificates as of September 30, 2023 and June 30, 2023:


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	6.21%	29.84%	7.34%
Loss rate	0.91%	14.61%	2.63%
Prepayment rate	6.70%	28.60%	17.59%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	5.72%	29.84%	7.30%
Loss rate	1.25%	14.96%	3.02%
Prepayment rate	5.90%	29.90%	18.10%

(1)Unobservable inputs were weighted by relative fair value

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of September 30, 2023 and June 30, 2023:


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	0.73%	0.73%	0.73%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.13%	1.13%	1.13%

(1)Unobservable inputs were weighted by relative fair value

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of September 30, 2023:


		September 30, 2023
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount rate	20.00%	20.00%	20.00%
	Loss rate	9.36%	9.36%	9.36%
	Prepayment rate	31.90%	31.90%	31.90%
Risk sharing liabilities	Discount rate	20.00%	20.00%	20.00%
	Loss rate	4.00%	5.16%	4.35%

(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort

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


	September 30, 2023
Risk sharing assets
Prepayment rate assumption:
Prepayment rate increase of 25%	$	(243,524)
Prepayment rate increase of 50%	$	(477,053)
Loss rate assumption:
Loss rate increase of 25%	$	(1,330,723)
Loss rate increase of 50%	$	(2,642,491)
Discount rate assumption:
Discount rate increase of 25%	$	(273,602)
Discount rate increase of 50%	$	(516,753)
Risk sharing liabilities
Loss rate assumption:
Loss rate increase of 25%	$	9,908,013
Loss rate increase of 50%	$	16,992,497
Discount rate assumption:
Discount rate increase of 25%	$	(23,519)
Discount rate increase of 50%	$	(45,008)

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):


	September 30, 2023		June 30, 2023
Servicing assets
Gross default rate assumption:
Gross default rate increase of 25%	$	—	$	—
Gross default rate increase of 50%	$	—	$	(1)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	(266)	$	(382)
Adequate compensation increase of 20%	$	(531)	$	(764)
Discount rate assumption:
Discount rate increase of 25%	$	(18)	$	(29)
Discount rate increase of 50%	$	(34)	$	(55)
Servicing liabilities
Gross default rate assumption:
Gross default rate increase of 25%	$	6	$	(9)
Gross default rate increase of 50%	$	(5)	$	(19)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	3,313	$	2,798
Adequate compensation increase of 20%	$	6,608	$	5,597
Discount rate assumption:
Discount rate increase of 25%	$	(15)	$	(19)
Discount rate increase of 50%	$	(45)	$	(38)

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 (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	1,581	$	1,710
Purchases of loans	376		479
Settlements paid	(484)		—
Subsequent changes in fair value	(46)		(426)
Fair value at end of period	$	1,427	$	1,763

The following table summarizes the activity related to the fair value of the residual trust certificates held by third-parties (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	125	$	377
Repayments	(38)		(99)
Subsequent changes in fair value	6		30
Fair value at end of period	$	93	$	308

The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	18,913	$	51,678
Cash received (due to payments or sales)	(5,261)		(9,772)
Change in unrealized gain (loss)	185		(648)
Accrued interest	172		453
Reversal of (impairment on) securities available for sale	(26)		(208)
Fair value at end of period	$	13,983	$	41,503

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	1,832	$	1,987
Facilitation of loans	928		1,133
Actual performance	1,672		(2,876)
Subsequent changes in fair value	(3,353)		1,632
Fair value at end of period	$	1,079	$	1,876

The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands):


	Three Months Ended September 30, 2023
Fair value at beginning of period	$	—
Initial transfers of financial liabilities	—
Subsequent changes in fair value	471
Fair value at end of period	$	471

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 trust certificates given hypothetical changes in significant unobservable inputs (in thousands):


	September 30, 2023		June 30, 2023
Discount rate assumption:
Discount rate increase of 25%	$	(156)	$	(218)
Discount rate increase of 50%	$	(306)	$	(429)
Loss rate assumption:
Loss rate increase of 25%	$	(108)	$	(165)
Loss rate increase of 50%	$	(157)	$	(243)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(20)	$	(30)
Prepayment rate decrease of 50%	$	(40)	$	(59)

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

The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of September 30, 2023 and June 30, 2023 (in thousands):


	September 30, 2023
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	145	$	—	$	145	$	—	$	145
Loans held for investment, net	4,317,354		—		—		4,482,857		4,482,857
Other assets	8,995		—		8,995		—		8,995
Total assets	$	4,326,494	$	—	$	9,140	$	4,482,857	$	4,491,996
Liabilities:
Convertible senior notes, net (1)	$	1,415,080	$	—	$	1,074,772	$	—	$	1,074,772
Notes issued by securitization trusts	2,398,758		—		—		2,383,850		2,383,850
Funding debt (2)	1,725,011		—		—		1,725,027		1,725,027
Total liabilities	$	5,538,849	$	—	$	1,074,772	$	4,108,877	$	5,183,649


	June 30, 2023
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	76	$	—	$	76	$	—	$	76
Loans held for investment, net	4,198,431		—		—		4,397,931		4,397,931
Other assets	9,325		—		9,325		—		9,325
Total assets	$	4,207,832	$	—	$	9,401	$	4,397,931	$	4,407,332
Liabilities:
Convertible senior notes, net (1)	$	1,414,208	$	—	$	1,053,866	$	—	$	1,053,866
Notes issued by securitization trusts	2,165,577		—		—		1,748,772		1,748,772
Funding debt (2)	1,775,698		—		—		1,777,635		1,777,635
Total liabilities	$	5,355,483	$	—	$	1,053,866	$	3,526,407	$	4,580,273

(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 September 30, 2023 and June 30, 2023, debt issuance costs in the amount of $15.3 million and $10.9 million, respectively, was included within funding debt.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands):


	Three Months Ended September 30, 2023
Fair value at beginning of period	$	—
Initial transfers of financial assets	3,814
Subsequent changes in fair value	—
Fair value at end of period	$	3,814

Balance Sheet Components

3 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

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. For each of these groups, 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. Our allowance for credit losses with respect to accounts receivable was $11.0 million and $12.9 million as of September 30, 2023 and June 30, 2023, respectively.

Property, Equipment and Software, net

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


	September 30, 2023		June 30, 2023
Internally developed software	$	443,992	$	377,301
Leasehold improvements	20,279		20,214
Computer equipment	10,252		10,187
Furniture and equipment	6,586		6,503
Total property, equipment and software, at cost	$	481,109	$	414,205
Less: Accumulated depreciation and amortization	(142,360)		(124,070)
Total property, equipment and software, net	$	338,749	$	290,135

Depreciation and amortization expense on property, equipment and software was $26.0 million and $13.5 million for the three months ended September 30, 2023 and 2022, respectively.

No impairment losses related to property, equipment and software were recorded during the three months ended September 30, 2023 and 2022.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the three months ended September 30, 2023 were as follows (in thousands):


Balance as of June 30, 2023	$	542,571

Adjustments (1)	(6,152)
Balance as of September 30, 2023	$	536,418

(1)Adjustments to goodwill during the three months ended September 30, 2023 primarily pertained to foreign currency translation adjustments.

No impairment losses related to goodwill were recorded during the three months ended September 30, 2023 and 2022.

Intangible assets consisted of the following (in thousands):


	September 30, 2023
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,914	$	(35,129)	$	2,786	0.3
Developed technology	39,488		(34,935)		4,553		0.4
Assembled workforce	12,490		(12,079)		410		0.1
Trademarks and domains, definite	1,458		(1,027)		431		1.5
Trademarks, licenses and domains, indefinite	11,298		—		11,298		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	102,998	$	(83,170)	$	19,828


	June 30, 2023
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,129	$	(27,637)	$	10,492	0.6
Developed technology	39,626		(30,653)		8,973		0.6
Assembled workforce	12,490		(9,983)		2,507		0.3
Trademarks and domains, definite	1,481		(990)		491		1.7
Trademarks, licenses and domains, indefinite	11,621		—		11,621		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,697	$	(69,263)	$	34,434

Amortization expense for intangible assets was $14.2 million and $7.4 million for the three months ended September 30, 2023 and 2022, respectively. No impairment losses related to intangible assets were recorded during the three months ended September 30, 2023 and 2022.

The expected future amortization expense of these intangible assets as of September 30, 2023 is as follows (in thousands):


2024 (remaining nine months)	$	6,646
2025	1,365
2026	155
2027	15
2028 and thereafter	—
Total amortization expense	$	8,180

Commercial Agreement Assets

In November 2021, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). The warrants were granted in exchange for certain performance provisions and the benefit of acquiring new users. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the approximate three year term of the commercial agreement at the grant date. For the three months ended September 30, 2023 and 2022, we recognized amortization expense of $10.4 million for both periods in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. Refer to Note 14. Stockholders’ Equity for further discussion of the warrants.

In July 2020, 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 September 30, 2023. 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 fiscal year 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. During the three months ended September 30, 2023 and 2022, we recorded amortization expense related to the commercial agreement asset of $9.0 million for both periods in our interim condensed consolidated statements of operations and comprehensive loss as a component of sales and marketing expense.

In January 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. During the three months ended September 30, 2023 and 2022, we recorded amortization expense related to the asset of $2.1 million for both periods in our interim condensed 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):


	September 30, 2023		June 30, 2023
Processing reserves	$	65,421	$	60,039
Equity securities, at cost	51,870		43,172
Derivative instruments	41,216		50,545
Operating lease right-of-use assets	27,227		30,171
Prepaid payroll taxes for stock-based compensation	29,508		14,336
Prepaid expenses	25,544		35,626
Other assets	51,398		44,725
Total other assets	$	292,184	$	278,614

Accrued Expenses and Other Liabilities

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


	September 30, 2023		June 30, 2023
Operating lease liability	$	49,071	$	52,557
Accrued expenses	42,173		50,704
Collateral held for derivative instruments	41,401		53,267
Other liabilities	27,683		24,355
Total accrued expenses and other liabilities	$	160,328	$	180,883

Acquisitions - Butter Holdings Acquisition, Identifiable Intangible Assets Acquired (Details) $ in Thousands	Feb. 01, 2023 USD ($)
Butter Holdings, Ltd. \| Lending license
Business Acquisition [Line Items]
Lending license	$ 9,243

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Sep. 30, 2023	Jun. 30, 2023
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0073	0.0113
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0073	0.0113
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 \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0073	0.0113

Revenue

3 Months Ended

Sep. 30, 2023

Banking and Thrift, Interest [Abstract]

Revenue

The following table presents our revenue disaggregated by revenue source (in thousands):


	Three Months Ended September 30,
		2023		2022
Merchant network revenue		$	145,950	$	113,149
Card network revenue		33,476		26,708
Interest income		262,679		136,802
Gain on sales of loans		34,285		63,595
Servicing income		20,157		21,370
Total revenue, net		$	496,547	$	361,624

Merchant Network Revenue — Revenue from Contracts with Customers

Merchant network revenue consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (“GMV”) 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 incentives to promote our platform to their customers, such as fee reductions or rebates. These amounts are recorded as a reduction to 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 on loan origination, which we record as a reduction to 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.

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.

For the three months ended September 30, 2023 and 2022, there were no merchants that exceeded 10% of total revenue.

Card Network Revenue — Revenue from Contracts with Customers

We have agreements with card-issuing partners to facilitate the issuance of physical and virtual debit cards to be used by consumers at checkout. Consumers can apply at Affirm.com or via the Affirm app and, upon approval, receive a single-use virtual card to use digitally online or in-store. The card is funded at the time a transaction is authorized using cash held by the card-issuing partner in a reserve fund. Eligible consumers can also use the Affirm Card, a debit card issued by a card-issuing partner to pay in full, debited from their bank account, or pay later, by using a unique post-purchase feature that allows them to instantly convert any eligible debit transaction into an installment loan. Where applicable, our originating bank partner, or wholly-owned subsidiaries, then originates a loan to the consumer after the transaction is confirmed by the merchant. The merchant is charged interchange fees for each successful debit card transaction, and a portion of this revenue is shared with us by our card-issuing partners.

Merchants may also elect to utilize our agreement with card-issuing partners as a means of integrating Affirm services. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees for each successful debit card transaction and a portion of this revenue is shared 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 incurred by the merchant. These amounts are recorded as a reduction of card network revenue.

Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided. The revenue collected from card-issuing partners 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 amounts collected are presented in revenue, net of associated transaction-related processing fees paid to our card-issuing partners. We have concluded that the revenue collected does 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 card-issuing partner to facilitate transactions with consumers.

A portion of 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

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


	Three Months Ended September 30,
		2023		2022
Contractual interest income on unpaid principal balance		$	226,158	$	106,138
Amortization of discount on loans		45,118		38,969
Amortization of premiums on loans		(3,980)		(4,374)
Interest receivable charged-off, net of recoveries		(4,617)		(3,931)
Total interest income		$	262,679	$	136,802

We accrue interest income using the effective interest method, which includes the amortization of 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. 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 consumer 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 September 30, 2023 and June 30, 2023, the balance of loans held for investment on non-accrual status was $1.2 million and $1.8 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.

Gain on Sales of Loans

We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations as the difference between the proceeds received and the carrying value of the loan, adjusted for the initial recognition of any assets or liabilities incurred upon sale, which generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a recourse liability based on our estimate of future losses in connection with our obligation to repurchase loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale.

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. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Equity Incentive Plans (Tables)

3 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes our stock option activity for the three months ended September 30, 2023:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2023	18,505,138	$	14.34	6.07
Granted	1,743,514	23.35
Exercised	(496,213)	7.45
Forfeited, expired or cancelled	(637,348)	30.13
Balance as of September 30, 2023	19,115,091	14.81		6.12
Vested and exercisable, September 30, 2023	14,503,031	$	11.31	5.33	$	182,338
Vested and exercisable, and expected to vest thereafter(1) September 30, 2023	18,565,399	$	14.11	6.05	$	187,952

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

Schedule of Restricted Stock Unit Activity

The following table summarizes our RSU activity during the three months ended September 30, 2023:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2023	21,653,196	$	26.99
Granted	6,626,710	18.25
Vested	(5,719,367)	27.65
Forfeited, expired or cancelled	(828,588)	26.23
Non-vested at September 30, 2023	21,731,951	$	24.18

Schedule of Components and Classification of Stock-based Compensation

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


	Three Months Ended September 30,
		2023		2022
General and administrative		$	70,184	$	67,340
Technology and data analytics		35,135		43,428
Sales and marketing		5,465		8,128
Processing and servicing		1,575		912
Total stock-based compensation in operating expenses		112,359		119,808
Capitalized into property, equipment and software, net		38,803		21,204
Total stock-based compensation		$	151,162	$	141,012

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	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 18,913	$ 51,678
Cash received (due to payments or sales)	(5,261)	(9,772)
Change in unrealized gain (loss)	185	(648)
Accrued interest	172	453
Reversal of (impairment on) securities available for sale	(26)	(208)
Fair value at end of period	$ 13,983	$ 41,503

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (171,783,000)	$ (251,269,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	99,696,000	64,250,000
Amortization of premiums and discounts on loans, net	(41,138,000)	(34,595,000)
Gain on sales of loans	(34,285,000)	(63,595,000)
Changes in fair value of assets and liabilities	(4,110,000)	3,906,000
Amortization of commercial agreement assets	21,557,000	21,557,000
Amortization of debt issuance costs	5,534,000	1,076,000
Amortization of discount on securities available for sale	(12,120,000)	(7,620,000)
Commercial agreement warrant expense	95,910,000	108,743,000
Stock-based compensation	112,359,000	119,808,000
Depreciation and amortization	40,131,000	20,882,000
Impairment of right of use assets	752,000	0
Other	(4,730,000)	2,053,000
Change in operating assets and liabilities:
Purchases of loans held for sale	(1,222,224,000)	(1,655,213,000)
Proceeds from the sale of loans held for sale	1,228,110,000	1,707,838,000
Accounts receivable, net	(42,208,000)	(6,649,000)
Other assets	(12,566,000)	(3,000,000)
Accounts payable	(1,257,000)	1,462,000
Payable to third-party loan owners	55,646,000	19,428,000
Accrued interest payable	6,264,000	(1,078,000)
Accrued expenses and other liabilities	(20,636,000)	3,231,000
Net cash provided by operating activities	98,902,000	51,215,000
Cash flows from investing activities
Purchases and origination of loans held for investment	(4,229,667,000)	(2,744,825,000)
Proceeds from the sale of loans held for investment	899,238,000	326,713,000
Principal repayments and other loan servicing activity	3,184,851,000	2,206,725,000
Additions to property, equipment and software	(35,817,000)	(31,151,000)
Purchases of securities available for sale	(96,813,000)	(104,629,000)
Proceeds from maturities and repayments of securities available for sale	262,293,000	464,492,000
Other investing cash inflows/(outflows)	56,000	(52,000)
Net cash provided by (used in) investing activities	(15,859,000)	117,273,000
Cash flows from financing activities
Proceeds from funding debt	2,896,251,000	1,193,761,000
Payment of debt issuance costs	(10,490,000)	(7,423,000)
Principal repayments of funding debt	(2,938,674,000)	(1,059,607,000)
Proceeds from issuance of notes and residual trust certificates by securitization trusts	750,000,000	249,931,000
Principal repayments of notes issued by securitization trusts	(515,377,000)	(150,713,000)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	3,611,000	1,013,000
Repurchases of common stock	0	(109,000)
Payments of tax withholding for stock-based compensation	(36,515,000)	(27,311,000)
Net cash provided by financing activities	148,806,000	199,542,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,301,000)	(5,299,000)
Net increase in cash, cash equivalents and restricted cash	228,548,000	362,731,000
Cash, cash equivalents and restricted cash, beginning of period	1,259,944,000	1,550,807,000
Cash, cash equivalents and restricted cash, end of period	1,488,492,000	1,913,538,000
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,079,261,000	1,530,132,000
Restricted cash	409,231,000	383,406,000
Total cash, cash equivalents and restricted cash	1,488,492,000	1,913,538,000
Supplemental disclosures of cash flow information
Cash payments for interest expense	64,868,000	22,819,000
Cash paid for operating leases	4,104,000	4,167,000
Cash paid for income taxes	312,000	138,000
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	$ 38,803,000	$ 21,204,000

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 2,986	$ 3,800

Restructuring and other - Additional Details (Details) $ in Thousands		3 Months Ended
	Feb. 08, 2023 employee	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other		$ 1,665	$ 0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and other		$ 1,700
Office Closure
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| employee	500
Number of positions eliminated, percent	19.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions - Butter Holdings Acquisition, Allocation of Consideration Paid to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 01, 2023	Sep. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Goodwill		$ 536,418	$ 542,571
Butter Holdings, Ltd.
Business Acquisition [Line Items]
Purchase price	$ 16,337
Cash and cash equivalents	287
Loans held for investment, net	172
Accounts receivable, net	11
Intangible assets	9,243
Other assets	672
Total assets acquired	10,385
Accounts payable	568
Accrued expenses and other liabilities	2,923
Total liabilities assumed	3,491
Net assets acquired	6,894
Goodwill	9,443
Total purchase price	$ 16,337

Acquisitions

3 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

There were no acquisitions accounted for as business combinations completed in the three months ended September 30, 2023 and 2022.

Acquisitions completed during the year ended June 30, 2023

Butter Holdings Ltd

On February 1, 2023, we completed the closing of the transaction contemplated by a share purchase agreement entered into with certain sellers to acquire the entire issued share capital of Butter Holdings Ltd. (“Butter”), a buy now, pay later company based in the United Kingdom. The purchase price was comprised of (i) $14.9 million in cash, subject to adjustments in accordance with the purchase agreement, and (ii) $1.5 million settlement of subordinated secured notes.

The acquisition date fair value of the consideration transferred for Butter was approximately $16.3 million, which consisted of the following (in thousands):


Cash	$	14,863
Settlement of subordinated secured notes	1,475
Total acquisition date fair value of the consideration transferred	$	16,337

The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC Topic 805, “Business Combinations” (“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. The goodwill is not expected to be deductible for income tax purposes.

The following table summarizes the allocation of the consideration paid of approximately $16.3 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):


Cash and cash equivalents	$	287
Loans held for investment, net	172
Accounts receivable, net	11
Intangible assets	9,243
Other assets	672
Total assets acquired	10,385
Accounts payable	568
Accrued expenses and other liabilities	2,923
Total liabilities assumed	3,491
Net assets acquired	6,894
Goodwill	9,443
Total purchase price	$	16,337

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)

Lending license

9,243

Indefinite

The fair value of the intangible asset was determined by applying the with-and-without method. The fair value measurements are based on significant unobservable inputs, including management estimates and assumptions, and thus represents Level 3 measurements.

There were no transaction costs associated with the acquisition for the three months ended September 30, 2023.

Leases

3 Months Ended

Sep. 30, 2023

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 nine months to one year. As of September 30, 2023, 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 seven 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 interim condensed consolidated balance sheets and totaled $8.9 million and $9.7 million as of September 30, 2023 and June 30, 2023, respectively.

During the three months ended September 30, 2023, we decided to sublease a portion of our leased office space in San Francisco. As a result, we recorded a lease impairment charge of $0.8 million related to several of our operating lease ROU assets, included in general and administrative expense on our interim consolidated statements of operations and comprehensive loss. There was no impairment expense incurred related to leases during the three months ended September 30, 2022.

Operating lease expense is as follows (in thousands):


	Three Months Ended September 30,
	2023	2022
Operating lease expense (1)	$2,986	$3,800

(1)Lease expenses for our short-term leases were immaterial for the periods presented.

We have subleased a portion of our leased facilities. Sublease income totaled $0.9 million during the three months ended September 30, 2023 and 2022.

Lease term and discount rate information are summarized as follows:


												September 30, 2023
Weighted average remaining lease term (in years)												3.7
Weighted average discount rate												4.8%

As of September 30, 2023, future minimum lease payments are as follows (in thousands):


2024 (remaining nine months)	$	12,380
2025	16,317
2026	15,371
2027	2,680
2028	2,185
Thereafter	5,503
Total lease payments	54,436
Less imputed interest	(5,365)
Present value of total lease liabilities	$	49,071

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	Sep. 30, 2023	Jun. 30, 2023
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0077	0.0092
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1890	0.0770
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0077	0.0092
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1890	0.0770
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1000	0.1000
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0077	0.0092
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1890	0.0770

Debt - Aggregate Future Maturities of Funding Debt (Details) - Funding debt - Revolving facilities - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Line of Credit Facility [Line Items]
Funding debt, year one	$ 183,530
Funding debt, year two	390,881
Funding debt, year three	633,452
Funding debt, year four	0
Funding debt, year five	26,660
Funding debt, thereafter	490,488
Total	1,725,011
Deferred debt issuance costs	(15,260)	$ (10,900)
Total funding debt, net of deferred debt issuance costs	$ 1,709,751

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Assets of consolidated VIEs, included in total assets above
Restricted cash	$ 409,231	$ 367,917
Loans held for investment	4,549,422	4,402,962
Allowance for credit losses	(232,068)	(204,531)
Loans held for investment, net	4,317,354	4,198,431
Accounts receivable, net	236,234	199,085
Other assets	292,184	278,614
Total assets	8,407,149	8,155,615
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	27,345	28,602
Accrued interest payable	19,589	13,498
Accrued expenses and other liabilities	160,328	180,883
Notes issued by securitization trusts	2,398,758	2,165,577
Funding debt	1,709,751	1,764,812
Total Liabilities	5,840,349	5,621,432
Consolidated Variable Interest Entities
Assets of consolidated VIEs, included in total assets above
Restricted cash	216,243	203,872
Loans held for investment	4,335,514	4,151,606
Allowance for credit losses	(198,932)	(178,252)
Loans held for investment, net	4,136,582	3,973,354
Accounts receivable, net	2,958	8,196
Other assets	16,499	18,210
Total assets	4,372,282	4,203,632
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,845	2,894
Accrued interest payable	19,588	13,498
Accrued expenses and other liabilities	19,587	17,825
Notes issued by securitization trusts	2,398,758	2,165,577
Funding debt	1,648,297	1,656,400
Total Liabilities	4,089,075	3,856,194
Total net assets of consolidated VIEs	$ 283,207	$ 347,438
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)	241,468,132	237,230,381
Common stock, outstanding (in shares)	241,468,132	237,230,381
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)	59,613,755	59,615,836
Common stock, outstanding (in shares)	59,613,755	59,615,836

Acquisitions (Tables)

3 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Acquisition Consideration Transferred

The acquisition date fair value of the consideration transferred for Butter was approximately $16.3 million, which consisted of the following (in thousands):


Cash	$	14,863
Settlement of subordinated secured notes	1,475
Total acquisition date fair value of the consideration transferred	$	16,337

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


Cash and cash equivalents	$	287
Loans held for investment, net	172
Accounts receivable, net	11
Intangible assets	9,243
Other assets	672
Total assets acquired	10,385
Accounts payable	568
Accrued expenses and other liabilities	2,923
Total liabilities assumed	3,491
Net assets acquired	6,894
Goodwill	9,443
Total purchase price	$	16,337

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)

Lending license

9,243

Indefinite

Debt (Tables)

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Funding Debt and Aggregate Future Maturities

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


	September 30, 2023
2024	$	183,530
2025	390,881
2026	633,452
2027	—
2028	26,660
Thereafter	490,488
Total	$	1,725,011
Deferred debt issuance costs	(15,260)
Total funding debt, net of deferred debt issuance costs	$	1,709,751

Schedule of Long-term Debt Instruments

The convertible senior notes outstanding as of September 30, 2023 consisted of the following (in thousands):


	Principal Amount		Unamortized Discount and Issuance Cost		Net Carrying Amount
Convertible senior notes	$	1,425,900	$	(10,820)	$	1,415,080

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 30
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

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-Section S99
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+ Details

Fair Value of Financial Assets and Liabilities - Effect of Adverse Changes in Estimates on Risk Sharing Arrangements (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss rate increase of 25%	$ 9,908,013
Loss rate increase of 50%	16,992,497
Discount rate increase of 25%	(23,519)
Discount rate increase of 50%	(45,008)
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepayment rate increase of 25%	(243,524)
Prepayment rate increase of 50%	(477,053)
Loss rate increase of 25%	(1,330,723)
Loss rate increase of 50%	(2,642,491)
Discount rate increase of 25%	(273,602)
Discount rate increase of 50%	$ (516,753)

Debt - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 04, 2022 USD ($)	Nov. 23, 2021 USD ($) day $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 07, 2023 USD ($)	May 16, 2022 USD ($)
Line of Credit Facility [Line Items]
Loans held for investment			$ 4,502,391		$ 4,361,965
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income			Other income, net
Remaining life			38 months
Borrowings outstanding			$ 1,709,751		1,764,812
2022-X1 \| Senior Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			7.52%
2022-X1 \| Residual Certificate Pledged Securities
Line of Credit Facility [Line Items]
Investment interest rate			7.52%
Convertible senior notes
Line of Credit Facility [Line Items]
Conversion ratio		0.0046371
Authorized repurchase amount						$ 800,000
Interest expense			$ 900	$ 1,100
Convertible senior notes \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| day		20
Threshold consecutive trading days \| day		30
Threshold percentage of stock price trigger		130.00%
Redemption price (as a percentage)		100.00%
Convertible senior notes \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| day		5
Minimum percentage of common stock price trigger		98.00%
Funding debt \| Warehouse Credit Facilities \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment			1,600,000		1,700,000
Funding debt \| PayBright Funding Facilities \| Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for investment			429,000		412,800
Repurchase Agreement
Line of Credit Facility [Line Items]
Liability component of debt outstanding			5,900		11,000
Repurchase Agreement \| 2021-Z1 and 2021-Z2 \| Other Receivables
Line of Credit Facility [Line Items]
Pledged securities			14,000		$ 18,900
Convertible Debt \| Convertible senior notes
Line of Credit Facility [Line Items]
Liability component of debt outstanding			1,415,080
Securitization issued		$ 1,725,000	1,425,900
Fixed interest rate		0.00%
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
Unused commitment fee percentage	0.20%
Borrowings outstanding			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 \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread	1.85%
Revolving facilities \| Funding debt
Line of Credit Facility [Line Items]
Funding debt			1,725,011
Liability component of debt outstanding			$ 1,709,751
Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Covenant, period prior to final maturity date borrowings can occur			12 months
Aggregate commitment amount of credit facility			$ 4,000,000
Funding debt			1,400,000
Remaining amount available of credit facility			2,600,000
Revolving facilities \| Funding debt \| PayBright Funding Facilities
Line of Credit Facility [Line Items]
Aggregate commitment amount of credit facility			505,500
Funding debt			360,400
Remaining amount available of credit facility			$ 145,100
Minimum \| Revolving facilities \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Unused commitment fee percentage			0.00%
Minimum \| Revolving facilities \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage			82.00%
Basis spread			1.75%
Minimum \| Revolving facilities \| Funding debt \| Commercial paper rate \| PayBright Funding Facilities
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 \| Funding debt \| Warehouse Credit Facilities
Line of Credit Facility [Line Items]
Advance rate percentage			86.00%
Basis spread			2.20%
Maximum \| Revolving facilities \| Funding debt \| Commercial paper rate \| PayBright Funding Facilities
Line of Credit Facility [Line Items]
Basis spread			4.25%

Fair Value of Financial Assets and Liabilities - Significant Unobservable Inputs Used in Risk Sharing Arrangement (Details)	Sep. 30, 2023
Minimum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000
Minimum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000
Minimum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0936
Minimum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0400
Minimum \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.3190
Maximum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000
Maximum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000
Maximum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0936
Maximum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0516
Maximum \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.3190
Weighted Average \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000
Weighted Average \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000
Weighted Average \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0936
Weighted Average \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0435
Weighted Average \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.3190

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Gross default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 0	$ 0
Servicing asset, effect of 50% increase in measurement input	0	(1)
Servicing liability, effect of 25% increase in measurement input	6	(9)
Servicing liability, effect of 50% increase in measurement input	(5)	(19)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 10% increase in measurement input	(266)	(382)
Servicing asset, effect of 20% increase in measurement input	(531)	(764)
Servicing liability, effect of 10% increase in measurement input	3,313	2,798
Servicing liability, effect of 20% increase in measurement input	6,608	5,597
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(18)	(29)
Servicing asset, effect of 50% increase in measurement input	(34)	(55)
Servicing liability, effect of 25% increase in measurement input	(15)	(19)
Servicing liability, effect of 50% increase in measurement input	$ (45)	$ (38)

Business Description	3 Months Ended
Business Description	Sep. 30, 2023
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 up 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 directly 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.

Fair Value of Financial Assets and Liabilities - Fair Value of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,581	$ 1,710
Purchases of loans	376	479
Settlements paid	(484)	0
Subsequent changes in fair value	(46)	(426)
Fair value at end of period	$ 1,427	$ 1,763

Derivative Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 2,394,613	$ 2,902,944
Derivative Assets	41,216	50,545
Derivative Liabilities	0	0
Derivatives designated as cash flow hedges \| Interest rate contracts - cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	500,000	800,000
Derivative Assets	573	751
Derivative Liabilities	0	0
Derivatives not designated as hedges \| Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	1,894,613	2,102,944
Derivative Assets	40,643	49,794
Derivative Liabilities	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

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+ Details

Securitization and Variable Interest Entities

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Securitization and Variable Interest Entities

Consolidated VIEs

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 directly originated loans. Refer to Note 9. 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 interim condensed consolidated balance sheets.

For each securitization, the residual trust 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 the majority of consolidated securitization VIEs, we retain 100% of the residual trust certificates issued by the securitization trust. Any portion of the residual trust certificates sold to third-party investors are measured at fair value, using a discounted cash flow model, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets. In addition to the retained residual trust 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.

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands):


	September 30, 2023
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,915,257	$	1,684,638	$	230,619
Securitizations	2,457,025		2,404,437		52,588
Total consolidated VIEs	$	4,372,282	$	4,089,075	$	283,207


	June 30, 2023
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,930,641	$	1,686,359	$	244,282
Securitizations	2,272,991		2,169,835		103,156
Total consolidated VIEs	$	4,203,632	$	3,856,194	$	347,438

Unconsolidated VIEs

Our transactions with unconsolidated VIEs include securitization trusts where we did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of September 30, 2023.

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


	September 30, 2023
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	281,516	$	271,049	$	10,467	$	14,160
Total unconsolidated VIEs	$	281,516	$	271,049	$	10,467	$	14,160


	June 30, 2023
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	380,547	$	367,788	$	12,759	$	19,149
Total unconsolidated VIEs	$	380,547	$	367,788	$	12,759	$	19,149

Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $14.0 million in retained notes and residual trust certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $0.2 million related to our servicing assets disclosed within other assets in our interim condensed consolidated balance sheets as of September 30, 2023.

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. This amount was not material as of September 30, 2023.

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 unconsolidated securitization trusts as “available for sale” and as such they are disclosed at fair value in our interim condensed consolidated balance sheets.

See Note 13. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual trust certificates. Additionally, as of September 30, 2023, we have pledged each of our retained beneficial interests as collateral in a sale and repurchase agreement as described in Note 9. Debt.

Balance Sheet Components (Tables)

3 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Property, Equipment and Software, Net

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


	September 30, 2023		June 30, 2023
Internally developed software	$	443,992	$	377,301
Leasehold improvements	20,279		20,214
Computer equipment	10,252		10,187
Furniture and equipment	6,586		6,503
Total property, equipment and software, at cost	$	481,109	$	414,205
Less: Accumulated depreciation and amortization	(142,360)		(124,070)
Total property, equipment and software, net	$	338,749	$	290,135

Schedule of Goodwill

The changes in the carrying amount of goodwill during the three months ended September 30, 2023 were as follows (in thousands):


Balance as of June 30, 2023	$	542,571

Adjustments (1)	(6,152)
Balance as of September 30, 2023	$	536,418

(1)Adjustments to goodwill during the three months ended September 30, 2023 primarily pertained to foreign currency translation adjustments.

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	September 30, 2023
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,914	$	(35,129)	$	2,786	0.3
Developed technology	39,488		(34,935)		4,553		0.4
Assembled workforce	12,490		(12,079)		410		0.1
Trademarks and domains, definite	1,458		(1,027)		431		1.5
Trademarks, licenses and domains, indefinite	11,298		—		11,298		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	102,998	$	(83,170)	$	19,828


	June 30, 2023
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,129	$	(27,637)	$	10,492	0.6
Developed technology	39,626		(30,653)		8,973		0.6
Assembled workforce	12,490		(9,983)		2,507		0.3
Trademarks and domains, definite	1,481		(990)		491		1.7
Trademarks, licenses and domains, indefinite	11,621		—		11,621		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,697	$	(69,263)	$	34,434

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	September 30, 2023
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,914	$	(35,129)	$	2,786	0.3
Developed technology	39,488		(34,935)		4,553		0.4
Assembled workforce	12,490		(12,079)		410		0.1
Trademarks and domains, definite	1,458		(1,027)		431		1.5
Trademarks, licenses and domains, indefinite	11,298		—		11,298		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	102,998	$	(83,170)	$	19,828


	June 30, 2023
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	38,129	$	(27,637)	$	10,492	0.6
Developed technology	39,626		(30,653)		8,973		0.6
Assembled workforce	12,490		(9,983)		2,507		0.3
Trademarks and domains, definite	1,481		(990)		491		1.7
Trademarks, licenses and domains, indefinite	11,621		—		11,621		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,697	$	(69,263)	$	34,434

Schedule of Intangible Assets, Future Amortization Expense

The expected future amortization expense of these intangible assets as of September 30, 2023 is as follows (in thousands):


2024 (remaining nine months)	$	6,646
2025	1,365
2026	155
2027	15
2028 and thereafter	—
Total amortization expense	$	8,180

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	September 30, 2023		June 30, 2023
Processing reserves	$	65,421	$	60,039
Equity securities, at cost	51,870		43,172
Derivative instruments	41,216		50,545
Operating lease right-of-use assets	27,227		30,171
Prepaid payroll taxes for stock-based compensation	29,508		14,336
Prepaid expenses	25,544		35,626
Other assets	51,398		44,725
Total other assets	$	292,184	$	278,614

Schedule of Accrued Expenses and Other Liabilities

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


	September 30, 2023		June 30, 2023
Operating lease liability	$	49,071	$	52,557
Accrued expenses	42,173		50,704
Collateral held for derivative instruments	41,401		53,267
Other liabilities	27,683		24,355
Total accrued expenses and other liabilities	$	160,328	$	180,883

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Debt - Convertible Notes Outstanding (Details) - Convertible senior notes - Convertible Debt - USD ($) $ in Thousands	Sep. 30, 2023	Nov. 23, 2021
Line of Credit Facility [Line Items]
Principal Amount	$ 1,425,900	$ 1,725,000
Unamortized Discount and Issuance Cost	(10,820)
Total funding debt, net of deferred debt issuance costs	$ 1,415,080

- Definition

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

+ References + Details

Securitization and Variable Interest Entities (Tables)

3 Months Ended

Sep. 30, 2023

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 (in thousands):


	September 30, 2023
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,915,257	$	1,684,638	$	230,619
Securitizations	2,457,025		2,404,437		52,588
Total consolidated VIEs	$	4,372,282	$	4,089,075	$	283,207


	June 30, 2023
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	1,930,641	$	1,686,359	$	244,282
Securitizations	2,272,991		2,169,835		103,156
Total consolidated VIEs	$	4,203,632	$	3,856,194	$	347,438

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):


	September 30, 2023
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	281,516	$	271,049	$	10,467	$	14,160
Total unconsolidated VIEs	$	281,516	$	271,049	$	10,467	$	14,160


	June 30, 2023
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	380,547	$	367,788	$	12,759	$	19,149
Total unconsolidated VIEs	$	380,547	$	367,788	$	12,759	$	19,149

- 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

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	960-1518
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		242,120,237
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,613,337

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Sep. 30, 2023	Jun. 30, 2023
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	0.0179	0.0179
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	0.0371	0.0334
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	0.0289	0.0286

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly provision for income taxes is based on the current estimate of the annual effective income tax rate and the tax effect of discrete items occurring during the quarter. Our quarterly provision and the estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in the pre-tax jurisdictional mix of earnings and the impact of discrete items. For the three months ended September 30, 2023, we recorded income tax expense (benefit) of $1.0 million which was primarily attributable to deferred tax expense recognized by our Canadian subsidiary, various U.S state and other foreign income taxes, and the tax amortization of certain intangibles. For the three months ended September 30, 2022, we recorded income tax expense (benefit) of $(0.2) million which was primarily attributable to deferred tax benefits recognized by our Canadian subsidiary and partially offset by various U.S state and other foreign income taxes, as well as the tax amortization of certain intangibles. As of September 30, 2023, we continue to recognize a full valuation allowance against our U.S. federal and state and certain foreign 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 us for the prior three fiscal years. 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. As a result of the integration and consolidation of our PayBright business into and with Affirm’s Canadian business, the expansion of our overall business in Canada, and other objectively verifiable positive evidence available, 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 Canadian jurisdiction, we have determined that it is more likely than not that our Canadian deferred tax assets will be realized and a valuation allowance is not required.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Common Stock, Reserved for Future Issuance

We had shares of common stock reserved for issuance as follows:


	September 30, 2023	June 30, 2023


Available outstanding under equity compensation plans	53,347,042	52,572,230
Available for future grant under equity compensation plans	47,162,302	37,245,232
Total	100,509,344	89,817,462

Investments - Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Sep. 30, 2023 USD ($) position	Jun. 30, 2023 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 623,044	$ 659,305
Less than or equal to 1 year, unrealized losses	(3,103)	(4,027)
Greater than 1 year, fair value	213,666	205,457
Greater than 1 year, unrealized losses	(4,222)	(4,592)
Total, fair value	836,710	864,762
Total, unrealized losses	$ (7,325)	$ (8,619)
Number of positions with unrealized losses \| position	121,000	142,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 59,252	$ 63,489
Less than or equal to 1 year, unrealized losses	(97)	(186)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	59,252	63,489
Total, unrealized losses	(97)	(186)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	76,635	92,171
Less than or equal to 1 year, unrealized losses	(456)	(834)
Greater than 1 year, fair value	133,377	131,762
Greater than 1 year, unrealized losses	(2,816)	(3,076)
Total, fair value	210,012	223,933
Total, unrealized losses	(3,272)	(3,910)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	138,099	164,037
Less than or equal to 1 year, unrealized losses	(124)	(321)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	138,099	164,037
Total, unrealized losses	(124)	(321)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	47,615	44,214
Less than or equal to 1 year, unrealized losses	(265)	(233)
Greater than 1 year, fair value	0	0
Greater than 1 year, unrealized losses	0	0
Total, fair value	47,615	44,214
Total, unrealized losses	(265)	(233)
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	3,060	3,061
Less than or equal to 1 year, unrealized losses	(66)	(58)
Greater than 1 year, fair value	6,138	6,089
Greater than 1 year, unrealized losses	(60)	(121)
Total, fair value	9,198	9,150
Total, unrealized losses	(126)	(179)
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	298,383	292,333
Less than or equal to 1 year, unrealized losses	(2,095)	(2,395)
Greater than 1 year, fair value	74,151	67,606
Greater than 1 year, unrealized losses	(1,346)	(1,395)
Total, fair value	372,534	359,939
Total, unrealized losses	$ (3,441)	$ (3,790)

Leases - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	3 years 8 months 12 days
Weighted average discount rate	4.80%

Restructuring and other - Schedule of Restructuring Accrual Activity (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, June 30, 2023	$ 308
Additions	200
Cash paid	(168)
Adjustments	(90)
Accrued restructuring costs, September 30, 2023	250
Other Exit and Disposal Activities
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, June 30, 2023	2,116
Additions	1,633
Cash paid	0
Adjustments	0
Accrued restructuring costs, September 30, 2023	$ 3,749

Fair Value of Financial Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 600,000	$ 900,000
Derivative instruments	41,216,000	50,545,000
Servicing liabilities	1,851,000	1,392,000	$ 3,152,000	$ 2,673,000
Risk sharing liability	0	0
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk sharing liability	500,000	0
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	3,800,000	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	354,274,000	97,129,000
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	86,503,000	97,224,000
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	248,394,000	256,772,000
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	31,015,000	54,402,000
Restricted cash	163,160,000	266,193,000
Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		60,865,000
Restricted cash	50,552,000	84,276,000
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,213,000
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	9,199,000	9,151,000
Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	446,626,000	441,096,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	13,983,000	18,913,000
Other		1,028,000
Servicing assets	569,000	880,000
Derivative instruments	41,216,000	50,545,000
Total assets	1,452,518,000	1,438,474,000
Servicing liabilities	1,851,000	1,392,000
Performance fee liability	1,427,000	1,581,000
Residual trust certificates, held by third-parties	93,000	125,000
Profit share liability	1,079,000	1,832,000
Total liabilities	4,921,000	4,930,000
Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk sharing liability	471,000
Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	3,814,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0	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	354,274,000	97,129,000
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 1 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 1 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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	0
Level 1 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	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
Other		0
Servicing assets	0	0
Derivative instruments	0	0
Total assets	354,274,000	97,129,000
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 1 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk sharing liability	0
Level 1 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	8,995,000	9,325,000
Total assets	9,140,000	9,401,000
Total liabilities	1,074,772,000	1,053,866,000
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]
Restricted cash	86,503,000	97,224,000
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	248,394,000	256,772,000
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	31,015,000	54,402,000
Restricted cash	163,160,000	266,193,000
Level 2 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		60,865,000
Restricted cash	50,552,000	84,276,000
Level 2 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,213,000
Level 2 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	9,199,000	9,151,000
Level 2 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	446,626,000	441,096,000
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
Other		0
Servicing assets	0	0
Derivative instruments	41,216,000	50,545,000
Total assets	1,079,878,000	1,320,524,000
Servicing liabilities	0	0
Performance fee liability	0	0
Residual trust certificates, held by third-parties	0	0
Profit share liability	0	0
Total liabilities	0	0
Level 2 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk sharing liability	0
Level 2 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0	0
Total assets	4,482,857,000	4,397,931,000
Total liabilities	4,108,877,000	3,526,407,000
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]
Restricted cash	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		0
Restricted cash	0	0
Level 3 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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	0
Level 3 \| Government bonds, US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	13,983,000	18,913,000
Other		1,028,000
Servicing assets	569,000	880,000
Derivative instruments	0	0
Total assets	18,366,000	20,821,000
Servicing liabilities	1,851,000	1,392,000
Performance fee liability	1,427,000	1,581,000
Residual trust certificates, held by third-parties	93,000	125,000
Profit share liability	1,079,000	1,832,000
Total liabilities	4,921,000	$ 4,930,000
Level 3 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk sharing liability	471,000
Level 3 \| Recurring \| Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 3,814,000

Investments

3 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Investments

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 interim condensed consolidated balance sheets (in thousands):


	September 30, 2023		June 30, 2023
Cash and cash equivalents:
Money market funds	$	354,274	$	97,129
Commercial paper	31,015		54,402
Agency bonds	—		60,865
Securities available for sale:
Certificates of deposit	86,503		97,224
Corporate bonds	248,394		256,772
Commercial paper	163,160		266,193
Agency bonds	50,552		84,276
Municipal bonds	3,213		—
Government bonds
Non-US	9,199		9,151
US	446,626		441,096
Securitization notes receivable and certificates (1)	13,983		18,913
Other	—		1,028
Total marketable securities:	$	1,406,919	$	1,387,049

(1)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. 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 September 30, 2023 and June 30, 2023 were as follows (in thousands):


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	86,580	$	20	$	(97)	$	—	$	86,503
Corporate bonds	251,642		24		(3,272)		—		248,394
Commercial paper (1)	194,294		5		(124)		—		194,175
Agency bonds	50,816		1		(265)		—		50,552
Municipal bonds	3,210		3		—		—		3,213
Government bonds
Non-US	9,325		—		(126)		—		9,199
US	450,056		11		(3,441)		—		446,626
Securitization notes receivable and certificates (2)	14,753		—		(290)		(480)		13,983
Total securities available for sale	$	1,060,676	$	64	$	(7,615)	$	(480)	$	1,052,645


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	97,399	$	11	$	(186)	$	—	$	97,224
Corporate bonds	260,627		55		(3,910)		—		256,772
Commercial paper (1)	320,882		34		(321)		—		320,595
Agency bonds (1)	145,312		62		(233)		—		145,141
Government bonds
Non-US	9,330		—		(179)		—		9,151
US	444,858		28		(3,790)		—		441,096
Securitization notes receivable and certificates (2)	19,841		—		(475)		(453)		18,913
Other	1,028		—		—		—		1,028
Total securities available for sale	$	1,299,277	$	190	$	(9,094)	$	(453)	$	1,289,920

(1)Commercial paper and agency bonds include $31.0 million and $115.3 million as of September 30, 2023 and June 30, 2023, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. Debt.

As of September 30, 2023 and June 30, 2023, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities.

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 September 30, 2023 and June 30, 2023, are as follows (in thousands):


	September 30, 2023
	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	$	59,252	$	(97)	$	—	$	—	$	59,252	$	(97)
Corporate bonds	76,635		(456)		133,377		(2,816)		210,012		(3,272)
Commercial paper	138,099		(124)		—		—		138,099		(124)
Agency bonds	47,615		(265)		—		—		47,615		(265)
Government bonds
Non-US	3,060		(66)		6,138		(60)		9,198		(126)
US	298,383		(2,095)		74,151		(1,346)		372,534		(3,441)
Total securities available for sale (1)	$	623,044	$	(3,103)	$	213,666	$	(4,222)	$	836,710	$	(7,325)


	June 30, 2023
	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	$	63,489	$	(186)	$	—	$	—	$	63,489	$	(186)
Corporate bonds	92,171		(834)		131,762		(3,076)		223,933		(3,910)
Commercial paper	164,037		(321)		—		—		164,037		(321)
Agency bonds	44,214		(233)		—		—		44,214		(233)
Government bonds
Non-US	3,061		(58)		6,089		(121)		9,150		(179)
US	292,333		(2,395)		67,606		(1,395)		359,939		(3,790)
Total securities available for sale (1)	$	659,305	$	(4,027)	$	205,457	$	(4,592)	$	864,762	$	(8,619)

(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 121 and 142 as of September 30, 2023 and June 30, 2023, respectively.

The length of time to contractual maturities of securities available for sale as of September 30, 2023 and June 30, 2023 were as follows (in thousands):


	September 30, 2023
	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	$	86,580	$	86,503	$	—	$	—	$	86,580	$	86,503
Corporate bonds	159,282		158,000		92,360		90,394		251,642		248,394
Commercial paper (1)	194,294		194,175		—		—		194,294		194,175
Agency bonds	37,596		37,534		13,220		13,018		50,816		50,552
Municipal bonds	—		—		3,210		3,213		3,210		3,213
Government bonds
Non-US	6,199		6,139		3,126		3,060		9,325		9,199
US	332,026		330,869		118,030		115,757		450,056		446,626
Securitization notes receivable and certificates (2)	—		—		14,753		13,983		14,753		13,983
Other	—		—		—		—		—		—
Total securities available for sale	$	815,977	$	813,220	$	244,699	$	239,425	$	1,060,676	$	1,052,645


	June 30, 2023
	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	$	97,399	$	97,224	$	—	$	—	$	97,399	$	97,224
Corporate bonds	173,523		171,634		87,104		85,138		260,627		256,772
Commercial paper (1)	320,882		320,595		—		—		320,882		320,595
Agency bonds (1)	130,176		130,165		15,136		14,976		145,312		145,141
Government bonds
Non-US	4,063		3,996		5,267		5,155		9,330		9,151
US	308,179		306,656		136,679		134,440		444,858		441,096
Securitization notes receivable and certificates (2)	—		—		19,841		18,913		19,841		18,913
Other	—		—		1,028		1,028		1,028		1,028
Total securities available for sale	$	1,034,222	$	1,030,270	$	265,055	$	259,650	$	1,299,277	$	1,289,920

(2)Based on weighted average life of expected cash flows as of September 30, 2023 and June 30, 2023.

Gross proceeds from matured or redeemed securities were $381.8 million and $1.7 billion for the three months ended September 30, 2023 and 2022, respectively.

For available for sale securities realized gains and losses from portfolio sales were not material for the three months ended September 30, 2023 and 2022, respectively.

Non-marketable Equity Securities

Equity investments without a readily determinable fair value held at cost were $51.9 million and $43.2 million as of September 30, 2023 and June 30, 2023, respectively, and are included in other assets within the interim condensed 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 three months ended September 30, 2023 and 2022.

Balance Sheet Components - Expected Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Balance Sheet Related Disclosures [Abstract]
2024 (remaining nine months)	$ 6,646
2025	1,365
2026	155
2027	15
2028 and thereafter	0
Total amortization expense	$ 8,180

Fair Value of Financial Assets and Liabilities - Summary of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
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	$ (156)	$ (218)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(306)	(429)
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	(108)	(165)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(157)	(243)
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	(20)	(30)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ (40)	$ (59)

Securitization and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Fair value	$ 1,052,645	$ 1,289,920
Other Assets
Debt Instrument [Line Items]
Pledged securities	$ 200
2021-B
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2020-Z1
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%
2021-A
Debt Instrument [Line Items]
Percentage of residual certificates retained	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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+ Details

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (171,783)	$ (251,269)
Denominator:
Basic weighted average common shares outstanding (in shares)	303,839,670	290,929,270
Diluted weighted average common shares outstanding (in shares)	303,839,670	290,929,270
Net loss per share:
Basic (in USD per share)	$ (0.57)	$ (0.86)
Diluted (in USD per share)	$ (0.57)	$ (0.86)
Class A common stock
Numerator:
Net loss	$ (138,078)	$ (199,355)
Net loss attributable to common stockholders	(138,078)	(199,355)
Net loss attributable to common stockholders	$ (138,078)	$ (199,355)
Denominator:
Basic weighted average common shares outstanding (in shares)	244,224,777	230,821,045
Diluted weighted average common shares outstanding (in shares)	244,224,777	230,821,045
Net loss per share:
Basic (in USD per share)	$ (0.57)	$ (0.86)
Diluted (in USD per share)	$ (0.57)	$ (0.86)
Class B common stock
Numerator:
Net loss	$ (33,705)	$ (51,914)
Net loss attributable to common stockholders	(33,705)	(51,914)
Net loss attributable to common stockholders	$ (33,705)	$ (51,914)
Denominator:
Basic weighted average common shares outstanding (in shares)	59,614,893	60,108,225
Diluted weighted average common shares outstanding (in shares)	59,614,893	60,108,225
Net loss per share:
Basic (in USD per share)	$ (0.57)	$ (0.86)
Diluted (in USD per share)	$ (0.57)	$ (0.86)

Fair Value of Financial Assets and Liabilities

3 Months Ended

Sep. 30, 2023

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 September 30, 2023 and June 30, 2023 (in thousands):


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	354,274	$	—	$	—	$	354,274
Commercial paper	—		31,015		—		31,015
Securities, available for sale:
Certificates of deposit	—		86,503		—		86,503
Corporate bonds	—		248,394		—		248,394
Commercial paper	—		163,160		—		163,160
Agency bonds	—		50,552		—		50,552
Municipal bonds	—		3,213		—		3,213
Government bonds:
Non-U.S.	—		9,199		—		9,199
U.S.	—		446,626		—		446,626
Securitization notes receivable and residual trust certificates	—		—		13,983		13,983
Servicing assets	—		—		569		569
Derivative instruments	—		41,216		—		41,216
Risk sharing asset	—		—		3,814		3,814
Total assets	$	354,274	$	1,079,878	$	18,366	$	1,452,518
Liabilities:
Servicing liabilities	$	—	$	—	$	1,851	$	1,851
Performance fee liability	—		—		1,427		1,427
Residual trust certificates, held by third-parties	—		—		93		93
Profit share liability	—		—		1,079		1,079
Risk sharing liability	—		—		471		471
Total liabilities	$	—	$	—	$	4,921	$	4,921


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	97,129	$	—	$	—	$	97,129
Commercial paper	—		54,402		—		54,402
Agency bonds	—		60,865		—		60,865
Securities, available for sale:
Certificates of deposit	—		97,224		—		97,224
Corporate bonds	—		256,772		—		256,772
Commercial paper	—		266,193		—		266,193
Agency bonds	—		84,276		—		84,276
Government bonds:
Non-U.S.	—		9,151		—		9,151
U.S.	—		441,096		—		441,096
Securitization notes receivable and residual trust certificates	—		—		18,913		18,913
Other	—		—		1,028		1,028
Servicing assets	—		—		880		880
Derivative instruments	—		50,545		—		50,545
Total assets	$	97,129	$	1,320,524	$	20,821	$	1,438,474
Liabilities:
Servicing liabilities	$	—	$	—	$	1,392	$	1,392
Performance fee liability	—		—		1,581		1,581
Residual trust certificates, held by third-parties	—		—		125		125
Profit share liability	—		—		1,832		1,832
Total liabilities	$	—	$	—	$	4,930	$	4,930

As of September 30, 2023 and June 30, 2023, there were no transfers between levels.

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

Marketable Securities

As of September 30, 2023, we held marketable securities classified as cash and cash equivalents and 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

As of September 30, 2023 and June 30, 2023, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risks associated with variable interest rates. These derivative instruments are classified as Level 2 within the fair value hierarchy, and the fair value is estimated by using third-party pricing models, which contain certain assumptions based on readily observable market-based inputs. We validate the valuation output on a monthly basis. Refer to Note 12. Derivative Financial Instruments in the notes to the interim condensed consolidated financial statements for further details on our derivative instruments.

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

We evaluate our 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, profit share liability, and risk sharing arrangements do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value and have classified as level 3 within the fair value hierarchy. This determination requires significant judgments to be made.

Servicing Assets and Liabilities

We sold loans with an unpaid principal balance of $2.2 billion and $2.0 billion for the three months ended September 30, 2023 and 2022, respectively, for which we retained servicing rights.

As of September 30, 2023 and June 30, 2023, we serviced loans which we sold with a remaining unpaid principal balance of $4.3 billion and $4.1 billion, 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.

Gross 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 $20.2 million and $21.4 million of servicing income for the three months ended September 30, 2023 and 2022, respectively.

As of September 30, 2023 and June 30, 2023, the aggregate fair value of the servicing assets was measured at $0.6 million and $0.9 million, respectively, and presented within other assets on the interim condensed consolidated balance sheets. As of September 30, 2023 and June 30, 2023, the aggregate fair value of the servicing liabilities was measured at $1.9 million and $1.4 million, respectively, and presented within accrued expenses and other liabilities on the interim condensed consolidated balance sheets.

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	880	$	1,192
Initial transfers of financial assets	—		29
Subsequent changes in fair value	(311)		(79)
Fair value at end of period	$	569	$	1,142

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	1,392	$	2,673
Initial transfers of financial assets	1,389		1,988
Subsequent changes in fair value	(930)		(1,509)
Fair value at end of period	$	1,851	$	3,152


		September 30, 2023
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	0.92	%
	Gross default rate (2)	2.44	%	12.59	%	3.81	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	2.29	%
	Gross default rate (2)	6.02	%	19.32	%	13.00	%


		June 30, 2023
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	0.93	%
	Gross default rate (2)	2.15	%	11.20	%	3.36	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	0.92	%	2.31	%	2.27	%
	Gross default rate (2)	9.50	%	21.54	%	13.64	%

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

(2)Annualized estimated gross charge-offs as a percentage of unpaid principal balance

(3)Unobservable inputs were weighted by relative fair value


	September 30, 2023		June 30, 2023
Servicing assets
Gross default rate assumption:
Gross default rate increase of 25%	$	—	$	—
Gross default rate increase of 50%	$	—	$	(1)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	(266)	$	(382)
Adequate compensation increase of 20%	$	(531)	$	(764)
Discount rate assumption:
Discount rate increase of 25%	$	(18)	$	(29)
Discount rate increase of 50%	$	(34)	$	(55)
Servicing liabilities
Gross default rate assumption:
Gross default rate increase of 25%	$	6	$	(9)
Gross default rate increase of 50%	$	(5)	$	(19)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	3,313	$	2,798
Adequate compensation increase of 20%	$	6,608	$	5,597
Discount rate assumption:
Discount rate increase of 25%	$	(15)	$	(19)
Discount rate increase of 50%	$	(45)	$	(38)

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 interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other income, net, on the interim condensed consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	1,581	$	1,710
Purchases of loans	376		479
Settlements paid	(484)		—
Subsequent changes in fair value	(46)		(426)
Fair value at end of period	$	1,427	$	1,763

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 tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of September 30, 2023 and June 30, 2023:


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.79%	3.71%	2.89%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Refund rate	4.50%	4.50%	4.50%
Default rate	1.79%	3.34%	2.86%

(1)Unobservable inputs were weighted by remaining principal balances

Residual Trust Certificates Held by Third-Parties in Consolidated VIEs

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 interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other income, net, on the interim condensed 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 (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	125	$	377
Repayments	(38)		(99)
Subsequent changes in fair value	6		30
Fair value at end of period	$	93	$	308

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.


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.77%	0.77%	0.77%
Prepayment rate	18.90%	18.90%	18.90%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	10.00%	10.00%	10.00%
Loss rate	0.92%	0.92%	0.92%
Prepayment rate	7.70%	7.70%	7.70%

(1)Unobservable inputs were weighted by relative fair value

Retained Beneficial Interests in Unconsolidated VIEs

As of September 30, 2023, we held notes receivable and residual trust certificates with an aggregate fair value of $14.0 million in connection with unconsolidated securitizations. The balances correspond to the 5% economic risk retention we are required to maintain as the securitization sponsor.

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 interim condensed 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 interim condensed consolidated statements of operations and comprehensive loss. Declines in fair value due to credit are reflected in other income, net on the interim condensed consolidated statements of operations and comprehensive loss.

The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	18,913	$	51,678
Cash received (due to payments or sales)	(5,261)		(9,772)
Change in unrealized gain (loss)	185		(648)
Accrued interest	172		453
Reversal of (impairment on) securities available for sale	(26)		(208)
Fair value at end of period	$	13,983	$	41,503

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.


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	6.21%	29.84%	7.34%
Loss rate	0.91%	14.61%	2.63%
Prepayment rate	6.70%	28.60%	17.59%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	5.72%	29.84%	7.30%
Loss rate	1.25%	14.96%	3.02%
Prepayment rate	5.90%	29.90%	18.10%

(1)Unobservable inputs were weighted by relative fair value


	September 30, 2023		June 30, 2023
Discount rate assumption:
Discount rate increase of 25%	$	(156)	$	(218)
Discount rate increase of 50%	$	(306)	$	(429)
Loss rate assumption:
Loss rate increase of 25%	$	(108)	$	(165)
Loss rate increase of 50%	$	(157)	$	(243)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	(20)	$	(30)
Prepayment rate decrease of 50%	$	(40)	$	(59)

Profit Share Liability

On January 1, 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 interim condensed consolidated balance sheets.

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended September 30,
	2023		2022
Fair value at beginning of period	$	1,832	$	1,987
Facilitation of loans	928		1,133
Actual performance	1,672		(2,876)
Subsequent changes in fair value	(3,353)		1,632
Fair value at end of period	$	1,079	$	1,876

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.


	September 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	0.73%	0.73%	0.73%


	June 30, 2023
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.13%	1.13%	1.13%

(1)Unobservable inputs were weighted by relative fair value

Risk Sharing Arrangements

In connection with certain capital funding arrangements with third party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer or are entitled to receive a payment from the loan buyer, depending on the actual versus expected loan performance as contractually agreed to with the counterparty, and subject to a cap based on a percentage of the principal balance of loans sold. Loan performance is evaluated at a cohort level based on the month loans were sold. Through September 30, 2023 we have sold $1.3 billion unpaid principal balance of loans under these risk sharing arrangements, of which our maximum exposure to losses is $27.1 million.This amount includes our maximum potential loss with respect to risk sharing liabilities and the fair value of risk sharing assets of $3.8 million, as of September 30, 2023.

We account for these arrangements as derivatives measured at fair value with gains and losses recognized in Gain on sale of loans in our interim condensed consolidated statements of operations and comprehensive loss. For each counterparty, we have recognized a net asset or net liability based on the estimated fair value of future payments we expect to receive from or make to the counterparty. As of September 30, 2023, we held assets and liabilities related to these arrangements of $3.8 million and $0.5 million, respectively. As of June 30, 2023, we estimated that the fair value of risk sharing liabilities was $0 based on the limited time passed and available loan performance since entering into these agreements. We did not have any risk sharing arrangements where we had recognized an asset as of June 30, 2023.

As of September 30, 2023, we estimated the fair value of future settlements using a discounted cash flow model. Significant assumptions used in the valuation of our risk sharing assets and liabilities include the discount rate, loss rate and the prepayment rate.

The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands):


	Three Months Ended September 30, 2023
Fair value at beginning of period	$	—
Initial transfers of financial assets	3,814
Subsequent changes in fair value	—
Fair value at end of period	$	3,814

The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands):


	Three Months Ended September 30, 2023
Fair value at beginning of period	$	—
Initial transfers of financial liabilities	—
Subsequent changes in fair value	471
Fair value at end of period	$	471

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of September 30, 2023:


		September 30, 2023
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount rate	20.00%	20.00%	20.00%
	Loss rate	9.36%	9.36%	9.36%
	Prepayment rate	31.90%	31.90%	31.90%
Risk sharing liabilities	Discount rate	20.00%	20.00%	20.00%
	Loss rate	4.00%	5.16%	4.35%

(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort


	September 30, 2023
Risk sharing assets
Prepayment rate assumption:
Prepayment rate increase of 25%	$	(243,524)
Prepayment rate increase of 50%	$	(477,053)
Loss rate assumption:
Loss rate increase of 25%	$	(1,330,723)
Loss rate increase of 50%	$	(2,642,491)
Discount rate assumption:
Discount rate increase of 25%	$	(273,602)
Discount rate increase of 50%	$	(516,753)
Risk sharing liabilities
Loss rate assumption:
Loss rate increase of 25%	$	9,908,013
Loss rate increase of 50%	$	16,992,497
Discount rate assumption:
Discount rate increase of 25%	$	(23,519)
Discount rate increase of 50%	$	(45,008)

Financial Assets and Liabilities Not Recorded at Fair Value

The following tables present the fair value hierarchy for financial assets and liabilities not recorded at fair value as of September 30, 2023 and June 30, 2023 (in thousands):


	September 30, 2023
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	145	$	—	$	145	$	—	$	145
Loans held for investment, net	4,317,354		—		—		4,482,857		4,482,857
Other assets	8,995		—		8,995		—		8,995
Total assets	$	4,326,494	$	—	$	9,140	$	4,482,857	$	4,491,996
Liabilities:
Convertible senior notes, net (1)	$	1,415,080	$	—	$	1,074,772	$	—	$	1,074,772
Notes issued by securitization trusts	2,398,758		—		—		2,383,850		2,383,850
Funding debt (2)	1,725,011		—		—		1,725,027		1,725,027
Total liabilities	$	5,538,849	$	—	$	1,074,772	$	4,108,877	$	5,183,649


	June 30, 2023
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale	$	76	$	—	$	76	$	—	$	76
Loans held for investment, net	4,198,431		—		—		4,397,931		4,397,931
Other assets	9,325		—		9,325		—		9,325
Total assets	$	4,207,832	$	—	$	9,401	$	4,397,931	$	4,407,332
Liabilities:
Convertible senior notes, net (1)	$	1,414,208	$	—	$	1,053,866	$	—	$	1,053,866
Notes issued by securitization trusts	2,165,577		—		—		1,748,772		1,748,772
Funding debt (2)	1,775,698		—		—		1,777,635		1,777,635
Total liabilities	$	5,355,483	$	—	$	1,053,866	$	3,526,407	$	4,580,273

(2)As of September 30, 2023 and June 30, 2023, debt issuance costs in the amount of $15.3 million and $10.9 million, respectively, was included within funding debt.

- 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

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		34 Months Ended
	Nov. 18, 2020 shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jan. 14, 2021 vestingCondition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)		100,509,344		100,509,344	89,817,462
Weighted-average fair value of employee options granted (in USD per share) \| $ / shares		$ 16.10
Right to purchase shares (in shares)		1,743,514
Stock-based compensation expense \| $		$ 112,359	$ 119,808
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)		47,162,302		47,162,302	37,245,232
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)		53,347,042		53,347,042	52,572,230
Vesting period		4 years
Non-vested stock options, unrecognized compensation cost \| $		$ 56,100		$ 56,100
Weighted-average compensation expense recognition period		2 years 8 months 12 days
Equity exercise taxes payable \| $		$ 5,800		5,800	$ 3,400
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]
Non-vested stock options, unrecognized compensation cost \| $		$ 93,300		93,300
Weighted-average compensation expense recognition period		2 years 3 months 18 days
Right to purchase shares (in shares)		12,500,000
Stock-based compensation expense \| $		$ 19,600	$ 27,500
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period		1 year 10 months 24 days
Number of vesting conditions \| vestingCondition						2
Non-vested RSUs, unrecognized compensation cost \| $		$ 447,700		$ 447,700
Number of awards with modified vesting terms (in shares)		5,300
Modified vesting term expense \| $		$ 28,100
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)		161,051,508		161,051,508
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent	85.00%
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)	13,800,000
Number of common stock issued (in shares)				1,100,000

Leases (Tables)

3 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Term and Discount Rate

Operating lease expense is as follows (in thousands):


	Three Months Ended September 30,
	2023	2022
Operating lease expense (1)	$2,986	$3,800

(1)Lease expenses for our short-term leases were immaterial for the periods presented.

Lease term and discount rate information are summarized as follows:


												September 30, 2023
Weighted average remaining lease term (in years)												3.7
Weighted average discount rate												4.8%

Schedule of Maturities of Lease Liabilities

As of September 30, 2023, future minimum lease payments are as follows (in thousands):


2024 (remaining nine months)	$	12,380
2025	16,317
2026	15,371
2027	2,680
2028	2,185
Thereafter	5,503
Total lease payments	54,436
Less imputed interest	(5,365)
Present value of total lease liabilities	$	49,071

Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Number of Options
Beginning balance (in shares)	18,505,138
Granted (in shares)	1,743,514
Exercised (in shares)	(496,213)
Forfeited, expired or cancelled (in shares)	(637,348)
Ending balance (in shares)	19,115,091	18,505,138
Vested and exercisable (in shares)	14,503,031
Vested and exercisable, and expected to vest thereafter (in shares)	18,565,399
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 14.34
Granted (in USD per share)	23.35
Exercised (in USD per share)	7.45
Forfeited, expired or cancelled (in USD per share)	30.13
Ending balance (in USD per share)	14.81	$ 14.34
Vested and exercisable (in USD per share)	11.31
Vested and exercisable, and expected to vest thereafter (in USD per share)	$ 14.11
Weighted Average Remaining Contractual Term [Abstract]
Weighted Average Remaining Contractual Term (Years)	6 years 1 month 13 days	6 years 25 days
Vested and exercisable	5 years 3 months 29 days
Vested and exercisable, and expected to vest	6 years 18 days
Aggregate Intrinsic Value [Abstract]
Vested and exercisable	$ 182,338
Vested and exercisable, and expected to vest	$ 187,952

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (171,783)	$ (251,269)

- Definition

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

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael Linford [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 15, 2023, Michael Linford, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale of the Company's Class A common stock (a "Rule 10b5-1 Trading Plan") that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c). Mr. Linford's Rule 10b5-1 Trading Plan provides for the exercise of up to 315,000 employee stock options and sale of the underlying shares of our Class A common stock pursuant to one or more limit orders until April 30, 2024, or earlier if all transactions under the trading arrangement are completed.
Name	Michael Linford
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	228 days
Aggregate Available	315,000

Debt

3 Months Ended

Sep. 30, 2023

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):


	September 30, 2023
2024	$	183,530
2025	390,881
2026	633,452
2027	—
2028	26,660
Thereafter	490,488
Total	$	1,725,011
Deferred debt issuance costs	(15,260)
Total funding debt, net of deferred debt issuance costs	$	1,709,751

Secured Borrowing Facilities

U.S.

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 82% to 86% of the total collateralized balance. These warehouse credit facility trusts, which have been classified as VIEs, 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 2031 and generally permit borrowings up to 12 months prior to the final maturity date of each respective facility. As of September 30, 2023, the aggregate commitment amount of these facilities was $4.0 billion on a revolving basis, of which $1.4 billion was drawn, with $2.6 billion 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 $1.6 billion and $1.7 billion as of September 30, 2023 and June 30, 2023, respectively.

Borrowings under these warehouse credit facilities bear interest at an annual benchmark rate of Secured Overnight Financing Rate (“SOFR”) or an alternative commercial paper rate (which is 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), plus a spread ranging from 1.75% to 2.20%. 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 September 30, 2023, we were in compliance with all applicable covenants in the agreements.

International

Additionally, we have 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 Canadian loan receivables pledged to the respective facility as collateral, mature between fiscal years 2025 and 2029, and bear interest based on benchmark rates plus a spread ranging from 1.25% to 4.25%.

As of September 30, 2023, the aggregate commitment amount of these facilities was $505.5 million on a revolving basis, of which $360.4 million was drawn, with $145.1 million remaining available. The unpaid principal balance of loans pledged to these facilities totaled $429.0 million and $412.8 million as of September 30, 2023 and June 30, 2023, 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 Affirm Canada subsidiary level or the Affirm Holdings level. As of September 30, 2023, we were in compliance with all applicable covenants in the agreements.

Sales and 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 one or more repurchase date extensions, each for an additional three-month term at market interest rates on such extension date. As of September 30, 2023, the interest rates were 7.52% for both the senior pledged securities and the residual certificate pledged securities. We had $5.9 million and $11.0 million in debt outstanding under our repurchase agreements disclosed within funding debt on the interim condensed consolidated balance sheets as of September 30, 2023 and June 30, 2023, respectively. The debt will be amortized through regular principal and interest payments on the pledged securities. The outstanding debt relates to $14.0 million and $18.9 million in pledged securities disclosed within securities available for sale at fair value on the interim condensed consolidated balance sheets as of September 30, 2023 and June 30, 2023, 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 our 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.

On June 7, 2023, the Board of Directors authorized the repurchase of up to $800 million in aggregate principal amount of the 2026 Notes. Note repurchases may be made from time to time through December 31, 2023 in privately negotiated transactions. Repurchases are subject to available liquidity, general market and economic conditions, alternate uses for the capital, and other factors, and there is no minimum principal amount of 2026 Notes that the Company is obligated to repurchase. We have not executed any repurchases under this authorization to date.

The convertible senior notes outstanding as of September 30, 2023 consisted of the following (in thousands):


	Principal Amount		Unamortized Discount and Issuance Cost		Net Carrying Amount
Convertible senior notes	$	1,425,900	$	(10,820)	$	1,415,080

The 2026 Notes do not bear interest. We recognized $0.9 million and $1.1 million during the three months ended September 30, 2023 and 2022, respectively, of interest expense related to the amortization of debt discount and issuance costs in the interim condensed consolidated statement of operations and comprehensive loss within other income, net. As of September 30, 2023, the remaining life of the 2026 Notes is approximately 38 months.

Revolving Credit Facility

On February 4, 2022, we entered into a 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 1.00% 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 September 30, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed 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”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2023. The balance sheet as of June 30, 2023 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed 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 interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of 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 interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, which was filed with the SEC on August 25, 2023.

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2023	Jun. 30, 2023
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	100,509,344	89,817,462
Available outstanding under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	53,347,042	52,572,230
Available for future grant under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	47,162,302	37,245,232

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Loans Held for Investment and Allowance for Credit Losses - Amortized Cost Basis of Amortized Loans (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Loans receivables	$ 2,953
% of Total Loan Receivables Outstanding	0.07%
Payment Deferral
Financing Receivable, Past Due [Line Items]
Loans receivables	$ 2,801
Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Loans receivables	$ 152

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 179,426	$ 139,857
Interest income	262,679	136,802
Gain on sales of loans	34,285	63,595
Servicing income	20,157	21,370
Total revenue, net	496,547	361,624
Merchant network revenue
Disaggregation of Revenue [Line Items]
Revenue	145,950	113,149
Card network revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 33,476	$ 26,708

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

- 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

+ Details

Restructuring and other (Tables)

3 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Accrual Activity

Our restructuring accrual activity for the three months ended September 30, 2023 is summarized as follows (in thousands):


	2023 Restructuring Plan		Other Exit and Disposal Activities (1)
Accrued restructuring costs, June 30, 2023	$	308	$	2,116
Additions	200		1,633
Cash paid	(168)		—
Adjustments	(90)		—

Accrued restructuring costs, September 30, 2023	$	250	$	3,749

(1)Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities

Loans Held for Investment and Allowance for Credit Losses - Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2024	$ 2,101,132		$ 4,215,606
2023	2,308,862		111,126
2022	76,307		30,941
2021	15,555		4,009
2020	299		271
Prior	237		12
Total	4,502,391		4,361,965
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2024	(1,329)
2023	(65,283)
2022	(3,916)
2021	(234)
2020	(46)
Prior	(34)
Total	(70,842)	$ (71,036)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery, by Origination Year [Abstract]
2024	17
2023	2,830
2022	2,399
2021	275
2020	5
Prior	27
Total	5,552	$ 6,800
2024	(1,312)
2023	(62,453)
2022	(1,517)
2021	41
2020	(41)
Prior	(7)
Total	(65,290)
96+
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2024	1,293,647		2,628,060
2023	1,393,864		39,428
2022	28,287		18,910
2021	8,601		3,439
2020	26		9
Prior	10		1
Total	2,724,435		2,689,847
94 – 96
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2024	565,028		1,104,553
2023	614,611		7,755
2022	3,550		439
2021	211		77
2020	15		6
Prior	8		2
Total	1,183,422		1,112,832
90 – 94
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2024	96,511		133,940
2023	65,347		3,116
2022	1,562		26
2021	18		2
2020	2		4
Prior	4		0
Total	163,444		137,088
Less than 90
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2024	12,675		13,363
2023	2,300		1,623
2022	1,032		4
2021	4		2
2020	2		0
Prior	0		0
Total	16,013		14,992
No score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2024	133,271		335,690
2023	232,740		59,204
2022	41,876		11,562
2021	6,721		489
2020	254		252
Prior	215		9
Total	$ 415,077		$ 407,206

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Revolving facilities \| Funding debt
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	$ 15,260	$ 10,900
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
Total assets	0	0
Convertible senior notes, net	0	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	145	76
Loans held for investment, net	0	0
Other assets	8,995	9,325
Total assets	9,140	9,401
Convertible senior notes, net	1,074,772	1,053,866
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	1,074,772	1,053,866
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	4,482,857	4,397,931
Other assets	0	0
Total assets	4,482,857	4,397,931
Convertible senior notes, net	0	0
Notes issued by securitization trusts	2,383,850	1,748,772
Funding debt	1,725,027	1,777,635
Total liabilities	4,108,877	3,526,407
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	145	76
Loans held for investment, net	4,317,354	4,198,431
Other assets	8,995	9,325
Total assets	4,326,494	4,207,832
Convertible senior notes, net	1,415,080	1,414,208
Notes issued by securitization trusts	2,398,758	2,165,577
Funding debt	1,725,011	1,775,698
Total liabilities	5,538,849	5,355,483
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	145	76
Loans held for investment, net	4,482,857	4,397,931
Other assets	8,995	9,325
Total assets	4,491,996	4,407,332
Convertible senior notes, net	1,074,772	1,053,866
Notes issued by securitization trusts	2,383,850	1,748,772
Funding debt	1,725,027	1,777,635
Total liabilities	$ 5,183,649	$ 4,580,273

Derivative Financial Instruments - Summary of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Derivatives designated as cash flow hedges \| Funding costs
Derivative Instruments, Gain (Loss) [Line Items]
The effects of cash flow hedging	$ 251	$ 0
Derivatives not designated as hedges \| Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
The effects of derivatives not designated in hedging relationships	$ 3,979	$ 30,666

Loans Held for Investment and Allowance for Credit Losses - Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 4,502,391	$ 4,361,965
Loan receivable on nonaccrual status	29,700	20,900
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Loans held for investment	4,270,534	4,183,248
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	120,564	92,876
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	46,927	36,399
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	34,279	28,171
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 30,087	$ 21,271

Equity Incentive Plans - RSU Activity (Details) - Restricted stock units	3 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) \| shares	21,653,196
Granted (in shares) \| shares	6,626,710
Vested (in shares) \| shares	(5,719,367)
Forfeited, expired or cancelled (in shares) \| shares	(828,588)
Ending balance, Non-vested (in shares) \| shares	21,731,951
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) \| $ / shares	$ 26.99
Granted (in USD per share) \| $ / shares	18.25
Vested (in USD per share) \| $ / shares	27.65
Forfeited, expired or cancelled (in USD per share) \| $ / shares	26.23
Ending balance, Non-vested (in USD per share) \| $ / shares	$ 24.18

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Assets
Cash and cash equivalents	$ 1,079,261	$ 892,027
Restricted cash	409,231	367,917
Securities available for sale at fair value	1,021,630	1,174,653
Loans held for sale	145	76
Loans held for investment	4,549,422	4,402,962
Allowance for credit losses	(232,068)	(204,531)
Loans held for investment, net	4,317,354	4,198,431
Accounts receivable, net	236,234	199,085
Property, equipment and software, net	338,749	290,135
Goodwill	536,418	542,571
Intangible assets	19,828	34,434
Commercial agreement assets	156,115	177,672
Other assets	292,184	278,614
Total assets	8,407,149	8,155,615
Liabilities:
Accounts payable	27,345	28,602
Payable to third-party loan owners	109,498	53,852
Accrued interest payable	19,589	13,498
Accrued expenses and other liabilities	160,328	180,883
Convertible senior notes, net	1,415,080	1,414,208
Notes issued by securitization trusts	2,398,758	2,165,577
Funding debt	1,709,751	1,764,812
Total Liabilities	5,840,349	5,621,432
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid in capital	5,355,032	5,140,850
Accumulated deficit	(2,763,030)	(2,591,247)
Accumulated other comprehensive loss	(25,205)	(15,423)
Total stockholders’ equity	2,566,800	2,534,183
Total liabilities and stockholders’ equity	8,407,149	8,155,615
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Fair Value of Financial Assets and Liabilities - Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Sep. 30, 2023	Jun. 30, 2023
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	0.0092	0.0092
Servicing liability, measurement input	0.0092	0.0092
Adequate compensation \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0231	0.0231
Servicing liability, measurement input	0.0231	0.0231
Adequate compensation \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0092	0.0093
Servicing liability, measurement input	0.0229	0.0227
Gross default rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0244	0.0215
Servicing liability, measurement input	0.0602	0.0950
Gross default rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1259	0.1120
Servicing liability, measurement input	0.1932	0.2154
Gross default rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0381	0.0336
Servicing liability, measurement input	0.1300	0.1364

Equity Incentive Plans - Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 112,359	$ 119,808
Capitalized into property, equipment and software, net	38,803	21,204
Total stock-based compensation	151,162	141,012
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	70,184	67,340
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	35,135	43,428
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	5,465	8,128
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 1,575	$ 912

Business Description (Details)	3 Months Ended
Business Description (Details)	Sep. 30, 2023
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

Equity Incentive Plans

3 Months Ended

Sep. 30, 2023

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 September 30, 2023, the maximum number of shares of common stock which may be issued under the Plan is 161,051,508 Class A shares. As of September 30, 2023 and June 30, 2023, there were 47,162,302 and 37,245,232 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 three months ended September 30, 2023:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2023	18,505,138	$	14.34	6.07
Granted	1,743,514	23.35
Exercised	(496,213)	7.45
Forfeited, expired or cancelled	(637,348)	30.13
Balance as of September 30, 2023	19,115,091	14.81		6.12
Vested and exercisable, September 30, 2023	14,503,031	$	11.31	5.33	$	182,338
Vested and exercisable, and expected to vest thereafter(1) September 30, 2023	18,565,399	$	14.11	6.05	$	187,952

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

The weighted-average grant date fair value of options granted during the three months ended September 30, 2023 was $16.10. As of September 30, 2023, unrecognized compensation expense related to unvested stock options was approximately $56.1 million, which is expected to be recognized over a remaining weighted-average period of 2.7 years.

When an employee exercises stock options, we collect and remit taxes on the employee’s behalf to applicable taxing authorities. As of September 30, 2023 and June 30, 2023, the balance of equity exercise taxes payable was $5.8 million and $3.4 million, respectively, which is included in accounts payable on the interim condensed consolidated balance sheets.

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”). 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 three months ended September 30, 2023 and 2022, we incurred stock-based compensation expense of $19.6 million and $27.5 million, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive loss.

As of September 30, 2023, unrecognized compensation expense related to the Value Creation Award was approximately $93.3 million, which is expected to be recognized over a remaining weighted-average period of 2.3 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.

During the three months ended September 30, 2023, we modified the vesting terms of approximately 5,300 RSU grants that vested on a monthly basis. Pursuant to the modified vesting schedule, these RSU grants will now vest on a quarterly basis. During the three months ended September 30, 2023, we recorded a one-time expense of $28.1 million in connection with the transition to a quarterly vesting schedule.

The following table summarizes our RSU activity during the three months ended September 30, 2023:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2023	21,653,196	$	26.99
Granted	6,626,710	18.25
Vested	(5,719,367)	27.65
Forfeited, expired or cancelled	(828,588)	26.23
Non-vested at September 30, 2023	21,731,951	$	24.18

As of September 30, 2023, unrecognized compensation expense related to unvested RSUs was approximately $447.7 million, which is expected to be recognized over a remaining weighted-average period of 1.9 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 13.8 million shares of Class A common stock are reserved and available for issuance under the ESPP and 1.1 million shares have been issued as of September 30, 2023. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. 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. 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):


	Three Months Ended September 30,
		2023		2022
General and administrative		$	70,184	$	67,340
Technology and data analytics		35,135		43,428
Sales and marketing		5,465		8,128
Processing and servicing		1,575		912
Total stock-based compensation in operating expenses		112,359		119,808
Capitalized into property, equipment and software, net		38,803		21,204
Total stock-based compensation		$	151,162	$	141,012

Balance Sheet Components - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Operating lease liability	$ 49,071	$ 52,557
Accrued expenses	42,173	50,704
Collateral held for derivative instruments	41,401	53,267
Other liabilities	27,683	24,355
Total accrued expenses and other liabilities	$ 160,328	$ 180,883

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	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 125	$ 377
Repayments	(38)	(99)
Subsequent changes in fair value	6	30
Fair value at end of period	$ 93	$ 308

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance, Common Stock (in shares) at Jun. 30, 2022		287,365,373
Beginning balance at Jun. 30, 2022	$ 2,618,255	$ 3	$ 4,231,303	$ (1,605,902)	$ (7,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		215,949
Issuance of common stock upon exercise of stock options	1,192		1,192
Forfeiture of common stock related to acquisitions (in shares)		(243,384)
Repurchases of common stock (in shares)		(12,437)
Repurchases of common stock	(109)		(109)
Vesting of restricted stock units (in shares)		2,166,715
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)
Ending balance, Common Stock (in shares) at Sep. 30, 2022		289,492,216
Ending balance at Sep. 30, 2022	2,563,438	$ 3	4,454,829	(1,857,171)	(34,223)
Beginning balance, Common Stock (in shares) at Jun. 30, 2023		296,846,217
Beginning balance at Jun. 30, 2023	$ 2,534,183	$ 3	5,140,850	(2,591,247)	(15,423)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	496,213	495,350
Issuance of common stock upon exercise of stock options	$ 3,625		3,625
Vesting of restricted stock units (in shares)		3,740,320
Vesting of warrants for common stock	95,910		95,910
Stock-based compensation	151,162		151,162
Tax withholding on stock-based compensation	(36,515)		(36,515)
Foreign currency translation adjustments	(11,898)				(11,898)
Unrealized loss on securities available for sale	1,353				1,353
Gain on cash flow hedges	763				763
Net loss	(171,783)			(171,783)
Ending balance, Common Stock (in shares) at Sep. 30, 2023		301,081,887
Ending balance at Sep. 30, 2023	$ 2,566,800	$ 3	$ 5,355,032	$ (2,763,030)	$ (25,205)

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 1,392	$ 2,673
Initial transfers of financial assets	1,389	1,988
Subsequent changes in fair value	(930)	(1,509)
Fair value at end of period	$ 1,851	$ 3,152

Stockholders' Equity

3 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

We had shares of common stock reserved for issuance as follows:


	September 30, 2023	June 30, 2023


Available outstanding under equity compensation plans	53,347,042	52,572,230
Available for future grant under equity compensation plans	47,162,302	37,245,232
Total	100,509,344	89,817,462

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 interim condensed 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 our commercial agreements 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. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested at the grant date. 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 interim condensed 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. During the three months ended September 30, 2023 and 2022, a total of $106.3 million and $119.1 million, respectively, was recognized within sales and marketing expense which included $10.4 million in amortization expense of the commercial agreement asset for both periods and $95.9 million and $108.7 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: 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://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Processing reserves	$ 65,421	$ 60,039
Equity securities, at cost	51,870	43,172
Derivative instruments	41,216	50,545
Operating lease right-of-use assets	27,227	30,171
Prepaid payroll taxes for stock-based compensation	29,508	14,336
Prepaid expenses	25,544	35,626
Other assets	51,398	44,725
Total other assets	$ 292,184	$ 278,614

- Definition

+ References

+ Details

Net Loss per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from diluted net loss per share (in shares)	47,066,721	49,971,438
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)	21,731,951	23,341,125
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)	19,115,091	20,235,040
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)	5,743,523	5,870,677
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)	476,156	524,596

Loans Held for Investment and Allowance for Credit Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 204,531	$ 155,392
Provision for loan losses	92,827	61,869
Charge-offs	(70,842)	(71,036)
Recoveries of charged-off receivables	5,552	6,800
Balance at end of period	$ 232,068	$ 153,025

Restructuring and other

3 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and other

On February 8, 2023, we committed to a restructuring plan (the “Plan”) designed to manage our operating expenses in response to current macroeconomic conditions and ongoing business prioritization efforts. As part of the Plan, we reduced our workforce by approximately 500 employees, representing approximately 19% of our employees and incurred lease exit costs related to vacating a portion of our San Francisco office.

Restructuring and other consisted of $1.7 million of employee severance pay and related costs for the three months ended September 30, 2023.

Our restructuring accrual activity for the three months ended September 30, 2023 is summarized as follows (in thousands):


	2023 Restructuring Plan		Other Exit and Disposal Activities (1)
Accrued restructuring costs, June 30, 2023	$	308	$	2,116
Additions	200		1,633
Cash paid	(168)		—
Adjustments	(90)		—

Accrued restructuring costs, September 30, 2023	$	250	$	3,749

(1)Includes employee severance pay and related costs, contract cancellation charges, among other items, related to other exit and disposal activities

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

3 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Loans Held for Investment and Allowance for Credit Loss

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


	September 30, 2023		June 30, 2023
Unpaid principal balance	$	4,585,570	$	4,451,324
Accrued interest receivable	46,886		41,079
Premiums on loans held for investment	6,828		7,135
Less: Discount due to loss on loan purchase commitment	(49,805)		(51,190)
Less: Discount due to loss on directly originated loans	(40,025)		(45,145)
Less: Fair value adjustment on loans acquired through business combination	(32)		(241)
Total loans held for investment	$	4,549,422	$	4,402,962

Schedule of Credit Quality by ITACs Score


	September 30, 2023
	Amortized Costs Basis by Fiscal Year of Origination
	2024		2023		2022		2021		2020		Prior		Total
96+	$	1,293,647	$	1,393,864	$	28,287	$	8,601	$	26	$	10	$	2,724,435
94 – 96	565,028		614,611		3,550		211		15		8		1,183,422
90 – 94	96,511		65,347		1,562		18		2		4		163,444
<90	12,675		2,300		1,032		4		2		—		16,013
No score (1)	133,271		232,740		41,876		6,721		254		215		415,077
Total amortized cost basis	$	2,101,132	$	2,308,862	$	76,307	$	15,555	$	299	$	237	$	4,502,391

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

The following table presents net charge-offs by fiscal year of origination for the three months ended (in thousands) as of September 30, 2023:


	September 30, 2023
	Net Charge-offs by Fiscal Year of Origination
	2024	2023	2022	2021	2020	Prior	Total
Current period charge-offs	(1,329)	(65,283)	(3,916)	(234)	(46)	(34)	(70,842)
Current period recoveries	17	2,830	2,399	275	5	27	5,552
Current period net charge-offs	(1,312)	(62,453)	(1,517)	41	(41)	(7)	(65,290)


	June 30, 2023
	Amortized Costs Basis by Fiscal Year of Origination
	2023		2022		2021		2020		2019		Prior		Total
96+	$	2,628,060	$	39,428	$	18,910	$	3,439	$	9	$	1	$	2,689,847
94 – 96	1,104,553		7,755		439		77		6		2		1,112,832
90 – 94	133,940		3,116		26		2		4		—		137,088
<90	13,363		1,623		4		2		—		—		14,992
No score (1)	335,690		59,204		11,562		489		252		9		407,206
Total amortized cost basis	$	4,215,606	$	111,126	$	30,941	$	4,009	$	271	$	12	$	4,361,965

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

Schedule of Delinquent Financing Receivables

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


	September 30, 2023		June 30, 2023
Non-delinquent loans	$	4,270,534	$	4,183,248
4 – 29 calendar days past due	120,564		92,876
30 – 59 calendar days past due	46,927		36,399
60 – 89 calendar days past due	34,279		28,171
90 – 119 calendar days past due(1)	30,087		21,271
Total amortized cost basis	$	4,502,391	$	4,361,965

(1)Includes $29.7 million and $20.9 million of loan receivables as of September 30, 2023 and June 30, 2023, respectively, 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, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended September 30,
	2023		2022
Balance at beginning of period	$	204,531	$	155,392
Provision for loan losses	92,827		61,869
Charge-offs	(70,842)		(71,036)
Recoveries of charged-off receivables	5,552		6,800
Balance at end of period	$	232,068	$	153,025

Financing Receivable, Modified


	Three Months Ended September 30, 2023
		Payment Deferral	Loan Re-amortization	Total	% of Total Loan Receivables Outstanding
Loans receivables		2,801	152	2,953	0.07	%


	September 30, 2023
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	4,515	$	268	$	4,783
4 – 29 calendar days past due	1,304		112		1,416
30 – 59 calendar days past due	139		65		204
60 – 89 calendar days past due	75		6		81
90 – 119 calendar days past due	65		2		67
Total amortized cost basis	$	6,098	$	453	$	6,551

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Assets	$ 8,407,149	$ 8,155,615
Liabilities	5,840,349	5,621,432
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	281,516	380,547
Liabilities	271,049	367,788
Net Assets	10,467	12,759
Maximum Exposure to Losses	14,160	19,149
Variable Interest Entity, Not Primary Beneficiary \| Securitizations
Debt Instrument [Line Items]
Assets	281,516	380,547
Liabilities	271,049	367,788
Net Assets	10,467	12,759
Maximum Exposure to Losses	$ 14,160	$ 19,149

- 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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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.

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Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

Balance Sheet Components - Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of June 30, 2023	$ 542,571
Adjustments	(6,152)
Balance as of September 30, 2023	$ 536,418

- 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

Fair Value of Financial Assets and Liabilities - Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 880	$ 1,192
Initial transfers of financial assets	0	29
Subsequent changes in fair value	(311)	(79)
Fair value at end of period	$ 569	$ 1,142

Balance Sheet Components - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Nov. 30, 2021	Jan. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable			$ 11,000,000			$ 12,900,000
Depreciation			26,000,000	$ 13,500,000
Impairment expense on leasehold improvements			0	0
Goodwill impairment loss			0	0
Amortization of intangible assets			14,200,000	7,400,000
Impairment of intangible assets			0	0
Vesting of warrants exercised	$ 133,500,000
Commercial agreement term	3 years 2 months 12 days
Amortization of sales and marketing expense			10,400,000	10,400,000
Extension of remaining expected benefit period					2 years
Amortization of commercial agreement assets			21,557,000	21,557,000
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Commercial agreement asset, gross			$ 270,600,000
Asset amortization period			4 years
Amortization of commercial agreement assets			$ 9,000,000	9,000,000
Commercial Agreement Asset, Enterprise Partner, Stock Appreciation Rights
Finite-Lived Intangible Assets [Line Items]
Commercial agreement asset, gross		$ 25,900,000
Asset amortization period		3 years
Amortization of commercial agreement assets			$ 2,100,000	$ 2,100,000

Derivative Financial Instruments

3 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of September 30, 2023 and June 30, 2023 (in thousands):


	September 30, 2023						June 30, 2023
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges	$	500,000	$	573	$	—	$	800,000	$	751	$	—
Derivatives not designated as hedges
Interest rate contracts	1,894,613		40,643		—		2,102,944		49,794		—
Total gross derivative assets/liabilities	$	2,394,613	$	41,216	$	—	$	2,902,944	$	50,545	$	—

The following table summarizes the impact of the cash flow hedges on AOCI (in thousands):


	Three Months Ended September 30, 2023
Balance at beginning of period	751
Changes in fair value	1,014
Amounts reclassified into earnings (1)	(251)
Balance at end of period (2)	$	1,514

(1)The amounts reclassified into earnings is presented in the interim consolidated statements of income within funding costs.

(2)Over the next 12 months, we expect to reclassify $1.1 million of net derivative gains included in AOCI into funding costs within our interim consolidated statements of operations and comprehensive loss.

The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive loss such impact is reported (in thousands):


Location of gains (losses) where the effects of derivatives are recorded	Three Months Ended September 30,
	2023	2022
The effects of cash flow hedging
Funding costs	251	—
The effects of derivatives not designated in hedging relationships
Other income, net	3,979	30,666

Fair Value of Financial Assets and Liabilities - Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,832	$ 1,987
Facilitation of loans	928	1,133
Actual performance	1,672	(2,876)
Subsequent changes in fair value	(3,353)	1,632
Fair value at end of period	$ 1,079	$ 1,876

Securitizations and Variable Interest Entities - Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Assets	$ 8,407,149	$ 8,155,615
Liabilities	5,840,349	5,621,432
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	4,372,282	4,203,632
Liabilities	4,089,075	3,856,194
Net Assets	283,207	347,438
Consolidated Variable Interest Entities \| Warehouse credit facilities
Debt Instrument [Line Items]
Assets	1,915,257	1,930,641
Liabilities	1,684,638	1,686,359
Net Assets	230,619	244,282
Consolidated Variable Interest Entities \| Securitizations
Debt Instrument [Line Items]
Assets	2,457,025	2,272,991
Liabilities	2,404,437	2,169,835
Net Assets	$ 52,588	$ 103,156

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Investments - Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 815,977	$ 1,034,222
Within 1 year, fair value	813,220	1,030,270
Greater than 1 year, less than or equal to 5 years, amortized cost	244,699	265,055
Greater than 1 year, less than or equal to 5 years, fair value	239,425	259,650
Amortized Cost	1,060,676	1,299,277
Total, amortized cost	1,060,676	1,299,277
Fair Value	1,052,645	1,289,920
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	86,580	97,399
Within 1 year, fair value	86,503	97,224
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	86,580	97,399
Fair Value	86,503	97,224
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	159,282	173,523
Within 1 year, fair value	158,000	171,634
Greater than 1 year, less than or equal to 5 years, amortized cost	92,360	87,104
Greater than 1 year, less than or equal to 5 years, fair value	90,394	85,138
Amortized Cost	251,642	260,627
Fair Value	248,394	256,772
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	194,294	320,882
Within 1 year, fair value	194,175	320,595
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	194,294	320,882
Fair Value	194,175	320,595
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	37,596	130,176
Within 1 year, fair value	37,534	130,165
Greater than 1 year, less than or equal to 5 years, amortized cost	13,220	15,136
Greater than 1 year, less than or equal to 5 years, fair value	13,018	14,976
Amortized Cost	50,816	145,312
Fair Value	50,552	145,141
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	6,199	4,063
Within 1 year, fair value	6,139	3,996
Greater than 1 year, less than or equal to 5 years, amortized cost	3,126	5,267
Greater than 1 year, less than or equal to 5 years, fair value	3,060	5,155
Amortized Cost	9,325	9,330
Fair Value	9,199	9,151
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	332,026	308,179
Within 1 year, fair value	330,869	306,656
Greater than 1 year, less than or equal to 5 years, amortized cost	118,030	136,679
Greater than 1 year, less than or equal to 5 years, fair value	115,757	134,440
Amortized Cost	450,056	444,858
Fair Value	446,626	441,096
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	14,753	19,841
Greater than 1 year, less than or equal to 5 years, fair value	13,983	18,913
Amortized Cost	14,753	19,841
Total, amortized cost	14,753	19,841
Fair Value	13,983	18,913
Other
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	0	1,028
Greater than 1 year, less than or equal to 5 years, fair value	0	1,028
Amortized Cost		1,028
Total, amortized cost	0	1,028
Fair Value	0	1,028
Municipal bonds
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	3,210
Greater than 1 year, less than or equal to 5 years, fair value	3,213
Amortized Cost	3,210
Fair Value	3,213
Commercial Paper & Agency Bonds \| Cash and cash equivalents:
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 31,000	$ 115,300

Investments - Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,060,676	$ 1,299,277
Gross Unrealized Gains	64	190
Gross Unrealized Losses	(7,615)	(9,094)
Allowance for Credit Losses	(480)	(453)
Fair value	1,052,645	1,289,920
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	86,580	97,399
Gross Unrealized Gains	20	11
Gross Unrealized Losses	(97)	(186)
Allowance for Credit Losses	0	0
Fair value	86,503	97,224
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	251,642	260,627
Gross Unrealized Gains	24	55
Gross Unrealized Losses	(3,272)	(3,910)
Allowance for Credit Losses	0	0
Fair value	248,394	256,772
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	194,294	320,882
Gross Unrealized Gains	5	34
Gross Unrealized Losses	(124)	(321)
Allowance for Credit Losses	0	0
Fair value	194,175	320,595
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,816	145,312
Gross Unrealized Gains	1	62
Gross Unrealized Losses	(265)	(233)
Allowance for Credit Losses	0	0
Fair value	50,552	145,141
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,210
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Fair value	3,213
Government bonds, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,325	9,330
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(126)	(179)
Allowance for Credit Losses	0	0
Fair value	9,199	9,151
Government bonds, US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	450,056	444,858
Gross Unrealized Gains	11	28
Gross Unrealized Losses	(3,441)	(3,790)
Allowance for Credit Losses	0	0
Fair value	446,626	441,096
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,753	19,841
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(290)	(475)
Allowance for Credit Losses	(480)	(453)
Fair value	13,983	18,913
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		1,028
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Allowance for Credit Losses		0
Fair value	0	1,028
Commercial Paper & Agency Bonds \| Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 31,000	$ 115,300

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 1,043	$ (180)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	June 30, 2023. The balance sheet as of June 30, 2023 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Principles of Consolidation	Our interim condensed 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 interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of 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 interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates.
Significant Accounting Policies	Significant Accounting PoliciesThere were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, which was filed with the SEC on August 25, 2023.

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2021 USD ($)	Sep. 30, 2023 USD ($) class vote	Sep. 30, 2022 USD ($)	Jun. 30, 2022 $ / shares shares
Class of Stock [Line Items]
Number of classes of common stock \| class		2
Warrants granted for purchase (in shares) \| shares				22,000,000
Dividend yield				0.00%
Volatility				45.00%
Vesting of warrants exercised	$ 133.5
Sale of warrants recognized		$ 106.3	$ 119.1
Amortization expense of warrants sold		10.4	10.4
Expenses on sale of warrants		$ 95.9	$ 108.7
Minimum
Class of Stock [Line Items]
Warrants exercise term				3 years 6 months
Risk free rate				0.93%
Maximum
Class of Stock [Line Items]
Warrants exercise term				7 years 6 months
Risk free rate				1.47%
Second Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) \| shares				15,000,000
Class A common stock
Class of Stock [Line Items]
Number of votes per share \| vote		1
Exercise price of warrants (in USD per share) \| $ / shares				$ 100
Class A common stock \| First Warrant Shares
Class of Stock [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 B common stock
Class of Stock [Line Items]
Number of votes per share \| vote		15

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Banking and Thrift, Interest [Abstract]
Contractual interest income on unpaid principal balance	$ 226,158	$ 106,138
Amortization of discount on loans	45,118	38,969
Amortization of premiums on loans	(3,980)	(4,374)
Interest receivable charged-off, net of recoveries	(4,617)	(3,931)
Interest income	$ 262,679	$ 136,802

Revenue (Tables)

3 Months Ended

Sep. 30, 2023

Banking and Thrift, Interest [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue source (in thousands):


	Three Months Ended September 30,
		2023		2022
Merchant network revenue		$	145,950	$	113,149
Card network revenue		33,476		26,708
Interest income		262,679		136,802
Gain on sales of loans		34,285		63,595
Servicing income		20,157		21,370
Total revenue, net		$	496,547	$	361,624

Schedule of Interest Income

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


	Three Months Ended September 30,
		2023		2022
Contractual interest income on unpaid principal balance		$	226,158	$	106,138
Amortization of discount on loans		45,118		38,969
Amortization of premiums on loans		(3,980)		(4,374)
Interest receivable charged-off, net of recoveries		(4,617)		(3,931)
Total interest income		$	262,679	$	136,802

Fair Value of Financial Assets and Liabilities - Fair Value Activity for Risk Sharing Arrangements (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Risk Sharing Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 0
Initial transfers of financial assets	3,814
Subsequent changes in fair value	0
Fair value at end of period	3,814
Risk Sharing Arrangement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0
Initial transfers of financial liabilities	0
Subsequent changes in fair value	471
Fair value at end of period	$ 471

Acquisitions - Additional Information (Details)		3 Months Ended
Acquisitions - Additional Information (Details)	Feb. 01, 2023 USD ($)	Sep. 30, 2023 USD ($) acquistion	Sep. 30, 2022 acquistion
Business Acquisition [Line Items]
Number of businesses acquired \| acquistion		0	0
Butter Holdings, Ltd.
Business Acquisition [Line Items]
Cash	$ 14,863,000
Settlement of subordinated secured notes	$ 1,475,000
Transaction costs		$ 0

Derivative Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

September 30, 2023 and June 30, 2023 (in thousands):


	September 30, 2023						June 30, 2023
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges	$	500,000	$	573	$	—	$	800,000	$	751	$	—
Derivatives not designated as hedges
Interest rate contracts	1,894,613		40,643		—		2,102,944		49,794		—
Total gross derivative assets/liabilities	$	2,394,613	$	41,216	$	—	$	2,902,944	$	50,545	$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)


	Three Months Ended September 30, 2023
Balance at beginning of period	751
Changes in fair value	1,014
Amounts reclassified into earnings (1)	(251)
Balance at end of period (2)	$	1,514

(1)The amounts reclassified into earnings is presented in the interim consolidated statements of income within funding costs.

Summary of Gain (Loss) on Derivative Instruments


Location of gains (losses) where the effects of derivatives are recorded	Three Months Ended September 30,
	2023	2022
The effects of cash flow hedging
Funding costs	251	—
The effects of derivatives not designated in hedging relationships
Other income, net	3,979	30,666

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (83,170)	$ (69,263)
Total amortization expense	8,180
Total intangible assets, gross	102,998	103,697
Total intangible assets	19,828	34,434
Trademarks, licenses and domains, indefinite
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	11,298	11,621
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	37,914	38,129
Accumulated Amortization	(35,129)	(27,637)
Total amortization expense	$ 2,786	$ 10,492
Weighted Average Remaining Useful Life (in years)	3 months 18 days	7 months 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,488	$ 39,626
Accumulated Amortization	(34,935)	(30,653)
Total amortization expense	$ 4,553	$ 8,973
Weighted Average Remaining Useful Life (in years)	4 months 24 days	7 months 6 days
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,490	$ 12,490
Accumulated Amortization	(12,079)	(9,983)
Total amortization expense	$ 410	$ 2,507
Weighted Average Remaining Useful Life (in years)	1 month 6 days	3 months 18 days
Trademarks and domains, definite
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,458	$ 1,481
Accumulated Amortization	(1,027)	(990)
Total amortization expense	$ 431	$ 491
Weighted Average Remaining Useful Life (in years)	1 year 6 months	1 year 8 months 12 days

Acquisitions - Butter Holdings Acquisition, Fair Value of Consideration Transferred (Details) - Butter Holdings, Ltd. $ in Thousands	Feb. 01, 2023 USD ($)
Business Acquisition [Line Items]
Cash	$ 14,863
Settlement of subordinated secured notes	1,475
Total acquisition date fair value of the consideration transferred	$ 16,337

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Marketable Securities [Line Items]
Marketable securities	$ 1,406,919	$ 1,387,049
Money market funds \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	354,274	97,129
Commercial paper
Marketable Securities [Line Items]
Marketable securities	163,160	266,193
Commercial paper \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	31,015	54,402
Agency bonds
Marketable Securities [Line Items]
Marketable securities	50,552	84,276
Agency bonds \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	0	60,865
Certificates of deposit
Marketable Securities [Line Items]
Marketable securities	86,503	97,224
Corporate bonds
Marketable Securities [Line Items]
Marketable securities	248,394	256,772
Municipal bonds
Marketable Securities [Line Items]
Marketable securities	3,213	0
Government bonds, US
Marketable Securities [Line Items]
Marketable securities	446,626	441,096
Government bonds, Non-US
Marketable Securities [Line Items]
Marketable securities	9,199	9,151
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable securities	13,983	18,913
Other
Marketable Securities [Line Items]
Marketable securities	$ 0	$ 1,028

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 381,800	$ 1,700,000
Equity securities, at cost	$ 51,870		$ 43,172

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Banking and Thrift, Interest [Abstract]
Period of suspended accrued interest past due	120 days
Non-accrued loans held for investment	$ 1.2	$ 1.8

Net Loss per Share Attributable to Common Stockholders

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

The following table presents 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):


	Three Months Ended September 30,
	2023				2022
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(138,078)	$	(33,705)	$	(199,355)	$	(51,914)
Net loss attributable to common stockholders - basic and diluted	$	(138,078)	$	(33,705)	$	(199,355)	$	(51,914)
Denominator:
Weighted average shares of common stock - basic	244,224,777		59,614,893		230,821,045		60,108,225
Weighted average shares of common stock - diluted	244,224,777		59,614,893		230,821,045		60,108,225
Net loss per share:
Basic	$	(0.57)	$	(0.57)	$	(0.86)	$	(0.86)
Diluted	$	(0.57)	$	(0.57)	$	(0.86)	$	(0.86)

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:


	As of September 30,
	2023	2022
Restricted stock units	21,731,951	23,341,125
Stock options, including early exercise of options	19,115,091	20,235,040
Common stock warrants	5,743,523	5,870,677
Employee stock purchase plan shares	476,156	524,596
Total	47,066,721	49,971,438

Loans Held for Investment and Allowance for Credit Losses - Loans Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Receivables [Abstract]
Unpaid principal balance	$ 4,585,570	$ 4,451,324
Accrued interest receivable	46,886	41,079
Premiums on loans held for investment	6,828	7,135
Less: Discount due to loss on loan purchase commitment	(49,805)	(51,190)
Less: Discount due to loss on directly originated loans	(40,025)	(45,145)
Less: Fair value adjustment on loans acquired through business combination	(32)	(241)
Loans held for investment	$ 4,549,422	$ 4,402,962

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 326
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue
Revenue	$ 179,426	$ 139,857
Interest income	262,679	136,802
Gain on sales of loans	34,285	63,595
Servicing income	20,157	21,370
Total revenue, net	496,547	361,624
Operating expenses
Loss on loan purchase commitment	34,866	35,610
Provision for credit losses	99,696	64,250
Funding costs	73,931	25,066
Processing and servicing	75,671	54,359
Technology and data analytics	132,965	144,961
Sales and marketing	146,866	163,873
General and administrative	140,334	160,972
Restructuring and other	1,665	0
Total operating expenses	705,994	649,091
Operating loss	(209,447)	(287,467)
Other income, net	38,707	36,018
Loss before income taxes	(170,740)	(251,449)
Income tax (benefit) expense	1,043	(180)
Net loss	(171,783)	(251,269)
Other comprehensive loss
Foreign currency translation adjustments	(11,898)	(21,546)
Unrealized gain (loss) on securities available for sale, net	1,353	(5,528)
Gain on cash flow hedges	763	0
Net other comprehensive loss	(9,782)	(27,074)
Comprehensive loss	$ (181,565)	$ (278,343)
Net loss per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ (0.57)	$ (0.86)
Diluted (in USD per share)	$ (0.57)	$ (0.86)
Weighted average common shares outstanding
Basic (in shares)	303,839,670	290,929,270
Diluted (in shares)	303,839,670	290,929,270
Merchant network revenue
Revenue
Revenue	$ 145,950	$ 113,149
Card network revenue
Revenue
Revenue	$ 33,476	$ 26,708

Net Loss per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table presents 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):


	Three Months Ended September 30,
	2023				2022
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(138,078)	$	(33,705)	$	(199,355)	$	(51,914)
Net loss attributable to common stockholders - basic and diluted	$	(138,078)	$	(33,705)	$	(199,355)	$	(51,914)
Denominator:
Weighted average shares of common stock - basic	244,224,777		59,614,893		230,821,045		60,108,225
Weighted average shares of common stock - diluted	244,224,777		59,614,893		230,821,045		60,108,225
Net loss per share:
Basic	$	(0.57)	$	(0.57)	$	(0.86)	$	(0.86)
Diluted	$	(0.57)	$	(0.57)	$	(0.86)	$	(0.86)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	As of September 30,
	2023	2022
Restricted stock units	21,731,951	23,341,125
Stock options, including early exercise of options	19,115,091	20,235,040
Common stock warrants	5,743,523	5,870,677
Employee stock purchase plan shares	476,156	524,596
Total	47,066,721	49,971,438

Derivative Financial Instruments - Additional Information (Details)	3 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Other income, net

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	Sep. 30, 2023	Jun. 30, 2023
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0621	0.0572
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0091	0.0125
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0670	0.0590
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2984	0.2984
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1461	0.1496
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2860	0.2990
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0734	0.0730
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0263	0.0302
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1759	0.1810

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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 representations and warranties is identified. Generally, a breach in representations and warranties could 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. This amount was not material as of September 30, 2023. 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. Kusnier v. Affirm Holdings, Inc. On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier action”). Plaintiff’s amended complaint filed on May 5, 2023 alleges that defendants: (i) caused Affirm to make materially false and/or misleading statements and/or failed to disclose that Affirm’s BNPL service facilitated excessive consumer debt (including with respect to certain for-profit educational institutions), regulatory arbitrage, and data harvesting; (ii) made false and/or misleading statements about certain public regulatory actions; and (iii) made false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. In light of the above, plaintiff asserts that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiff seeks class certification, unspecified compensatory and punitive damages, and costs and expenses. Quiroga v. Levchin, et al. On March 29, 2023, plaintiff John Quiroga filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Quiroga action”) 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 Kusnier action. The Quiroga complaint purports to assert claims on Affirm’s behalf for contribution under the federal securities laws, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On May 1, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Jeffries v. Levchin, et al. On May 24, 2023, plaintiff Sabrina Jeffries filed a shareholder 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 Kusnier and Quiroga actions. The Jeffries complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, making false statements under federal securities law, unjust enrichment, waste of corporate assets, and aiding and abetting breach of fiduciary duties, and seeks unspecified damages, equitable relief, and fees and costs. On August 15, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Vallieres v. Levchin, et al. On September 14, 2023, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the District of Delaware 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 Kusnier, Quiroga, and Jeffries actions. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, gross management, abuse of control, unjust enrichment, and contribution, and seeks unspecified damages, equitable relief, and fees and costs. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to 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 September 30, 2023 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

Derivative Financial Instruments - Summary of Impact of Cash Flow Hedges on AOCI (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Expected reclassifications	$ 1,100
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	751
Changes in fair value	1,014
Amounts reclassified into earnings	(251)
Balance at end of period	$ 1,514

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15

Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16

Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

+ Details

Investments (Tables)

3 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Marketable Securities


	September 30, 2023		June 30, 2023
Cash and cash equivalents:
Money market funds	$	354,274	$	97,129
Commercial paper	31,015		54,402
Agency bonds	—		60,865
Securities available for sale:
Certificates of deposit	86,503		97,224
Corporate bonds	248,394		256,772
Commercial paper	163,160		266,193
Agency bonds	50,552		84,276
Municipal bonds	3,213		—
Government bonds
Non-US	9,199		9,151
US	446,626		441,096
Securitization notes receivable and certificates (1)	13,983		18,913
Other	—		1,028
Total marketable securities:	$	1,406,919	$	1,387,049

(1)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. Debt.

Unrealized Gain (Loss) on Investments

September 30, 2023 and June 30, 2023 were as follows (in thousands):


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	86,580	$	20	$	(97)	$	—	$	86,503
Corporate bonds	251,642		24		(3,272)		—		248,394
Commercial paper (1)	194,294		5		(124)		—		194,175
Agency bonds	50,816		1		(265)		—		50,552
Municipal bonds	3,210		3		—		—		3,213
Government bonds
Non-US	9,325		—		(126)		—		9,199
US	450,056		11		(3,441)		—		446,626
Securitization notes receivable and certificates (2)	14,753		—		(290)		(480)		13,983
Total securities available for sale	$	1,060,676	$	64	$	(7,615)	$	(480)	$	1,052,645


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	97,399	$	11	$	(186)	$	—	$	97,224
Corporate bonds	260,627		55		(3,910)		—		256,772
Commercial paper (1)	320,882		34		(321)		—		320,595
Agency bonds (1)	145,312		62		(233)		—		145,141
Government bonds
Non-US	9,330		—		(179)		—		9,151
US	444,858		28		(3,790)		—		441,096
Securitization notes receivable and certificates (2)	19,841		—		(475)		(453)		18,913
Other	1,028		—		—		—		1,028
Total securities available for sale	$	1,299,277	$	190	$	(9,094)	$	(453)	$	1,289,920

(2)These securities have been pledged as collateral in connection with sale and repurchase agreements as discussed within Note 9. Debt.

Schedule of Available-for-sale Securities with Unrealized Losses


	September 30, 2023
	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	$	59,252	$	(97)	$	—	$	—	$	59,252	$	(97)
Corporate bonds	76,635		(456)		133,377		(2,816)		210,012		(3,272)
Commercial paper	138,099		(124)		—		—		138,099		(124)
Agency bonds	47,615		(265)		—		—		47,615		(265)
Government bonds
Non-US	3,060		(66)		6,138		(60)		9,198		(126)
US	298,383		(2,095)		74,151		(1,346)		372,534		(3,441)
Total securities available for sale (1)	$	623,044	$	(3,103)	$	213,666	$	(4,222)	$	836,710	$	(7,325)


	June 30, 2023
	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	$	63,489	$	(186)	$	—	$	—	$	63,489	$	(186)
Corporate bonds	92,171		(834)		131,762		(3,076)		223,933		(3,910)
Commercial paper	164,037		(321)		—		—		164,037		(321)
Agency bonds	44,214		(233)		—		—		44,214		(233)
Government bonds
Non-US	3,061		(58)		6,089		(121)		9,150		(179)
US	292,333		(2,395)		67,606		(1,395)		359,939		(3,790)
Total securities available for sale (1)	$	659,305	$	(4,027)	$	205,457	$	(4,592)	$	864,762	$	(8,619)

(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 121 and 142 as of September 30, 2023 and June 30, 2023, respectively.

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 September 30, 2023 and June 30, 2023 were as follows (in thousands):


	September 30, 2023
	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	$	86,580	$	86,503	$	—	$	—	$	86,580	$	86,503
Corporate bonds	159,282		158,000		92,360		90,394		251,642		248,394
Commercial paper (1)	194,294		194,175		—		—		194,294		194,175
Agency bonds	37,596		37,534		13,220		13,018		50,816		50,552
Municipal bonds	—		—		3,210		3,213		3,210		3,213
Government bonds
Non-US	6,199		6,139		3,126		3,060		9,325		9,199
US	332,026		330,869		118,030		115,757		450,056		446,626
Securitization notes receivable and certificates (2)	—		—		14,753		13,983		14,753		13,983
Other	—		—		—		—		—		—
Total securities available for sale	$	815,977	$	813,220	$	244,699	$	239,425	$	1,060,676	$	1,052,645


	June 30, 2023
	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	$	97,399	$	97,224	$	—	$	—	$	97,399	$	97,224
Corporate bonds	173,523		171,634		87,104		85,138		260,627		256,772
Commercial paper (1)	320,882		320,595		—		—		320,882		320,595
Agency bonds (1)	130,176		130,165		15,136		14,976		145,312		145,141
Government bonds
Non-US	4,063		3,996		5,267		5,155		9,330		9,151
US	308,179		306,656		136,679		134,440		444,858		441,096
Securitization notes receivable and certificates (2)	—		—		19,841		18,913		19,841		18,913
Other	—		—		1,028		1,028		1,028		1,028
Total securities available for sale	$	1,034,222	$	1,030,270	$	265,055	$	259,650	$	1,299,277	$	1,289,920

(2)Based on weighted average life of expected cash flows as of September 30, 2023 and June 30, 2023.

Leases - Additional Information (Details) - USD ($)	3 Months Ended
Leases - Additional Information (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Restricted cash	$ 409,231,000	$ 383,406,000	$ 367,917,000
Impairment expense	752,000	0
Sublease income	$ 900,000	$ 900,000
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period	9 months
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period	1 year
Remaining lease term	7 years
Cash collateral and deposits for letters of credit
Lessee, Lease, Description [Line Items]
Restricted cash	$ 8,900,000		$ 9,700,000

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Leases [Abstract]
2024 (remaining nine months)	$ 12,380
2025	16,317
2026	15,371
2027	2,680
2028	2,185
Thereafter	5,503
Total lease payments	54,436
Less imputed interest	(5,365)
Present value of total lease liabilities	$ 49,071	$ 52,557

Loans Held for Investment and Allowance for Credit Losses - Aging Analysis of Modified Loans (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 6,551
Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	6,098
Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	453
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Amortized cost basis	4,783
Non-delinquent loans \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	4,515
Non-delinquent loans \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	268
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,416
4 – 29 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,304
4 – 29 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	112
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	204
30 – 59 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	139
30 – 59 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	65
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	81
60 – 89 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	75
60 – 89 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	6
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	67
90 – 119 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	65
90 – 119 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 2

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 2,200,000,000	$ 2,000,000,000
Unpaid principal balance on serviced sold loans	4,300,000,000		$ 4,100,000,000
Servicing income	20,157,000	21,370,000
Servicing assets	600,000		900,000
Servicing liabilities	$ 1,900,000		1,400,000
Economic risk retention	5.00%
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Other income, net
Notional Amount	$ 2,394,613,000		2,902,944,000
Derivative Assets	41,216,000		50,545,000
Derivative Liabilities	0		0
Credit Risk Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount	1,300,000,000
Loss sharing arrangement, maximum exposure to losses	27,100,000
Risk Sharing Assets & Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss sharing arrangement, maximum exposure to losses	3,800,000
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	3,800,000		0
Senior Notes and Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	13,983,000	$ 41,503,000	18,913,000	$ 51,678,000
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	471,000		0
Derivative Liabilities	$ 500,000		$ 0