Affirm Holdings Inc
For the period ended Jun 30, 2024. Filed Aug 28, 2024.
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FY2024 · Filed Aug 28, 2024
AFRM$65.95-3.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year ended June 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net loss | $(517,757) | $(985,345) | $(707,417) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Provision for losses | 460,628 | 331,860 | 255,272 |
| Amortization of premiums and discounts on loans | (187,709) | (141,075) | (171,965) |
| Gain on sales of loans | (197,153) | (188,341) | (196,435) |
| Gain on extinguishment of debt | (12,638) | (89,841) | — |
| Changes in fair value of assets and liabilities | (2,776) | (15,883) | (101,789) |
| Amortization of commercial agreement assets | 73,070 | 85,524 | 96,737 |
| Amortization of debt issuance costs | 24,546 | 20,535 | 16,152 |
| Amortization of discount on securities available for sale | (22,799) | (36,060) | 2,192 |
| Commercial agreement warrant expense | 406,714 | 421,934 | 254,679 |
| Stock-based compensation | 344,511 | 451,709 | 390,983 |
| Depreciation and amortization | 169,044 | 134,634 | 52,722 |
| Impairment of right of use assets | 752 | 1,244 | 362 |
| Other | (25,331) | (8,825) | (73,154) |
| Change in operating assets and liabilities: | |||
| Purchases and origination of loans held for sale | (4,212,299) | (6,009,361) | (5,552,662) |
| Proceeds from the sale of loans held for sale | 4,211,687 | 6,174,447 | 5,582,035 |
| Accounts receivable, net | (167,757) | (67,690) | (62,700) |
| Other assets | 31,228 | (14,466) | (15,021) |
| Accounts payable | 12,417 | (5,038) | (24,686) |
| Payable to third-party loan buyers | 105,791 | (17,531) | 21,304 |
| Accrued interest payable | 11,138 | 7,915 | 3,907 |
| Accrued expenses and other liabilities | (55,169) | (38,165) | 67,290 |
| Net cash provided by (used in) operating activities | 450,138 | 12,181 | (162,194) |
| Cash flows from investing activities | |||
| Purchases and origination of loans held for investment | (21,488,547) | (13,586,251) | (10,362,048) |
| Proceeds from the sale of loans held for investment | 6,058,799 | 1,582,501 | 1,898,607 |
| Principal repayments and other loan servicing activity | 14,147,034 | 10,028,452 | 8,121,583 |
| Acquisition, net of cash and restricted cash acquired | — | (16,051) | (5,999) |
| Purchases of intangible assets | — | — | (25,415) |
| Additions to property, equipment and software | (159,296) | (120,775) | (86,290) |
| Purchases of securities available for sale | (986,071) | (1,082,147) | (1,841,380) |
| Proceeds from maturities and repayments of securities available for sale | 1,136,937 | 1,537,495 | 311,035 |
| Other investing cash inflows/(outflows) | (34,005) | 3,706 | (21,431) |
| Net cash used in investing activities | (1,325,149) | (1,653,070) | (2,011,338) |
| Cash flows from financing activities | |||
| Proceeds from funding debt | 12,639,444 | 6,894,971 | 4,101,134 |
| Proceeds from issuance of convertible debt, net | — | — | 1,704,300 |
| Proceeds from issuance of notes and certificates by securitization trust | 2,350,000 | 1,150,000 | 999,394 |
| Principal repayments of funding debt | (12,552,937) | (5,801,531) | (4,090,562) |
| Principal repayments of notes issued by securitization trust | (1,276,451) | (606,299) | (552,046) |
| Payment of debt issuance costs | (27,302) | (22,443) | (13,751) |
| Extinguishment of convertible debt | (63,561) | (206,567) | — |
| Proceeds from exercise of common stock options and warrants and contributions to ESPP | 33,125 | 15,768 | 73,914 |
| Payments of tax withholding for stock-based compensation | (189,169) | (73,845) | (185,178) |
| Repurchases of common stock | — | (109) | (86) |
| Net cash provided by financing activities | 913,149 | 1,349,945 | 2,037,119 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,683) | 81 | (5,412) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 35,455 | (290,863) | (141,825) |
| Cash, cash equivalents and restricted cash, beginning of period | 1,259,944 | 1,550,807 | 1,692,632 |
| Cash, cash equivalents and restricted cash, end of period | $1,295,399 | $1,259,944 | $1,550,807 |
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT.
(in thousands)
| Year ended June 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Reconciliation to amounts on consolidated balance sheets (as of period end) | |||
| Cash and cash equivalents | 1,013,106 | 892,027 | 1,255,171 |
| Restricted cash | 282,293 | 367,917 | 295,636 |
| Total cash, cash equivalents and restricted cash | $1,295,399 | $1,259,944 | $1,550,807 |
| Year ended June 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental disclosures of cash flow information | |||
| Cash payments for interest expense | $318,235 | $163,191 | $51,524 |
| Cash paid for operating leases | 16,037 | 16,354 | 15,561 |
| Cash paid for income taxes | 1,187 | 808 | 220 |
| Supplemental disclosures of non-cash investing and financing activities | |||
| Stock-based compensation included in capitalized internal-use software | $126,510 | $80,108 | $54,542 |
| Issuance of common stock in connection with settlement of contingent consideration liability | — | 13,674 | 32,109 |
| Securities retained under unconsolidated securitization transactions | 58,507 | — | 54,997 |
| Issuance of common stock in connection with acquisition | — | — | 10,000 |
| Right of use assets obtained in exchange for operating lease liabilities | — | 494 | 4,604 |
| Additions to property and equipment included in accrued expenses | — | — | 107 |
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