Affirm Holdings, Inc.
For the period ended Jun 30, 2025. Filed Aug 28, 2025.
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FY2025 · Filed Aug 28, 2025
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
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| June 30, 2025 | June 30, 2024 | June 30, 2023 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income (loss) | $52,186 | $(517,757) | $(985,345) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
| Provision for losses | 616,683 | 460,628 | 331,860 |
| Amortization of premiums and discounts on loans | (233,799) | (187,709) | (141,075) |
| Gain on sales of loans | (381,622) | (197,153) | (188,341) |
| Gain on extinguishment of debt | (82,418) | (12,638) | (89,841) |
| Changes in fair value of assets and liabilities | 7,146 | (2,776) | (15,883) |
| Amortization of commercial agreement assets | 47,392 | 73,070 | 85,524 |
| Amortization of debt issuance costs | 30,389 | 24,546 | 20,535 |
| Amortization of discount on securities available for sale | (44,031) | (22,799) | (36,060) |
| Commercial agreement warrant expense | 271,562 | 406,714 | 421,934 |
| Stock-based compensation | 321,433 | 344,511 | 451,709 |
| Depreciation and amortization | 225,076 | 169,044 | 134,634 |
| Impairment of right of use assets | — | 752 | 1,244 |
| Other | 13,703 | (25,331) | (8,825) |
| Change in operating assets and liabilities: | |||
| Purchases and origination of loans held for sale | (3,389,953) | (4,212,299) | (6,009,361) |
| Proceeds from the sale of loans held for sale | 3,389,990 | 4,211,687 | 6,174,447 |
| Accounts receivable, net | (84,952) | (167,757) | (67,690) |
| Other assets | (12,175) | 31,228 | (14,466) |
| Accounts payable | 41,801 | 12,417 | (5,038) |
| Payable to third-party loan buyers | 52,056 | 105,791 | (17,531) |
| Accrued interest payable | 2,386 | 11,138 | 7,915 |
| Accrued expenses and other liabilities | (48,943) | (55,169) | (38,165) |
| Net cash provided by operating activities | 793,909 | 450,138 | 12,181 |
| Cash flows from investing activities | |||
| Purchases and origination of loans held for investment | (32,545,595) | (21,488,547) | (13,586,251) |
| Proceeds from the sale of loans held for investment | 12,572,254 | 6,058,799 | 1,582,501 |
| Principal repayments and other loan servicing activity | 18,655,657 | 14,147,034 | 10,028,452 |
| Acquisition, net of cash and restricted cash acquired | — | — | (16,051) |
| Additions to property, equipment and software | (192,189) | (159,296) | (120,775) |
| Purchases of securities available for sale | (823,886) | (986,071) | (1,082,147) |
| Proceeds from maturities and repayments of securities available for sale | 1,215,777 | 1,136,937 | 1,537,495 |
| Other investing inflows | 99,917 | 995 | 4,706 |
| Other investing outflows | (65,000) | (35,000) | (1,000) |
| Net cash used in investing activities | (1,083,064) | (1,325,149) | (1,653,070) |
| Cash flows from financing activities | |||
| Proceeds from the issuance of convertible notes | 920,000 | — | — |
| Proceeds from the issuance of funding debt | 21,174,242 | 12,639,444 | 6,894,971 |
| Proceeds from issuance of notes and certificates by securitization trust | 2,500,000 | 2,350,000 | 1,150,000 |
| Principal repayments of funding debt | (21,387,609) | (12,552,937) | (5,801,531) |
| Principal repayments of notes issued by securitization trust | (900,000) | (1,276,451) | (606,299) |
| Payment of debt issuance costs | (49,233) | (27,302) | (22,443) |
| Extinguishment of convertible debt | (1,012,856) | (63,561) | (206,567) |
| Proceeds from exercise of common stock options and warrants and contributions to ESPP | 60,692 | 33,125 | 15,768 |
| Payments of tax withholding for stock-based compensation | (303,811) | (189,169) | (73,845) |
| Repurchases of common stock | (250,000) | — | (109) |
| Net cash provided by financing activities | 751,425 | 913,149 | 1,349,945 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,245) | (2,683) | 81 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 461,024 | 35,455 | (290,863) |
| Cash, cash equivalents and restricted cash, beginning of period | 1,295,399 | 1,259,944 | 1,550,807 |
| Cash, cash equivalents and restricted cash, end of period | $1,756,423 | $1,295,399 | $1,259,944 |
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT.
(in thousands)
| June 30, 2025 | June 30, 2024 | June 30, 2023 | |
|---|---|---|---|
| Reconciliation to amounts on consolidated balance sheets (as of period end) | |||
| Cash and cash equivalents | 1,354,455 | 1,013,106 | 892,027 |
| Restricted cash | 401,968 | 282,293 | 367,917 |
| Total cash, cash equivalents and restricted cash | $1,756,423 | $1,295,399 | $1,259,944 |
| June 30, 2025 | June 30, 2024 | June 30, 2023 | |
|---|---|---|---|
| Supplemental disclosures of cash flow information | |||
| Cash payments for interest expense | $404,377 | $318,235 | $163,191 |
| Cash paid for operating leases | 16,575 | 16,037 | 16,354 |
| Cash paid for income taxes | 2,736 | 1,187 | 808 |
| Supplemental disclosures of non-cash investing and financing activities | |||
| Stock-based compensation included in capitalized internal-use software | $178,461 | $126,510 | $80,108 |
| Securities retained under unconsolidated securitization transactions | 84,718 | 58,507 | — |
| Right of use assets obtained in exchange for operating lease liabilities | 6,238 | — | 494 |
| Issuance of common stock in connection with settlement of contingent consideration liability | — | — | 13,674 |
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