Affirm Holdings Files 2024 10-K

TL;DR

Affirm's 2024 10-K is in. Full financial picture for the year ending June 30, 2024, now available.

AI Summary

Affirm Holdings, Inc. filed its 10-K for the fiscal year ending June 30, 2024, detailing its financial performance and operations. The company, a personal credit institution, is headquartered in San Francisco, California. The filing provides comprehensive information on its business, risk factors, and financial statements for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a detailed look into Affirm's financial health and strategic direction for the fiscal year 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a financial services company, Affirm is subject to inherent risks related to credit, regulation, and market volatility.

Key Numbers

• FY 2024 — Fiscal Year (Reporting period covered by the 10-K)

Key Players & Entities

• Affirm Holdings, Inc. (company) — Filer of the 10-K
• 20240630 (date) — Fiscal year end date
• San Francisco, CA (location) — Company headquarters and mailing address
• 650 California Street (location) — Company street address
• 0001820953-24-000035 (filing_id) — Accession number for the filing

FAQ

Key Financial Figures

• $0.00001 — stered Class A common stock, par value $0.00001 per share AFRM The Nasdaq Global Select
• $0 — st. Since our founding, we have charged $0 in late fees for missed payments. We do
• $26.6 billion — have facilitated consumer purchases of $26.6 billion in GMV. Our Platform Our business t

Filing Documents

• afrm-20240630.htm (10-K) — 3442KB
• ex191-insidertradingpolicy.htm (EX-19.1) — 58KB
• afrm-63024exx211xsubsidiar.htm (EX-21.1) — 21KB
• afrm-63024exx231deloitteco.htm (EX-23.1) — 2KB
• afrm-63024exx311.htm (EX-31.1) — 11KB
• afrm-63024exx312.htm (EX-31.2) — 11KB
• afrm-63024exx321.htm (EX-32.1) — 5KB
• afrm-63024exx322.htm (EX-32.2) — 5KB
• ex971-affirmclawbackpolicy.htm (EX-97.1) — 38KB
• afrm-20240630_g1.jpg (GRAPHIC) — 173KB
• image_0.jpg (GRAPHIC) — 7KB
• 0001820953-24-000035.txt ( ) — 20148KB
• afrm-20240630.xsd (EX-101.SCH) — 128KB
• afrm-20240630_cal.xml (EX-101.CAL) — 189KB
• afrm-20240630_def.xml (EX-101.DEF) — 763KB
• afrm-20240630_lab.xml (EX-101.LAB) — 1362KB
• afrm-20240630_pre.xml (EX-101.PRE) — 1107KB
• afrm-20240630_htm.xml (XML) — 3717KB

Risk Factors

Item 1A. Risk Factors 23

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 57

C . Cybersecurity

Item 1 C . Cybersecurity 57

Properties

Item 2. Properties 58

Legal Proceedings

Item 3. Legal Proceedings 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58 Part II 90

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59

[Reserved]

Item 6. [Reserved] 60

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 61

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 78

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 81

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 149

Controls and Procedures

Item 9A. Controls and Procedures 149

Other Information

Item 9B. Other Information 152

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 152 Part III 153

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 153

Executive Compensation

Item 11. Executive Compensation 153

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 153

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 153

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 153 Part IV 154

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 155

Form 10-K Summary

Item 16. Form 10-K Summary 158

Signatures

Signatures 159 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Form 10-K"), as well as information included in oral statements or other written statements made or to be made by us, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Report, including statements regarding our future results of operations and financial condition, business strategy, and plans and objectives of management regarding future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as "anticipate," "believe," "continue," "could," "design," "estimate," "expect," "intend," "may," "plan," "potentially," "predict," "project," "should," "will," "would," or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our future revenue, expenses, and other operating results and key operating metrics; our ability to attract new merchant partners and commerce platforms and grow our relationships with existing merchant partners and commerce platforms; our ability to compete successfully in a highly competitive and evolving industry; our ability to attract new consumers and retain and grow our relationships with our existing consumers; our expectations regarding the development, innovation, introduction of, and demand for, our products; our ability to successfully maintain our relationship with existing originating bank partners and card issuing bank partners and engage additional originating bank partners and card issuing bank partners; our ability

BUSINESS

ITEM 1. BUSINESS Company Overview Affirm was founded in 2012 with a mission to deliver honest financial products that improve lives. We are building the next generation payment network. We believe that by using modern technology, strong engineering talent, and a mission-driven approach, we can reinvent payments and commerce. Our solutions, which are built on trust and transparency, are designed to make it easier for consumers to spend responsibly and with confidence, easier for merchants and commerce platforms to convert sales and grow, and easier for commerce to thrive. Our Business Legacy payment options, archaic systems, and traditional risk and credit underwriting models can be harmful, deceptive, and restrictive to both consumers and merchants. We believe that they are not well-suited for increasingly digital and mobile-first commerce, and are built on legacy infrastructure that does not support the innovation required for modern commerce to evolve and flourish. Our platform is designed to address these problems. Our company is predicated on the principles of simplicity, transparency, and putting people first. Since our founding, we have charged $0 in late fees for missed payments. We do not profit from consumers' mistakes, and we are transparent in our product offerings. By adhering to these principles, we have built enduring, trust-based relationships with consumers and merchants. We believe that our technology, underwriting, and risk management are key competitive advantages. Our proprietary technology's ability to price and assess risk at a transaction level provides a unique advantage compared to legacy payment and credit systems. Our approach to risk management is core to our business model and has led to lower fraud rates, higher approval rates compared to traditional credit underwriting models, and lower credit losses. Our models have been built on extensive data points, including data from approximately 215 million loans. Furthermore, our r

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View this 10-K filing on SEC EDGAR