アファームHDの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

現行レポート

の第13項または第15項（d）に準拠しています。

1934年証券取引所法

報告日（最も古いイベントの報告日）：2024年2月8日

Affirm Holdings, Inc.

(定款に明記された登録者の正確な氏名)

デラウェア

001-39888

84-2224323

(法人設立の州またはその他の管轄区域)

(CommissionFile Number)

(IRS Employer Identification No.)


650 California Street
San Francisco, California						94108
(主要経営陣の住所)						(Zip Code)

登録者の電話番号（市外局番を含む(415) 960-1518

Not Applicable

(旧姓または旧住所（前回の報告から変更されている場合)

Form8-Kの提出が、以下の条項のいずれかに基づく登録者の提出義務を同時に満たすことを意図している場合は、以下の該当するチェックボックスをチェックしてください：

☐ 証券法規則425（17 CFR 230.425）に基づく書面によるコミュニケーション

☐ 取引所法の規則14a-12（17 CFR 240.14a-12）に基づく資料の勧誘

☐ 取引所法の規則14d-2(b)(17 CFR 240.14d-2(b))に基づく開始前のコミュニケーション

☐ 取引所法の規則13e-4(c)(17 CFR 240.13e-4(c))に基づく開始前のコミュニケーション

法第12条(b)に従って登録された証券：


Title of each class:	Trading symbol(s)	登録されている取引所の名称
クラスa普通株式、額面0.00001ドル	AFRM	Nasdaq Global Select Market

登録者が1933年証券法規則405（本章230.405節）または1934年証券取引法規則12b-2（本章240.12b-2節）で定義される新興成長企業であるかどうかをチェックマークで示す。

Emerging growth company ☐

新興成長企業の場合、登録者が取引所法第13条(a)に従い提供される新規または改訂された財務会計基準に準拠するための移行期間の延長を利用しないことを選択した場合は、チェックマークで示す。☐

Item 2.02. 営業成績および財務状況

2024 年 2 月 8 日、当社は 2023 年 12 月 31 日をもって終了した第 2 四半期決算に関する株主書簡（以下「書簡」）を発行した。同書簡のコピーは別紙99.1として添付されており、別紙99.1の情報は参照することにより本書に組み込まれる。

別紙99.1として添付された書簡には、特定の非GAAP財務指標が含まれています。これらの非GAAP財務指標の比較可能なGAAP財務指標への調整は、書簡および書簡に添付された財務表に記載されています。

本項目2.02および添付の別紙99.1に記載された情報は、1934年証券取引法改正法第18条において「提出された」とみなされるものではなく、また同条の適用を受けるものではなく、1933年証券取引法改正法に基づく提出書類に参照により組み込まれるものでもない。

Item 9.01. 財務諸表および添付資料

(d) 出展物


Exhibit No.			Description
99.1			2024年2月8日付株主書簡
104			カバーページインタラクティブデータファイル（inline xbrlドキュメントに埋め込まれています。)

SIGNATURE

1934年証券取引法の要件に従い、登録者は本報告書に正式に権限を付与された署名者により、登録者を代表して署名させた。


						AFFIRM HOLDINGS, INC.

			By:			/s/ Michael Linford
						Name: Michael Linford
						Title: Chief Financial Officer

Date: February 8, 2024

EX-99 2 afrm-q224shareholderlett.htm EX-99.1 afrm-q224shareholderlett

S E C O N D F I S C A L Q U A R T E R 2 0 2 4 Affirm Shareholder Letter

We delivered another set of outstanding results in FQ2’24: ● GMV grew 32% year over year to $7.5 billion, accelerating for the third consecutive quarter, ● Revenue grew 48% year over year to $591 million, ● Revenue Less Transaction Costs (“RLTC”) grew 68% year over year to $242 million, or 3.2% of GMV, ● …generating $93 million of Adjusted Operating Income, as compared to ($62 million) in FQ2’23. This time last year, we reiterated our commitment to building operating leverage without sacrificing credit performance, volume growth, or innovation. The market wasn’t exactly convinced then, but 12 months later, we have done exactly what we said we would. Posting the fastest year-over-year GMV growth rate in over a year, we increased our funding capacity (+$5 billion in the last year), kept an unblinking eye on credit (30+ day delinquencies were flat both quarter over quarter and year over year), and invested in our offline future with continuous improvement of Affirm Card, which has now been used at over one million merchant locations, to buy everything from rugs to lingonberry pancakes. In FQ2’24, over 700 thousand cardholders generated an aggregate of $397 million in GMV and transacted four times more often than Affirm users overall. Fellow Affirm shareholders, Max Levchin FOUNDER AND CEO FQ2’24 Shareholder Letter 2 >700K Active Affirm Card consumers at FQ2’24 end ~$400M Affirm Card GMV in FQ2’24 >1M Merchant locations served since Affirm Card launch2 1 Information about Affirm's use of non-GAAP financial measures is provided under "Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators" and "Use of Non-GAAP Financial Measures" below, and reconciliations of GAAP results to non-GAAP results are provided in the tables at the end of this letter. 2 Includes both active merchants as well as merchants that do not have a contractual point-of-sale relationship with Affirm or a platform partner but have engaged in at least one Affirm Card transaction. $7.5B Gross Merchandise Volume (“GMV”) $242M Revenue Less Transaction Costs1 ($172M) Operating Income +32% +68% +$187M $93M Adj. Operating Income1 +$155M All comparisons on a year-over-year basis $591M Revenue +48% ~30% of Affirm Card GMV in FQ2’24 occurred in store

Onward, Max Calendar year 2023 was a unique experience, and a few reflections on lessons learned seem warranted after a tumultuous, yet triumphant year. 1. When the Affirm team focuses on a singular goal, we are unstoppable. Positioning the business to operate in the highest rate environment in 22 years was an all-company effort. Though we were confident it would succeed (and expected that to unlock growth), the pace of change was simply outstanding. This heightened level of disciplined execution is the new normal for Affirm. 2. Learning to do more with less made us a better company. From Affirm’s executive leadership to our individual contributors, this is the very best team we’ve had since our founding: committed, competent, cohesive. We will continue to be judicious in growing the team going forward. Calendar ‘23 was a year of tough choices, and our ability to navigate deliberately and quickly improved with each decision we made. 3. Our vision remained clear even as we focused on the immediate operational requirements. Not every feature release fits neatly into a 12-week dev cycle. We allowed ourselves the time to invest in high-conviction projects knowing the return on that investment would come months and quarters from now. I am deeply grateful to the Affirm team for rallying around the flag of honest finance, and am proud and excited to lead this company towards our strategic and financial goals. If there is one takeaway I’d like to offer our shareholders, it’s this: over the last year we’ve demonstrated we know how to operate our business with excellence. We intend to continue to do just that. FQ2’24 Shareholder Letter 3

Gross Merchandise Volume (GMV) grew 32% year over year to $7.5 billion, accelerating for the third consecutive quarter. GMV growth was broadly distributed across merchant partners and product categories, with all categories except sporting goods and outdoor growing on a year-over-year basis. The direct-to-consumer business was a notable contributor to growth, increasing 51% year over year, in part due to the scaling of Affirm Card. While we saw strong results over the Black Friday Cyber Monday period, growth accelerated throughout the quarter with each month in the quarter delivering a higher year-over-year growth rate than the previous month. On a category basis, travel and ticketing grew 56% year over year and continued to be a meaningful contributor to overall growth. Discretionary categories that performed well during the pandemic, such as sporting goods and outdoors, home/lifestyle, and electronics showed signs of improvement but continued to be a headwind to the overall growth rate. 4 FQ2’24 Business Update FQ2’24 Shareholder Letter Direct-to-Consumer GMV (D2C GMV) grew 51% year over year to $2 billion. Affirm Card generated $397 million of GMV and had more than 700 thousand active consumers at the end of FQ2’24, with approximately 30% of GMV occurring in store. This is an increase from $11 million and less than 50 thousand active consumers during the same period in the prior year. We continued to add cardholders at a pace consistent with prior quarters. Given the overall seasonality of our business, we expect Affirm Card GMV and user additions to begin reflecting normal seasonality, which may impact quarter-on-quarter GMV growth rates versus the seasonally strong December quarter. Similar to prior quarters, interest-bearing GMV accounted for approximately 90% of Affirm Card GMV, with the remaining GMV split almost evenly between Pay Now and Pay in 4 transactions. RLTC as a percentage of GMV for the Card continues to be similar to that of Affirm overall and was within our 3 to 4% long-term target range. Active consumers increased 13% year over year to 17.6 million. Excluding Returnly consumers, active consumers increased 16% year over year to 17.1 million. Active merchants increased 15% year over year to 279,000.

Total Revenue 5FQ2’24 Shareholder Letter FQ2’24 Financial Highlights 7.9% 16% Adj. Operating Margin1 3.2% RLTC Total Revenue grew 48% year over year to $591 million. Revenue as a percentage of GMV increased to 7.9%, compared to 7.1% in FQ2’23. Network revenue grew 40% year over year and outpaced overall GMV growth. Network revenue was driven by strong growth with small and medium size businesses and the scaling of Affirm Card, both of which had substantially higher year-over-year GMV growth rates than Affirm overall. Additionally, the ongoing benefit of our pricing initiatives, combined with an increase in loans held for investment, enabled us to grow interest income on a year-over-year basis at a rate that outpaced the growth in GMV. Despite the overall strength in revenue, gain on sales of loans was a headwind to growth and declined by $7 million year over year. This decline was largely due to the higher benchmark interest rate environment. Servicing income was also approximately flat year over year due to relative stability in the amount of off balance sheet loans. Total Revenue +80 basis points +31 percentage points+70 basis points RLTC grew 68% year over year to $242 million, or 3.2% of GMV, compared to 2.5% of GMV in FQ2’23. Despite the federal-funds target rate increasing by over 150 basis points year over year, we delivered excellent RLTC growth. RLTC as a percentage of GMV also increased by 70 basis points year over year and returned to our 3 to 4% long-term target range. This robust performance was driven by strong revenue growth with total revenue increasing $192 million year over year. In absolute terms, approximately two thirds of the revenue growth came from higher interest income, with the remainder coming from network revenue. Transaction costs increased $94 million year over year. Funding costs increased $41 million, or 93% year over year. The increase in funding costs was split almost evenly between higher funding debt balances, as well as higher cost of funding debt due to the higher interest rate environment. Processing and servicing expenses also increased $24 million, in part due to the ongoing success of one of our platform partnerships which has a revenue sharing agreement. Provision for credit losses and loss on loan purchase commitment were lesser contributors to transaction cost growth, collectively increasing by $29 million year over year. Provision for credit losses remained well controlled, consistent with the resilient credit performance of our loans. RLTC Operating Margin +61 percentage points (29%) All comparisons on a year-over-year basis As a percentage of GMV As a percentage of Revenue

6FQ2’24 Shareholder Letter Adjusted Operating Income (Loss) was $93 million, compared to ($62) million in FQ2’23. Adjusted Operating Income as a percentage of Revenue, or Adjusted Operating Margin, was 16% during the period compared to (16%) during FQ2’23. Adjusted Operating Income excludes the impact of enterprise warrant and share-based expenses, stock-based compensation expense, and other items. Approximately two thirds of the year-over-year increase in adjusted operating income was due to the increase in RLTC. Non-GAAP other operating expenses also declined $57 million year over year, or 27%, with non-GAAP technology and data analytics expense declining 33%, again in part due to the reduction in infrastructure expenses. Sales and marketing expense also declined 29% year over year, while general and administrative expense declined 21%. Adjusted Operating Income Operating Income (Loss) was ($172) million, compared to ($360) million in FQ2’23. Of the $172 million loss, $134 million was attributable to enterprise warrant and share-based expenses associated with warrants granted to two enterprise partners. Additionally, we incurred $120 million of stock-based compensation. Operating Income as a percentage of revenue, or Operating Margin, was (29%) in the period, compared to (90%) during FQ2’23. The improvement was driven by a $90 million year-over-year reduction in operating expenses excluding transaction costs, paired with a $98 million increase in RLTC. Operating expense declined in part due to the restructuring program announced in February 2023 and the realization of several operational efficiency efforts. The largest decline was in technology and data analytics expense, which declined $37 million year over year as we reduced infrastructure expenses in absolute terms even while growing GMV. Additionally, sales and marketing and general and administrative expenses collectively declined by approximately $50 million year over year, with the reduction split almost evenly between the two expense categories. Operating Income

We continued to deliver strong credit outcomes, with 30+ day delinquencies for monthly installment loans flat both year over year and quarter over quarter, even as we accelerated GMV growth for a third consecutive quarter. Our transaction-level underwriting enabled us to continue delivering differentiated credit performance while extending responsible access to credit, achieving our unit economic targets, and delivering good returns to capital partners. We believe credit performance has largely returned to pre-pandemic trends. This includes normal seasonality, which has historically led to seasonally lower delinquency rates during the second and third fiscal quarters and seasonally elevated delinquency rates in the first and fourth fiscal quarters. Funding Capacity increased to $15.5 billion at the end of December, up from $13.1 billion at the end of September, with capacity increasing across all funding channels. We also continued to diversify our funding partners by adding two new international partners, as well as upsizing a facility with an existing international partner. While benchmark rates are the highest in more than 20 years, our Capital team executed well during the quarter as funding partners valued our differentiated credit performance and overall risk profile. Within the ABS channel, we issued a total of $1.5 billion during the first half of fiscal 2024 – more than we issued in all of fiscal year 2023. We also added more than 20 first-time ABS buyers over the past 12 months, and our investor base has expanded to over 100 unique, diverse institutional buyers across our ABS platform since we entered the market in 2020. The $407 million 2023-X1 securitization that priced in November also marked our successful return to the issuance of static deals. The transaction was extremely well received by investors garnering an ~7x oversubscription level at pricing and saw close to 40 unique institutional investors participating. Link to charts https://www.figma.com/file/AevKTajtkGCyZHkIL sdJcr/Shareholder-Letter-Template?type=desig n&node-id=17-2834&mode=design&t=yaUjR0He HcynGLIl-0 +$5.0B Year-over-year increase in funding capacity FQ2’24 Shareholder Letter 7 Credit quality Capital and funding update Year-over-Year Comparison: Monthly Installment Loan 30+ Day Delinquency Rate +$2.4B Quarter-over-quarter increase in funding capacity +20 First-time ABS buyers in the last twelve months Monthly installment loans exclude Pay in 4 and other non-monthly loan products

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会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登

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会社

会社

会社

会社

会社

会社

会社

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