Company: AFRM
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001820953-25-000052
Chunk: 65

Company: Affirm Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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. 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.

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Stock-Based Compensation ExpenseThe following table presents the components and classification of stock-based compensation (in thousands):Three Months Ended March 31,Nine Months Ended March 31,2025202420252024General and administrative$50,344 $51,947 $170,868 $184,070 Technology and data analytics21,309 21,105 70,957 78,808 Sales and marketing3,749 3,858 13,426 13,628 Processing and servicing205 165 687 3,092 Total stock-based compensation in operating expenses75,607 77,075 255,938 279,598 Capitalized into property, equipment and software, net44,369 30,981 138,555 99,441 Total stock-based compensation$119,976 $108,056 $394,493 $379,039 

15.   Restructuring and other

In February 2023, we committed to a restructuring plan (the “February 2023 Plan”) that included reducing our workforce and vacating a portion of our San Francisco office. The February 2023 Plan was completed during fiscal 2024, and we do not expect future costs or payments related to the plan.As of March 31, 2025, we had no outstanding liability related to previously accrued exit and disposal costs. For the three and nine months ended March 31, 2024, exit and disposal costs were $5.2 million and $6.9 million, respectively.

16.   Income Taxes 

The quarterly provision