Company: AFRM
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001820953-25-000052
Chunk: 63

Company: Affirm Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 63
---
 or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years.The following table summarizes our stock option activity for the nine months ended March 31, 2025:Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (in thousands)Balance as of June 30, 202416,794,697 $15.84 5.63Granted677,433 44.66 Exercised(4,230,110)10.65 Forfeited, expired or cancelled(32,019)34.21 Balance as of March 31, 202513,210,001 18.93 5.40Vested and exercisable, March 31, 202510,562,612 $16.23 4.66$315,906 Vested and exercisable, and expected to vest thereafter(1) March 31, 202513,129,573 $18.79 5.37$358,087 (1)Options expected to vest reflect the application of an estimated forfeiture rate.The weighted-average grant date fair value of options granted during the nine months ended March 31, 2025 was $31.74. As of March 31, 2025, unrecognized compensation expense related to unvested stock options was approximately $44.1 million, which is expected to be recognized over a remaining weighted-average period of 2.3 years.Value Creation AwardIn November 2020, the Company’s Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company’s Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. We incurred stock-based compensation expense of $6.4 million and $31.1 million during the three and nine months ended March 31, 2025, respectively, and $13.3 million and $52.4 million during the three and nine months ended March 31, 2024, respectively, associated with the Value Creation Award as a component of general and administrative expense within