Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 31

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 agreement asset of $9.0 million and $18.1 million, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense.

23

Other Assets    Other assets consisted of the following (in thousands):December 31, 2024June 30, 2024Processing reserves$92,550 $55,754 Risk sharing asset44,969 33,884 Equity securities, at cost41,927 37,806 Prepaid expenses33,381 28,799 Prepaid payroll taxes for stock-based compensation23,219 21,395 Fixed term deposit22,028 35,203 Foreign deferred tax asset17,881 21,206 Operating lease right-of-use assets17,472 21,863 Other receivables13,164 18,263 Derivative instruments7,676 17,207 Other assets10,690 7,960 Total other assets$324,957 $299,340 Accrued Expenses and Other LiabilitiesAccrued expenses and other liabilities consisted of the following (in thousands):December 31, 2024June 30, 2024Accrued expenses$74,200 $59,613 Operating lease liability32,033 39,493 Collateral held for derivative instruments8,174 17,643 Other liabilities41,161 30,680 Total accrued expenses and other liabilities$155,568 $147,429 

6.   Leases

We lease facilities under operating leases with various expiration dates through 2030. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year. As of December 31, 2024, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to six years.Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. We are required to post collateral for the letters of credit in the form of cash or eligible securities. As of December 31, 2024, the collateral totaled $5.9 million, which was