Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 32

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 in the form of securities that have been classified as securities available for sale at fair value in the interim condensed consolidated balance sheets. As of June 30, 2024, the collateral totaled $8.8 million, of which $2.0 million was in the form of cash that was classified as restricted cash, and $6.8 million was in the form of securities which was classified as securities available for sale at fair value on our consolidated balance sheets.No impairment charge was incurred related to leases during the three and six months ended December 31, 2024. No impairment charge was incurred related to leases during the three months ended December 31, 2023. During the six months ended December 31, 2023, we subleased a portion of our leased office space in San Francisco, resulting in an impairment charge of $0.8 million, included in general and administrative expense on our interim condensed consolidated statements of operations and comprehensive income (loss). 

24

Operating lease expense is as follows (in thousands):Three Months Ended December 31,Six Months Ended December 31,2024202320242023Operating lease expense (1)$2,865$2,946$5,718$5,932(1)Lease expenses for our short-term leases were immaterial for the periods presented. We have subleased a portion of our leased facilities. Sublease income totaled $1.2 million and $2.5 million during the three and six months ended December 31, 2024, respectively, and $1.2 million and $2.1 million during the three and six months ended December 31, 2023, respectively.Lease term and discount rate information are summarized as follows:December 31, 2024Weighted average remaining lease term (in years)2.9Weighted average discount rate5.1%As of December 31, 2024, future minimum lease payments are as follows, by fiscal year (in thousands):2025 (remaining six months)$8,399 202615,811 20273,046 20282,185 20292,240 Thereafter3,273 Total lease payments34,954 Less imputed interest(2,921)Present value of total lease liabilities$32,033 

7.   Commitments and Contingencies

Loan Repurchase ObligationsUnder the normal terms of our whole loan sales to third-party investors, we may become obligated to repurchase loans from investors in