Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 69

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 service period, and only if performance-based conditions are considered probable of being satisfied. We incurred stock-based compensation expense of $12.4 million and $24.7 million during the three and six months ended December 31, 2024, respectively, and $19.5 million and $39.1 million during the three and six months ended December 31, 2023, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive income (loss).  As of December 31, 2024, unrecognized compensation expense related to the Value Creation Award was approximately $23.6 million, which is expected to be recognized over a remaining weighted-average period of 1.0 year.Restricted Stock Units RSUs granted prior to the IPO were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one to four years. 

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The following table summarizes our RSU activity during the six months ended December 31, 2024:Number of SharesWeighted Average Grant Date Fair ValueNon-vested at June 30, 202418,327,420 $27.68 Granted11,171,205 32.95 Vested(7,622,286)30.09 Forfeited, expired or cancelled(1,190,357)27.39 Non-vested at December 31, 202420,685,982 $29.65 As of December 31, 2024, unrecognized compensation expense related to unvested RSUs was approximately $573.8 million, which is expected to be recognized over a remaining weighted-average period of 1.8 years.2020 Employee Stock Purchase PlanOn November 18, 2020, our Board of Directors adopted and approved the 2020