Company: AFRM
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050295
Chunk: 71

Company: Affirm Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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47,480 21,850 46 %Total network revenue320,477 231,819 88,658 38 %Interest income (1)454,122 377,064 77,058 20 %Gain on sales of loans (1)119,049 63,613 55,436 87 %Servicing income39,689 25,983 13,706 53 %Total revenue, net933,337 698,479 234,858 34 %Operating expenses (2)Loss on loan purchase commitment71,552 54,237 17,315 32 %Provision for credit losses162,752 159,824 2,928 2 %Funding costs110,027 104,145 5,882 6 %Processing and servicing133,807 95,146 38,661 41 %Technology and data analytics168,106 134,290 33,816 25 %Sales and marketing78,491 145,233 (66,742)(46)%General and administrative144,941 138,482 6,459 5 %Restructuring and other— (255)255 (100)%Total operating expenses869,676 831,102 38,574 5 %Operating income (loss)$63,661 $(132,623)$196,284 148 %Other income, net19,358 34,303 (14,945)(44)%Income (loss) before income taxes$83,019 $(98,320)$181,339 184 %Income tax expense2,326 1,902 424 22 %Net income (loss)$80,694 $(100,222)$180,916 181 %

(1)Upon purchase of a loan from our originating bank partners at a price above the fair market value of the loan or upon the origination of a loan with a par value in excess of the fair market value of the loan, a discount is included in the amortized cost basis of the loan. For loans held for investment, this discount is amortized over the life of the loan into interest income. For loans held for sale, when a loan is sold to a third-party loan buyer or off-balance sheet securitization trust, the unamortized discount is released in full at the time of sale and recognized as part of the gain or