Company: AFRM
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001820953-25-000052
Chunk: 24

Company: Affirm Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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sembled workforce12,490 (12,490)— 0.0Trademarks and domains, definite1,450 (1,165)285 1.0Trademarks, licenses and domains, indefinite11,628 — 11,628 IndefiniteOther intangibles350 — 350 IndefiniteTotal intangible assets$103,209 $(89,707)$13,502 Amortization expense for intangible assets was $0.1 million and $1.3 million for the three and nine months ended March 31, 2025, respectively, and $2.0 million and $19.0 million for the three and nine months ended 

22

March 31, 2024, respectively. No impairment losses related to intangible assets were recorded during the three and nine months ended March 31, 2025 and 2024. The expected future amortization expense of these intangible assets as of March 31, 2025 is as follows, by fiscal year (in thousands):2025 (remaining three months)$60 2026150 202715 2028— 2029 and thereafter— Total amortization expense$225 Commercial Agreement AssetsIn November 2021, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). The warrants were granted in exchange for certain performance provisions and the benefit of acquiring new users. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the expected benefit period of four years. For the three and nine months ended March 31, 2025, we recognized amortization expense of $5.1 million and $15.6 million, respectively, and $6.9 million and $27.8 million for the three and nine months ended March 31, 2024, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants.  In July 2020, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire new merchant partners. This asset represents the probable future economic benefit to be realized over the expected benefit