Affirm Results Presentation Deck
Non-GAAP Free Cash Flow
September 30, 2019 December 31, 2019
(30,795) $
(30,996)
24,844
30,178
(15,090)
(20,153)
(6,303)
(6,891)
8,425
8,369
2,112
2,432
($ in 000s)
Net loss
Provision for losses
Net charge-offs
Amortization of premiums and discounts on loans
Stock-based compensation
Depreciation and amortization
Amortization of commercial agreement assets
Changes in fair value of assets and liabilities
Other net loss reconciliations from cash flow from operations
Change in operating assets and liabilities
Change in restricted cash
Adjusted Cash Flow from Operations
Additions to property equipment and software
Free Cash Flow
Loans purchases and originations
Loan sale balances sold
Debt financing, net
Principal repayment of loans
Net charge-offs
Cash Flow from Loan Financing and Repayment
Free Cash Flow After Loan Financing and Repayment
Plus: Change in restricted cash
Plus: Proceeds from initial public offering, net
Plus: Other investing cash inflows
Less: Other investing cash outflows
Less: Acquisition funds, net
Less: Acquisition of commercial agreement assets
Less: Proceeds from issuance of convertible debt, net
Less: Proceeds, repurchases and issuance of preferred and common stock
Less: Payments of tax withholding for stock-based compensation
Plus: Exchange rate effects on cash, cash equivalents and restricted cash
Net Increase (Decrease) in Cash and Restricted Cash, GAAP
Cash and restricted cash, beginning of period
Cash and Restricted Cash, end of period
$
$
$
$
$
$
$
$
$
(741)
723
(736)
(4,564)
(22,125)
(5,411)
(27,536) $
(901,793) $
385,513
47,308
437,642
$
15,090
(16,240) $
(43,776) $
4,564
15,361
$
(23,851) $
357,771
333,920 $
$
1,643
620
5,623
(36,604)
(45,779) $
(8,091)
(53,870) $
(1,522,868) $
793,202
181,495
505,844
20,153
(22,174)
$
(76,044) $
36,604
(39,704)
(79,144) $
333,920
254,776
$
March 31 2020
(85,620)
82,216
(19,887)
(7,474)
7,795
2,877
(1,608)
(262)
$
31,226
14,006
23,269
(5,202)
18,067 $
(1,244,575) $
588,426
(30,599)
664,401
154
$
19,887
(2,460) $
15,607 $
(14,006)
1,755
254,776
256,531 $
$
Three Months Ended
June 30, 2020
34,813
(32,171)
(17,533)
(6,937)
5,036
2,023
September 30, 2020
(3,946)
28,931
(11,320)
$
3,553
1,313
(5,137)
3,416
(11,624) $
(2,315)
(13,939) $
(1,262,567) $
526,323
44,759
686,946
75,000
958
17,533
12,994 $
(945) $
(3,416)
$
$
71,597
256,531
328,128 $
(11,123)
6,203
3,720
14,261
(30,202)
1,691
12,547
(40,382)
(29,620) $
(4,169)
(33,789) $
(1,524,647) $
397,541
382,220
749,128
IIII
December 31, 2020
$
11,320
15,562 $
(18,227) $
40,382
435,591
Corrected on September 21, 2021
457,746 $
328,128
785,874 $
(26,610) $
12,521
(9,116)
(20,330)
6,521
3,351
17,039
(366)
3,193
(4,124)
(14,598)
(32,519) $
(2,894)
(35,413) $
(2,201,056) $
778,098
425,935
951,681
9,116
(36,226) $
(71,639) $
14,598
(113,628)
21,585
$
(149,084) $
785,874
636,790 $
March 31, 2021
(272,140) $
(1,063)
(10,245)
(29,252)
164,728
5,021
18,797
75,878
16,954
(81,192)
(67,281)
(179,795)
(5,351)
(185,146) $
(2,228,803) $
724,766
290,511
1,301,542
10,245
98,261 $
(86,885) $
67,281
1,305,301
337
(22,000)
8,852
$
20,382
(127,566)
4,510 $
1,170,212 $
636,790
1,807,002
$
June 30, 2021
(128,227)
25,489
(20,559)
(29,666)
110,581
7,887
19,006
6,345
1,251
19,021
(42,744)
(31,616)
(7,838)
(39,454)
(2,583,480)
1,428,515
(148,503)
1,322,267
20,559
39,358
Notes:
1. The impact of net charge-offs for the quarter ended June 30, 2021 was corrected on September 21, 2021
2. Loan purchases & origination includes Purchases of loans held for sale and Purchases and originations of loans from Cash Flow Statement
3. Loan sale balances sold includes (Gain) loss on sales of loans, Proceeds from sale of loans held for sale and Proceeds from the sale of loans from Cash Flow Statement
4. Debt financing, net includes Proceeds from funding debt, Capitalization of debt issuance costs, Principal repayments of funding debt, Proceeds from issuance of notes and certificates by securitization trust and Principal repayments of notes issued by securitization trust
5. FY Q1'21 and FY Q2'21 amounts include adjustments to amounts previously reported due to effects of adoption of accounting standards effective July 1, 2020; FY Q3'21 amounts include adjustments to amounts previously reported due to an adjustment to stock-based compensation expense
6. Metrics are unaudited
affirm
(96)
42,744
(125)
1,116
(10,178)
(117,657)
3,213
(30,714)
(2,673)
(114,370)
1,807,002
1,692,632
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