Affirm Holdings, Inc.

5. Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net was $356.9 million and $284.4 million as of September 30, 2026 and June 30, 2026, respectively, which includes $97.1 million and $88.0 million of receivables from contracts with customers, respectively. Accounts receivable are subject to an allowance for credit losses which was $23.8 million and $22.7 million as of September 30, 2026 and June 30, 2026, respectively.

Property, Equipment and Software, net

Property, equipment and software, net consisted of the following (in thousands):

Depreciation and amortization expense on property, equipment and software was $85.8 million and $65.3 million for the three months ended September 30, 2026 and 2025, respectively.

No impairment losses related to property, equipment and software were recorded during the three months ended September 30, 2026 and 2025.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the three months ended September 30, 2026 were as follows (in thousands):

(1)Adjustments to goodwill during the three months ended September 30, 2026 primarily pertained to foreign currency translation adjustments.

No impairment losses related to goodwill were recorded during the three months ended September 30, 2026 and 2025.

Intangible assets consisted of the following (in thousands):

No impairment losses related to intangible assets were recorded during the three months ended September 30, 2026 and 2025.

Commercial Agreement Assets

In fiscal year 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”) and recognized an asset of $133.5 million based on the grant date fair value of the warrants that were fully vested upon grant. The asset is amortized over the expected benefit period, which was extended from four tonine years in November 2025 upon the execution of a commercial agreement that superseded the prior agreement. For the three months ended September 30, 2026 and 2025, we recognized amortization expense of $0.3 million and $5.2 million, respectively, in our interim condensed consolidated statements of operations and comprehensive income as a component of sales and marketing expense. As of September 30, 2026, the accumulated amortization is $129.2 million and the remaining net asset value is $4.3 million, which will be recognized over the remaining useful life of 4.3 years. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants.

In fiscal year 2021, we granted warrants in exchange for the opportunity to acquire new merchant partners through a commercial agreement with Shopify Inc. (“Shopify”). We recognized an asset of $270.6 million based on the grant-date fair value of the vested warrants. We record amortization expense related to the commercial agreement asset in our interim condensed consolidated statements of operations and comprehensive income as a component of sales and marketing expense over the expected benefit period. For both the three months ended September 30, 2026 and 2025, we recorded amortization expense related to the commercial agreement asset of $2.8 million. As of September 30, 2026, the accumulated amortization is $239.5 million and the remaining net asset value is $31.1 million, which will be recognized over the remaining useful life of 2.8 years. As of September 30, 2026, none of the warrants are outstanding.

Shopify is deemed to be a related party because they are a principal owner of more than ten percent of the Company’s voting interest. Under the commercial agreement, certain of our platform services are made available to eligible Shopify merchants. In the ordinary course of business, we incur fees in connection with transactions processed on the Shopify platform under the agreement.

Other Assets

Other assets consisted of the following (in thousands):

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):