Affirm Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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11. Derivative Financial Instruments
- Derivative Financial Instruments
The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of September 30, 2024 and June 30, 2024 (in thousands):
| September 30, 2024 | June 30, 2024 | |||||
|---|---|---|---|---|---|---|
| Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | |
| Derivatives designated as cash flow hedges | ||||||
| Interest rate contracts - cash flow hedges | $— | $— | $— | $150,000 | $4 | $— |
| Derivatives not designated as hedges | ||||||
| Interest rate contracts | 590,507 | 7,587 | 278 | 854,589 | 17,203 | 38 |
| Total gross derivative assets/liabilities | $590,507 | $7,587 | $278 | $1,004,589 | $17,207 | $38 |
The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands):
| Three Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Balance at beginning of period | 1,407 | 751 |
| Changes in fair value | (1,268) | 1,014 |
| Amounts reclassified into earnings (1) | (224) | (251) |
| Balance at end of period (2) | $(85) | $1,514 |
(1)The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs.
(2)As of September 30, 2024, we estimated that $0.3 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months.
The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive loss such impact is reported (in thousands):
| Three Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Location of gains (losses) where the effects of derivatives are recorded | ||
| The effects of cash flow hedging | ||
| Funding costs | 224 | 251 |
| The effects of derivatives not designated in hedging relationships | ||
| Other income, net | (3,953) | 3,979 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.