Affirm Holdings, Inc. (AFRM): restructuring charge — Affirm reports FQ2'23 GMV $5.7B (+27% YoY) and announces 19% workforce reduction

Affirm Holdings, Inc.

2023-Q2 EPS reported -$1.96 revenue$761,182,000

GMV record $5.7B (+27% YoY); revenue $400M (+11% YoY); RLTC $144M (-21% YoY) below outlook.
Restructuring: ~500 employees (19% of workforce) cut; expected total costs $35-39M, mostly in FQ3'23.
Delinquencies improved sequentially; funding capacity reached $11.3B in January after $500M ABS and $300M new warehouse.
Pricing optimization lagged; management expects tailwinds to RLTC and GMV from pricing initiatives.
Adjusted operating income better than expected; headcount to remain essentially flat going forward.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

Affirm Holdings, Inc. reported financial results for the second fiscal quarter ended December 31, 2022.

Period: the second fiscal quarter ended December 31, 2022
Result: reported results

Exact text from the filing

On February 8, 2023 , the Affirm Holdings, Inc. (the "Company") issued a Shareholder Letter (the “Letter”) regarding its financial results for the second fiscal quarter ended December 31, 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Affirm Holdings, Inc. announced a restructuring with charges of approximately $35 million to $39 million affecting company-wide (approximately 500 employees).

Type: restructuring
Charge: approximately $35 million to $39 million
Affected area: company-wide
Headcount: approximately 500 employees

Exact text from the filing

of its San Francisco office. The Company expects implementation of the Plan to be substantially complete by the end of fiscal 2023. The Company expects to incur approximately $35 million to $39 million in total restructuring costs, which includes cash expenditures of $24 million to $28 million relating to one-time employee severance and other employment

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59 earnings releases filed in the last 30 days. Browse all earnings releases →

Affirm Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001820953-23-000001

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