Affirm(AFRM) - 2025 Q4 - Annual Report

PART I ITEM 1. BUSINESS Affirm builds a next-gen payment network, offering point-of-sale, merchant commerce, and a consumer app, leveraging proprietary technology - Affirm's mission is to deliver honest financial products, reinventing payments and commerce through trust and transparency, including charging $0 in late fees[16][18] - Proprietary technology, underwriting, and risk management are key competitive advantages, utilizing data from approximately 343 million loans to assess risk, leading to lower fraud and higher approval rates[19][20] GMV Contribution by Loan Product (FY2024-FY2025) | Loan Product | FY2025 GMV % | FY2024 GMV % | | :------------- | :------------ | :------------ | | Pay-in-X | 14% | 15% | | 0% APR Loans | 13% | 11% | | Interest-Bearing Loans | 72% | 74% | - As of June 30, 2025, Affirm had approximately 377 thousand active merchants and facilitated $36.7 billion in GMV, with 94% of transactions driven by repeat consumers[21][27][37] - Growth strategy includes expanding consumer transaction frequency (5.8 transactions per active consumer in FY2025, up 20% YoY), innovating AI-powered solutions, and increasing merchant penetration[48][51][52] - Affirm operates in the U.S., Canada, and the U.K., with plans for further international expansion into Western Europe and Australia, navigating complex regulatory environments[53][67] ITEM 1A. Risk Factors This section outlines significant risks that could materially and adversely affect Affirm's business, financial condition, and future prospects - Affirm's success is highly dependent on attracting and retaining commercial partners and consumers; failure to do so would materially and adversely affect the business[107][111] - The company operates in a highly competitive industry against larger financial institutions and other pay-over-time solutions, which may have advantages such as diversified products, larger customer bases, and lower-cost funding[113][114] - Reliance on a small number of originating bank partners (Celtic Bank, Lead Bank) and a single card issuing bank (Evolve Bank & Trust) poses a significant risk; termination could severely impact operations[118][119][121] - The ability to accurately price credit risk and ensure loan performance is crucial; errors in proprietary risk models or unexpected losses could lead to financial losses and loss of confidence from funding sources[133][135][138] - Use of generative AI-powered solutions introduces risks such as inaccurate or biased outputs, potential intellectual property litigation, significant compliance burdens, and reputational damage[142][143][144] - International expansion subjects Affirm to new challenges, including adapting risk algorithms, complying with diverse regulatory frameworks, and managing foreign currency exposure[149][155] - Affirm has a history of operating losses, though it achieved GAAP operating income profitability in Q4 FY2025; sustaining profitability is subject to risks like increased operating expenses and market conditions[159][160] - The dual-class common stock structure concentrates voting control with Class B stockholders, potentially depressing Class A common stock trading price and limiting minority stockholder influence[243][246] ITEM 1B. Unresolved Staff Comments There are no unresolved staff comments to report - No unresolved staff comments[262] ITEM 1C. Cybersecurity Affirm's cybersecurity program, informed by NIST CSF, manages risks through testing, monitoring, and incident response, with Board oversight - Affirm's cybersecurity program is based on the NIST CSF, incorporating processes and tools for risk assessment, identification, and management, including automated/manual testing and incident response[263][264] - The Board of Directors' Audit Committee oversees cybersecurity risks, receiving periodic updates from the CISO on identified risks, mitigation strategies, incidents, and key initiatives[268][269] - As of the report date, cybersecurity threats have not materially affected Affirm's business, but future impacts cannot be assured[267] ITEM 2. Properties Affirm leases office space in various locations, including its San Francisco headquarters, and does not own any real property - Affirm leases office space, with its corporate headquarters in San Francisco, California, and additional offices in New York, Pittsburgh, Chicago, and Toronto[270] - The company does not own any real property and considers its current facilities sufficient for its needs[270] ITEM 3. Legal Proceedings Affirm is involved in securities class action and shareholder derivative lawsuits, with reincorporation potentially leading to more litigation, but estimable losses are not material - Affirm is a defendant in a putative securities class action (Kusnier v. Affirm Holdings, Inc.) and three related shareholder derivative lawsuits alleging false/misleading statements and breaches of fiduciary duty[165][166][578][579][580][581] - The company's reincorporation from Delaware to Nevada on July 1, 2025, could potentially result in additional litigation[166] - Management has determined that the aggregate estimable losses from legal proceedings would not have a material adverse effect on the consolidated financial position, results of operations, or cash flows[582] ITEM 4. Mine Safety Disclosures This item is not applicable to Affirm Holdings, Inc - Not applicable[274] PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Affirm's Class A common stock trades on Nasdaq (AFRM); Class B is not public, and the company has never paid cash dividends, retaining earnings for operations - Affirm's Class A common stock trades on the Nasdaq Global Select Market (AFRM); Class B common stock is not publicly traded[276] Common Stock Outstanding and Holders of Record (as of August 22, 2025) | Class | Shares Outstanding | Holders of Record | | :---- | :----------------- | :---------------- | | Class A | 284,917,717 | 205 | | Class B | 40,732,597 | 124 | - The company has never paid cash dividends and plans to retain future earnings for business operations and expansion[278] - No equity securities were repurchased by the issuer during the fourth quarter of 2025[279] ITEM 6. [Reserved] This item is reserved and contains no information ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This section reviews Affirm's financial condition and results, driven by merchant fees, interest income, and card network revenue, achieving $52.2 million net income in FY2025 - Affirm's business model is built on simplicity, transparency, and consumer-first principles, offering 0% APR and interest-bearing loans without deferred interest, late fees, or penalties[288][289] - The company's revenue model includes merchant fees (higher for 0% APR products), interest income from consumer loans, and a portion of interchange fees from Affirm Card and virtual card transactions[293][294][295] - Affirm relies on originating bank partners (Celtic Bank, Lead Bank) for a majority of loans, while also directly originating loans under its own licenses in the U.S., Canada, and the U.K[296][298] Net Income (Loss) (FY2023-FY2025) | Fiscal Year | Net Income (Loss) (in thousands) | | :---------- | :------------------------------- | | 2025 | $52,186 | | 2024 | $(517,757) | | 2023 | $(985,345) | Overview Affirm aims to redefine payments and commerce by offering honest, transparent financial products through its platform and consumer app, leveraging proprietary technology - Affirm's mission is to deliver honest financial products that improve lives, reinventing payments and commerce through modern technology and a mission-driven approach[287] - The platform offers point-of-sale payment solutions for consumers, merchant commerce solutions, and a consumer app (Affirm Card, high-yield savings, personalized marketplace)[288] - Key competitive advantages include proprietary technology, machine learning, AI, and cloud-based solutions for data aggregation, risk pricing, and product differentiation[290] Our Financial Model Affirm's financial model combines diverse revenue from merchants and consumers with a flexible loan origination and servicing model, supported by proprietary risk assessment - Affirm's revenue model includes merchant fees (higher for 0% APR products), interest income from interest-bearing loans, and interchange fees from Affirm Card and virtual card transactions[293][294][295] GMV Contribution by Loan Product (FY2023-FY2025) | Loan Product | FY2025 GMV % | FY2024 GMV % | FY2023 GMV % | | :------------- | :------------ | :------------ | :------------ | | Pay-in-X | 14% | 15% | 19% | | 0% APR Loans | 13% | 11% | 13% | | Interest-Bearing Loans | 72% | 74% | 68% | - Loans are underwritten using a proprietary risk model and are either funded by originating bank partners (Celtic Bank, Lead Bank) and then purchased by Affirm, or directly originated by Affirm's subsidiaries[296][297][298] - Affirm acts as the servicer for all loans it originates directly or purchases, earning servicing fees on loans held by third parties[299] Factors Affecting Our Performance Affirm's performance is influenced by funding, product mix, seasonality, macroeconomic conditions, credit optimization, and evolving regulatory and tax environments - Maintaining a diverse and capital-efficient funding model (warehouse facilities, securitization trusts, forward flow arrangements) is crucial for supporting GMV growth[301] - Shifts in merchant volumes and product mix (e.g., low AOV products like Affirm Card) impact GMV and revenue as a percentage of GMV, potentially leading to increased transactions per active consumer but lower revenue per transaction[302][305] - Seasonal fluctuations are expected, with strongest GMV in the fiscal second quarter (holiday season) and lowest loan delinquencies in the fiscal third and fourth quarters (tax refunds)[306] - Macroeconomic conditions (elevated interest rates, inflation, recession concerns) impact consumer demand, borrowing costs, and capital market volatility, though Affirm leverages diverse funding channels for resilience[307][309] - Loan modification programs (payment deferrals, re-amortizations) are used to manage consumer loan repayment and minimize losses, impacting delinquency rates[308][310][311] - The company is subject to CFPB supervision and enforcement, which could lead to increased compliance costs or mandated changes to business practices[312] - U.S. income tax developments, including the One Big Beautiful Bill Act, are being evaluated for their impact on financial statements, with potential for valuation allowance release if pretax earnings continue[313][314] Key Operating Metrics Affirm tracks GMV, Active Consumers, and Transactions per Active Consumer, reporting 38% GMV growth to $36.7 billion and 23% active consumer growth in FY2025 Gross Merchandise Volume (GMV) (FY2023-FY2025) | Fiscal Year | GMV (in billions) | | :---------- | :---------------- | | 2025 | $36.7 | | 2024 | $26.6 | | 2023 | $20.2 | - GMV increased by 38% in FY2025, driven by growth in top five merchants/platform partners (47% of total GMV), direct-to-consumer products, and increases in active merchants and consumers[318][319][321] Active Consumers and Transactions per Active Consumer (as of June 30) | Metric | June 30, 2025 | June 30, 2024 | June 30, 2023 | | :------------------------ | :------------ | :------------ | :------------ | | Active consumers (millions) | 23.0 | 18.7 | 16.5 | | Transactions per active consumer | 5.8 | 4.9 | 3.9 | - Active consumers grew by 23% in FY2025, primarily due to high retention, Affirm Card adoption, and expansion of active merchants and partnerships[324] - Transactions per active consumer increased by 20% in FY2025, driven by platform growth, repeat usage, and Affirm Card activity (representing 10% of total transactions in FY2025)[326] Results of Operations Affirm achieved $52.2 million net income in FY2025, a significant improvement from prior losses, with total revenue increasing 39% to $3.22 billion driven by interest income and loan sales Consolidated Statements of Operations and Comprehensive Income (Loss) Data (FY2023-FY2025) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | 2025 vs 2024 % Change | | :-------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Total revenue, net | $3,224,412 | $2,322,999 | $1,587,985 | 39% | | Total operating expenses | $3,311,685 | $2,938,846 | $2,788,847 | 13% | | Operating loss | $(87,273) | $(615,847) | $(1,200,862) | 86% | | Other income, net | $148,737 | $100,320 | $211,617 | 48% | | Income (loss) before income taxes | $61,464 | $(515,527) | $(989,245) | 112% | | Income tax expense (benefit) | $9,279 | $2,230 | $(3,900) | 316% | | Net income (loss) | $52,186 | $(517,757) | $(985,345) | 110% | Comparison of the Years Ended June 30, 2025 and 2024 Affirm experienced substantial financial growth in FY2025, with merchant network revenue up 31%, card network revenue up 53%, interest income up 34%, and gain on sales of loans up 94% Revenue Growth (FY2025 vs FY2024) | Revenue Stream | FY2025 (in thousands) | FY2024 (in thousands) | Change ($) | Change (%) | | :--------------- | :-------------------- | :-------------------- | :--------- | :--------- | | Merchant network revenue | $882,658 | $674,607 | $208,051 | 31% | | Card network revenue | $231,308 | $151,401 | $79,907 | 53% | | Interest income | $1,608,221 | $1,204,355 | $403,866 | 34% | | Gain on sales of loans | $381,622 | $197,153 | $184,469 | 94% | | Servicing income | $120,602 | $95,483 | $25,119 | 26% | | Total revenue, net | $3,224,412 | $2,322,999 | $901,413 | 39% | - Merchant network revenue increased by 31% due to a 38% increase in GMV, reaching $36.7 billion in FY2025, with active merchants growing to 377 thousand and active consumers to 23.0 million[330] - Card network revenue grew by 53%, driven by a 45% increase in GMV processed through issuer processors, reflecting higher Affirm Card and one-time-use virtual debit card activity[332] - Interest income rose by 34%, correlated with a 28% increase in the average balance of loans held for investment to $6.5 billion[334] - Gain on sales of loans increased by 94%, attributed to a 54% higher loan sale volume to third-party buyers ($15.8 billion in FY2025) and favorable transaction economics[335] Operating Expense Changes (FY2025 vs FY2024) | Expense Category | FY2025 (in thousands) | FY2024 (in thousands) | Change ($) | Change (%) | | :----------------- | :-------------------- | :-------------------- | :--------- | :--------- | | Loss on loan purchase commitment | $242,264 | $180,395 | $61,869 | 34% | | Provision for credit losses | $616,683 | $460,628 | $156,055 | 34% | | Funding costs | $425,451 | $344,253 | $81,198 | 24% | | Processing and servicing | $457,849 | $343,249 | $114,600 | 33% | | Technology and data analytics | $589,723 | $501,857 | $87,866 | 18% | | Sales and marketing | $434,847 | $576,405 | $(141,558) | (25)% | | General and administrative | $545,053 | $525,291 | $19,762 | 4% | - Sales and marketing expense decreased by 25%, primarily due to a $135.2 million decrease in Amazon warrant expense as a portion of warrants fully vested[351] - Other income, net, increased by 48%, mainly driven by an $82.4 million gain on the early extinguishment of convertible debt in FY2025, compared to $12.6 million in FY2024[355] Liquidity and Capital Resources Affirm maintains a capital-efficient model with diverse funding, holding $2.2 billion in cash and $5.2 billion in available funding debt capacity as of June 30, 2025 - Affirm's liquidity is supported by cash and cash equivalents, available-for-sale securities, and capacity from warehouse/revolving credit facilities, securitization trusts, and forward flow loan sale arrangements[358][359] Cash, Cash Equivalents, and Investments in Debt Securities (as of June 30) | Metric | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | | :---------------------------------------- | :--------------------------- | :--------------------------- | | Cash and cash equivalents | $1,354,455 | $1,013,106 | | Investments in short-term debt securities | $652,491 | $865,766 | | Investments in long-term debt securities | $218,934 | $265,862 | | Total | $2,225,880 | $2,144,734 | Debt Maturity Profile (as of June 30, 2025) | Maturity Fiscal Year | Borrowing Capacity (in thousands) | Principal Outstanding (in thousands) | | :------------------- | :-------------------------------- | :----------------------------------- | | 2026 | $500,000 | $183,181 | | 2027 | $1,850,000 | $349,798 | | 2028 | $802,053 | $592,214 | | 2029 | $2,354,613 | $2,383,583 | | 2030 | $951,026 | $892,562 | | Thereafter | $5,200,000 | $2,089,176 | | Total | $11,657,692 | $6,490,514 | - Affirm's revolving credit facility has an aggregate commitment of $330.0 million, with no outstanding borrowings as of June 30, 2025[372][596] - The company issued $920.0 million in 0.75% convertible senior notes due 2029 and repurchased $1.1 billion of 0% convertible senior notes due 2026, resulting in an $82.4 million gain on early extinguishment of debt[597][608] Cash Flow Summary (FY2023-FY2025) | Cash Flow Activity | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :----------------- | :-------------------- | :-------------------- | :-------------------- | | Operating activities | $793,909 | $450,138 | $12,181 | | Investing activities | $(1,083,064) | $(1,325,149) | $(1,653,070) | | Financing activities | $751,425 | $913,149 | $1,349,945 | - Off-balance sheet arrangements include unconsolidated securitization and forward flow transactions, with Affirm retaining variable interests and potential exposure to losses up to 5% of senior notes and residual trust certificates[383][384] Critical Accounting Policies and Estimates Affirm's financial statements rely on critical accounting policies and estimates, particularly for the allowance for credit losses and the loss on loan purchase commitment - Critical estimates include the allowance for credit losses, capitalized internal-use software, valuation allowance for deferred tax assets, loss on loan purchase commitment, and fair value of available-for-sale debt securities[390][449] - Loss on loan purchase commitment arises when Affirm is required to purchase loans from originating bank partners at a price exceeding their fair market value, or directly originates loans with par value exceeding fair value[391][392][393] - The allowance for credit losses is management's estimate of expected credit losses over the remaining contractual term, based on migration analysis of delinquent and current loan receivables, historical performance, and future economic expectations[395][396] Recent Accounting Pronouncements Affirm adopted ASU 2023-07 on Segment Reporting effective June 30, 2025, and is evaluating other ASUs on Income Taxes, Expense Disaggregation, and Debt with Conversion Options - Affirm adopted ASU 2023-07, 'Segment Reporting,' effective June 30, 2025, which modifies annual and interim segment reporting disclosures to enhance understanding of overall performance and future cash flows[516] - The company is evaluating the impact of ASU 2023-09, 'Income Taxes,' effective for fiscal years beginning after December 15, 2024, which aims to increase transparency of income tax disclosures[517] - Affirm is also evaluating ASU 2024-03, 'Expense Disaggregation Disclosures,' effective for fiscal years beginning after December 15, 2026, and ASU 2024-04, 'Debt with Conversion and Other Options,' effective for fiscal years beginning after December 15, 2025[518][519] ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk Affirm is exposed to interest rate risk, impacting fair value of securities, interest margins, and loan sale economics, managed through hedging and proprietary credit risk models - Affirm's primary market risk exposure is from interest rate fluctuations, which can impact the fair value of fixed-rate securities, reduce interest margins on variable-rate debt, and affect loan sale economics[400][401][403] - Elevated interest rates may adversely affect consumer spending, borrowing willingness, and ability to repay, potentially leading to increased delinquencies, defaults, and charge-offs[402] - The company uses an interest rate hedging program, including interest rate derivatives (caps and swaps), to mitigate interest rate risk, with some designated as cash flow hedges[404] - Affirm estimates a hypothetical 100 basis point upward parallel shock to interest rates would have a less than $65.0 million adverse impact on cash flows over the next 12 months[404] - Credit risk on consumer loans is managed using proprietary underwriting models (ITACs score) that assess credit risk at origination and monitor portfolio performance against external factors[405][406] - As of June 30, 2025, Affirm was exposed to credit risk on $7.0 billion of loans held on its balance sheet, with loan receivables diversified geographically (California and Texas each representing approximately 10-11%)[407] - The company also has credit risk exposure from off-balance sheet loans subject to risk sharing arrangements and retained interests in unconsolidated securitization trusts, with maximum exposure to losses of $91.1 million and $76.9 million respectively as of June 30, 2025[408] ITEM 8. Financial Statements and Supplementary Data This section presents Affirm's audited consolidated financial statements for FY2023-2025, with an unqualified opinion from Deloitte & Touche LLP on financial statements and internal controls - The independent registered public accounting firm, Deloitte & Touche LLP, issued an unqualified opinion on Affirm's consolidated financial statements for the period ended June 30, 2025, and on the effectiveness of its internal control over financial reporting[414][415] - The Allowance for Credit Losses (ACL) for U.S. and Canada loans was identified as a critical audit matter due to its subjective nature and the significant judgment required in its estimation[419][420] Consolidated Balance Sheet Highlights (as of June 30, 2025 and 2024) | Asset/Liability | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | | :-------------------------- | :--------------------------- | :--------------------------- | | Total assets | $11,154,929 | $9,519,619 | | Loans held for investment, net | $6,628,606 | $5,360,959 | | Total liabilities | $8,085,919 | $6,787,630 | | Convertible senior notes, net | $1,153,000 | $1,341,430 | | Notes issued by securitization trusts | $4,833,855 | $3,236,873 | | Total stockholders' equity | $3,069,009 | $2,731,989 | Consolidated Statements of Operations Highlights (FY2023-FY2025) | Metric | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :-------------------------- | :-------------------- | :-------------------- | :-------------------- | | Total revenue, net | $3,224,412 | $2,322,999 | $1,587,985 | | Operating loss | $(87,273) | $(615,847) | $(1,200,862) | | Net income (loss) | $52,186 | $(517,757) | $(985,345) | | Basic EPS | $0.16 | $(1.67) | $(3.34) | | Diluted EPS | $0.15 | $(1.67) | $(3.34) | Consolidated Statements of Cash Flows Highlights (FY2023-FY2025) | Cash Flow Activity | FY2025 (in thousands) | FY2024 (in thousands) | FY2023 (in thousands) | | :----------------- | :-------------------- | :-------------------- | :-------------------- | | Operating activities | $793,909 | $450,138 | $12,181 | | Investing activities | $(1,083,064) | $(1,325,149) | $(1,653,070) | | Financing activities | $751,425 | $913,149 | $1,349,945 | ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure There are no changes in or disagreements with accountants on accounting and financial disclosure to report - No changes in or disagreements with accountants on accounting and financial disclosure[712] ITEM 9A. Controls and Procedures Management concluded that disclosure controls and internal control over financial reporting were effective as of June 30, 2025, a conclusion affirmed by Deloitte & Touche LLP - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were effective as of June 30, 2025[713] - Management assessed and concluded that internal control over financial reporting was effective as of June 30, 2025, based on COSO criteria[714][718] - Deloitte & Touche LLP audited and expressed an unqualified opinion on the effectiveness of Affirm's internal control over financial reporting as of June 30, 2025[719][722][723] - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[720] ITEM 9B. Other Information CFO Rob O'Hare adopted a Rule 10b5-1 trading plan on June 12, 2025, for exercising stock options and selling Class A common stock and vested RSUs - Rob O'Hare, CFO, adopted a Rule 10b5-1 trading arrangement on June 12, 2025[729] - The plan provides for the exercise of up to 66,591 employee stock options and the sale of underlying Class A common stock, along with shares from vested RSUs[729] - Transactions under the plan are scheduled from October 1, 2025, to March 31, 2026[729] ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections This item is not applicable to Affirm Holdings, Inc - Not applicable[730] PART III ITEM 10. Directors, Executive Officers and Corporate Governance Information on directors, executive officers, and corporate governance is incorporated by reference from Affirm's 2025 Annual Meeting of Stockholders Proxy Statement - Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 Annual Meeting of Stockholders Proxy Statement[732] - Affirm has a Code of Ethics and Business Conduct and an Insider Trading Policy, available on its investor relations website[733][734] ITEM 11. Executive Compensation Executive compensation information is incorporated by reference from Affirm's 2025 Annual Meeting of Stockholders Proxy Statement - Executive compensation information is incorporated by reference from the 2025 Annual Meeting of Stockholders Proxy Statement[735] ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Details regarding security ownership of certain beneficial owners and management are incorporated by reference from Affirm's 2025 Annual Meeting of Stockholders Proxy Statement - Information on security ownership of certain beneficial owners and management, and related stockholder matters, is incorporated by reference from the 2025 Annual Meeting of Stockholders Proxy Statement[736] ITEM 13. Certain Relationships and Related Transactions and Director Independence Information on certain relationships, related transactions, and director independence is incorporated by reference from Affirm's 2025 Annual Meeting of Stockholders Proxy Statement - Information on certain relationships and related transactions, and director independence, is incorporated by reference from the 2025 Annual Meeting of Stockholders Proxy Statement[737] ITEM 14. Principal Accountant Fees and Services Information regarding principal accountant fees and services is incorporated by reference from Affirm's 2025 Annual Meeting of Stockholders Proxy Statement - Information on principal accountant fees and services is incorporated by reference from the 2025 Annual Meeting of Stockholders Proxy Statement[738] PART IV ITEM 15. Exhibits and Financial Statement Schedules This section lists financial statements, schedules, and exhibits filed as part of the Form 10-K, with some portions omitted for confidentiality - Consolidated financial statements are listed in the 'Index to Consolidated Financial Statements' under Part II, Item 8[740] - All financial statement schedules are omitted because the required information is either not present or included in Part II, Item 8[741] - A detailed list of exhibits, including corporate documents, agreements (e.g., Amazon, Shopify), and certifications, is provided, with some portions omitted for confidentiality[742][746] ITEM 16. Form 10-K Summary This item indicates that no Form 10-K Summary is provided - No Form 10-K Summary is provided[748] Signatures The Annual Report on Form 10-K is duly signed by the CEO, Max Levchin, and other key officers and directors, with a Power of Attorney granted for amendments - The report is signed by Max Levchin, Chief Executive Officer (Principal Executive Officer), on August 28, 2025[753] - A Power of Attorney is granted to Max Levchin, Rob O'Hare, and Katherine Adkins to sign and file amendments to the Annual Report[754] - Other signatories include the Chief Financial Officer, Chief Accounting Officer, and various directors[757]