7Baggers

Affirm
(NASDAQ:AFRM) 

AFRM stock logo

Affirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the United States and Canada. The company's platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. Its payments network and partnership with an origina...

Founded: 2012
IPO Price: $49 (Jan 13, 2021)
Full Time Employees: 2,067 (Feb 2023)
CEO: Max Levchin  
Sector: Technology
Industry: Finance
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 
                        
      revenue
    		                    
      merchant network revenue
    		251,147,000 239,451,000 213,973,000 244,895,000 184,339,000 181,008,000 159,292,000 188,357,000 145,950,000 141,419,000 119,013,000 134,019,000 113,149,000 118,126,000 121,054,000 127,087,000 92,244,000 88,657,000 97,999,000 99,630,000 
      card network revenue
    		69,330,000 67,114,000 58,572,000 58,142,000 47,480,000 42,980,000 35,676,000 39,269,000 33,476,000 34,044,000 29,469,000 29,117,000 26,708,000 31,574,000 23,169,000 26,558,000 19,395,000 19,264,000 13,809,000 10,820,000 
      total network revenue
    		320,477,000 306,565,000 272,545,000 303,037,000 231,819,000 223,988,000 194,968,000 227,626,000 179,426,000 175,463,000 148,482,000 163,136,000 139,857,000 149,700,000 144,223,000 153,645,000 111,639,000 107,921,000 111,808,000  
      interest income
    		454,122,000 419,089,000 402,701,000 409,367,000 377,064,000 337,618,000 315,712,000 288,346,000 262,679,000 214,824,000 178,270,000 155,321,000 136,802,000 137,624,000 134,599,000 138,355,000 117,302,000 103,793,000 94,530,000 73,857,000 
      gain on sales of loans
    		119,049,000 116,883,000 75,838,000 125,287,000 63,613,000 69,983,000 40,183,000 52,702,000 34,285,000 32,326,000 32,813,000 59,607,000 63,595,000 55,282,000 52,484,000 57,690,000 30,979,000 42,582,000 16,350,000 14,560,000 
      servicing income
    		39,689,000 33,879,000 32,050,000 28,690,000 25,983,000 27,596,000 25,294,000 22,436,000 20,157,000 23,212,000 21,413,000 21,494,000 21,370,000 21,528,000 23,456,000 11,321,000 9,465,000 7,484,000 7,977,000 5,174,000 
      total revenue
    		933,337,000 876,417,000 783,135,000 866,381,000 698,479,000 659,185,000 576,157,000 591,110,000 496,547,000 445,825,000 380,978,000 399,558,000 361,624,000 364,134,000 354,762,000 361,011,000 269,385,000 261,780,000 230,665,000 204,041,000 
      yoy
    		33.62% 32.95% 35.92% 46.57% 40.67% 47.86% 51.23% 47.94% 37.31% 22.43% 7.39% 10.68% 34.24% 39.10% 53.80% 76.93%     
      qoq
    		6.49% 11.91% -9.61% 24.04% 5.96% 14.41% -2.53% 19.04% 11.38% 17.02% -4.65% 10.49% -0.69% 2.64% -1.73% 34.01% 2.91% 13.49% 13.05%  
      operating expenses
    		                    
      loss on loan purchase commitment
    		71,552,000 60,459,000 57,290,000 70,278,000 54,237,000 47,756,000 44,143,000 53,630,000 34,866,000 35,009,000 31,224,000 38,422,000 35,610,000 40,285,000 46,853,000 65,265,000 51,678,000 51,010,000 62,054,000 67,768,000 
      provision for credit losses
    		162,752,000 156,627,000 147,252,000 152,980,000 159,824,000 117,609,000 122,443,000 120,880,000 99,696,000 94,483,000 66,438,000 106,689,000         
      funding costs
    		110,027,000 105,912,000 107,631,000 107,762,000 104,145,000 95,256,000 90,449,000 84,617,000 73,931,000 63,008,000 51,188,000 43,751,000 25,066,000 19,417,000 15,824,000 17,700,000 16,753,000 15,623,000 14,665,000 12,060,000 
      processing and servicing
    		133,807,000 128,345,000 118,398,000 115,960,000 95,146,000 89,166,000 88,209,000 90,203,000 75,671,000 71,247,000 65,229,000 66,508,000 54,359,000 47,393,000 43,371,000 41,849,000 25,201,000 22,132,000 21,335,000 16,802,000 
      technology and data analytics
    		168,106,000 154,600,000 152,620,000 148,213,000 134,290,000 124,231,000 124,828,000 119,833,000 132,965,000 152,318,000 161,792,000 156,747,000 144,961,000 135,350,000 110,291,000 94,989,000 78,013,000 81,952,000 98,728,000 41,634,000 
      sales and marketing
    		78,491,000 79,554,000 74,022,000 136,038,000 145,233,000 135,324,000 132,950,000 161,265,000 146,866,000 145,131,000 140,942,000 188,334,000 163,873,000 168,693,000 156,214,000 143,476,000 63,960,000 65,036,000 57,549,000 39,112,000 
      general and administrative
    		144,941,000 132,857,000 134,303,000 139,412,000 138,482,000 123,459,000 128,721,000 132,777,000 140,334,000 127,521,000 139,266,000 158,639,000 160,972,000 157,531,000 142,466,000 141,292,000 136,204,000 150,209,000 146,853,000 40,916,000 
      restructuring and other
    		  12,000 60,000 -255,000 -156,000 5,203,000 56,000 1,665,000            
      total operating expenses
    		869,676,000 818,353,000 791,527,000 870,703,000 831,102,000 732,645,000 736,946,000 763,261,000 705,994,000 689,653,000 691,013,000 759,090,000 649,091,000 641,360,000 581,313,000 557,211,000 435,456,000 411,451,000 400,121,000 235,760,000 
      operating income
    		63,661,000 58,064,000 -8,393,000 -4,322,000 -132,623,000 -73,460,000 -160,789,000 -172,151,000 -209,447,000 -243,828,000 -310,035,000 -359,532,000 -287,467,000 -277,226,000 -226,551,000 -196,200,000 -166,071,000 -149,671,000 -169,456,000 -31,719,000 
      yoy
    		-148.00% -179.04% -94.78% -97.49% -36.68% -69.87% -48.14% -52.12% -27.14% -12.05% 36.85% 83.25% 73.10% 85.22% 33.69% 518.56%     
      qoq
    		9.64% -791.81% 94.19% -96.74% 80.54% -54.31% -6.60% -17.81% -14.10% -21.35% -13.77% 25.07% 3.69% 22.37% 15.47% 18.14% 10.96% -11.68% 434.24%  
      operating margin %
    		6.82% 6.63% -1.07% -0.50% -18.99% -11.14% -27.91% -29.12% -42.18% -54.69% -81.38% -89.98% -79.49% -76.13% -63.86% -54.35% -61.65% -57.17% -73.46% -15.55% 
      other income
    		19,358,000 13,516,000 13,738,000 87,181,000 34,303,000 29,321,000 27,743,000 4,549,000 38,707,000 36,550,000 103,522,000 35,527,000 36,018,000 72,710,000 172,139,000 36,741,000 -140,373,000 -5,985,000 -77,773,000 240,000 
      income before income taxes
    		83,019,000 71,580,000 5,345,000 82,859,000 -98,320,000 -44,139,000 -133,046,000 -167,602,000 -170,740,000 -207,278,000 -206,513,000 -324,005,000 -251,449,000 -204,516,000 -54,412,000 -159,459,000 -306,444,000 -155,656,000 -247,229,000 -31,479,000 
      income tax expense
    		2,326,000 2,337,000 2,541,000 2,499,000 1,902,000 997,000 890,000 -700,000 1,043,000 -646,000 -836,000 -1,568,000    276,000 171,000   78,000 
      net income
    		80,694,000 69,244,000 2,804,000 80,360,000 -100,222,000 -45,136,000 -133,936,000 -166,902,000 -171,783,000 -205,962,000 -205,677,000 -322,437,000 -251,269,000 -186,396,000 -54,671,000 -159,735,000 -306,615,000 -153,208,000 -247,159,000 -31,557,000 
      yoy
    		-180.52% -253.41% -102.09% -148.15% -41.66% -78.09% -34.88% -48.24% -31.63% 10.50% 276.21% 101.86% -18.05% 21.66% -77.88% 406.18%     
      qoq
    		16.54% 2369.47% -96.51% -180.18% 122.04% -66.30% -19.75% -2.84% -16.59% 0.14% -36.21% 28.32% 34.80% 240.94% -65.77% -47.90% 100.13% -38.01% 683.21%  
      net income margin %
    		8.65% 7.90% 0.36% 9.28% -14.35% -6.85% -23.25% -28.24% -34.60% -46.20% -53.99% -80.70% -69.48% -51.19% -15.41% -44.25% -113.82% -58.53% -107.15% -15.47% 
      other comprehensive income
    		                    
      foreign currency translation adjustments
    		-10,003,000 29,598,000 3,550,000 -35,469,000 8,346,000 -4,702,000 -10,879,000 13,824,000 -11,898,000 8,850,000 31,000 4,522,000 -21,546,000 -9,845,000 5,406,000 2,341,000 -3,802,000 1,994,000 2,829,000 1,834,000 
      unrealized gain on securities available for sale
    		812,000 -197,000 778,000 -2,873,000 5,589,000 681,000 -30,000 4,853,000 1,353,000 -2,943,000 4,520,000   -4,981,000 -2,105,000 -657,000 -279,000    
      loss on cash flow hedges
    		-129,000                    
      net other comprehensive income
    		-9,320,000 29,435,000 3,049,000 -38,431,000 12,443,000 -469,500 -10,159,000 18,063,000  6,915,000 4,294,000   -14,826,000 3,301,000 1,684,000 -4,081,000 2,023,000 2,829,000 1,834,000 
      comprehensive income
    		71,373,000 98,680,000 5,853,000 41,929,000                 
      per share data:
    		                    
      net income per share
    		                    
      basic
    		0.24 0.21 0.01 0.25 -0.31 -0.14 -0.43 -0.54 -0.57 -0.69 -0.69 -1.1 -0.86 -0.65 -0.19 -0.57 -1.13 -0.45 -1.06 -0.45 
      diluted
    		0.23 0.2 0.01 0.23 -0.31 -0.14 -0.43 -0.54 -0.57 -0.69 -0.69 -1.1 -0.86 -0.65 -0.19 -0.57 -1.13 -0.4 -1.06 -0.45 
      weighted-average common shares outstanding:
    		                    
      basic
    		330,238,205 322,851,873 324,053,967 322,282,334 318,234,555 309,857,129 312,626,728 307,571,602 303,839,670 295,343,466 297,204,715 293,683,331 290,929,270 281,704,041 285,641,820 281,533,888 271,677,516 158,367,923 233,309,590 70,801,521 
      diluted
    		348,278,403 341,023,566 344,224,332 345,196,568 318,234,555 309,857,129 312,626,728 307,571,602 303,839,670 295,343,466 297,204,715 293,683,331 290,929,270 281,704,041 285,641,820 281,533,888 271,677,516 159,244,611 233,309,590 70,801,521 
      gain on cash flow hedges
    		 34,000 -1,279,000 -89,000 -1,492,000 -243,000 750,000 -614,000 763,000            
      comprehensive loss
    		    -87,779,000 -49,400,000 -144,095,000 -148,839,000 -181,565,000 -199,047,000 -201,383,000 -314,846,000 -278,343,000 -201,222,000 -51,370,000 -158,051,000 -310,696,000 -151,185,000 -244,330,000 -29,723,000 
      other comprehensive loss
    		                    
      net other comprehensive loss
    		        -9,782,000   7,591,000 -27,074,000        
      restructuring charges
    		         8,733,500 34,934,000          
      unrealized gain on cash flow hedges
    		         1,008,000 -257,000          
      unrealized loss on securities available for sale
    		           3,069,000 -5,528,000        
      benefit from credit losses
    		            64,250,000 72,691,000 66,294,000 52,640,000 63,647,000 25,489,000 -1,063,000 17,468,000 
      income tax benefit
    		            -180,000 -18,120,000 259,000   26,250 -70,000  
      excess return to preferred stockholders on repurchase
    		                    
      net income attributable to common stockholders
    		                 -153,208,000 -247,159,000 -31,557,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-06-30 
                          
        assets
      		                    
        cash and cash equivalents
      		1,428,848,000 1,354,455,000 1,351,148,000 1,200,381,000 1,046,160,000 1,013,106,000 1,272,760,000 1,036,719,000 1,079,261,000 892,027,000 972,477,000 1,440,333,000 1,530,132,000 1,255,171,000 2,261,937,000 2,567,401,000 1,439,531,000 1,466,558,000 1,623,672,000 267,059,000 
        restricted cash
      		668,762,000 401,968,000 384,811,000 536,776,000 338,462,000 282,293,000 346,931,000 411,259,000 409,231,000 367,917,000 409,015,000 424,460,000 383,406,000 295,636,000 413,628,000 247,402,000 236,282,000 226,074,000 183,330,000 61,069,000 
        securities available for sale at fair value
      		812,442,000 871,425,000 780,170,000 666,684,000 1,073,685,000 1,131,628,000 781,402,000 914,069,000 1,021,630,000 1,174,653,000 1,059,031,000 914,923,000 1,237,291,000 1,595,373,000 617,023,000 475,379,000 456,266,000    
        loans held for sale
      		12,000  1,000   36,000 127,000 29,000 145,000 76,000 122,000 344,000 7,112,000 2,670,000 3,618,000 27,394,000 1,808,000 13,030,000 12,774,000 4,459,000 
        loans held for investment
      		7,235,177,000 7,025,534,000 6,630,446,000 6,796,167,000 6,310,834,000 5,670,056,000 5,461,407,000 5,238,812,000 4,549,422,000 4,402,962,000 3,775,542,000 3,655,504,000 2,681,637,000 2,503,561,000 2,502,860,000 2,425,519,000 2,244,826,000 2,022,320,000 2,195,394,000 1,034,312,000 
        allowance for credit losses
      		-425,801,000 -396,929,000 -374,987,000 -363,831,000 -350,606,000 -309,097,000 -289,088,000 -262,204,000 -232,068,000 -204,531,000 -176,336,000 -182,100,000 -153,025,000 -155,392,000 -159,475,000 -158,289,000 -152,021,000 -117,760,000 -113,754,000 -95,137,000 
        accounts receivable
      		283,726,000 426,177,000 220,279,000 203,626,000 308,394,000 353,028,000 293,388,000 307,286,000 236,234,000 199,085,000 135,816,000 201,622,000 147,757,000 142,052,000 124,614,000 134,571,000 100,951,000 91,575,000 66,080,000 59,001,000 
        property, equipment and software
      		613,938,000 572,637,000 543,327,000 506,334,000 473,019,000 427,686,000 401,535,000 369,854,000 338,749,000 290,135,000 277,156,000 248,939,000 208,460,000 171,482,000 141,658,000 113,573,000 84,925,000 62,499,000 53,444,000 48,140,000 
        goodwill
      		529,910,000 534,156,000 522,346,000 521,699,000 536,745,000 533,439,000 535,818,000 541,156,000 536,418,000 542,571,000 537,126,000 527,630,000 525,000,000 539,534,000 547,393,000 541,399,000 540,770,000 516,515,000   
        intangible assets
      		12,685,000 12,935,000 12,416,000 12,193,000 13,459,000 13,502,000 15,288,000 17,407,000 19,828,000 34,434,000 48,267,000 63,755,000 71,037,000 78,942,000 60,890,000 66,190,000 71,378,000 67,930,000   
        commercial agreement assets
      		49,154,000 57,210,000 65,178,000 76,091,000 90,346,000 104,602,000 118,703,000 134,558,000 156,115,000 177,672,000 198,994,000 220,082,000 241,639,000 263,196,000 287,129,000 316,047,000 207,431,000 227,377,000 246,383,000  
        other assets
      		269,713,000 295,360,000 301,052,000 324,957,000 298,661,000 299,340,000 263,155,000 356,044,000 292,184,000 278,614,000 270,639,000 289,259,000 284,614,000 281,567,000 230,451,000 195,863,000 169,952,000 274,679,000 219,868,000 23,348,000 
        total assets
      		11,478,567,000 11,154,929,000 10,436,187,000 10,481,077,000 10,139,159,000 9,519,619,000 9,201,426,000 9,064,989,000 8,407,149,000 8,155,615,000 7,507,849,000 7,804,751,000 7,165,060,000 6,973,792,000 7,031,726,000 6,952,449,000 5,402,099,000 4,866,967,000 4,766,389,000 1,402,251,000 
        liabilities and stockholders’ equity
      		                    
        liabilities:
      		                    
        accounts payable
      		58,019,000 82,820,000 41,057,000 50,626,000 57,561,000 41,019,000 35,224,000 59,805,000 27,345,000 28,602,000 30,022,000 28,974,000 34,534,000 33,072,000 48,985,000 45,589,000 425,854,000 57,758,000 29,005,000 18,361,000 
        payable to third-party loan owners
      		193,790,000 211,700,000 176,996,000 157,245,000 152,035,000 159,643,000 129,730,000 134,567,000 109,498,000 53,852,000 44,187,000 127,378,000 90,811,000 71,383,000 35,962,000 71,515,000 38,462,000 50,079,000 36,523,000 24,998,000 
        accrued interest payable
      		25,649,000 24,465,000 23,944,000 25,357,000 24,484,000 24,327,000 22,816,000 22,181,000 19,589,000 13,498,000 13,826,000 11,971,000 5,292,000 6,659,000 2,992,000 2,621,000 3,304,000 2,751,000 3,891,000 1,860,000 
        accrued expenses and other liabilities
      		165,830,000 157,272,000 173,629,000 155,568,000 137,464,000 147,429,000 150,162,000 150,272,000 160,328,000 180,883,000 192,360,000 220,619,000 249,812,000 237,598,000 313,307,000 436,533,000 450,662,000 317,951,000 291,428,000 27,810,000 
        convertible senior notes
      		1,127,668,000 1,153,000,000 1,152,019,000 1,151,048,000 1,202,519,000 1,341,430,000 1,385,891,000 1,415,952,000 1,415,080,000 1,414,208,000 1,413,345,000 1,708,779,000 1,707,724,000 1,706,668,000 1,705,624,000 1,704,607,000     
        notes issued by securitization trusts
      		4,830,819,000 4,833,855,000 4,084,934,000 3,988,887,000 3,985,484,000 3,236,873,000 3,240,871,000 2,740,656,000 2,398,758,000 2,165,577,000 1,788,853,000 1,314,212,000 1,720,812,000 1,627,580,000 1,447,568,000 1,577,264,000 1,621,638,000 1,176,673,000 1,241,126,000  
        funding debt
      		1,777,906,000 1,622,808,000 1,908,693,000 2,166,806,000 1,744,040,000 1,836,909,000 1,613,272,000 1,906,672,000 1,709,751,000 1,764,812,000 1,514,120,000 1,882,670,000 792,637,000 672,577,000 901,233,000 645,998,000 484,821,000 680,602,000 760,395,000 817,926,000 
        total liabilities
      		8,179,682,000 8,085,919,000 7,561,272,000 7,695,537,000 7,303,587,000 6,787,630,000 6,577,966,000 6,430,105,000 5,840,349,000 5,621,432,000 4,996,713,000 5,294,603,000 4,601,622,000 4,355,537,000 4,455,671,000 4,484,127,000 3,024,741,000 2,285,814,000 2,362,368,000 965,177,000 
        commitments and contingencies
      		                    
        stockholders’ equity:
      		                    
        class a common stock
      		2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000  
        class b common stock
      		1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000  
        additional paid in capital
      		6,299,395,000 6,140,893,000 6,045,479,000 5,961,956,000 6,053,917,000 5,862,555,000 5,704,626,000 5,571,955,000 5,355,032,000 5,140,850,000 4,918,756,000 4,716,385,000 4,454,829,000 4,231,303,000 3,987,881,000 3,828,778,000 3,579,763,000 3,462,762,000 3,134,145,000 80,373,000 
        accumulated deficit
      		-2,976,124,000 -3,056,818,000 -3,126,062,000 -3,128,866,000 -3,209,226,000 -3,109,004,000 -3,063,868,000 -2,929,932,000 -2,763,030,000 -2,591,247,000 -2,385,285,000 -2,179,608,000 -1,857,171,000 -1,605,902,000 -1,419,506,000 -1,364,835,000 -1,205,100,000 -888,381,000 -734,873,000 -447,167,000 
        accumulated other comprehensive loss
      		-24,389,000 -15,069,000 -44,504,000 -47,553,000 -9,122,000 -21,565,000 -17,301,000 -7,142,000 -25,205,000 -15,423,000 -22,338,000 -26,632,000 -34,223,000        
        total stockholders’ equity
      		3,298,885,000 3,069,009,000 2,874,916,000 2,785,540,000 2,835,572,000 2,731,989,000 2,623,460,000 2,634,884,000 2,566,800,000 2,534,183,000 2,511,136,000 2,510,148,000 2,563,438,000 2,618,255,000 2,576,055,000 2,468,322,000 2,377,358,000 2,581,153,000   
        total liabilities and stockholders’ equity
      		11,478,567,000 11,154,929,000 10,436,187,000 10,481,077,000 10,139,159,000 9,519,619,000 9,201,426,000 9,064,989,000 8,407,149,000 8,155,615,000 7,507,849,000 7,804,751,000 7,165,060,000 6,973,792,000 7,031,726,000 6,952,449,000 5,402,099,000    
        accumulated other comprehensive gain
      		             -7,149,000 7,677,000 4,376,000 2,692,000 6,769,000 4,746,000 -302,000 
        securitization notes receivable and residual certificates
      		                 16,170,000   
        liabilities, redeemable convertible preferred stock and stockholders’ equity
      		                    
        convertible debt
      		                   74,222,000 
        redeemable convertible preferred stock, 0.00001 par value...
      		                   804,170,000 
        stockholders’ equity
      		                    
        common stock, 0.00001 par value...
      		                    
        total liabilities, redeemable convertible preferred stock and stockholders’ equity
      		                 4,866,967,000   
        goodwill and intangible assets
      		                  279,198,000  
        liabilities, redeemable convertible preferred stock and stockholders’ deficit
      		                    
        stockholders’ (deficit) equity:
      		                    
        total stockholders’ (deficit) equity
      		                  2,404,021,000  
        total liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity
      		                  4,766,389,000  
        stockholders’ deficit:
      		                    
        total stockholders’ deficit
      		                   -367,096,000 
        total liabilities, redeemable convertible preferred stock and stockholders’ deficit
      		                   1,402,251,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                           
          cash flows from operating activities
        		                   
          net income
        		80,694,000            -251,269,000 -186,396,000 -54,671,000 -159,735,000 -306,615,000 -153,208,000 -230,883,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                   
          provision for losses
        		162,752,000 156,627,000 147,252,000 152,980,000 159,824,000               
          amortization of premiums and discounts on loans
        		-65,072,000 -61,972,000 -60,530,000 -59,233,000 -52,064,000 -50,026,000 -49,704,000 -46,841,000 -41,138,000 -37,607,000 -34,615,000 -34,258,000 -34,595,000 -42,251,000 -42,036,000 -51,970,000 -35,708,000 -29,666,000 -29,252,000 
          gain on sales of loans
        		-119,049,000 -116,883,000 -75,839,000 -125,287,000 -63,613,000 -69,983,000 -40,183,000 -52,702,000 -34,285,000 -32,326,000 -32,813,000 -59,607,000 -63,595,000 -55,282,000 -52,484,000 -57,690,000 -30,979,000  -16,350,000 
          gain on extinguishment of debt
        		-1,495,000 0 0 -62,794,000 -19,624,000 -7,279,000              
          changes in fair value of assets and liabilities
        		-110,000 1,690,000 834,000 2,954,000 1,668,000 869,000 1,267,000 -802,000 -4,110,000 -5,866,000 1,018,000 -14,941,000 3,906,000 -62,968,000 -143,721,000 -34,984,000 139,884,000   
          amortization of commercial agreement assets
        		8,056,000 7,968,000 10,913,000 14,255,000 14,256,000 14,101,000 15,855,000 21,557,000 21,557,000 21,322,000 21,088,000 21,557,000 21,557,000 23,933,000 28,919,000 24,914,000 18,971,000 19,006,000  
          amortization of debt issuance costs
        		6,828,000 7,091,000 10,308,000 6,907,000 6,083,000 5,658,000 6,130,000 7,224,000 5,534,000 7,337,000 11,446,000 676,000 1,076,000 2,937,000 3,647,000 4,337,000 5,231,000 2,741,000 1,314,000 
          accrued interest on securities available for sale
        		-9,959,000                   
          commercial agreement warrant expense
        		40,977,000 41,460,000 36,063,000 86,776,000 107,263,000 100,126,000 95,973,000 114,705,000 95,910,000 91,216,000 93,922,000 128,053,000 108,743,000 97,656,000 92,169,000     
          stock-based compensation
        		85,853,000 65,495,000 75,607,000 86,098,000 94,233,000 64,913,000 77,075,000 90,164,000 112,359,000 103,337,000 106,789,000 121,775,000 119,808,000 110,870,000 98,387,000 88,537,000 93,189,000 135,562,000 139,747,000 
          depreciation and amortization
        		65,329,000 63,995,000 59,467,000 54,894,000 46,720,000 65,389,000 37,012,000 26,512,000 40,131,000 43,279,000 47,469,000 23,004,000 20,882,000 17,115,000 13,102,000 11,964,000 10,541,000 7,887,000 5,021,000 
          other
        		-4,930,000 3,723,000 12,131,000 58,000 -2,209,000 -47,505,000 6,514,000 20,390,000 -4,730,000 -9,119,000 -842,000 -917,000 2,053,000 -67,429,000 -527,000 -9,200,000 4,002,000 2,775,000 113,000 
          change in operating assets and liabilities:
        		                   
          purchases and origination of loans held for sale
        		-749,202,000 -338,211,000 -789,323,000 -1,043,397,000 -1,219,022,000               
          proceeds from the sale of loans held for sale
        		748,761,000 338,187,000 789,362,000 1,043,380,000 1,219,061,000 1,048,639,000 900,864,000 1,034,074,000 1,228,110,000 1,336,197,000 1,409,577,000 1,720,835,000 1,707,838,000 1,713,116,000 1,261,160,000 1,719,179,000 888,580,000 995,281,000 597,881,000 
          accounts receivable
        		138,862,000 -208,849,000 -19,884,000 102,664,000 41,117,000 -61,991,000 10,721,000 -74,279,000 -42,208,000 -65,906,000 61,632,000 -56,767,000 -6,649,000 -20,233,000 5,650,000 -36,041,000 -12,076,000 -16,473,000 2,619,000 
          other assets
        		30,955,000 5,817,000 9,429,000 -20,588,000 -6,833,000 -26,953,000 99,850,000 -29,103,000 -12,566,000 -11,174,000 10,435,000 -10,727,000 -3,000,000 -43,039,000 -37,404,000 -12,664,000 78,086,000 -341,000 -191,892,000 
          accounts payable
        		-24,801,000 41,762,000 -9,568,000 -6,936,000 16,543,000 5,795,000 -24,581,000 32,460,000 -1,257,000 -1,420,000 480,000 -5,560,000 1,462,000 -15,913,000 3,396,000 -380,265,000 368,096,000 28,159,000 -3,798,000 
          payable to third-party loan buyers
        		-17,910,000 34,703,000 19,751,000 5,210,000 -7,608,000               
          accrued interest payable
        		1,621,000 2,769,000 -2,277,000 1,048,000 846,000 1,525,000 650,000 2,699,000 6,264,000 -113,000 2,125,000 6,981,000 -1,078,000 3,667,000 371,000 -684,000 553,000 -1,140,000 736,000 
          accrued expenses and other liabilities
        		-3,586,000 -30,130,000 1,453,000 3,489,000 -23,755,000 -11,203,000 -6,971,000 -16,359,000 -20,636,000 7,123,000 -34,888,000 -13,631,000 3,231,000 38,745,000 19,677,000 20,716,000 -11,848,000 -8,977,000 111,800,000 
          net cash from operating activities
        		374,572,000 74,637,000 210,388,000 312,017,000 196,867,000 68,763,000 208,152,000 74,321,000 98,902,000 43,789,000 -54,275,000 -28,548,000 51,215,000 -59,109,000 -27,981,000 -440,254,000 365,150,000 -19,913,000 -123,258,000 
          capital expenditures
        		0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 
          free cash flows
        		374,572,000 74,637,000 210,388,000 312,017,000 196,867,000 68,763,000 208,152,000 74,321,000 98,902,000 43,789,000 -54,275,000 -28,548,000 51,215,000 -59,109,000 -27,981,000 -440,254,000 365,150,000 -19,913,000 -123,258,000 
          cash flows from investing activities
        		                   
          purchases and origination of loans held for investment
        		-9,797,362,000 -9,817,626,000 -7,676,063,000 -8,663,556,000 -6,388,350,000 -5,931,339,000 -5,223,719,000 -6,103,822,000 -4,229,667,000 -3,963,962,000 -3,086,832,000 -3,790,632,000 -2,744,825,000 -2,832,724,000 -2,876,978,000 -2,804,888,000 -1,847,458,000   
          proceeds from the sale of loans held for investment
        		4,282,839,000 4,449,448,000 2,858,471,000 3,633,664,000 1,630,671,000 1,878,780,000 1,203,078,000 2,077,703,000 899,238,000 488,607,000 390,907,000 376,274,000 326,713,000 568,266,000 550,065,000 585,237,000 195,039,000   
          principal repayments and other loan servicing activity
        		5,359,253,000 5,005,990,000 4,988,174,000 4,528,811,000 4,132,682,000 3,832,744,000 3,777,977,000 3,351,462,000 3,184,851,000 2,828,884,000 2,570,743,000 2,422,100,000 2,206,725,000 2,254,000,000 2,304,460,000 2,077,024,000 1,486,099,000   
          additions to property, equipment and software
        		-54,365,000 -51,120,000 -53,012,000 -43,905,000 -44,152,000 -38,256,000 -46,476,000 -38,747,000 -35,817,000 -24,858,000 -30,516,000 -34,250,000 -31,151,000 -27,036,000 -21,095,000 -21,812,000 -16,347,000 -7,838,000 -5,351,000 
          purchases of securities available for sale
        		-146,462,000 -270,291,000 -368,710,000 -48,158,000 -136,727,000 -524,829,000 -267,920,000 -96,509,000 -96,813,000 -515,886,000 -460,632,000 -1,000,000 -104,629,000 -1,071,333,000 -258,323,000 -68,164,000 -443,560,000   
          proceeds from maturities and repayments of securities available for sale
        		216,425,000 231,390,000 263,817,000 504,890,000 215,680,000 245,062,000 409,846,000 219,736,000 262,293,000 409,710,000 329,636,000 333,657,000 464,492,000 119,181,000 132,728,000 58,237,000 889,000   
          other investing inflows
        		61,000                   
          other investing outflows
        		                   
          net cash from investing activities
        		-139,611,000 -454,514,000 35,517,000 -89,068,000 -574,999,000 -537,633,000 -146,755,000 -624,902,000 -15,859,000 -777,174,000 -300,958,000 -692,211,000 117,273,000 -1,025,717,000 -166,048,000 -190,063,000 -629,510,000 84,345,000 -199,668,000 
          cash flows from financing activities
        		                   
          proceeds from the issuance of funding debt
        		7,980,435,000 7,150,247,000 6,130,641,000                 
          proceeds from issuance of notes and certificates by securitization trust
        		1,100,000,000 750,000,000 1,000,000,000 0 750,000,000               
          principal repayments of funding debt
        		-7,818,589,000 -7,455,067,000 -6,383,990,000 -4,259,168,000 -3,289,384,000 -3,588,105,000 -2,673,508,000 -3,352,650,000 -2,938,674,000 -1,606,421,000 -2,048,075,000 -1,087,428,000 -1,059,607,000 -1,517,686,000 -1,045,308,000 -653,790,000 -873,778,000 -609,404,000 -1,011,197,000 
          principal repayments of notes issued by securitization trust
        		-1,100,000,000 0                  
          payment of debt issuance costs
        		-9,466,000 -6,474,000 -19,689,000 -18,749,000 -4,321,000 -8,114,000 -2,908,000 -5,790,000 -10,490,000 -5,036,000 -12,634,000 2,650,000 -7,423,000 -5,597,000 -3,000 -1,542,000 -6,609,000 -1,233,000 -4,479,000 
          extinguishment of convertible debt
        		-24,814,000 0 0 -892,800,000 -120,056,000 -38,001,000    116,726,000          
          proceeds from exercise of common stock options and warrants and contributions to espp
        		94,828,000 10,777,000 10,527,000 35,792,000 3,596,000 6,804,000 1,154,000 21,556,000 3,611,000 6,859,000 663,000 7,233,000 1,013,000 6,174,000 8,171,000     
          taxes paid related to net share settlement of equity awards
        		-112,307,000                   
          net cash from financing activities
        		110,086,000 387,259,000 -245,555,000 144,096,000 465,625,000 145,969,000 112,029,000 506,345,000 148,806,000 609,549,000 -128,959,000 669,813,000 199,542,000 -28,881,000 55,787,000 1,766,260,000 243,953,000 -176,129,000 1,488,628,000 
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		-3,861,000 13,083,000 -1,548,000 -14,510,000 1,730,000 -1,391,000 -1,713,000 3,722,000 -3,301,000 2,288,000 891,000 2,201,000 -5,299,000 -11,051,000 -996,000 3,047,000 3,588,000   
          net increase in cash, cash equivalents and restricted cash
        		341,187,000 20,464,000 -1,198,000 352,535,000 89,223,000 -324,292,000 171,713,000 -40,514,000 228,548,000 -121,548,000 -483,301,000 -48,745,000 362,731,000 -1,124,758,000      
          cash, cash equivalents and restricted cash, beginning of period
        		1,756,423,000 0 0 0 1,295,399,000 0 0 0 1,259,944,000 0 0 0 1,550,807,000 0      
          cash, cash equivalents and restricted cash, end of period
        		2,097,610,000 20,464,000 -1,198,000 352,535,000 1,384,622,000 -324,292,000 171,713,000 -40,514,000 1,488,492,000 -121,548,000 -483,301,000 -48,745,000 1,913,538,000 -1,124,758,000      
          amortization of discount on securities available for sale
        		 -9,849,000 -7,564,000 -10,821,000 -15,797,000 9,481,000 -9,158,000 -11,002,000 -12,120,000 -12,349,000 -8,788,000 -7,303,000 -7,620,000 1,224,000      
          impairment of right of use assets
        		        752,000         403,000  
          acquisition, net of cash and restricted cash acquired
        		         0    0 0 0 -5,999,000   
          proceeds from the issuance of convertible notes
        		 0 0                 
          payments of tax withholding for stock-based compensation
        		 -62,225,000 -83,043,000 -95,335,000 -63,208,000 -40,983,000 -72,512,000 -39,159,000 -36,515,000 -10,356,000 -18,169,000 -18,009,000 -27,311,000 -18,236,000 -54,162,000 -72,963,000 -39,817,000 -30,714,000  
          repurchases of common stock
        		         0 0 0 -109,000 -2,000 -80,000 0 -4,000 -14,000 -3,000 
          net loss
        		  2,804,000 80,360,000 -100,222,000 -45,136,000 -133,936,000 -166,902,000 -171,783,000 -205,962,000 -205,677,000         
          adjustments to reconcile net loss to net cash from operating activities:
        		                   
          other investing cash inflows/
        		     205,000 459,000 -34,725,000 56,000           
          repurchase of common stock
        		  0                 
          other investing cash inflows
        		   -814,000 15,197,000      1,787,000 1,640,000 -52,000 25,086,000 -20,647,000 5,045,000 4,827,000   
          proceeds from funding debt
        		    3,188,998,000 3,814,368,000 2,385,363,000 3,543,462,000 2,896,251,000 1,846,168,000 1,681,074,000 2,173,968,000 1,193,761,000 1,324,889,000 1,278,571,000 815,568,000 682,106,000 528,349,000 880,526,000 
          purchases of intangible assets
        		                   
          proceeds from issuance of convertible debt
        		             0 0     
          provision for credit losses
        		      122,443,000 120,880,000 99,696,000 94,483,000 66,438,000         
          purchases of loans held for sale
        		      -891,473,000 -1,022,671,000 -1,222,224,000 -1,289,572,000 -1,396,039,000 -1,668,537,000 -1,655,213,000 -1,683,335,000 -1,255,325,000 -1,717,216,000 -896,786,000 -1,000,062,000 -606,757,000 
          payable to third-party loan owners
        		      -4,837,000 25,069,000 55,646,000 9,665,000 -83,191,000 36,567,000 19,428,000 35,421,000 -35,553,000 33,054,000 -11,618,000 13,556,000 3,480,000 
          proceeds from issuance of notes and residual trust certificates by securitization trusts
        		      500,000,000 351,828,000 750,000,000 400,000,000 500,000,000 69,000 249,931,000 499,900,000 -146,000 -149,000 499,789,000  499,774,000 
          principal repayments of notes issued by securitization trusts
        		      0 -12,902,000 -515,377,000 -21,665,000 -25,251,000 -408,670,000 -150,713,000 -318,323,000 -131,256,000 -47,263,000 -55,204,000 -65,865,000 -74,113,000 
          proceeds from initial public offering
        		                 -125,000  
          proceeds from issuance of redeemable convertible preferred stock
        		                 0 0 
          repurchases and conversion of redeemable convertible preferred stock
        		                   
          benefit from credit losses
        		            64,250,000 72,691,000 66,294,000 52,640,000 63,647,000 25,489,000 -17,346,000 
          other investing cash outflows
        		               -20,742,000 -3,000,000   
          repurchase and conversion of redeemable convertible preferred stock
        		                   
          acquisition of commercial agreement assets
        		                   
          conversion of redeemable convertible preferred stock
        		                   
          net increase in cash and cash equivalents and restricted cash
        		               1,138,990,000 -16,819,000   
          cash and cash equivalents and restricted cash, beginning of period
        		               0 1,692,632,000   
          cash and cash equivalents and restricted cash, end of period
        		               1,138,990,000 1,675,813,000   
          proceeds from exercise of common stock options and warrants
        		                37,470,000 3,227,000  
          (gain) loss on sales of loans
        		                   
          purchases and originations of loans held for investment
        		                   
          acquisitions, net of cash and restricted cash acquired
        		                   
          purchases of intangibles
        		                   
          proceeds from issuance of notes by securitization trusts
        		                   
          changes in fair value of servicing assets and liabilities
        		                  -2,545,000 
          changes in fair value and extinguishment of convertible debt derivative
        		                  0 
          change in fair value of residual trust certificates
        		                  -76,000 
          change in fair value of contingent consideration
        		                   
          income tax expense
        		                  -70,000 
          loss on disposal of property, equipment and software
        		                   
          purchases of loans held for investment
        		                  -1,425,140,000 
          origination of loans
        		                  -196,906,000 
          proceeds from the sale of loans
        		                  143,235,000 
          principal repayments of loans
        		                  1,301,542,000 
          repurchases of redeemable convertible preferred stock
        		                   
          amortization of commercial agreement asset
        		                   
          acquisition funds in transit
        		                   
          proceeds from issuance of common stock
        		                   
          supplemental disclosures of cash flow information
        		                   
          cash payments for interest
        		                   
          supplemental disclosures of non-cash investing and financing activities
        		                   
          stock-based compensation included in capitalized internal-use software
        		                   
          additions to property and equipment included in accrued expenses
        		                   
          issuance of warrants in exchange for commercial agreement
        		                   
          conversion of convertible debt