10-Q 1 sofi-20230930.htm 10-Q sofi-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to
Commission file number 001-39606
SoFi_horz_RGB_Turquoise_CircleR_Upward-v2.jpg
SoFi Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware
98-1547291
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
234 1st Street
San Francisco, California
94105
(Address of principal executive offices)(Zip Code)
(855) 456-7634
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par value per shareSOFIThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No   ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐     No  
The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of October 31, 2023 was 958,742,717 shares.



SOFI TECHNOLOGIES, INC.
TABLE OF CONTENTS
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1

SoFi Technologies, Inc.

SoFi Technologies, Inc.
As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “SoFi”, the “Company”, “we”, “us”, and “our”, and similar references refer to SoFi Technologies, Inc. and its wholly-owned subsidiaries following the Business Combination (as defined herein) and to Social Finance, Inc. prior to the Business Combination.
Social Finance, Inc. (“Social Finance”) entered into a merger agreement (the “Agreement”) with Social Capital Hedosophia Holdings Corp. V (“SCH”) on January 7, 2021. The transactions contemplated by the terms of the Agreement were completed on May 28, 2021 (the “Closing”), in conjunction with which SCH changed its name to SoFi Technologies, Inc. (hereafter referred to, collectively with its subsidiaries, as “SoFi”, the “Company”, “we”, “us” or “our”, unless the context otherwise requires). The transactions contemplated in the Agreement are collectively referred to as the “Business Combination”.
In March 2021, we entered into an agreement to acquire Golden Pacific Bancorp, Inc. (“Golden Pacific”), a bank holding company, and its wholly-owned subsidiary, Golden Pacific Bank, National Association, a national bank (the “Bank Merger”). The Bank Merger closed in February 2022, after which we became a bank holding company and renamed Golden Pacific Bank as SoFi Bank, National Association (“SoFi Bank”).
In February 2022, we entered into an agreement to acquire Technisys S.A. (“Technisys”), a Luxembourg société anonyme and a cloud-native digital multi-product core banking platform (the “Technisys Merger”). The Technisys Merger closed in March 2022.
In April 2023, we acquired Wyndham Capital Mortgage (“Wyndham”), a leading fintech mortgage lender.
See Note 2. Business Combinations to the Notes to Condensed Consolidated Financial Statements within Part I, Item 1. for additional information on our business combinations.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; anticipated actions by governmental authorities; and macroeconomic conditions. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report on Form 10-Q, words such as “aim”, “allow”, “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “if”, “intend”, “likely”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks, uncertainties, and other factors described in Part II, Item 1A. “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”) and include, among other things:
our ability to achieve and maintain profitability in the future;
the impact on our business of the regulatory environment and complexities with compliance;
the effect and impact of evolving laws, rules, regulations and government enforcement policies, including any federal or state loan forgiveness programs;
the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause economic and market volatility, and regulatory responses thereto;
our ability to manage our growth effectively and our expectations regarding the development and expansion of our business;
our ability to continue to originate and sell loans to third parties, and the impact of the performance of loans held on our balance sheet;
our ability to access sources of capital on favorable terms, if at all, including debt financing, deposits and other sources of capital to finance operations and growth;
the impact of and our ability to respond to general economic conditions and other macroeconomic and geopolitical factors, such as elevated and fluctuating interest rates, inflationary pressures, counterparty risk, changing customer demand, capital markets volatility, instability in the financial services industry, a potential U.S. government shutdown, the possibility of a recession, and domestic or international conflicts or disputes;

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SoFi Technologies, Inc.

the success of our marketing efforts and our ability to expand our member base;
our ability to grow market share in existing markets or any new markets we may enter;
our ability to develop new products, features and functionality that are competitive and meet market needs;
our ability to diversify our business and broaden our suite of financial services offerings;
our ability to realize the benefits of our strategy, including what we refer to as our Financial Services Productivity Loop, and achieve scale in our Financial Services segment;
our ability to successfully operate as a bank holding company, and to operate SoFi Bank;
our ability to make accurate credit and pricing decisions or effectively forecast our loss rates;
our ability to establish and maintain an effective system of internal controls over financial reporting;
our ability to maintain the listing of our securities on The Nasdaq Global Select Market (“Nasdaq”);
our ability to realize the anticipated benefits of the Bank Merger, the Technisys Merger, our acquisition of Wyndham, and any other acquisitions we undertake, including our expectations with regards to such acquisitions;
our ability to successfully expand our operations into foreign jurisdictions, including compliance with a variety of foreign laws; and
the outcome of any legal or governmental proceedings that may be instituted against us.
Forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and reflect current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
TRADEMARKS
This document contains references to trademarks, service marks and trade names owned by us or belonging to other entities. Solely for convenience, trademarks, service marks and trade names referred to in this document may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we or the applicable licensor will not assert, to the fullest extent under applicable law, our or its rights to these trademarks, service marks and trade names. SoFi Technologies does not intend its use or display of other companies’ trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of it by, any other companies. All trademarks, service marks and trade names included in this document are the property of their respective owners.

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SoFi Technologies, Inc.

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except for Share Data)
September 30,
2023
December 31,
2022
Assets
Cash and cash equivalents$2,813,876 $1,421,907 
Restricted cash and restricted cash equivalents483,141 424,395 
Investment securities (includes available-for-sale securities of $486,091 and $195,438 at fair value with associated amortized cost of $486,999 and $203,418, as of September 30, 2023 and December 31, 2022, respectively)
579,738 396,769 
Loans held for sale, at fair value20,993,836 13,557,074 
Loans held for investment (less allowance for credit losses on loans at amortized cost of $51,923 and $40,788, as of September 30, 2023 and December 31, 2022, respectively)
361,248 307,957 
Servicing rights142,654 149,854 
Property, equipment and software201,931 170,104 
Goodwill1,393,505 1,622,991 
Intangible assets387,307 442,155 
Operating lease right-of-use assets93,379 97,135 
Other assets (less allowance for credit losses of $1,581 and $2,785, as of September 30, 2023 and December 31, 2022, respectively)
526,538 417,334 
Total assets$27,977,153 $19,007,675 
Liabilities, temporary equity and permanent equity
Liabilities:
Deposits:
Interest-bearing deposits$15,607,349 $7,265,792 
Noninterest-bearing deposits64,624 76,504 
Total deposits15,671,973 7,342,296 
Accounts payable, accruals and other liabilities
566,477 516,215 
Operating lease liabilities
113,361 117,758 
Debt 6,241,386 5,485,882 
Residual interests classified as debt
10,194 17,048 
Total liabilities22,603,391 13,479,199 
Commitments, guarantees, concentrations and contingencies (Note 15)
Temporary equity(1):
Redeemable preferred stock, $0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively
320,374 320,374 
Permanent equity:
Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 957,860,430 and 933,896,120 shares issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively(2)
95 93 
Additional paid-in capital6,904,869 6,719,826 
Accumulated other comprehensive income (loss)
600 (8,296)
Accumulated deficit(1,852,176)(1,503,521)
Total permanent equity5,053,388 5,208,102 
Total liabilities, temporary equity and permanent equity$27,977,153 $19,007,675 
______________
(1)Redemption amount is $323,400 as of September 30, 2023 and December 31, 2022.
(2)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of September 30, 2023 and December 31, 2022. See Note 10. Equity for additional information.


The accompanying notes are an integral part of these condensed consolidated financial statements.
4

SoFi Technologies, Inc.

SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets (Continued)
(Unaudited)
(In Thousands, Except for Share Data)
The following table presents the assets and liabilities of consolidated variable interest entities (“VIEs”) which are included in our condensed consolidated balance sheets. The assets in the below table may only be used to settle obligations of consolidated VIEs and are in excess of those obligations as of the dates presented. Additionally, the assets and liabilities in the table below exclude intercompany balances, which eliminate upon consolidation.
September 30,
2023
December 31,
2022
Assets
Restricted cash and restricted cash equivalents$63,260 $68,151 
Loans held for sale, at fair value894,073 931,701 
Total assets
$957,333 $999,852 
Liabilities
Accounts payable, accruals and other liabilities$1,458 $3,053 
Debt 619,574 771,454 
Residual interests classified as debt10,194 17,048 
Total liabilities
$631,226 $791,555 





The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.

SoFi Technologies, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In Thousands, Except for Share and Per Share Data)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest income
Loans
$537,947 $191,525 $1,337,476 $451,247 
Securitizations
1,980 2,633 7,693 7,958 
Other
24,343 3,881 60,661 6,758 
Total interest income564,270 198,039 1,405,830 465,963 
Interest expense
Securitizations and warehouses
63,847 20,653 181,231 59,158 
Deposits145,563 14,149 325,208 19,123 
Corporate borrowings9,784 5,270 26,951 11,369 
Other
113 117 341 801 
Total interest expense219,307 40,189 533,731 90,451 
Net interest income344,963 157,850 872,099 375,512 
Noninterest income
Loan origination and sales
81,683 163,697 311,258 465,815 
Securitizations
(6,298)(8,772)(22,375)(31,790)
Servicing
8,009 7,296 29,803 30,003 
Technology products and solutions
81,856 82,035 236,946 223,562 
Other
26,996 21,879 79,654 53,754 
Total noninterest income192,246 266,135 635,286 741,344 
Total net revenue537,209 423,985 1,507,385 1,116,856 
Noninterest expense
Technology and product development
125,698 110,702 369,602 291,976 
Sales and marketing
186,719 162,129 544,695 444,121 
Cost of operations
98,258 83,083 276,051 232,611 
General and administrative
124,457 126,199 379,326 388,533 
Goodwill impairment
247,174  247,174  
Provision for credit losses21,831 16,323 42,853 39,387 
Total noninterest expense804,137 498,436 1,859,701 1,396,628 
Loss before income taxes(266,928)(74,451)(352,316)(279,772)
Income tax benefit (expense)
244 242 3,661 (629)
Net loss$(266,684)$(74,209)$(348,655)$(280,401)
Other comprehensive income (loss)
Unrealized gains (losses) on available-for-sale securities, net5,616 (1,914)8,694 (8,360)
Foreign currency translation adjustments, net103 325 202 231 
Total other comprehensive income (loss)5,719 (1,589)8,896 (8,129)
Comprehensive loss$(260,965)$(75,798)$(339,759)$(288,530)
Loss per share (Note 16)
Loss per share – basic$(0.29)$(0.09)$(0.40)$(0.35)
Loss per share – diluted$(0.29)$(0.09)$(0.40)$(0.35)
Weighted average common stock outstanding – basic951,183,107 916,762,973 939,070,185 893,455,206 
Weighted average common stock outstanding – diluted951,183,107 916,762,973 939,070,185 893,455,206 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
SoFi Technologies, Inc.
Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity
(Unaudited)
(In Thousands, Except for Share Data)

Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated DeficitPermanent EquityTemporary Equity
Shares
Amount
SharesAmount
Balance at June 30, 2023948,912,761 $94 $6,848,178 $(5,119)$(1,585,492)$5,257,661 3,234,000 $320,374 
Share-based compensation expense— — 70,065 — — 70,065 — — 
Vesting of RSUs8,921,924 1 (1)— —  — — 
Stock withheld related to taxes on vested RSUs(469,874)— (3,614)— — (3,614)— — 
Exercise of common stock options495,619 — 430 — — 430 — — 
Redeemable preferred stock dividends— — (10,189)— — (10,189)— — 
Net loss— — — — (266,684)(266,684)— — 
Other comprehensive income, net of taxes— — — 5,719 — 5,719 — — 
Balance at September 30, 2023957,860,430 $95 $6,904,869 $600 $(1,852,176)$5,053,388 3,234,000 $320,374 
Common StockAdditional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated DeficitPermanent EquityTemporary Equity
SharesAmountSharesAmount
Balance at January 1, 2023933,896,120 $93 $6,719,826 $(8,296)$(1,503,521)$5,208,102 3,234,000 $320,374 
Share-based compensation expense— — 224,926 — — 224,926 — — 
Vesting of RSUs24,621,235 2 (2)— —  — — 
Stock withheld related to taxes on vested RSUs(1,396,562)— (10,660)— — (10,660)— — 
Exercise of common stock options747,930 — 1,015 — — 1,015 — — 
Common stock retired(8,293)— — — — — — — 
Redeemable preferred stock dividends— — (30,236)— — (30,236)— — 
Net loss— — — — (348,655)(348,655)— — 
Other comprehensive income, net of taxes— — — 8,896 — 8,896 — — 
Balance at September 30, 2023957,860,430 $95 $6,904,869 $600 $(1,852,176)$5,053,388 3,234,000 $320,374 
Common Stock
Additional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitPermanent EquityTemporary Equity
Shares
Amount
SharesAmount
Balance at June 30, 2022922,103,100 $92 $6,583,405 $(8,011)$(1,389,306)$5,186,180 3,234,000 $320,374 
Share-based compensation expense
— — 83,676 — — 83,676 — — 
Vesting of RSUs
5,434,536 — — — — — — — 
Stock withheld related to taxes on vested RSUs
(270,487)— (1,630)— — (1,630)— — 
Exercise of common stock options
234,622 — 429 — — 429 — — 
Issuance of common stock in acquisition(155,794)— (1,665)— — (1,665)— — 
Redeemable preferred stock dividends
— — (10,189)— — (10,189)— — 
Net loss— — — — (74,209)(74,209)— — 
Other comprehensive loss, net of taxes— — — (1,589)— (1,589)— — 
Balance at September 30, 2022927,345,977 $92 $6,654,026 $(9,600)$(1,463,515)$5,181,003 3,234,000 $320,374 
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitPermanent EquityTemporary Equity
SharesAmountSharesAmount
Balance at January 1, 2022828,154,462 $83 $5,561,831 $(1,471)$(1,183,114)$4,377,329 3,234,000 $320,374 
Share-based compensation expense— — 251,195 — — 251,195 — — 
Vesting of RSUs16,746,634 1 (1)— —  — — 
Stock withheld related to taxes on vested RSUs(932,949)— (7,476)— — (7,476)— — 
Exercise of common stock options1,677,512 — 2,489 — — 2,489 — — 
Issuance of common stock in acquisition81,700,318 8 873,369 — — 873,377 — — 
Vested awards assumed in acquisition— — 2,855 — — 2,855 — — 
Redeemable preferred stock dividends— — (30,236)— — (30,236)— — 
Net loss— — — — (280,401)(280,401)— — 
Other comprehensive loss, net of taxes— — — (8,129)— (8,129)— — 
Balance at September 30, 2022927,345,977 $92 $6,654,026 $(9,600)$(1,463,515)$5,181,003 3,234,000 $320,374 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

SoFi Technologies, Inc.
SoFi Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Nine Months Ended September 30,
20232022
Operating activities
Net loss$(348,655)$(280,401)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense202,109 235,018 
Depreciation and amortization147,967 109,007 
Goodwill impairment
247,174  
Deferred debt issuance and discount expense15,049 12,106 
Provision for credit losses42,853 39,387 
Deferred income taxes(6,333)(4,420)
Fair value changes in residual interests classified as debt414 7,078 
Fair value changes in securitization investments1,067 13,256 
Other(2,613)11,635 
Changes in operating assets and liabilities:
Changes in loans held for sale, net(7,315,543)(4,971,084)
Servicing assets6,210 (179)
Other assets15,052 (36,691)
Accounts payable, accruals and other liabilities16,051 28,265 
Net cash used in operating activities$(6,979,198)$(4,837,023)
Investing activities
Purchases of property, equipment and software$(77,115)$(70,460)
Capitalized software development costs(7,429)(5,516)
Purchases of available-for-sale investments(634,020)(44,974)
Proceeds from sales of available-for-sale investments265,634 23,497 
Proceeds from maturities and paydowns of available-for-sale investments87,463 14,327 
Changes in loans held for investment, net(97,105)(130,100)
Proceeds from securitization investments101,292 99,760 
Proceeds from non-securitization investments3,163  
Purchases of non-securitization investments(45,917) 
Acquisition of businesses, net of cash acquired(72,301)58,540 
Net cash used in investing activities
$(476,335)$(54,926)
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

SoFi Technologies, Inc.
SoFi Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (Continued)
(Unaudited)
(In Thousands)
Nine Months Ended September 30,
20232022
Financing activities
Net change in deposits$8,296,657 $4,859,240 
Net change in debt facilities902,777 821,096 
Proceeds from other debt issuances339,995  
Repayment of other debt(595,233)(266,148)
Payment of debt issuance costs(8,078)(4,076)
Taxes paid related to net share settlement of share-based awards(10,660)(7,476)
Proceeds from stock option exercises1,015 2,489 
Payment of redeemable preferred stock dividends(20,047)(20,047)
Finance lease principal payments(380)(364)
Net cash provided by financing activities$8,906,046 $5,384,714 
Effect of exchange rates on cash and cash equivalents
202 231 
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents$1,450,715 $492,996 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
1,846,302 768,437 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$3,297,017 $1,261,433 
Reconciliation to amounts on condensed consolidated balance sheets (as of period end)
Cash and cash equivalents
$2,813,876 $935,159 
Restricted cash and restricted cash equivalents
483,141 326,274 
Total cash, cash equivalents, restricted cash and restricted cash equivalents
$3,297,017 $1,261,433 
Supplemental non-cash investing and financing activities
Derecognition of securitization investments$5,325 $ 
Loans held for investment received in acquisition 84,485 
Available-for-sale securities received in acquisition 10,014 
Deconsolidation of securitization and residual debt92,914  
Deposits credited but not yet received in cash81,116