SoFi Technologies, Inc. [SOFI] Filings

10-Q 1 sofi-20240930.htm 10-Q sofi-20240930

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, 2024
			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 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 class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.0001 par value per share

SOFI

The 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, 2024 was 1,085,146,875 shares.

SOFI TECHNOLOGIES, INC.

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		Page
Glossary of Terms and Acronyms		2
Forward-Looking Statements		3
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	7
	Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity	8
	Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements	12
	Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards	12
	Note 2. Business Combinations	15
	Note 3. Revenue	15
	Note 4. Loans	17
	Note 5. Allowance for Credit Losses	24
	Note 6. Investment Securities	26
	Note 7. Securitization and Variable Interest Entities	28
	Note 8. Deposits	29
	Note 9. Debt	30
	Note 10. Equity	33
	Note 11. Derivative Financial Instruments	36
	Note 12. Fair Value Measurements	38
	Note 13. Share-Based Compensation	46
	Note 14. Income Taxes	48
	Note 15. Commitments, Guarantees, Concentrations and Contingencies	48
	Note 16. Earnings (Loss) Per Share	50
	Note 17. Business Segment Information	52
	Note 18. Subsequent Events	56
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	100
Item 4.	Controls and Procedures	104

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	105
Item 1A.	Risk Factors	105
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	160
Item 3.	Defaults Upon Senior Securities	161
Item 4.	Mine Safety Disclosures	161
Item 5.	Other Information	161
Item 6.	Exhibits	161

Signatures		162

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Glossary of Terms and Acronyms


ACH: Automated clearing house			GAAP: U.S. Generally Accepted Accounting Principles
AFS: Available-for-sale			GLBA: Gramm-Leach-Bliley Act
ALCO: Asset Liability Committee			Golden Pacific: Golden Pacific Bancorp, Inc.
AWS: Amazon Web Services			GSE: Government-Sponsored Enterprise
AOCI: Accumulated other comprehensive income (loss)			HELOC: Home Equity Line of Credit
ASU: Accounting Standards Update			HFI: Held for investment
ATDS: Automatic telephone dialing systems			HFS: Held for sale
BHCA: Bank Holding Company Act of 1956, as amended			HMDA: Home Mortgage Disclosure Act
bps: Basis points			IRLC: Interest rate lock commitment
BSA: Bank Secrecy Act			IRR: Interest rate risk
CALM: Capital and Asset Liability Management policy			IRS: Internal Revenue Service
CARES Act: Coronavirus Aid, Relief, and Economic Security Act			LIBOR: London Inter-Bank Offered Rate
CCPA: California Consumer Privacy Act			MLA: Military Lending Act
CD: Community Development			MOHELA: Missouri Higher Education Loan Authority
CET1: Common Equity Tier 1			MSB: Money services business
CFP: Certified financial planners			MSRB: Municipal Securities Rulemaking Board
CFPA: Consumer Financial Protection Act			NACHA: National Automated Clearinghouse Association
CFPB: Consumer Financial Protection Bureau			Nasdaq: The Nasdaq Global Select Market
CFTC: Commodity Futures Trading Commission			NII: Net Interest Income
CISO: Chief Information Security Officer			OCC: Office of the Comptroller of the Currency
CODM: Chief Operating Decision Maker			OFAC: Office of Foreign Assets Control
CPA: Colorado Privacy Act			PCD: Purchased credit deteriorated
CPPA: California Privacy Protection Act			PFOF: Payment for order flow
CPRA: California Privacy Rights Act			PSU: Performance stock units
CRA: Community Reinvestment Act			QIA: Qatar Investment Authority
DACA: Deferred Access for Childhood Arrival			RESPA: Real Estate Settlement Procedures Act
DCF: Discounted cash flow			ROU: Right-of-use
DE&I: Diversity, Equity and Inclusion			RSU: Restricted stock units
DEP: Digital engagement practices			SCH: Social Capital Hedosophia Holdings Corp. V
Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer			SCRA: Servicemembers’ Civil Relief Act
Protection Act of 2010			SEC: U.S. Securities and Exchange Commission
DSU: Deferred stock units			SPAC: Special purpose acquisition company
EBRC: Enterprise Broad Risk Committee			Social Finance: Social Finance, LLC (formerly Social Finance, Inc.)
EC: European Commission			SoFi Bank: SoFi Bank, National Association
ECOA: Equal Credit Opportunity Act			SoFi Capital Advisors: SoFi Capital Advisors, LLC
EFTA: Electronic Fund Transfer Act			SoFi Securities: SoFi Securities LLC
EPS: Earnings (loss) per share of common stock			SoFi Stadium: The LA Stadium and Entertainment District at Hollywood
ESG: Environmental, social and corporate governance			Park in Inglewood, California
ESIGN: Electronic Signatures in Global and National Commerce Act			SoFi Wealth: SoFi Wealth LLC
ETF: Exchange-Traded Funds			SOFR: Secured Overnight Financing Rate
EVE: Economic value of equity			SPE: Special purpose entity
FCA: Financial Conduct Authority			SRO: Self-regulatory organizations
FCRA: Fair Credit Reporting Act			TBA: To-be-announced security
FDCPA: Fair Debt Collection Practices Act			TCJA: Tax Cuts and Jobs Act
FDIA: Federal Deposit Insurance Act			TCPA: Federal Telephone Consumer Protection Act
FDIC: Federal Deposit Insurance Corporation			Technisys: Technisys S.A., a Luxembourg société anonyme
Federal Reserve: Board of Governors of the Federal Reserve System			TDR: Troubled debt restructuring
FHA: Fair Housing Act			TILA: Truth in Lending Act
FHFA: Federal Housing Finance Agency			UDAAP: Unfair, deceptive or abusive acts or practices
FHLB: Federal Home Loan Bank			UETA: Uniform Electronic Transactions Act
FinCEN: Financial Crimes Enforcement Network			URG: Underrepresented Group
FINRA: Financial Industry Regulatory Authority			VA: United Stated Department of Veterans Affairs
FRB: Federal Reserve Bank of San Francisco			VIE: Variable interest entity
FTC: Federal Trade Commission			Wyndham: Wyndham Capital Mortgage
FTP: Fund transfer pricing

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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 entered into a merger agreement (the “Agreement”) with 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 February 2022, we acquired Golden Pacific, a bank holding company, and its wholly-owned subsidiary, Golden Pacific Bank, National Association, a national bank (the “Bank Merger”), after which we became a bank holding company and renamed Golden Pacific Bank as SoFi Bank.

In March 2022, we acquired Technisys, a Luxembourg société anonyme and a cloud-native digital multi-product core banking platform (the “Technisys Merger”).

In April 2023, we acquired Wyndham, a fintech mortgage lender.

See Note 2. Business Combinations to the Notes to Condensed Consolidated Financial Statements within Part I, Item 1. for information on our business combinations.

Refer to Glossary of Terms and Acronyms for the definitions of certain terms, acronyms and abbreviations used in this document.

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”, “possibility”, “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 SEC and include, among other things:

•our ability to 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 execute our strategy with respect to 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 and employment rates, capital markets volatility, instability in the financial services industry, a potential U.S.

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government shutdown, uncertainty stemming from changes to the U.S. presidential administration, the possibility of a recession, and domestic or international conflicts or disputes;

•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 Nasdaq;

•our ability to realize the anticipated benefits of any acquisitions we undertake;

•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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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SoFi Technologies, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In Thousands, Except for Share Data)


	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	2,354,965	$	3,085,020
Restricted cash and restricted cash equivalents	614,794		530,558
Investment securities (includes available-for-sale securities of $1,478,066 and $595,187 at fair value with associated amortized cost of $1,468,146 and $596,757, as of September 30, 2024 and December 31, 2023, respectively)	1,554,285		701,935
Loans held for sale, at fair value	17,324,514		15,396,771
Loans held for investment, at fair value	7,876,667		6,725,484
Loans held for investment, at amortized cost (less allowance for credit losses of $48,419 and $54,695, as of September 30, 2024 and December 31, 2023, respectively)	1,417,262		836,159
Servicing rights	296,127		180,469
Property, equipment and software	266,226		216,908
Goodwill	1,393,505		1,393,505
Intangible assets	314,959		364,048
Operating lease right-of-use assets	84,149		89,635
Other assets (less allowance for credit losses of $2,651 and $1,837, as of September 30, 2024 and December 31, 2023, respectively)	882,723		554,366
Total assets	$	34,380,176	$	30,074,858
Liabilities, temporary equity and permanent equity
Liabilities:
Deposits:
Interest-bearing deposits	$	24,351,778	$	18,568,993
Noninterest-bearing deposits	56,008		51,670
Total deposits	24,407,786		18,620,663
Accounts payable, accruals and other liabilities	569,018		549,748
Operating lease liabilities	101,028		108,649
Debt	3,180,205		5,233,416
Residual interests classified as debt	658		7,396
Total liabilities	28,258,695		24,519,872
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; — and 3,234,000 shares outstanding, as of September 30, 2024 and December 31, 2023, respectively	—		320,374
Permanent equity:
Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,084,136,516 and 975,861,793 shares issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively(2)	108		97
Additional paid-in capital	7,751,335		7,039,987

Accumulated other comprehensive income (loss)	8,109		(1,209)
Accumulated deficit	(1,638,071)		(1,804,263)
Total permanent equity	6,121,481		5,234,612
Total liabilities, temporary equity and permanent equity	$	34,380,176	$	30,074,858

______________

(1)Redemption amount was $323,400 as of December 31, 2023. See Note 10. Equity for additional information.

(2)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of September 30, 2024 and December 31, 2023. See Note 10. Equity for additional information.

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

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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 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. See Note 7. Securitization and Variable Interest Entities for additional information.


	September 30, 2024		December 31, 2023
Assets
Restricted cash and restricted cash equivalents	$	27,281	$	50,547
Loans held for sale, at fair value	229,072		502,757
Loans held for investment, at fair value	85,445		221,461
Total assets	$	341,798	$	774,765
Liabilities
Accounts payable, accruals and other liabilities	$	158	$	1,773
Debt	94,163		420,974
Residual interests classified as debt	658		7,396
Total liabilities	$	94,979	$	430,143

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

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SoFi Technologies, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In Thousands, Except for Share and Per Share Data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income
Loans and securitizations	$	671,976	$	539,927	$	1,913,265	$	1,345,169
Other	51,398		24,343		150,615		60,661
Total interest income	723,374		564,270		2,063,880		1,405,830
Interest expense
Securitizations and warehouses	31,093		63,847		89,376		181,231
Deposits	248,292		145,563		691,558		325,208
Corporate borrowings	12,871		9,784		36,307		26,951
Other	108		113		327		341
Total interest expense	292,364		219,307		817,568		533,731
Net interest income	431,010		344,963		1,246,312		872,099
Noninterest income
Loan origination, sales, and securitizations	70,085		75,385		181,957		288,883
Servicing	9,927		8,009		23,560		29,803
Technology products and solutions	90,896		81,856		262,434		236,946
Loan platform fees	55,641		9,066		78,373		24,261
Other	39,562		17,930		148,098		55,393
Total noninterest income	266,111		192,246		694,422		635,286
Total net revenue	697,121		537,209		1,940,734		1,507,385
Noninterest expense
Technology and product development	139,714		125,698		402,801		369,602
Sales and marketing	214,904		186,719		567,032		544,695
Cost of operations	123,714		98,258		333,478		276,051
General and administrative	148,921		124,457		439,167		379,326
Goodwill impairment	—		247,174		—		247,174
Provision for credit losses	6,013		21,831		24,835		42,853
Total noninterest expense	633,266		804,137		1,767,313		1,859,701
Income (loss) before income taxes	63,855		(266,928)		173,421		(352,316)
Income tax (expense) benefit	(3,110)		244		(7,229)		3,661
Net income (loss)	$	60,745	$	(266,684)	$	166,192	$	(348,655)
Other comprehensive income (loss)
Unrealized gains on available-for-sale securities, net	9,029		5,616		9,070		8,694
Foreign currency translation adjustments, net	563		103		248		202
Total other comprehensive income	9,592		5,719		9,318		8,896
Comprehensive income (loss)	$	70,337	$	(260,965)	$	175,510	$	(339,759)
Earnings (loss) per share (Note 16)
Earnings (loss) per share – basic	$	0.06	$	(0.29)	$	0.14	$	(0.40)
Earnings (loss) per share – diluted	$	0.05	$	(0.29)	$	0.08	$	(0.40)
Weighted average common stock outstanding – basic	1,071,159,746		951,183,107		1,037,579,399		939,070,185
Weighted average common stock outstanding – diluted	1,104,450,416		951,183,107		1,078,402,421		939,070,185

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

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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 Deficit		Permanent Equity		Temporary Equity
	Shares	Amount										Shares	Amount
Balance at June 30, 2024	1,065,112,270	$	106	$	7,601,687	$	(1,483)	$	(1,698,816)	$	5,901,494	—	$	—
Share-based compensation expense	—	—		74,532		—		—		74,532		—	—

Vesting of RSUs	8,907,950	1		(1)		—		—		—		—	—
Stock withheld related to taxes on vested RSUs	(624,127)	—		(4,883)		—		—		(4,883)		—	—
Exercise of common stock options	148,628	—		138		—		—		138		—	—
Extinguishment of convertible notes by issuance of common stock	10,591,795	1		79,862		—		—		79,863		—	—





Net income	—	—		—		—		60,745		60,745		—	—
Other comprehensive income, net of taxes	—	—		—		9,592		—		9,592		—	—
Balance at September 30, 2024	1,084,136,516	$	108	$	7,751,335	$	8,109	$	(1,638,071)	$	6,121,481	—	$	—

	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Permanent Equity		Temporary Equity
	Shares	Amount										Shares	Amount
Balance at January 1, 2024	975,861,793	$	97	$	7,039,987	$	(1,209)	$	(1,804,263)	$	5,234,612	3,234,000	$	320,374
Share-based compensation expense	—	—		209,082		—		—		209,082		—	—

Vesting of RSUs	26,438,360	3		(3)		—		—		—		—	—
Stock withheld related to taxes on vested RSUs	(1,773,092)	—		(12,641)		—		—		(12,641)		—	—
Exercise of common stock options	395,781	—		770		—		—		770		—	—

Extinguishment of convertible notes by issuance of common stock	83,213,674	8		614,138		—		—		614,146		—	—
Purchases of capped calls	—	—		(90,649)		—		—		(90,649)		—	—
Unwind of capped calls	—	—		10,180		—		—		10,180		—	—
Redeemable preferred stock dividends	—	—		(16,503)		—		—		(16,503)		—	—
Preferred stock redemption	—	—		(3,026)		—		—		(3,026)		(3,234,000)	(320,374)
Net income	—	—		—		—		166,192		166,192		—	—
Other comprehensive income, net of taxes	—	—		—		9,318		—		9,318		—	—
Balance at September 30, 2024	1,084,136,516	$	108	$	7,751,335	$	8,109	$	(1,638,071)	$	6,121,481	—	$	—

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

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SoFi Technologies, Inc.

Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Continued)

(Unaudited)

(In Thousands, Except for Share Data)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Permanent Equity		Temporary Equity
	Shares	Amount										Shares	Amount
Balance at June 30, 2023	948,912,761	$	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 RSUs	8,921,924	1		(1)		—		—		—		—	—
Stock withheld related to taxes on vested RSUs	(469,874)	—		(3,614)		—		—		(3,614)		—	—
Exercise of common stock options	495,619	—		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, 2023	957,860,430	$	95	$	6,904,869	$	600	$	(1,852,176)	$	5,053,388	3,234,000	$	320,374

	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Permanent Equity		Temporary Equity
	Shares	Amount										Shares	Amount
Balance at January 1, 2023	933,896,120	$	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 RSUs	24,621,235	2		(2)		—		—		—		—	—
Stock withheld related to taxes on vested RSUs	(1,396,562)	—		(10,660)		—		—		(10,660)		—	—
Exercise of common stock options	747,930	—		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, 2023	957,860,430	$	95	$	6,904,869	$	600	$	(1,852,176)	$	5,053,388	3,234,000	$	320,374

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

SoFi Technologies, Inc.

TABLE OF CONTENTS

SoFi Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In Thousands)


	Nine Months Ended September 30,
	2024		2023
Operating activities
Net income (loss)	$	166,192	$	(348,655)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	179,785		202,109
Depreciation and amortization	149,953

SoFi Technologies, Inc. [SOFI] Filings
10-Q	[2024-11]
10-Q	[2024-08]
10-Q	[2024-05-07]
10-K	[2024-02-27]
10-Q	[2023-11-08]
10-Q	[2023-08-08]
10-Q	[2023-05-10]
10-K	[2023-03-01]
10-Q	[2022-11-09]
10-Q	[2022-08-09]
10-Q	[2022-05-10]
S-1	[2022-03-04]
10-K	[2022-03-01]
10-Q	[2021-11-15]
10-Q	[2021-08-16]
S-1	[2021-06-14]
10-Q	[2021-05-24]
10-K	[2021-03-17]
10-Q	[2020-11-23]
S-1	[2020-09-18]