10-Q 1 sofi-20220331.htm 10-Q sofi-20220331
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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 March 31, 2022
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)
(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” and “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 May 4, 2022 was 915,824,337 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.
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”. As a result of the Business Combination, which was completed on May 28, 2021, share and per share amounts presented in this Quarterly Report on Form 10-Q for periods prior to the Business Combination for Social Finance, Inc. have been retroactively converted by application of the exchange ratio of 1.7428.
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 cloud-native digital multi-product core banking platform (the “Technisys Merger”). The Technisys Merger closed in March 2022.
See Note 2 to the Notes to Unaudited Condensed Consolidated Financial Statements for information on our acquisitions.
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; and new products, services and related strategies. 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”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “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 “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, including 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;
our ability to respond to general economic conditions;
the effect and impact of any further extension of the federal student loan payment moratorium or any governmental actions taken to forgive student loans;
our ability to manage our growth effectively and our expectations regarding the development and expansion of our business;
our ability to access sources of capital, including debt financing, deposits and other sources of capital to finance operations and growth;
the impact of general economic conditions and other macro-economic factors, such as increasing interest rates and inflationary pressures;
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;
2

our ability to successfully operate as a bank holding company, and to own and 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 and the Technisys Merger and the expansion of our operations into foreign jurisdictions;
the outcome of any legal or governmental proceedings that may be instituted against us; and
the effect of and uncertainties related to the ongoing COVID-19 pandemic (including any emergence of additional variants or government responses thereto) and any continued recovery from the impact of the COVID-19 pandemic.
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.
3

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SoFi Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except for Share Data)
March 31,
2022
December 31,
2021
Assets
Cash and cash equivalents$1,325,135 $494,711 
Restricted cash and restricted cash equivalents(1)
377,077 273,726 
Investments in available-for-sale securities (amortized cost of $205,114 and $195,796, respectively)
199,840 194,907 
Loans, less allowance for credit losses on loans at amortized cost of $17,866 and $7,037, respectively(1)(2)
7,222,001 6,068,884 
Servicing rights173,505 168,259 
Securitization investments325,370 374,688 
Equity method investments 19,739 
Property, equipment and software131,537 111,873 
Goodwill1,615,694 898,527 
Intangible assets505,526 284,579 
Operating lease right-of-use assets112,400 115,191 
Other assets, less allowance for credit losses of $1,652 and $2,292, respectively
258,491 171,242 
Total assets$12,246,576 $9,176,326 
Liabilities, temporary equity and permanent equity
Liabilities:
Deposits:
Noninterest-bearing deposits$95,598 $ 
Interest-bearing deposits1,060,324  
Total deposits1,155,922  
Accounts payable, accruals and other liabilities(1)
437,319 298,164 
Operating lease liabilities
135,955 138,794 
Debt(1)
4,916,175 3,947,983 
Residual interests classified as debt(1)
70,532 93,682 
Total liabilities6,715,903 4,478,623 
Commitments, guarantees, concentrations and contingencies (Note 15)
Temporary equity(3):
Redeemable preferred stock, $0.00 par value: 100,000,000 shares authorized; 3,234,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021
320,374 320,374 
Permanent equity:
Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 915,673,855 and 828,154,462 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively(4)
91 83 
Additional paid-in capital6,509,643 5,561,831 
Accumulated other comprehensive loss(5,964)(1,471)
Accumulated deficit(1,293,471)(1,183,114)
Total permanent equity5,210,299 4,377,329 
Total liabilities, temporary equity and permanent equity$12,246,576 $9,176,326 
______________
(1)Financial statement line items include amounts in consolidated variable interest entities (“VIEs”). See Note 5.
(2)As of March 31, 2022 and December 31, 2021, includes loans held for sale measured at fair value of $7,002,885 and $5,952,972, respectively.
(3)Redemption amounts are $323,400 as of March 31, 2022 and December 31, 2021.
(4)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of March 31, 2022 and December 31, 2021. See Note 11 for additional information.

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

SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In Thousands, Except for Share and Per Share Data)
Three Months Ended March 31,
20222021
Interest income
Loans
$114,385 $77,221 
Securitizations
2,758 4,467 
Related party notes
 211 
Other
1,269 629 
Total interest income118,412 82,528 
Interest expense
Securitizations and warehouses
19,906 29,808 
Deposits431  
Corporate borrowings2,649 5,008 
Other
493 432 
Total interest expense23,479 35,248 
Net interest income94,933 47,280 
Noninterest income
Loan origination and sales
157,704 110,345 
Securitizations
(11,281)(2,036)
Servicing
12,236 (12,109)
Technology products and solutions
59,857 45,659 
Other
16,895 6,845 
Total noninterest income235,411 148,704 
Total net revenue330,344 195,984 
Noninterest expense
Technology and product development
81,908 65,948 
Sales and marketing
138,138 87,234 
Cost of operations
70,437 57,570 
General and administrative
136,505 161,697 
Provision for credit losses12,961  
Total noninterest expense439,949 372,449 
Loss before income taxes(109,605)(176,465)
Income tax expense
(752)(1,099)
Net loss$(110,357)$(177,564)
Other comprehensive loss
Unrealized losses on available-for-sale securities, net(4,455) 
Foreign currency translation adjustments, net(38)(80)
Total other comprehensive loss(4,493)(80)
Comprehensive loss$(114,850)$(177,644)
Loss per share (Note 16)
Loss per share – basic$(0.14)$(1.61)
Loss per share – diluted$(0.14)$(1.61)
Weighted average common stock outstanding – basic852,853,596 116,152,593 
Weighted average common stock outstanding – diluted852,853,596 116,152,593 

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


5

SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Deficit)
(In Thousands, Except for Share Data)

Common Stock
Additional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitPermanent EquityTemporary Equity
Shares
Amount
SharesAmount
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— — 81,617 — — 81,617 — — 
Vesting of RSUs4,951,204 —  — —  — — 
Stock withheld related to taxes on vested RSUs(343,698)— (3,593)— — (3,593)— — 
Exercise of common stock options1,055,775 — 1,867 — — 1,867 — — 
Issuance of common stock in acquisition81,856,112 8 875,034 — — 875,042 — — 
Vested awards assumed in acquisition— — 2,855 — — 2,855 — — 
Redeemable preferred stock dividends— — (9,968)— — (9,968)— — 
Net loss— — — — (110,357)(110,357)— — 
Other comprehensive loss, net of taxes— — — (4,493)— (4,493)— — 
Balance at March 31, 2022915,673,855 $91 $6,509,643 $(5,964)$(1,293,471)$5,210,299 3,234,000 $320,374 
Common Stock
Additional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitPermanent DeficitTemporary Equity
Shares
Amount
SharesAmount
Balance at January 1, 2021115,084,358 $ $579,228 $(166)$(699,177)$(120,115)469,150,522 $3,173,686 
Share-based compensation expense
— — 37,454 — — 37,454 — — 
Vesting of RSUs
3,654,434 — — — — — — — 
Stock withheld related to taxes on vested RSUs
(1,399,716)— (25,989)— — (25,989)— — 
Exercise of common stock options
1,679,838 — 2,624 — — 2,624 — — 
Redeemable preferred stock dividends
— — (9,968)— — (9,968)— — 
Net loss— — — — (177,564)(177,564)— — 
Other comprehensive loss, net of taxes— — — (80)— (80)— — 
Balance at March 31, 2021119,018,914 $ $583,349 $(246)$(876,741)$(293,638)469,150,522 $3,173,686 










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


6



SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In Thousands)
Three Months Ended March 31,
20222021
Operating activities
Net loss$(110,357)$(177,564)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
30,698 25,977 
Deferred debt issuance and discount expense
4,209 5,998 
Share-based compensation expense
77,021 37,454 
Deferred income taxes
(40)623 
Fair value changes in residual interests classified as debt
2,963 7,951 
Fair value changes in securitization investments
6,545 (2,957)
Fair value changes in warrant liabilities
 89,920 
Other
16,180 (139)
Changes in operating assets and liabilities:
Originations and purchases of loans
(3,599,870)(2,575,932)
Proceeds from sales and repayments of loans
2,491,409 2,911,540 
Other changes in loans
58,548 30,486 
Servicing assets
(5,246)(11,643)
Related party notes receivable interest income
 1,399 
Other assets
(13,623)3,299 
Accounts payable, accruals and other liabilities
30,339 (6,361)
Net cash provided by (used in) operating activities$(1,011,224)$