10-Q 1 sofi-20220630.htm 10-Q sofi-20220630
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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 June 30, 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 July 29, 2022 was 922,377,054 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.
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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”. As a result of the Business Combination, which was completed on May 28, 2021, share and per share amounts 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; new products, services and related strategies; 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”, “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 and our 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 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 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 increasing interest rates, inflationary pressures, counterparty risk, changing customer demand, capital markets volatility 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;
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SoFi Technologies, Inc.
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;
our ability to successfully expand our operations into foreign jurisdictions, including compliance with a variety of foreign laws;
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.
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SoFi Technologies, Inc.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SoFi Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except for Share Data)
June 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$707,302 $494,711 
Restricted cash and restricted cash equivalents(1)
291,631 273,726 
Investments in available-for-sale securities (amortized cost of $205,168 and $195,796, respectively)
197,933 194,907 
Loans, less allowance for credit losses on loans at amortized cost of $23,178 and $7,037, respectively(1)(2)
8,212,494 6,068,884 
Servicing rights176,964 168,259 
Securitization investments288,717 374,688 
Equity method investments 19,739 
Property, equipment and software148,744 111,873 
Goodwill1,625,375 898,527 
Intangible assets481,124 284,579 
Operating lease right-of-use assets108,736 115,191 
Other assets, less allowance for credit losses of $2,720 and $2,292, respectively
431,866 171,242 
Total assets$12,670,886 $9,176,326 
Liabilities, temporary equity and permanent equity
Liabilities:
Deposits:
Noninterest-bearing deposits$82,801 $ 
Interest-bearing deposits2,629,463  
Total deposits2,712,264  
Accounts payable, accruals and other liabilities(1)
542,336 298,164 
Operating lease liabilities
131,735 138,794 
Debt(1)
3,723,561 3,947,983 
Residual interests classified as debt(1)
54,436 93,682 
Total liabilities7,164,332 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 June 30, 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; 922,103,100 and 828,154,462 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively(4)
92 83 
Additional paid-in capital6,583,405 5,561,831 
Accumulated other comprehensive loss(8,011)(1,471)
Accumulated deficit(1,389,306)(1,183,114)
Total permanent equity5,186,180 4,377,329 
Total liabilities, temporary equity and permanent equity$12,670,886 $9,176,326 
______________
(1)Financial statement line items include amounts in consolidated variable interest entities (“VIEs”). See Note 5.
(2)As of June 30, 2022 and December 31, 2021, includes loans held for sale measured at fair value of $7,959,382 and $5,952,972, respectively.
(3)Redemption amount is $323,400 as of June 30, 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 June 30, 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.
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SoFi Technologies, Inc.
SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In Thousands, Except for Share and Per Share Data)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Interest income
Loans
$145,337 $79,678 $259,722 $156,899 
Securitizations
2,567 3,794 5,325 8,261 
Related party notes
   211 
Other
1,608 636 2,877 1,265 
Total interest income149,512 84,108 267,924 166,636 
Interest expense
Securitizations and warehouses
18,599 26,250 38,505 56,058 
Deposits4,543  4,974  
Corporate borrowings3,450 1,378 6,099 6,386 
Other
191 468 684 900 
Total interest expense26,783 28,096 50,262 63,344 
Net interest income122,729 56,012 217,662 103,292 
Noninterest income
Loan origination and sales
144,414 109,719 302,118 220,064 
Securitizations
(11,737)(26)(23,018)(2,062)
Servicing
10,471 (224)22,707 (12,333)
Technology products and solutions
81,670 44,950 141,527 90,609 
Other
14,980 20,843 31,875 27,688 
Total noninterest income239,798 175,262 475,209 323,966 
Total net revenue362,527 231,274 692,871 427,258 
Noninterest expense
Technology and product development
99,366 69,389 181,274 135,337 
Sales and marketing
143,854 94,951 281,992 182,185 
Cost of operations
79,091 60,624 149,528 118,194 
General and administrative
125,829 171,216 262,334 332,913 
Provision for credit losses10,103 486 23,064 486 
Total noninterest expense458,243 396,666 898,192 769,115 
Loss before income taxes(95,716)(165,392)(205,321)(341,857)
Income tax (expense) benefit
(119)78 (871)(1,021)
Net loss$(95,835)$(165,314)$(206,192)$(342,878)
Other comprehensive loss
Unrealized losses on available-for-sale securities, net(1,991) (6,446) 
Foreign currency translation adjustments, net(56)(266)(94)(346)
Total other comprehensive loss(2,047)(266)(6,540)(346)
Comprehensive loss$(97,882)$(165,580)$(212,732)$(343,224)
Loss per share (Note 16)
Loss per share – basic$(0.12)$(0.48)$(0.26)$(1.50)
Loss per share – diluted$(0.12)$(0.48)$(0.26)$(1.50)
Weighted average common stock outstanding – basic910,046,750 365,036,365 881,608,165 241,282,003 
Weighted average common stock outstanding – diluted910,046,750 365,036,365 881,608,165 241,282,003 

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


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

Common Stock
Additional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitPermanent EquityTemporary Equity
Shares
Amount
SharesAmount
Balance at March 31, 2022915,673,855 $91 $6,509,643 $(5,964)$(1,293,471)$5,210,299 3,234,000 $320,374 
Share-based compensation expense— — 85,902 — — 85,902 — — 
Vesting of RSUs6,360,894 1 (1)— —  — — 
Stock withheld related to taxes on vested RSUs(318,764)— (2,253)— — (2,253)—