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SoFi Technologies Reports Third Quarter 2021 Results

Record GAAP and Adjusted Revenue and 5th Consecutive Quarter of Positive Adjusted EBITDA

Total Year-over-Year Member Growth of 96% to 2.9 Million

Added 377,000 New Members, Second-Highest Quarterly Increase in Company History

Total Products Up 108% to 4.3 Million, 5th Consecutive Quarter of Year-over-Year Triple-Digit Growth

SoFi Money, SoFi Invest and SoFi Credit Card Drove 79% of New Member Growth and 73% of Cross-Buy

SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that allows members to borrow, save, spend, invest and protect their money, reported financial results today for its third quarter ended September 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211110006225/en/

Note: For additional information on our company metrics, see Table 5 in the “Financial Tables” herein. (Graphic: Business Wire)

Note: For additional information on our company metrics, see Table 5 in the “Financial Tables” herein. (Graphic: Business Wire)

“I believe we’ve accomplished more at SoFi across our uniquely diversified platform of mobile-first financial services products over the past year than many other companies will achieve in a lifetime,” said Anthony Noto, CEO of SoFi Technologies, Inc. “Our strategy to build the first digital one-stop shop that meets our members’ financial needs for every major event in their lives, and all of the days in between, continues to pay off. Through successful execution, we've grown, broadened, and diversified our three business segments, resulting in another quarter of record revenue and a fifth consecutive quarter of positive EBITDA — even as the student lending environment remained depressed, and economic and market conditions remained volatile. The third quarter was our second-highest ever for both member and product growth. Total members grew 96% year-over-year, to 2.9 million, with 377,000 additions up 35% from 279,000 in the second quarter. Total products grew 108% year-over-year, to nearly 4.3 million, with 600,000 additions up 24% from 483,000 in the second quarter. And we continued to leverage our Financial Services Productivity Loop (FSPL) strategy, with SoFi Invest, SoFi Money and SoFi Credit Card first members driving 79% of our new member growth and 73% of cross-buy in the quarter."

Consolidated results summary

Three Months Ended September 30,

($ in thousands)

2021

2020

% Change

Consolidated GAAP

 

 

Total net revenue

$

272,006

 

$

200,787

 

35

%

Net loss

(30,047

)

(42,878

)

(30

)%

 

 

 

Consolidated – Non-GAAP

 

 

Adjusted net revenue(1)

$

277,190

 

$

216,759

 

28

%

Adjusted EBITDA(1)

10,256

 

33,509

 

(69

)%

(1)

 

Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For more information and reconciliations to the most comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

Noto continued: “We hit several new milestones across our businesses. Third quarter Lending revenue reached a new high, driven primarily by record funded volume and revenue in our personal loans business — a testament to our success over the past four years in diversifying this segment beyond Student Loan Refinancing, where volumes remain at less than half their pre-Covid levels. In Financial Services, our products, many of which are less than three years old, grew 179% year-over-year, to 3.2 million. In our Technology Platform segment, the 13 new clients we added brought our year-to-date total to 35, and we finished the quarter with 89 million client-enabled accounts, up 80% from the same prior-year quarter. We also completed both a comprehensive update of Galileo's on-premise technology, and the build-out of a new cloud-based modern card issuing and payment platform, where we are now onboarding new clients. And as a company, SoFi exceeded $1 billion in annualized run-rate revenue and now has $4.6 billion in capital. In the last year, we have raised $3.6 billion, including $2.4 billion in a combined private financing led by T. Rowe Price, a PIPE and public listing, and $1.2 billion via a convertible debt offering at a 0% coupon in early October. In summary, the third quarter of 2021 capped a year-long sprint of great milestones, and we now have more flexibility than ever to execute and fund our long-term strategic growth plans and position SoFi as the 'winner takes most' in financial technology.”

Consolidated Results

Total GAAP net revenue of $272.0 million in the third quarter of 2021 increased 35% from the same prior-year period. On an adjusted basis, net revenue for the third quarter of 2021 was $277.2 million, a record for us and 28% above last year's third quarter total of $216.8 million. Strength in all three of SoFi's business segments drove the growth in these measures.

SoFi recorded a $30.0 million GAAP net loss for the third quarter of 2021, an improvement of nearly $13 million from last year's third quarter net loss of $42.9 million. Third quarter adjusted EBITDA of $10.3 million was positive for the fifth consecutive quarter.

Member and Product Growth

Continued new product enhancements, together with more effective execution of our marketing, branding and FSPL strategies, drove another quarter of robust growth in both members and total products. As SoFi solidifies itself as a one-stop shop for digital financial products that meet all of our members' financial needs throughout a lifetime, this creates a compounding effect on member referrals, greater adoption of multiple products and cost-efficient scaling of our broad-based offering. The efficiencies we gain through the FSPL allow us to invest more in new products and enhancements and better pricing, which completes the virtuous circle for SoFi and our members.

During the third quarter, we launched a series of marketing campaigns designed to increase SoFi’s brand awareness, members and products. The SoFi Money Moves brand campaign we debuted during the US Open tennis tournament in September and the regular NFL season has significantly raised SoFi's profile. This campaign includes an integrated, cross-platform, multi-channel marketing program that leverages nationally televised NFL games and events at SoFi Stadium, our most comprehensive digital influencer program to date, a SoFi Money Moves social video contest on TikTok, and a new referral program.

Total members grew 96% year-over-year to 2.9 million, from 1.5 million. This marked SoFi's second largest quarter of new member additions at approximately 377,000, and a 35% increase from the approximately 279,000 new members added in the second quarter.

Total products more than doubled year-over-year, to 4.3 million from 2.1 million, representing SoFi’s fifth consecutive quarter of triple-digit annual growth. We added approximately 600,000 new products, which was our second-highest quarterly total ever, and up 24% from approximately 483,000 new products added in the prior quarter. As important, our sequential product growth exceeded our member growth in absolute terms in the third quarter, indicating high product satisfaction and greater willingness to adopt additional products, further reinforcing the value of our FSPL strategy.

In the Financial Services segment, growth of SoFi Invest and SoFi Money offerings primarily drove the 179% year-over-year product increase in the segment, to more than 3.2 million from 1.2 million. At quarter end, total Financial Services segment products were more than triple the number of Lending products.

Lending products rose across all loan types year-over-year in the third quarter, with personal and student loans the largest drivers of the overall 15% increase. Technology Platform accounts increased by 80% year-over-year in the third quarter of 2021, to nearly 89 million, due to both diverse new client additions and growth among existing Galileo clients.

Specific milestones achieved through our integrated marketing, product and FSPL efforts include:

SoFi Money Moves Brand and Influencer Campaign:

  • SoFi unaided brand awareness more than doubled to a new high during the Money Moves campaign launch week.
  • TV spots drove more than 500 million impressions during some of the biggest moments in fall sports, and nationally televised games from SoFi Stadium averaged more than 20 million TV viewers per game.
  • By working with the biggest digital influencers across YouTube, Twitter, Instagram and TikTok, we drove an additional 400 million impressions and 775,000 engagements with SoFi content.
  • Our hashtag challenge campaign #SOFIMONEYMOVES on TikTok drove more than 8 billion views and more than one million uses of our branded hashtag.

Product, Cross-Buy, Referrals and Rewards:

  • The third quarter was SoFi’s highest ever for cross-buying of products by existing members.
  • By iterating on referrals, continuing to scale top of the funnel products, and expanding our popular SoFi Personal Loans - SoFi Money bundle to 100% of our members, we drove a 65% sequential increase in cross-buy volume among SoFi Money-first members.
  • The success of our new and enhanced referral programs, including Refer the App and the SoFi Money referral, drove an increase in member growth from referrals to 18% in the quarter, up from 3% in the second quarter.
  • SoFi Rewards — the only rewards program that allows members to earn points for both transactions and responsible financial behaviors — drove 15% of the quarter’s new product growth, up from 9% in the second quarter.

Lending Segment Results

Lending segment net revenues reached an all-time high on both a GAAP and an adjusted basis, at $210.3 million and $215.5 million, respectively, for the third quarter of 2021. This represented year-over-year increases of 30% and 21%, respectively, driven by growth in net interest income, and origination and gain on sale revenue.

Lending segment contribution profit of $117.7 million increased 14% year-over-year in the third quarter of 2021, with strength in personal loans the largest driver.

​Lending – Segment Results of Operations

 

Three Months Ended September 30,

 

 

($ in thousands)

2021

2020

Variance

% Change

Total net revenue – Lending

$

210,291

 

$

162,112

 

$

48,179

 

30

%

Servicing rights – change in valuation inputs or assumptions

(409

)

4,671

 

(5,080

)

(109

)%

Residual interests classified as debt – change in valuation inputs or assumptions

5,593

 

11,301

 

(5,708

)

(51

)%

Directly attributable expenses

(97,807

)

(75,073

)

(22,734

)

30

%

Contribution Profit

$

117,668

 

$

103,011

 

$

14,657

 

14

%

 

 

 

 

 

Adjusted net revenue – Lending(1)

$

215,475

 

$

178,084

 

$

37,391

 

21

%

(1)

 

Adjusted net revenue – Lending represents a non-GAAP financial measure. For more information and a reconciliation to the most comparable GAAP measure, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

Third quarter Lending segment total origination volume increased 49% year-over-year. Record volume in both personal and home loans, which were up 166% and 26%, respectively, more than offset the decline in student loan volume, which remains depressed by the extension through January 2022 of the CARES Act moratorium on federal student loan payments.

Record personal loan originations of more than $1.6 billion increased by $1 billion year-over-year. With rates on the rise, we benefited from SoFi's ability to leverage our testing and iterating platforms and capabilities across pricing, credit and marketing. We successfully captured increased demand from personal loan borrowers looking to remodel homes or refinance out of variable-rate debt into our attractive fixed-rate term products. Our 166% growth in personal loans reflects years of investing to penetrate the very attractive prime target, where our average FICO score of 749 for the quarter remains near all-time highs.

​Lending – Originations

 

Three Months Ended September 30,

Variance

($ in thousands)

2021

2020

% Change

Home loans

$

793,086

 

$

631,666

 

$

161,420

 

26

%

Personal loans

1,640,572

 

616,309

 

1,024,263

 

166

%

Student loans

967,939

 

1,035,137

 

(67,198

)

(6

)%

Total

$

3,401,597

$

2,283,112

$

1,118,485

 

49

%

SoFi also continues to compete effectively with our Rate Match Guarantee feature, which was introduced in the second quarter and further scaled during the third quarter. As important, we achieved record high personal loan NPS scores, approval and automation rates, as well as record low time-to-fund rates, even as funding volume and revenue hit new highs. Automation enhancements are a significant driver of member satisfaction: today, 70% of SoFi personal loans are “no touch” on income verification — and we keep iterating to drive that number even higher. And in home loans, we progressed further in our efforts to transition into the purchase side of the business through new, high-quality lead generation partnerships.

 

 

 

 

 

​Lending – Products

September 30, 2021

September 30, 2020

Variance

% Change

Home loans

21,318

12,174

9,144

75

%

Personal loans

578,772

 

488,546

 

90,226

 

18

%

Student loans

430,792

 

392,214

 

38,578

 

10

%

Total lending products

1,030,882

 

892,934

 

137,948

 

15

%

Technology Platform Segment results

SoFi's Technology Platform segment consists primarily of Galileo Financial Technologies, LLC (Galileo), a technology infrastructure provider we acquired in May 2020. Already a leader in the internet-only neobank space, Galileo continues to expand into new client segments, while adding to its suite of product offerings. Galileo signed 13 new clients during the quarter, bringing the year-to-date total to 35. Client accounts enabled by Galileo rose by 80% year-over-year in the third quarter, to nearly 89 million from 49 million, through new client acquisition and growth at existing clients.

​Technology Platform

 

September 30, 2021

 

September 30, 2020

 

Variance

 

% Change

Total accounts

 

88,811,022

 

 

49,276,594

 

 

39,534,428

 

 

80

%

Technology Platform segment net revenue of $50.2 million for the third quarter of 2021 was up 29% compared to the prior year period, when we benefited from the government stimulus. We remain committed to positioning Galileo to capture the secular transition of physical payments to digital payments and the accelerating need for diverse fintech services in order to deliver durable, long-term compounding growth, and will continue to invest accordingly. This increased investment drove Galileo operating expenses 132% higher year-over-year and lowered the contribution margin from above 60% to 31% in the quarter. Maintaining this high level of investment for sustained, long-term growth will entail operating the business at a 20–30% margin range.

Technology Platform – Segment Results of Operations

Three Months Ended September 30,

 

 

($ in thousands)

2021

2020

Variance

% Change

Total net revenue

$

50,225

 

$

38,818

 

$

11,407

 

29

%

Directly attributable expenses

(34,484

)

(14,832

)

 

(19,652

)

132

%

Contribution Profit

$

15,741

$

23,986

$

(8,245

)

(34

)%

Financial Services Segment results

Our Financial Services segment continues to benefit from significant growth in each product in our diverse suite of offerings. While we remain in investment mode to drive long-term, compounding growth, the scale we are achieving in members and products is beginning to contribute to overall company revenues. As important, we are maintaining this high level of investment while at the same time improving the unit economics across the segment.

Third quarter 2021 net revenue of $12.6 million was nearly quadruple the third quarter 2020 total of $3.2 million. The Financial Services segment contribution loss of $39.5 million increased by $2.0 million from the prior year quarter loss of $37.5 million due to the ongoing investments made to grow this business.

Financial Services – Segment Results of Operations

Three Months Ended September 30,

 

 

($ in thousands)

2021

2020

Variance

% Change

Total net revenue

$

12,620

 

$

3,237

 

$

9,383

 

290

%

Directly attributable expenses

(52,085

)

(40,704

)

(11,381

)

28

%

Contribution loss

$

(39,465

)

$

(37,467

)

$

(1,998

)

5

%

By continuously innovating for members with new and relevant offerings, features and rewards, SoFi has added more than two million Financial Services products in the past year, to 3.2 million in total. In SoFi Invest, new offerings introduced during the quarter include seven new cryptocurrencies, extended hours quotes and a performance graph pilot. We also earned recognition for our growing Robo-Advisory business from Barron’s, which just named SoFi the “Best Robo-Advisor” for 2021. Triple-digit growth in SoFi Money and SoFi Invest products were the largest drivers of our 179% year-over-year increase in total Financial Services products. We also made multiple enhancements to the SoFi Credit Card across product, credit policy, marketing and affiliate optimization, which drove strong growth in account holders, spend and balances in the quarter.

​Financial Services – Products

 

September 30, 2021

 

September 30, 2020

 

Variance

 

% Change

Money

 

1,161,322

 

 

417,613

 

 

743,709

 

 

178

%

Invest

 

1,233,527

 

 

415,718

 

 

817,809

 

 

197

%

Credit Card

 

65,595

 

 

261

 

 

65,334

 

 

n/m

 

Relay

 

749,972

 

 

318,384

 

 

431,588

 

 

136

%

At Work

 

26,367

 

 

8,023

 

 

18,344

 

 

229

%

Total products

 

3,236,783

 

 

1,159,999

 

 

2,076,784

 

 

179

%

Convertible Debt Offering

On September 29, 2021, SoFi Technologies, Inc. announced that it priced a private offering of 0.00% convertible senior notes due 2026 and increased the aggregate principal amount of the offering to $1.2 billion. The issuance and sale of the notes settled on October 4, 2021.

SoFi Technologies, Inc. Warrants Redemption

On November 4, 2021, SoFi Technologies, Inc. announced that it will redeem all of its outstanding Public Warrants that were issued under the Warrant Agreement, dated October 8, 2020, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, (the “Warrant Agreement”), as part of the units sold in the initial public offering (the “IPO”) of Social Capital Hedosophia Holding Corp. V ("SCH"), as well as all of its outstanding Private Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO, and that remain outstanding at 5:00 p.m. New York City time on December 6, 2021 (the “Redemption Date”), for a redemption price of $0.10 per Warrant. Social Finance Inc. completed a business combination with SCH on May 28, 2021, in connection with which SCH was renamed SoFi Technologies, Inc.

The Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock underlying such Warrants. As the Reference Value is less than $18.00 per share, payment upon exercise of the Warrants may be made either (i) in cash, at an exercise price of $11.50 per share of Common Stock or (ii) on a “cashless basis” in which the exercising holder will receive a number of shares of Common Stock to be determined in accordance with the terms of the Warrant Agreement and based on the Redemption Date and the volume weighted average price (the “Fair Market Value”) of the Common Stock during the 10 trading days immediately following the date on which the notice of redemption was sent to holders of Warrants. The Company will provide holders the Fair Market Value no later than one business day after such 10-trading day period ends. In no event will the number of shares of Common Stock issued in connection with an exercise on a cashless basis exceed 0.361 shares of Common Stock per Warrant. If any holder of Warrants would, after taking into account all of such holder’s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares.

Any Warrants that remain unexercised at 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those Warrants will be entitled to receive only the redemption price of $0.10 per Warrant.

Guidance and Outlook

Third quarter 2021 adjusted net revenue of $277 million exceeded quarterly guidance of $245 million to $255 million by 13% at the low end and 9% at the high end. Adjusted EBITDA of $10 million for the quarter exceeded quarterly guidance of $(7) million to $3 million by $17 million at the low end and $7 million at the high end.

Management expects an acceleration of annual growth in the fourth quarter of 2021, with expected adjusted net revenue of $272 million to $282 million, up 49-55% year-over-year, versus 28% year-over-year growth in the third quarter, and expected adjusted EBITDA of $2 million to $5 million.

Management now expects to exceed its original guidance, with full-year adjusted net revenue of $1.002 billion to $1.012 billion and full-year adjusted EBITDA of $28 million to $31 million. Management will further address fourth quarter and full-year 2021 guidance on the quarterly earnings conference call.

Earnings Webcast

SoFi’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the quarter’s financial results and business highlights. All interested parties are invited to listen to the live webcast at https://investors.sofi.com. A replay of the webcast will be available on the SoFi Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on SoFi’s Investor Relations website at https://investors.sofi.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above 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. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, "opportunity", "future", "strategy", “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “would”, “will be”, “will continue”, “will likely result” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the effect of and uncertainties related to the COVID-19 pandemic (including any government responses thereto); (ii) our ability to achieve and maintain profitability in the future; (iii) the impact on our business of the regulatory environment and complexities with compliance related to such environment; (iv) our ability to become a bank holding company and acquire a national bank charter; (v) our ability to respond to general economic conditions; (vi) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (vii) our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth; (viii) the success of our continued investments in our Financial Services segment and in our business generally; (ix) the success of our marketing efforts and our ability to expand our member base; (x) our ability to maintain our leadership position in certain categories of our business and to grow market share in existing markets or any new markets we may enter; (xi) our ability to develop new products, features and functionality that are competitive and meet market needs; (xii) our ability to realize the benefits of our strategy, including what we refer to as our financial services productivity loop; (xiii) our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; (xiv) our ability to establish and maintain an effective system of internal controls over financial reporting; (xv) our ability to maintain the listing of our securities on Nasdaq; (xvi) our ability to realize the anticipated benefits of the Business Combination; and (xvii) the outcome of any legal or governmental proceedings that may be instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in the final proxy/prospectus for our recently completed Business Combination, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the Securities and Exchange Commission, including our periodic reports under the Exchange Act.

These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. 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.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

This press release presents information about our adjusted net revenue and adjusted EBITDA, which are non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States (GAAP). We use adjusted net revenue and adjusted EBITDA to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that adjusted net revenue and adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management. These non-GAAP measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as total net revenue and net income (loss). Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, SoFi's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are provided in Table 2 to the “Financial Tables” herein.

Forward-looking non-GAAP financial measures are presented without reconciliations of such forward-looking non-GAAP measures because the GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on historical experience, could be material.

About SoFi

SoFi's mission is to help people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our more than two million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com or download our iOS and Android apps.

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

FINANCIAL TABLES

1. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)

2. Reconciliation of GAAP to Non-GAAP Financial Measures

3. Condensed Consolidated Balance Sheets (unaudited)

4. Condensed Consolidated Statements of Cash Flows (unaudited)

5. Company Metrics

6. Segment Financials

Table 1

SoFi Technologies, Inc.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

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

 

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Interest income

 

 

Loans

$

89,844

 

$

81,130

 

$

246,743

 

$

244,731

 

Securitizations

2,999

 

5,337

 

11,260

 

18,898

 

Related party notes

 

778

 

211

 

2,709

 

Other

758

 

872

 

2,023

 

5,126

 

Total interest income

93,601

 

88,117

 

260,237

 

271,464

 

Interest expense

 

 

 

 

Securitizations and warehouses

19,360

 

34,280

 

75,418

 

121,481

 

Corporate borrowings

1,366

 

4,345

 

7,752

 

8,849

 

Other

500

 

280

 

1,400

 

2,026

 

Total interest expense

21,226

 

38,905

 

84,570

 

132,356

 

Net interest income

72,375

 

49,212

 

175,667

 

139,108

 

Noninterest income

 

 

 

 

Loan origination and sales

142,147

 

103,869

 

362,211

 

271,082

 

Securitizations

(4,551

)

12,752

 

(6,613

)

(63,002

)

Servicing

458

 

(6,637

)

(11,875

)

(18,298

)

Technology Platform fees

49,951

 

35,405

 

140,560

 

51,607

 

Other

11,626

 

6,186

 

39,314

 

13,544

 

Total noninterest income

199,631

 

151,575

 

523,597

 

254,933

 

Total net revenue

272,006

 

200,787

 

699,264

 

394,041

 

Noninterest expense

 

 

 

 

Technology and product development

74,434

 

55,428

 

209,771

 

143,432

 

Sales and marketing

114,985

 

77,458

 

297,170

 

204,395

 

Cost of operations

69,591

 

51,821

 

187,785

 

125,886

 

General and administrative

40,461

 

58,766

 

373,374

 

161,284

 

Provision for credit losses

2,401

 

 

2,887

 

 

Total noninterest expense

301,872

 

243,473

 

1,070,987

 

634,997

 

Loss before income taxes

(29,866

)

(42,686

)

(371,723

)

(240,956

)

Income tax (expense) benefit

(181

)

(192

)

(1,202

)

99,519

 

Net loss

$

(30,047

)

$

(42,878

)

$

(372,925

)

$

(141,437

)

Other comprehensive income (loss)

 

 

 

 

Unrealized losses on available-for-sale securities, net

(150

)

 

(150

)

 

Foreign currency translation adjustments, net

204

 

24

 

(142

)

(19

)

Total other comprehensive income (loss)

54

 

24

 

(292

)

(19

)

Comprehensive loss

$

(29,993

)

$

(42,854

)

$

(373,217

)

$

(141,456

)

Loss per share

 

 

Loss per share – basic

$

(0.05

)

$

(0.70

)

$

(0.94

)

$

(2.38

)

Loss per share – diluted

$

(0.05

)

$

(0.70

)

$

(0.94

)

$

(2.38

)

Weighted average common stock outstanding – basic

800,565,830

 

75,320,032

 

429,750,486

 

72,296,724

 

Weighted average common stock outstanding – diluted

800,565,830

 

75,320,032

 

429,750,486

 

72,296,724

 

 

Table 2

Non-GAAP Financial Measures

Reconciliation of Adjusted Net Revenue

Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment. For our consolidated results and for the Lending segment, we reconcile adjusted net revenue to total net revenue, the most directly comparable GAAP measure, as presented for the periods indicated below:

Three Months Ended September 30,

Nine Months Ended September 30,

($ in thousands)

2021

2020

2021

2020

Total net revenue

$

272,006

 

$

200,787

 

$

699,264

 

$

394,041

 

Servicing rights – change in valuation inputs or assumptions(1)

(409

)

4,671

11,924

16,332

Residual interests classified as debt – change in valuation inputs or assumptions(2)

5,593

 

11,301

 

19,261

 

28,815

 

Adjusted net revenue

$

277,190

 

$

216,759

 

$

730,449

 

$

439,188

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

($ in thousands)

2021

2020

2021

2020

Total net revenue – Lending

$

210,291

 

$

162,112

 

$

524,559

 

$

331,874

 

Servicing rights – change in valuation inputs or assumptions(1)

(409

)

4,671

11,924

16,332

Residual interests classified as debt – change in valuation inputs or assumptions(2)

5,593

 

11,301

 

19,261

 

28,815

 

Adjusted net revenue – Lending

$

215,475

 

$

178,084

 

$

555,744

 

$

377,021

 

(1)

 

Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment and default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations. As such, these positive and negative changes are adjusted out of total net revenue to provide management and financial users with better visibility into the net revenue available to finance our operations and our overall performance.

(2)

 

​Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment and default rates and discount rates. When third parties finance our consolidated securitization variable interest entities ("VIEs") by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of total net revenue to provide management and financial users with better visibility into the net revenue available to finance our operations.

Reconciliation of Adjusted EBITDA

Adjusted EBITDA is defined as net income (loss), adjusted to exclude: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as discussed further below), (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based expense (inclusive of equity-based payments to non-employees), (v) impairment expense (inclusive of goodwill impairment and property, equipment and software abandonments), (vi) transaction-related expenses, (vii) warrant fair value adjustments, and (viii) fair value changes in servicing rights and residual interests classified as debt due to valuation assumptions. We reconcile adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, for the periods indicated below:

Three Months Ended September 30,

Nine Months Ended September 30,

($ in thousands)

2021

2020

2021

2020

Net loss

$

(30,047

)

$

(42,878

)

$

(372,925

)

$

(141,437

)

Non-GAAP adjustments:

 

 

 

 

Interest expense – corporate borrowings(1)

1,366

 

4,346

 

7,752

 

8,849

 

Income tax expense(2)

181

 

192

 

1,202

 

(99,519

)

Depreciation and amortization(3)

24,075

 

24,676

 

75,041

 

44,346

 

Stock-based expense

72,681

 

26,551

 

162,289

 

70,689

 

Transaction-related expense(4)

1,221

 

297

 

24,580

 

9,161

 

Fair value changes in warrant liabilities(5)

(64,405

)

4,353

 

96,504

 

6,371

 

Servicing rights – change in valuation inputs or assumptions(6)

(409

)

4,671

 

11,924

 

16,332

 

Residual interests classified as debt – change in valuation inputs or assumptions(7)

5,593

 

11,301

 

19,261

 

28,815

 

Total adjustments

40,303

 

76,387

 

398,553

 

85,044

 

Adjusted EBITDA

$

10,256

 

$

33,509

 

$

25,628

 

$

(56,393

)

(1)

 

Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, which primarily includes interest on our revolving credit facility and the seller note issued in connection with our acquisition of Galileo (for periods prior to the quarter ended March 31, 2021), as these expenses are a function of our capital structure. Our adjusted EBITDA measure does not adjust for interest expense on warehouse facilities and securitization debt,, as these interest expenses are direct operating expenses driven by loan origination and sales activity. Additionally, our adjusted EBITDA measure does not adjust for interest expense on SoFi Money deposits or interest expense on our finance lease liability in connection with SoFi Stadium, as these interest expenses are direct operating expenses driven by SoFi Money deposits and finance leases, respectively. The decreases in interest expense for the three- and nine-month 2021 periods compared to 2020 were primarily related to interest expense on the Galileo seller note, which was issued in May 2020 and repaid in February 2021. Revolving credit facility interest expense remained relatively consistent for the three-month periods, primarily due to identical outstanding debt and relatively consistent interest rates, and decreased slightly in the nine-month 2021 period compared to 2020, as the higher average balance in the 2021 period as a result of the Galileo acquisition was more than offset by a decrease in LIBOR.

(2)

 

The significant change in our income tax position for the nine-month 2021 period relative to the corresponding period in 2020 was primarily due to a partial release of our valuation allowance in the second quarter of 2020 in connection with deferred tax liabilities resulting from intangible assets acquired from Galileo in May 2020.

(3)

 

Depreciation and amortization expense for the three months ended September 30, 2021 decreased moderately compared to the same period in 2020 due primarily to the acceleration of core banking infrastructure amortization in the second quarter of 2020 in connection with the acquisition of Galileo, partially offset by increases in amortization of purchased and internally-developed software and depreciation related to SoFi Stadium fixed assets and computer and related hardware. Depreciation and amortization expense for the nine months ended September 30, 2021 increased compared to the same period in 2020 primarily due to increases in amortization of intangible assets recognized during the second quarter of 2020 associated with the Galileo and 8 Limited acquisitions, amortization of purchased and internally-developed software, and depreciation related to SoFi Stadium fixed assets and computer and related hardware, partially offset by a decrease related to the acceleration of core banking infrastructure amortization.

(4)

 

During the three months ended September 30, 2021, transaction-related expenses were primarily incurred for an exploratory acquisition process. Transaction-related expenses for the nine months ended September 30, 2021 also included the special payment to the Series 1 preferred stockholders in conjunction with the Business Combination, as well as financial advisory and professional services costs associated with our pending purchase of Golden Pacific Bancorp, Inc. During the three and nine months ended September 30, 2020, transaction-related expenses included certain costs, such as financial advisory and professional services costs, associated with our acquisitions of Galileo and 8 Limited.

(5)

 

Our adjusted EBITDA measure excludes the non-cash fair value changes in warrants accounted for as liabilities, which are measured at fair value through earnings. The amounts in the three- and nine-month 2020 periods and a portion of the nine-month 2021 period related to changes in the fair value of Series H warrants issued by Social Finance in 2019 in connection with certain redeemable preferred stock issuances. We did not measure the Series H warrants at fair value subsequent to May 28, 2021 in conjunction with the Business Combination, as they were reclassified into permanent equity. In addition, in conjunction with the Business Combination, SoFi Technologies assumed certain common stock warrants (“SoFi Technologies warrants”) that are accounted for as liabilities and measured at fair value on a recurring basis. The amount in the three-month 2021 period and a portion of the nine-month 2021 period relate to the SoFi Technologies warrants. The fair value of the SoFi Technologies warrants is based on the closing price of ticker SOFIW and, therefore, fluctuates based on market activity.

(6)

 

See footnote (1) to the "Reconciliation of Adjusted Net Revenue" table above.

(7)

 

See footnote (2) to the "Reconciliation of Adjusted Net Revenue" table above.

 

Table 3

SoFi Technologies, Inc.

Unaudited Condensed Consolidated Balance Sheets

(In Thousands, Except for Share Data)

 

September 30, 2021

December 31, 2020

Assets

 

Cash and cash equivalents

$

533,523

 

$

872,582

 

Restricted cash and restricted cash equivalents

320,705

 

450,846

 

Investments in available-for-sale securities (amortized cost of 196,956 and $0, respectively)

197,203

 

 

Loans, less allowance for credit losses on loans at amortized cost of $3,000 and $219, respectively

4,865,558

 

4,879,303

 

Servicing rights

163,474

 

149,597

 

Securitization investments

392,058

 

496,935

 

Equity method investments

19,979

 

107,534

 

Property, equipment and software

99,260

 

81,489

 

Goodwill

898,527

 

899,270

 

Intangible assets

301,191

 

355,086

 

Operating lease right-of-use assets

117,748

 

116,858

 

Related party notes receivable

 

17,923

 

Other assets, less allowance for credit losses of $1,959 and $562, respectively

174,098

 

136,076

 

Total assets

$

8,083,324

 

$

8,563,499

 

Liabilities, temporary equity and permanent equity (deficit)

 

 

Liabilities:

 

 

Accounts payable, accruals and other liabilities

325,456

 

412,950

 

Operating lease liabilities

139,903

 

139,796

 

Debt

2,770,226

 

4,798,925

 

Residual interests classified as debt

103,898

 

118,298

 

Warrant liabilities

174,938

 

39,959

 

Total liabilities

3,514,421

 

5,509,928

 

Commitments, guarantees, concentrations and contingencies

 

 

Temporary equity:

 

 

Redeemable preferred stock, $0.00 par value: 100,000,000 and 570,562,965 shares authorized; 3,234,000 and 469,150,522 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

320,374

 

3,173,686

 

Permanent equity (deficit):

 

 

Common stock, $0.00 par value: 3,100,000,000 and 789,167,056 shares authorized; 805,667,914 and 115,084,358 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

80

 

 

Additional paid-in capital

5,321,009

 

579,228

 

Accumulated other comprehensive loss

(458

)

(166

)

Accumulated deficit

(1,072,102

)

(699,177

)

Total permanent equity (deficit)

4,248,529

 

(120,115

)

Total liabilities, temporary equity and permanent equity (deficit)

$

8,083,324

 

$

8,563,499

 

 

Table 4

SoFi Technologies, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands)

 

Nine Months Ended September 30,

2021

2020

Operating activities

 

 

Net loss

$

(372,925

)

$

(141,437

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Depreciation and amortization

75,041

 

44,346

 

Deferred debt issuance and discount expense

14,228

 

22,893

 

Stock-based compensation expense

162,289

 

69,781

 

Equity-based payments to non-employees

 

908

 

Deferred income taxes

699

 

(99,551

)

Equity method investment earnings

21

 

(6,508

)

Accretion of seller note interest expense

 

4,556

 

Fair value changes in residual interests classified as debt

19,261

 

28,815

 

Fair value changes in securitization investments

(7,106

)

(11,402

)

Fair value changes in warrant liabilities

96,504

 

6,371

 

Fair value adjustment to related party notes receivable

(169

)

319

 

Other

(4,240

)

803

 

Changes in operating assets and liabilities:

 

 

Originations and purchases of loans

(9,375,583

)

(8,081,253

)

Proceeds from sales and repayments of loans

9,297,238

 

7,643,289

 

Other changes in loans

2,138

 

(36,010

)

Servicing assets

(13,877

)

43,970

 

Related party notes receivable interest income

1,399

 

65

 

Other assets

(26,883

)

(17,495

)

Accounts payable, accruals and other liabilities

18,037

 

43,025

 

Net cash used in operating activities

$

(113,928

)

$

(484,515

)

Investing activities

 

 

Purchases of property, equipment, software and intangible assets

$

(38,445

)

$

(17,617

)

Related party notes receivable issuances

 

(7,643

)

Proceeds from repayment of related party notes receivable

16,693

 

 

Proceeds from sales of available-for-sale investments

15,789

 

 

Purchases of available-for-sale investments

(205,128

)

 

Proceeds from non-securitization investments

109,534

 

974

 

Purchases of non-securitization investments

(20,000

)

(145

)

Receipts from securitization investments

201,093

 

245,087

 

Acquisition of business, net of cash acquired

 

(32,392

)

Net cash provided by investing activities

$

79,536

 

$

188,264

 

SoFi Technologies, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows (Continued)

(In Thousands)

 

Nine Months Ended September 30,

2021

2020

Financing activities

 

 

Proceeds from debt issuances

$

6,296,901

 

$

8,134,412

 

Repayment of debt

(8,368,904

)

(7,719,848

)

Payment of debt issuance costs

(5,136

)

(14,115

)

Taxes paid related to net share settlement of stock-based awards

(37,240

)

(21,485

)

Purchases of common stock

(526

)

(40

)

Redemptions of redeemable common and preferred stock

(282,859

)

 

Proceeds from Business Combination and PIPE Investment

1,989,851

 

 

Payment of costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment

(26,951

)

 

Proceeds from stock option exercises

20,642

 

1,847

 

Note receivable principal repayments from stockholder

 

30,720

 

Payment of redeemable preferred stock dividends

(20,047

)

(20,157

)

Finance lease principal payments

(397

)

(244

)

Net cash (used in) provided by financing activities

$

(434,666

)

$

391,090

 

Effect of exchange rates on cash and cash equivalents

(142

)

(19

)

Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents

$

(469,200

)

$

94,820

 

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

1,323,428

 

690,206

 

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$

854,228

 

$

785,026

 

 

 

 

Reconciliation to amounts on Consolidated Balance Sheets (as of period end)

 

 

Cash and cash equivalents

$

533,523

 

$

493,047

 

Restricted cash and restricted cash equivalents

320,705

 

291,979

 

Total cash, cash equivalents, restricted cash and restricted cash equivalents

$

854,228

 

$

785,026

 

SoFi Technologies, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows (Continued)

(In Thousands)

 

Nine Months Ended September 30,

2021

 

2020

Supplemental non-cash investing and financing activities

 

 

 

Securitization investments acquired via loan transfers

$

89,111

 

 

$

151,768

 

Non-cash property, equipment, software and intangible asset additions

859

 

 

 

Deconsolidation of residual interests classified as debt

 

 

101,718

 

Deconsolidation of securitization debt

 

 

770,918

 

Costs directly attributable to the issuance of common stock paid in 2020

588

 

 

 

Reduction to temporary equity associated with purchase price adjustments

743

 

 

 

Warrant liabilities recognized in conjunction with the Business Combination

200,250

 

 

 

Series H warrant liabilities conversion to common stock warrants

39,959

 

 

 

Conversion of temporary equity into permanent equity in conjunction with the Business Combination

2,702,569

 

 

 

Seller note issued in acquisition

 

 

243,998

 

Redeemable preferred stock issued in acquisition

 

 

814,156

 

Common stock options assumed in acquisition

 

 

32,197

 

Issuance of common stock in acquisition

 

 

15,565

 

Finance lease right-of-use assets acquired

 

 

15,100

 

Property, equipment and software acquired in acquisition

 

 

2,026

 

Debt assumed in acquisition

 

 

5,832

 

Redeemable preferred stock dividends accrued but unpaid

10,189

 

 

10,189

 

Available-for-sale investment securities purchased but unpaid

7,712

 

 

 

Deferred debt issuance costs accrued but unpaid

850

 

 

1,630

 

 

Table 5

Company Metrics

 

September 30,

2021

 

June 30,

2021

 

March 31,

2021

 

December 31,

2020

 

September 30,

2020

 

June 30,

2020

 

March 31,

2020

 

December 31,

2019

 

September 30,

2019

Members

2,937,379

 

 

2,560,492

 

 

2,281,092

 

 

1,850,871

 

 

1,500,576

 

 

1,204,475

 

 

1,086,409

 

 

976,459

 

 

863,521

 

Total Products

4,267,665

 

 

3,667,121

 

 

3,184,554

 

 

2,523,555

 

 

2,052,933

 

 

1,645,044

 

 

1,442,481

 

 

1,185,362

 

 

1,020,255

 

Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Products

1,030,882

 

 

981,440

 

 

945,227

 

 

917,645

 

 

892,934

 

 

861,970

 

 

841,615

 

 

798,005

 

 

751,999

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Products

3,236,783

 

 

2,685,681

 

 

2,239,327

 

 

1,605,910

 

 

1,159,999

 

 

783,074

 

 

600,866

 

 

387,357

 

 

268,256

 

Technology Platform

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Accounts

88,811,022

 

 

78,902,156

 

 

69,572,680

 

 

59,359,843

 

 

49,276,594

 

 

35,988,090

 

 

 

 

 

 

 

Members

We refer to our customers as “members”. We define a member as someone who has had a lending relationship with us through origination or servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Once someone becomes a member, they are always considered a member unless they violate our terms of service, given that our members have continuous access to our certified financial planners, our career advice services, our member events, our content, educational material, news, tools and calculators at no cost to the member. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time.

Products

Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. In our Lending segment, total products refers to the number of home loans, personal loans and student loans that have been originated through our platform through the reporting date, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. In our Financial Services segment, total products refers to the number of SoFi Money accounts, SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), SoFi At Work accounts and SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts) that have been opened through our platform through the reporting date. Our SoFi Invest service is composed of three products: active investing accounts, robo-advisory accounts and cryptocurrency accounts. Our members can select any one or combination of the three types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types are considered separate products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product.

Technology Platform Total Accounts

In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date, excluding SoFi accounts. We exclude SoFi accounts because revenue generated by Galileo from the SoFi relationship is eliminated in consolidation. No information is reported prior to our acquisition of Galileo on May 14, 2020. Total accounts is a primary indicator of the accounts dependent upon Galileo’s technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in technology platform fees for the Technology Platform segment.

Table 6

Segment Financials

 

Quarter Ended

($ in thousands)

September 30,

2021

June 30,

2021

March 31,

2021

December 31,2020

September 30,

2020

June 30,

2020

March 31,

2020

December 31,

2019

September 30,

2019

Lending

 

 

 

 

Total interest income

$

91,579

 

$

83,035

 

$

81,547

 

$

90,753

 

$

86,468

 

$

83,985

 

$

93,177

 

$

125,041

 

$

161,926

 

Total interest expense

(19,322

)

(26,213

)

(29,770

)

(33,626

)

(34,246

)

(39,650

)

(47,516

)

(57,497

)

(67,989

)

Total noninterest income (loss)

138,034

 

109,469

 

96,200

 

91,865

 

109,890

 

51,549

 

28,217

 

(6,655

)

33,133

 

Total net revenue

210,291

 

166,291

 

147,977

 

148,992

 

162,112

 

95,884

 

73,878

 

60,889

 

127,070

 

Adjusted net revenue(1)

215,475

 

172,232

 

168,037

 

159,520

 

178,084

 

117,182

 

81,755

 

58,602

 

135,402

 

Contribution profit (loss)

117,668

 

89,188

 

87,686

 

85,204

 

103,011

 

49,419

 

4,095

 

(33,362

)

35,674

 

Technology Platform

 

 

 

 

 

 

 

 

 

Total interest income (expense)

39

 

(32

)

(36

)

(42

)

(47

)

(18

)

 

 

 

Total noninterest income

50,186

 

45,329

 

46,101

 

36,838

 

38,865

 

19,037

 

997

 

325

 

206

 

Total net revenue

50,225

 

45,297

 

46,065

 

36,796

 

38,818

 

19,019

 

997

 

325

 

206

 

Contribution profit

15,741

 

13,013

 

15,685

 

16,120

 

23,986

 

12,100

 

997

 

325

 

206

 

Financial Services

 

 

 

 

 

 

 

 

 

Total interest income

1,651

 

893

 

540

 

378

 

365

 

316

 

1,737

 

1,924

 

2,071

 

Total interest expense

(442

)

(351

)

(311

)

(290

)

(267

)

(233

)

(1,522

)

(1,798

)

(1,798

)

Total noninterest income

11,411

 

16,497

 

6,234

 

3,963

 

3,139

 

2,345

 

1,939

 

1,524

 

760

 

Total net revenue

12,620

 

17,039

 

6,463

 

4,051

 

3,237

 

2,428

 

2,154

 

1,650

 

1,033

 

Contribution loss

(39,465

)

(24,745

)

(35,519

)

(36,067

)

(37,467

)

(30,893

)

(26,983

)

(34,517

)

(33,533

)

Other(2)

 

 

 

 

 

 

 

 

 

Total interest income

371

 

180

 

441

 

942

 

1,284

 

1,764

 

2,368

 

2,533

 

2,434

 

Total interest expense

(1,501

)

(1,500

)

(5,131

)

(19,292

)

(4,345

)

(3,417

)

(1,095

)

(1,155

)

(1,351

)

Total noninterest income (loss)

 

3,967

 

169

 

2

 

(319

)

(726

)

 

 

 

Total net revenue (loss)

(1,130

)

2,647

 

(4,521

)

(18,348

)

(3,380

)

(2,379

)

1,273

 

1,378

 

1,083

 

Consolidated

 

 

 

 

 

 

 

 

 

Total interest income

$

93,601

 

$

84,108

 

$

82,528

 

$

92,073

 

$

88,117

 

$

86,065

 

$

97,282

 

$

129,498

 

$

166,431

 

Total interest expense

(21,226

)

(28,096

)

(35,248

)

(53,250

)

(38,905

)

(43,318

)

(50,133

)

(60,450

)

(71,138

)

Total noninterest income (loss)

199,631

 

175,262

 

148,704

 

132,668

 

151,575

 

72,205

 

31,153

 

(4,806

)

34,099

 

Total net revenue

272,006

 

231,274

 

195,984

 

171,491

 

200,787

 

114,952

 

78,302

 

64,242

 

129,392

 

Adjusted net revenue(1)

277,190

 

237,215

 

216,044

 

182,019

 

216,759

 

136,250

 

86,179

 

61,955

 

137,724

 

Net income (loss)

(30,047

)

(165,314

)

(177,564

)

(82,616

)

(42,878

)

7,808

 

(106,367

)

(122,541

)

(57,559

)

Adjusted EBITDA(1)

10,256

 

11,240

 

4,132

 

11,817

 

33,509

 

(23,750

)

(66,152

)

(101,004

)

(27,656

)

(1)

 

Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For additional information on these measures and reconciliations to the most directly comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

(2)

 

“Other” includes total net revenue associated with corporate functions and non-recurring gains from non-securitization investing activities that are not directly related to a reportable segment.

SOFI-F

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