SoFi(NASDAQ:SOFI) 
Social Finance, Inc. is an American online personal finance company. A mobile-first service based in San Francisco, SoFi provides a suite of financial products that includes student loan refinancing, mortgages, personal loans, credit card, investing and banking through both their mobile app and desk...
Website: https://www.sofi.com/
Founded: 2011
IPO Price: $10 (Jun 01, 2021)
Full Time Employees: 4,200 (Dec 2022)
Founder: Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady
CEO: Anthony Noto
cmo: Lauren Stafford Webb
Sector: Finance and Insurance
Industry: Financial Transactions Processing, Reserve, and Clearinghouse Activities
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At a glance:
- Diversified Revenue Mix Across Lending and Financial Services: SoFi generates revenue from personal, student, and home lending, as well as fee-based financial services and a growing platform/technology segment, which can help smooth results across credit cycles.
- Deposit Growth Supports Funding Costs and Margin Expansion Potential: SoFi’s bank charter enables it to gather deposits that can lower reliance on wholesale funding, potentially improving net interest margin and providing more flexibility in pricing and loan growth.
- Credit Quality and Macroeconomic Sensitivity Remain Key Watch Items: As a consumer lender, SoFi’s performance is sensitive to unemployment, interest rates, and borrower stress; delinquency trends, underwriting changes, and charge-offs are critical indicators to monitor.
- Path to Sustained Profitability Driven by Operating Leverage: Investors often focus on whether revenue growth outpaces expense growth, with marketing efficiency and cross-sell into higher-retention products (checking/savings, investing, credit card) influencing long-term margins.
- Platform/Technology Segment Could Provide Higher-Quality, Fee-Based Earnings: SoFi’s technology services (including core banking and payments-related capabilities) are positioned to deliver more recurring, less balance-sheet-intensive revenue, though growth and customer concentration are important to track.
Bull Thesis:
- Integrated Financial Platform & Cross-Selling Success: SoFi's 'financial super app' strategy, combining lending, banking, and investing, drives strong cross-selling, lower customer acquisition costs, and higher member lifetime value, creating a powerful network effect and sticky customer base.
- Bank Charter Advantage & Improved Net Interest Margin: The national bank charter allows SoFi to fund loans with cheaper, sticky deposits, significantly improving its net interest margin (NIM) and reducing reliance on more expensive wholesale funding, accelerating the path to profitability.
- Robust Growth in Technology Platform (Galileo & Technisys): The B2B technology segment, powered by Galileo and Technisys, continues to show strong growth, diversifying SoFi's revenue streams with high-margin, recurring revenue and reducing its sole reliance on consumer lending.
- Student Loan Refinancing Rebound Post-Moratorium: With the end of the federal student loan payment moratorium, SoFi is exceptionally well-positioned to capture a significant share of the rebounding student loan refinancing market, a core competency for the company.
Bear Thesis:
- Intense Competition & High Customer Acquisition Costs: The fintech and banking sectors are highly competitive, requiring significant marketing spend to acquire and retain members, potentially compressing margins and making sustained profitability challenging in the long run.
- Credit Quality Concerns Amid Macroeconomic Headwinds: In a challenging economic environment with potential recession risks, SoFi's loan portfolio, particularly personal and student loans, could experience increased delinquencies and defaults, impacting asset quality and profitability.
- Persistent Profitability & Free Cash Flow Challenges: Despite revenue growth, SoFi has struggled to achieve consistent GAAP profitability and positive free cash flow, requiring ongoing significant investments in technology, marketing, and infrastructure, which could delay sustainable returns.
- Regulatory Scrutiny & Interest Rate Sensitivity: Fintechs face evolving regulatory landscapes, which could impose new compliance costs or restrictions. Additionally, SoFi's lending business is highly sensitive to interest rate fluctuations, impacting demand and profitability.
Main Competitors:
- Ally Financial Inc. ($ALLY) (Online Banking, Ally Invest, Auto Loans, Mortgages), A leading online-only bank offering high-yield savings, checking, auto loans, mortgages, and a comprehensive investment platform (Ally Invest). Ally competes directly with SoFi's digital banking, lending, and investing services by targeting a similar digitally-savvy customer base with competitive rates and low fees, emphasizing convenience and a strong online experience.
- Charles Schwab Corporation ($SCHW) (Brokerage, Banking, Wealth Management, Retirement Services), A long-established financial services firm providing a wide range of brokerage, banking, wealth management, and retirement services. Schwab competes with SoFi's investing platform (brokerage, robo-advisory) and banking products, appealing to customers seeking a comprehensive financial hub with robust tools, extensive research, and strong customer support, often at competitive prices.
- Discover Financial Services ($DFS) (Credit Cards, Personal Loans, Student Loans, Online Banking), Known for its credit cards, Discover also offers personal loans, student loans, and online banking products. It competes with SoFi in the personal and student loan refinancing markets, as well as for customers seeking online banking and credit card solutions, often leveraging its strong brand recognition and direct-to-consumer model.
- JPMorgan Chase & Co. ($JPM) (Banking, Credit Cards, Mortgages, Personal Loans, Chase You Invest), One of the largest traditional banks, Chase offers a vast array of financial products including checking and savings accounts, credit cards, mortgages, personal loans, and an investing platform (Chase You Invest). It competes with SoFi across nearly all its product categories by leveraging its massive customer base, extensive digital investments, and the convenience of a 'one-stop shop' for diverse financial needs, despite having a physical branch presence.
Moat:
SoFi operates in a highly competitive financial services landscape, facing challenges from both established traditional banks and agile fintech startups. Its primary moat lies in its integrated 'one-stop shop' digital platform, offering a wide array of financial products from banking and lending to investing, all under one roof with a focus on a seamless user experience and a 'member-centric' approach. SoFi also benefits from its strong brand appeal among younger, affluent professionals. However, competition is fierce, with traditional players like Chase and Schwab leveraging their scale, trust, and extensive product offerings, while digital-first banks like Ally compete directly on rates and convenience. Niche fintech lenders and investment platforms also vie for specific segments of SoFi's business. To maintain its competitive edge, SoFi must continue to innovate, effectively cross-sell its products to deepen member relationships, and offer compelling rates and features to attract and retain its growing member base.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
interest income | ||||||||||||||||||
loans and securitizations | 830,156,000 | 738,862,000 | 712,876,000 | 688,723,000 | 671,976,000 | 621,061,000 | 620,228,000 | |||||||||||
other | 61,405,000 | 53,543,000 | 50,936,000 | 55,214,000 | 51,398,000 | 53,534,000 | 45,683,000 | 46,278,000 | 24,343,000 | 25,150,000 | 11,168,000 | 7,109,000 | 3,881,000 | 1,608,000 | 1,269,000 | 815,000 | 758,000 | 636,000 |
total interest income | 891,561,000 | 792,405,000 | 763,812,000 | 743,937,000 | 723,374,000 | 674,595,000 | 665,911,000 | 645,237,000 | 564,270,000 | 469,996,000 | 371,564,000 | 307,408,000 | 198,039,000 | 149,512,000 | 118,412,000 | 94,783,000 | 93,601,000 | 84,108,000 |
interest expense | ||||||||||||||||||
securitizations and warehouses | 29,849,000 | 29,650,000 | 28,144,000 | 23,022,000 | 31,093,000 | 17,362,000 | 40,921,000 | 62,989,000 | 63,847,000 | 63,060,000 | 54,324,000 | 50,969,000 | 20,653,000 | 18,599,000 | 19,906,000 | 15,067,000 | 19,360,000 | 26,250,000 |
deposits | 264,901,000 | 233,232,000 | 225,399,000 | 238,596,000 | 248,292,000 | 231,815,000 | 211,451,000 | 182,612,000 | 145,563,000 | 106,529,000 | 73,116,000 | 40,670,000 | 14,149,000 | 4,543,000 | 431,000 | |||
corporate borrowings | 11,595,000 | 11,504,000 | 11,428,000 | 12,039,000 | 12,871,000 | 12,725,000 | 10,711,000 | 9,882,000 | 9,784,000 | 9,167,000 | 8,000,000 | 7,069,000 | 5,270,000 | 3,450,000 | 2,649,000 | 2,593,000 | 1,366,000 | 1,378,000 |
total interest expense | 306,447,000 | 274,568,000 | 265,086,000 | 273,768,000 | 292,364,000 | 262,011,000 | 263,193,000 | 255,596,000 | 219,307,000 | 178,870,000 | 135,554,000 | 98,824,000 | 40,189,000 | 26,783,000 | 23,479,000 | 18,206,000 | 21,226,000 | 28,096,000 |
net interest income | 585,114,000 | 517,837,000 | 498,726,000 | 470,169,000 | 431,010,000 | 412,584,000 | 402,718,000 | 389,641,000 | 344,963,000 | 291,126,000 | 236,010,000 | 208,584,000 | 157,850,000 | 122,729,000 | 94,933,000 | 76,577,000 | 72,375,000 | 56,012,000 |
noninterest income | ||||||||||||||||||
loan origination, sales, securitizations and servicing | 65,431,000 | 70,855,000 | ||||||||||||||||
technology products and solutions | 89,707,000 | 90,796,000 | 86,437,000 | 88,376,000 | 90,896,000 | 85,866,000 | 85,672,000 | 87,026,000 | 81,856,000 | 82,289,000 | 72,801,000 | 81,339,000 | 82,035,000 | 81,670,000 | 59,857,000 | |||
loan platform fees | 164,897,000 | 127,405,000 | 92,750,000 | 63,235,000 | 55,641,000 | |||||||||||||
total noninterest income | 376,486,000 | 337,107,000 | 273,033,000 | 263,956,000 | 266,111,000 | 186,034,000 | 242,277,000 | 225,763,000 | 192,246,000 | 206,892,000 | 236,148,000 | 248,095,000 | 266,135,000 | 239,798,000 | 235,411,000 | 209,031,000 | 199,631,000 | 175,262,000 |
total net revenue | 961,600,000 | 854,944,000 | 771,759,000 | 734,125,000 | 697,121,000 | 598,618,000 | 644,995,000 | 615,404,000 | 537,209,000 | 498,018,000 | 472,158,000 | 456,679,000 | 423,985,000 | 362,527,000 | 330,344,000 | 285,608,000 | 272,006,000 | 231,274,000 |
yoy | 37.94% | 42.82% | 19.65% | 19.29% | 29.77% | 20.20% | 36.61% | 34.76% | 26.70% | 37.37% | 42.93% | 59.90% | 55.87% | 56.75% | ||||
qoq | 12.48% | 10.78% | 5.13% | 5.31% | 16.46% | -7.19% | 4.81% | 14.56% | 7.87% | 5.48% | 3.39% | 7.71% | 16.95% | 9.74% | 15.66% | 5.00% | 17.61% | |
provision for credit losses | 9,199,000 | 10,035,000 | 5,678,000 | 6,877,000 | 6,013,000 | 11,640,000 | 7,182,000 | 12,092,000 | 21,831,000 | 12,615,000 | 8,407,000 | 14,945,000 | 16,323,000 | 10,103,000 | 12,961,000 | |||
noninterest expense | ||||||||||||||||||
technology and product development | 167,144,000 | 152,146,000 | 156,206,000 | 148,986,000 | 139,714,000 | 132,167,000 | 130,920,000 | 141,817,000 | 125,698,000 | 126,845,000 | 117,059,000 | 113,281,000 | 110,702,000 | 99,366,000 | 81,908,000 | 66,316,000 | 74,434,000 | 69,389,000 |
sales and marketing | 286,878,000 | 264,744,000 | 238,176,000 | 229,261,000 | 214,904,000 | 184,762,000 | 167,366,000 | 174,705,000 | 186,719,000 | 182,822,000 | 175,154,000 | 173,702,000 | 162,129,000 | 143,854,000 | 138,138,000 | 129,705,000 | 114,985,000 | 94,951,000 |
cost of operations | 161,423,000 | 150,437,000 | 135,520,000 | 128,155,000 | 123,714,000 | 109,703,000 | 100,061,000 | 103,947,000 | 98,258,000 | 93,885,000 | 83,908,000 | 80,615,000 | 83,083,000 | 79,091,000 | 70,437,000 | 69,195,000 | 69,591,000 | 60,624,000 |
gross profit | 800,177,000 | 704,507,000 | 636,239,000 | 605,970,000 | 573,407,000 | 488,915,000 | 544,934,000 | 511,457,000 | 438,951,000 | 404,133,000 | 388,250,000 | 376,064,000 | 340,902,000 | 283,436,000 | 259,907,000 | 216,413,000 | 202,415,000 | 170,650,000 |
yoy | 39.55% | 44.10% | 16.76% | 18.48% | 30.63% | 20.98% | 40.36% | 36.00% | 28.76% | 42.58% | 49.38% | 73.77% | 68.42% | 66.09% | ||||
qoq | 13.58% | 10.73% | 5.00% | 5.68% | 17.28% | -10.28% | 6.55% | 16.52% | 8.62% | 4.09% | 3.24% | 10.31% | 20.27% | 9.05% | 20.10% | 6.92% | 18.61% | |
gross margin % | 83.21% | 82.40% | 82.44% | 82.54% | 82.25% | 81.67% | 84.49% | 83.11% | 81.71% | 81.15% | 82.23% | 82.35% | 80.40% | 78.18% | 78.68% | 75.77% | 74.42% | 73.79% |
general and administrative | 188,405,000 | 165,390,000 | 156,397,000 | 160,922,000 | 148,921,000 | 145,006,000 | 145,240,000 | 131,685,000 | 124,457,000 | 131,180,000 | 123,689,000 | 113,085,000 | 126,199,000 | 125,829,000 | 136,505,000 | 125,160,000 | 40,461,000 | 171,216,000 |
total noninterest expense | 803,850,000 | 732,717,000 | 686,299,000 | 642,489,000 | 633,266,000 | 583,278,000 | 550,769,000 | 564,246,000 | 804,137,000 | 547,347,000 | 508,217,000 | 495,628,000 | 498,436,000 | 458,243,000 | 439,949,000 | 395,062,000 | 301,872,000 | 396,666,000 |
income before income taxes | 148,551,000 | 112,192,000 | 79,782,000 | 59,924,000 | 63,855,000 | 15,340,000 | 94,226,000 | 51,158,000 | -266,928,000 | -49,329,000 | -36,059,000 | -38,949,000 | -74,451,000 | -95,716,000 | -109,605,000 | -109,454,000 | -29,866,000 | -165,392,000 |
income tax expense | -9,159,000 | -8,666,000 | -752,000 | |||||||||||||||
net income | 139,392,000 | 97,263,000 | 71,116,000 | 332,473,000 | 60,745,000 | 17,404,000 | 88,043,000 | 47,913,000 | -266,684,000 | -47,549,000 | -34,422,000 | -40,006,000 | -74,209,000 | -95,835,000 | -110,357,000 | -111,012,000 | -30,047,000 | -165,314,000 |
yoy | 129.47% | 458.85% | -19.23% | 593.91% | -122.78% | -136.60% | -355.78% | -219.76% | 259.37% | -50.38% | -68.81% | -63.96% | 146.98% | -42.03% | ||||
qoq | 43.31% | 36.77% | -78.61% | 447.33% | 249.03% | -80.23% | 83.76% | -117.97% | 460.86% | 38.14% | -13.96% | -46.09% | -22.57% | -13.16% | -0.59% | 269.46% | -81.82% | |
net income margin % | 14.50% | 11.38% | 9.21% | 45.29% | 8.71% | 2.91% | 13.65% | 7.79% | -49.64% | -9.55% | -7.29% | -8.76% | -17.50% | -26.44% | -33.41% | -38.87% | -11.05% | -71.48% |
other comprehensive income | ||||||||||||||||||
unrealized gains on available-for-sale securities | 6,183,000 | 1,328,000 | 11,462,000 | -16,228,000 | 9,029,000 | 741,000 | -700,000 | -2,284,000 | 5,616,000 | 830,000 | 2,248,000 | |||||||
foreign currency translation adjustments | -228,000 | -563,000 | -269,000 | -246,000 | 563,000 | -136,000 | -179,000 | 475,000 | 103,000 | 392,000 | -293,000 | 204,000 | 325,000 | -56,000 | -38,000 | 188,000 | 204,000 | -266,000 |
total other comprehensive income | 5,955,000 | 765,000 | 11,193,000 | -16,474,000 | 9,592,000 | 605,000 | -879,000 | -1,809,000 | 5,719,000 | 1,222,000 | 1,955,000 | -2,032,250 | -1,589,000 | -73,000 | 54,000 | |||
comprehensive income | 145,347,000 | 98,028,000 | 82,309,000 | 315,999,000 | 70,337,000 | 18,009,000 | 87,164,000 | -165,580,000 | ||||||||||
income per share | ||||||||||||||||||
income per share – basic | 0.12 | 0.09 | 0.06 | 0.32 | 0.06 | 0.01 | 0.08 | 0.04 | -0.29 | -0.06 | -0.05 | -0.05 | -0.09 | -0.12 | -0.14 | -0.06 | -0.05 | -0.48 |
income per share – diluted | 0.11 | 0.08 | 0.06 | 0.31 | 0.05 | 0.01 | 0.02 | 0.04 | -0.29 | -0.06 | -0.05 | -0.05 | -0.09 | -0.12 | -0.14 | -0.06 | -0.05 | -0.48 |
weighted-average common stock outstanding – basic | 1,171,205 | 1,107,006 | 1,097,994 | 1,050,219 | 1,071,159,746 | 1,058,591,943 | 982,617,492 | 945,024,160 | 951,183,107 | 936,569,420 | 929,270,723 | 900,886,113 | 916,762,973 | 910,046,750 | 852,853,596 | 526,730,261 | 800,565,830 | 365,036,365 |
weighted-average common stock outstanding – diluted | 1,291,011 | 1,182,877 | 1,185,466 | 1,101,390 | 1,104,450,416 | 1,065,171,357 | 1,042,476,501 | 945,024,160 | 951,183,107 | 936,569,420 | 929,270,723 | 900,886,113 | 916,762,973 | 910,046,750 | 852,853,596 | 526,730,261 | 800,565,830 | 365,036,365 |
income tax benefit | -14,929,000 | 272,549,000 | -3,110,000 | 2,064,000 | -6,183,000 | -3,245,000 | 244,000 | 1,780,000 | 1,637,000 | -1,057,000 | 242,000 | -119,000 | -1,558,000 | -181,000 | 78,000 | |||
loan origination, sales, and securitizations | 48,358,000 | 73,913,000 | 70,085,000 | 54,872,000 | 57,000,000 | |||||||||||||
servicing | 4,447,000 | -1,316,000 | 9,927,000 | 6,659,000 | 6,974,000 | 7,525,000 | 8,009,000 | 9,052,000 | 12,742,000 | 13,544,000 | 7,296,000 | 10,471,000 | 12,236,000 | 9,594,000 | 458,000 | -224,000 | ||
goodwill impairment | 247,174,000 | |||||||||||||||||
loans | 334,369,000 | 537,947,000 | 442,187,000 | 357,342,000 | 297,824,000 | 191,525,000 | 145,337,000 | 114,385,000 | 91,119,000 | 89,844,000 | 79,678,000 | |||||||
securitizations | 1,923,250 | 1,980,000 | 2,659,000 | 3,054,000 | 2,475,000 | 2,633,000 | 2,567,000 | 2,758,000 | 2,849,000 | 2,999,000 | 3,794,000 | |||||||
loan origination and sales | 77,814,500 | 81,683,000 | 103,064,000 | 126,511,000 | 139,588,000 | 163,697,000 | 144,414,000 | 157,704,000 | 135,415,000 | 142,147,000 | 109,719,000 | |||||||
comprehensive loss | 46,104,000 | -260,965,000 | -46,327,000 | -32,467,000 | -38,702,000 | -75,798,000 | -97,882,000 | -114,850,000 | -112,025,000 | -29,993,000 | ||||||||
related party notes | ||||||||||||||||||
other comprehensive loss | ||||||||||||||||||
unrealized losses on available-for-sale securities | 1,100,000 | -1,914,000 | -1,991,000 | -4,455,000 | -1,201,000 | -150,000 | ||||||||||||
total other comprehensive loss | -2,047,000 | -4,493,000 | -266,000 | |||||||||||||||
technology platform fees | 51,287,000 | 49,951,000 | 44,950,000 | |||||||||||||||
benefit from credit losses | 721,750 | 2,401,000 | 486,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
cash and cash equivalents | 3,246,351,000 | 2,122,502,000 | 2,085,697,000 | 2,538,293,000 | 2,354,965,000 | 2,334,589,000 | 3,693,390,000 | 3,085,020,000 | 2,813,876,000 | 3,015,652,000 | 2,487,778,000 | 1,421,907,000 | 935,159,000 | 707,302,000 | 1,325,135,000 | 494,711,000 | 533,523,000 | 461,920,000 | |
restricted cash and restricted cash equivalents | 500,096,000 | 592,101,000 | 630,439,000 | 171,067,000 | 614,794,000 | 397,043,000 | 454,518,000 | 530,558,000 | 483,141,000 | 485,476,000 | 489,736,000 | 424,395,000 | 326,274,000 | 291,631,000 | 377,077,000 | 273,726,000 | 320,705,000 | 306,533,000 | |
investment securities | 2,512,437,000 | 2,374,810,000 | 2,153,456,000 | 1,895,689,000 | 1,554,285,000 | 1,566,087,000 | 973,098,000 | 701,935,000 | 579,738,000 | 548,232,000 | 360,068,000 | 396,769,000 | |||||||
loans held for sale | 21,587,350,000 | 20,063,089,000 | |||||||||||||||||
loans held for investment, at fair value | 11,827,987,000 | 10,741,641,000 | 9,571,457,000 | 8,597,368,000 | 7,876,667,000 | 7,194,762,000 | 6,834,161,000 | 6,725,484,000 | |||||||||||
loans held for investment, at amortized cost | 1,483,950,000 | 1,413,385,000 | 1,296,413,000 | 1,417,262,000 | 2,172,528,000 | 1,250,231,000 | |||||||||||||
servicing rights | 383,526,000 | 375,006,000 | 389,780,000 | 342,128,000 | 296,127,000 | 291,329,000 | 240,752,000 | 180,469,000 | 142,654,000 | 145,663,000 | 146,514,000 | 149,854,000 | 168,438,000 | 176,964,000 | 173,505,000 | 168,259,000 | 163,474,000 | 159,767,000 | |
property, equipment and software | 386,629,000 | 354,755,000 | 316,599,000 | 287,869,000 | 266,226,000 | 246,286,000 | 228,049,000 | 216,908,000 | 201,931,000 | 191,352,000 | 180,109,000 | 170,104,000 | 164,421,000 | 148,744,000 | 131,537,000 | 111,873,000 | 99,260,000 | 95,123,000 | |
goodwill | 1,393,505,000 | 1,393,505,000 | 1,393,505,000 | 1,393,505,000 | 1,393,505,000 | 1,393,505,000 | 1,393,505,000 | 1,393,505,000 | 1,393,505,000 | 1,640,679,000 | 1,622,991,000 | 1,622,991,000 | 1,622,951,000 | 1,625,375,000 | 1,615,694,000 | 898,527,000 | 898,527,000 | 898,527,000 | |
intangible assets | 247,845,000 | 263,522,000 | 279,757,000 | 297,794,000 | 314,959,000 | 331,446,000 | 347,495,000 | 364,048,000 | 387,307,000 | 412,099,000 | 419,880,000 | 442,155,000 | 456,771,000 | 481,124,000 | 505,526,000 | 284,579,000 | 301,191,000 | 317,802,000 | |
operating lease right-of-use assets | 79,419,000 | 77,213,000 | 77,841,000 | 81,219,000 | 84,149,000 | 83,352,000 | 87,362,000 | 89,635,000 | 93,379,000 | 94,523,000 | 94,283,000 | 97,135,000 | 100,411,000 | 108,736,000 | 112,400,000 | 115,191,000 | 117,748,000 | 113,281,000 | |
other assets | 1,644,355,000 | 1,340,642,000 | 1,328,279,000 | 1,714,669,000 | 882,723,000 | 737,487,000 | 686,717,000 | 554,366,000 | 526,538,000 | 466,555,000 | 465,468,000 | 417,334,000 | |||||||
total assets | 45,293,450,000 | 41,112,171,000 | 37,749,286,000 | 36,250,951,000 | 34,380,176,000 | 32,641,979,000 | 31,305,760,000 | 30,074,858,000 | 27,977,153,000 | 25,561,449,000 | 22,452,961,000 | 19,007,675,000 | 15,834,903,000 | 12,670,886,000 | 12,246,576,000 | 9,176,326,000 | 8,083,324,000 | 7,653,000,000 | 805,817,385 |
liabilities and permanent equity | |||||||||||||||||||
liabilities: | |||||||||||||||||||
deposits: | |||||||||||||||||||
interest-bearing deposits | 32,805,663,000 | 29,411,104,000 | 27,136,167,000 | 25,861,400,000 | 24,351,778,000 | 22,945,652,000 | 21,550,137,000 | 18,568,993,000 | 15,607,349,000 | 12,672,392,000 | 10,016,404,000 | 7,265,792,000 | 4,941,869,000 | 2,629,463,000 | 1,060,324,000 | ||||
noninterest-bearing deposits | 140,736,000 | 129,570,000 | 120,361,000 | 116,804,000 | 56,008,000 | 51,311,000 | 54,457,000 | 51,670,000 | 64,624,000 | 67,681,000 | 72,037,000 | 76,504,000 | 89,761,000 | 82,801,000 | 95,598,000 | ||||
total deposits | 32,946,399,000 | 29,540,674,000 | 27,256,528,000 | 25,978,204,000 | 24,407,786,000 | 22,996,963,000 | 21,604,594,000 | 18,620,663,000 | 15,671,973,000 | 12,740,073,000 | 10,088,441,000 | 7,342,296,000 | 5,031,630,000 | 2,712,264,000 | 1,155,922,000 | ||||
accounts payable, accruals and other liabilities | 759,612,000 | 676,293,000 | 674,385,000 | 556,923,000 | 569,018,000 | 535,372,000 | 554,185,000 | 549,748,000 | 566,477,000 | 632,459,000 | 554,106,000 | 516,215,000 | 565,910,000 | 542,336,000 | 437,319,000 | 298,164,000 | 325,456,000 | 317,941,000 | |
operating lease liabilities | 93,004,000 | 91,434,000 | 93,135,000 | 97,389,000 | 101,028,000 | 100,797,000 | 105,556,000 | 108,649,000 | 113,361,000 | 115,224,000 | 114,902,000 | 117,758,000 | 121,729,000 | 131,735,000 | 135,955,000 | 138,794,000 | 139,903,000 | 135,489,000 | |
debt | 2,713,942,000 | 3,942,636,000 | 3,046,145,000 | 3,092,692,000 | 3,180,205,000 | 3,106,629,000 | 2,891,317,000 | 5,233,416,000 | 6,241,386,000 | 6,484,326,000 | 6,125,501,000 | 5,485,882,000 | 4,568,523,000 | 3,723,561,000 | 4,916,175,000 | 3,947,983,000 | 2,770,226,000 | 2,319,918,000 | |
residual interests classified as debt | 530,000 | 554,000 | 579,000 | 609,000 | 658,000 | 724,000 | 4,129,000 | 7,396,000 | 10,194,000 | 11,332,000 | 15,565,000 | 17,048,000 | 45,734,000 | 54,436,000 | 70,532,000 | 93,682,000 | 103,898,000 | 112,545,000 | |
total liabilities | 36,513,487,000 | 34,251,591,000 | 31,070,772,000 | 29,725,817,000 | 28,258,695,000 | 26,740,485,000 | 25,159,781,000 | 24,519,872,000 | 22,603,391,000 | 19,983,414,000 | 16,898,515,000 | 13,479,199,000 | 10,333,526,000 | 7,164,332,000 | 6,715,903,000 | 4,478,623,000 | 3,514,421,000 | 3,125,236,000 | 187,773,749 |
commitments, guarantees, concentrations and contingencies | |||||||||||||||||||
permanent equity: | |||||||||||||||||||
common stock | 120,000 | 111,000 | 110,000 | 109,000 | 108,000 | 106,000 | 105,000 | 97,000 | 95,000 | 94,000 | 94,000 | 93,000 | 92,000 | 92,000 | 91,000 | 83,000 | 80,000 | 79,000 | |
additional paid-in capital | 9,768,122,000 | 7,994,095,000 | 7,910,058,000 | 7,838,988,000 | 7,751,335,000 | 7,601,687,000 | 7,543,808,000 | 7,039,987,000 | 6,904,869,000 | 6,848,178,000 | 6,778,262,000 | 6,719,826,000 | 6,654,026,000 | 6,583,405,000 | 6,509,643,000 | 5,561,831,000 | 5,321,009,000 | 5,249,878,000 | 121,162,126 |
accumulated other comprehensive income | 9,548,000 | 3,593,000 | 2,828,000 | 8,109,000 | 600,000 | ||||||||||||||
accumulated deficit | -997,827,000 | -1,137,219,000 | -1,234,482,000 | -1,305,598,000 | -1,638,071,000 | -1,698,816,000 | -1,716,220,000 | -1,804,263,000 | -1,852,176,000 | -1,585,492,000 | -1,537,943,000 | -1,503,521,000 | -1,463,515,000 | -1,389,306,000 | -1,293,471,000 | -1,183,114,000 | -1,072,102,000 | -1,042,055,000 | -116,166,052 |
total permanent equity | 8,779,963,000 | 6,860,580,000 | 6,678,514,000 | 6,525,134,000 | 6,121,481,000 | 5,901,494,000 | 5,825,605,000 | 5,234,612,000 | 5,053,388,000 | 5,257,661,000 | 5,234,072,000 | 5,208,102,000 | 5,181,003,000 | 5,186,180,000 | 5,210,299,000 | 4,377,329,000 | 4,248,529,000 | 4,207,390,000 | 5,000,007 |
total liabilities and permanent equity | 45,293,450,000 | 41,112,171,000 | 37,749,286,000 | ||||||||||||||||
loans held for sale, at fair value | 45,351,000 | 18,226,063,000 | 17,684,892,000 | 17,324,514,000 | 15,893,565,000 | 15,116,482,000 | 15,396,771,000 | 20,993,836,000 | 18,213,667,000 | 15,858,105,000 | 13,557,074,000 | ||||||||
liabilities | |||||||||||||||||||
loans held for investment at amortized cost | 1,246,458,000 | ||||||||||||||||||
liabilities, temporary equity and permanent equity | |||||||||||||||||||
temporary equity: | |||||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; — and 3,234,000 shares outstanding as of december 31, 2024 and 2023, respectively | |||||||||||||||||||
accumulated other comprehensive loss | -8,365,000 | -1,483,000 | -2,088,000 | -1,209,000 | -5,119,000 | -6,341,000 | -8,296,000 | -9,600,000 | -8,011,000 | -5,964,000 | -1,471,000 | -458,000 | -512,000 | ||||||
total liabilities, temporary equity and permanent equity | 36,250,951,000 | 34,380,176,000 | 32,641,979,000 | 31,305,760,000 | 30,074,858,000 | 27,977,153,000 | 25,561,449,000 | 22,452,961,000 | 19,007,675,000 | 15,834,903,000 | 12,670,886,000 | 12,246,576,000 | 9,176,326,000 | 8,083,324,000 | 7,653,000,000 | 805,817,385 | |||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; — and 3,234,000 shares outstanding, as of september 30, 2024 and december 31, 2023, respectively | |||||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; — and 3,234,000 shares outstanding, as of june 30, 2024 and december 31, 2023, respectively | |||||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding, as of march 31, 2024 and december 31, 2023, respectively | 320,374,000 | ||||||||||||||||||
loans held for investment | 836,159,000 | 361,248,000 | 347,551,000 | 328,029,000 | 307,957,000 | ||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding as of december 31, 2023 and 2022, respectively | 320,374,000 | ||||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding, as of september 30, 2023 and december 31, 2022, respectively | 320,374,000 | ||||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding, as of june 30, 2023 and december 31, 2022, respectively | 320,374,000 | ||||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding, as of march 31, 2023 and december 31, 2022, respectively | 320,374,000 | ||||||||||||||||||
equity method investments | 19,739,000 | 19,979,000 | |||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding as of december 31, 2022 and 2021, respectively | 320,374,000 | ||||||||||||||||||
investments in available-for-sale securities | 195,133,000 | 197,933,000 | 199,840,000 | 194,907,000 | 197,203,000 | ||||||||||||||
loans, less allowance for credit losses on loans at amortized cost of 34,370 and 7,037, respectively | 11,204,403,000 | ||||||||||||||||||
securitization investments | 261,672,000 | 288,717,000 | 325,370,000 | 374,688,000 | 392,058,000 | 407,782,000 | |||||||||||||
other assets, less allowance for credit losses of 1,791 and 2,292, respectively | 399,270,000 | ||||||||||||||||||
redeemable preferred stock, 0.00 par value: 100,000,000 shares authorized; 3,234,000 shares issued and outstanding as of september 30, 2022 and december 31, 2021 | 320,374,000 | ||||||||||||||||||
interest income | |||||||||||||||||||
loans | 191,525,000 | 145,337,000 | 114,385,000 | 337,862,000 | 89,844,000 | 79,678,000 | |||||||||||||
securitizations | 2,633,000 | 2,567,000 | 2,758,000 | 14,109,000 | 2,999,000 | 3,794,000 | |||||||||||||
related party notes | 211,000 | ||||||||||||||||||
other | 3,881,000 | 1,608,000 | 1,269,000 | 2,838,000 | 758,000 | 636,000 | |||||||||||||
total interest income | 198,039,000 | 149,512,000 | 118,412,000 | 355,020,000 | 93,601,000 | 84,108,000 | |||||||||||||
interest expense | |||||||||||||||||||
securitizations and warehouses | 20,653,000 | 18,599,000 | 19,906,000 | 90,485,000 | 19,360,000 | 26,250,000 | |||||||||||||
deposits | 14,149,000 | 4,543,000 | 431,000 | ||||||||||||||||
corporate borrowings | 5,270,000 | 3,450,000 | 2,649,000 | 10,345,000 | 1,366,000 | 1,378,000 | |||||||||||||
total interest expense | 40,189,000 | 26,783,000 | 23,479,000 | 102,776,000 | 21,226,000 | 28,096,000 | |||||||||||||
net interest income | 157,850,000 | 122,729,000 | 94,933,000 | 252,244,000 | 72,375,000 | 56,012,000 | |||||||||||||
noninterest income | |||||||||||||||||||
loan origination and sales | 163,697,000 | 144,414,000 | 157,704,000 | 497,626,000 | 142,147,000 | 109,719,000 | |||||||||||||
servicing | 7,296,000 | 10,471,000 | 12,236,000 | -2,281,000 | 458,000 | -224,000 | |||||||||||||
technology products and solutions | 82,035,000 | 81,670,000 | 59,857,000 | ||||||||||||||||
total noninterest income | 266,135,000 | 239,798,000 | 235,411,000 | 732,628,000 | 199,631,000 | 175,262,000 | |||||||||||||
total net revenue | 423,985,000 | 362,527,000 | 330,344,000 | 984,872,000 | 272,006,000 | 231,274,000 | |||||||||||||
noninterest expense | |||||||||||||||||||
technology and product development | 110,702,000 | 99,366,000 | 81,908,000 | 276,087,000 | 74,434,000 | 69,389,000 | |||||||||||||
sales and marketing | 162,129,000 | 143,854,000 | 138,138,000 | 426,875,000 | 114,985,000 | 94,951,000 | |||||||||||||
cost of operations | 83,083,000 | 79,091,000 | 70,437,000 | 256,980,000 | 69,591,000 | 60,624,000 | |||||||||||||
general and administrative | 126,199,000 | 125,829,000 | 136,505,000 | 498,534,000 | 40,461,000 | 171,216,000 | |||||||||||||
benefit from credit losses | 16,323,000 | 10,103,000 | 12,961,000 | 7,573,000 | 2,401,000 | 486,000 | |||||||||||||
total noninterest expense | 498,436,000 | 458,243,000 | 439,949,000 | 1,466,049,000 | 301,872,000 | 396,666,000 | |||||||||||||
income before income taxes | -74,451,000 | -95,716,000 | -109,605,000 | -481,177,000 | -29,866,000 | -165,392,000 | |||||||||||||
income tax benefit | 242,000 | -119,000 | -2,760,000 | -181,000 | 78,000 | ||||||||||||||
net income | -74,209,000 | -95,835,000 | -110,357,000 | -483,937,000 | -30,047,000 | -165,314,000 | -60,394,659 | ||||||||||||
other comprehensive loss | |||||||||||||||||||
unrealized losses on available-for-sale securities | -1,914,000 | -1,991,000 | -4,455,000 | -1,351,000 | -150,000 | ||||||||||||||
foreign currency translation adjustments | 325,000 | -56,000 | -38,000 | 46,000 | 204,000 | -266,000 | |||||||||||||
total other comprehensive income | -1,589,000 | 54,000 | |||||||||||||||||
comprehensive loss | -75,798,000 | -97,882,000 | -114,850,000 | -485,242,000 | -29,993,000 | ||||||||||||||
loss per share | |||||||||||||||||||
loss per share – basic | -90 | -120 | -140 | -1,000 | -50 | -480 | |||||||||||||
loss per share – diluted | -90 | -120 | -140 | -1,000 | -50 | -480 | |||||||||||||
weighted-average common stock outstanding – basic | 916,762,973,000 | 910,046,750,000 | 852,853,596,000 | 526,730,261,000 | 800,565,830,000 | 365,036,365,000 | |||||||||||||
weighted-average common stock outstanding – diluted | 916,762,973,000 | 910,046,750,000 | 852,853,596,000 | 526,730,261,000 | 800,565,830,000 | 365,036,365,000 | |||||||||||||
loans, less allowance for credit losses on loans at amortized cost of 23,178 and 7,037, respectively | 8,212,494,000 | ||||||||||||||||||
other assets, less allowance for credit losses of 2,720 and 2,292, respectively | 431,866,000 | ||||||||||||||||||
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 | 320,374,000 | ||||||||||||||||||
total other comprehensive loss | -2,047,000 | -4,493,000 | -1,305,000 | -266,000 | |||||||||||||||
loans, less allowance for credit losses on loans at amortized cost of 17,866 and 7,037, respectively | 7,222,001,000 | ||||||||||||||||||
other assets, less allowance for credit losses of 1,652 and 2,292, respectively | 258,491,000 | ||||||||||||||||||
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 | 320,374,000 | ||||||||||||||||||
income tax expense | -752,000 | ||||||||||||||||||
loans, less allowance for credit losses on loans at amortized cost of 7,037 and 219, respectively | 6,068,884,000 | ||||||||||||||||||
related party notes receivable | |||||||||||||||||||
other assets, less allowance for credit losses of 2,292 and 562, respectively | 171,242,000 | ||||||||||||||||||
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 december 31, 2021 and 2020, respectively | 320,374,000 | ||||||||||||||||||
permanent equity | |||||||||||||||||||
technology platform fees | 191,847,000 | 49,951,000 | 44,950,000 | ||||||||||||||||
loans, less allowance for credit losses on loans at amortized cost of 3,000 and 219, respectively | 4,865,558,000 | ||||||||||||||||||
other assets, less allowance for credit losses of 1,959 and 562, respectively | 174,098,000 | ||||||||||||||||||
warrant liabilities | 174,938,000 | 239,343,000 | 154,406,250 | ||||||||||||||||
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 | 320,374,000 | ||||||||||||||||||
other comprehensive income | |||||||||||||||||||
loans, less allowance for credit losses on loans at amortized cost of 691 and 219, respectively | 4,727,515,000 | ||||||||||||||||||
other assets, less allowance for credit losses of 1,230 and 562, respectively | 164,750,000 | ||||||||||||||||||
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 june 30, 2021 and december 31, 2020, respectively | 320,374,000 | ||||||||||||||||||
comprehensive income | -165,580,000 | ||||||||||||||||||
current assets | |||||||||||||||||||
cash | 39,940 | ||||||||||||||||||
prepaid expenses | 740,375 | ||||||||||||||||||
total current assets | 780,315 | ||||||||||||||||||
marketable securities held in trust account | 805,037,070 | ||||||||||||||||||
current liabilities | |||||||||||||||||||
accrued expenses | 3,736,794 | ||||||||||||||||||
advance from related party | 40,705 | ||||||||||||||||||
promissory note – related party | 1,415,000 | ||||||||||||||||||
total current liabilities | 5,192,499 | ||||||||||||||||||
deferred underwriting fee payable | 28,175,000 | ||||||||||||||||||
commitments | |||||||||||||||||||
temporary equity | |||||||||||||||||||
class a ordinary shares subject to possible redemption, 61,301,540 and 67,342,389 shares at redemption value at march 31, 2021 and december 31, 2020, respectively | 613,043,629 | ||||||||||||||||||
preferred shares, 0.0001 par value... | |||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 1,920 | ||||||||||||||||||
class b ordinary shares, 0.0001 par value... | 2,013 | ||||||||||||||||||
formation and operational costs | 5,289,511 | ||||||||||||||||||
income from operations | -5,289,511 | ||||||||||||||||||
other income: | |||||||||||||||||||
interest earned on marketable securities held in trust account | 19,852 | ||||||||||||||||||
change in fair value of warrant liabilities | -55,125,000 | ||||||||||||||||||
other income | -55,105,148 | ||||||||||||||||||
basic and diluted weighted-average shares outstanding, class a ordinary shares subject to possible redemption | 67,342,389 | ||||||||||||||||||
basic and diluted net income per share, class a ordinary shares subject to possible redemption | |||||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable ordinary shares | 33,282,611 | ||||||||||||||||||
basic and diluted net income per share, non-redeemable ordinary shares | -1.82 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||
net income | 139,392,000 | 97,263,000 | 71,116,000 | 332,473,000 | 60,745,000 | 17,404,000 | 88,043,000 | -95,835,000 | -110,357,000 | -111,012,000 | -30,047,000 | -282,483,341 | -60,394,659 | ||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||
share-based compensation expense | 66,469,000 | 63,256,000 | 63,756,000 | 66,367,000 | 63,646,000 | 61,057,000 | 55,082,000 | 69,107,000 | 62,005,000 | 75,878,000 | 64,226,000 | 77,855,000 | 80,142,000 | 77,021,000 | |||||
depreciation and amortization | 59,245,000 | 56,743,000 | 55,283,000 | 53,545,000 | 51,791,000 | 49,623,000 | 48,539,000 | 53,449,000 | 52,516,000 | 50,130,000 | 45,321,000 | 40,253,000 | 38,056,000 | 30,698,000 | 26,527,000 | 24,075,000 | |||
deferred debt issuance and discount expense | 3,000,000 | 2,924,000 | 2,443,000 | 2,657,000 | 2,614,000 | 3,975,000 | 4,232,000 | 5,055,000 | 4,490,000 | 5,707,000 | 4,852,000 | 3,988,000 | 3,909,000 | 4,209,000 | 4,064,000 | 2,778,000 | |||
gain on extinguishment of convertible debt | 0 | -3,323,000 | 0 | -59,194,000 | |||||||||||||||
provision for credit losses | 9,199,000 | 10,035,000 | 5,678,000 | 6,877,000 | 6,013,000 | 11,640,000 | 7,182,000 | 12,092,000 | 21,831,000 | 12,615,000 | 8,407,000 | ||||||||
deferred income taxes | 7,389,000 | 10,375,000 | 8,794,000 | -283,983,000 | 176,000 | -2,143,000 | -967,000 | -9,495,000 | -887,000 | -5,514,000 | 68,000 | -2,101,000 | -2,279,000 | -40,000 | 505,000 | 62,000 | |||
fair value changes in loans held for investment | -51,868,000 | -119,843,000 | -98,987,000 | -8,741,000 | -90,566,000 | -25,651,000 | -33,257,000 | ||||||||||||
fair value changes in securitization investments | -445,000 | -253,000 | -884,000 | 469,000 | -1,117,000 | -483,000 | -1,711,000 | -1,115,000 | -470,000 | 1,437,000 | 100,000 | 3,275,000 | 3,436,000 | 6,545,000 | 568,000 | -1,604,000 | |||
other | 7,621,000 | -2,172,000 | 3,947,000 | 10,301,000 | 1,700,000 | -249,000 | -1,713,000 | -11,433,000 | 623,000 | -919,000 | -2,317,000 | -18,294,000 | 13,749,000 | 16,180,000 | -845,000 | -303,000 | |||
changes in loans held for sale | -1,538,381,000 | -1,844,465,000 | -599,248,000 | -415,190,000 | -1,441,677,000 | -777,209,000 | 244,672,000 | -463,465,000 | -2,780,169,000 | -2,234,343,000 | -2,301,031,000 | ||||||||
changes in accrued interest on loans | -3,461,000 | ||||||||||||||||||
changes in loans previously classified as held for sale | 159,570,000 | 271,256,000 | 243,171,000 | 379,060,000 | 206,696,000 | 295,119,000 | 492,226,000 | ||||||||||||
changes in servicing assets | -8,519,000 | ||||||||||||||||||
changes in other assets | -227,300,000 | ||||||||||||||||||
changes in other liabilities | 72,215,000 | ||||||||||||||||||
net cash from operating activities | -1,305,874,000 | -1,466,908,000 | 21,502,000 | -200,103,000 | -1,173,581,000 | -484,371,000 | 738,248,000 | -247,941,000 | -2,686,519,000 | -2,079,919,000 | -2,212,760,000 | 5,127,321,000 | -2,880,300,000 | -945,499,000 | -1,011,224,000 | -1,236,289,000 | -196,536,000 | ||
capital expenditures | -63,158,000 | -65,992,000 | -54,248,000 | -44,231,000 | -45,801,000 | -39,473,000 | -34,112,000 | -36,648,000 | -30,413,000 | -2,246,000 | -26,534,000 | 0 | -25,948,000 | -24,914,000 | -25,114,000 | -13,816,000 | -11,637,000 | ||
free cash flows | -1,369,032,000 | -1,532,900,000 | -32,746,000 | -244,334,000 | -1,219,382,000 | -523,844,000 | 704,136,000 | -284,589,000 | -2,716,932,000 | -2,082,165,000 | -2,239,294,000 | 5,127,321,000 | -2,906,248,000 | -970,413,000 | -1,036,338,000 | -1,250,105,000 | -208,173,000 | ||
investing activities | |||||||||||||||||||
purchases of property, equipment and software | -59,978,000 | -63,465,000 | -52,604,000 | -42,263,000 | -43,306,000 | -36,712,000 | -31,984,000 | -34,294,000 | -28,044,000 | ||||||||||
capitalized software development costs | -3,180,000 | -2,527,000 | -1,644,000 | -1,968,000 | -2,495,000 | -2,761,000 | -2,128,000 | -2,354,000 | -2,369,000 | -2,246,000 | -2,814,000 | ||||||||
purchases of available-for-sale investments | -270,862,000 | -514,764,000 | -338,795,000 | -531,249,000 | -350,667,000 | -940,060,000 | -368,569,000 | -166,487,000 | -181,680,000 | -191,732,000 | -260,608,000 | 0 | -8,149,000 | -36,825,000 | -41,244,000 | ||||
proceeds from sales of available-for-sale investments | 44,711,000 | 20,914,000 | 0 | 0 | 0 | 265,634,000 | 0 | 5,846,000 | 17,651,000 | 36,953,000 | |||||||||
proceeds from maturities and paydowns of available-for-sale investments | 101,293,000 | 117,597,000 | 120,123,000 | 191,353,000 | 145,444,000 | 339,690,000 | 131,317,000 | 66,365,000 | 35,126,000 | 31,928,000 | 20,409,000 | 421,000 | 1,942,000 | 11,964,000 | |||||
purchases of loans held for investment | |||||||||||||||||||
proceeds from sales of loans held for investment | 243,104,000 | ||||||||||||||||||
other changes in loans held for investment | |||||||||||||||||||
proceeds from securitization investments | 20,589,000 | 17,292,000 | 11,525,000 | 10,344,000 | 46,762,000 | 13,210,000 | 9,483,000 | 6,999,000 | 72,272,000 | 13,021,000 | 15,999,000 | 23,769,000 | 33,218,000 | 42,773,000 | 45,965,000 | ||||
proceeds from non-securitization investments | 6,749,000 | 7,291,000 | 2,294,000 | -3,000 | 1,064,000 | -2,000 | 2,517,000 | 2,191,000 | 443,000 | 0 | 2,000,000 | ||||||||
purchases of non-securitization investments | -10,325,000 | -32,180,000 | -19,662,000 | -17,132,000 | -6,779,000 | -2,626,000 | -11,215,000 | -20,636,000 | -29,195,000 | -9,159,000 | -7,563,000 | -2,000,000 | |||||||
net cash from investing activities | -1,459,464,000 | -1,722,471,000 | -1,440,220,000 | -1,280,884,000 | -84,005,000 | -2,194,917,000 | -1,261,184,000 | -1,413,529,000 | -168,509,000 | -267,673,000 | -40,153,000 | -229,369,000 | -50,008,000 | -54,797,000 | 49,879,000 | 30,657,000 | -159,803,000 | ||
financing activities | |||||||||||||||||||
net change in deposits | 3,334,880,000 | 2,285,840,000 | 1,480,574,000 | 1,300,465,000 | 1,356,683,000 | 1,400,442,000 | 2,896,894,000 | 2,935,247,000 | 2,904,136,000 | 2,637,981,000 | 2,754,540,000 | 2,362,987,000 | |||||||
proceeds from issuance of common stock | |||||||||||||||||||
payment of common stock issuance costs | |||||||||||||||||||
net change in debt facilities | -1,227,384,000 | 898,968,000 | -30,952,000 | -75,756,000 | 186,317,000 | 334,134,000 | -2,427,339,000 | -722,223,000 | -62,121,000 | 520,792,000 | 444,106,000 | ||||||||
proceeds from other debt issuances | 0 | 0 | 0 | 845,250,000 | 0 | 0 | 0 | 339,995,000 | |||||||||||
repayment of other debt | -2,896,000 | -4,175,000 | -17,987,000 | -12,693,000 | -42,921,000 | -126,736,000 | -170,447,000 | -204,626,000 | -187,518,000 | -259,730,000 | -147,985,000 | ||||||||
payment of debt issuance costs | -1,612,000 | -94,000 | -300,000 | -1,725,000 | -50,000 | -825,000 | -5,020,000 | -3,825,000 | -371,000 | -3,842,000 | -3,865,000 | -100,000 | -1,811,000 | -2,165,000 | -4,329,000 | -616,000 | |||
purchase of capped calls | 0 | 0 | 0 | -90,649,000 | |||||||||||||||
unwind of capped calls | 0 | 0 | 0 | 10,180,000 | |||||||||||||||
taxes paid related to net share settlement of share-based awards | -9,958,000 | -4,299,000 | -5,592,000 | -9,960,000 | -4,883,000 | -3,998,000 | -3,760,000 | -4,640,000 | -3,614,000 | -4,630,000 | -2,416,000 | -1,507,000 | -1,630,000 | -2,253,000 | -3,593,000 | ||||
proceeds from stock option exercises | 5,852,000 | 600,000 | 195,000 | 20,637,000 | 138,000 | 166,000 | 466,000 | 130,000 | 430,000 | 417,000 | 168,000 | 429,000 | 193,000 | 1,867,000 | 4,512,000 | 17,277,000 | |||
proceeds from issuance of common stock under the espp | 0 | ||||||||||||||||||
payment of redeemable preferred stock dividends | 0 | 0 | -20,378,000 | 0 | 0 | -20,379,000 | 0 | ||||||||||||
redemption of series 1 preferred stock | 0 | 0 | |||||||||||||||||
finance lease principal payments | -197,000 | -195,000 | -175,000 | -134,000 | -134,000 | -132,000 | -130,000 | -129,000 | -128,000 | -127,000 | -125,000 | -123,000 | -121,000 | -120,000 | -119,000 | -119,000 | |||
net cash from financing activities | 3,797,410,000 | 3,188,409,000 | 1,425,763,000 | 1,220,834,000 | 1,495,150,000 | 1,263,148,000 | 1,055,445,000 | 1,979,556,000 | 2,650,814,000 | 2,870,814,000 | 3,384,418,000 | -5,391,087,000 | 3,192,483,000 | 297,073,000 | 1,895,158,000 | 1,119,653,000 | 441,910,000 | ||
effect of exchange rates on cash and cash equivalents | -228,000 | -563,000 | -269,000 | -246,000 | 563,000 | -136,000 | -179,000 | 475,000 | 103,000 | 392,000 | -293,000 | 340,000 | 325,000 | -56,000 | -38,000 | 188,000 | 204,000 | ||
net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 1,031,844,000 | -1,533,000 | 6,776,000 | -260,399,000 | 238,127,000 | -1,416,276,000 | 532,330,000 | 318,561,000 | -204,111,000 | 523,614,000 | 1,131,212,000 | -492,795,000 | 262,500,000 | -703,279,000 | 933,775,000 | -85,791,000 | 85,775,000 | ||
cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 0 | 0 | 2,709,360,000 | 0 | 0 | 0 | 3,615,578,000 | 0 | 0 | 0 | 1,846,302,000 | 0 | 0 | 768,437,000 | 0 | 0 | |||
cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 1,031,844,000 | -1,533,000 | 2,716,136,000 | -260,399,000 | 238,127,000 | -1,416,276,000 | 4,147,908,000 | 318,561,000 | -204,111,000 | 523,614,000 | 2,977,514,000 | -1,261,232,000 | 262,500,000 | -703,279,000 | 1,702,212,000 | -85,791,000 | 85,775,000 | ||
reconciliation to amounts on condensed consolidated balance sheets | |||||||||||||||||||
cash and cash equivalents | 1,123,849,000 | 183,328,000 | 20,376,000 | -1,358,801,000 | 3,693,390,000 | 271,144,000 | -201,776,000 | 527,874,000 | 2,487,778,000 | 227,857,000 | -617,833,000 | 1,325,135,000 | -38,812,000 | 71,603,000 | |||||
restricted cash and restricted cash equivalents | -92,005,000 | -443,727,000 | 217,751,000 | -57,475,000 | 454,518,000 | 47,417,000 | -2,335,000 | -4,260,000 | 489,736,000 | 34,643,000 | -85,446,000 | 377,077,000 | -46,979,000 | 14,172,000 | |||||
total cash, cash equivalents, restricted cash and restricted cash equivalents | 1,031,844,000 | -260,399,000 | 238,127,000 | -1,416,276,000 | 4,147,908,000 | 318,561,000 | -204,111,000 | 523,614,000 | 2,977,514,000 | 262,500,000 | -703,279,000 | 1,702,212,000 | -85,791,000 | 85,775,000 | |||||
supplemental non-cash investing and financing activities | |||||||||||||||||||
deposits credited but not yet received in cash | 70,845,000 | 269,952,000 | 54,140,000 | -8,074,000 | 87,038,000 | -13,859,000 | 27,763,000 | 13,652,000 | 39,701,000 | 36,072,000 | |||||||||
share-based compensation capitalized related to internally-developed software | 12,947,000 | 10,886,000 | 10,105,000 | 8,306,000 | 8,060,000 | 8,330,000 | 6,427,000 | 4,596,000 | |||||||||||
extinguishment of convertible notes by issuance of common stock | 0 | 83,237,000 | 0 | 593,910,000 | |||||||||||||||
available-for-sale securities sold but unpaid | |||||||||||||||||||
changes in loans held for investment | -1,456,492,000 | -1,161,457,000 | -473,134,000 | -1,565,656,000 | -990,605,000 | -1,265,313,000 | -35,062,000 | -32,499,000 | -29,544,000 | ||||||||||
deferred contract acquisition expense | 10,451,000 | ||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||
servicing assets | -47,652,000 | -46,001,000 | -4,798,000 | -50,577,000 | -60,283,000 | -37,814,000 | 3,009,000 | -139,000 | 3,340,000 | 8,526,000 | -3,459,000 | -5,246,000 | -4,785,000 | -3,707,000 | |||||
other assets | 202,615,000 | -291,895,000 | -69,348,000 | -60,015,000 | -37,192,000 | -20,558,000 | -25,922,000 | 25,151,000 | 15,823,000 | 12,878,000 | -35,946,000 | -13,623,000 | 16,183,000 | -5,131,000 | |||||
accounts payable, accruals and other liabilities | 101,019,000 | -6,042,000 | 43,867,000 | -6,862,000 | -7,411,000 | 26,037,000 | -4,962,000 | 38,229,000 | -17,216,000 | -8,637,000 | 6,563,000 | 30,339,000 | -27,059,000 | -15,819,000 | |||||
goodwill impairment | 0 | ||||||||||||||||||
acquisition of businesses, net of cash acquired | 0 | 0 | -54,355,000 | -17,946,000 | 0 | -14,774,000 | 73,314,000 | ||||||||||||
reconciliation to amounts on consolidated balance sheets | |||||||||||||||||||
supplemental cash flow information | |||||||||||||||||||
interest paid | |||||||||||||||||||
income taxes paid | |||||||||||||||||||
deconsolidation of securitization and residual debt | 0 | 0 | |||||||||||||||||
securitization investments acquired via loan transfers | 26,286,000 | ||||||||||||||||||
derecognition of securitization investments | 0 | 0 | |||||||||||||||||
deposits assumed in acquisition | 158,016,000 | ||||||||||||||||||
loans held for investment received in acquisition | |||||||||||||||||||
available-for-sale securities received in acquisition | 10,014,000 | ||||||||||||||||||
available-for-sale securities purchased but unpaid | |||||||||||||||||||
net loss | 47,913,000 | -266,684,000 | -47,549,000 | -34,422,000 | |||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||
fair value changes in residual interests classified as debt | 11,000 | 927,000 | -602,000 | 89,000 | 1,453,000 | 2,662,000 | 2,963,000 | 3,541,000 | 5,593,000 | ||||||||||
fair value changes in warrant liabilities | 10,824,000 | -64,405,000 | |||||||||||||||||
equity method investment earnings | 240,000 | ||||||||||||||||||
related party notes receivable interest income | 0 | 0 | |||||||||||||||||
proceeds from repayment of related party notes receivable | 0 | 0 | |||||||||||||||||
purchases of common stock | 0 | 0 | |||||||||||||||||
redemptions of redeemable common and preferred stock | 0 | 0 | |||||||||||||||||
proceeds from business combination and pipe investment | 0 | 0 | |||||||||||||||||
payment of costs directly attributable to the issuance of common stock in connection with business combination and pipe investment | 0 | 0 | |||||||||||||||||
proceeds from warrant exercises | |||||||||||||||||||
payment of deferred equity costs | |||||||||||||||||||
purchases of property, equipment, software and intangible assets | -23,720,000 | -25,948,000 | -24,914,000 | -25,114,000 | -13,816,000 | -11,637,000 | |||||||||||||
non-cash loan reduction | 483,000 | 375,000 | |||||||||||||||||
deferred debt issuance costs accrued but unpaid | 413,000 | ||||||||||||||||||
non-cash property, equipment, software and intangible asset additions | 82,000 | ||||||||||||||||||
property, equipment and software acquired in acquisition | |||||||||||||||||||
debt assumed in acquisition | 2,000,000 | ||||||||||||||||||
changes in investments in subsidiaries | |||||||||||||||||||
issuances of notes to subsidiaries | |||||||||||||||||||
repayments of notes by subsidiaries | |||||||||||||||||||
acquisition of business, net of cash acquired | |||||||||||||||||||
other investing activities | |||||||||||||||||||
proceeds from common stock issuances | |||||||||||||||||||
note receivable principal repayments from stockholder | |||||||||||||||||||
other financing activities | |||||||||||||||||||
non-cash settlement of notes receivable via beneficial loan interest transfers | |||||||||||||||||||
seller note issued in acquisition | |||||||||||||||||||
originations and purchases of loans | -4,760,658,000 | -3,275,411,000 | -3,599,870,000 | -4,125,123,000 | -3,626,220,000 | ||||||||||||||
proceeds from sales and repayments of loans | 1,807,584,000 | 2,355,296,000 | 2,491,409,000 | 2,905,287,000 | 3,448,583,000 | ||||||||||||||
other changes in loans | -11,600,000 | -36,382,000 | 58,548,000 | -12,286,000 | -3,093,000 | ||||||||||||||
changes in loans | -48,250,000 | -47,966,000 | -33,884,000 | ||||||||||||||||
proceeds from debt issuances | 3,150,824,000 | 1,141,020,000 | 3,569,960,000 | 3,224,413,000 | 2,447,256,000 | ||||||||||||||
repayment of debt | -2,319,904,000 | -2,354,327,000 | -2,632,625,000 | -2,060,272,000 | -2,013,251,000 | ||||||||||||||
reconciliation to amounts on unaudited condensed consolidated balance sheets | |||||||||||||||||||
fair value adjustment to related party notes receivable | 0 | 0 | |||||||||||||||||
net increase in deposits | 961,834,000 | ||||||||||||||||||
issuance of common stock in acquisition | 875,042,000 | ||||||||||||||||||
vested awards assumed in acquisition | 2,855,000 | ||||||||||||||||||
loans received in acquisition | 84,485,000 | ||||||||||||||||||
property, equipment and software received in acquisition | 3,192,000 | ||||||||||||||||||
redeemable preferred stock dividends accrued but unpaid | 9,968,000 | ||||||||||||||||||
equity-based payments to non-employees | |||||||||||||||||||
accretion of seller note interest expense | |||||||||||||||||||
related party notes receivable issuances | |||||||||||||||||||
proceeds from maturities of available-for-sale investments | |||||||||||||||||||
note receivable issuance to stockholder | |||||||||||||||||||
proceeds from redeemable preferred stock issuances | |||||||||||||||||||
payment of redeemable preferred stock issuance costs | |||||||||||||||||||
stock-based compensation expense | 72,681,000 | ||||||||||||||||||
taxes paid related to net share settlement of stock-based awards | -8,637,000 | ||||||||||||||||||
receipts from securitization investments | |||||||||||||||||||
deconsolidation of residual interests classified as debt | |||||||||||||||||||
deconsolidation of securitization debt | |||||||||||||||||||
costs directly attributable to the issuance of common stock paid in 2020 | |||||||||||||||||||
reduction to temporary equity associated with purchase price adjustments | |||||||||||||||||||
warrant liabilities recognized in conjunction with the business combination | |||||||||||||||||||
series h warrant liabilities conversion to common stock warrants | |||||||||||||||||||
conversion of temporary equity into permanent equity in conjunction with the business combination | |||||||||||||||||||
redeemable preferred stock issued in acquisition | |||||||||||||||||||
common stock options assumed in acquisition | |||||||||||||||||||
deferred debt issuance costs accrued but not paid | |||||||||||||||||||
ordinary shares subject to possible redemption | |||||||||||||||||||
numerator: earnings allocable to ordinary shares subject to possible redemption | |||||||||||||||||||
interest earned on marketable securities held in trust account | 15,117 | ||||||||||||||||||
net income allocable to class a ordinary shares subject to possible redemption | 15,117 | ||||||||||||||||||
denominator: weighted-average class a ordinary shares subject to possible redemption | |||||||||||||||||||
basic and diluted weighted-average shares outstanding | 67,342,389 | ||||||||||||||||||
basic and diluted net income per share | |||||||||||||||||||
non-redeemable ordinary shares | |||||||||||||||||||
numerator: earnings allocable to non-redeemable ordinary shares | |||||||||||||||||||
less: net income allocable to class a ordinary shares subject to possible redemption | -15,117 | ||||||||||||||||||
non-redeemable net income | -60,409,776 | ||||||||||||||||||
denominator: weighted-average non-redeemable ordinary shares | |||||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable ordinary shares | 33,282,611 | ||||||||||||||||||
basic and diluted net income per share, non-redeemable ordinary shares | -1.82 | ||||||||||||||||||
numerator: earnings allocable to common stock subject to possible redemption | |||||||||||||||||||
non-redeemable common stock | |||||||||||||||||||
numerator: net income minus net earnings |