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Health Care : Biotechnology | Large Cap Value
Company profile

AbbVie Inc. is a research-based biopharmaceutical company, which is engaged in research and development, manufacturing, commercialization and sale of medicines and therapies. It offers products in various therapeutic categories, including immunology products, which include Humira, Skyrizi and Rinvoq; oncology products, which include Imbruvica and Venclexta; aesthetics products that include Botox Cosmetic, Juvederm Collection and others; neuroscience products, such as Botox Therapeutic, Vraylar, Duopa and Duodopa, and Ubrelvy; eye care products consists of Lumigan, Alphagan and Restasis; women's health products include Lo Loestrin, Orilissa and others; and other products, which includes Mavyret, Creon, Lupron, Linzess and Synthroid. Its products are sold to wholesalers, government agencies, health care facilities and independent retailers. It also discovers and develop antibody medicines that target difficult-to-drug disease-causing proteins, such as G protein-coupled receptors (GPCRs).

Closing Price
$146.28
Day's Change
-1.12 (-0.76%)
Bid
--
Ask
--
B/A Size
--
Day's High
147.68
Day's Low
146.02
Volume
(Light)
Volume:
4,591,481

10-day average volume:
6,392,098
4,591,481

SoFi Technologies, Inc. Reports Third Quarter 2022 Results

7:00 am ET November 1, 2022 (BusinessWire) Print

SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its third quarter ended September 30, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221101005542/en/

"We delivered another quarter of record financial results with robust growth in members, products, and cross-buy. We generated our sixth consecutive quarter of record adjusted net revenue, which was up 51% year-over-year. We also generated record adjusted EBITDA, which more than doubled sequentially for the second consecutive quarter," said Anthony Noto, CEO of SoFi Technologies, Inc. "Strength across all three of our business segments -- Lending, Technology Platform and Financial Services -- drove our record third quarter adjusted net revenue of $419 million and record adjusted EBITDA of over $44 million."

Consolidated Results Summary

                                                                                            Three Months Ended September 30,                                                           % Change
                                                                   ------------------------------------------------------------------------------------------------------------------
($ in thousands)                                                       2022                                                2021                        
                                                                   -----------------------------------------------                        -----------------------------------------------
Consolidated - GAAP                                                                                   
Total net revenue                                                  $ 423,985                        $ 272,006             56 %
Net loss                                          (74,209 )                        (30,047 )                             n/m  
Loss per share-basic and diluted       (0.09 )                          (0.05 )                             n/m  
                                                                                                
Consolidated - Non-GAAP                                                                               
Adjusted net revenue(1)                                            $ 419,256                        $ 277,190             51 %
Adjusted EBITDA(1)                                 44,298        10,256            332 %
(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: "Our strong momentum in member, product and cross-buy adds reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy. We added nearly 424,000 new members, and ended with over 4.7 million total members, up 61% year-over-year. We also added over 635,000 new products, and ended with nearly 7.2 million total products, a 69% annual increase."

Noto concluded: "Our bank charter is enabling new flexibility that has proven even more valuable in light of the current macro environment, and the economic benefits are already starting to materialize and positively impact our operating and financial results. Total deposits grew 86% during the quarter to $5.0 billion at quarter-end, and 85% of SoFi Money deposits (inclusive of Checking and Savings and SoFi Money cash management accounts) are from direct deposit members. For new direct deposit accounts opened in the third quarter, the median FICO score was 750. Half of newly funded SoFi Money accounts are setting up direct deposit by day 30 (versus 37% in the second quarter), and this has had a significant impact on debit spending.

"As a result of this growth in high quality deposits, we have benefited from a lower cost of funding for our loans. Our deposit funding also increases our flexibility to capture additional net interest margin (NIM) and optimize returns, a critical advantage in light of notable macro uncertainty. In its second full quarter of operations, SoFi Bank, N.A. generated approximately $29 million of positive GAAP net income at an 11% margin."

Consolidated Results

Third quarter total GAAP net revenue increased 56% to $424.0 million from the prior-year period's $272.0 million. Third quarter adjusted net revenue of $419.3 million was up 51% from the same prior-year period's $277.2 million. Strength in all three of SoFi's business segments -- Lending, Technology Platform and Financial Services -- drove the robust year-over-year growth.

SoFi recorded a GAAP net loss of $74.2 million for the third quarter of 2022, an increase from the prior-year period's net loss of $30.0 million. The third quarter of 2021 included the benefit of $64.4 million from the change in fair value of warrant liabilities. Excluding this impact, GAAP net loss would have improved by $20.2 million year-over-year. Third quarter record adjusted EBITDA of $44.3 million increased 118% sequentially.

Member and Product Growth

SoFi achieved strong year-over-year growth in both members and products in the third quarter of 2022. New member additions of nearly 424,000 brought total members to 4.7 million by quarter-end, up over 1.8 million, or 61%, from the end of 2021's third quarter.

New product additions of over 635,000 in the third quarter brought total products to nearly 7.2 million at quarter-end, up 69% from 4.3 million at the same prior year quarter-end.

In the Financial Services segment, total products increased by 83% year-over-year, to 5.9 million from 3.2 million in the third quarter of 2021. SoFi Money (inclusive of SoFi Money cash management accounts and SoFi Checking and Savings accounts) grew 72% year-over-year to 2.0 million products, SoFi Invest grew 68% during the period to approximately 2.1 million products, and SoFi Relay grew 113% year-over year to 1.6 million products.

Lending products rose 24% year over year, up from the second quarter's 22% year-over-year growth and resulting in the sixth straight quarter of accelerating year-over-year growth, driven primarily by continued record demand for personal loans.

Technology Platform enabled accounts increased by 40% year over year to 124.3 million, due to both diverse new client additions and growth among existing clients.

Lending Segment Results

Lending segment GAAP and adjusted net revenues were $301.7 million and $297.0 million, respectively, for the third quarter of 2022, up 43% and 38%, respectively. Higher loan balances and net interest margin expansion drove strong growth in net interest income, and record personal loan originations and strong sales execution drove growth in noninterest income.

Lending segment third quarter contribution profit of $180.6 million increased 53% from $117.7 million in the same prior-year period. Contribution margin using Lending adjusted net revenue increased to 61% from 55% in the same prior-year period. These advances reflect SoFi's ability to capitalize on continued strong demand for its Lending products, while improving upon the member experience and realizing new efficiencies, at high credit underwriting standards.

Lending - Segment Results of Operations
                                                                                                                         Three Months Ended September 30,                                                
                                                                                                                  -------------------------------------------------------------------------------------------------------------------
($ in thousands)                                                                                                                             2022                                                2021               % Change
                                                                                                                  ------------------------------------------------                        -----------------------------------------------                        ------------------------------
Total net revenue - Lending                                                                          $  301,694                        $ 210,291             43 %
Servicing rights-change in valuation inputs or assumptions                            (6,182 )                           (409 )                             n/m  
Residual interests classified as debt-change in valuation inputs or assumptions        1,453         5,593            (74 )%
Directly attributable expenses                                                                   (116,403 )                        (97,807 )                              19 %
                                                                                                                  -------------------- -------- --------------------                      -------------------- ------- --------------------
                                                                                                                  $  180,562                        $ 117,668             53 %
   Contribution Profit
                                                                                                                  ==================== ======== ====================                      ==================== ======= ====================
                                                                                                                                                
Adjusted net revenue - Lending(1)                                                                    $  296,965                        $ 215,475             38 %
(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 2% year-over-year, as a result of continued strong demand for personal loans.

Record personal loan originations of over $2.8 billion in the third quarter of 2022 were up nearly $1.2 billion, or 71%, year-over-year, and rose 14% sequentially. This strong performance was aided by years of investment in technology to automate and accelerate the application-to-approval process for qualified borrowers and constant testing of risk controls and underwriting models to maintain the highest credit quality. Third quarter student loan volume of over $457 million was down more than 50% from the average pre-pandemic volume as the moratorium on student loan payments continues to weigh on the business.

Lending - Originations and Average Balances
                                                                                Three Months Ended September 30,                                                       % Change
                                                                        ----------------------------------------------------------------------------------------------------------------------
                                                          2022                                                  2021                         
                                                                        -------------------------------------------------                        -------------------------------------------------
Origination volume ($ in thousands, during period)                                                                          
                                                                        $   216,246                        $   793,086                (73 )%
   Home loans
                                                       2,809,759       1,640,572                 71 %
   Personal loans
                                                         457,184         967,939                (53 )%
   Student loans
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                        $ 3,483,189                        $ 3,401,597                  2 %
      Total
                                                                        ==================== ========= ====================                      ==================== ========= ====================
                                                                                                         
Average loan balance ($, as of period end)(1)                                                                               
                                                                        $   286,855                        $   286,522     -- %
   Home loans
                                                          24,772          22,207                 12 %
   Personal loans
                                                          47,152          49,723                 (5 )%
   Student loans
(1)   Within each loan product category, average loan balance is defined as the total unpaid principal balance of the loans divided by the number of loans that have a balance greater than zero dollars as of the reporting date. Average loan balance includes loans on the balance sheet and transferred loans with which SoFi has a continuing involvement through its servicing agreements.
                                                                     September 30,                                                         
                                                     ------------------------------------------------------------------------------------------------------------------
Lending - Products                          2022                                                2021                               % Change
-------------------------------                      -----------------------------------------------                        -----------------------------------------------                        -------------------
Home loans                                    25,707               25,707  25,707                   21,318  21,318             21 %
Personal loans                      783,645       578,772             35 %
Student loans                       471,141       430,792              9 %
                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------

Technology Platform Segment Results

Technology Platform segment net revenue of $84.8 million for the third quarter of 2022 increased 69% year-over-year, and includes record Galileo revenues, which were up 29% year-over-year, and continued strong contribution from Technisys. Contribution profit of $19.5 million increased 24% year over year, for a margin of 23%. Excluding Technisys, contribution margin was 30% versus 31% for the same prior-year period. As previously stated, Management intends to continue investing heavily in the Technology Platform segment to capture its significant and accelerating secular growth opportunities across client verticals, products and geographies. We continue to anticipate operating this business in the 20-30% contribution margin range for the foreseeable future as a result of these investments.

Technology Platform - Segment Results of Operations
                                                                                                                                                             
                                                                                                  Three Months Ended September 30,
                                                    ------------------------------------------------------------------------------------------------------------------
($ in thousands)                                        2022                                                2021                        
                                                                                                                                                                                                          % Change
                                                    -----------------------------------------------                        -----------------------------------------------                        -------------------
Total net revenue                                   $  84,777                        $  50,225             69 %
Directly attributable expenses     (65,241 )                        (34,484 )                              89 %
                                                    -------------------- ------- --------------------                      -------------------- ------- --------------------

Technology Platform total enabled client accounts increased 40% year over year, to 124.3 million from 88.8 million, through new client acquisition and growth at existing clients.

            September 30,           
                                          ----------------------
Technology Platform    2022  2021        % Change
--------------------                      -                        -                        -------------------

Financial Services Segment Results

Financial Services segment net revenue increased 288% in the third quarter of 2022 to $49.0 million from the prior year period's total of $12.6 million.

The Financial Services segment contribution loss of $52.6 million was $13.2 million larger than the prior-year quarter's $39.5 million loss, largely due to the credit card business, where SoFi is building current expected credit loss (CECL) reserves. The absolute amount of reserves is expected to increase as the business continues to grow and scale.

Financial Services - Segment Results of Operations
                                                                              Three Months Ended September 30,                                                
                                                    -------------------------------------------------------------------------------------------------------------------
($ in thousands)                                        2022                                                 2021                               % Change
                                                    ------------------------------------------------                        -----------------------------------------------                        -------------------
Total net revenue                                   $   48,953                        $  12,620            288 %
Directly attributable expenses     (101,576 )                        (52,085 )                              95 %
                                                    -------------------- -------- --------------------                      -------------------- ------- --------------------

By continuously innovating for members with new and relevant offerings, features and rewards, SoFi grew total Financial Services products by approximately 2.7 million, or 83%, year-over-year in the third quarter of 2022, bringing the total to approximately 5.9 million. In the third quarter, SoFi Money added nearly 166,000 products, SoFi Invest products increased by over 106,000 and Relay products increased by nearly 256,000.

Most notably, upon securing a bank charter in the first quarter of 2022, SoFi launched a new Checking and Savings offering, which today has an APY of up to 2.50%, no minimum balance requirement, a host of free features and a unique rewards program. Total deposits grew 86% during the quarter to $5.0 billion at quarter-end, and 85% of SoFi Money deposits (inclusive of Checking and Savings and SoFi Money cash management accounts) are from direct deposit members. Half of newly funded SoFi Money accounts are setting up direct deposit by day 30 (versus 37% in the second quarter), and this has had a significant impact on debit spending.

                                                                                     September 30,                                                             
                                                                ---------------------------------------------------------------------------------------------------------------------------
Financial Services - Products                           2022                                                    2021                                         % Change
------------------------------------------                      -------------------------------------------------                        ------------------------------------------------------                        ------------------------------
SoFi Money(1)                                                   $ 2,002,791 )                                         $      1,161,322 )                              72 %
Invest                                         2,067,621            1,233,527             68 %
Credit Card                                      153,978               65,595            135 %
Referred loans                                    36,538       --            n/m  
Relay                                          1,600,102              749,972            113 %
At Work                                           57,775               26,367            119 %
                                                                -------------------- --------- --------------------                      -------------------- -------------- --------------------
                                               5,918,805            3,236,783             83 %
   Total financial services products
                                                                ==================== ========= ====================                      ==================== ============== ====================
(1)   This product category includes SoFi Checking and Savings accounts held at SoFi Bank, which began operating in the first quarter of 2022, and SoFi Money cash management accounts.

Guidance and Outlook

Management now expects full-year 2022 adjusted net revenue of $1.517-1.522 billion (up from $1.508-1.513 billion previously) and full-year adjusted EBITDA of $115-120 million (up from $104-109 million previously). This marks the third quarter of a positive revision to full-year 2022 financial guidance despite extensions of the student loan moratorium throughout the year. Management will further address full-year 2022 guidance on the quarterly earnings conference call.

Earnings Webcast

SoFi's executive management team will host a live audio webcast beginning at 8:00 a.m. Eastern Time (5:00 a.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 our expectations for full year adjusted net revenue and adjusted EBITDA, our expectations regarding our ability to continue to grow our business, our ability to navigate the macroeconomic environment and the financial position, business strategy and 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", "expect", "intend", "may", "future", "strategy", "might", "plan", "should", "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 macroeconomic factors such as inflation and rising interest rates and any resurgence of the COVID-19 pandemic; (ii) our ability to achieve profitability and continued growth across our business in the future; (iii) the impact on our business of the regulatory environment and complexities with compliance related to such environment, including any further extension of the student loan payment moratorium or loan forgiveness, and our expectations regarding the return to pre-pandemic student loan demand levels; (iv) our ability to realize the benefits of being a bank holding company and operating SoFi Bank; (v) our ability to respond and adapt to changing market and economic conditions, including inflationary pressures and rising interest rates; (vi) our ability to continue to drive brand awareness and realize the benefits or our integrated multi-media marketing and advertising campaigns; (vii) our ability to vertically integrate our businesses and accelerate the pace of innovation of our financial products; (viii) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (ix) our ability to access sources of capital on acceptable terms or at all, including debt financing and other sources of capital to finance operations and growth; (x) the success of our continued investments in our Financial Services segment and in our business generally; (xi) the success of our marketing efforts and our ability to expand our member base; (xii) 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; (xiii) our ability to develop new products, features and functionality that are competitive and meet market needs; (xiv) our ability to realize the benefits of our strategy, including what we refer to as our FSPL; (xv) our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; (xvi) our ability to establish and maintain an effective system of internal controls over financial reporting; (xvii) our expectations with respect to our anticipated investment levels in our Technology Platform segment and our expected margins in that segment, including our ability to realize the benefits of the Technisys acquisition; and (xviii) 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 our last quarterly report on Form 10-Q, 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 annual report on Form 10-K, 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 our members achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over 4.5 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

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss Reconciliation of GAAP to Non-GAAP Financial Measures Unaudited Condensed Consolidated Balance Sheets Unaudited Condensed Consolidated Statements of Cash Flows Company Metrics Segment Financials

                                                       Table 1                                                                                                                                Table 1              Table 1                                                                                                                                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,
                                                               --------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------
                                                                                         2022                                                       2021                                                       2022                                                       2021
                                                               ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Interest income                                                                                                                                                                       
Loans                                                                             $        191,525                        $         89,844                        $        451,247                        $        246,743  
Securitizations                                                           2,633                2,999                7,958               11,260  
Related party notes                                              --       --       --                  211  
Other                                                                     3,881                  758                6,758                2,023  
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                        198,039               93,601              465,963              260,237  
   Total interest income
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Interest expense                                                                                                                                                                        
Securitizations and warehouses                                           20,653               19,360               59,158               75,418  
Deposits                                                                 14,149       --               19,123       --  
Corporate borrowings                                                      5,270                1,366               11,369                7,752  
Other                                                                       117                  500                  801                1,400  
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                         40,189               21,226               90,451               84,570  
   Total interest expense
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                        157,850               72,375              375,512              175,667  
   Net interest income
Noninterest income                                                                                                                                                                      
Loan origination and sales                                              163,697              142,147              465,815              362,211  
Securitizations                                                          (8,772 )                                (4,551 )                               (31,790 )                                (6,613 )
Servicing                                                                 7,296                  458               30,003              (11,875 )
Technology products and solutions                                        82,035               49,951              223,562              140,560  
Other                                                                    21,879               11,626               53,754               39,314  
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                        266,135              199,631              741,344              523,597  
   Total noninterest income
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                        423,985              272,006            1,116,856              699,264  
   Total net revenue
Noninterest expense                                                                                                                                                                     
Technology and product development                                      110,702               74,434              291,976              209,771  
Sales and marketing                                                     162,129              114,985              444,121              297,170  
Cost of operations                                                       83,083               69,591              232,611              187,785  
General and administrative                                              126,199               40,461              388,533              373,374  
Provision for credit losses                                              16,323                2,401               39,387                2,887  
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                        498,436              301,872            1,396,628            1,070,987  
   Total noninterest expense
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                        (74,451 )                               (29,866 )                              (279,772 )                              (371,723 )
   Loss before income taxes
Income tax benefit (expense)                                                242                 (181 )                                  (629 )                                (1,202 )
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                  $        (74,209 )                                         $        (30,047 )                                         $       (280,401 )                                         $       (372,925 )
   Net loss
                                                               ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Other comprehensive loss                                                                                                                                                                
Unrealized losses on available-for-sale securities, net                  (1,914 )                                  (150 )                                (8,360 )                                  (150 )
Foreign currency translation adjustments, net                               325                  204                  231                 (142 )
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                         (1,589 )                                    54               (8,129 )                                  (292 )
   Total other comprehensive income (loss)
                                                               -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                  $        (75,798 )                                         $        (29,993 )                                         $       (288,530 )                                         $       (373,217 )
   Comprehensive loss
                                                               ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Loss per share                                                                                                                                                                          
Loss per share-basic                                                 $          (0.09 )                                         $          (0.05 )                                         $          (0.35 )                                         $          (0.94 )
                                                               ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Loss per share-diluted                                               $          (0.09 )                                         $          (0.05 )                                         $          (0.35 )                                         $          (0.94 )
                                                               ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Weighted average common stock outstanding-basic        916,762,973          800,565,830          893,455,206          429,750,486  
Weighted average common stock outstanding-diluted      916,762,973          800,565,830          893,455,206          429,750,486  

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)                                                                                                         2022                                                2021                                                 2022                                                 2021
-----------------------------------------------------------------------------------------------                      -----------------------------------------------                        -----------------------------------------------                        -------------------------------------------------                        -----------------------------------------------
Total net revenue                                                                                                    $ 423,985                        $ 272,006                        $ 1,116,856                        $ 699,264
Servicing rights-change in valuation inputs or assumptions(1)                           (6,182 )                           (409 )                          (26,860 )                         11,924  
Residual interests classified as debt-change in valuation inputs or assumptions(2)       1,453         5,593           7,078        19,261  
                                                                                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      -------------------- --------- --------------------                      -------------------- ------- --------------------
                                                                                                                           Three Months Ended September 30,                                                                                    Nine Months Ended September 30,
                                                                                                                     ------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------
($ in thousands)                                                                                                         2022                                                2021                                        2022                                        2021
-----------------------------------------------------------------------------------------------                      -----------------------------------------------                        -----------------------------------------------                        -------------------------------                        -----------------------------------------------
Total net revenue - Lending                                                                             $ 301,694                        $ 210,291        $ 811,800                        $ 524,559  
Servicing rights-change in valuation inputs or assumptions(1)                           (6,182 )                           (409 )                         $ (26,860 )                         11,924
Residual interests classified as debt-change in valuation inputs or assumptions(2)       1,453         5,593        $   7,078        19,261  
                                                                                                                     -------------------- ------- --------------------                      -------------------- ------- --------------------                      ---- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                     $ 296,965                        $ 215,475        $ 792,018                        $ 555,744  
   Adjusted net revenue - Lending
                                                                                                                     ==================== ======= ====================                      ==================== ======= ====================                      ==== ======= ====================                      ==================== ======= ====================
(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.

Reconciliation of Adjusted EBITDA

Adjusted EBITDA is defined as net income (loss), adjusted to exclude, as applicable: (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 tax expense (benefit), (iii) depreciation and amortization, (iv) share-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) fair value changes in warrant liabilities, and (viii) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions. We reconcile adjusted EBITDA to net loss, the most directly comparable GAAP measure, for the periods indicated below:

                                                                                                                                                     Three Months Ended September 30,                                                                                                   Nine Months Ended September 30,
                                                                                                                        -------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------
($ in thousands)                                                                                                               2022                                                    2021                                                   2022                                                    2021
--------------------------------------------------------------------------------------------------                      ------------------------------------------------------                        -----------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------
Net loss                                                                                                                $        (74,209 )                                         $ (30,047 )                                         $       (280,401 )                                         $ (372,925 )
Non-GAAP adjustments:                                                                                                                                                                                                  
                                                                                                                5,270         1,366               11,369          7,752  
   Interest expense-corporate borrowings(1)
                                                                                                                 (242 )                            181                  629          1,202  
   Income tax expense (benefit)(2)
                                                                                                               40,253        24,075              109,007         75,041  
   Depreciation and amortization(3)
                                                                                                               77,855        72,681              235,018        162,289  
   Share-based expense
                                                                                                                  100         1,221               17,446         24,580  
   Transaction-related expense(4)
                                                                                                       --       (64,405 )                        --         96,504  
   Fair value changes in warrant liabilities(5)
                                                                                                               (6,182 )                           (409 )                               (26,860 )                          11,924  
   Servicing rights-change in valuation inputs or assumptions(6)
                                                                                                                1,453         5,593                7,078         19,261  
   Residual interests classified as debt-change in valuation inputs or assumptions(7)
                                                                                                                        -------------------- -------------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------
                                                                                                              118,507        40,303              353,687        398,553  
      Total adjustments
                                                                                                                        -------------------- -------------- --------------------                      -------------------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------
                                                                                                                        $         44,298                        $  10,256                        $         73,286                        $   25,628  
      Adjusted EBITDA
                                                                                                                        ==================== ============== ====================                      ==================== ======= ====================                      ==================== ============== ====================                      ==================== ======== ====================
(1)   Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense primarily included (i) interest on our revolving credit facility, (ii) for the 2022 periods, the amortization of debt discount and debt issuance costs on our convertible notes, and (iii) for the nine-month 2021 period, interest on the seller note issued in connection with our acquisition of Galileo. Our adjusted EBITDA measure does not adjust for interest expense on warehouse facilities and securitization debt, which are recorded within interest expense--securitizations and warehouses in the unaudited condensed consolidated statements of operations and comprehensive income (loss), 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 deposits or interest expense on our finance lease liability in connection with SoFi Stadium, which are recorded within interest expense--other, as these interest expenses are direct operating expenses. Revolving credit facility interest expense for the three- and nine-month periods increased due to higher interest rates during the 2022 periods on identical outstanding debt period over period.
(2)   Our income tax expense positions for the nine-month periods were primarily a function of SoFi Lending Corp.'s profitability, and for the 2022 period, SoFi Bank, in state jurisdictions where separate filings are required. The income tax expense in the 2022 period was partially offset by an income tax benefit at Technisys.
(3)   Depreciation and amortization expense for the three- and nine-month 2022 periods increased compared to the comparable 2021 periods primarily in connection with our recent acquisitions and growth in our software balance, partially offset by the acceleration of core banking infrastructure amortization during the nine-month 2021 period.
(4)   Transaction-related expenses in the nine-month 2022 period primarily included financial advisory and professional services costs associated with our acquisition of Technisys. Transaction-related expenses in the three-month 2021 period included costs associated with our then-exploratory acquisition of Technisys. Transaction-related expenses in the nine-month 2021 period also included the special payment to the holders of Series 1 Redeemable Preferred Stock in conjunction with the Business Combination and financial advisory and professional services costs associated with our then-pending acquisition of Golden Pacific.
(5)   Our adjusted EBITDA measure excludes the non-cash fair value changes in warrants accounted for as liabilities, which were measured at fair value through earnings. In conjunction with the Business Combination, SoFi Technologies assumed certain common stock warrants ("SoFi Technologies warrants") that were 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 was based on the closing price of ticker SOFIW and, therefore, fluctuated based on market activity. In addition, a portion of the amount in 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.
(6)   Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment and default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net loss to provide management and financial users with better visibility into the earnings available to finance our operations.
(7)   Reflects changes in fair value inputs and assumptions, including conditional prepayment and default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has 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 net loss to provide management and financial users with better visibility into the earnings available to finance our operations.
                                                                                                                                                                                                    Table 3                                                  Table 3              Table 3                                                  Table 3
                                                                                                                                                              SoFi Technologies, Inc.
                                                                                                                                                  Unaudited Condensed Consolidated Balance Sheets
                                                                                                                                                       (In Thousands, Except for Share Data)
                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                  September 30,                                              December 31,
                                                                                                                                                                                                                                      2022                                                                          2021
                                                                                                                                                                                                            ------------------------------------------------------                        ------------------------------------------------------
Assets                                                                                                                                                                                                                                             
Cash and cash equivalents                                                                                                                                                                                                      $        935,159                        $        494,711  
Restricted cash and restricted cash equivalents                                                                                                                                                                      326,274              273,726  
Investments in available-for-sale securities (amortized cost of $204,359 and $195,796, respectively)                                                                                                                 195,133              194,907  
Loans, less allowance for credit losses on loans at amortized cost of $34,370 and $7,037, respectively                                                                                                            11,204,403            6,068,884  
Servicing rights                                                                                                                                                                                                     168,438              168,259  
Securitization investments                                                                                                                                                                                           261,672              374,688  
Equity method investments                                                                                                                                                                                     --               19,739  
Property, equipment and software                                                                                                                                                                                     164,421              111,873  
Goodwill                                                                                                                                                                                                           1,622,951              898,527  
Intangible assets                                                                                                                                                                                                    456,771              284,579  
Operating lease right-of-use assets                                                                                                                                                                                  100,411              115,191  
Other assets, less allowance for credit losses of $1,791 and $2,292, respectively                                                                                                                                    399,270              171,242  
                                                                                                                                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                               $     15,834,903                        $      9,176,326  
         Total assets
                                                                                                                                                                                                            ==================== ============== ====================                      ==================== ============== ====================
Liabilities, temporary equity and permanent equity                                                                                                                                                                                                   
Liabilities:                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                     
   Deposits:
                                                                                                                                                                                                                               $         89,761                        $ --  
      Noninterest-bearing deposits
                                                                                                                                                                                                                   4,941,869       --  
      Interest-bearing deposits
                                                                                                                                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                   5,031,630       --  
   Total deposits
                                                                                                                                                                                                                     565,910              298,164  
   Accounts payable, accruals and other liabilities
                                                                                                                                                                                                                     121,729              138,794  
   Operating lease liabilities
                                                                                                                                                                                                                   4,568,523            3,947,983  
   Debt
                                                                                                                                                                                                                      45,734               93,682  
   Residual interests classified as debt
                                                                                                                                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                  10,333,526            4,478,623  
         Total liabilities
                                                                                                                                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Commitments, guarantees, concentrations and contingencies                                                                                                                                                                                            
Temporary equity:                                                                                                                                                                                                                                    
                                                                                                                                                                                                                     320,374              320,374  
   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
Permanent equity:                                                                                                                                                                                                                                    
                                                                                                                                                                                                                          92                   83  
   Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 927,345,977 and 828,154,462 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
                                                                                                                                                                                                                   6,654,026            5,561,831  
   Additional paid-in capital
                                                                                                                                                                                                                      (9,600 )                                (1,471 )
   Accumulated other comprehensive loss
                                                                                                                                                                                                                  (1,463,515 )                            (1,183,114 )
   Accumulated deficit
                                                                                                                                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                   5,181,003            4,377,329  
         Total permanent equity
                                                                                                                                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                               $     15,834,903                        $      9,176,326  
         Total liabilities, temporary equity and permanent equity
                                                                                                                                                                                                            ==================== ============== ====================                      ==================== ============== ====================
                                                                    Table 4                                                                                                                                Table 4
                                                                                              SoFi Technologies, Inc.
                                                                             Unaudited Condensed Consolidated Statements of Cash Flows
                                                                                                  (In Thousands)
                                                          
                                                                                                                                Nine Months Ended September 30,
                                                                            --------------------------------------------------------------------------------------------------------------------------------
                                                                                                      2022                                                       2021
                                                                            ------------------------------------------------------                        ------------------------------------------------------
Operating activities                                                                                                 
Net loss                                                                                       $       (280,401 )                                         $       (372,925 )
Adjustments to reconcile net loss to net cash used in operating activities:                                          
                                                                                     235,018              162,289  
   Share-based compensation expense
                                                                                     109,007               75,041  
   Depreciation and amortization
                                                                                      12,106               14,228  
   Deferred debt issuance and discount expense
                                                                                      39,387                2,887  
   Provision for credit losses
                                                                                      (4,420 )                                   699  
   Deferred income taxes
                                                                                       7,078               19,261  
   Fair value changes in residual interests classified as debt
                                                                                      13,256               (7,106 )
   Fair value changes in securitization investments
                                                                              --               96,504  
   Fair value changes in warrant liabilities
                                                                                      11,635               (7,275 )
   Other
Changes in operating assets and liabilities:                                                                         
                                                                                 (11,635,939 )                            (9,375,583 )
   Originations and purchases of loans
                                                                                   6,654,289            9,297,238  
   Proceeds from sales and repayments of loans
                                                                                      10,566                2,138  
   Other changes in loans
                                                                                        (179 )                               (13,877 )
   Servicing assets
                                                                              --                1,399  
   Related party notes receivable interest income
                                                                                     (36,691 )                               (26,883 )
   Other assets
                                                                                      28,265               18,037  
   Accounts payable, accruals and other liabilities
                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                               $     (4,837,023 )                                         $       (113,928 )
      Net cash used in operating activities
                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Investing activities                                                                                                 
Purchases of property, equipment, software and intangible assets                               $        (75,976 )                                         $        (38,445 )
Purchases of available-for-sale investments                                          (44,974 )                              (205,128 )
Proceeds from sales of available-for-sale investments                                 23,497               15,789  
Proceeds from maturities and paydowns of available-for-sale investments               14,327       --  
Changes in loans, net                                                               (130,100 )                        --  
Proceeds from securitization investments                                              99,760              201,093  
Purchases of non-securitization investments                                   --              (20,000 )
Proceeds from non-securitization investments                                  --              109,534  
Acquisition of businesses, net of cash acquired                                       58,540       --  
Proceeds from repayment of related party notes receivable                     --               16,693  
                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                               $        (54,926 )                                         $         79,536  
      Net cash provided by (used in) investing activities
                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                          SoFi Technologies, Inc.
                                                                                                   Unaudited Condensed Consolidated Statements of Cash Flows(Continued)
                                                                                                                              (In Thousands)
                                                                                                                 
                                                                                                                                                                                       Nine Months Ended September 30,
                                                                                                                                   --------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                             2022                                                       2021
                                                                                                                                   ------------------------------------------------------                        ------------------------------------------------------
Financing activities                                                                                                                                                        
Proceeds from debt issuances                                                                                                                          $      7,861,804                        $      6,296,901  
Repayment of debt                                                                                                                        (7,306,856 )                            (8,368,904 )
Payment of debt issuance costs                                                                                                               (4,076 )                                (5,136 )
Net change in deposits                                                                                                                    4,859,240       --  
Taxes paid related to net share settlement of share-based awards                                                                             (7,476 )                               (37,240 )
Proceeds from stock option exercises                                                                                                          2,489               20,642  
Payment of redeemable preferred stock dividends                                                                                             (20,047 )                               (20,047 )
Finance lease principal payments                                                                                                               (364 )                                  (397 )
Purchases of common stock                                                                                                            --                 (526 )
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 )
                                                                                                                                   -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                      $      5,384,714                        $       (434,666 )
      Net cash provided by (used in) financing activities
                                                                                                                                   -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Effect of exchange rates on cash and cash equivalents                                                                                           231                 (142 )
                                                                                                                                   -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                      $        492,996                        $       (469,200 )
      Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
                                                                                                                                   -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period                                              768,437            1,323,428  
                                                                                                                                   -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period                                                              $      1,261,433                        $        854,228  
                                                                                                                                   ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                         
Reconciliation to amounts on unaudited condensed consolidated balance sheets (as of period end)                                                                             
Cash and cash equivalents                                                                                                                             $        935,159                        $        533,523  
Restricted cash and restricted cash equivalents                                                                                             326,274              320,705  
                                                                                                                                   -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                      $      1,261,433                        $        854,228  
      Total cash, cash equivalents, restricted cash and restricted cash equivalents
                                                                                                                                   ==================== ============== ====================                      ==================== ============== ====================
                                                                                                         SoFi Technologies, Inc.
                                                                                  Unaudited Condensed Consolidated Statements of Cash Flows(Continued)
                                                                                                             (In Thousands)
                                                                                
                                                                                                                                                      Nine Months Ended September 30,
                                                                                                  --------------------------------------------------------------------------------------------------------------------------------
                                                                                                                            2022                                                       2021
                                                                                                  ------------------------------------------------------                        ------------------------------------------------------
Supplemental non-cash investing and financing activities                                                                                                                       
Issuance of common stock in acquisition                                                                              $        873,377                        $ --
Vested awards assumed in acquisition                                                                         2,855       --  
Loans received in acquisition                                                                               84,485       --  
Debt assumed in acquisition                                                                                  2,000       --  
Deposits assumed in acquisition                                                                            158,016       --  
Deposits credited but not yet received in cash                                                              14,374                                          
Available-for-sale securities received in acquisition                                                       10,014       --  
Property, equipment and software received in acquisition                                                     3,192       --  
Non-cash loan reduction                                                                                      1,386       --  
Share-based compensation capitalized related to internally-developed software                               16,177       --  
Redeemable preferred stock dividends accrued but unpaid                                                     10,189               10,189  
Non-cash property, equipment, software and intangible asset additions                               --                  859  
Deferred debt issuance costs accrued but unpaid                                                     --                  850  
Securitization investments acquired via loan transfers                                              --               89,111  
Available-for-sale investment securities purchased but unpaid                                       --                7,712  
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  
                                                     Table 5                          Table 5              Table 5                          Table 5              Table 5                          Table 5              Table 5                         Table 5              Table 5                         Table 5              Table 5                         Table 5              Table 5                         Table 5              Table 5                                                                              Table 5
Company Metrics
                                                                                                                                                                      
                                                                       September 30,                        June 30,                           March 31,                        December 31,                      September 30,                       June 30,                          March 31,                       December 31,                      September 30,
                                                                           2022                                                  2022                                                  2022                                                  2021                                                 2021                                                 2021                                                 2021                                                 2020                                                 2020
                                                             -------------------------------                       -------------------------------                       -------------------------------                       ------------------------------                       ------------------------------                       ------------------------------                       ------------------------------                       ------------------------------                       ------------------------------
Members                                                        4,742,673       4,318,705       3,868,334      3,460,298      2,937,379      2,560,492      2,281,092      1,850,871      1,500,576
Total Products                                                 7,199,298       6,564,174       5,862,137      5,173,197      4,267,665      3,667,121      3,184,554      2,523,555      2,052,933  
                                                               1,280,493       1,202,027       1,138,566      1,078,952      1,030,882        981,440        945,227        917,645        892,934  
   Total Products -- Lending segment
                                                               5,918,805       5,362,147       4,723,571      4,094,245      3,236,783      2,685,681      2,239,327      1,605,910      1,159,999  
   Total Products -- Financial Services segment
Total Accounts -- Technology Platform segment(1) 124,332,810     116,570,038     109,687,014     99,660,657     88,811,022     78,902,156     69,572,680     59,735,210     49,276,594  
(1)   Beginning in the fourth quarter of 2021, the Company included SoFi accounts on the Galileo platform-as-a-service in its total Technology Platform accounts metric to better align with the presentation of Technology Platform segment revenue. Quarterly amounts for the earlier quarters in 2021 and 2020 were determined to be immaterial, and as such were not recast.

Members

We refer to our customers as "members". We define a member as someone who has had a lending relationship with us through origination and/or ongoing 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. 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, which are provided 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.

Total 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 (presented inclusive of SoFi Money cash management accounts and SoFi Checking and Savings accounts held at SoFi Bank), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which relate to an arrangement in the third quarter of 2021 and are originated by a third-party partner to which we provide pre-qualified borrower referrals), 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 digital assets 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. Beginning in the fourth quarter of 2021, we included SoFi accounts on the Galileo platform-as-a-service in our total accounts metric to better align with the Technology Platform segment revenue, which includes intercompany revenue from SoFi. We recast the accounts in the fourth quarters of 2021 and 2020, but did not recast the accounts for the earlier quarters in 2021 and 2020, as the impact was determined to be immaterial. 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 revenues for the Technology Platform segment. We do not measure total accounts for the Technisys products and solutions, as the revenue model is not dependent upon being a fully integrated, stand-ready service.

                        Table 6              Table 6                                                                                                                                                                                                                                      Table 6
Segment Financials
                
                                 
                                                                                                                                                                                                                                                                                             Quarter Ended
                                                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
($ in thousands)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                            September 30,                                                                    June 30,                                                                     March 31,                                                                    December 31,                                                                 September 30,                                                                 June 30,                                                               March 31,                                                              December 31,                                                          September 30,
                                                                                 2022                                                                          2022                                                                          2022                                                                          2021                                                                          2021                                                                       2021                                                                    2021                                                                    2020                                                                   2020
                                                     ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------                        ------------------------------------------------                        -----------------------------------------------                        -----------------------------------------------
Lending                                                                                                                                                                                                                                                                                                                                       
Net interest income                                  $        139,516                        $        114,003                        $         94,354                        $         77,246                        $         72,257                        $   56,822                        $   51,777                        $  57,127                        $  52,222  
Total noninterest income                   162,178              143,114              158,635              136,518              138,034        109,469         96,200        91,865       109,890  
                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                           301,694              257,117              252,989              213,764              210,291        166,291        147,977       148,992       162,112  
   Total net revenue
Adjusted net revenue(1)                    296,965              250,681              244,372              208,032              215,475        172,232        168,037       159,520       178,084  
Contribution profit                        180,562              141,991              132,651              105,065              117,668         89,188         87,686        85,204       103,011  
Technology Platform                                                                                                                                                                                                                                                                                                                             
Net interest income (expense)                        $ --                        $ --                        $ --                        $ --                        $             39                        $      (32 )                                         $      (36 )                                         $     (42 )                                         $     (47 )
Total noninterest income                    84,777               83,899               60,805               53,299               50,186         45,329         46,101        37,524        38,865  
                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                            84,777               83,899               60,805               53,299               50,225         45,297         46,065        37,482        38,818  
   Total net revenue(2)
Contribution profit                         19,536               21,841               18,255               20,008               15,741         13,013         15,685        16,806        23,986  
Financial Services                                                                                                                                                                                                                                                                                                                              
Net interest income                                  $         28,158                        $         12,925                        $          5,882                        $          1,785                        $          1,209                        $      542                        $      229                        $      88                        $      98  
Total noninterest income                    20,795               17,438               17,661               20,171               11,411         16,497          6,234         3,963         3,139  
                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                            48,953               30,363               23,543               21,956               12,620         17,039          6,463         4,051         3,237  
   Total net revenue
Contribution loss(2)                       (52,623 )                               (53,700 )                               (49,515 )                               (35,189 )                               (39,465 )                         (24,745 )                         (35,519 )                        (36,753 )                        (37,467 )
Corporate/Other                                                                                                                                                                                                                                                                                                                                 
Net interest expense                                 $         (9,824 )                                         $         (4,199 )                                         $         (5,303 )                                         $         (2,454 )                                         $         (1,130 )                                         $   (1,320 )                                         $   (4,690 )                                         $ (18,350 )                                         $  (3,061 )
Total noninterest income (loss)             (1,615 )                                (4,653 )                                (1,690 )                                  (957 )                        --          3,967            169          (684 )                           (319 )
                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                           (11,439 )                                (8,852 )                                (6,993 )                                (3,411 )                                (1,130 )                           2,647         (4,521 )                        (19,034 )                         (3,380 )
   Total net revenue (loss)(2)
Consolidated                                                                                                                                                                                                                                                                                                                                    
Net interest income                                  $        157,850                        $        122,729                        $         94,933                        $         76,577                        $         72,375                        $   56,012                        $   47,280                        $  38,823                        $  49,212  
Total noninterest income.                  266,135              239,798              235,411              209,031              199,631        175,262        148,704       132,668       151,575  
                                                     -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- ------- --------------------                      -------------------- ------- --------------------
                                           423,985              362,527              330,344              285,608              272,006        231,274        195,984       171,491       200,787  
   Total net revenue
Adjusted net revenue(1)                    419,256              356,091              321,727              279,876              277,190        237,215        216,044       182,019       216,759  
Net loss                                   (74,209 )                               (95,835 )                              (110,357 )                              (111,012 )                               (30,047 )                        (165,314 )                        (177,564 )                        (82,616 )                        (42,878 )
Adjusted EBITDA(1)                          44,298               20,304                8,684                4,593               10,256         11,240          4,132        11,817        33,509  
(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.

SOFI-F

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SOURCE: SoFi Technologies

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