SoFi Technologies Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
SOFI$16.37-2.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net loss | $(300,742) | $(320,407) | $(483,937) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Share-based compensation expense | 271,216 | 305,994 | 239,011 |
| Depreciation and amortization | 201,416 | 151,360 | 101,568 |
| Goodwill impairment | 247,174 | — | — |
| Deferred debt issuance and discount expense | 20,104 | 18,292 | 18,292 |
| Gain on extinguishment of convertible debt | (14,574) | — | — |
| Provision for credit losses | 54,945 | 54,332 | 7,573 |
| Deferred income taxes | (15,828) | (3,498) | 1,204 |
| Fair value changes in loans held for investment | (44,007) | — | — |
| Fair value changes in residual interests classified as debt | 425 | 6,608 | 22,802 |
| Fair value changes in securitization investments | (48) | 13,600 | (6,538) |
| Fair value changes in warrant liabilities | — | — | 107,328 |
| Equity method investment earnings | — | — | 261 |
| Other | (14,046) | 13,426 | (12,467) |
| Changes in operating assets and liabilities: | |||
| Changes in loans held for sale, net | (7,779,008) | (7,463,474) | (1,308,329) |
| Changes in loans previously classified as held for sale, net | 140,856 | — | — |
| Servicing assets | (31,604) | 18,405 | (18,662) |
| Other assets | (5,506) | (56,861) | (10,700) |
| Accounts payable, accruals and other liabilities | 42,088 | 6,365 | (9,022) |
| Related party notes receivable interest income | — | — | 1,399 |
| Net cash used in operating activities | $(7,227,139) | $(7,255,858) | $(1,350,217) |
| Investing activities | |||
| Purchases of property, equipment and software | $(111,409) | $(93,201) | $(52,261) |
| Capitalized software development costs | (9,783) | (10,532) | — |
| Purchases of available-for-sale investments | (800,507) | (44,974) | (246,372) |
| Proceeds from sales of available-for-sale investments | 265,634 | 23,497 | 52,742 |
| Proceeds from maturities and paydowns of available-for-sale investments | 153,828 | 15,240 | 4,799 |
| Changes in loans held for investment, net | (1,362,418) | (173,728) | — |
| Proceeds from securitization investments | 108,291 | 118,825 | 247,058 |
| Proceeds from non-securitization investments | 5,354 | — | 109,534 |
| Purchases of non-securitization investments | (66,553) | — | (22,000) |
| Acquisition of businesses, net of cash acquired | (72,301) | 58,540 | — |
| Proceeds from repayment of related party notes receivable | — | — | 16,693 |
| Net cash (used in) provided by investing activities | $(1,889,864) | $(106,333) | $110,193 |
Consolidated Statements of Cash Flows (Continued)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Financing activities | |||
| Net change in deposits | $11,231,904 | $7,152,975 | $— |
| Net change in debt facilities | 180,554 | 1,418,456 | (1,186,880) |
| Proceeds from other debt issuances | 339,995 | 439,990 | 1,191,908 |
| Repayment of other debt | (799,859) | (516,363) | (912,890) |
| Payment of debt issuance costs | (11,903) | (8,287) | (9,465) |
| Taxes paid related to net share settlement of share-based awards | (15,300) | (8,983) | (42,644) |
| Proceeds from stock option exercises | 1,145 | 2,610 | 25,154 |
| Payment of redeemable preferred stock dividends | (40,425) | (40,425) | (40,426) |
| Finance lease principal payments | (509) | (488) | (516) |
| 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) |
| Proceeds from warrant exercises | — | — | 95,047 |
| Purchase of capped calls | — | — | (113,760) |
| Payment of deferred equity costs | — | — | (56) |
| Net cash provided by financing activities | $10,885,602 | $8,439,485 | $684,987 |
| Effect of exchange rates on cash and cash equivalents | 677 | 571 | 46 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | $1,769,276 | $1,077,865 | $(554,991) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 1,846,302 | 768,437 | 1,323,428 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $3,615,578 | $1,846,302 | $768,437 |
| Reconciliation to amounts on consolidated balance sheets (as of period end) | |||
| Cash and cash equivalents | $3,085,020 | $1,421,907 | $494,711 |
| Restricted cash and restricted cash equivalents | 530,558 | 424,395 | 273,726 |
| Total cash, cash equivalents, restricted cash and restricted cash equivalents | $3,615,578 | $1,846,302 | $768,437 |
| Supplemental cash flow information | |||
| Interest paid | $720,163 | $150,866 | $94,795 |
| Income taxes paid, net | 14,326 | 2,567 | 1,759 |
| Supplemental non-cash investing and financing activities | |||
| Deposits credited but not yet received in cash | $67,257 | $31,305 | $— |
| Deconsolidation of securitization and residual debt | 92,914 | 99,695 | — |
| Extinguishment of convertible notes by issuance of common stock | 87,047 | — | — |
| Securitization investments acquired via loan transfers | 18,985 | — | 118,274 |
| Derecognition of securitization investments | 5,325 | 40,933 | — |
| Deposits assumed in acquisition | — | 158,016 | — |
| Loans held for investment received in acquisition | — | 84,485 | — |
| Available-for-sale securities received in acquisition | — | 10,014 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.