SoFi Technologies Inc
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
SOFI$16.37-2.3%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(In Thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income (loss) | $88,043 | $(34,422) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Share-based compensation expense | 55,082 | 64,226 |
| Depreciation and amortization | 48,539 | 45,321 |
| Deferred debt issuance and discount expense | 4,232 | 4,852 |
| Gain on extinguishment of convertible debt | (59,194) | — |
| Provision for credit losses | 7,182 | 8,407 |
| Deferred income taxes | (967) | 68 |
| Fair value changes in loans held for investment | (33,257) | — |
| Fair value changes in securitization investments | (1,711) | 100 |
| Other | (1,713) | (2,228) |
| Changes in operating assets and liabilities: | ||
| Changes in loans held for sale, net | 244,672 | (2,301,031) |
| Changes in loans previously classified as held for sale, net | 492,226 | — |
| Servicing assets | (60,283) | 3,340 |
| Other assets | (37,192) | 15,823 |
| Accounts payable, accruals and other liabilities | (7,411) | (17,216) |
| Net cash provided by (used in) operating activities | $738,248 | $(2,212,760) |
| Investing activities | ||
| Purchases of property, equipment and software | $(31,984) | $(23,720) |
| Capitalized software development costs | (2,128) | (2,814) |
| Purchases of available-for-sale investments | (368,569) | (260,608) |
| Proceeds from sales of available-for-sale investments | — | 265,634 |
| Proceeds from maturities and paydowns of available-for-sale investments | 131,317 | 20,409 |
| Changes in loans held for investment, net | (990,605) | (29,544) |
| Proceeds from securitization investments | 9,483 | 15,999 |
| Proceeds from non-securitization investments | 2,517 | — |
| Purchases of non-securitization investments | (11,215) | (7,563) |
| Acquisition of businesses, net of cash acquired | — | (17,946) |
| Net cash used in investing activities | $(1,261,184) | $(40,153) |
Condensed Consolidated Statements of Cash Flows (Continued)
(In Thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Financing activities | ||
| Net change in deposits | $2,896,894 | $2,754,540 |
| Net change in debt facilities | (2,427,339) | 444,106 |
| Proceeds from other debt issuances | 845,250 | 339,995 |
| Repayment of other debt | (170,447) | (147,985) |
| Payment of debt issuance costs | (5,020) | (3,865) |
| Purchase of capped calls | (90,649) | — |
| Unwind of capped calls | 10,180 | — |
| Taxes paid related to net share settlement of share-based awards | (3,760) | (2,416) |
| Proceeds from stock option exercises | 466 | 168 |
| Finance lease principal payments | (130) | (125) |
| Net cash provided by financing activities | $1,055,445 | $3,384,418 |
| Effect of exchange rates on cash and cash equivalents | (179) | (293) |
| Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | $532,330 | $1,131,212 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 3,615,578 | 1,846,302 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $4,147,908 | $2,977,514 |
| Reconciliation to amounts on condensed consolidated balance sheets (as of period end) | ||
| Cash and cash equivalents | $3,693,390 | $2,487,778 |
| Restricted cash and restricted cash equivalents | 454,518 | 489,736 |
| Total cash, cash equivalents, restricted cash and restricted cash equivalents | $4,147,908 | $2,977,514 |
| Supplemental non-cash investing and financing activities | ||
| Extinguishment of convertible notes by issuance of common stock | $593,910 | $— |
| Deposits credited but not yet received in cash | 87,038 | 39,701 |
| Share-based compensation capitalized related to internally-developed software | 8,306 | 6,427 |
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