SoFi Technologies Inc
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 7, 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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Condensed Consolidated Statements of Cash Flows
(In Thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income (loss) | $166,192 | $(348,655) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Share-based compensation expense | 179,785 | 202,109 |
| Depreciation and amortization | 149,953 | 147,967 |
| Goodwill impairment | — | 247,174 |
| Deferred debt issuance and discount expense | 10,821 | 15,049 |
| Gain on extinguishment of convertible debt | (62,517) | — |
| Provision for credit losses | 24,835 | 42,853 |
| Deferred income taxes | (2,934) | (6,333) |
| Fair value changes in loans held for investment | (149,474) | — |
| Fair value changes in securitization investments | (3,311) | 1,067 |
| Other | (262) | (2,199) |
| Changes in operating assets and liabilities: | ||
| Changes in loans held for sale, net | (1,974,214) | (7,315,543) |
| Changes in loans previously classified as held for sale, net | 994,041 | — |
| Servicing assets | (115,658) | 6,210 |
| Other assets | (166,555) | 15,052 |
| Accounts payable, accruals and other liabilities | 29,594 | 16,051 |
| Net cash used in operating activities | $(919,704) | $(6,979,198) |
| Investing activities | ||
| Purchases of property, equipment and software | $(112,002) | $(77,115) |
| Capitalized software development costs | (7,384) | (7,429) |
| Purchases of available-for-sale investments | (1,659,296) | (634,020) |
| Proceeds from sales of available-for-sale investments | 164,623 | 265,634 |
| Proceeds from maturities and paydowns of available-for-sale investments | 616,451 | 87,463 |
| Changes in loans held for investment, net | (3,029,395) | (97,105) |
| Proceeds from sales of loans held for investment | 434,483 | — |
| Proceeds from securitization investments | 69,455 | 101,292 |
| Proceeds from non-securitization investments | 3,579 | 3,163 |
| Purchases of non-securitization investments | (20,620) | (45,917) |
| Acquisition of businesses, net of cash acquired | — | (72,301) |
| Net cash used in investing activities | $(3,540,106) | $(476,335) |
Condensed Consolidated Statements of Cash Flows (Continued)
(In Thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Financing activities | ||
| Net change in deposits | $5,654,019 | $8,296,657 |
| Net change in debt facilities | (1,906,888) | 902,777 |
| Proceeds from other debt issuances | 845,250 | 339,995 |
| Repayment of other debt | (340,104) | (595,233) |
| Payment of debt issuance costs | (5,895) | (8,078) |
| Purchase of capped calls | (90,649) | — |
| Unwind of capped calls | 10,180 | — |
| Taxes paid related to net share settlement of share-based awards | (12,641) | (10,660) |
| Proceeds from stock option exercises | 770 | 1,015 |
| Payment of redeemable preferred stock dividends | (16,503) | (20,047) |
| Redemption of Series 1 preferred stock | (323,400) | — |
| Finance lease principal payments | (396) | (380) |
| Net cash provided by financing activities | $3,813,743 | $8,906,046 |
| Effect of exchange rates on cash and cash equivalents | 248 | 202 |
| Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | $(645,819) | $1,450,715 |
| 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 | $2,969,759 | $3,297,017 |
| Reconciliation to amounts on condensed consolidated balance sheets (as of period end) | ||
| Cash and cash equivalents | $2,354,965 | $2,813,876 |
| Restricted cash and restricted cash equivalents | 614,794 | 483,141 |
| Total cash, cash equivalents, restricted cash and restricted cash equivalents | $2,969,759 | $3,297,017 |
| Supplemental non-cash investing and financing activities | ||
| Extinguishment of convertible notes by issuance of common stock | $677,147 | $— |
| Deposits credited but not yet received in cash | 133,104 | 81,116 |
| Deconsolidation of securitization and residual debt | — | 92,914 |
| Share-based compensation capitalized related to internally-developed software | 29,297 | 22,817 |
| Available-for-sale securities sold but unpaid | 21,266 | — |
| Securitization investments acquired via loan transfers | 35,615 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.