SoFi Technologies Inc
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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
(In Thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities | |||
| Net income (loss) | $498,665 | $(300,742) | $(320,407) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
| Share-based compensation expense | 246,152 | 271,216 | 305,994 |
| Depreciation and amortization | 203,498 | 201,416 | 151,360 |
| Goodwill impairment | — | 247,174 | — |
| Deferred debt issuance and discount expense | 13,478 | 20,104 | 18,292 |
| Gain on extinguishment of convertible debt | (62,517) | (14,574) | — |
| Provision for credit losses | 31,712 | 54,945 | 54,332 |
| Deferred income taxes | (286,917) | (15,828) | (3,498) |
| Fair value changes in loans held for investment | (158,215) | (44,007) | — |
| Fair value changes in securitization investments | (2,842) | (48) | 13,600 |
| Other | 10,039 | (13,621) | 20,034 |
| Changes in operating assets and liabilities: | |||
| Changes in loans held for sale, net | (2,389,404) | (7,779,008) | (7,463,474) |
| Changes in loans previously classified as held for sale, net | 1,373,101 | 140,856 | — |
| Servicing assets | (161,659) | (31,604) | 18,405 |
| Other assets | (458,450) | (5,506) | (56,861) |
| Accounts payable, accruals and other liabilities | 23,552 | 42,088 | 6,365 |
| Net cash used in operating activities | $(1,119,807) | $(7,227,139) | $(7,255,858) |
| Investing activities | |||
| Purchases of property, equipment and software | $(154,265) | $(111,409) | $(93,201) |
| Capitalized software development costs | (9,352) | (9,783) | (10,532) |
| Purchases of available-for-sale investments | (2,190,545) | (800,507) | (44,974) |
| Proceeds from sales of available-for-sale investments | 185,537 | 265,634 | 23,497 |
| Proceeds from maturities and paydowns of available-for-sale investments | 807,804 | 153,828 | 15,240 |
| Proceeds from sales of loans held for investment | 677,587 | — | — |
| Other changes in loans held for investment, net | (4,183,379) | (1,362,418) | (173,728) |
| Proceeds from securitization investments | 79,799 | 108,291 | 118,825 |
| Proceeds from non-securitization investments | 3,576 | 5,354 | — |
| Purchases of non-securitization investments | (37,752) | (66,553) | — |
| Acquisition of businesses, net of cash acquired | — | (72,301) | 58,540 |
| Net cash used in investing activities | $(4,820,990) | $(1,889,864) | $(106,333) |
Consolidated Statements of Cash Flows (Continued)
(In Thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Financing activities | |||
| Net change in deposits | $6,954,484 | $11,231,904 | $7,152,975 |
| Net change in debt facilities | (1,982,644) | 180,554 | 1,418,456 |
| Proceeds from other debt issuances | 845,250 | 339,995 | 439,990 |
| Repayment of other debt | (352,797) | (799,859) | (516,363) |
| Payment of debt issuance costs | (7,620) | (11,903) | (8,287) |
| Purchase of capped calls | (90,649) | — | — |
| Unwind of capped calls | 10,180 | — | — |
| Taxes paid related to net share settlement of share-based awards | (22,601) | (15,300) | (8,983) |
| Proceeds from stock option exercises | 21,407 | 1,145 | 2,610 |
| Payment of redeemable preferred stock dividends | (16,503) | (40,425) | (40,425) |
| Redemption of Series 1 preferred stock | (323,400) | — | — |
| Finance lease principal payments | (530) | (509) | (488) |
| Net cash provided by financing activities | $5,034,577 | $10,885,602 | $8,439,485 |
| Effect of exchange rates on cash and cash equivalents | 2 | 677 | 571 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | $(906,218) | $1,769,276 | $1,077,865 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 3,615,578 | 1,846,302 | 768,437 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $2,709,360 | $3,615,578 | $1,846,302 |
| Reconciliation to amounts on consolidated balance sheets (as of period end) | |||
| Cash and cash equivalents | $2,538,293 | $3,085,020 | $1,421,907 |
| Restricted cash and restricted cash equivalents | 171,067 | 530,558 | 424,395 |
| Total cash, cash equivalents, restricted cash and restricted cash equivalents | $2,709,360 | $3,615,578 | $1,846,302 |
| Supplemental cash flow information | |||
| Interest paid | $1,118,032 | $720,163 | $150,866 |
| Income taxes paid, net | 26,910 | 14,326 | 2,567 |
| Supplemental non-cash investing and financing activities | |||
| Deposits credited but not yet received in cash | $403,056 | $67,257 | $31,305 |
| Deconsolidation of securitization and residual debt | — | 92,914 | 99,695 |
| Extinguishment of convertible notes by issuance of common stock | 677,147 | 87,047 | — |
| Securitization investments acquired via loan transfers | 61,901 | 18,985 | — |
| 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 |
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