SoFi Technologies Inc
For the period ended Mar 31, 2025. Filed May 6, 2025.
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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, 2025 · Filed May 6, 2025
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Noninterest Expense
The following table presents the components of our total noninterest expense:
| Three Months EndedMarch 31, · 2025 vs 2024 | ||||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | $ Change | % Change |
| Technology and product development | $156,206 | $130,920 | $25,286 | 19% |
| Sales and marketing | 238,176 | 167,366 | 70,810 | 42% |
| Cost of operations | 135,520 | 100,061 | 35,459 | 35% |
| General and administrative | 156,397 | 145,240 | 11,157 | 8% |
| Total noninterest expense | $686,299 | $543,587 | $142,712 | 26% |
Total noninterest expense increased by $142.7 million, or 26%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as described below.
Technology and product development
Technology and product development expenses increased by $25.3 million, or 19%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily driven by higher employee compensation and benefits and amortization of internally-developed software.
Sales and marketing
Sales and marketing expenses increased by $70.8 million, or 42%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was driven by increases in advertising and marketing expenditures and lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.
Cost of operations
Cost of operations expenses increased by $35.5 million, or 35%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was driven by: (i) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth and impacts of the inflationary environment, (ii) loan origination and servicing expenses, (iii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform and (iv) professional services expense.
General and administrative
General and administrative expenses increased by $11.2 million, or 8%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth and impacts of the inflationary environment, partially offset by lower professional services expense.
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