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
Extracted filing text, with the paragraph anchors used by the comparison.
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Technology Platform Segment
Technology Platform Segment Results of Operations
The following table presents the measure of contribution profit for the Technology Platform segment:
| Three Months EndedMarch 31, · 2025 vs 2024 | ||||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | $ Change | % Change |
| Net interest income | $413 | $501 | $(88) | (18)% |
| Noninterest income | 103,014 | 93,865 | 9,149 | 10% |
| Total net revenue | 103,427 | 94,366 | 9,061 | 10% |
| Directly attributable expenses: | ||||
| Compensation and benefits | (44,486) | (36,298) | (8,188) | 23% |
| Product fulfillment | (13,962) | (13,647) | (315) | 2% |
| Tools and subscriptions | (6,890) | (6,735) | (155) | 2% |
| Professional services | (2,670) | (2,696) | 26 | (1)% |
| Other(1) | (4,506) | (4,248) | (258) | 6% |
| Directly attributable expenses | (72,514) | (63,624) | (8,890) | 14% |
| Contribution profit | $30,913 | $30,742 | $171 | 1% |
(1)Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs.
Net interest income in our Technology Platform segment of $0.4 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively, relates to interest income earned on segment cash balances.
Noninterest income in our Technology Platform segment increased by $9.1 million, or 10%, for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily attributable to growth in technology services fees of $1.3 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as new client account growth. Noninterest income also included $16.2 million of intercompany revenue for the three months ended March 31, 2025, compared to $7.0 million for the three months ended March 31, 2024. The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2025 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.
Technology Platform segment directly attributable expenses increased by $8.9 million, or 14%, for the three months ended March 31, 2025 compared to the same period in 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected increases in average compensation in 2025.
Total Accounts
In the table below, we present the total accounts metric related to Galileo within our Technology Platform segment:
| March 31, 2025 | March 31, 2024 | Change | % Change | |
|---|---|---|---|---|
| Total accounts | 158,432,347 | 151,049,375 | 7,382,972 | 5% |
See “Key Business Metrics” and “Business Overview” for further discussion of this measure as it relates to our Technology Platform segment.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.