SOFI SoFi Technologies Inc

Record Adjusted Net Revenue Grew 24% Driven by 52% Combined Growth in Financial Services and Tech Platform Segments, Representing 49% of Total Adjusted Net Revenue

34% Growth in Members and 32% Growth in Products in 2024 Remain Key Drivers of Growth

Record Fee Based Revenue of $289 Million Increased 63%, Reinforcing Strength of Increased Mix of Higher ROE Revenue

Management Announces 2025 Guidance

SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its fourth quarter and fiscal year ended December 31, 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250127863954/en/

Note: For additional information on our company metrics, including the definitions of "Members", "Total Products" and "Technology Platform Total Accounts", see Table 6 in the “Financial Tables” herein. Beginning in the first quarter of 2024, new member and new product addition metrics for the relevant period reflect actual growth or declines in members and products that occurred in that period whereas the total number of members and products reflects not only the growth or decline of each metric in the current period but also additions or deletions due to prior period factors, if any. (Graphic: SoFi Technologies)

“2024 was SoFi's best year ever,” said Anthony Noto, CEO of SoFi Technologies, Inc.

“Our ability to deliver durable growth and strong returns throughout the year was once again the direct result of our relentless focus on innovation and brand building. SoFi set new records in revenue, profit, members, and products in 2024, and we look forward to continuing to build momentum on this in 2025.”

Noto continued: “In the fourth quarter, our Financial Services and Tech Platform segments made up a record 49% of SoFi's adjusted net revenue, up from 40% in the year ago quarter. These businesses grew revenue by a combined 52% year-over-year, a testament to our continued execution and deliberate shift towards capital-light, higher ROE, cash, fee based revenue streams.”

Consolidated Results Summary

 

​

 

Three Months Ended December 31,

 

% Change

 

Year Ended December 31,

 

% Change

($ in thousands, except per share amounts)

 

 

2024

 

 

 

2023

 

 

 

 

2024

 

 

 

2023

 

 

Consolidated – GAAP

 

 

 

 

 

 

 

 

 

 

 

 

Total net revenue

 

$

734,125

 

$

615,404

 

19

%

 

$

2,674,859

 

$

2,122,789

 

26

%

Net income (loss)

 

 

332,473

 

 

 

47,913

 

 

594

%

 

 

498,665

 

 

 

(300,742

)

 

n/m

 

Net income (loss) attributable to common stockholders – diluted

 

 

332,473

 

 

 

24,615

 

 

n/m

 

 

 

434,776

 

 

 

(341,167

)

 

n/m

 

Earnings (loss) per share attributable to common stockholders – diluted

 

$

0.29

 

 

$

0.02

 

 

n/m

 

 

$

0.39

 

 

$

(0.36

)

 

n/m

 

Consolidated – Non-GAAP(1)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net revenue

 

$

739,112

 

 

$

594,245

 

 

24

%

 

$

2,606,170

 

 

$

2,073,940

 

 

26

%

Adjusted EBITDA

 

 

197,957

 

 

 

181,204

 

 

9

%

 

 

666,480

 

 

 

431,737

 

 

54

%

Adjusted net income (loss)

 

 

61,030

 

 

 

47,913

 

 

27

%

 

 

227,222

 

 

 

(53,568

)

 

n/m

 

Adjusted net income (loss) attributable to common stockholders – diluted

 

 

61,030

 

 

 

24,615

 

 

148

%

 

 

163,333

 

 

 

(93,993

)

 

n/m

 

Adjusted earnings (loss) per share – diluted

 

$

0.05

 

 

$

0.02

 

 

150

%

 

$

0.15

 

 

$

(0.10

)

 

n/m

 

 

(1)

 

For more information and reconciliations of these non-GAAP measures to the most comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

Product Highlights

SoFi is a financial services company that leverages technology to serve people and enterprises. SoFi's continuous investments in innovation and brand building yielded several milestones in the year, fueling significant member and product growth and paving the way for future growth.

Among the highlights:

• Member and product adds in Q4 reached 785 thousand and 1.1 million, respectively, setting new quarterly records.

• SoFi Money reached record highs in Accounts, Total Deposits, and Direct Deposit members. Additionally, we introduced Zelle and improved our self-service wire transfers.

• SoFi Invest continued to provide Main Street investors with the tools to help them achieve their ambitions. We launched access to unique investment products like the Templum Cosmos Fund, which offers sole exposure to SpaceX, and our new robo-advisor platform in partnership with BlackRock.

• Loan Platform Business posted record results, generating $63.2 million in loan platform fees driven by $1.1 billion of personal loan volume generated on behalf of third parties in the quarter. In the full year of 2024, our Loan Platform Business originated and transferred a record $2.1 billion of personal loan volume.

• Tech Platform signed several new partnerships across a broad range of industries. Galileo was selected by the US Department of the Treasury as the processing partner for Direct Express, a prepaid debit card program which provides millions of people access to federal benefits. The company also signed a large retail financial services provider of short-term consumer loans, card services, check cashing, and other products. Lastly, we signed a leading hotel rewards brand for a new co-branded debit card program.

• Student Loans saw its best quarter of originations since the end of 2021, reaching $1.3 billion, a 71% year-over-year increase.

• Home Loans saw its best quarter of originations since 2021 across all products — purchase, refinancing and home equity loans — with originations of $577 million, a 87% year-over-year increase.

• Credit performance continues to improve. On-balance sheet 90 day personal loan delinquency rate decreased to 55 basis points from 57 basis points in the prior quarter, while personal loan annualized charge-off rate decreased to 3.37% from 3.52% in the prior quarter.

• SoFi ended the quarter with its highest average unaided brand awareness of all time, reaching over 7%, a 170 basis point increase from the prior year period.

Consolidated Results

SoFi reported a number of key financial achievements. For the fourth quarter of 2024, GAAP net revenue of $734.1 million increased 19% relative to the prior-year period's $615.4 million. Record adjusted net revenue of $739.1 million grew 24% from the corresponding prior-year period of $594.2 million. For the full-year of 2024, GAAP net revenue of $2.7 billion increased 26% relative to the prior-year period's $2.1 billion. Record adjusted net revenue of $2.6 billion grew 26% from the corresponding prior-year period of $2.1 billion.

For the fourth quarter of 2024, total fee based revenue of $289.5 million increased 63% year-over-year. For full year 2024, fee based revenue of $969.9 million increased 74% year-over-year. This was driven by strong performance across origination fees, Loan Platform Business, as well as interchange, brokerage and referrals.

SoFi reported its fifth consecutive quarter and first full year of GAAP profitability. For the fourth quarter, GAAP net income reached $332.5 million and diluted earnings per share reached $0.29. When adjusting for non-recurring benefits related to deferred taxes, adjusted net income reached $61.0 million and adjusted diluted earnings per share reached $0.05 in the quarter. For full year 2024, GAAP net income reached $498.7 million and diluted earnings per share reached $0.39. When adjusting for non-recurring benefits related to deferred taxes, adjusted net income reached $227.2 million and adjusted diluted earnings per share reached $0.15 in 2024.

Fourth quarter record adjusted EBITDA of $198.0 million increased 9% from the prior year period's $181.2 million. This represents an adjusted EBITDA margin of 27%. Full-year 2024 record adjusted EBITDA of $666.5 million increased 54% from the prior year's $431.7 million. This represents an adjusted EBITDA margin of 26%. All three segments achieved record contribution profit in 2024.

Permanent equity grew by $403.7 million during the quarter, ending at $6.5 billion and $5.96 of permanent equity per share. Tangible book value grew by $465.3 million during the quarter and $1.4 billion during the year, ending at $4.9 billion and $4.47 of tangible book value per share, up from $3.61 per share in the prior year period.

Net interest income of $470.2 million for the fourth quarter was up 21% year-over-year. This was driven by a 23% increase in average interest-earning assets and a 68 basis points decrease in cost of funds, mostly offset by a 62 basis points decrease in average yields year-over-year. Net interest income of $1.7 billion for full-year 2024 was up 36% year-over-year. This was driven by a 38% increase in average interest-earning assets, and a 17 basis points decrease in cost of funds, partially offset by a 7 basis points decrease in average yields year-over-year.

For the fourth quarter, net interest margin of 5.91% increased 34 basis points sequentially from 5.57%, and decreased 11 basis points year-over-year from 6.02%. For the full-year, net interest margin of 5.80% decreased 8 basis points year over year from 5.88%. In the fourth quarter and full-year 2024, the average rate on deposits was 193 and 217 basis points lower than that of warehouse facilities, respectively. This translates to approximately $500 million and $564 million of annual interest expense savings, respectively.

Member and Product Growth

Continued growth in both total members and products in the fourth quarter and full-year 2024, along with improving operating efficiency, reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy.

Record new member additions were 785 thousand in the fourth quarter of 2024, and total members reached over 10.1 million, up 34% from 7.5 million at the same prior year period.

Record product additions were 1.1 million in the fourth quarter of 2024, and total products were over 14.7 million, up 32% from 11.1 million at the same prior year period.

Financial Services products increased by 34% year-over-year to 12.7 million, primarily driven by continued demand for our SoFi Money, Relay and Invest products, and drove 90% of our total product growth.

Lending products increased by 21% year-over-year to 2.0 million products, driven primarily by continued demand for personal, student and home loan products.

Technology Platform enabled accounts increased by 15% year-over-year to 168 million.

Financial Services Segment Results

For the fourth quarter of 2024, Financial Services segment net revenue of $256.5 million increased 84% from the prior year period. Net interest income of $160.3 million increased 47% year-over-year, primarily driven by growth in consumer deposits. Noninterest income of $96.2 million increased 220% year-over-year, which represents nearly $390 million in annualized revenue.

For the full-year ended 2024, Financial Services segment net revenue of $821.5 million increased 88% from the prior year period. Net interest income of $573.4 million increased 71% year-over-year, primarily driven by growth in consumer deposits. Noninterest income of $248.1 million increased 144% year-over-year.

In the fourth quarter, we generated $63.2 million in loan platform fees, driven by $1.1 billion of personal loans originated on behalf of third parties as well as referrals. Additionally, our Loan Platform Business generated $3.6 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $66.9 million to our consolidated adjusted net revenue across these two segments.

In addition to our Loan Platform Business, we continued to see healthy growth in interchange in the fourth quarter and full-year 2024, up 63% and 90% year-over-year, respectively, as a result of over $14 billion in total annualized spend in the quarter across Money and Credit Card.

Contribution profit for the fourth quarter of 2024 reached $114.9 million, a $89.8 million improvement from the prior year period, while contribution margin grew 27 percentage points year-over-year to 45%. Contribution profit for the full-year of 2024 reached $307.0 million, a $307.3 million improvement from the prior year period, while contribution margin improved significantly year-over-year to 37%.

Financial Services – Segment Results of Operations

​

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

($ in thousands)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

Net interest income

 

$

160,337

 

 

$

109,072

 

 

47

%

 

$

573,422

 

 

$

334,847

 

 

71

%

Noninterest income

 

 

96,183

 

 

 

30,043

 

 

220

%

 

 

248,089

 

 

 

101,668

 

 

144

%

Total net revenue – Financial Services

 

 

256,520

 

 

 

139,115

 

 

84

%

 

 

821,511

 

 

 

436,515

 

 

88

%

Provision for credit losses(1)

 

 

(6,852

)

 

 

(12,092

)

 

(43

)%

 

 

(31,659

)

 

 

(54,945

)

 

(42

)%

Directly attributable expenses(1)

 

 

(134,813

)

 

 

(101,963

)

 

32

%

 

 

(482,845

)

 

 

(381,832

)

 

26

%

Contribution profit – Financial Services

 

$

114,855

 

 

$

25,060

 

 

358

%

 

$

307,007

 

 

$

(262

)

 

n/m

 

Contribution margin – Financial Services(2)

 

 

45

%

 

 

18

%

 

 

 

 

37

%

 

 

—

%

 

 

 

(1)

 

In the fourth quarter of 2024, we made a presentation change to present the provision for credit losses below total net revenue and above directly attributable expenses, from its previous presentation within directly attributable expenses. Respective prior period amounts were recast to conform to the current period presentation.

(2)

 

Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue.

By continuously innovating with new and relevant offerings, features and rewards for members, SoFi grew total Financial Services products by 3.3 million, or 34%, year-over-year, bringing the total to 12.7 million at quarter-end. SoFi Money reached 5.1 million products, Relay reached 4.6 million products and SoFi Invest reached 2.5 million products by the end of the fourth quarter.

Monetization continues to improve across all products, with annualized revenue per product of $81 and $65 during the fourth quarter and full-year of 2024, up 37% and 40% year-over-year, respectively.

SoFi Money continues to offer a top tier APY of up to 3.8% as of January 27, 2025, no minimum balance requirement nor balance limits, FDIC insurance through a network of participating banks of up to $2 million, a host of free features and a unique rewards program.

Total deposits grew to $26.0 billion, with over 90% of SoFi Money deposits (inclusive of Checking and Savings and cash management accounts) coming from direct deposit members, with more than half of newly funded SoFi Money accounts setting up direct deposit by day 30.

​Financial Services – Products

 

December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

% Change

Money(1)

 

5,094,785

 

3,374,310

 

51

%

Invest(2)

 

 

2,525,059

 

 

 

2,380,641

 

 

6

%

Credit Card

 

 

279,360

 

 

 

245,385

 

 

14

%

Referred loans(3)

 

 

85,205

 

 

 

55,231

 

 

54

%

Relay

 

 

4,636,755

 

 

 

3,336,868

 

 

39

%

At Work

 

 

113,917

 

 

 

87,035

 

 

31

%

Total financial services products(2)

 

 

12,735,081

 

 

 

9,479,470

 

 

34

%

 

(1)

 

Includes checking and savings accounts held at SoFi Bank, and cash management accounts.

(2)

 

Year-over-year product growth for Invest and total financial services products was 19% and 38%, respectively, when excluding digital assets accounts related to our transfer of crypto services in 2023.

(3)

 

Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.

Technology Platform Segment Results

Technology Platform segment net revenue of $102.8 million for the fourth quarter of 2024 increased 6% year-over-year. Contribution profit of $32.1 million increased 5% from the prior year period, for a contribution margin of 31%.

For the full year 2024, net revenue of $395.2 million increased 12% year-over-year. Contribution profit of $127.0 million increased 34% from the prior year period, for a contribution margin of 32%.

We have continued to demonstrate our ability to serve a broad range of clients, including governmental agencies, fintechs, and consumer brands. Notable deals include:

1. Galileo was recently selected by the US Department of the Treasury as the processing partner for Direct Express, a prepaid debit card program that 3.4 million people use to access their federal benefits. This is a testament to our Tech Platform’s differentiated offering, as well as its strength and reliability. We are excited about the integration that will take place in 2025 and the financial impact that we will see in 2026.
2. We signed a large US-based financial services provider that offers short-term consumer loans, card services, check cashing, and other financial products. They have a large, loyal, and highly active debit card portfolio and will rely on our technology to power existing and new capabilities. Once they fully transition to our platform in early 2026, they will be a top 10 client on a revenue basis.
3. We have signed a leading hotel rewards brand for our new co-branded card program launching in the first half of 2025. This is a new, differentiated offering that will expand our footprint among consumer brands.

These deals represent more predictable revenue from larger established brands, with notably higher average deal sizes. The implementation and the integration cycles will be gradual and the revenue impacts will most likely be in 2026.

Technology Platform – Segment Results of Operations

​

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

($ in thousands)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

Net interest income

 

$

473

 

 

$

941

 

 

(50

)%

 

$

2,158

 

 

$

1,514

 

 

43

%

Noninterest income

 

 

102,362

 

 

 

95,966

 

 

7

%

 

 

393,020

 

 

 

350,826

 

 

12

%

Total net revenue – Technology Platform

 

 

102,835

 

 

 

96,907

 

 

6

%

 

 

395,178

 

 

 

352,340

 

 

12

%

Directly attributable expenses

 

 

(70,728

)

 

 

(66,323

)

 

7

%

 

 

(268,223

)

 

 

(257,554

)

 

4

%

Contribution profit

 

$

32,107

 

 

$

30,584

 

 

5

%

 

$

126,955

 

 

$

94,786

 

 

34

%

Contribution margin – Technology Platform(1)

 

 

31

%

 

 

32

%

 

 

 

 

32

%

 

 

27

%

 

 

 

(1)

 

Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue.

Technology Platform total enabled client accounts increased 15% year-over-year, to 167.7 million up from 145.4 million in the prior-year period.

​Technology Platform

 

December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

% Change

Total accounts

 

167,713,818

 

145,425,391

 

15

%

Lending Segment Results

For the fourth quarter of 2024, Lending segment GAAP net revenue of $417.8 million increased 18% from the prior year period, while adjusted net revenue for the segment of $422.8 million increased 22% from the prior year period. For the full-year ended 2024, Lending segment GAAP net revenue of $1.5 billion increased 8% from the prior year period, while adjusted net revenue for the segment of $1.5 billion increased 11% from the prior year period.

Lending segment performance in the fourth quarter was driven by net interest income, which rose 31% year-over-year and now makes up 82% of segment adjusted net revenue. This was driven by a 23% year-over-year increase in average interest-earning assets and a 68 basis points decrease in cost of funds, mostly offset by a 62 basis points decrease year-over-year in average yields. For the full-year ended 2024, performance was also driven by net interest income, which rose 26% year-over-year. This was driven by a 38% year-over-year increase in average interest-earning assets and an 17 basis points decrease in cost of funds, partially offset by a 7 basis points decrease year-over-year in average yields.

Lending segment fourth quarter contribution profit of $246.0 million was up 9% from $226.1 million in the corresponding prior-year period. Lending segment adjusted contribution margin decreased to 58% from 65% in the prior year period. Full-year 2024 contribution profit of $890.5 million was up 8% from $823.3 million in the corresponding prior-year period. Lending segment adjusted contribution margin decreased to 60% from 62% in the corresponding prior-year period. These strong margins reflect SoFi’s ability to capitalize on continued strong demand for its lending products.

​Lending – Segment Results of Operations

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

($ in thousands)

 

 

2024

 

 

 

2023

 

 

% Change

 

 

2024

 

 

 

2023

 

 

% Change

Net interest income

 

$

345,210

 

 

$

262,626

 

 

31

%

 

$

1,207,226

 

 

$

960,773

 

 

26

%

Noninterest income

 

 

72,586

 

 

 

90,500

 

 

(20

)%

 

 

277,996

 

 

 

409,848

 

 

(32

)%

Total net revenue – Lending

 

 

417,796

 

 

 

353,126

 

 

18

%

 

 

1,485,222

 

 

 

1,370,621

 

 

8

%

Servicing rights – change in valuation inputs or assumptions

 

 

4,962

 

 

 

(6,595

)

 

n/m

 

 

 

(6,280

)

 

 

(34,700

)

 

(82

)%

Residual interests classified as debt – change in valuation inputs or assumptions

 

 

25

 

 

 

10

 

 

150

%

 

 

108

 

 

 

425

 

 

(75

)%

Directly attributable expenses

 

 

(176,825

)

 

 

(120,431

)

 

47

%

 

 

(588,507

)

 

 

(513,073

)

 

15

%

Contribution profit – Lending

 

$

245,958

 

 

$

226,110

 

 

9

%

 

$

890,543

 

 

$

823,273

 

 

8

%

Contribution margin – Lending(1)

 

 

59

%

 

 

64

%

 

 

 

 

60

%

 

 

60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net revenue – Lending (non-GAAP)(2)

 

$

422,783

 

 

$

346,541

 

 

22

%

 

$

1,479,050

 

 

$

1,336,346

 

 

11

%

Adjusted contribution margin – Lending (non-GAAP)(2)

 

 

58

%

 

 

65

%

 

 

 

 

60

%

 

 

62

%

 

 

 

(1)

 

Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue.

(2)

 

For more information and a reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

 

Lending – Loans At Fair Value

 

($ in thousands)

Personal Loans

 

Student Loans

 

Home Loans

 

Total

December 31, 2024

 

 

 

 

 

 

 

Unpaid principal

$

16,589,623

 

$

8,215,629

 

$

149,862

 

$

24,955,114

Accumulated interest

 

128,733

 

 

 

44,603

 

 

 

260

 

 

 

173,596

 

Cumulative fair value adjustments(1)

 

814,040

 

 

 

337,136

 

 

 

2,374

 

 

 

1,153,550

 

Total fair value of loans(2)(3)

$

17,532,396

 

 

$

8,597,368

 

 

$

152,496

 

 

$

26,282,260

 

September 30, 2024

 

 

 

 

 

 

 

Unpaid principal

$

16,199,604

 

 

$

7,437,305

 

 

$

80,115

 

 

$

23,717,024

 

Accumulated interest

 

118,169

 

 

 

34,956

 

 

 

42

 

 

 

153,167

 

Cumulative fair value adjustments(1)

 

925,051

 

 

 

404,406

 

 

 

1,533

 

 

 

1,330,990

 

Total fair value of loans(2)(3)

$

17,242,824

 

 

$

7,876,667

 

 

$

81,690

 

 

$

25,201,181

 

 

(1)

 

During the three months ended December 31, 2024, the cumulative fair value adjustments for personal loans were primarily impacted by higher unpaid principal balance, higher discount rate and lower weighted average coupon. The higher discount rate was driven by a 63 basis points increase in benchmark rates partially offset by 12 basis points of spread tightening. The cumulative fair value adjustments for student loans were primarily impacted by higher unpaid principal balance, higher discount rate and higher prepayment rate. The higher discount rate was driven by a 76 basis points increase in benchmark rates partially offset by 35 basis points of spread tightening.

(2)

 

Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.

(3)

 

Student loans are classified as loans held for investment, and personal loans and home loans are classified as loans held for sale.

The following table summarizes the significant inputs to the fair value model for personal and student loans:

 

Personal Loans

 

Student Loans

 

December 31,

2024

 

September 30,

2024

 

December 31,

2024

 

September 30,

2024

Weighted average coupon rate(1)

13.4

%

 

13.5

%

 

5.9

%

 

5.9

%

Weighted average annual default rate

4.5

%

 

4.5

%

 

0.7

%

 

0.7

%

Weighted average conditional prepayment rate

26.0

%

 

26.1

%

 

11.0

%

 

10.7

%

Weighted average discount rate

5.29

%

 

4.78

%

 

4.40

%

 

3.99

%

Benchmark rate(2)

4.1

%

 

3.4

%

 

4.0

%

 

3.3

%

 

(1)

 

Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date.

(2)

 

Corresponds with two-year SOFR for personal loans, and four-year SOFR for student loans.

For the fourth quarter of 2024, record origination volume of $7.2 billion increased 66% year-over-year. For the full year 2024, record origination volume of $23.2 billion increased 33% year-over-year. This was a result of continued strong demand for personal loan, student loan and home loan originations.

Personal loan record originations of $5.3 billion in the fourth quarter of 2024 were up 63% year-over-year, inclusive of $1.1 billion originated on behalf of third parties for our Loan Platform Business. Fourth quarter student loan volume of $1.3 billion was up 71% year-over-year, representing the best quarter since the end of 2021. Fourth quarter home loan volume of $577 million was up 87% year-over-year, also representing the best quarter of originations since 2021.

The fourth quarter of 2024 represented our best quarter of capital markets transactions since going public. Overall, we sold, or transferred through our Loan Platform Business, more than $3.4 billion in total of personal loans, home loans and senior secured loans.

We continued to improve credit performance in the fourth quarter, with on-balance sheet 90 day personal loan delinquency rate of 55 basis points, a decrease from 57 basis points in the prior quarter.

Personal loan annualized charge-off rate decreased to 3.37% from 3.52% in the prior quarter, including the impact of asset sales, new originations and the delinquency sales in the quarter. Had we not sold these late stage delinquencies, we estimate that, including recoveries, would have had an all-in annualized net charge off rate for personal loans of approximately 4.9% vs. 5.0% last quarter.

The data continues to support our 7–8% maximum life of loan loss assumptions for personal loans, in line with our underwriting tolerance, although we continue to trend below these levels.

Our recent vintages, originated from Q4 2022 to Q1 2024 have net cumulative losses of 3.8%, with 45% unpaid principal balance remaining. This is well below the 5.25% observed at the same point in time for the 2017 vintage – that last vintage that approached our 7–8% tolerance. Similar to last quarter, the gap between the newer cohort curve and the 2017 cohort curve widened by 15 basis points, demonstrating continued improvement.

Additionally, looking at our Q1 2020 through Q3 2024 originations, 58% of principal has already been paid down, with 6.5% in net cumulative losses. Therefore, for life-of-loan losses on this entire cohort of loans to reach 8%, the charge-off at a rate on the remaining 42% of unpaid principal would need to exceed 10%. This would be well above past levels, further underscoring our confidence in achieving loss rates below 8% tolerance.

​Lending – Originations and Average Balances

 

 

Three Months Ended December 31,

 

% Change

 

Year Ended December 31,

 

% Change

 

 

 

2024

 

 

 

2023

 

 

 

 

2024

 

 

 

2023

 

 

Origination volume ($ in thousands, during period)

 

 

 

 

 

 

 

 

 

 

 

 

Personal loans(1)

 

$

5,251,949

 

$

3,222,759

 

63

%

 

$

17,614,985

 

$

13,801,065

 

28

%

Student loans

 

 

1,348,970

 

 

 

789,970

 

 

71

%

 

 

3,780,752

 

 

 

2,630,040

 

 

44

%

Home loans

 

 

577,362

 

 

 

308,884

 

 

87

%

 

 

1,820,213

 

 

 

997,492

 

 

82

%

Total

 

$

7,178,281

 

 

$

4,321,613

 

 

66

%

 

$

23,215,950

 

 

$

17,428,597

 

 

33

%

Average loan balance ($, as of period end)(2)

 

 

 

 

 

 

 

 

 

 

 

 

Personal loans

 

$

25,377

 

 

$

24,223

 

 

5

%

 

 

 

 

 

 

Student loans

 

 

42,960

 

 

 

44,683

 

 

(4

)%

 

 

 

 

 

 

Home loans

 

 

279,321

 

 

 

284,289

 

 

(2

)%

 

 

 

 

 

 

 

(1)

 

Inclusive of origination volume related to our Loan Platform Business.

(2)

 

Within each loan product category, average loan balance is defined as the total unpaid principal balance of the loans divided by the number of loans that have a balance greater than zero dollars as of the reporting date. Average loan balance includes loans on our balance sheet, as well as transferred loans and referred loans with which we have a continuing involvement through our servicing agreements.

 

​Lending – Products

 

December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

% Change

Personal loans(1)

 

1,405,928

 

1,113,864

 

26

%

Student loans

 

 

568,612

 

 

 

519,489

 

 

9

%

Home loans

 

 

35,814

 

 

 

29,653

 

 

21

%

Total lending products

 

 

2,010,354

 

 

 

1,663,006

 

 

21

%

(1)

 

Includes loans which we originate as part of our Loan Platform Business.

Guidance and Outlook

Looking forward to 2025, after a year of bolstering the capital base, reaching GAAP profitability, as well as the scale required to drive continued profitability, management wants to better tilt the incremental revenue growth toward investment.

In 2025, management plans to manage towards an incremental EBITDA margin of approximately 30%, as the company re-invests in the business to continue to drive durable growth and strong returns well into the future.

In line with market expectations, the macro assumptions that underpin our financial guide include:

• An interest rate outlook consistent with the forward curve and just north of 1.5 rate cuts
• GDP expansion of 1–2%
• Normalization of unemployment in the 5% range
• Continuation of normalized credit spreads across capital markets and stabilization of consumer credit

In the first quarter of 2025, management expects to generate $725 to $745 million of adjusted net revenue, $175 to $185 million of adjusted EBITDA, $30 to $40 million of GAAP net income and $0.03 of GAAP EPS.

For the full year 2025, management expects to deliver adjusted net revenue of $3.200 to $3.275 billion, which equates to approximately 23 to 26% year-over-year growth. Management expects adjusted EBITDA of $845 to $865 million, which equates to an incremental EBITDA margin of 30%, in line with our long term investment philosophy. We expect GAAP net income of $285 to $305 million, with an incremental margin of 20% when excluding 2024 non-recurring income tax benefits and gains on convertible notes. Lastly, we expect GAAP EPS of $0.25 to $0.27 cents per share. This guidance assumes a tax rate of 26%, which we currently believe to be our effective tax rate in 2025.

Management expects growth in tangible book value of approximately $550 to $575 million and expects to maintain a total capital ratio north of 15%.

Management expects to add at least 2.8 million new members in 2025, which represents 28% growth from 2024 levels.

Management will further address full-year guidance on the quarterly earnings conference call. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures. This is because the company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.

Earnings Webcast

SoFi’s executive management team will host a live audio webcast beginning at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) today to discuss the quarter’s financial results and business highlights. All interested parties are invited to listen to the live webcast at https://investors.sofi.com. A replay of the webcast will be available on the SoFi Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on SoFi’s Investor Relations website at https://investors.sofi.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for first quarter of 2025 and full year 2025 adjusted net revenue, adjusted EBITDA, adjusted EBITDA margin, GAAP net income, GAAP EPS, year end total capital ratio, member growth, and expected growth in tangible book value, our expectations regarding our ability to increase capital-light, higher ROE, fee-based revenue streams, our expectations regarding our ability to continue to grow our business, build our brand and launch new business lines and products, our ability to continue to attract and execute deals, our ability to continue to improve our financials and increase our member, product and total accounts count, our ability to achieve diversified and more durable growth, our ability to continue the momentum seen in 2024 in 2025, our ability to have loss rates below 8%, our ability to navigate the macroeconomic environment, any changes in demand for our products, and the financial position, business strategy and plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “achieve”, “believe”, “continue”, “expect”, “future”, “growth”, “may”, “plan”, “strategy”, “will be”, “will continue”, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the effect of and our ability to respond and adapt to changing market and economic conditions, including economic downturns, fluctuating inflation and interest rates, and volatility from global events; (ii) our ability to maintain net income profitability, continue to increase capital-light, higher ROE, fee-based revenue streams, continue to grow across our segments in the future, as well as our ability to meet our guidance; (iii) the impact on our business of the regulatory environment, changes in governmental policies, and complexities with compliance related to such environment; (iv) our ability to realize the benefits of being a bank holding company and operating SoFi Bank, including continuing to grow high quality deposits and our rewards program for members; (v) our ability to continue to drive brand awareness and realize the benefits of our marketing and advertising campaigns; (vi) our ability to vertically integrate our businesses and accelerate the pace of innovation of our financial products; (vii) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (viii) our ability to access sources of capital on acceptable terms or at all; (ix) the success of our continued investments in our Financial Services segment and in our business generally; (x) our ability to expand our member base and increase our product adds; (xi) our ability to maintain our leadership position in certain categories of our business and to grow market share in existing markets or any new markets we may enter; (xii) our ability to cater to a broad range of clients and continue to execute deals with current or future business partners; (xiii) our ability to develop new products, features and functionality that are competitive and meet market needs; (xiv) our ability to realize the benefits of our strategy, including what we refer to as our FSPL; (xv) our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; (xvi) our ability to establish and maintain an effective system of internal controls over financial reporting; (xvii) our ability to maintain the security and reliability of our products; and (xviii) the outcome of any legal or governmental proceedings instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in our last quarterly report on Form 10-Q, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the Securities and Exchange Commission, including our annual report on Form 10-K, under the Exchange Act. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

This press release presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States (GAAP). Our management and Board of Directors uses these non-GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, SoFi's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are provided in Table 2 to the “Financial Tables” herein.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its over 10.1 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com or download our iOS and Android apps.

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (https://www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (X and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SOFI-F

FINANCIAL TABLES (Unaudited)

1. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
2. Reconciliation of GAAP to Non-GAAP Financial Measures
3. Condensed Consolidated Balance Sheets
4. Average Balances and Net Interest Earnings Analysis
5. Condensed Consolidated Cash Flow Data
6. Company Metrics
7. Segment Financials
8. Disaggregated Revenue
9. Analysis of Charge-Offs
10. Regulatory Capital

Table 1

 

SoFi Technologies, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(In Thousands, Except for Per Share Data)

 

​

Three Months Ended December 31,

 

Year Ended December 31,

​

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Interest income

 

 

 

 

​

 

​

Loans and securitizations

$

688,723

 

$

598,959

 

$

2,601,988

 

$

1,944,128

Other

 

55,214

 

 

 

46,278

 

 

 

205,829

 

 

 

106,939

 

Total interest income

 

743,937

 

 

 

645,237

 

 

 

2,807,817

 

 

 

2,051,067

 

Interest expense

 

 

 

 

 

 

 

Securitizations and warehouses

 

23,022

 

 

 

62,989

 

 

 

112,398

 

 

 

244,220

 

Deposits

 

238,596

 

 

 

182,612

 

 

 

930,154

 

 

 

507,820

 

Corporate borrowings

 

12,039

 

 

 

9,882

 

 

 

48,346

 

 

 

36,833

 

Other

 

111

 

 

 

113

 

 

 

438

 

 

 

454

 

Total interest expense

 

273,768

 

 

 

255,596

 

 

 

1,091,336

 

 

 

789,327

 

Net interest income

 

470,169

 

 

 

389,641

 

 

 

1,716,481

 

 

 

1,261,740

 

Noninterest income

 

 

 

 

 

 

 

Loan origination, sales, and securitizations

 

73,913

 

 

 

82,929

 

 

 

255,870

 

 

 

371,812

 

Servicing

 

(1,316

)

 

 

7,525

 

 

 

22,244

 

 

 

37,328

 

Technology products and solutions

 

88,376

 

 

 

87,026

 

 

 

350,810

 

 

 

323,972

 

Loan platform fees

 

63,235

 

 

 

9,341

 

 

 

141,608

 

 

 

33,602

 

Other

 

39,748

 

 

 

38,942

 

 

 

187,846

 

 

 

94,335

 

Total noninterest income

 

263,956

 

 

 

225,763

 

 

 

958,378

 

 

 

861,049

 

Total net revenue

 

734,125

 

 

 

615,404

 

 

 

2,674,859

 

 

 

2,122,789

 

Provision for credit losses(1)

 

6,877

 

 

 

12,092

 

 

 

31,712

 

 

 

54,945

 

Noninterest expense

 

 

 

 

 

 

 

Technology and product development

 

148,986

 

 

 

141,817

 

 

 

551,787

 

 

 

511,419

 

Sales and marketing

 

229,261

 

 

 

174,705

 

 

 

796,293

 

 

 

719,400

 

Cost of operations

 

128,155

 

 

 

103,947

 

 

 

461,633

 

 

 

379,998

 

General and administrative

 

160,922

 

 

 

131,685

 

 

 

600,089

 

 

 

511,011

 

Goodwill impairment

 

—

 

 

 

—

 

 

 

—

 

 

 

247,174

 

Total noninterest expense(1)

 

667,324

 

 

 

552,154

 

 

 

2,409,802

 

 

 

2,369,002

 

Income (loss) before income taxes

 

59,924

 

 

 

51,158

 

 

 

233,345

 

 

 

(301,158

)

Income tax benefit (expense)

 

272,549

 

 

 

(3,245

)

 

 

265,320

 

 

 

416

 

Net income (loss)

$

332,473

 

 

$

47,913

 

 

$

498,665

 

 

$

(300,742

)

 

 

 

 

 

 

 

 

Earnings (loss) per share

 

 

 

 

​

 

​

Earnings (loss) per share – basic

$

0.31

 

 

$

0.04

 

 

$

0.46

 

 

$

(0.36

)

Earnings (loss) per share – diluted

$

0.29

 

 

$

0.02

 

 

$

0.39

 

 

$

(0.36

)

Weighted average common stock outstanding – basic

 

1,087,863

 

 

 

962,692

 

 

 

1,050,219

 

 

 

945,024

 

Weighted average common stock outstanding – diluted

 

1,151,047

 

 

 

1,029,303

 

 

 

1,101,390

 

 

 

945,024

 

 

(1)

 

In the fourth quarter of 2024, we made a presentation change to present the provision for credit losses below total net revenue and above total noninterest expense, from its previous presentation within total noninterest expense. Respective prior period amounts were recast to conform to the current period presentation.

Table 2

Non-GAAP Financial Measures (Unaudited)

Adjusted Net Revenue

Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins.

The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure:

​

 

Three Months Ended December 31,

 

Year Ended December 31,

($ in thousands)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Total net revenue (GAAP)

 

$

734,125

 

$

615,404

 

 

$

2,674,859

 

 

$

2,122,789

 

Servicing rights – change in valuation inputs or assumptions(1)

 

 

4,962

 

 

 

(6,595

)

 

 

(6,280

)

 

 

(34,700

)

Residual interests classified as debt – change in valuation inputs or assumptions(2)

 

 

25

 

 

 

10

 

 

 

108

 

 

 

425

 

Gain on extinguishment of debt(3)

 

 

—

 

 

 

(14,574

)

 

 

(62,517

)

 

 

(14,574

)

Adjusted net revenue (non-GAAP)

 

$

739,112

 

 

$

594,245

 

 

$

2,606,170

 

 

$

2,073,940

 

 

(1)

 

Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations.

(2)

 

​Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

(3)

 

Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

The following table reconciles adjusted net revenue for the Lending segment to total net revenue, the most directly comparable GAAP measure for the Lending segment:

 

 

Three Months Ended December 31,

 

Year Ended December 31,

($ in thousands)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Lending

 

 

 

 

 

 

 

 

Total net revenue – Lending (GAAP)

 

$

417,796

 

$

353,126

 

 

$

1,485,222

 

 

$

1,370,621

 

Servicing rights – change in valuation inputs or assumptions(1)

 

 

4,962

 

 

 

(6,595

)

 

 

(6,280

)

 

 

(34,700

)

Residual interests classified as debt – change in valuation inputs or assumptions(2)

 

 

25

 

 

 

10

 

 

 

108

 

 

 

425

 

Adjusted net revenue – Lending (non-GAAP)

 

$

422,783

 

 

$

346,541

 

 

$

1,479,050

 

 

$

1,336,346

 

 

(1)

 

See footnote (1) to the table above.

(2)

 

​See footnote (2) to the table above.

Adjusted Noninterest Income

Adjusted noninterest income is a non-GAAP measure. Adjusted noninterest income is defined as noninterest income, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust noninterest income to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations.

The following table reconciles adjusted noninterest income to noninterest income, the most directly comparable GAAP measure:

 

 

Three Months Ended December 31,

 

Year Ended December 31,

($ in thousands)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Noninterest income (GAAP)

 

$

263,956

 

$

225,763

 

 

$

958,378

 

 

$

861,049

 

Servicing rights – change in valuation inputs or assumptions(1)

 

 

4,962

 

 

 

(6,595

)

 

 

(6,280

)

 

 

(34,700

)

Residual interests classified as debt – change in valuation inputs or assumptions(2)

 

 

25

 

 

 

10

 

 

 

108

 

 

 

425

 

Gain on extinguishment of debt(3)

 

 

—

 

 

 

(14,574

)

 

 

(62,517

)

 

 

(14,574

)

Adjusted noninterest income (non-GAAP)

 

$

268,943

 

 

$

204,604

 

 

$

889,689

 

 

$

812,200

 

 

(1)

 

Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations.

(2)

 

​Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

(3)

 

Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

The following table reconciles adjusted noninterest income for the Lending segment to noninterest income, the most directly comparable GAAP measure for the Lending segment:

 

 

Three Months Ended December 31,

 

Year Ended December 31,

($ in thousands)

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Lending

 

 

 

 

 

 

 

 

Noninterest income – Lending (GAAP)

 

$

72,586

 

$

90,500

 

 

$

277,996

 

 

$

409,848

 

Servicing rights – change in valuation inputs or assumptions(1)

 

 

4,962

 

 

 

(6,595

)

 

 

(6,280

)

 

 

(34,700

)

Residual interests classified as debt – change in valuation inputs or assumptions(2)

 

 

25

 

 

 

10

 

 

 

108

 

 

 

425

 

Adjusted noninterest income – Lending (non-GAAP)

 

$

77,573

 

 

$

83,915

 

 

$

271,824

 

 

$

375,573

 

 

(1)

 

See footnote (1) to the table above.

(2)

 

​See footnote (2) to the table above.

Adjusted Contribution Margin and Incremental Adjusted Contribution Margin — Lending

Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit (loss) for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit (loss) for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See ‘Adjusted Net Revenue’ above for a reconciliation of Lending segment adjusted net revenue.

Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit (loss), which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.

The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment:

​

 

Three Months Ended December 31,

 

2024 vs 2023

 

Year Ended

December 31,

 

2024 vs 2023

($ in thousands)

 

 

2024

 

 

 

2023

 

 

$ Change

 

 

2024

 

 

 

2023

 

 

$ Change

Lending

 

 

 

 

 

 

 

 

 

 

 

 

Contribution profit – Lending (GAAP)

 

$

245,958

 

 

$

226,110

 

 

$

19,848

 

$

890,543

 

 

$

823,273

 

 

$

67,270

Net revenue – Lending (GAAP)

 

 

417,796

 

 

 

353,126

 

 

 

64,670

 

 

 

1,485,222

 

 

 

1,370,621

 

 

 

114,601

 

Contribution margin – Lending (GAAP)(1)

 

 

59

%

 

 

64

%

 

 

 

 

60

%

 

 

60

%

 

 

Incremental contribution margin – Lending (GAAP)(1)

 

 

31

%

 

 

 

 

 

 

59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net revenue – Lending (non-GAAP)(2)

 

$

422,783

 

 

$

346,541

 

 

$

76,242

 

 

$

1,479,050

 

 

$

1,336,346

 

 

$

142,704

 

Adjusted contribution margin – Lending (non-GAAP)

 

 

58

%

 

 

65

%

 

 

 

 

60

%

 

 

62

%

 

 

Incremental adjusted contribution margin – Lending (non-GAAP)

 

 

26

%

 

 

 

 

 

 

47

%

 

 

 

 

 

(1)

 

Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit (loss), divided by change in net revenue.

(2)

 

Refer to ‘Adjusted Net Revenue’ above for reconciliation of this non-GAAP measure.

Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin

Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income (loss), adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairment and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.

Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.

Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives.

The following table reconciles adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:

​

 

Three Months Ended

December 31,

 

2024 vs 2023

 

Year Ended

December 31,

 

2024 vs 2023

($ in thousands)

 

 

2024

 

 

 

2023

 

 

$ Change

 

 

2024

 

 

 

2023

 

 

$ Change

Net income (loss) (GAAP)

 

$

332,473

 

 

$

47,913

 

 

$

284,560

 

 

$

498,665

 

 

$

(300,742

)

 

$

799,407

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense – corporate borrowings(1)

 

 

12,039

 

 

 

9,882

 

 

 

2,157

 

 

 

48,346

 

 

 

36,833

 

 

 

11,513

 

Income tax expense (benefit)(2)

 

 

(272,549

)

 

 

3,245

 

 

 

(275,794

)

 

 

(265,320

)

 

 

(416

)

 

 

(264,904

)

Depreciation and amortization(3)

 

 

53,545

 

 

 

53,449

 

 

 

96

 

 

 

203,498

 

 

 

201,416

 

 

 

2,082

 

Share-based expense

 

 

66,367

 

 

 

69,107

 

 

 

(2,740

)

 

 

246,152

 

 

 

271,216

 

 

 

(25,064

)

Restructuring charges(4)

 

 

255

 

 

 

7,796

 

 

 

(7,541

)

 

 

1,530

 

 

 

12,749

 

 

 

(11,219

)

Impairment expense(5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

248,417

 

 

 

(248,417

)

Foreign currency impact of highly inflationary subsidiaries(6)

 

 

840

 

 

 

10,971

 

 

 

(10,131

)

 

 

1,683

 

 

 

10,971

 

 

 

(9,288

)

Transaction-related expense(7)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

615

 

 

 

142

 

 

 

473

 

Servicing rights – change in valuation inputs or assumptions(8)

 

 

4,962

 

 

 

(6,595

)

 

 

11,557

 

 

 

(6,280

)

 

 

(34,700

)

 

 

28,420

 

Residual interests classified as debt – change in valuation inputs or assumptions(9)

 

 

25

 

 

 

10

 

 

 

15

 

 

 

108

 

 

 

425

 

 

 

(317

)

Gain on extinguishment of debt(10)

 

 

—

 

 

 

(14,574

)

 

 

14,574

 

 

 

(62,517

)

 

 

(14,574

)

 

 

(47,943

)

Total adjustments

 

 

(134,516

)

 

 

133,291

 

 

 

(267,807

)

 

 

167,815

 

 

 

732,479

 

 

 

(564,664

)

Adjusted EBITDA (non-GAAP)

 

$

197,957

 

 

$

181,204

 

 

$

16,753

 

 

$

666,480

 

 

$

431,737

 

 

$

234,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (GAAP)

 

$

332,473

 

 

$

47,913

 

 

$

284,560

 

 

$

498,665

 

 

$

(300,742

)

 

$

799,407

 

Total net revenue (GAAP)

 

 

734,125

 

 

 

615,404

 

 

 

118,721

 

 

 

2,674,859

 

 

 

2,122,789

 

 

 

552,070

 

Net income (loss) margin (GAAP)

 

 

45

%

 

 

8

%

 

 

 

 

19

%

 

 

(14

)%

 

 

Incremental net income (loss) margin (GAAP)

 

 

240

%

 

 

 

 

 

 

145

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net revenue (non-GAAP)(11)

 

$

739,112

 

 

$

594,245

 

 

$

144,867

 

 

$

2,606,170

 

 

$

2,073,940

 

 

$

532,230

 

Adjusted EBITDA margin (non-GAAP)

 

 

27

%

 

 

30

%

 

 

 

 

26

%

 

 

21

%

 

 

Incremental adjusted EBITDA margin (non-GAAP)

 

 

12

%

 

 

 

 

 

 

44

%

 

 

 

 

 

(1)

 

Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes. Convertible note interest expense in the 2024 periods increased related to the issuance of interest-bearing convertible senior notes during the first quarter of 2024.

(2)

 

Our income tax position in 2024 was primarily due to the release in the fourth quarter of a $258 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability. Income taxes in 2023 were primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys, offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited.

(3)

 

Depreciation and amortization expense in 2024 was primarily related to our internally-developed software and intangibles.

(4)

 

Restructuring charges in 2024 relate to legal entity restructuring. Restructuring charges in 2023 primarily included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment in the first quarter of 2023 and expenses in the fourth quarter of 2023 related to a reduction in headcount across the Company, which do not reflect expected future operating expenses and are not indicative of our core operating performance.

(5)

 

Impairment expense in 2023 includes $247,174 related to goodwill impairment, and $1,243 related to a sublease arrangement, which are not indicative of our core operating performance.

(6)

 

Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger. For the year ended December 31, 2023, all amounts were reflected in the fourth quarter, as inter-quarter amounts were determined to be immaterial. Amounts in 2022 were determined to be immaterial.

(7)

 

Transaction-related expenses in 2024 and 2023 included financial advisory and professional services costs associated with our acquisition of Wyndham.

(8)

 

Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income (loss) to provide management and financial users with better visibility into the earnings available to finance our operations.

(9)

 

Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income (loss) to provide management and financial users with better visibility into the earnings available to finance our operations..

(10)

 

Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

(11)

 

Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure.

Tangible Book Value and Tangible Book Value per Common Share

Beginning in the fourth quarter of 2024, the company is modifying the presentation of its tangible book value and tangible book value per share, which are non-GAAP measures. Tangible book value is defined as permanent equity, adjusted to exclude goodwill and intangible assets, net of related deferred tax liabilities. Tangible book value per common share represents tangible book value at period-end divided by common stock outstanding at period-end.

Prior to the fourth quarter of 2024, tangible book value was defined as permanent equity, adjusted to exclude goodwill and intangible assets. Tangible book value per common share was defined as tangible book value at period-end divided by diluted weighted average common stock outstanding during the period.

These modifications are intended to enhance investors’ overall understanding of our capital adequacy. Prior period tangible book value and tangible book value per share in this release have been recast to conform with the current presentation. These changes have no impact on any of the company’s previously reported GAAP results for any periods presented.

These measures are utilized by management in assessing our use of equity and capital adequacy. We believe that tangible book value presents a meaningful measure of net asset value, and tangible book value per share provides additional useful information to investors to assess capital adequacy.

The following table reconciles tangible book value to permanent equity, the most directly comparable GAAP measure, and presents the computation of permanent equity per common share and tangible book value per common share for the periods presented:

($ and shares in thousands, except per share amounts)

 

December 31,

2024

 

December 31,

2023

Permanent equity (GAAP)

 

$

6,525,134

 

 

$

5,234,612

 

Non-GAAP adjustments:

 

 

 

 

Goodwill

 

 

(1,393,505

)

 

 

(1,393,505

)

Intangible assets

 

 

(297,794

)

 

 

(364,048

)

Related deferred tax liabilities

 

 

60,088

 

 

 

44,139

 

Tangible book value (as of period end) (non-GAAP)

 

$

4,893,923

 

 

$

3,521,198

 

 

 

 

 

 

Common stock outstanding (as of period end)

 

 

1,095,358

 

 

 

975,862

 

 

 

 

 

 

Permanent equity per common share (GAAP)

 

$

5.96

 

 

$

5.36

 

Tangible book value per common share (non-GAAP)

 

$

4.47

 

 

$

3.61

 

The following tables present tangible book value and tangible book value per share recast to conform with current period presentation.

($ and shares in thousands, except per share amounts)

 

December 31,

2024

 

September 30,

2024

 

June 30,

2024

 

March 31,

2024

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

 

June 30,

2022

 

September 30,

2022

 

March 31,

2022

Permanent equity (GAAP)

 

$

6,525,134

 

 

$

6,121,481

 

 

$

5,901,494

 

 

$

5,825,605

 

 

$

5,234,612

 

 

$

5,053,388

 

 

$

5,257,661

 

 

$

5,234,072

 

 

$

5,208,102

 

 

$

5,181,003

 

 

$

5,186,180

 

 

$

5,210,299

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

(1,393,505

)

 

 

(1,393,505

)

 

 

(1,393,505

)

 

 

(1,393,505

)

 

 

(1,393,505

)

 

 

(1,393,505

)

 

 

(1,640,679

)

 

 

(1,622,991

)

 

 

(1,622,991

)

 

 

(1,622,951

)

 

 

(1,625,375

)

 

 

(1,615,694

)

Intangible assets

 

 

(297,794

)

 

 

(314,959

)

 

 

(331,446

)

 

 

(347,495

)

 

 

(364,048

)

 

 

(387,307

)

 

 

(412,099

)

 

 

(419,880

)

 

 

(442,155

)

 

 

(456,771

)

 

 

(481,124

)

 

 

(505,526

)

Related deferred tax liabilities

 

 

60,088

 

 

 

15,654

 

 

 

24,023

 

 

 

30,437

 

 

 

44,139

 

 

 

76,892

 

 

 

78,995

 

 

 

88,502

 

 

 

101,972

 

 

 

123,929

 

 

 

135,396

 

 

 

131,002

 

Tangible book value (as of period end) (non-GAAP)

 

$

4,893,923

 

 

$

4,428,671

 

 

$

4,200,566

 

 

$

4,115,042

 

 

$

3,521,198

 

 

$

3,349,468

 

 

$

3,283,878

 

 

$

3,279,703

 

 

$

3,244,928

 

 

$

3,225,210

 

 

$

3,215,077

 

 

$

3,220,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock outstanding (as of period end)

 

 

1,095,358

 

 

 

1,084,137

 

 

 

1,065,112

 

 

 

1,056,491

 

 

 

975,862

 

 

 

957,860

 

 

 

948,913

 

 

 

940,339

 

 

 

933,896

 

 

 

927,346

 

 

 

922,103

 

 

 

915,674

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permanent equity per common share (GAAP)

 

$

5.96

 

 

$

5.65

 

 

$

5.54

 

 

$

5.51

 

 

$

5.36

 

 

$

5.28

 

 

$

5.54

 

 

$

5.57

 

 

$

5.58

 

 

$

5.59

 

 

$

5.62

 

 

$

5.69

 

Tangible book value per common share (non-GAAP)

 

$

4.47

 

 

$

4.08

 

 

$

3.94

 

 

$

3.90

 

 

$

3.61

 

 

$

3.50

 

 

$

3.46

 

 

$

3.49

 

 

$

3.47

 

 

$

3.48

 

 

$

3.49

 

 

$

3.52

 

Adjusted Net Income (Loss), Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS

Adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings (loss) are non-GAAP measures. Adjusted net income (loss) is defined as net income (loss), adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.

Adjusted diluted earnings (loss) per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings (loss) per share. Adjusted EPS is computed by dividing net income (loss) attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period.

Adjusted net income margin is computed as adjusted net income (loss) divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income (loss), divided by change in adjusted net revenue. See ‘Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.

Management believes adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non cash items and charges to present a comparable view for period over period comparisons of our business.

The following table: (i) reconciles adjusted net income (loss) to net income (loss), the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings (loss) per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin.

 

 

Three Months Ended

December 31,

 

2024 vs 2023

 

Year Ended

December 31,

 

2024 vs 2023

($ and shares in thousands, except per share amounts)

 

 

2024

 

 

 

2023

 

 

$ Change

 

 

2024

 

 

 

2023

 

 

$ Change

Net income (loss) (GAAP)

 

$

332,473

 

 

$

47,913

 

 

$

284,560

 

 

$

498,665

 

 

$

(300,742

)

 

$

799,407

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit from release of tax valuation allowance

 

 

(258,401

)

 

 

—

 

 

 

(258,401

)

 

 

(258,401

)

 

 

—

 

 

 

(258,401

)

Income tax benefit from restructuring

 

 

(13,042

)

 

 

—

 

 

 

(13,042

)

 

 

(13,042

)

 

 

—

 

 

 

(13,042

)

Goodwill impairment expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

247,174

 

 

 

(247,174

)

Adjusted net income (loss) (non-GAAP)

 

$

61,030

 

 

$

47,913

 

 

$

13,117

 

 

$

227,222

 

 

$

(53,568

)

 

$

280,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders – diluted (GAAP)(1)

 

$

332,473

 

 

$

24,615

 

 

 

 

$

434,776

 

 

$

(341,167

)

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit from release of tax valuation allowance

 

 

(258,401

)

 

 

—

 

 

 

 

 

(258,401

)

 

 

—

 

 

 

Income tax benefit from restructuring

 

 

(13,042

)

 

 

—

 

 

 

 

 

(13,042

)

 

 

—

 

 

 

Goodwill impairment expense

 

 

—

 

 

 

—

 

 

 

 

 

—

 

 

 

247,174

 

 

 

Adjusted net income (loss) attributable to common stockholders – diluted (non-GAAP)

 

$

61,030

 

 

$

24,615

 

 

 

 

$

163,333

 

 

$

(93,993

)

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common stock outstanding – diluted

 

 

1,151,047

 

 

 

1,029,303

 

 

 

 

 

1,101,390

 

 

 

945,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share – diluted (GAAP)(1)

 

$

0.29

 

 

$

0.02

 

 

 

 

$

0.39

 

 

$

(0.36

)

 

 

Impact of adjustments per share

 

 

(0.24

)

 

 

—

 

 

 

 

 

(0.24

)

 

 

0.26

 

 

 

Adjusted earnings (loss) per share – diluted (non-GAAP)(1)

 

$

0.05

 

 

$

0.02

 

 

 

 

$

0.15

 

 

$

(0.10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) margin (GAAP)

 

 

45

%

 

 

8

%

 

 

 

 

19

%

 

 

(14

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net revenue (non-GAAP)(2)

 

$

739,112

 

 

$

594,245

 

 

 

 

$

2,606,170

 

 

$

2,073,940

 

 

 

Adjusted net income margin (non-GAAP)

 

 

8

%

 

 

8

%

 

 

 

 

9

%

 

 

(3

)%

 

 

Incremental adjusted net income margin (non-GAAP)

 

 

9

%

 

 

 

 

 

 

53

%

 

 

 

 

 

(1)

 

For the year ended December 31, 2024, diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

(2)

 

Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure.

 

Table 3

 

SoFi Technologies, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In Thousands, Except for Share Data)

 

​

December 31,

2024

 

December 31,

2023

Assets

 

 

​

Cash and cash equivalents

$

2,538,293

 

 

$

3,085,020

 

Restricted cash and restricted cash equivalents

 

171,067

 

 

 

530,558

 

Investment securities (includes available-for-sale securities of $1,804,043 and $595,187 at fair value with associated amortized cost of $1,807,686 and $596,757, as of December 31, 2024 and December 31, 2023, respectively)

 

1,895,689

 

 

 

701,935

 

Loans held for sale, at fair value

 

17,684,892

 

 

 

15,396,771

 

Loans held for investment, at fair value

 

8,597,368

 

 

 

6,725,484

 

Loans held for investment, at amortized cost (less allowance for credit losses of $46,684 and $54,695, as of December 31, 2024 and December 31, 2023, respectively)

 

1,246,458

 

 

 

836,159

 

Servicing rights

 

342,128

 

 

 

180,469

 

Property, equipment and software

 

287,869

 

 

 

216,908

 

Goodwill

 

1,393,505

 

 

 

1,393,505

 

Intangible assets

 

297,794

 

 

 

364,048

 

Operating lease right-of-use assets

 

81,219

 

 

 

89,635

 

Other assets (less allowance for credit losses of $2,444 and $1,837, as of December 31, 2024 and December 31, 2023, respectively)

 

1,714,669

 

 

 

554,366

 

Total assets

$

36,250,951

 

 

$

30,074,858

 

Liabilities, temporary equity and permanent equity

 

 

 

Liabilities:

 

 

 

Deposits:

 

 

 

Interest-bearing deposits

$

25,861,400

 

 

$

18,568,993

 

Noninterest-bearing deposits

 

116,804

 

 

 

51,670

 

Total deposits

 

25,978,204

 

 

 

18,620,663

 

Accounts payable, accruals and other liabilities

 

556,923

 

 

 

549,748

 

Operating lease liabilities

 

97,389

 

 

 

108,649

 

Debt

 

3,092,692

 

 

 

5,233,416

 

Residual interests classified as debt

 

609

 

 

 

7,396

 

Total liabilities

 

29,725,817

 

 

 

24,519,872

 

Commitments, guarantees, concentrations and contingencies

 

 

 

Temporary equity:

 

 

 

Redeemable preferred stock, $0.00 par value: 100,000,000 and 100,000,000 shares authorized; — and 3,234,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

 

—

 

 

 

320,374

 

Permanent equity:

 

 

 

Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,095,357,781 and 975,861,793 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

 

109

 

 

 

97

 

Additional paid-in capital

 

7,838,988

 

 

 

7,039,987

 

Accumulated other comprehensive loss

 

(8,365

)

 

 

(1,209

)

Accumulated deficit

 

(1,305,598

)

 

 

(1,804,263

)

Total permanent equity

 

6,525,134

 

 

 

5,234,612

 

Total liabilities, temporary equity and permanent equity

$

36,250,951

 

 

$

30,074,858

 

 

Table 4

 

SoFi Technologies, Inc.

Average Balances and Net Interest Earnings Analysis

(Unaudited)

 

 

 

Three Months Ended December 31, 2024

 

Three Months Ended December 31, 2023

($ in thousands)

 

Average

Balances

 

Interest

Income/Expense

 

Average

Yield/Rate

 

Average

Balances

 

Interest

Income/Expense

 

Average

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits with banks

 

$

2,802,974

 

$

32,070

 

4.55

%

 

$

2,675,248

 

$

34,217

 

5.07

%

Investment securities

 

 

1,798,995

 

 

 

24,577

 

 

5.44

 

 

 

697,032

 

 

 

13,837

 

 

7.88

 

Loans

 

 

27,068,505

 

 

 

687,290

 

 

10.10

 

 

 

22,326,117

 

 

 

597,183

 

 

10.61

 

Total interest-earning assets

 

 

31,670,474

 

 

 

743,937

 

 

9.34

 

 

 

25,698,397

 

 

 

645,237

 

 

9.96

 

Total noninterest-earning assets

 

 

3,641,532

 

 

 

 

 

 

 

2,879,773

 

 

 

 

 

Total assets

 

$

35,312,006

 

 

 

 

 

 

$

28,578,170

 

 

 

 

 

Liabilities, Temporary Equity and Permanent Equity

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

2,171,856

 

 

$

8,189

 

 

1.50

%

 

$

2,553,537

 

 

$

13,062

 

 

2.03

%

Savings deposits

 

 

21,626,757

 

 

 

216,389

 

 

3.98

 

 

 

11,664,436

 

 

 

133,795

 

 

4.55

 

Time deposits

 

 

1,184,996

 

 

 

14,018

 

 

4.71

 

 

 

2,719,390

 

 

 

35,755

 

 

5.22

 

Total interest-bearing deposits

 

 

24,983,609

 

 

 

238,596

 

 

3.80

 

 

 

16,937,363

 

 

 

182,612

 

 

4.28

 

Warehouse facilities

 

 

1,462,228

 

 

 

21,050

 

 

5.73

 

 

 

3,285,127

 

 

 

53,473

 

 

6.46

 

Securitization debt

 

 

87,429

 

 

 

680

 

 

3.09

 

 

 

543,152

 

 

 

6,283

 

 

4.59

 

Other debt

 

 

1,754,166

 

 

 

13,442

 

 

3.05

 

 

 

1,626,551

 

 

 

13,228

 

 

3.23

 

Total debt

 

 

3,303,823

 

 

 

35,172

 

 

4.24

 

 

 

5,454,830

 

 

 

72,984

 

 

5.31

 

Residual interests classified as debt

 

 

626

 

 

 

—

 

 

—

 

 

 

9,192

 

 

 

—

 

 

—

 

Total interest-bearing liabilities

 

 

28,288,058

 

 

 

273,768

 

 

3.85

 

 

 

22,401,385

 

 

 

255,596

 

 

4.53

 

Total noninterest-bearing liabilities

 

 

763,688

 

 

 

 

 

 

 

761,532

 

 

 

 

 

Total liabilities

 

 

29,051,746

 

 

 

 

 

 

 

23,162,917

 

 

 

 

 

Total temporary equity

 

 

—

 

 

 

 

 

 

 

320,374

 

 

 

 

 

Total permanent equity

 

 

6,260,260

 

 

 

 

 

 

 

5,094,879

 

 

 

 

 

Total liabilities, temporary equity and permanent equity

 

$

35,312,006

 

 

 

 

 

 

$

28,578,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

$

470,169

 

 

 

 

 

 

$

389,641

 

 

 

Net interest margin

 

 

 

 

 

5.91

%

 

 

 

 

 

6.02

%

 

 

Year Ended December 31, 2024

 

Year Ended December 31, 2023

($ in thousands)

 

Average

Balances

 

Interest

Income/Expense

 

Average

Yield/Rate

 

Average

Balances

 

Interest

Income/Expense

 

Average

Yield/Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits with banks

 

$

2,814,098

 

$

133,686

 

4.75

%

 

$

2,172,013

 

$

91,312

 

4.20

%

Investment securities

 

 

1,412,821

 

 

 

79,338

 

 

5.62

 

 

 

541,590

 

 

 

25,096

 

 

4.63

 

Loans

 

 

25,360,067

 

 

 

2,594,793

 

 

10.23

 

 

 

18,733,812

 

 

 

1,934,659

 

 

10.33

 

Total interest-earning assets

 

 

29,586,986

 

 

 

2,807,817

 

 

9.49

 

 

 

21,447,415

 

 

 

2,051,067

 

 

9.56

 

Total noninterest-earning assets

 

 

3,305,102

 

 

 

 

 

 

 

3,055,580

 

 

 

 

 

Total assets

 

$

32,892,088

 

 

 

 

 

 

$

24,502,995

 

 

 

 

 

Liabilities, Temporary Equity and Permanent Equity

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

$

2,167,328

 

 

$

45,117

 

 

2.08

%

 

$

2,214,794

 

 

$

51,673

 

 

2.33

%

Savings deposits

 

 

18,385,550

 

 

 

782,205

 

 

4.25

 

 

 

8,481,895

 

 

 

359,444

 

 

4.24

 

Time deposits

 

 

2,060,959

 

 

 

102,832

 

 

4.99

 

 

 

1,958,002

 

 

 

96,703

 

 

4.94

 

Total interest-bearing deposits

 

 

22,613,837

 

 

 

930,154

 

 

4.11

 

 

 

12,654,691

 

 

 

507,820

 

 

4.01

 

Warehouse facilities

 

 

1,555,603

 

 

 

97,781

 

 

6.29

 

 

 

3,142,096

 

 

 

192,987

 

 

6.14

 

Securitization debt

 

 

188,855

 

 

 

7,197

 

 

3.81

 

 

 

751,869

 

 

 

36,853

 

 

4.90

 

Other debt

 

 

1,782,732

 

 

 

56,204

 

 

3.15

 

 

 

1,638,748

 

 

 

51,526

 

 

3.14

 

Total debt

 

 

3,527,190

 

 

 

161,182

 

 

4.57

 

 

 

5,532,713

 

 

 

281,366

 

 

5.09

 

Residual interests classified as debt

 

 

2,495

 

 

 

—

 

 

—

 

 

 

12,301

 

 

 

141

 

 

1.15

 

Total interest-bearing liabilities

 

 

26,143,522

 

 

 

1,091,336

 

 

4.17

 

 

 

18,199,705

 

 

 

789,327

 

 

4.34

 

Total noninterest-bearing liabilities

 

 

753,979

 

 

 

 

 

 

 

757,070

 

 

 

 

 

Total liabilities

 

 

26,897,501

 

 

 

 

 

 

 

18,956,775

 

 

 

 

 

Total temporary equity

 

 

123,221

 

 

 

 

 

 

 

320,374

 

 

 

 

 

Total permanent equity

 

 

5,871,366

 

 

 

 

 

 

 

5,225,846

 

 

 

 

 

Total liabilities, temporary equity and permanent equity

 

$

32,892,088

 

 

 

 

 

 

$

24,502,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

$

1,716,481

 

 

 

 

 

 

$

1,261,740

 

 

 

Net interest margin

 

 

 

 

 

5.80

%

 

 

 

 

 

5.88

%

 

Table 5

 

SoFi Technologies, Inc.

Condensed Consolidated Cash Flow Data

(Unaudited)

(In Thousands)

 

​

Year Ended December 31,

​

 

2024

 

 

 

2023

 

Net cash used in operating activities

$

(1,119,807

)

 

$

(7,227,139

)

Net cash used in investing activities

 

(4,820,990

)

 

 

(1,889,864

)

Net cash provided by financing activities

 

5,034,577

 

 

 

10,885,602

 

Effect of exchange rates on cash and cash equivalents

 

2

 

 

 

677

 

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

$

(906,218

)

 

$

1,769,276

 

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

$

2,709,360

 

 

$

3,615,578

 

 

Table 6

 

Company Metrics

 

​

December 31,

2024

 

September 30,

2024

 

June 30,

2024

 

March 31,

2024

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

Members

10,127,323

 

9,372,615

 

8,774,236

 

8,131,720

 

7,541,860

 

6,957,187

 

6,240,091

 

5,655,711

 

5,222,533

Total Products

14,745,435

 

13,650,730

 

12,776,430

 

11,830,128

 

11,142,476

 

10,447,806

 

9,401,025

 

8,554,363

 

7,894,636

Total Products — Lending segment

2,010,354

 

1,890,761

 

1,786,580

 

1,705,155

 

1,663,006

 

1,593,906

 

1,503,892

 

1,416,122

 

1,340,597

Total Products — Financial Services segment

12,735,081

 

11,759,969

 

10,989,850

 

10,124,973

 

9,479,470

 

8,853,900

 

7,897,133

 

7,138,241

 

6,554,039

Total Accounts — Technology Platform segment

167,713,818

 

160,179,299

 

158,485,125

 

151,049,375

 

145,425,391

 

136,739,131

 

129,356,203

 

126,326,916

 

130,704,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Products, excluding digital assets(1)

14,745,435

 

13,650,730

 

12,776,430

 

11,830,128

 

10,876,881

 

9,984,685

 

8,965,949

 

8,139,065

 

7,497,761

Total Products, excluding digital assets — Financial Services segment(1)

12,735,081

 

11,759,969

 

10,989,850

 

10,124,973

 

9,213,875

 

8,390,779

 

7,462,057

 

6,722,943

 

6,157,164

SoFi Invest, excluding digital assets(1)

2,525,059

 

2,394,367

 

2,332,045

 

2,224,705

 

2,115,046

 

2,001,951

 

1,880,701

 

1,795,617

 

1,761,989

 

(1)

 

In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts and removing the account from Invest products. This process was completed in the first quarter of 2024.

Members

We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time.

Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons—including fraud or pursuant to certain legal processes—and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude. Beginning in the first quarter of 2024, we aligned our methodology for calculating member and product metrics with our member and product definitions to include co-borrowers, co-signers, and joint- and co-account holders, as applicable. Quarterly amounts for prior periods were determined to be immaterial and were not recast.

Total Products

Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product.

In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product.

In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts and SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts) that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of two products: active investing accounts and robo-advisory accounts. Our members can select any one or combination of the types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed.

Technology Platform Total Accounts

In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue which includes intercompany revenue. Intercompany revenue is eliminated in consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for the Technisys products and solutions, as the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.

Table 7

 

Segment Financials

(Unaudited)

 

​

 

Quarter Ended

($ and shares in thousands)

 

December 31,

2024

 

September 30,

2024

 

June 30,

2024

 

March 31,

2024

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

 

March 31,

2023

 

December 31,

2022

Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

345,210

 

 

$

316,268

 

 

$

279,212

 

 

$

266,536

 

$

262,626

 

$

265,215

 

 

$

231,885

 

 

$

201,047

 

 

$

183,607

 

Total noninterest income

 

 

72,586

 

 

 

79,977

 

 

 

61,493

 

 

 

63,940

 

 

 

90,500

 

 

 

83,758

 

 

 

99,556

 

 

 

136,034

 

 

 

144,584

 

Total net revenue

 

 

417,796

 

 

 

396,245

 

 

 

340,705

 

 

 

330,476

 

 

 

353,126

 

 

 

348,973

 

 

 

331,441

 

 

 

337,081

 

 

 

328,191

 

Adjusted net revenue – Lending(1)

 

 

422,783

 

 

 

391,892

 

 

 

339,052

 

 

 

325,323

 

 

 

346,541

 

 

 

342,481

 

 

 

322,238

 

 

 

325,086

 

 

 

314,930

 

Contribution profit – Lending(2)

 

 

245,958

 

 

 

238,928

 

 

 

197,938

 

 

 

207,719

 

 

 

226,110

 

 

 

203,956

 

 

 

183,309

 

 

 

209,898

 

 

 

208,799

 

Technology Platform

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

473

 

 

$

629

 

 

$

555

 

 

$

501

 

 

$

941

 

 

$

573

 

 

$

—

 

 

$

—

 

 

$

—

 

Total noninterest income

 

 

102,362

 

 

 

101,910

 

 

 

94,883

 

 

 

93,865

 

 

 

95,966

 

 

 

89,350

 

 

 

87,623

 

 

 

77,887

 

 

 

85,652

 

Total net revenue(2)

 

 

102,835

 

 

 

102,539

 

 

 

95,438

 

 

 

94,366

 

 

 

96,907

 

 

 

89,923

 

 

 

87,623

 

 

 

77,887

 

 

 

85,652

 

Contribution profit – Technology Platform

 

 

32,107

 

 

 

32,955

 

 

 

31,151

 

 

 

30,742

 

 

 

30,584

 

 

 

32,191

 

 

 

17,154

 

 

 

14,857

 

 

 

16,881

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

160,337

 

 

$

154,143

 

 

$

139,229

 

 

$

119,713

 

 

$

109,072

 

 

$

93,101

 

 

$

74,637

 

 

$

58,037

 

 

$

45,609

 

Total noninterest income

 

 

96,183

 

 

 

84,165

 

 

 

36,903

 

 

 

30,838

 

 

 

30,043

 

 

 

25,146

 

 

 

23,415

 

 

 

23,064

 

 

 

19,208

 

Total net revenue

 

 

256,520

 

 

 

238,308

 

 

 

176,132

 

 

 

150,551

 

 

 

139,115

 

 

 

118,247

 

 

 

98,052

 

 

 

81,101

 

 

 

64,817

 

Contribution profit (loss) – Financial Services(2)

 

 

114,855

 

 

 

99,758

 

 

 

55,220

 

 

 

37,174

 

 

 

25,060

 

 

 

3,260

 

 

 

(4,347

)

 

 

(24,235

)

 

 

(43,588

)

Corporate/Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

(35,851

)

 

$

(40,030

)

 

$

(6,412

)

 

$

15,968

 

 

$

17,002

 

 

$

(13,926

)

 

$

(15,396

)

 

$

(23,074

)

 

$

(20,632

)

Total noninterest income (loss)

 

 

(7,175

)

 

 

59

 

 

 

(7,245

)

 

 

53,634

 

 

 

9,254

 

 

 

(6,008

)

 

 

(3,702

)

 

 

(837

)

 

 

(1,349

)

Total net revenue (loss)(2)

 

 

(43,026

)

 

 

(39,971

)

 

 

(13,657

)

 

 

69,602

 

 

 

26,256

 

 

 

(19,934

)

 

 

(19,098

)

 

 

(23,911

)

 

 

(21,981

)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

470,169

 

 

$

431,010

 

 

$

412,584

 

 

$

402,718

 

 

$

389,641

 

 

$

344,963

 

 

$

291,126

 

 

$

236,010

 

 

$

208,584

 

Total noninterest income

 

 

263,956

 

 

 

266,111

 

 

 

186,034

 

 

 

242,277

 

 

 

225,763

 

 

 

192,246

 

 

 

206,892

 

 

 

236,148

 

 

 

248,095

 

Total net revenue

 

 

734,125

 

 

 

697,121

 

 

 

598,618

 

 

 

644,995

 

 

 

615,404

 

 

 

537,209

 

 

 

498,018

 

 

 

472,158

 

 

 

456,679

 

Adjusted net revenue(1)

 

 

739,112

 

 

 

689,445

 

 

 

596,965

 

 

 

580,648

 

 

 

594,245

 

 

 

530,717

 

 

 

488,815

 

 

 

460,163

 

 

 

443,418

 

Net income (loss)

 

 

332,473

 

 

 

60,745

 

 

 

17,404

 

 

 

88,043

 

 

 

47,913

 

 

 

(266,684

)

 

 

(47,549

)

 

 

(34,422

)

 

 

(40,006

)

Adjusted EBITDA(1)

 

 

197,957

 

 

 

186,237

 

 

 

137,901

 

 

 

144,385

 

 

 

181,204

 

 

 

98,025

 

 

 

76,819

 

 

 

75,689

 

 

 

70,060

 

 

(1)

 

Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For additional information on these measures and reconciliations to the most directly comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein.

(2)

 

Technology Platform segment total net revenue includes intercompany fees. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses represent a reconciling item of segment contribution profit (loss) to consolidated income (loss) before income taxes.

 

Table 8

 

Disaggregated Revenue

(Unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

($ in thousands)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue from contracts with customers

 

 

 

 

..

 

 

Financial Services

 

 

 

 

 

 

 

Referrals, loan platform business

$

16,264

 

$

9,341

 

$

52,129

 

$

33,602

Referrals, other

 

2,465

 

 

 

1,270

 

 

 

8,197

 

 

 

4,841

 

Interchange

 

21,599

 

 

 

13,286

 

 

 

66,829

 

 

 

35,247

 

Brokerage

 

5,849

 

 

 

4,940

 

 

 

21,494

 

 

 

21,127

 

Other

 

651

 

 

 

417

 

 

 

2,797

 

 

 

2,647

 

Total financial services

$

46,828

 

 

$

29,254

 

 

$

151,446

 

 

$

97,464

 

Technology Platform

 

 

 

 

 

 

 

Technology services

 

86,634

 

 

 

85,969

 

 

 

346,185

 

 

 

319,845

 

Other

 

2,045

 

 

 

1,112

 

 

 

5,492

 

 

 

4,145

 

Total technology platform.

 

88,679

 

 

 

87,081

 

 

 

351,677

 

 

 

323,990

 

Total revenue from contracts with customers

 

135,507

 

 

 

116,335

 

 

 

503,123

 

 

 

421,454

 

Other sources of revenue

 

 

 

 

 

 

 

Loan origination, sales, and securitizations

 

73,913

 

 

 

82,929

 

 

 

255,870

 

 

 

371,812

 

Servicing

 

(1,316

)

 

 

7,525

 

 

 

22,244

 

 

 

37,328

 

Loan platform business, other

 

46,971

 

 

 

—

 

 

 

89,479

 

 

 

—

 

Other

 

8,881

 

 

 

18,974

 

 

 

87,662

 

 

 

30,455

 

Total other sources of revenue

$

128,449

 

 

$

109,428

 

 

$

455,255

 

 

$

439,595

 

Total noninterest income

$

263,956

 

 

$

225,763

 

 

$

958,378

 

 

$

861,049

 

 

Table 9

 

Analysis of Charge-Offs

(Unaudited)

 

 

 

Three Months Ended December 31, 2024

 

Three Months Ended December 31, 2023

($ in thousands)

 

Average Loans

 

Net Charge-offs

 

Ratio

 

Average Loans

 

Net Charge-offs

 

Ratio

Personal loans

 

$

17,409,608

 

$

147,595

 

3.37

%

 

$

15,334,420

 

$

153,928

 

3.98

%

Student loans

 

 

8,214,510

 

 

 

12,713

 

 

0.62

%

 

 

6,421,994

 

 

 

9,616

 

 

0.59

%

Home loans

 

 

115,123

 

 

 

—

 

 

—

%

 

 

88,562

 

 

 

—

 

 

—

%

Secured loans

 

 

902,036

 

 

 

—

 

 

—

%

 

 

104,225

 

 

 

—

 

 

—

%

Credit card

 

 

277,002

 

 

 

8,573

 

 

12.31

%

 

 

261,940

 

 

 

9,279

 

 

14.05

%

Commercial and consumer banking

 

 

150,226

 

 

 

39

 

 

0.07

%

 

 

114,976

 

 

 

41

 

 

0.14

%

Total loans

 

$

27,068,505

 

 

$

168,920

 

 

2.48

%

 

$

22,326,117

 

 

$

172,864

 

 

3.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

Year Ended December 31, 2023

($ in thousands)

 

Average Loans

 

Net Charge-offs

 

Ratio

 

Average Loans

 

Net Charge-offs

 

Ratio

Personal loans

 

$

16,426,053

 

 

$

581,370

 

 

3.54

%

 

$

12,638,807

 

 

$

432,706

 

 

3.42

%

Student loans

 

 

7,414,829

 

 

 

47,097

 

 

0.64

%

 

 

5,641,787

 

 

 

25,048

 

 

0.44

%

Home loans

 

 

77,912

 

 

 

—

 

 

—

%

 

 

78,554

 

 

 

—

 

 

—

%

Secured loans

 

 

1,024,275

 

 

 

—

 

 

—

%

 

 

26,291

 

 

 

—

 

 

—

%

Credit card

 

 

274,093

 

 

 

39,634

 

 

14.46

%

 

 

238,832

 

 

 

40,992

 

 

17.16

%

Commercial and consumer banking

 

 

142,905

 

 

 

89

 

 

0.06

%

 

 

109,541

 

 

 

46

 

 

0.04

%

Total loans

 

$

25,360,067

 

 

$

668,190

 

 

2.63

%

 

$

18,733,812

 

 

$

498,792

 

 

2.66

%

 

Table 10

 

Regulatory Capital

(Unaudited)

 

 

 

December 31, 2024

 

December 31, 2023

 

 

($ in thousands)

 

Amount(1)

 

Ratio(1)

 

Amount

 

Ratio

 

Required

Minimum(2)

SoFi Technologies

 

 

 

 

 

 

 

 

 

 

CET1 risk-based capital

 

$

4,457,212

 

16.0

%

 

$

3,439,969

 

15.0

%

 

7.0

%

Tier 1 risk-based capital

 

 

4,457,212

 

 

16.0

%

 

 

3,439,969

 

 

15.0

%

 

8.5

%

Total risk-based capital

 

 

4,503,619

 

 

16.2

%

 

 

3,494,458

 

 

15.3

%

 

10.5

%

Tier 1 leverage

 

 

4,457,212

 

 

13.4

%

 

 

3,439,969

 

 

12.8

%

 

4.0

%

Risk-weighted assets

 

 

27,859,576

 

 

 

 

 

22,883,185

 

 

 

 

 

Quarterly adjusted average assets

 

 

33,234,725

 

 

 

 

 

26,782,318

 

 

 

 

 

1.  

(1)

 

Estimated.

(2)

 

Required minimums presented for risk-based capital ratios include the required capital conservation buffer.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250127863954/en/

Investors: SoFi Investor Relations IR@sofi.com

Media: SoFi Media Relations PR@sofi.com