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Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of Reportable Segments | The following tables present financial information, including the measure of contribution profit (loss), for each reportable segment for the periods indicated:
Three Months Ended June 30, 2022 |  | Lending(2) |  | Technology Platform(1) |  | Financial Services(1)(2) |  | Reportable Segments Total(2) |  | Corporate/Other(1)(2) |  | Total
Net interest income (expense) |  | $ | 114,003 |  |  | $ | — |  |  | $ | 12,925 |  |  | $ | 126,928 |  |  | $ | (4,199) |  |  | $ | 122,729 |
Noninterest income (loss) |  | 143,114 |  |  | 83,899 |  |  | 17,438 |  |  | 244,451 |  |  | (4,653) |  |  | 239,798 |
Total net revenue (loss) |  | $ | 257,117 |  |  | $ | 83,899 |  |  | $ | 30,363 |  |  | $ | 371,379 |  |  | $ | (8,852) |  |  | $ | 362,527 |
Servicing rights – change in valuation inputs or assumptions(3) |  | (9,098) |  |  | — |  |  | — |  |  | (9,098) |  |  |  |  |
Residual interests classified as debt – change in valuation inputs or assumptions(4) |  | 2,662 |  |  | — |  |  | — |  |  | 2,662 |  |  |  |  |
Directly attributable expenses |  | (108,690) |  |  | (62,058) |  |  | (84,063) |  |  | (254,811) |  |  |  |  |
Contribution profit (loss) |  | $ | 141,991 |  |  | $ | 21,841 |  |  | $ | (53,700) |  |  | $ | 110,132 |  |  |  |  |
Three Months Ended June 30, 2021 |  | Lending |  | Technology Platform |  | Financial Services |  | Reportable Segments Total |  | Corporate/Other |  | Total
Net interest income (expense) |  | $ | 56,822 |  |  | $ | (32) |  |  | $ | 542 |  |  | $ | 57,332 |  |  | $ | (1,320) |  |  | $ | 56,012 |
Noninterest income |  | 109,469 |  |  | 45,329 |  |  | 16,497 |  |  | 171,295 |  |  | 3,967 |  |  | 175,262 |
Total net revenue |  | $ | 166,291 |  |  | $ | 45,297 |  |  | $ | 17,039 |  |  | $ | 228,627 |  |  | $ | 2,647 |  |  | $ | 231,274 |
Servicing rights – change in valuation inputs or assumptions(3) |  | 224 |  |  | — |  |  | — |  |  | 224 |  |  |  |  |
Residual interests classified as debt – change in valuation inputs or assumptions(4) |  | 5,717 |  |  | — |  |  | — |  |  | 5,717 |  |  |  |  |
Directly attributable expenses |  | (83,044) |  |  | (32,284) |  |  | (41,784) |  |  | (157,112) |  |  |  |  |
Contribution profit (loss) |  | $ | 89,188 |  |  | $ | 13,013 |  |  | $ | (24,745) |  |  | $ | 77,456 |  |  |  |  |
Six Months Ended June 30, 2022 |  | Lending(2) |  | Technology Platform(1) |  | Financial Services(1)(2) |  | Reportable Segments Total(2) |  | Corporate/Other(1)(2) |  | Total
Net interest income (expense) |  | $ | 208,357 |  |  | $ | — |  |  | $ | 18,807 |  |  | $ | 227,164 |  |  | $ | (9,502) |  |  | $ | 217,662 |
Noninterest income (loss) |  | 301,749 |  |  | 144,704 |  |  | 35,099 |  |  | 481,552 |  |  | (6,343) |  |  | 475,209 |
Total net revenue (loss) |  | $ | 510,106 |  |  | $ | 144,704 |  |  | $ | 53,906 |  |  | $ | 708,716 |  |  | $ | (15,845) |  |  | $ | 692,871 |
Servicing rights – change in valuation inputs or assumptions(3) |  | (20,678) |  |  | — |  |  | — |  |  | (20,678) |  |  |  |  |
Residual interests classified as debt – change in valuation inputs or assumptions(4) |  | 5,625 |  |  | — |  |  | — |  |  | 5,625 |  |  |  |  |
Directly attributable expenses |  | (220,411) |  |  | (104,608) |  |  | (157,121) |  |  | (482,140) |  |  |  |  |
Contribution profit (loss) |  | $ | 274,642 |  |  | $ | 40,096 |  |  | $ | (103,215) |  |  | $ | 211,523 |  |  |  |  |
Six Months Ended June 30, 2021 |  | Lending |  | Technology Platform |  | Financial Services |  | Reportable Segments Total |  | Corporate/Other |  | Total
Net interest income (expense) |  | $ | 108,599 |  |  | $ | (68) |  |  | $ | 771 |  |  | $ | 109,302 |  |  | $ | (6,010) |  |  | $ | 103,292 |
Noninterest income |  | 205,669 |  |  | 91,430 |  |  | 22,731 |  |  | 319,830 |  |  | 4,136 |  |  | 323,966 |
Total net revenue (loss) |  | $ | 314,268 |  |  | $ | 91,362 |  |  | $ | 23,502 |  |  | $ | 429,132 |  |  | $ | (1,874) |  |  | $ | 427,258 |
Servicing rights – change in valuation inputs or assumptions(3) |  | 12,333 |  |  | — |  |  | — |  |  | 12,333 |  |  |  |  |
Residual interests classified as debt – change in valuation inputs or assumptions(4) |  | 13,668 |  |  | — |  |  | — |  |  | 13,668 |  |  |  |  |
Directly attributable expenses |  | (163,395) |  |  | (62,664) |  |  | (83,766) |  |  | (309,825) |  |  |  |  |
Contribution profit (loss) |  | $ | 176,874 |  |  | $ | 28,698 |  |  | $ | (60,264) |  |  | $ | 145,308 |  |  |  |  |
____________________ (1)During the three and six months ended June 30, 2022, total net revenue for the Technology Platform segment included $953 and $1,723, respectively, of intercompany fees earned by Galileo from SoFi, which is a Galileo client. There is an equal and offsetting expense reflected within the Financial Services segment directly attributable expenses representing the intercompany fees incurred to Galileo. The intercompany revenue and expense are eliminated in consolidation. The revenue is eliminated within Corporate/Other and the expense is adjusted in our reconciliation of directly attributable expenses below. We did not recast the segment information for these intercompany amounts for the three and six months ended June 30, 2021, but rather reflected the full year 2021 impact within the fourth quarter of 2021, as inter-quarter amounts were determined to be immaterial. Additionally, for both the three and six months ended June 30, 2022, total net revenue for the Technology Platform segment included $718 of intercompany fees earned by Technisys from Galileo, which is a Technisys client. There is an equal and offsetting expense reflected within the Technology Platform segment directly attributable expenses representing the intercompany fees incurred by Galileo to Technisys. The intercompany revenue and expense are eliminated in consolidation. The revenue is eliminated within Corporate/Other and the expense is adjusted in our reconciliation of directly attributable expenses below. (2)During the first quarter of 2022, we implemented a centralized FTP framework to attribute net interest income to our business segments based on their usage and/or provision of funding, which impacted the measure of net interest income and, thereby, total net revenue and contribution profit (loss) in our Lending and Financial Services segments, as well as the total net revenue in Corporate/Other, but had no impact on our consolidated results of operations. The net interest income presented within Corporate/Other represents the residual impact of the FTP charges and FTP credits on our reportable segments. (3)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment and default rates and discount rates. This non-cash change, which is recorded within noninterest income in the unaudited condensed consolidated statements of operations and comprehensive income (loss) is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, the changes in fair value attributable to assumption changes are adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations. (4)Reflects changes in fair value inputs and assumptions, including conditional prepayment and 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, with fair value changes recorded within noninterest income in the unaudited condensed consolidated statements of operations and comprehensive income (loss). The fair value change attributable to assumption changes has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to securitization collateral cash flows), or the general operations of our business. As such, this non-cash change in fair value during the period is adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations. The following table reconciles reportable segments total contribution profit to loss before income taxes for the periods presented. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Reportable segments total contribution profit | $ | 110,132 |  |  | $ | 77,456 |  |  | $ | 211,523 |  |  | $ | 145,308 |
Corporate/Other total net revenue (loss) | (8,852) |  |  | 2,647 |  |  | (15,845) |  |  | (1,874) |
Intercompany expenses | 1,671 |  |  | — |  |  | 2,441 |  |  | — |
Servicing rights – change in valuation inputs or assumptions | 9,098 |  |  | (224) |  |  | 20,678 |  |  | (12,333) |
Residual interests classified as debt – change in valuation inputs or assumptions | (2,662) |  |  | (5,717) |  |  | (5,625) |  |  | (13,668) |
Expenses not allocated to segments: |  |  |  |  |  |  |
Share-based compensation expense | (80,142) |  |  | (52,154) |  |  | (157,163) |  |  | (89,608) |
Depreciation and amortization expense | (38,056) |  |  | (24,989) |  |  | (68,754) |  |  | (50,966) |
Fair value change of warrant liabilities | — |  |  | (70,989) |  |  | — |  |  | (160,909) |
Employee-related costs(1) | (45,316) |  |  | (36,944) |  |  | (88,006) |  |  | (69,224) |
Special payment(3) | — |  |  | (21,181) |  |  | — |  |  | (21,181) |
Other corporate and unallocated expenses(2) | (41,589) |  |  | (33,297) |  |  | (104,570) |  |  | (67,402) |
Loss before income taxes | $ | (95,716) |  |  | $ | (165,392) |  |  | $ | (205,321) |  |  | $ | (341,857) |
__________________ (1)Includes compensation, benefits, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments. (2)Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, corporate insurance expense and transaction-related expenses. (3)Represents a special payment to the Series 1 preferred stockholders in connection with the Business Combination.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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