XML 58 R36.htm IDEA: XBRL DOCUMENT
v3.23.1

Share-Based Compensation (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation | Share-based compensation expense related to stock options, RSUs and PSUs is presented within the following line items in the condensed consolidated statements of operations and comprehensive income (loss):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Technology and product development |  |  |  |  | $ | 18,228 |  |  | $ | 17,492 |
Sales and marketing |  |  |  |  | 6,587 |  |  | 5,133 |
Cost of operations |  |  |  |  | 1,500 |  |  | 4,143 |
General and administrative |  |  |  |  | 37,911 |  |  | 50,253 |
Total |  |  |  |  | $ | 64,226 |  |  | $ | 77,021 |
Schedule of Stock Option Activity | The following is a summary of stock option activity:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years)
Outstanding as of January 1, 2023 | 18,749,679 |  |  | $ | 7.43 |  |  | 4.7
Exercised | (161,231) |  |  | 1.04 |  |  |
Expired | (18,571) |  |  | 6.36 |  |  |
Outstanding as of March 31, 2023 | 18,569,877 |  |  | $ | 7.49 |  |  | 4.4
Exercisable as of March 31, 2023 | 18,525,473 |  |  | $ | 7.49 |  |  | 4.4
Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity:
| Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023 | 69,538,139 |  |  | $ | 9.07 |
Granted | 27,547,218 |  |  | 6.21 |
Vested(1) | (6,737,174) |  |  | 9.16 |
Forfeited | (4,208,806) |  |  | 9.31 |
Outstanding as of March 31, 2023 | 86,139,377 |  | $ | 8.13 |
________________________ (1)The total fair value, based on grant date fair value, of RSUs that vested during the three months ended March 31, 2023 was $61.7 million.
Schedule of Performance Stock Unit Activity | The following table summarizes PSU activity:
| Number of PSUs |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023 | 19,563,747 |  |  | $ | 9.84 |
Forfeited | (1,490,718) |  |  | 7.51 |
Outstanding as of March 31, 2023 | 18,073,029 |  |  | $ | 10.03 |
Schedule of Valuation Inputs for Compensation Costs Associated with PSUs | The following key unobservable assumptions were used in the fair value measurement of our loans:
| March 31, 2023 |  | December 31, 2022 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Personal loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 14.0% – 24.2% |  | 19.1% |  | 17.3% – 25.5% |  | 19.1% |  |  |  |
Annual default rate | 3.2% – 52.8% |  | 4.6% |  | 3.8% – 37.7% |  | 4.4% |  |  |  |
Discount rate | 5.2% – 8.6% |  | 5.5% |  | 5.4% – 8.3% |  | 6.1% |  |  |  |
Student loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 8.5% – 12.9% |  | 10.4% |  | 16.3% – 21.8% |  | 20.4% |  |  |  |
Annual default rate | 0.2% – 4.3% |  | 0.4% |  | 0.2% – 4.5% |  | 0.5% |  |  |  |
Discount rate | 3.7% – 8.1% |  | 4.1% |  | 3.6% – 8.7% |  | 4.0% |  |  |  |
Home loans |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 2.1% – 13.4% |  | 8.9% |  | 2.0% – 10.2% |  | 7.0% |  |  |  |
Annual default rate | 0.1% – 0.9% |  | 0.1% |  | 0.1% – 1.3% |  | 0.1% |  |  |  |
Discount rate | 5.6% – 14.5% |  | 6.0% |  | 5.7% – 14.1% |  | 5.9% |  |  |  |
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
| March 31, 2023 |  | December 31, 2022 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Personal loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.2% – 0.6% |  | 0.3% |  | 0.2% – 0.5% |  | 0.3% |  |  |  |
Conditional prepayment rate | 18.2% – 28.9% |  | 22.8% |  | 17.9% – 31.3% |  | 22.7% |  |  |  |
Annual default rate | 3.5% – 17.5% |  | 5.7% |  | 3.4% – 7.9% |  | 4.9% |  |  |  |
Discount rate | 7.8% – 7.8% |  | 7.8% |  | 7.8% – 7.8% |  | 7.8% |  |  |  |
Student loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.1% – 0.2% |  | 0.1% |  | 0.1% – 0.2% |  | 0.1% |  |  |  |
Conditional prepayment rate | 9.1% – 15.3% |  | 12.5% |  | 15.4% – 21.9% |  | 17.8% |  |  |  |
Annual default rate | 0.3% – 3.7% |  | 0.5% |  | 0.3% – 4.3% |  | 0.4% |  |  |  |
Discount rate | 7.8% – 7.8% |  | 7.8% |  | 7.8% – 7.8% |  | 7.8% |  |  |  |
Home loans |  |  |  |  |  |  |  |  |  |  |
Market servicing costs | 0.1% – 0.1% |  | 0.1% |  | 0.1% – 0.1% |  | 0.1% |  |  |  |
Conditional prepayment rate | 4.9% – 12.3% |  | 5.5% |  | 4.9% – 11.0% |  | 5.2% |  |  |  |
Annual default rate | 0.1% – 0.2% |  | 0.1% |  | 0.1% – 0.1% |  | 0.1% |  |  |  |
Discount rate | 9.0% – 9.0% |  | 9.0% |  | 9.0% – 9.0% |  | 9.0% |  |  |  |
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
| March 31, 2023 |  | December 31, 2022 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
Residual investments |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 12.7% – 25.2% |  | 14.4% |  | 17.9% – 32.0% |  | 19.9% |  |  |  |
Annual default rate | 0.4% – 5.8% |  | 1.1% |  | 0.4% – 5.4% |  | 1.1% |  |  |  |
Discount rate | 5.0% – 10.0% |  | 6.9% |  | 4.8% – 10.5% |  | 6.7% |  |  |  |
Residual interests classified as debt |  |  |  |  |  |  |  |  |  |  |
Conditional prepayment rate | 12.5% – 13.1% |  | 12.6% |  | 17.2% – 18.1% |  | 17.8% |  |  |  |
Annual default rate | 0.6% – 0.8% |  | 0.6% |  | 0.6% – 0.8% |  | 0.7% |  |  |  |
Discount rate | 7.8% – 7.8% |  | 7.8% |  | 7.5% – 7.5% |  | 7.5% |  |  |  |
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
| March 31, 2023 |  | December 31, 2022 |  |
| Range |  | Weighted Average |  | Range |  | Weighted Average |  |  |  |
IRLCs |  |  |  |  |  |  |  |  |  |  |
Loan funding probability(1) | 2.6% – 58.5% |  | 57.8% |  | 11.1% – 58.6% |  | 46.3% |  |  |  |
Student loan commitments |  |  |  |  |  |  |  |  |  |  |
Loan funding probability(1) | 95.0% – 95.0% |  | 95.0% |  | 95.0% – 95.0% |  | 95.0% |  |  |  |
___________________ (1)The aggregate amount of student loans we committed to fund was $4,842 as of March 31, 2023. See Note 11. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfOtherShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration