v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net income (loss) $ 210,280 $ (19,862)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Provision for losses 376,905 312,804
Amortization of premiums and discounts on loans (143,999) (111,297)
Gain on sales of loans (304,280) (188,900)
Gain on extinguishment of debt (1,537) (82,418)
Changes in fair value of assets and liabilities 1,905 4,622
Amortization of commercial agreement assets 12,815 28,511
Amortization of debt issuance costs 14,072 12,990
Accrued interest on securities available for sale (18,272) (26,618)
Commercial agreement warrant expense 102,184 194,039
Stock-based compensation 163,653 180,331
Depreciation and amortization 140,922 101,614
Other (19,095) (2,151)
Change in operating assets and liabilities:    
Purchases and origination of loans held for sale (1,477,398) (2,262,419)
Proceeds from the sale of loans held for sale 1,476,673 2,262,441
Accounts receivable, net 149,916 143,781
Other assets (39,030) (27,421)
Accounts payable (25,592) 9,607
Payable to third-party loan buyers (81,372) (2,398)
Accrued interest payable 5,054 1,894
Accrued expenses and other liabilities 4,505 (20,266)
Net cash provided by operating activities 548,310 508,884
Cash flows from investing activities    
Purchases and origination of loans held for investment (22,462,467) (15,051,906)
Proceeds from the sale of loans held for investment 9,605,927 5,264,335
Principal repayments and other loan servicing activity 11,249,582 8,661,493
Additions to property, equipment and software (110,069) (88,057)
Purchases of securities available for sale (214,397) (184,885)
Proceeds from maturities and repayments of securities available for sale 426,676 720,570
Other investing inflows 141 36,383
Other investing outflows 0 (22,000)
Net cash used in investing activities (1,504,608) (664,067)
Cash flows from financing activities    
Proceeds from the issuance of convertible notes 0 920,000
Proceeds from the issuance of funding debt 17,273,024 7,893,354
Proceeds from issuance of notes and certificates by securitization trust 1,100,000 750,000
Principal repayments of funding debt (15,850,765) (7,548,552)
Principal repayments of notes issued by securitization trust (1,100,000) 0
Payment of debt issuance costs (10,696) (23,070)
Extinguishment of convertible debt (25,758) (1,012,856)
Proceeds from exercise of common stock options and warrants and contributions to ESPP 104,098 39,388
Repurchase of common stock 0 (250,000)
Taxes paid related to net share settlement of equity awards (193,236) (158,543)
Net cash provided by financing activities 1,296,666 609,721
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,219) (12,780)
Net increase in cash, cash equivalents and restricted cash 338,149 441,758
Cash, cash equivalents and restricted cash, beginning of period 1,756,423 1,295,399
Cash, cash equivalents and restricted cash, end of period 2,094,572 1,737,157
Reconciliation to amounts on consolidated balance sheets (as of period end)    
Cash and cash equivalents 1,527,880 1,200,381
Restricted cash 566,692 536,776
Total cash, cash equivalents and restricted cash 2,094,572 1,737,157
Supplemental disclosures of cash flow information    
Cash payments for interest expense 205,789 201,129
Cash paid for operating leases 8,443 8,322
Cash paid for income taxes 2,233 1,110
Supplemental disclosures of non-cash investing and financing activities    
Stock-based compensation included in capitalized internal-use software 99,521 94,186
Securities retained under unconsolidated securitization transactions 44,608 41,940
Right of use assets obtained in exchange for operating lease liabilities $ 11,513 $ 0