
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
Personal Lending
Revenue from fees, net	$	128,545	$	237,302	$	263,959	$	419,882
Borrower acquisition costs(2)	(21,231)		(57,249)		(44,425)		(102,390)
Borrower verification and servicing costs(3)	(26,480)		(32,624)		(53,430)		(62,098)
Contribution Profit for Personal Lending	$	80,834	$	147,429	$	166,104	$	255,394

(1)Personal Lending includes unsecured personal loans, small dollar loans and auto secured personal loans. It does not include Auto Lending and Other operating segments as these did not meet the separate reporting or aggregation criteria under GAAP.

(2)Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

(3)Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
Contribution Profit:
Personal Lending	$	80,834	$	147,429	$	166,104	$	255,394
Reconciling items:
Other Contribution Profit/(Loss)(1)	(4,717)		(6,886)		(8,845)		(12,479)
Sales and marketing, net of borrower acquisition costs(2)	(9,741)		(12,170)		(20,072)		(22,578)
Customer operations, net of borrower verification and servicing costs(3)	(7,486)		(6,947)		(14,787)		(12,907)
Engineering and product development	(58,453)		(68,825)		(121,544)		(126,663)
General, administrative, and other	(53,021)		(64,573)		(110,634)		(125,131)
Interest income, interest expense, and fair value adjustments, net	(2,902)		16,514		(13,176)		44,410


Other income, net	1,031		1,114		3,915		3,192

Net income (loss) before income taxes	$	(54,455)	$	5,656	$	(119,039)	$	3,238

(2)Borrower acquisition costs were $23.2 million and $60.9 million for the three months ended June 30, 2024 and 2025, respectively, and were $48.0 million and $109.5 million for the six months ended June 30, 2024 and 2025, respectively. Borrower acquisition costs consist of the Company’s sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for the Company’s business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

(3)Borrower verification and servicing costs were $31.2 million and $39.3 million for the three months ended June 30, 2024 and 2025, respectively, and were $63.3 million and $73.8 million for the six months ended June 30, 2024 and 2025, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of the Company’s customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.