54% Combined Revenue Growth in Tech Platform
and Financial Services Segments Drove 26% Growth in Total Adjusted
Net Revenue
Management Raises FY 24 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 first quarter ended March 31,
2024.
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Anthony Noto, CEO of SoFi Technologies, Inc. commented: “Our
first quarter was an exceptionally strong start to 2024,
demonstrating significant momentum as we responsibly grow revenue
and diversify toward our Financial Services and Tech Platform
segments, sustain profitability, reinforce our balance sheet, and
grow our member base. We delivered adjusted net revenue of $581
million, representing 26% year-over-year growth. Financial Services
and Tech Platform segment revenue combined grew 54% and represented
a record 42% of consolidated adjusted net revenue, offsetting flat
Lending segment revenue given a more conservative approach in light
of macroeconomic uncertainty.”
“We delivered adjusted EBITDA of $144 million, a 25% margin,
representing 91% year-over-year growth. This equates to a 57%
incremental adjusted EBITDA margin, with all three segments
profitable on a contribution basis. At the same time, we further
strengthened our balance sheet growing tangible book value by $608
million, ending the quarter at $4.1 billion and $3.92 of tangible
book value per share up 16% sequentially."
Consolidated Results Summary
Three Months Ended March
31,
% Change
($ in thousands, except per share
amounts)
2024
2023
Consolidated – GAAP
Total net revenue
$
644,995
$
472,158
37
%
Net income (loss)
88,043
(34,422
)
n/m
Net income (loss) attributable to common
stockholders – basic
77,964
(44,390
)
n/m
Net income (loss) attributable to common
stockholders – diluted(1)
22,523
(44,390
)
n/m
Earnings (loss) per share attributable to
common stockholders – basic
0.08
(0.05
)
n/m
Earnings (loss) per share attributable to
common stockholders – diluted(1)
0.02
(0.05
)
n/m
Consolidated – Non-GAAP
Adjusted net revenue(2)
$
580,648
$
460,163
26
%
Adjusted EBITDA(2)
144,385
75,689
91
%
Tangible book value (as of period
end)(3)
4,084,605
3,191,201
28
%
Tangible book value per common
share(3)
3.92
3.43
14
%
___________________
(1)
For the three months ended March
31, 2024, diluted earnings per share of $0.02 and diluted net
income attributable to common stockholders of $22,523 exclude gain
on extinguishment of debt, net of tax, associated with convertible
note activity during the period, as well as interest expense
incurred, net of tax, related to convertible notes due 2026.
(2)
Adjusted net revenue and adjusted
EBITDA are non-GAAP financial measures. For more information and
reconciliations to the most comparable GAAP measures, see “Non-GAAP
Financial Measures” and Table 2 to the “Financial Tables”
herein.
(3)
Tangible book value is defined as
permanent equity, adjusted to exclude goodwill and intangible
assets. Tangible book value per share is defined as tangible book
value, divided by diluted weighted average common stock
outstanding. Refer to Table 7 to the “Financial Tables” herein.
Noto continued: “We opportunistically executed two key
transactions in the quarter. First, we issued $862.5 million of
convertible notes due in 2029 at a 1.25% coupon to reduce overall
financing costs. Second, we exchanged $600.0 million principal of
our convertible notes due in 2026 for shares of SoFi common stock
at a notable discount to par, which further strengthened our
balance sheet for long-term growth. These transactions reduce
upcoming maturities, have minimal impact on a fully diluted EPS
basis for 2024 and are accretive to tangible book value and
tangible book value per share. In terms of our regulatory capital
ratios, our total capital ratio of 17.3% improved by 200 bps from
15.3% last quarter and remains comfortably above the regulatory
minimum of 10.5%.
“Total deposits grew by a record of $3.0 billion, up 16% during
the first quarter to $21.6 billion at quarter-end, with over 90% of
SoFi Money deposits (inclusive of Checking and Savings and cash
management accounts) coming from direct deposit members. For new
direct deposit accounts opened in the first quarter of 2024, the
median FICO score was 744, with more than half of newly funded SoFi
Money accounts setting up direct deposit by day 30. This account
primacy boosted debit spend by more than threefold year-over-year
to over $1.9 billion. Importantly, and as anticipated, we continue
to benefit from continued strong cross-buy trends from this
attractive member base into Lending and other Financial Services
products.
“This growth in high quality deposits drives lower cost of
funding for our loans and increases our flexibility to capture
additional net interest margin (NIM) and optimize returns, a
critical advantage in light of notable macroeconomic uncertainty.
We saw year-over-year expansion in our net interest margin to 5.91%
in the quarter. SoFi Bank, N.A. generated $100 million of GAAP net
income at a 21% margin in the first quarter of 2024, and an
annualized return on tangible equity of 11.7%."
Noto concluded: “Tech Platform revenue growth accelerated to 21%
year-over-year, while contribution margins rose from 19% to 33% as
our consistent product development and successful shift in sales
strategy has enabled us to diversify growth and pursue larger, more
durable revenue opportunities.
“In Lending, a record 82% of the segment’s adjusted net revenue
was derived from Net Interest Income, compared to 76% last quarter
and 62% in the year-ago quarter. This is a direct benefit of the
strong performance of our balance sheet assets. In fact, the
percent of adjusted Lending revenue from Net Interest Income has
more than doubled since we launched SoFi Bank two years ago.”
Consolidated Results
SoFi reported a number of key financial achievements in the
first quarter of 2024, including total GAAP net revenue of $645.0
million, which increased 37% relative to the prior-year period's
$472.2 million. First quarter adjusted net revenue of $580.6
million grew 26% from the corresponding prior-year period of $460.2
million. First quarter adjusted EBITDA of $144.4 million increased
91% from the same prior year period's $75.7 million.
SoFi reported its second consecutive quarter of GAAP net income,
achieving $88.0 million in the first quarter of 2024, which
includes a $59.2 million one-time benefit from exchanging
convertible debt in the quarter. This compares to a loss of $34.4
million in the first quarter of 2023. Diluted earnings per share
for the first quarter was $0.02, which did not include a benefit
from the convertible debt exchange in the quarter.
Net interest income of $402.7 million for the first quarter was
up 71% and up 3% sequentially. Net interest margin of 5.91% was up
from 5.48% in the prior-year quarter.
The average rate on interest-earning assets decreased by 20
basis points sequentially and increased 114 basis points versus the
prior-year period, while the average rate on interest-bearing
liabilities decreased 13 basis points sequentially and increased 54
basis points year-over-year. The funding of loans continued to
shift toward deposits. In the first quarter of 2024, the average
rate on deposits was 226 basis points lower than that of warehouse
facilities.
Member and Product Growth
Continued growth of over 35% in both total members and products,
along with improving operating efficiency, reflects the benefits of
our broad product suite and unique Financial Services Productivity
Loop (FSPL) strategy.
New member additions were nearly 622,000 in the quarter, and
total members reached over 8.1 million by quarter-end, up nearly
2.5 million, or 44%, from the prior year period.
Product additions were over 989,000 in the first quarter of
2024, and total products were over 11.8 million at quarter-end, up
38% from 8.6 million at the same prior year period.
In the Financial Services segment, total products increased by
42% year-over-year, to 10.1 million from 7.1 million in the first
quarter of 2023. SoFi Money (inclusive of Checking and Savings and
cash management accounts) grew 61% year-over-year to 3.9 million
products, SoFi Relay grew 64% year-over-year to 3.6 million
products and SoFi Invest grew 1% year-over-year to 2.2 million
products, but when adjusted to exclude the accounts of our now
closed digital assets business, total products increased 24%
year-over-year.
Lending products increased 20% year-over-year to 1.7 million
products, driven primarily by continued demand for personal loan
products as well as steady growth in student loan products.
Technology Platform enabled accounts increased by 20%
year-over-year to 151 million.
Lending Segment Results
For the first quarter of 2024, Lending segment GAAP net revenue
of $330.5 million decreased 2% from the prior year period, while
adjusted net revenue for the segment remained flat year-over-year
at $325.3 million. Higher loan balances and net interest margin
expansion drove strong growth in net interest income of $65.5
million, or 33% year-over-year, for the first quarter of 2024. Net
interest income of $266.5 million significantly exceeded directly
attributable segment expenses of $117.6 million for the first
quarter of 2024.
Lending segment first quarter of 2024 contribution profit was
$207.7 million, down 1% from $209.9 million in the same prior-year
period. Contribution margin using Lending adjusted net revenue for
the first quarter of 2024 decreased to 64% from 65% in the same
prior-year period. These strong margins reflect SoFi’s ability to
capitalize on continued strong demand for its lending products.
Lending – Segment Results of
Operations
Three Months Ended March
31,
($ in thousands)
2024
2023
% Change
Net interest income
$
266,536
$
201,047
33
%
Noninterest income
63,940
136,034
(53
)%
Total net revenue – Lending
330,476
337,081
(2
)%
Servicing rights – change in valuation
inputs or assumptions
(5,226
)
(12,084
)
(57
)%
Residual interests classified as
debt – change in valuation inputs or assumptions
73
89
(18
)%
Directly attributable expenses
(117,604
)
(115,188
)
2
%
Contribution profit
$
207,719
$
209,898
(1
)%
Adjusted net revenue –
Lending(1)
$
325,323
$
325,086
—
%
___________________
(1)
Adjusted net revenue – Lending
represents a non-GAAP financial measure. For more information and a
reconciliation 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
March 31,
2024
Unpaid principal
$
14,332,874
$
6,559,211
$
58,304
$
20,950,389
Accumulated interest
116,366
27,414
22
143,802
Cumulative fair value adjustments(1)
607,765
247,536
1,151
856,452
Total fair value of loans(2)(3)
$
15,057,005
$
6,834,161
$
59,477
$
21,950,643
December 31,
2023
Unpaid principal
$
14,498,629
$
6,445,586
$
67,406
$
21,011,621
Accumulated interest
114,541
34,357
92
148,990
Cumulative fair value adjustments(1)
717,403
245,541
(1,300
)
961,644
Total fair value of loans(2)(3)
$
15,330,573
$
6,725,484
$
66,198
$
22,122,255
___________________
(1)
During the three months ended
March 31, 2024, the cumulative fair value adjustments for personal
loans were primarily impacted by lower unpaid principal balance and
higher prepayment rate, discount rate and default rate assumptions,
which resulted in lower fair value marks. The cumulative fair value
adjustments for student loans were primarily impacted by higher
unpaid principal balance.
(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
March 31, 2024
December 31,
2023
March 31, 2024
December 31,
2023
Weighted average coupon rate(1)
13.8
%
13.8
%
5.6
%
5.6
%
Weighted average annual default rate
4.8
%
4.8
%
0.6
%
0.6
%
Weighted average conditional prepayment
rate
24.7
%
23.2
%
10.5
%
10.5
%
Weighted average discount rate
5.8
%
5.5
%
4.3
%
4.3
%
Benchmark rate(2)
4.5
%
4.1
%
4.1
%
3.6
%
___________________
(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.
First quarter Lending segment total origination volume increased
22% year-over-year, as a result of continued strong demand for
personal loans and stable growth in student loan originations.
Personal loan originations of $3.3 billion in the first quarter
of 2024 were up 11% year-over-year, and increased 2% sequentially,
as anticipated given our more conservative approach in light of
macro uncertainty. First quarter student loan volume of nearly $752
million was up 43% year-over-year, and declined 5% sequentially.
First quarter home loan volume of $336 million was up 274%
year-over-year, and 9% sequentially.
Lending – Originations and Average
Balances
Three Months Ended March
31,
% Change
2024
2023
Origination volume ($ in thousands, during
period)
Personal loans
$
3,278,882
$
2,951,358
11
%
Student loans
751,680
525,373
43
%
Home loans
336,148
89,787
274
%
Total
$
4,366,710
$
3,566,518
22
%
Average loan balance ($, as of period
end)(1)
Personal loans
$
24,259
$
25,008
(3
)%
Student loans
44,448
46,106
(4
)%
Home loans
282,917
283,579
—
%
_________________
(1)
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.
Loans with a balance and average loan balance include 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
March 31,
2024
2023
% Change
Personal loans
1,152,688
904,912
27
%
Student loans
521,835
484,961
8
%
Home loans
30,632
26,249
17
%
Total lending products
1,705,155
1,416,122
20
%
Technology Platform Segment Results
Technology Platform segment net revenue of $94.4 million for the
first quarter of 2024 increased 21% year-over-year, versus 13%
reported last quarter, inline with our guidance for accelerating
growth. Contribution profit of $30.7 million for the first quarter
of 2024 increased 107% year-over-year, for a margin of 33%.
In the first quarter of 2024, growth was driven by strong
performance from new clients onboarded over the last three
quarters, large bank deals signed in LatAm, and strong monetization
of existing clients launching new products on our platform. As
noted previously, we continue to make significant strides in our
strategy of leveraging our unique product suite to pursue
diversified growth and larger, more durable revenue
opportunities.
Technology Platform – Segment Results
of Operations
Three Months Ended March
31,
($ in thousands)
2024
2023
% Change
Net interest income
$
501
$
—
n/m
Noninterest income
93,865
77,887
21
%
Total net revenue – Technology
Platform
94,366
77,887
21
%
Directly attributable expenses
(63,624
)
(63,030
)
1
%
Contribution profit
$
30,742
$
14,857
107
%
Technology Platform total enabled client accounts increased 20%
year-over-year, to 151.0 million up from 126.3 million in the
year-prior period.
There is a robust pipeline of ongoing discussions with potential
partners with large existing customer bases across both the U.S.
and Latin America spanning both the financial services and
non-financial services segments.
Technology Platform
March 31,
2024
2023
% Change
Total accounts
151,049,375
126,326,916
20
%
Financial Services Segment Results
Financial Services segment net revenue increased 86% in the
first quarter of 2024 to a record $150.6 million from the prior
year period's total of $81.1 million, helped by 65% growth in
segment interchange revenue and 106% growth in net interest income.
Notably, the company exceeded $1.9 billion in point of sale debit
transaction volume in the first quarter of 2024, representing an
annualized run rate of nearly $8 billion. Strength in the segment
results was driven by new all-time high revenue for SoFi Money and
lending as a service, as well as continued contributions from SoFi
Invest and Credit Card.
The Financial Services segment posted a contribution profit of
$37.2 million for the first quarter of 2024, reflecting a $61.4
million improvement over the comparable prior year quarter's $24.2
million loss, while contribution margin grew 7 percentage points
sequentially to 25%. This is a strong testament of our ability to
scale new businesses from a significant investment phase to
profitability via a continuous process of optimizing unit economics
and efficiently acquiring members and achieving cross buy.
Monetization progress is underscored by annualized revenue per
product of $59 for the first quarter of 2024, which grew 31%
year-over-year. At the same time, operating leverage is evident, as
the segment generated $69.5 million in incremental revenue, with
only $8.0 million in incremental directly attributable expenses
year-over-year, driving an 88.4% incremental contribution profit
margin.
Financial Services – Segment Results of
Operations
Three Months Ended March
31,
($ in thousands)
2024
2023
% Change
Net interest income
$
119,713
$
58,037
106
%
Noninterest income
30,838
23,064
34
%
Total net revenue – Financial
Services
150,551
81,101
86
%
Directly attributable expenses
(113,377
)
(105,336
)
8
%
Contribution profit (loss)
$
37,174
$
(24,235
)
n/m
By continuously innovating with new and relevant offerings,
features and rewards for members, SoFi grew total Financial
Services products by nearly 3.0 million, or 42%, year-over-year,
bringing the total to 10.1 million at quarter-end. In the first
quarter of 2024, SoFi Money reached 3.9 million products, Relay
reached 3.6 million and SoFi Invest reached 2.2 million
products.
Most notably, SoFi Money offers an APY of up to 4.60% as of
April 29, 2024, 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 16% during the first quarter to $21.6 billion
at quarter-end, with over 90% of SoFi Money deposits (inclusive of
Checking and Savings and cash management accounts) coming from
direct deposit members. More than half of newly funded SoFi Money
accounts were setting up direct deposit by day 30 in the first
quarter of 2024.
Financial Services – Products
March 31,
2024
2023
% Change
Money(1)
3,880,021
2,413,013
61
%
Invest
2,224,705
2,210,915
1
%
Credit Card
254,617
193,236
32
%
Referred loans(2)
59,555
44,586
34
%
Relay
3,613,686
2,205,931
64
%
At Work
92,389
70,560
31
%
Total financial services products
10,124,973
7,138,241
42
%
___________________
(1)
Includes checking and savings accounts
held at SoFi Bank, and cash management accounts.
(2)
Limited to loans wherein we provide third
party fulfillment services.
Guidance and Outlook
2024 remains a transitional year for SoFi as the Tech Platform
and Financial Services segments together are expected to drive
growth and increase from 38% of total adjusted net revenue in 2023
to approximately 50% for the full year of 2024. For the full year
2024, management expects to deliver adjusted net revenue of $2.39
to $2.43 billion, which is $25 million higher than the implied
prior guidance range of $2.365 to $2.405 billion. This guidance
assumes Lending revenue will be 92% to 95% of 2023 levels, which is
unchanged from prior guidance, Tech Platform will grow
approximately 20% year over year, which is also unchanged, and
Financial Services revenue is expected to grow more than 75% year
over year.
Additionally, management now expects to deliver adjusted EBITDA
of $590 to $600 million, above prior guidance of $580 to $590
million. This represents 15 to 17% adjusted net revenue growth and
a 25% Adjusted EBITDA margin. Management now expects full-year GAAP
net income of $165 to $175 million, above prior guidance of $95 to
$105 million, and GAAP EPS of $0.08 to $0.09, above prior guidance
of $0.07 to $0.08.
Management now expects growth in tangible book value of
approximately $800 million to $1 billion for the year versus
previous guidance of $300 to $500 million, given the benefits of
the recent convertible debt exchange along with the effects of new
convertible issuance. We now expect to end the year with a total
capital ratio of over 16%, due to those transactions versus our
previous guidance of 14%. We continue to expect to add at least 2.3
million new members in 2024, which represents 30% growth.
For the second quarter of 2024, management expects to deliver
adjusted net revenues of $555 to $565 million, adjusted EBITDA of
$115 to $125 million and Net Income of $5 to $10 million.
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 of total net revenue, net income and gross margin.
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 the second quarter of
2024 adjusted net revenue, adjusted EBITDA, adjusted EBITDA margin
and GAAP net income, our expectations regarding full year 2024
adjusted EBITDA, adjusted EBITDA margin, GAAP net income, and
adjusted net revenue growth, our expectations regarding our ability
to continue to grow our business and launch new business lines and
products, improve our financials and increase our member, product
and total accounts count, our ability to achieve diversified growth
and larger, more durable revenue, our ability to navigate the
macroeconomic environment 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”, “continue”, “expect”, “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 recessionary pressures,
fluctuating inflation and interest rates, and volatility from
global events; (ii) our ability to achieve and maintain
profitability, operating efficiencies and continued growth across
our three businesses in the future, as well as our ability to
continue to achieve GAAP net income profitability and expected GAAP
net income margins; (iii) the impact on our business of the
regulatory environment 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 or our integrated multi-media 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, including debt financing and
other sources of capital to finance operations and growth; (ix) the
success of our continued investments in our Financial Services
segment and in our business generally; (x) the success of our
marketing efforts and 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 develop new products, features and
functionality that are competitive and meet market needs; (xiii)
our ability to realize the benefits of our strategy, including what
we refer to as our FSPL; (xiv) our ability to make accurate credit
and pricing decisions or effectively forecast our loss rates; (xv)
our ability to establish and maintain an effective system of
internal controls over financial reporting; (xvi) our ability to
maintain the security and reliability of our products; and (xvii)
the outcome of any legal or governmental proceedings that may be
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 our adjusted net
revenue and adjusted EBITDA, which are non-GAAP financial measures
provided as supplements to the results provided in accordance with
accounting principles generally accepted in the United States
(GAAP). We use adjusted net revenue and adjusted EBITDA 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
adjusted net revenue and adjusted EBITDA provide useful information
to investors and others in understanding and evaluating our
operating results in the same manner as our management. These
non-GAAP measures are presented for supplemental informational
purposes only, 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, such as total net
revenue and net income (loss). 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.
Forward-looking non-GAAP financial measures are presented
without reconciliations of such forward-looking non-GAAP measures
because the GAAP financial measures are not accessible on a
forward-looking basis and reconciling information is not available
without unreasonable effort due to the inherent difficulty in
forecasting and quantifying certain amounts that are necessary for
such reconciliations, including adjustments reflected in our
reconciliation of historic non-GAAP financial measures, the amounts
of which, based on historical experience, could be material.
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 more than
8.1 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 (CFP®), 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 (Twitter 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
Table 1
SoFi Technologies,
Inc.
Condensed Consolidated
Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(In Thousands, Except for
Share and Per Share Data)
Three Months Ended March
31,
2024
2023
Interest income
Loans and securitizations
$
620,228
$
360,396
Other
45,683
11,168
Total interest income
665,911
371,564
Interest expense
Securitizations and warehouses
40,921
54,324
Deposits
211,451
73,116
Corporate borrowings
10,711
8,000
Other
110
114
Total interest expense
263,193
135,554
Net interest income
402,718
236,010
Noninterest income
Loan origination, sales, and
securitizations
57,000
123,334
Servicing
6,974
12,742
Technology products and solutions
85,672
72,801
Other
92,631
27,271
Total noninterest income
242,277
236,148
Total net revenue
644,995
472,158
Noninterest expense
Technology and product development
130,920
117,059
Sales and marketing
167,366
175,154
Cost of operations
100,061
83,908
General and administrative
145,240
123,689
Provision for credit losses
7,182
8,407
Total noninterest expense
550,769
508,217
Income (loss) before income taxes
94,226
(36,059
)
Income tax (expense) benefit
(6,183
)
1,637
Net income (loss)
$
88,043
$
(34,422
)
Earnings (loss) per share
Earnings (loss) per share – basic
$
0.08
$
(0.05
)
Earnings (loss) per share – diluted
$
0.02
$
(0.05
)
Weighted average common stock
outstanding – basic
982,617,492
929,270,723
Weighted average common stock
outstanding – diluted
1,042,476,501
929,270,723
Table 2
Non-GAAP Financial Measures
(Unaudited)
Reconciliation of Adjusted Net
Revenue
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. For our consolidated results and for the Lending segment, we
reconcile adjusted net revenue to total net revenue, the most
directly comparable GAAP measure, as presented for the periods
indicated below:
Three Months Ended March
31,
($ in thousands)
2024
2023
Total net revenue
$
644,995
$
472,158
Servicing rights – change in valuation
inputs or assumptions(1)
(5,226
)
(12,084
)
Residual interests classified as
debt – change in valuation inputs or assumptions(2)
73
89
Gain on extinguishment of debt(3)
(59,194
)
—
Adjusted net revenue
$
580,648
$
460,163
Three Months Ended March
31,
($ in thousands)
2024
2023
Total net revenue – Lending
$
330,476
$
337,081
Servicing rights – change in valuation
inputs or assumptions(1)
(5,226
)
(12,084
)
Residual interests classified as
debt – change in valuation inputs or assumptions(2)
73
89
Adjusted net revenue – Lending
$
325,323
$
325,086
___________________
(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. As
such, these positive and negative changes are adjusted out of total
net revenue to provide management and financial users with better
visibility into the net revenue available to finance our operations
and our overall performance.
(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. As such, these positive and negative non-cash changes
in fair value attributable to assumption changes are adjusted out
of total net revenue to provide management and financial users with
better visibility into the net revenue available to finance our
operations.
(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. These non-cash charges are not indicative of our core
operating performance, and as such are adjusted out of total net
revenue to provide management and financial users with better
visibility into the net revenue available to finance our operations
and our overall performance.
Reconciliation of Adjusted EBITDA
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 warrant liabilities, (x) fair
value changes in each of servicing rights and residual interests
classified as debt due to valuation assumptions, (xi) gain on
extinguishment of debt, and (xii) other charges, as appropriate,
that are not expected to recur and are not indicative of our core
operating performance. We reconcile adjusted EBITDA to net income
(loss), the most directly comparable GAAP measure, for the periods
indicated below:
Three Months Ended March
31,
($ in thousands)
2024
2023
Net income (loss)
$
88,043
$
(34,422
)
Non-GAAP adjustments:
Interest expense – corporate
borrowings(1)
10,711
8,000
Income tax expense (benefit)(2)
6,183
(1,637
)
Depreciation and amortization(3)
48,539
45,321
Share-based expense
55,082
64,226
Restructuring charges(4)
—
4,953
Impairment expense(5)
—
1,243
Foreign currency impact of highly
inflationary subsidiaries(6)
174
—
Servicing rights – change in valuation
inputs or assumptions(7)
(5,226
)
(12,084
)
Residual interests classified as
debt – change in valuation inputs or assumptions(8)
73
89
Gain on extinguishment of debt(9)
(59,194
)
—
Total adjustments
56,342
110,111
Adjusted EBITDA
$
144,385
$
75,689
___________________
(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.
Revolving credit facility interest expense in the 2024 period
increased due to higher interest rates relative to the prior year
periods on identical outstanding debt. Convertible note interest
expense in the 2024 period increased related to the issuance of
interest-bearing convertible senior notes during the period.
(2)
Our income tax positions in both
the 2024 and 2023 periods were impacted by income tax expenses
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. Our income tax benefit position in the 2023 period was
primarily attributable to income tax benefits from foreign losses
in jurisdictions with net deferred tax liabilities related to
Technisys.
(3)
Depreciation and amortization
expense for the 2024 period increased compared to the 2023 period
primarily in connection with growth in our internally-developed
software balance.
(4)
Restructuring charges in the 2023
period primarily included employee-related wages, benefits and
severance associated with a reduction in headcount in our
Technology Platform segment, which do not reflect expected future
operating expenses and are not indicative of our core operating
performance.
(5)
Impairment expense in the 2023
period relates to a sublease arrangement, which is 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.
(7)
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 loss to provide
management and financial users with better visibility into the
earnings available to finance our operations.
(8)
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 loss to
provide management and financial users with better visibility into
the earnings available to finance our operations.
(9)
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. These non-cash charges are not indicative of our core
operating performance, and as such are adjusted out of total net
revenue to provide management and financial users with better
visibility into the net revenue available to finance our operations
and our overall performance.
Table 3
SoFi Technologies,
Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(In Thousands, Except for
Share Data)
March 31, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
3,693,390
$
3,085,020
Restricted cash and restricted cash
equivalents
454,518
530,558
Investment securities (includes
available-for-sale securities of $838,506 and $595,187 at fair
value with associated amortized cost of $839,936 and $596,757, as
of March 31, 2024 and December 31, 2023, respectively)
973,098
701,935
Loans held for sale, at fair value
15,116,482
15,396,771
Loans held for investment, at fair
value
6,834,161
6,725,484
Loans held for investment, at amortized
cost (less allowance for credit losses of $51,313 and $54,695, as
of March 31, 2024 and December 31, 2023, respectively)
1,250,231
836,159
Servicing rights
240,752
180,469
Property, equipment and software
228,049
216,908
Goodwill
1,393,505
1,393,505
Intangible assets
347,495
364,048
Operating lease right-of-use assets
87,362
89,635
Other assets (less allowance for credit
losses of $2,109 and $1,837, as of March 31, 2024 and December 31,
2023, respectively)
686,717
554,366
Total assets
$
31,305,760
$
30,074,858
Liabilities, temporary equity and
permanent equity
Liabilities:
Deposits:
Interest-bearing deposits
$
21,550,137
$
18,568,993
Noninterest-bearing deposits
54,457
51,670
Total deposits
21,604,594
18,620,663
Accounts payable, accruals and other
liabilities
554,185
549,748
Operating lease liabilities
105,556
108,649
Debt
2,891,317
5,233,416
Residual interests classified as debt
4,129
7,396
Total liabilities
25,159,781
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; 3,234,000 and
3,234,000 shares issued and outstanding as of March 31, 2024 and
December 31, 2023, respectively
320,374
320,374
Permanent equity:
Common stock, $0.00 par value:
3,100,000,000 and 3,100,000,000 shares authorized; 1,056,491,365
and 975,861,793 shares issued and outstanding as of March 31, 2024
and December 31, 2023, respectively
105
97
Additional paid-in capital
7,543,808
7,039,987
Accumulated other comprehensive loss
(2,088
)
(1,209
)
Accumulated deficit
(1,716,220
)
(1,804,263
)
Total permanent equity
5,825,605
5,234,612
Total liabilities, temporary equity and
permanent equity
$
31,305,760
$
30,074,858
Table 4
SoFi Technologies,
Inc.
Average Balances and Net
Interest Earnings Analysis
(Unaudited)
Three Months Ended March 31,
2024
Three Months Ended March 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
$
3,120,567
$
37,268
4.80
%
$
1,786,522
$
8,369
1.87
%
Investment securities
767,789
10,202
5.34
437,717
5,739
5.24
Loans
23,540,252
618,441
10.57
15,015,721
357,342
9.52
Total interest-earning assets
27,428,608
665,911
9.76
17,239,960
371,450
8.62
Total noninterest-earning assets
3,006,934
3,072,248
Total assets
$
30,435,542
$
20,312,208
Liabilities, Temporary Equity and
Permanent Equity
Interest-bearing liabilities:
Demand deposits
$
2,528,655
$
11,398
1.81
%
$
1,927,612
$
12,852
2.67
%
Savings deposits
14,317,371
162,445
4.56
5,471,347
48,160
3.52
Time deposits
2,974,750
37,608
5.08
1,193,181
12,104
4.06
Total interest-bearing deposits
19,820,776
211,451
4.29
8,592,140
73,116
3.40
Warehouse facilities
2,141,601
34,860
6.55
2,904,509
40,176
5.53
Securitization debt
333,957
3,658
4.40
874,369
10,426
4.77
Other debt
1,751,789
13,224
3.04
1,646,367
11,581
2.81
Total debt
4,227,347
51,742
4.92
5,425,245
62,183
4.58
Residual interests classified as debt
5,004
—
—
16,301
141
3.46
Total interest-bearing liabilities
24,053,127
263,193
4.40
14,033,686
135,440
3.86
Total noninterest-bearing liabilities
718,828
704,071
Total liabilities
24,771,955
14,737,757
Total temporary equity
320,374
320,374
Total permanent equity
5,343,213
5,254,077
Total liabilities, temporary equity and
permanent equity
$
30,435,542
$
20,312,208
Net interest income
$
402,718
$
236,010
Net interest margin
5.91
%
5.48
%
Table 5
SoFi Technologies,
Inc.
Condensed Consolidated Cash
Flow Data
(Unaudited)
(In Thousands)
Three Months Ended March
31,
2024
2023
Net cash provided by (used in) operating
activities
$
738,248
$
(2,212,760
)
Net cash used in investing activities
(1,261,184
)
(40,153
)
Net cash provided by financing
activities
1,055,445
3,384,418
Effect of exchange rates on cash and cash
equivalents
(179
)
(293
)
Net increase in cash, cash equivalents,
restricted cash and restricted cash equivalents
$
532,330
$
1,131,212
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
$
4,147,908
$
2,977,514
Table 6
Company Metrics
March 31, 2024
December 31,
2023
September 30,
2023
June 30, 2023
March 31, 2023
December 31,
2022
September 30,
2022
June 30, 2022
March 31, 2022
Members
8,131,720
7,541,860
6,957,187
6,240,091
5,655,711
5,222,533
4,742,673
4,318,705
3,868,334
Total Products
11,830,128
11,142,476
10,447,806
9,401,025
8,554,363
7,894,636
7,199,298
6,564,174
5,862,137
Total Products — Lending segment
1,705,155
1,663,006
1,593,906
1,503,892
1,416,122
1,340,597
1,280,493
1,202,027
1,138,566
Total Products — Financial Services
segment
10,124,973
9,479,470
8,853,900
7,897,133
7,138,241
6,554,039
5,918,805
5,362,147
4,723,571
Total Accounts — Technology Platform
segment
151,049,375
145,425,391
136,739,131
129,356,203
126,326,916
130,704,351
124,332,810
116,570,038
109,687,014
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 continuous 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, 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 the Company or 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
($ in thousands)
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
March 31,
2022
Lending
Net interest income
$
266,536
$
262,626
$
265,215
$
231,885
$
201,047
$
183,607
$
139,516
$
114,003
$
94,354
Total noninterest income
63,940
90,500
83,758
99,556
136,034
144,584
162,178
143,114
158,635
Total net revenue
330,476
353,126
348,973
331,441
337,081
328,191
301,694
257,117
252,989
Adjusted net revenue(1)
325,323
346,541
342,481
322,238
325,086
314,930
296,965
250,681
244,372
Contribution profit(2)
207,719
226,110
203,956
183,309
209,898
208,799
180,562
141,991
132,651
Technology Platform
Net interest income
$
501
$
941
$
573
$
—
$
—
$
—
$
—
$
—
$
—
Total noninterest income
93,865
95,966
89,350
87,623
77,887
85,652
84,777
83,899
60,805
Total net revenue(2)
94,366
96,907
89,923
87,623
77,887
85,652
84,777
83,899
60,805
Contribution profit
30,742
30,584
32,191
17,154
14,857
16,881
19,536
21,841
18,255
Financial Services
Net interest income
$
119,713
$
109,072
$
93,101
$
74,637
$
58,037
$
45,609
$
28,158
$
12,925
$
5,882
Total noninterest income
30,838
30,043
25,146
23,415
23,064
19,208
20,795
17,438
17,661
Total net revenue
150,551
139,115
118,247
98,052
81,101
64,817
48,953
30,363
23,543
Contribution profit (loss)(2)
37,174
25,060
3,260
(4,347
)
(24,235
)
(43,588
)
(52,623
)
(53,700
)
(49,515
)
Corporate/Other
Net interest income (expense)
$
15,968
$
17,002
$
(13,926
)
$
(15,396
)
$
(23,074
)
$
(20,632
)
$
(9,824
)
$
(4,199
)
$
(5,303
)
Total noninterest income (loss)
53,634
9,254
(6,008
)
(3,702
)
(837
)
(1,349
)
(1,615
)
(4,653
)
(1,690
)
Total net revenue (loss)(2)
69,602
26,256
(19,934
)
(19,098
)
(23,911
)
(21,981
)
(11,439
)
(8,852
)
(6,993
)
Consolidated
Net interest income
$
402,718
$
389,641
$
344,963
$
291,126
$
236,010
$
208,584
$
157,850
$
122,729
$
94,933
Total noninterest income
242,277
225,763
192,246
206,892
236,148
248,095
266,135
239,798
235,411
Total net revenue
644,995
615,404
537,209
498,018
472,158
456,679
423,985
362,527
330,344
Adjusted net revenue(1)
580,648
594,245
530,717
488,815
460,163
443,418
419,256
356,091
321,727
Net income (loss)
88,043
47,913
(266,684
)
(47,549
)
(34,422
)
(40,006
)
(74,209
)
(95,835
)
(110,357
)
Adjusted EBITDA(1)
144,385
181,204
98,025
76,819
75,689
70,060
44,298
20,304
8,684
Total permanent equity
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
Tangible book value (as of period
end)(3)
4,084,605
3,477,059
3,272,576
3,204,883
3,191,201
3,142,956
3,101,281
3,079,681
3,089,079
Weighted average common stock
outstanding – diluted
1,042,476,501
1,029,303,297
951,183,107
936,569,420
929,270,723
922,936,519
916,762,973
910,046,750
852,853,596
Tangible book value per common share
3.92
3.38
3.44
3.42
3.43
3.41
3.38
3.38
3.62
___________________
(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.
(3)
Tangible book value is defined as
permanent equity, adjusted to exclude goodwill and intangible
assets. Tangible book value per share is defined as tangible book
value, divided by diluted weighted average common stock
outstanding.
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version on businesswire.com: https://www.businesswire.com/news/home/20240429229505/en/
Investors: SoFi Investor Relations IR@sofi.com
Media: SoFi Media Relations PR@sofi.com
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