(SOFI) 2022 Q2 法說會逐字稿

Good afternoon, and thank you for attending today's SoFi Q2 2022 Earnings Conference Call. (Operator Instructions)

下午好，感謝您參加今天的 SoFi 2022 年第二季度收益電話會議。 （操作員說明）

At this time, I would now like to turn the conference over to our host, Maura Cyr from SoFi Investor Relations. Maura, please proceed.

在這個時候，我現在想把會議交給我們的主持人，來自 SoFi 投資者關係部的 Maura Cyr。毛拉，請繼續。

Thank you, and good afternoon. Welcome to SoFi's Second Quarter 2022 Earnings Conference Call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

謝謝，下午好。歡迎來到 SoFi 的 2022 年第二季度收益電話會議。今天和我一起談論我們的結果和最近的事件的是首席執行官安東尼諾托；和首席財務官 Chris Lapointe。您可以在我們網站的“投資者關係”部分找到伴隨我們收益發布的演示文稿。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to, our competitive advantages and strategy, macroeconomic conditions and outlook, future products and services and future business and financial performance. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and our most recent Form 10-K as filed with the Securities and Exchange Commission as well as our subsequent filings made with the SEC, including our upcoming Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們今天的評論將包括基於我們當前預期和預測並涉及風險和不確定性的前瞻性陳述。這些陳述包括但不限於我們的競爭優勢和戰略、宏觀經濟狀況和前景、未來的產品和服務以及未來的業務和財務業績。我們的實際結果可能與這些前瞻性陳述所設想的結果大不相同。今天的新聞稿和我們向證券交易委員會提交的最新表格 10-K 以及我們隨後向美國證券交易委員會提交的文件（包括我們即將發布的表格 10-Q）中描述了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

And now I'd like to turn the call over to Anthony.

現在我想把電話轉給安東尼。

Thank you, Maura. And good afternoon, everyone. Our second quarter results demonstrate the continued resilience of both our team and business and our ability to deliver another quarter of record revenue, strong financial and operating results and a positive start to the third quarter.

謝謝你，毛拉。大家下午好。我們第二季度的業績證明了我們的團隊和業務的持續彈性，以及我們實現另一個季度創紀錄收入、強勁的財務和運營業績以及第三季度的積極開端的能力。

A few key achievements from the second quarter include: another quarter of record adjusted net revenue with 50% year-over-year growth, our eighth consecutive quarter or 2 full years of positive adjusted EBITDA which more than doubled quarter-over-quarter, demonstrating the acceleration we anticipated throughout the year; continued strong growth in members, products and cross-buy volume; our first full quarter of contribution from SoFi Bank which allowed us to surpass $2.7 billion in deposits, up 135% quarter-over-quarter, and we're still in the early days; and importantly, our first quarter of positive GAAP net income for SoFi Bank at $25 million.

第二季度的一些主要成就包括：又一個季度創紀錄的調整後淨收入，同比增長 50%，我們連續第八個季度或 2 整年調整後的 EBITDA 為正，環比增長了一倍以上，表明我們全年預期的加速；會員、產品和交叉購買量持續強勁增長；我們第一個完整季度來自 SoFi 銀行的貢獻，使我們的存款超過 27 億美元，環比增長 135%，我們仍處於早期階段；重要的是，SoFi 銀行第一季度的正 GAAP 淨收入為 2500 萬美元。

The strength of our results achieved in the face of continued volatility in financial markets, along with the ever-changing political, fiscal and economic landscape, once again underscores how our full suite of differentiated products and services provides the financial foundation for a uniquely diversified business that is able to endure through market cycles. We are able to allocate resources toward the best growth opportunities across our diverse offerings, which has enabled us to exceed our performance targets despite continued headwinds in certain businesses.

面對金融市場的持續波動以及不斷變化的政治、財政和經濟形勢，我們取得的強勁業績再次凸顯了我們全套差異化產品和服務如何為獨特的多元化業務提供財務基礎能夠經受住市場週期。我們能夠將資源分配給我們多樣化產品的最佳增長機會，這使我們能夠超越我們的績效目標，儘管某些業務持續存在逆風。

While so much in the world continues to shift around us, at SoFi, it's been a new normal for us for the last 4 years. So to us, it's business as usual. We've built our products and services to provide durable, high levels of growth with a specific economic profile, and that is what we are delivering.

儘管世界上如此多的事物繼續圍繞著我們發生變化，但在 SoFi，過去 4 年這對我們來說是一種新常態。所以對我們來說，一切照舊。我們已經建立了我們的產品和服務，以提供具有特定經濟狀況的持久、高水平的增長，這就是我們正在提供的。

Now I'll run through the highlights of the financial results for the quarter. Total adjusted net revenue grew 50% year-over-year to a record $356 million, up 11% from the prior record set in Q1 2022. Strength in all 3 of our diverse business segments contributed to these results.

現在我將介紹本季度財務業績的亮點。調整後的總淨收入同比增長 50%，達到創紀錄的 3.56 億美元，比 2022 年第一季度創下的先前記錄增長 11%。我們所有三個不同業務部門的實力都促成了這些結果。

Lending adjusted net revenue grew 46% year-over-year to $251 million led by continued outperformance in our personal loans business, which saw record origination levels of nearly $2.5 billion as well as strong sales execution.

貸款調整後的淨收入同比增長 46% 至 2.51 億美元，這得益於我們的個人貸款業務持續表現出色，創紀錄的近 25 億美元的發起水平以及強勁的銷售執行力。

Financial Services net revenue grew 78% year-over-year to $30 million, up nearly 30% from $24 million in Q1, with our largest contributors being record SoFi Checking and Savings revenue, along with continued strength in SoFi Credit Card, SoFi Invest and Lending as a Service.

金融服務淨收入同比增長 78% 至 3000 萬美元，較第一季度的 2400 萬美元增長近 30%，我們最大的貢獻者是創紀錄的 SoFi Checking 和 Savings 收入，以及 SoFi 信用卡、SoFi Invest 和貸款即服務。

Technology Platform net revenue grew 85% year-over-year to nearly $84 million with record Galileo revenues and our first full quarter of contribution from Technisys. Importantly, Galileo revenue growth accelerated to 39% year-over-year.

技術平台淨收入同比增長 85% 至近 8400 萬美元，其中 Galileo 收入創紀錄，我們第一個完整季度來自 Technisys。重要的是，伽利略的收入同比增長加速至 39%。

Adjusted EBITDA of just over $20 million increased 81% year-over-year and 134% sequentially.

調整後的 EBITDA 略高於 2000 萬美元，同比增長 81%，環比增長 134%。

Members and products each saw accelerating quarter-over-quarter growth and their second highest quarter ever of new adds, and we continue to see strong cross-buy trends. The 450,000 new members in Q2 '22 represented our second highest quarter of new adds, bringing total members to 4.3 million, up 69% year-over-year. Our industry-leading APY was a strong driver of high-quality SoFi Money member growth, and increasing direct deposit conversions give us confidence that our growing member base is both durable and active on the platform.

會員和產品的季度環比增長都在加快，並且是有史以來第二高的季度新增量，我們繼續看到強勁的交叉購買趨勢。 22 年第 2 季度的 450,000 名新會員代表了我們新增的第二高季度，使會員總數達到 430 萬，同比增長 69%。我們行業領先的 APY 是高質量 SoFi Money 會員增長的強大推動力，而增加的直接存款轉換讓我們相信，我們不斷增長的會員基礎在平台上既持久又活躍。

We also added 702,000 new products in Q2. This represents our second highest quarter of new product adds, ending with nearly 6.6 million total products, up 79% year-over-year. Of these new adds, Financial Services products of 5.4 million at quarter end doubled year-over-year, while Lending products of more than 1.2 million were up 22%. The significant scale of our top-of-the-funnel products is driving greater and more efficient member growth and cross-buy. Total cross-bought products in the quarter increased 24% year-over-year, demonstrating continued success of our Financial Services productivity loop strategy.

我們還在第二季度增加了 702,000 種新產品。這是我們新增產品的第二高季度，總產品數量接近 660 萬，同比增長 79%。在這些新增產品中，季度末金融服務產品數量為 540 萬件，同比翻了一番，而超過 120 萬件的貸款產品則增長了 22%。我們頂級渠道產品的巨大規模正在推動更大、更高效的會員增長和交叉購買。本季度交叉購買的產品總量同比增長 24%，表明我們的金融服務生產力循環戰略持續取得成功。

Now I'd like to spend some time touching on the segment level results. These highlight the benefits of our uniquely diversified model, the robust growth across all 3 business segments, increased efficiency driving improved profitability and our strong balance sheet with multiple funding sources, all of this with strong and stable credit metrics.

現在我想花一些時間來談談細分級別的結果。這些突出了我們獨特的多元化模式的好處，所有三個業務部門的強勁增長，提高效率推動盈利能力的提高以及我們擁有多種資金來源的強大資產負債表，所有這些都具有強大而穩定的信用指標。

First is Lending where we originated a record of nearly $2.5 billion of personal loans in Q2, up 22% from $2 billion last quarter and nearly double, $1.3 billion in Q2 2021. This product continues to deliver even while we maintain our strict credit standards and attract borrowers with high incomes and FICO scores. Our personal loan performance more than offset the continued lack of demand in student loan financing which is down to 25% of volume prior to the moratorium on federal student loan payments and the performance of home loans which faced macro headwinds from rising rates while we continue the process of transitioning to new fulfillment partners. We're also differentiated in Lending by the strength of our balance sheet and the diversification of our funding sources, 2 points which are bolstered by having SoFi Bank.

首先是貸款，我們在第二季度創造了近 25 億美元的個人貸款，比上一季度的 20 億美元增長 22%，幾乎翻了一番，在 2021 年第二季度達到 13 億美元。即使我們保持嚴格的信用標準和吸引高收入和 FICO 分數的借款人。我們的個人貸款業績遠遠抵消了學生貸款融資需求的持續不足，在暫停聯邦學生貸款支付之前，該需求已下降至數量的 25%，而住房貸款的表現則面臨利率上升帶來的宏觀逆風，而我們繼續過渡到新的履行合作夥伴的過程。我們的資產負債表實力和資金來源的多樣化也使我們在藉貸方面與眾不同，擁有 SoFi 銀行可增強這兩點。

The bank charter could not have come at a better time and the economic benefits are already starting to positively impact our operating and financial results. First, the ability to offer an industry-leading APY and value prop has led to strong growth in SoFi Money members, high-quality deposits and great levels of engagement. Money members have increased nearly 92% year-over-year to 1.8 million accounts and growth in balances has accelerated significantly. We exited the quarter with $2.7 billion in deposits, and spend trends have improved significantly.

銀行章程來得正是時候，經濟利益已經開始對我們的經營和財務業績產生積極影響。首先，提供行業領先的 APY 和價值支撐的能力導致 SoFi Money 會員、高質量存款和高參與度的強勁增長。 Money 會員同比增長近 92%，達到 180 萬個賬戶，餘額增長顯著加快。我們以 27 億美元的存款退出本季度，支出趨勢顯著改善。

To put this in perspective, it took 3 years to accumulate our first $1 billion of deposits and just 3 months to grow another $1.6 billion. In addition, approximately 80% of our deposits are from direct deposit members, demonstrating the quality and stickiness of these deposits.

從這個角度來看，我們花了 3 年時間積累了第一筆 10 億美元的存款，而僅僅用了 3 個月的時間又增加了 16 億美元。此外，我們約 80% 的存款來自直接存款會員，證明了這些存款的質量和粘性。

Second, as a result of this growth in high-quality deposits, we've been able to benefit from a lower cost of funding for loans while being able to pass on higher rates in our loans. In Q2 alone, the difference in our deposit cost of funding and warehouse cost of funding was approximately 100 basis points, and that delta will continue to grow in a rising rate environment.

其次，由於高質量存款的增長，我們能夠從較低的貸款融資成本中受益，同時能夠將較高的貸款利率轉嫁給我們。僅在第二季度，我們的資金存款成本和資金倉庫成本之間的差異約為 100 個基點，並且在利率上升的環境中，該增量將繼續增長。

And third, deposit funding increases flexibility to capture more NIM and optimize returns, a critical advantage in light of notable macro uncertainty. We don't have to access sales channels in the face of suboptimal conditions, such as those we've witnessed more broadly in the asset-backed security market over the last few quarters. The power and the financial benefit of the bank is demonstrated clearly by our $25 million of positive GAAP net income in Q2 at a 13% margin. We also have $5.5 billion of book equity on our balance sheet and approximately $7 billion in warehouse facilities that we can access to fund loans, over half of which is committed capital.

第三，存款資金增加了獲取更多淨息差和優化回報的靈活性，鑑於宏觀不確定性顯著，這是一個關鍵優勢。面對次優條件，我們不必訪問銷售渠道，例如我們在過去幾個季度在資產支持證券市場中更廣泛地目睹的情況。我們在第二季度以 13% 的利潤率實現了 2500 萬美元的 GAAP 正淨收入，清楚地證明了銀行的實力和財務利益。我們的資產負債表上還有 55 億美元的賬面權益和大約 70 億美元的倉庫設施，我們可以獲得資金貸款，其中一半以上是承諾資本。

Now on to Financial Services where we've continued to achieve strong member and product growth by iterating on our products to ensure they are differentiated by 4 key factors, fast, selection, content and convenience, and continue to invest to make them work better when used together. We finished Q2 with 5.4 million Financial Services products, that's up 100% year-over-year, and 4.5x total Lending products of 1.2 million. The increased scale in Financial Services products creates even more scale in cross-buying and company-wide marketing efficiencies.

現在轉到金融服務，我們通過迭代我們的產品來繼續實現強勁的成員和產品增長，以確保它們在快速、選擇、內容和便利這四個關鍵因素上有所區別，並繼續投資以使它們在以下情況下更好地工作一起使用。我們在第二季度完成了 540 萬種金融服務產品，同比增長 100%，貸款產品總數為 120 萬種的 4.5 倍。金融服務產品規模的擴大在交叉購買和公司範圍內的營銷效率方面創造了更大的規模。

Total sales and marketing spend as a percentage of adjusted net revenue declined for the second consecutive quarter even as we scale our top-of-funnel products, which often do not contribute stand-alone to revenue for 12 to 18 months. This is due to the increasing monetization and attractiveness of these products, our increased brand awareness and network effects.

銷售和營銷總支出佔調整後淨收入的百分比連續第二個季度下降，儘管我們擴展了我們的頂級渠道產品，這些產品通常在 12 到 18 個月內不會單獨為收入做出貢獻。這是由於這些產品的貨幣化和吸引力不斷提高，我們提高了品牌知名度和網絡效應。

Our investment in our products is paying off as members embrace their product launches in Financial Services introduced in the first quarter. SoFi Checking and Savings provides an unmatched value prop through an industry-leading APY of up to 1.8% as of Monday, July 25; a host of free features; and a unique rewards program. This strategy is driving strong growth in direct deposit accounts which, in turn, is driving strong growth in spend, which grew 29% quarter-over-quarter.

我們對產品的投資正在獲得回報，因為會員們欣然接受他們在第一季度推出的金融服務產品發布。截至 7 月 25 日星期一，SoFi Checking and Savings 通過高達 1.8% 的行業領先 APY 提供無與倫比的價值支撐；大量免費功能；和獨特的獎勵計劃。這一戰略正在推動直接存款賬戶的強勁增長，進而推動支出的強勁增長，環比增長 29%。

Within SoFi Invest, we launched extended hours trading and saw our first full quarter of margin investing. We remain on track to launch options by year-end as well as introduce new proprietary ETFs to the platform.

在 SoFi Invest 中，我們推出了延長交易時間，並見證了我們第一個完整季度的保證金投資。我們仍有望在年底前推出期權，並向平台引入新的專有 ETF。

We've increasingly utilized our Relay platform to acquire, educate and advise our members on their holistic financial picture and their next best move. We added the Auto Tracker product to the existing real estate property tracker and credit score monitoring to add even more insights to members' financial health and support them as they navigate the economic landscape. This platform has become a notable source of cross-buying, further bolstering the Financial Services productivity loop strategy.

我們越來越多地利用我們的 Relay 平台來獲取、教育和建議我們的會員，了解他們的整體財務狀況和下一步最佳行動。我們將 Auto Tracker 產品添加到現有的房地產跟踪器和信用評分監控中，以便為會員的財務狀況增加更多洞察力，並在他們駕馭經濟形勢時為他們提供支持。該平台已成為交叉購買的重要來源，進一步加強了金融服務生產力循環戰略。

Transitioning to our Technology Platform, a critical element of our strategy. Not only is this segment a strong revenue and cash flow driver but its 2 businesses, Galileo and Technisys, also contribute to 2 main tenets of the SoFi strategy: faster innovation at lower cost and high-return diversified revenue streams. In the second quarter, full segment revenue growth of 85% year-over-year included the first full quarter of contribution from Technisys. On an organic basis, Galileo revenue grew 39% year-over-year, and Galileo-enabled accounts grew 48% year-over-year, and this is with a 26% margin or 33% if you exclude Technisys. Among Galileo's evolving products, Galileo has added new B2B capabilities as well as a secured credit card offering.

過渡到我們的技術平台，這是我們戰略的關鍵要素。該細分市場不僅是一個強勁的收入和現金流驅動力，而且其兩項業務 Galileo 和 Technisys 也為 SoFi 戰略的兩個主要原則做出了貢獻：以更低的成本實現更快的創新和高回報的多元化收入流。在第二季度，整個部門的收入同比增長 85%，其中包括 Technisys 第一個完整季度的貢獻。在有機基礎上，伽利略收入同比增長 39%，啟用伽利略的賬戶同比增長 48%，如果排除 Technisys，利潤率為 26% 或 33%。在 Galileo 不斷發展的產品中，Galileo 增加了新的 B2B 功能以及擔保信用卡產品。

I'd like to focus on the B2B segment for a moment as it is enormous, and we're already making great strides. 30% of the Galileo client pipeline is now comprised of B2B deals, up dramatically from 10% to 15% at this time last year as we quickly leverage these new capabilities to penetrate more opportunities. And considering the market opportunity in this segment, we estimate the B2B opportunity at $29 trillion with 50% of payments still via paper check. Just like in consumer banking, we have the capability and the opportunity to convert these to digital payments and virtual cards. This is a prime example of how we have driven technological innovation at Galileo to address more market segments and further diversify sources of growth. And Technisys continues to achieve milestones with its first core banking deal in Mexico and the launch of a new banking client in Brazil in the second quarter.

我想暫時關注 B2B 細分市場，因為它非常龐大，而且我們已經取得了長足的進步。伽利略客戶管道的 30% 現在由 B2B 交易組成，從去年這個時候的 10% 急劇上升到 15%，因為我們迅速利用這些新功能來滲透更多機會。考慮到這一領域的市場機會，我們估計 B2B 機會為 29 萬億美元，其中 50% 的付款仍通過紙質支票進行。就像在消費者銀行業務中一樣，我們有能力和機會將這些轉換為數字支付和虛擬卡。這是我們如何推動伽利略技術創新以解決更多細分市場並進一步多樣化增長來源的一個典型例子。 Technisys 在墨西哥的第一筆核心銀行交易以及第二季度在巴西推出的新銀行客戶繼續實現里程碑。

In addition to new products and an increasingly diverse client list, Technisys and Galileo have yet another major source of growth: cross-selling among their complementary client bases, product sets and geographic footprints, bringing Technisys to the U.S. through Galileo and Galileo to LatAm through Technisys. Suffice to say the teams are running after these opportunities, and we cannot be more excited.

除了新產品和日益多樣化的客戶名單之外，Technisys 和 Galileo 還有另一個主要增長來源：在互補的客戶群、產品組合和地理足蹟之間進行交叉銷售，通過 Galileo 將 Technisys 帶到美國，通過 Galileo 將其帶到拉丁美洲技術。可以說團隊正在追逐這些機會，我們不能再興奮了。

I'll finish here by saying that we have been in an all-out sprint over the last 4 years to build out our digital product suite to meet our members' needs for every major financial decision in their lives and all the days in between. The benefits of our strategy to build a uniquely diversified business, combined with a national bank license, not only positions SoFi to be the winner takes most in the sector transition of financial services to digital but also provide greater durability through our market cycle. I'm excited about where we are today and even more excited about where we can go from here.

最後，我要說的是，在過去的 4 年裡，我們一直在全力衝刺，以構建我們的數字產品套件，以滿足我們的會員對他們生活中的每一個重大財務決策以及其間所有日子的需求。我們建立獨特多元化業務戰略的好處，加上國家銀行牌照，不僅使 SoFi 成為金融服務向數字化轉型的贏家，而且在我們的市場週期中提供更大的耐久性。我對我們今天所處的位置感到興奮，更興奮的是我們可以從這裡走向何方。

With that, let me turn it over to Chris for a review of the financials for the quarter.

有了這個，讓我把它交給克里斯審查本季度的財務狀況。

Thanks, Anthony. Overall, we had a great quarter with strong growth trends across the entire business. We exceeded our financial guidance while achieving record revenue in our eighth consecutive quarter of positive EBITDA despite operating in a rapidly evolving macro backdrop.

謝謝，安東尼。總體而言，我們有一個很棒的季度，整個業務的增長趨勢強勁。儘管在快速變化的宏觀背景下運營，但我們在連續第八個季度實現正 EBITDA 的同時實現了創紀錄的收入，同時超出了我們的財務指導。

I'm going to walk you through some key financial highlights for the quarter and then share some color on our financial outlook. Unless otherwise stated, I'll be referring to adjusted results for the second quarter of 2022 versus second quarter of 2021. Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and the subsequent 10-Q filing, which will be available next week.

我將向您介紹本季度的一些關鍵財務亮點，然後分享我們的財務前景。除非另有說明，否則我將指的是 2022 年第二季度與 2021 年第二季度的調整結果。我們的 GAAP 合併損益表和所有對賬可以在今天的收益發布和隨後的 10-Q 文件中找到，這將是下周可用。

For the quarter, growth accelerated and we delivered record adjusted net revenue of $356 million, up 50% year-over-year and 11% sequentially from the prior quarter's record of $322 million. Q2 revenue was $16 million above the high end of our guidance of $330 million to $340 million. Adjusted EBITDA and margins also doubled quarter-over-quarter as we delivered $20 million at a 6% margin, coming in $5 million above the high end of our guidance of $5 million to $15 million.

本季度，增長加速，我們實現了創紀錄的調整後淨收入 3.56 億美元，同比增長 50%，比上一季度創紀錄的 3.22 億美元增長 11%。第二季度的收入比我們指導的 3.3 億美元至 3.4 億美元的高端高出 1600 萬美元。調整後的 EBITDA 和利潤率也環比翻了一番，因為我們以 6% 的利潤率交付了 2000 萬美元，比我們 500 萬至 1500 萬美元的指導上限高出 500 萬美元。

Now on to the segment level performance where we saw strong growth and record revenue across all 3 segments. In Lending, second quarter adjusted net revenue accelerated and grew 46% year-over-year to $251 million. Year-over-year growth in lending was driven by a doubling of our net interest income and 18% growth in noninterest income.

現在來看細分市場的表現，我們看到所有 3 個細分市場的強勁增長和創紀錄的收入。在貸款方面，第二季度調整後的淨收入加速增長，同比增長 46% 至 2.51 億美元。貸款的同比增長是由我們的淨利息收入翻倍和非利息收入增長 18% 推動的。

Growth in net interest income was driven by an increase in asset yields as well as average loan balances, while growth in noninterest income was a result of an increase in originations and hedge gains.

淨利息收入的增長是由資產收益率和平均貸款餘額的增加推動的，而非利息收入的增長是由於發起和對沖收益的增加。

Q2 originations grew 9% year-over-year to $3.2 billion and were driven by record volumes in our personal loans business, which grew 91% year-over-year to $2.5 billion. However, both student loan and home loan originations were down by more than 50% year-over-year as we continue to face headwinds from the moratorium on federal student loan payments, and rising rates as well as fulfillment issues continue to impact our home loans business. We achieved this top line growth while maintaining our stringent credit standards and disciplined focus on quality.

第二季度的發起額同比增長 9% 至 32 億美元，這得益於我們的個人貸款業務創紀錄的交易量，同比增長 91% 至 25 億美元。然而，由於我們繼續面臨暫停聯邦學生貸款支付的不利因素，以及利率上升和履行問題繼續影響我們的住房貸款，學生貸款和住房貸款的發放量同比下降了 50% 以上商業。我們在保持嚴格的信用標準和對質量的嚴格關注的同時實現了這一收入增長。

Our personal loans borrowers' weighted average income is $160,000 with a weighted average FICO score of 748. Our student loan borrowers' weighted average income is $170,000 with a weighted average FICO of 773. This focus on quality has led to strong credit performance. Our on-balance sheet delinquency rates and charge-off rates remain extremely healthy and are still approximately 50% below pre-COVID levels. Our on-balance sheet 90-day personal loan delinquency rate was 21 basis points in the quarter, while our annualized personal loan charge-off rate was 1.25%. Our on-balance sheet 90-day student loan delinquency rate was 4 basis points in the quarter, while our annualized student loan charge-off rate was just 28 basis points.

我們的個人貸款借款人的加權平均收入為 160,000 美元，加權平均 FICO 得分為 748。我們的學生貸款借款人的加權平均收入為 170,000 美元，加權平均 FICO 為 773。這種對質量的關注導致了強勁的信貸表現。我們的資產負債表上的拖欠率和沖銷率仍然非常健康，仍然比疫情前的水平低約 50%。本季度我們的資產負債表內 90 天個人貸款拖欠率為 21 個基點，而我們的年化個人貸款沖銷率為 1.25%。本季度我們的資產負債表內 90 天學生貸款拖欠率為 4 個基點，而我們的年度學生貸款沖銷率僅為 28 個基點。

The Lending business delivered $142 million of contribution profit at a 57% margin, up from $89 million a year ago and a 52% margin. This improvement was driven by a mix shift to higher-margin personal loans revenue as well as ops efficiencies and fixed cost leverage across the entire segment.

貸款業務以 57% 的利潤率提供了 1.42 億美元的貢獻利潤，高於一年前的 8900 萬美元和 52% 的利潤率。這種改善是由向利潤率更高的個人貸款收入以及整個部門的運營效率和固定成本槓桿的混合轉變推動的。

Shifting to our Tech Platform where we delivered net revenue of $84 million in the quarter, up 85% year-over-year, including our first full quarter impact from Technisys. If you were to exclude Technisys, Organic growth was 39% year-over-year, a meaningful increase from the 19% year-over-year growth achieved in the first quarter of the year. This acceleration was a result of sequential growth in transactions per active account and, to a lesser extent, by having a relatively easy comparison quarter as Q1 2022 annual growth was dampened as a result of stimulus benefits in Q1 2021.

轉向我們的技術平台，我們在本季度實現了 8400 萬美元的淨收入，同比增長 85%，其中包括來自 Technisys 的第一個完整季度的影響。如果排除 Technisys，有機增長同比增長 39%，與今年第一季度實現的 19% 同比增長相比有了顯著增長。這種加速是每個活躍賬戶交易連續增長的結果，並且在較小程度上，由於 2022 年第一季度的年度增長因 2021 年第一季度的刺激收益而受到抑制，因此比較季度相對容易。

Overall, annual revenue growth was driven by 48% year-over-year Galileo account growth to $117 million in total. We also signed 12 new clients, 8 of which are in the B2B space, further diversifying our partner base. The segment delivered a contribution profit of $22 million, representing a 26% margin, and 33% if you were to exclude Technisys.

總體而言，年收入增長是由伽利略賬戶同比增長 48% 推動的，總額達到 1.17 億美元。我們還簽署了 12 個新客戶，其中 8 個在 B2B 領域，進一步豐富了我們的合作夥伴基礎。該部門的貢獻利潤為 2200 萬美元，利潤率為 26%，如果排除 Technisys，利潤率為 33%。

Moving on to Financial Services where net revenue of $30 million increased 78% year-over-year with new all-time high revenue for SoFi Money and continued strong contributions from SoFi Credit Card, SoFi Invest and Lending as a Service. We were able to achieve this growth despite having a tough comparison quarter. As a reminder, Q2 2021 Financial Services revenue included $4.4 million of episodic revenues from advisory and IPO underwriting services. Excluding that $4.4 million in Q2 '21, our year-over-year growth would have been 140%.

轉向金融服務，淨收入為 3000 萬美元，同比增長 78%，SoFi Money 的收入創下歷史新高，SoFi 信用卡、SoFi 投資和貸款即服務的持續強勁貢獻。儘管有一個艱難的比較季度，我們還是能夠實現這一增長。提醒一下，2021 年第二季度金融服務收入包括來自諮詢和 IPO 承銷服務的 440 萬美元的臨時收入。不包括 21 年第二季度的 440 萬美元，我們的同比增長將達到 140%。

We reached 5.4 million Financial Services products in the quarter, which is up 100% year-over-year and, at 639,000 new products, it was our second highest quarter ever of new product adds in the segment. We hit 1.8 million products in SoFi Money, 2 million in SoFi Invest and 1.3 million in Relay.

我們在本季度達到了 540 萬種金融服務產品，同比增長 100%，新產品達到 639,000 種，這是我們有史以來第二高的季度新增產品。我們在 SoFi Money 中達到了 180 萬個產品，在 SoFi Invest 中達到了 200 萬個，在 Relay 中達到了 130 萬個。

Contribution losses were $54 million for the quarter, which increased year-over-year, predominantly as a result of building our CECL reserves for the SoFi Credit Card business, which is expected as we continue to grow in scale. In addition, we saw a year-over-year reduction in higher margin digital assets revenue as well as episodic IPO and advisory revenue.

本季度的貢獻損失為 5400 萬美元，同比增加，主要是由於我們為 SoFi 信用卡業務建立了 CECL 準備金，預計隨著我們規模的繼續增長，這也是預期的。此外，我們看到利潤率較高的數字資產收入以及臨時 IPO 和諮詢收入同比下降。

Switching to our balance sheet where we remain very well capitalized with ample cash and excess liquidity. The recent opening of SoFi Bank only reinforces the strength of our balance sheet and provides us with more flexibility and the ability to achieve a lower cost of capital relative to alternative sources of funding. In Q2, assets grew by approximately $400 million quarter-over-quarter as a result of adding in approximately $1 billion of loans to the balance sheet given the strong growth we continue to see in personal loan originations.

切換到我們的資產負債表，我們仍然資本充足，現金充裕，流動性過剩。 SoFi 銀行最近的開業只會增強我們資產負債表的實力，並為我們提供更大的靈活性和相對於其他資金來源實現更低資本成本的能力。鑑於我們繼續看到個人貸款發放的強勁增長，由於在資產負債表中增加了約 10 億美元的貸款，第二季度資產環比增長了約 4 億美元。

Offsetting the growth in loans, we had a $700 million decrease in cash as a result of funding the bank in Q1. The equity used to capitalize the bank was part of cash and cash equivalents shortly after funding the bank at the end of Q1. It has since been deployed and is generating a strong return by funding originations in the bank.

由於第一季度為銀行提供資金，我們的現金減少了 7 億美元，抵消了貸款的增長。在第一季度末為銀行提供資金後不久，用於資本化銀行的股權是現金和現金等價物的一部分。此後，它已被部署，並通過銀行的資金來源產生了強勁的回報。

On the liability side of the balance sheet, due to our strong deposit growth, we exited the quarter with only $1.6 billion drawn on our warehouse facilities, about 20% of our overall $7 billion worth of capacity, down from $2.7 billion in the first quarter of the year. Overall, we remain very well capitalized with ample cash and excess liquidity.

在資產負債表的負債方面，由於我們強勁的存款增長，本季度我們的倉庫設施僅動用了 16 億美元，約占我們總價值 70 億美元容量的 20%，低於第一季度的 27 億美元年。總體而言，我們的資本充足，現金充裕，流動性過剩。

Finishing up with guidance. Throughout the last 12 months, we have demonstrated the benefit of having a diversified set of revenue streams and a keen focus on continuing to underwrite high-quality credit. We expect those benefits to persist going forward even in light of the existing macro backdrop. Our outlook also assumes the federal student loan payment moratorium will last until January 2023, which would result in a late Q4 2022 benefit based on the trend experienced in 2021.

在指導下完成。在過去的 12 個月中，我們已經證明了擁有多元化收入來源和專注於繼續承保高質量信貸的好處。即使在現有的宏觀背景下，我們預計這些好處將繼續存在。我們的展望還假設聯邦學生貸款暫停支付將持續到 2023 年 1 月，根據 2021 年的趨勢，這將導致 2022 年第四季度末的收益。

In the second half of the year, we expect to deliver $830 million to $835 million of adjusted net revenue and $75 million to $80 million of adjusted EBITDA with a more significant portion of the revenue and EBITDA getting generated in Q4. This guidance implies full year 2022 revenues of $1.508 billion to $1.513 billion, above our prior guidance of $1.505 billion to $1.510 billion. Our second half guidance implies full year 2022 EBITDA of $104 million to $109 million, above our prior guidance of $100 million to $105 million.

今年下半年，我們預計將實現 8.3 億美元至 8.35 億美元的調整後淨收入和 7500 萬美元至 8000 萬美元的調整後 EBITDA，其中大部分收入和 EBITDA 將在第四季度產生。該指引意味著 2022 年全年收入為 15.08 億美元至 15.13 億美元，高於我們之前 15.05 億美元至 15.10 億美元的指引。我們的下半年指引意味著 2022 年全年 EBITDA 為 1.04 億美元至 1.09 億美元，高於我們之前 1 億美元至 1.05 億美元的指引。

Overall, we couldn't be more proud of our Q2 results and continued progress. Having delivered over $1.4 billion of annualized revenue in our eighth consecutive quarter of positive EBITDA, we continue to make great progress against our long-term growth objectives in the quarter, and we remain very well capitalized to continue pursuing our ultimate goal of making SoFi a top financial institution.

總體而言，我們對第二季度的業績和持續的進步感到無比自豪。在我們連續第八個季度實現正 EBITDA 的年化收入超過 14 億美元後，我們繼續在實現本季度的長期增長目標方面取得巨大進展，我們仍然擁有充足的資本來繼續追求使 SoFi 成為頂級金融機構。

With that, let's begin the Q&A.

有了這個，讓我們開始問答吧。

(Operator Instructions) The first question is from the line of Kevin Barker with Piper Sandler.

（操作員說明）第一個問題來自 Kevin Barker 和 Piper Sandler。

Congrats on the second quarter. Could you talk about why you feel comfortable continuing to push to grow in the personal loan space, even though we have an uncertain economic outlook? I mean I understand a lot of these personal loans are very high credit quality with very high FICO scores and higher incomes relative to what we see out there in the market. But there's obviously a lot of uncertainty out there. I'd just love to hear your view on those loans and why they continue to be an attractive growth investment profile.

恭喜第二季。您能否談談為什麼即使我們的經濟前景不明朗，您仍然願意繼續推動個人貸款領域的增長？我的意思是我知道很多這些個人貸款的信用質量非常高，FICO 分數非常高，相對於我們在市場上看到的收入更高。但顯然存在很多不確定性。我很想听聽您對這些貸款的看法，以及為什麼它們繼續成為有吸引力的增長投資組合。

Thank you for the question. It's Anthony. In volatile markets like we're in today with [discontinuing] interest rates and other issues around the macroeconomic environment, individuals are looking for ways to lower their cost of debt. They're looking for ways to better save and better spend. And so the demand in this environment is going to be quite strong.

感謝你的提問。是安東尼。在像我們今天這樣的動盪市場中，利率和宏觀經濟環境中的其他問題[停止]，個人正在尋找降低債務成本的方法。他們正在尋找更好地儲蓄和更好消費的方法。因此，在這種環境下的需求將會非常強勁。

It's very prudent that we focus on our core target and make sure we stick to our disciplined credit profile. We underwrite the free cash flow that we're using our credit lines today without underwriting to a FICO score or anything else. And we're in an environment where some of the best credit profile individuals are out there looking to refinance their debt from higher variable cost debt into fixed rate debt and also fixed maturities so they can lower their cost of borrowing and also manage their budgets. And that's creating a lot of demand. And our team is doing a great job of providing a range of products to meet their demand. We're sticking to our credit profile that we've had for the last 4 years. That's proven out quite well. We managed to a loan loss of about 8%. And as long as we're able to do that, we continue to underwrite.

我們非常謹慎地專注於我們的核心目標，並確保我們堅持我們嚴格的信用狀況。我們承銷我們今天使用信用額度的自由現金流，而不承保 FICO 分數或其他任何東西。在我們所處的環境中，一些信用狀況最好的個人正在尋求將他們的債務從較高的可變成本債務再融資為固定利率債務和固定期限債務，這樣他們就可以降低借貸成本並管理他們的預算。這創造了很多需求。我們的團隊在提供一系列產品以滿足他們的需求方面做得很好。我們堅持過去 4 年的信用狀況。這已經很好地證明了。我們設法使貸款損失約為 8%。只要我們能夠做到這一點，我們就會繼續承保。

Now the environment does change, and we have leading indicators that we're tracking and a profile that our risk team manages that gives us early warning signals. And as those change, we change how much we're willing to underwrite. I'll give you an example. If you go back to March of 2020, we saw a dislocation in some of the commercial paper markets and the repo markets. We're quite worried about the liquidity in the marketplace, and we pulled back meaningfully on how much we're willing to lend. And we did that based on our overall profile of the macroeconomic lead indicators. And we didn't turn back on the amount we were lending until those turned green again. So it's something we've done in the past, something that's proven to be quite prudent. And we feel like we have the right team and the right history in place.

現在環境確實發生了變化，我們有我們正在跟踪的領先指標和我們的風險團隊管理的檔案，這些檔案可以為我們提供早期預警信號。隨著這些變化，我們會改變我們願意承保的金額。我給你舉個例子。如果回到 2020 年 3 月，我們會看到一些商業票據市場和回購市場出現錯位。我們非常擔心市場的流動性，我們有意義地撤回了我們願意放貸的金額。我們是根據我們對宏觀經濟領先指標的總體概況來做到這一點的。直到那些再次變成綠色，我們才收回我們貸款的金額。所以這是我們過去做過的事情，被證明是非常謹慎的事情。而且我們覺得我們擁有合適的團隊和正確的歷史。

And I'll let Chris talk about the actual performance of the loans and what we're seeing.

我會讓克里斯談談貸款的實際表現以及我們所看到的。

Yes. So as I mentioned in my prepared remarks, the overall demographic and credit profile of our personal loans remains extremely strong. Like I had mentioned, the weighted average income of our borrower is $160,000 with an average FICO score of 748, and we're seeing really good trends in terms of overall delinquency. For our personal loans business, 90-day delinquencies were at 21 basis points in the quarter, and that's roughly in line with where we were a year ago, which was at 18 basis points. And then in terms of overall charge-off rates, our personal loans business, was at 1.25% annualized, again, which is roughly in line with where we were a year ago at 1.2%. And both of those metrics are well below where we were prior to COVID.

是的。因此，正如我在準備好的講話中提到的，我們個人貸款的總體人口和信用狀況仍然非常強勁。就像我之前提到的，我們藉款人的加權平均收入為 160,000 美元，平均 FICO 得分為 748，我們在整體拖欠方面看到了非常好的趨勢。對於我們的個人貸款業務，本季度的 90 天拖欠率為 21 個基點，這與一年前的 18 個基點基本一致。然後就整體沖銷率而言，我們的個人貸款業務年化率為 1.25%，與一年前的 1.2% 大致持平。這兩個指標都遠低於我們在 COVID 之前的水平。

Okay. Great. And then you obviously had fairly strong fee income and growth in spread income in the Lending segment. I'm assuming that the personal loans were a large contributor to that. Are you seeing any headwinds from changes in the securitization market or maybe changes in hedging costs given the volatility we see in the market today? Or do you anticipate any additional headwinds from some of the volatility we see out there in the market today?

好的。偉大的。然後你顯然在藉貸領域有相當強勁的費用收入和利差收入的增長。我假設個人貸款是一個很大的貢獻者。鑑於我們今天市場的波動性，您是否看到證券化市場變化或對沖成本變化帶來的任何不利因素？或者您是否預計我們今天在市場上看到的一些波動會帶來任何額外的不利因素？

No. Overall, we've seen a really good momentum and continued demand from our whole loan buyers. Overall demand for our loans in the quarter were extremely strong, which is obviously a testament to the quality of our paper and the credit profile of all borrowers. If you look at the quarter, and you'll see this in the Q next week, personal loan, whole loan sales were up both year-over-year and sequentially where we ended up selling over $1.1 billion to whole loan buyers, which was a record quarter for us. And that's up 46% year-over-year and 15% sequentially. So overall, really good demand on the whole loan side, and we aren't seeing any deterioration there.

沒有。總體而言，我們看到了整個貸款購買者的良好勢頭和持續需求。本季度對我們貸款的總體需求非常強勁，這顯然證明了我們的票據質量和所有借款人的信用狀況。如果你看一下這個季度，你會在下週的 Q 看到這一點，個人貸款、整體貸款銷售額同比和環比都在增長，我們最終向整體貸款買家銷售了超過 11 億美元，這是對我們來說是創紀錄的季度。同比增長 46%，環比增長 15%。因此，總體而言，整個貸款方面的需求非常好，而且我們沒有看到那裡有任何惡化。

In terms of the impact of rates on our overall margins, we've been able to successfully navigate and prudently raise our weighted average compound throughout the course of the last few quarters to keep pace with rising rates. And you'll see in our Q next week that the average income that we earned on our personal loans portfolio increased about 60 basis points quarter-over-quarter, and that's in line with what we saw in terms of rising benchmark rates.

就利率對我們整體利潤率的影響而言，我們已經能夠在過去幾個季度中成功地駕馭並謹慎地提高我們的加權平均複合率，以跟上利率上升的步伐。您將在下週的 Q 中看到，我們從個人貸款組合中獲得的平均收入環比增長了約 60 個基點，這與我們在基準利率上升方面所看到的一致。

The next question is from the line of Dan Dolev with Mizuho.

下一個問題來自丹·多列夫（Dan Dolev）和瑞穗（Mizuho）的觀點。

Great results, guys. Congrats. So my first question is, can you give us like sort of some recent consumer trends, maybe something on the members and on demographics? How have things changed in terms of your demographics? I also maybe noticed that FICO went up. So I would love to get an update on that.

偉大的結果，伙計們。恭喜。所以我的第一個問題是，你能給我們一些最近的消費趨勢嗎，也許是關於會員和人口統計的一些東西？就您的人口統計而言，情況發生了怎樣的變化？我也可能注意到 FICO 上漲了。所以我很想得到關於這方面的更新。

Yes. I already touched on the trends for Lending. Outside of the trends for Lending, I'll hit on Technology Platform and then also our Financial Services products. We're really happy with the performance of the Financial Services segment. We're starting to see great monetization there. As I mentioned in our prepared remarks, there couldn't be a better time to have become a bank that allows us, for the first time, to give a very attractive interest rate on checking to our members at 1.8% APY.

是的。我已經談到了借貸的趨勢。除了貸款趨勢之外，我還將介紹技術平台以及我們的金融服務產品。我們對金融服務部門的表現非常滿意。我們開始在那裡看到巨大的貨幣化。正如我在準備好的評論中提到的那樣，現在是成為一家銀行的最佳時機，這讓我們第一次能夠以 1.8% 的年利率為我們的會員提供非常有吸引力的支票利率。

It's funny, we're able to give them a better interest rate while lowering our cost. That 1.8%, combined with our other sources of funding, lowers our cost of lending between our warehouse facilities and our cost of deposits by 100 basis points. So we're actually giving them 1.8% versus before when they got 30 or 40 or 50 basis points, and we're actually saving 100 basis points on top of it. That's driven great demand for our checking and savings account and great direct deposit activity. And the direct deposit activity then leads to higher spending. So as we mentioned in the call, we saw a meaningful increase sequentially in the spending and also year-over-year.

有趣的是，我們能夠在降低成本的同時為他們提供更好的利率。這 1.8% 加上我們的其他資金來源，將我們倉庫設施之間的借貸成本和存款成本降低了 100 個基點。因此，我們實際上給了他們 1.8%，而之前他們獲得了 30 或 40 或 50 個基點，而且我們實際上節省了 100 個基點。這推動了對我們的支票和儲蓄賬戶以及大量直接存款活動的巨大需求。然後直接存款活動會導致更高的支出。因此，正如我們在電話會議中提到的，我們看到支出環比和同比顯著增加。

I would say our spending is really about taking market share because we're taking it from large banks and their direct deposit customers. If we do look at the numbers that we've had for this period of time, their spending is still strong. But again, we're up in credit and up in income, so we may not be representative of the broader United States and the economic activity and the pressures they may be feeling. Our customer is reacting quite well in this environment.

我想說我們的支出實際上是為了搶占市場份額，因為我們是從大型銀行及其直接存款客戶那裡獲取的。如果我們確實查看這段時間的數據，他們的支出仍然很強勁。但同樣，我們的信貸和收入都在增加，所以我們可能不能代表更廣泛的美國和經濟活動以及他們可能感受到的壓力。我們的客戶在這種環境中反應良好。

As it relates to investing, you'll see that we were able to grow both Checking and Savings at SoFi Money by close to 90% and Invest at 90% as well. And we saw net inflows there, which is quite remarkable in this market environment, you'd expected the opposite. So our differentiation in Invest is coming through. And we've done surveys of our members to understand why we are seeing that positive flows from them. And 50% is from people that are trying to catch up in life, they didn't invest when they were younger, they're trying to get more money to work now. So you had the benefit of compounding. The other 50% are people that see it as an opportunity to buy in at lower valuations. So exactly the trend you'd want to see.

由於它與投資有關，您會看到我們能夠將 SoFi Money 的 Checking 和 Savings 增長近 90%，Investing 也增長了 90%。我們在那裡看到了淨流入，這在這種市場環境下非常顯著，你的預期正好相反。因此，我們在 Invest 方面的差異化正在形成。我們已經對我們的成員進行了調查，以了解為什麼我們看到他們的積極流動。 50% 來自那些努力追趕生活的人，他們年輕時沒有投資，他們現在正努力獲得更多的錢來工作。所以你有復利的好處。其他 50% 的人將其視為以較低估值買入的機會。這正是您希望看到的趨勢。

And for those aren't familiar with SoFi Invest product, while we're a one-stop shop overall for Financial Services products, we're also one-stop shop in Invest because we have single stocks without commissions, fractional shares which we pioneered. We have our own robo-advisory portfolios. And then in addition to that, we have proprietary ETFs and crypto currencies that can be purchased on the platform. So we're seeing really strong demand there. And the team is also doing a great job as it relates to our insurance products, which is really a lead generation product. And you see all those revenue streams coming through in the Financial Services segment.

對於那些不熟悉 SoFi Invest 產品的人，雖然我們是金融服務產品的一站式商店，但我們也是 Invest 的一站式商店，因為我們有沒有佣金的單一股票，我們開創的零碎股票.我們有自己的智能投顧組合。除此之外，我們還有可以在平台上購買的專有 ETF 和加密貨幣。因此，我們看到那裡的需求非常強勁。該團隊在與我們的保險產品相關的方面也做得很好，這確實是一個潛在客戶生成產品。您會看到所有這些收入流都來自金融服務領域。

As it relates to the Technology Platform, we're seeing strong growth in the number of accounts and activity per account, and that's a broader swath of consumers than just those that are at SoFi. So our acceleration of revenue growth there was quite impressive in the quarter and something that we're happy to see.

由於它與技術平台相關，我們看到賬戶數量和每個賬戶的活動都在強勁增長，而且消費者的範圍比 SoFi 的消費者更廣泛。因此，我們在本季度的收入增長加速令人印象深刻，我們很高興看到這一點。

Our next question is from the line of Dominick Gabriele with Oppenheimer.

我們的下一個問題來自 Dominick Gabriele 和 Oppenheimer。

Great. I was just curious, could you talk about your expense flexibility to continue to drive adjusted EBITDA margin and dollars even in perhaps a slower macro environment both within the segments and in non-segment expense? And then I just have a follow-up.

偉大的。我只是好奇，您能否談談您的費用靈活性，以繼續推動調整後的 EBITDA 利潤率和美元，即使在細分市場和非細分支出的宏觀環境可能較慢的情況下？然後我有一個跟進。

Yes. So one of the things I want to make sure everyone has a historical perspective on is, in March of 2020, the President of United States decided that those with federal student loans didn't have to make payments. We've now been in that environment for 2.5 years. That was one of our largest and most profitable businesses at that time. We've gone on to drive $1 billion of revenue in 2021 and our first full year of EBITDA profitability, and we're doing record revenue quarters in 2022 with improving profitability as well, as we've talked about. So we've been in a mode of optimization on the cost side of the equation for 2.5 years. This is not a new thing for us. And so we try to manage the business so that we'll drive both growth and durable improving profitability through the cycle, which is what you've seen so far.

是的。因此，我想確保每個人都有歷史觀點的一件事是，在 2020 年 3 月，美國總統決定那些擁有聯邦學生貸款的人不必付款。我們現在已經在這種環境中生活了 2.5 年。那是我們當時最大、最賺錢的業務之一。正如我們所談到的，我們在 2021 年繼續推動 10 億美元的收入和我們的第一個全年 EBITDA 盈利能力，並且我們在 2022 年實現創紀錄的收入季度，盈利能力也在提高。因此，我們在等式的成本方面一直處於優化模式 2.5 年。這對我們來說不是什麼新鮮事。因此，我們嘗試管理業務，以便在整個週期內推動增長和持續提高盈利能力，這是您迄今為止所看到的。

We have a lot of flexibility. We're investing at a really high rate. If you look at our Lending business, it's operating at really strong profitability. It's not as profitable as it would otherwise be with the student loan business but still quite profitable. Our Technology segment revenue, as Chris mentioned, has very high margin. And that's with us absorbing Technisys, which is really a breakeven business at this point given the magnitude of the investment that we're making. And then we're making a really sizable investment in customer acquisition costs in our Financial Services segment, which has a lot of upside to profitability and some huge milestones in front of us.

我們有很大的靈活性。我們正在以非常高的速度進行投資。如果你看看我們的貸款業務，它的盈利能力非常強。它不像學生貸款業務那樣有利可圖，但仍然相當有利可圖。正如克里斯所說，我們的技術部門收入具有非常高的利潤率。這就是我們吸收 Technisys 的原因，考慮到我們正在進行的投資規模，目前這確實是一項盈虧平衡的業務。然後，我們在金融服務部門對客戶獲取成本進行了相當大的投資，這對盈利能力有很大的提升，我們面前還有一些巨大的里程碑。

I'll let Chris talk through the path there.

我會讓克里斯通過那裡的路徑說話。

Yes. So in terms of the overall path to profitability within Financial Services, you'll see in our 10-Q disclosure next week that we break out directly attributable expenses for each of those segments. As Anthony mentioned, both Lending and Tech Platform are sufficiently profitable. And then on the Financial Services side, if you were to look at our variable profit, excluding marketing spend, you would see that we've been profitable over the course of the last several quarters, and we expect to be able to cover that marketing spend by the end of this year and be variable profit positive. At that point, it's all about scaling that segment sufficiently in order to cover our fixed costs, which we expect to be able to do by the end of next year, so the end of 2023. So overall, really good progress has been made, and we're well on our path.

是的。因此，就金融服務行業的整體盈利路徑而言，您將在下週的 10-Q 披露中看到，我們列出了每個細分市場的直接歸屬費用。正如 Anthony 所說，Lending 和 Tech Platform 都有足夠的盈利能力。然後在金融服務方面，如果您查看我們的可變利潤（不包括營銷支出），您會發現我們在過去幾個季度中一直在盈利，我們希望能夠涵蓋該營銷到今年年底支出，可變利潤為正。到那時，一切都是為了充分擴展該細分市場以支付我們的固定成本，我們預計能夠在明年年底之前做到這一點，也就是 2023 年底。所以總的來說，已經取得了非常好的進展，我們在我們的道路上進展順利。

Absolutely. No, I think that the adjusted EBITDA margin probably surprised people to the upside this quarter. It's great to see. You've been building a diverse set of revenue streams focused on interest rate cycle, a proof of your business. Personal loans were up quite nicely. How has the demand changed for your products? Even in the financial segment, I noticed perhaps, as the ARPU is up a little bit more, how would you expect this shift in the demand for your products as rates keep rising potentially?

絕對地。不，我認為本季度調整後的 EBITDA 利潤率可能會讓人們感到意外。很高興看到。您一直在建立以利率週期為重點的多樣化收入流，這是您業務的證明。個人貸款增長相當不錯。對您的產品的需求發生了怎樣的變化？即使在金融領域，我也注意到，隨著 ARPU 的上升一點點，隨著利率可能不斷上升，您如何預期對您的產品的需求會發生這種轉變？

In the personal loans segment, the demand will continue to increase as people that have variable rate debt and also debt that may not be longer term need to refinance. People that have short-term debt and variable rate debt, they need to extend the length of the debt and get into a fixed rate payment that they can consolidate down to and get the debt paid off. On the investing side, we're clearly a market share gainer there to see the growth that we are in our Invest members, and net flows is likely unique in the sector.

在個人貸款領域，需求將繼續增加，因為有浮動利率債務和可能不是長期債務的人需要再融資。有短期債務和浮動利率債務的人，他們需要延長債務期限並獲得固定利率支付，他們可以合併到並得到債務償還。在投資方面，我們顯然是那裡的市場份額增長者，因為我們看到我們在投資成員中的增長，並且淨流量在該行業可能是獨一無二的。

And I think the disruption that's happening more broadly for the fintech-focused brokerage or Invest accounts is going to be a benefit to SoFi given our stability and the fact that we have deposit funding with a bank, that we're EBITDA positive consistently for 2 years and we have a lot of capital on the balance sheet. We could be a really safe home for a lot of people that are worried about their capital getting chopped in some way from dislocations in private companies and public companies in the brokerage space.

而且我認為，鑑於我們的穩定性以及我們在銀行有存款資金這一事實，我們的 EBITDA 持續為 2年，我們的資產負債表上有很多資本。對於許多擔心他們的資本因經紀領域的私營公司和上市公司的混亂而以某種方式被砍掉的人來說，我們可能是一個真正安全的家。

As it relates to student loans, we, in our guidance and our outlook, still assume the moratorium will end until 2023. If it ends sooner, we'd expect the demand for that product to really go through the roof and be back to normalized levels that we saw in 2019 and Q1 of 2020 which, as Chris mentioned, was over $2 billion of origination, and that would be a huge tailwind that allows us to step on the gas even more because it's a really profitable business and high incremental profit margins.

由於它與學生貸款有關，在我們的指導和展望中，我們仍然假設暫停期將在 2023 年結束。如果提前結束，我們預計對該產品的需求將真正達到頂峰並恢復正常正如 Chris 所說，我們在 2019 年和 2020 年第一季度看到的水平超過 20 億美元，這將是一個巨大的順風，讓我們能夠更多地踩油門，因為它是一項真正有利可圖的業務和高增量利潤邊距。

On the technology services side, for Galileo and Technisys, we're in an environment where companies really need to drive greater efficiency in their businesses and drive down costs, which means they need to upgrade their technology platforms. And we are a perfect company to partner with them, whether it's on the core banking technology or payment processing and everything that's in between. We truly have an end-to-end solution for them in debit and SCH and soon to be on the credit side as well as a whole host of other products that the team at Technisys is working on and a lot of single-point solutions that we also have Technisys that are quite advantageous from both a functionality standpoint and a cost standpoint.

在技術服務方面，對於 Galileo 和 Technisys 而言，我們所處的環境是，公司確實需要提高業務效率並降低成本，這意味著他們需要升級技術平台。我們是與他們合作的完美公司，無論是在核心銀行技術還是支付處理以及介於兩者之間的所有方面。我們確實為他們在藉方和 SCH 方面提供了端到端解決方案，並且很快將在貸方方面以及 Technisys 團隊正在開發的大量其他產品以及許多單點解決方案我們還有 Technisys，無論從功能角度還是成本角度來看，它都非常具有優勢。

So we're really excited about the amount of demand we're seeing there. And I mentioned it's not just in the consumer area but also the B2B area. And a lot of the enterprise payment technology doesn't exist today for people that do digital payments. They're largely still doing paper payments, and we can enable a lower cost there as well. So we're excited about that.

因此，我們對在那裡看到的大量需求感到非常興奮。我提到它不僅在消費領域，而且在 B2B 領域。對於進行數字支付的人來說，今天很多企業支付技術都不存在。他們在很大程度上仍在進行紙質支付，我們也可以在那裡降低成本。所以我們對此感到興奮。

On the insurance side, it's been relatively steady, but we're gaining market share there as a lead generator. And then at Lending as a Service, I think the more disruptive the credit markets are, the more people will look to lower their cost and lending, if they're not a bank, to be able to meet the higher life of loan losses and charge-offs they may be experiencing.

在保險方面，它相對穩定，但我們正在獲得市場份額作為潛在客戶。然後在貸款即服務中，我認為信貸市場的破壞性越大，如果他們不是銀行，就會有越多的人希望降低成本和貸款，以便能夠應對更高的貸款損失和他們可能正在經歷的沖銷。

Our next question is from the line of Moshe Orenbuch with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

Congratulations on all of the success milestones in the bank. Related to that, and it's probably a better question this quarter than when I asked it last quarter, you mentioned the 80% of your deposit flows coming from direct deposit customers. Could you talk a little bit about what the increase in direct deposit customers could do for your various businesses, including the spending in SoFi Money and the persistence in other products?

祝賀銀行的所有成功里程碑。與此相關，本季度可能比我上一季度提出的問題更好，您提到您 80% 的存款流量來自直接存款客戶。您能否談談直接存款客戶的增加可以為您的各種業務帶來什麼，包括在 SoFi Money 上的支出以及對其他產品的持久性？

Yes. One of the things that we've seen, going back to our overall strategy of using our different products to build our relationship with members and from that relationship, they'll trust their reliability, so when they want to use a second product, they choose us, and we get great financial and operating leverage in addition to more data to better serve them and help them get their money right. What we've seen in the SoFi Money product, the Checking and Savings account product, as we've raised the APY, the quality of the customer, their FICO score, their credit profile has also increased. In fact, it sets us up really well for future opportunities to serve them on the lending side.

是的。我們所看到的一件事，回到我們使用不同產品與會員建立關係的總體戰略，從這種關係中，他們會相信他們的可靠性，所以當他們想要使用第二個產品時，他們選擇我們，我們將獲得巨大的財務和運營槓桿，以及更多數據，以更好地為他們服務並幫助他們獲得正確的資金。我們在 SoFi Money 產品、支票和儲蓄賬戶產品中看到的情況，隨著我們提高 APY，客戶的質量、他們的 FICO 分數、他們的信用狀況也有所提高。事實上，它為我們在貸款方面為他們提供服務的未來機會做好了準備。

I would say that members that we're acquiring through SoFi Money, they need less borrowing than the members we've had in the past, they have higher credit profiles which is going to bode well for the future cross-buying of our business. They also have more money to invest, which would help our Invest business, in addition to other areas that we see as opportunities with them. So the aggregation of more Money members with higher credit profiles and more direct deposits is really positive.

我想說的是，我們通過 SoFi Money 獲得的會員，他們比我們過去擁有的會員需要更少的借款，他們的信用狀況更高，這對我們未來的交叉購買業務來說是個好兆頭。除了我們認為與他們合作的其他領域外，他們還有更多的資金可以投資，這將有助於我們的投資業務。因此，更多具有更高信用狀況和更多直接存款的 Money 成員的聚集確實是積極的。

Once we have the direct deposit, we know what types of bills they have. We know if they're sitting on cash that they're not investing. We know if they're overextended with credit card payments or student loan payments or mortgage payments. So it's a treasure trove of information that helps us serve them much better.

一旦我們有了直接存款，我們就知道他們有什麼類型的賬單。我們知道他們是否坐在他們沒有投資的現金上。我們知道他們是否因信用卡付款或學生貸款付款或抵押貸款而過度擴張。因此，這是一個信息寶庫，可以幫助我們更好地為他們服務。

The second thing I'd say is that as we've added those direct deposit customers, we've seen really strong spending trends, and we have a 1% interchange on our debit card today, and so that business kind of fits as well as the benefit of the data. And on the activation rate side of the equation, we're industry benchmarks for percent of funded accounts that are converting to direct deposits.

我要說的第二件事是，隨著我們增加了直接存款客戶，我們看到了非常強勁的消費趨勢，今天我們的借記卡上有 1% 的交換，所以這種業務也很適合作為數據的好處。在等式的激活率方面，我們是轉換為直接存款的資金賬戶百分比的行業基準。

Got you. Just as a follow-up, you had noted that you added a number of new B2B customers and very large TAM. Could you talk about what that process is, how long does it take and how large that could be as a revenue stream for your tech platform over the next year or 2?

得到你。作為後續，您注意到您添加了許多新的 B2B 客戶和非常大的 TAM。您能否談談該過程是什麼，需要多長時間以及在未來一兩年內作為您的技術平台的收入來源有多大？

Yes. I'd say the sales cycle differs by the stage of the company. Segment does matter, but stage of the company matters more. So earlier-stage companies, the sales cycle is much shorter. More mature companies, the sales cycle is much larger. The benefit of existing companies with installed bases or existing payment needs is that you don't have to build their business over time. It's there already. It seems to be transitioned either from physical payments to digital and you grow quite rapidly or you can work off of an old platform to a new platform. So in many ways, getting more existing partners as opposed to early-stage companies could help accelerate growth there.

是的。我想說銷售週期因公司的階段而異。細分確實很重要，但公司的階段更重要。所以早期的公司，銷售週期要短得多。越成熟的公司，銷售週期就越大。擁有已安裝基礎或現有支付需求的現有公司的好處是，您不必隨著時間的推移建立他們的業務。它已經在那裡了。它似乎要么從物理支付過渡到數字支付，而且你發展得非常快，或者你可以從舊平台轉移到新平台。因此，在許多方面，與早期公司相比，獲得更多現有合作夥伴可能有助於加速那裡的增長。

On the Financial Services side, the non-B2B side, we're in conversation with the large banks in the United States and outside the United States that previously we were not in conversations with before we own Technisys. So the combination of Technisys and Galileo is a pretty powerful combination that gives payment processing and core an end-to-end solution, which is a great opportunity for existing large financial institutions to move to a modern stack and benefit from all the innovation that we're driving in addition to the lower costs.

在金融服務方面，非 B2B 方面，我們正在與美國和美國以外的大型銀行進行對話，在我們擁有 Technisys 之前，我們之前沒有進行過對話。因此，Technisys 和 Galileo 的結合是一個非常強大的組合，它為支付處理和核心提供了端到端的解決方案，這對於現有的大型金融機構來說是一個很好的機會，可以遷移到現代堆棧並從我們的所有創新中受益'除了較低的成本外，還開車。

On the B2B side, it's just an area that we hadn't invested in meaningfully in the past. We have many B2B customers, but there is a product set that they need for us to capture more of the opportunity that comes to us. And that's the big difference between where we are at today than in the past. The demand was there. We just didn't have the product set built out, which the team is investing in this year. So we're excited about that as well.

在 B2B 方面，這只是我們過去沒有進行有意義投資的領域。我們有很多 B2B 客戶，但他們需要一套產品來幫助我們抓住更多機會。這就是我們今天所處的位置與過去的巨大差異。需求就在那裡。我們只是沒有建立團隊今年投資的產品集。所以我們也對此感到興奮。

Our next question is from the line of John Hecht with Jefferies.

我們的下一個問題來自 Jefferies 的 John Hecht。

Guys, I'll reiterate all the congratulations. First one, and you touched on some of this, but you used to kind of onboard new customers, I think, predominantly through student loans. Obviously, that calculus has changed. So maybe talk about kind of what's the mix shift in terms of onboarding and cross-selling and revenue ramp given the changing atmosphere.

伙計們，我會重申所有的祝賀。第一個，你談到了其中的一些，但我認為你過去習慣於吸引新客戶，主要是通過學生貸款。顯然，這種計算方式已經改變。因此，考慮到不斷變化的氛圍，也許可以談談在入職、交叉銷售和收入增長方面的混合轉變。

Yes. So overall, we've seen a pretty significant shift over the course of the last few years in terms of the number of Lending products to Financial Services products. But right now, the number of Financial Services products as a ratio of Lending products is 4.5:1. And we're seeing a lot of top of funnel low customer acquisition costs, members coming through the funnel through Financial Services. And as Anthony mentioned in his prepared remarks, we saw a 24% increase in overall cross-buy rates, which is predominantly coming from those Financial Services products, which is helping us get much more efficient on overall marketing spend. And you'll see in the results that we were more efficient in terms of both the cost to acquire a new member as well as marketing spend as a percentage of revenue quarter-over-quarter and year-over-year.

是的。因此，總體而言，在過去幾年中，我們看到從借貸產品到金融服務產品的數量發生了相當大的轉變。但目前，金融服務產品數量與借貸產品的比例為 4.5:1。而且我們看到很多漏斗頂部的低客戶獲取成本，成員通過金融服務通過漏斗。正如安東尼在他準備好的講話中提到的那樣，我們看到整體交叉購買率增加了 24%，這主要來自那些金融服務產品，這有助於我們提高整體營銷支出的效率。您會在結果中看到，我們在獲得新會員的成本以及營銷支出佔收入的季度環比和同比百分比方面都更有效率。

Okay. That's helpful. And then moving on to the technology platform. You got a lot going on there between geographical expansion and I think some vertical integration and then B2B, I think, too. How do we think about composition revenues and then the source of revenues? I mean is it all a take-rate type of thing? Or are there other alternative sources of revenues as you guys expand and diversify that?

好的。這很有幫助。然後轉向技術平台。在地理擴張之間你有很多事情要做，我認為一些垂直整合，然後是 B2B，我認為也是。我們如何看待組合收入以及收入來源？我的意思是這都是一種收費類型的事情嗎？或者隨著你們的擴張和多樣化，還有其他替代收入來源嗎？

Yes. So right now, within the Tech Platform, our Galileo business makes money transactions, every time someone swipes a card or there's an API call, we collect pennies on the dollar. In terms of Technisys, that's more of a recurring revenue stream SaaS-type model, and we expect to continue to grow into that business and diversify the overall revenue streams.

是的。所以現在，在技術平台內，我們的伽利略業務進行貨幣交易，每當有人刷卡或有 API 調用時，我們都會收取美元的便士。就 Technisys 而言，這更像是一種經常性收入流 SaaS 類型的模型，我們預計將繼續發展到該業務並多樣化整體收入流。

And just one clarification in the Galileo business, we have a fixed rate on those transactions. And on the API calls, it's not a percentage of the interchange or a percentage of the transaction size. So if the basket size gets smaller, it doesn't change what we get paid. We get paid by transaction or by API call.

伽利略業務中的一項澄清是，我們對這些交易有固定利率。在 API 調用中，它不是交換的百分比或事務大小的百分比。因此，如果籃子尺寸變小，它不會改變我們得到的報酬。我們通過交易或 API 調用獲得報酬。

Our next question is from the line of Jeff Adelson with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Jeff Adelson。

Great. So you had a pretty good quarter. You beat revenues on about $15 million to $25 million and $5 million to $15 million on the EBITDA relative to the old 2Q guide. And I'm just kind of curious, it looks like you only took up the full year '22 guide by roughly $3 million to $4 million. Just wondering if there's something going on in the back half of the year that we should be looking for maybe. Or are you building maybe a degree of conservatism in your outlook here?

偉大的。所以你有一個很好的季度。與舊的第二季度指南相比，EBITDA 的收入超過了大約 1500 萬美元到 2500 萬美元和 500 萬美元到 1500 萬美元。我只是有點好奇，看起來你只佔用了 22 年全年指南大約 300 萬到 400 萬美元。只是想知道今年下半年是否會發生一些我們應該尋找的事情。或者你是否在這裡建立了一定程度的保守主義觀點？

Yes. What I would say is, in terms of the overall H2 guide, our goal is always to provide the research and investor community with our best outlook on the business at any given point in time. Given where we are in the year, we remain very comfortable with the trajectory of our business and our guide, particularly in light of the uncertainty related to the macro environment that we're experiencing right now. So overall, still very optimistic in the forward outlook, but it is our best view at this point.

是的。我想說的是，就整體 H2 指南而言，我們的目標始終是在任何給定時間點為研究和投資者社區提供我們對業務的最佳展望。鑑於我們今年所處的位置，我們仍然對我們的業務發展軌跡和我們的指導感到非常滿意，特別是考慮到與我們目前正在經歷的宏觀環境相關的不確定性。因此，總體而言，對未來前景仍然非常樂觀，但這是我們目前最好的看法。

Got it. That's helpful. And then just maybe switching to gain on sale. Since we're not getting in the Q until next week, I think you said, could you maybe break out how much of a hedge gain you saw this quarter? I think last quarter, you had about $160 million. Just wondering how much of the $140 million this quarter came from that. And then as a part of that, do you think you could also break out the hedged versus unhedged gain on sale margins you're seeing by product this quarter?

知道了。這很有幫助。然後可能會轉而獲得銷售收益。由於我們要到下週才能進入 Q，我想你說過，你能否打破你在本季度看到的對沖收益多少？我認為上個季度，你有大約 1.6 億美元。只是想知道本季度的 1.4 億美元中有多少來自於此。然後作為其中的一部分，您是否認為您還可以打破本季度按產品看到的對沖與未對沖的銷售利潤率收益？

Absolutely. So in terms of overall hedge gains for the quarter, we ended up generating $75 million in the quarter. In terms of the actual gain on sale margins, I'll give you both unhedged and with hedged gains. For personal loans, it was 3.4% excluding the hedge and 4.5%, including hedged gains. Our student loan business was 99.8%, excluding the hedge and north of 4%, including the hedge. And then our home loans business was at an execution of about 95% but north of 1.5% when including the hedge.

絕對地。因此，就本季度的整體對沖收益而言，我們最終在本季度產生了 7500 萬美元。就銷售利潤的實際收益而言，我會給你未對沖和對沖收益。對於個人貸款，不包括對沖收益為 3.4%，包括對沖收益為 4.5%。我們的學生貸款業務為 99.8%，不包括對沖和 4% 以上，包括對沖。然後我們的房屋貸款業務的執行率約為 95%，但包括對沖在內時的執行率超過 1.5%。

What I would say in terms of overall sustainability and durability of these margins, we've been able to sustain these gain on sale margins inclusive of hedged gains in this 104% level for our personal loans and SLR business and 101% to 102% in home loans. And that's primarily a result of the proven hedging strategy that we have but also a function of being able to keep pace with rate increases and pass those through to our weighted average coupon.

就這些利潤率的整體可持續性和持久性而言，我想說的是，我們已經能夠維持這些銷售利潤率收益，包括我們的個人貸款和 SLR 業務的 104% 水平以及 101% 至 102% 的對沖收益房屋貸款。這主要是我們擁有經過驗證的對沖策略的結果，但也是能夠跟上利率上漲並將其傳遞到我們的加權平均票息的功能。

Like I said earlier, you'll see in the Q that the average interest earned on our overall PL portfolio increased 60 basis points quarter-over-quarter, and that's in line with the increase that we observed with comparable benchmark rates. Now that's not a perfect indication of how much we increased our weighted average coupon on in-period originations, but it does give you a sense for our success in being able to raise WACC while continuing to drive growth in originations.

就像我之前說的，你會在 Q 中看到，我們整個 PL 投資組合所賺取的平均利息環比增加了 60 個基點，這與我們在可比基準利率下觀察到的增加一致。現在，這並不是我們在期間內增加了多少加權平均息票的完美指標，但它確實讓您了解我們成功地提高了 WACC，同時繼續推動了發起的增長。

Got it. And then you've done a pretty good job so far raising deposits with the new bank and growing your loans accordingly. Just wondering, as we think about this kind of doubling of your hold period and a pretty good strength in the personal loan originations, is it unreasonable to assume that with the doubling of the loan hold period that, at a minimum, you could probably double your loan balances by early next year with 1 year under your belt? You were at $6 billion or $7 billion when you got the bank. I mean is it unreasonable to assume that could hit $12 billion or $14 billion over time or by next year?

知道了。然後，到目前為止，您在新銀行籌集存款並相應地增加了您的貸款，這方面做得很好。只是想知道，當我們考慮這種你的持有期翻倍和個人貸款發放的相當好的實力時，假設隨著貸款持有期的翻倍，你至少可以翻倍是不合理的到明年年初，您的貸款餘額還有 1 年？當你拿到這家銀行時，你的資產是 60 億美元或 70 億美元。我的意思是，假設隨著時間的推移或明年可能達到 120 億美元或 140 億美元，這是不合理的嗎？

Yes. I don't think we're going to provide guidance on the actual bank balance sheet or the amount that we're going to grow loans. But what I would say is over the course of Q2, we ended up growing overall deposits by over $100 million per week. And the second thing I would say is we have sufficient equity capital both at the bank and the bank holding company to fulfill our overall origination plan. We do want to maximize the value of the bank affords us, so it will depend on the environment. And all the rest of our businesses, our objective would be to grow at a healthy clip.

是的。我認為我們不會就實際的銀行資產負債表或我們將增加貸款的金額提供指導。但我想說的是，在第二季度，我們最終每週增加了超過 1 億美元的總存款。我要說的第二件事是，我們在銀行和銀行控股公司都有足夠的股本來完成我們的整體發起計劃。我們確實希望最大化銀行為我們提供的價值，因此這將取決於環境。和我們所有其他業務一樣，我們的目標是以健康的速度增長。

Our next question is from the line of Eugene Simuni with MoffettNathanson.

我們的下一個問題來自 Eugene Simuni 和 MoffettNathanson 的觀點。

Okay. I wanted to come back to personal loans for a minute. Obviously, very, very strong growth trajectory here, you talked a bunch about the strong demand overall given interest rate environment. But can you talk a little bit about your success in gaining market share in this market? It's a very competitive market. Obviously, a lot of providers, a lot of innovative providers. What's your edge? And how do you maintain that market share gain momentum going forward?

好的。我想回到個人貸款一分鐘。顯然，這裡的增長軌跡非常非常強勁，您談到了在利率環境下整體需求強勁的問題。但是你能談談你在這個市場上獲得市場份額的成功嗎？這是一個競爭非常激烈的市場。顯然，很多供應商，很多創新的供應商。你的優勢是什麼？您如何保持市場份額的增長勢頭？

Yes. We have a very small market share in personal loans, but we are gaining share. We think about the differentiators for all of our products on 4 dimensions -- 5 really, but 4 unique ones: fast, selection, content, convenience. And then the fifth one is having our products work better together, i.e., you get a lower interest rate if you also do direct deposit, as an example.

是的。我們在個人貸款方面的市場份額很小，但我們正在獲得份額。我們從 4 個維度考慮我們所有產品的差異化因素——確實是 5 個，但有 4 個獨特的維度：快速、選擇、內容、便利。然後第五個是讓我們的產品更好地協同工作，例如，如果您還進行直接存款，您將獲得更低的利率。

So fast. We want to be the fastest place to apply for a loan, the fastest place to get approved for a loan and the fastest place to get funded for a loan. And on personal loans, we try to get it down to 2 days. It used to be 8 or 9 days. Why is that the case? People, they don't want to wait for a decision. They want to know they have a solution to wherever their problem is. And so we want to do that very quickly, and we work every day to do so. And I think we're as competitive as anyone. I'd be shocked if anyone was faster than us. There's also a rescission period that we have to consider. But we can get it down to 2 or 3 days, and we do that quite often.

很快。我們希望成為申請貸款最快的地方，最快獲得貸款批准的地方和獲得貸款資金的最快地方。對於個人貸款，我們試圖將其縮短到 2 天。過去是 8 或 9 天。為什麼會這樣？人們，他們不想等待一個決定。他們想知道無論他們的問題在哪裡，他們都有解決方案。所以我們想很快做到這一點，我們每天都在努力做到這一點。我認為我們和任何人一樣具有競爭力。如果有人比我們快，我會感到震驚。還有一個我們必須考慮的撤銷期。但我們可以將其縮短到 2 或 3 天，而且我們經常這樣做。

Second is I think about selection. Selection is not just the term and the type of rate. It's also other elements of that loan, one of which is pricing. And because we are a bank and our cost of funding is meaningfully lower now, we're going to be much more aggressive on pricing. And we're pretty, I would say, surgical as it relates to the relationship between the credit profile and the pricing profile. We developed back in 2018 6 different grids of about 36 cells that are constantly used to figure out where there's an opportunity in pricing relative to credit. And so that's a sophisticated process that's done each week, and it's been built on 4 years of data.

二是考慮選擇。選擇不僅僅是費率的術語和類型。這也是該貸款的其他要素，其中之一就是定價。而且因為我們是一家銀行，而且我們的融資成本現在顯著降低，我們將在定價上更加激進。我想說，我們很漂亮，因為它涉及到信用狀況和定價狀況之間的關係。我們早在 2018 年就開發了 6 個不同的網格，大約 36 個單元格，這些網格不斷用於確定相對於信用定價的機會。所以這是一個每週都會完成的複雜過程，它建立在 4 年的數據之上。

The second element of that is marketing and understanding which channels provide the best borrowers. And it's not just the best borrower in terms of the demand but it's about their variable profit. And so we're trying to optimize for 40% to 50% of variable profit margin on a per loan basis, and we want to maximize dollars there. We know which channels perform the best on a unit economic basis, and so our marketing can be a lot more efficient. And it's generally hard to find people that are good credit profiles because they're not always necessarily looking for money, and you're trying to find a greater solution for them.

第二個要素是營銷和了解哪些渠道可以提供最好的借款人。就需求而言，這不僅是最好的借款人，而且還與他們的可變利潤有關。因此，我們正在嘗試在每筆貸款的基礎上優化 40% 到 50% 的可變利潤率，我們希望在那裡最大化美元。我們知道在單位經濟基礎上哪些渠道表現最好，因此我們的營銷可以更有效率。而且通常很難找到信用狀況良好的人，因為他們不一定總是在尋找金錢，而您正試圖為他們找到更好的解決方案。

So those are a couple of the elements that we use on a singular basis of the products to differentiate. We also increasingly are doing things, like I mentioned, to make our products work better when you use them together, so giving you an advantage if you're also a direct deposit customer and the rate that we offer you. We've done historically auto payments as a discount to the rate, but direct deposit is now another lever that we can use from a differentiated standpoint that others cannot use or don't have, and you'll see us continue to do better together the types of things to get there.

所以這些是我們在產品的單一基礎上使用的幾個元素來區分。就像我提到的那樣，我們也越來越多地做一些事情，以使我們的產品在您一起使用時更好地工作，因此，如果您也是直接存款客戶和我們為您提供的利率，則可以為您提供優勢。從歷史上看，我們一直將自動付款作為利率折扣，但現在直接存款是我們可以從差異化的角度使用的另一個槓桿，其他人無法使用或沒有，您會看到我們一起繼續做得更好到達那裡的東西的類型。

Got it. That's very helpful. And then a quick follow-up. Just on the macro environment, you mentioned that you're looking at a broad range of kind of early warning indicators. Obviously, you're looking at a lot of data across your 4 million user base. Are you seeing any indications of any deterioration in kind of a macro environment? And maybe you can speak in a little bit more detail what macro scenario are you assuming for your second half guidance.

知道了。這很有幫助。然後快速跟進。就宏觀環境而言，您提到您正在研究範圍廣泛的預警指標。顯然，您正在查看 400 萬用戶群中的大量數據。您是否看到任何宏觀環境惡化的跡象？也許您可以更詳細地說一下您為下半年的指導假設的宏觀情景。

Yes. Because we're focused on a specific segment of the population and a specific credit profile of the population, we're going to look at different metrics then that necessarily tie to GDP growth or inflation, et cetera. I don't want to get into all the details of all the different metrics. The risk team utilizes that framework. They provide us with early warning levels. We use red, green and yellow. They change quite frequently. We look at them every month. There have been some months in the past that were more red than months that we've currently had. And so there's not going to be something you can look at and say, "This means X, Y or Z for SoFi." Our team is looking at that broad range of indicators and using that to create each one of the metrics. And ultimately, when we get to a certain level of things being red, we lend less, which is what we did back in March of 2020. And once we lend less, we don't turn it back on until they turn back to yellow or green. So it's something we monitor all the time.

是的。因為我們關注的是特定人群和特定人群的信用狀況，所以我們將研究與 GDP 增長或通貨膨脹等必然相關的不同指標。我不想深入了解所有不同指標的所有細節。風險團隊利用該框架。它們為我們提供了早期預警級別。我們使用紅色、綠色和黃色。它們變化非常頻繁。我們每個月都會查看它們。過去有幾個月比我們現在的幾個月更紅。因此，您不會看到任何東西然後說：“這意味著 SoFi 的 X、Y 或 Z。”我們的團隊正在研究範圍廣泛的指標，並使用它來創建每一個指標。最終，當我們達到一定程度的紅色時，我們會減少借出，這就是我們在 2020 年 3 月所做的。一旦我們減少借出，我們不會重新啟用它，直到它們變回黃色或綠色。所以這是我們一直在監控的事情。

If you look at the second quarter, April was more negative than May or June. May and June were more positive than April. So it's an ever-changing environment. I don't want to give you any indication of what it's going to be tomorrow or what it was yesterday. Our guidance reflects what it's been and where we think it's going to be. And then the only other thing I'd point to is the actual performance of our loan, which Chris talked about.

如果你看第二季度，4 月的負面影響比 5 月或 6 月更嚴重。 5 月和 6 月比 4 月更積極。所以這是一個不斷變化的環境。我不想告訴你明天會是什麼，或者昨天是什麼。我們的指導反映了它的過去和我們認為它會在哪裡。然後我要指出的唯一另一件事是我們貸款的實際表現，克里斯談到了這一點。

That concludes today's Q&A session. I will now hand the call over to Anthony Noto for closing remarks.

今天的問答環節到此結束。現在，我將把電話交給安東尼·諾托（Anthony Noto）做閉幕詞。

Thank you, and thank you for everyone for your thoughts today and spending time on our call. I want to end with a couple of points. I'm incredibly humbled by the privilege to lead SoFi and work with so many passionate people that have built our company day by day and inch by inch, rallying time and time again to each challenge we've faced, all in service of changing the lives of so many people. I would have never predicted that we could deliver superior growth with record revenue quarter after quarter in 2021 and now again in 2022 while our student loan refinancing business operates at 25% to 50% of normalized levels for the last 2.5 years, and we still delivered 8 quarters of positive EBITDA. When we went public, we've raised over $3.5 billion, and we have achieved a very hard to accomplish goal in becoming a national bank.

謝謝大家，感謝大家今天的想法和花時間在我們的電話上。我想以幾點結束。我非常榮幸能夠領導 SoFi 並與如此多熱情的人一起工作，他們日復一日地建立了我們的公司，一次又一次地團結起來迎接我們面臨的每一個挑戰，所有這些都是為了改變這麼多人的生活。我從來沒有預料到我們可以在 2021 年和現在在 2022 年又一個季度地實現創紀錄的收入增長，而我們的學生貸款再融資業務在過去 2.5 年中以正常水平的 25% 到 50% 運行，我們仍然實現了8 個季度的正 EBITDA。當我們上市時，我們已經籌集了超過 35 億美元，並且我們已經實現了成為一家國家銀行的非常難以實現的目標。

But that is exactly what we've done here today and last quarter and the quarter before that. Our members need our help like never before and our ability to help them is unmatched by any company that I am aware of. The responsibility that comes with that rare position is great, but the personal and professional satisfaction when we deliver is even greater. I am in awe of the impact we have on our members. While no one day has a dramatic impact relative to others, the cumulative impact of the last 1,620 days is dramatic, which is why we have to remain focused like never before on ensuring that we continue to move with urgency, with purpose, with a winning mindset and a founder's mentality to make progress every minute of every hour of every day so that the aggregate impact remains unmatched.

但這正是我們今天和上個季度以及之前的一個季度在這裡所做的。我們的成員前所未有地需要我們的幫助，而我們幫助他們的能力是我所知道的任何公司都無法比擬的。這個難得的職位帶來的責任是巨大的，但是當我們交付時，個人和專業的滿足感會更大。我對我們對會員的影響感到敬畏。雖然沒有哪一天相對於其他日子產生巨大的影響，但過去 1,620 天的累積影響是巨大的，這就是為什麼我們必須以前所未有的方式保持專注，確保我們繼續以緊迫感、有目標、有目標地前進心態和創始人的心態，每天每時每刻都在進步，以使總體影響保持無與倫比。

Until next quarter, we thank you for your interest in SoFi. Thank you very much.

直到下個季度，我們感謝您對 SoFi 的興趣。非常感謝。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。