(SOFI) 2022 Q3 法說會逐字稿

Good morning, and thank you for attending today's SoFi Q3 2022 Earnings Conference Call. (Operator Instructions)

早上好，感謝您參加今天的 SoFi 2022 年第三季度收益電話會議。 （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 morning. Welcome to SoFi's Third 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.

謝謝你，早上好。歡迎來到 SoFi 的 2022 年第三季度收益電話會議。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.

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。

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.

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 morning, everyone. Our third quarter results demonstrate the continued resilience of both our team and business and our ability to deliver another quarter of record revenue and EBITDA and strong overall operating results.

謝謝你，莫拉，大家早上好。我們的第三季度業績證明了我們的團隊和業務的持續彈性，以及我們提供另一個季度創紀錄的收入和 EBITDA 以及強勁的整體運營業績的能力。

A few key achievements from the third quarter include our sixth consecutive quarter of record adjusted net revenue of $419 million, up 51% year-over-year, reflecting record revenue in all 3 business segments; $44 million of record adjusted EBITDA, up 118% quarter-over-quarter; continued strong performance in member and product additions as well as cross-buy volume; further scaling of SoFi Bank with accelerating growth to surpass $5 billion in deposits, up 86% quarter-over-quarter; and savings of 125 basis points; and cost of funds versus using other sources of debt to fund loans. Another quarter of positive GAAP net income for SoFi Bank at $28 million at an 11% margin.

第三季度的一些主要成就包括我們連續第六個季度實現創紀錄的調整後淨收入 4.19 億美元，同比增長 51%，反映了所有 3 個業務部門的創紀錄收入；調整後 EBITDA 達到創紀錄的 4400 萬美元，環比增長 118%；會員和產品增加以及交叉購買量繼續保持強勁表現； SoFi 銀行進一步擴大規模，存款加速增長，超過 50 億美元，環比增長 86%；節省 125 個基點；資金成本與使用其他債務來源為貸款提供資金。 SoFi 銀行另一個季度的正 GAAP 淨收入為 2800 萬美元，利潤率為 11%。

Members and products each saw rapid year-over-year growth with continued strong cross-buy trends. The 424,000 new members in Q3 2022 brings total members to 4.7 million, up 61% year-over-year. We also added 635,000 new products in Q3, ending with nearly 7.2 million total products, up 69% year-over-year. Of these new adds, Financial Services products of 5.9 million at quarter end grew by 83% year-over-year, while Lending products of nearly 1.3 million were up 24%. The strength of our results once again underscores how our full suite of differentiated products and services provides the foundation for a uniquely diversified business that is able to endure through market cycles.

會員和產品均實現了快速的同比增長，交叉購買趨勢持續強勁。 2022 年第三季度新增 424,000 名會員，使會員總數達到 470 萬，同比增長 61%。我們還在第三季度增加了 635,000 種新產品，最終產品總數接近 720 萬種，同比增長 69%。在這些新增產品中，季度末金融服務產品 590 萬個，同比增長 83%，而近 130 萬個貸款產品則增長 24%。我們的業績再次凸顯了我們全套差異化產品和服務如何為能夠經受市場週期的獨特多元化業務奠定基礎。

Now I'd like to spend some time on segment level results, with a particular focus on the benefits of our diversified business drivers as well as the structural advantage of our bank charter. In Lending, our personal loan performance more than offset the continued lack of demand in student loan refinancing and the less robust performance of home loans. Student loan refi continues to be negatively impacted as federal borrowers await the end of the moratorium on federal student loan payments. Home loans face macro headwinds from rising rates while we continue the process of transitioning to new fulfillment partners.

現在我想花一些時間在部門層面的結果上，特別關注我們多元化業務驅動的好處以及我們銀行章程的結構優勢。在貸款方面，我們的個人貸款表現抵消了學生貸款再融資需求持續不足和住房貸款表現不佳的影響。隨著聯邦借款人等待暫停聯邦學生貸款支付的結束，學生貸款再融資繼續受到負面影響。在我們繼續過渡到新的履行合作夥伴的過程中，住房貸款面臨利率上升的宏觀逆風。

We originated a record of over $2.8 billion in personal loans in Q3, up 14% from $2.5 billion last quarter and nearly doubled the $1.6 billion in Q3 2021. The product continues to deliver and, most importantly, this is while maintaining our strict credit standards in attracting borrowers with high incomes and FICO scores.

我們在第三季度創造了超過 28 億美元的個人貸款，比上一季度的 25 億美元增長 14%，幾乎是 2021 年第三季度的 16 億美元的兩倍。該產品繼續交付，最重要的是，這是在保持我們嚴格的信用標準的同時吸引高收入和 FICO 分數的借款人。

While these origination levels themselves are impressive, the strength of our balance sheet and diversification of our funding sources provide new options to fund Lending growth while driving efficiency with cost savings. These advantages are a direct result of SoFi Bank. Having more flexibility with our balance sheet allows us to generate more net interest margin revenue per loan and optimize returns, a critical advantage in light of the macro uncertainty.

雖然這些發起水平本身令人印象深刻，但我們資產負債表的實力和我們資金來源的多元化為貸款增長提供了新的選擇，同時通過節省成本提高效率。這些優勢是 SoFi Bank 的直接結果。我們的資產負債表具有更大的靈活性，使我們能夠產生更多的每筆貸款淨息差收入並優化回報，鑑於宏觀不確定性，這是一個關鍵優勢。

Additionally, by using our deposits to fund loans, we benefit from a lower cost of funding for loans and thus more profit per loan. In Q3 alone, the difference in our deposit cost of funds and other sources of debt was approximately 125 basis points versus 100 basis points in Q2, a powerful benefit in a rising rate environment.

此外，通過使用我們的存款為貸款提供資金，我們受益於較低的貸款融資成本，因此每筆貸款的利潤更高。僅在第三季度，我們的資金存款成本和其他債務來源的差異約為 125 個基點，而第二季度為 100 個基點，這在利率上升的環境中是一個強大的優勢。

Lastly, we have a much more compelling value proposition in SoFi Checking and Savings as we can invest the greater revenue and profit per loan from the 2 benefits I just mentioned into an industry-leading APY, which drives direct deposit members resulting in high-quality deposits and great levels of engagement. This has led to higher average account balances even as average spend has increased.

最後，我們在 SoFi Checking 和 Savings 方面有一個更具吸引力的價值主張，因為我們可以將我剛才提到的 2 個好處中的每筆貸款的更大收入和利潤投資到行業領先的 APY 中，從而推動直接存款會員產生高質量存款和高水平的參與。即使平均支出增加，這也導致平均賬戶餘額增加。

We exited the quarter with over $5 billion in total deposits, and 85% of SoFi Money deposits are from direct deposit members. In fact, 50% of newly funded SoFi Money accounts are setting up direct deposit by day 30 versus 37% in the second quarter, and this has had a significant impact on spending. Q3 annualized spend was 2x full year 2021 total spend and Q3 spend per average funded account was up 22% quarter-over-quarter.

我們以超過 50 億美元的總存款退出本季度，85% 的 SoFi Money 存款來自直接存款會員。事實上，50% 的新註資 SoFi Money 賬戶在第 30 天設置了直接存款，而第二季度這一比例為 37%，這對支出產生了重大影響。第三季度年化支出是 2021 年全年總支出的 2 倍，第三季度每個平均資金賬戶的支出環比增長 22%。

SoFi Money members increased nearly 72% year-over-year to 2.3 million accounts while maintaining attractive demographics. In fact, the median FICO score for direct deposit accounts opened in the third quarter was 750. Given the quality of these members, we see ample opportunity for cross-buying in the future.

SoFi Money 會員的賬戶數量同比增長近 72%，達到 230 萬個，同時保持了有吸引力的人口統計數據。事實上，第三季度開設的直接存款賬戶的 FICO 得分中位數為 750。鑑於這些成員的質量，我們認為未來有充足的交叉購買機會。

Moving on to Financial Services more broadly, where net revenue nearly tripled year-over-year to $49 million and grew 61% from $30 million in Q2. We've continued to achieve strong member and product growth by iterating on 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.

轉向更廣泛的金融服務，淨收入同比增長近兩倍，達到 4900 萬美元，比第二季度的 3000 萬美元增長 61%。我們通過對產品進行迭代來繼續實現強勁的會員和產品增長，以確保它們在快速、選擇、內容和便利四個關鍵因素上有所區別，並繼續投資以使它們在一起使用時更好地工作。

We finished Q3 with 5.9 million Financial Services products, up 83% year-over-year and 4.6x the total Lending products of 1.3 million. The increased scale in Financial Services helps drive cross-buy and marketing efficiencies. Financial Services sales and marketing spend as a percentage of net revenue was 58% in Q3 versus 81% the prior quarter and 105% in Q3 of last year. We achieved this improved efficiency even as we continue to scale our top-of-the-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, growing brand awareness and network effects.

我們在第三季度完成了 590 萬種金融服務產品，同比增長 83%，是總貸款產品 130 萬種的 4.6 倍。金融服務規模的擴大有助於提高交叉購買和營銷效率。第三季度金融服務銷售和營銷支出占淨收入的百分比為 58%，上一季度為 81%，去年第三季度為 105%。即使我們繼續擴展我們的頂級漏斗產品，我們也實現了這種提高的效率，這些產品通常不會在 12 到 18 個月內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，品牌知名度和網絡效應不斷提高。

As mentioned, we continue to iterate and invest aggressively in our product suite, and that investment continues to pay dividends as members embrace our launches. Just in the third quarter, we introduced an increase in our Checking and Savings APY of up to 2.5% as of September 30, in addition to the unmatched value proposition, a host of free features and a unique rewards program. In fact, we're increasing our APY in savings to 3% this week to continue to drive more value for our members.

如前所述，我們繼續迭代並積極投資於我們的產品套件，並且隨著會員接受我們的發布，這種投資將繼續帶來紅利。就在第三季度，我們推出了截至 9 月 30 日的支票和儲蓄 APY 最高增長 2.5% 的舉措，此外還有無與倫比的價值主張、一系列免費功能和獨特的獎勵計劃。事實上，我們本週將我們的 APY 儲蓄提高到 3%，以繼續為我們的會員創造更多價值。

Within SoFi Invest, we introduced new proprietary ETFs to the platform and remain on track to launch the much anticipated options trading product by year-end, now in beta testing. 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 launched credit alerts in Q3, and we'll continue to add features to drive engagement. The Relay platform has become a notable source of cross-buying, further bolstering the financial services productivity.

在 SoFi Invest 中，我們向平台引入了新的專有 ETF，並繼續按計劃在年底前推出備受期待的期權交易產品，目前處於 beta 測試階段。我們越來越多地利用我們的中繼平台來獲取、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。我們在第三季度推出了信用警報，我們將繼續添加功能以提高參與度。 Relay 平台已成為交叉購買的重要來源，進一步提高了金融服務的生產力。

We delivered unprecedented awareness growth as of Q3 2022 by delighting our target audience with compelling value propositions, reaching our target audience where they are effectively and efficiently, producing winning creative and leveraging data-driven tools to continue to get smarter.

截至 2022 年第三季度，我們通過令人信服的價值主張取悅我們的目標受眾、在有效和高效的地方接觸我們的目標受眾、製作成功的創意並利用數據驅動的工具繼續變得更聰明，從而實現了前所未有的意識增長。

Transitioning to the Technology Platform, a critical element of SoFi's 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 SoFi strategy: faster innovation at lower cost; and high-return diversified revenue streams.

過渡到技術平台，這是 SoFi 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：以更低的成本更快地創新；和高回報的多元化收入來源。

As a reminder, we're a consumer technology company that delivers financial services products. We need to be a one-stop shop for major financial decisions in all the days in between. To do this, we want to own end-to-end technologies, and that's where our Technology Platform comes into play. Only we can truly understand the technologies that we need the most. We build them in a way that's both great for us and for everyone else in the ecosystem.

提醒一下，我們是一家提供金融服務產品的消費技術公司。我們需要在其間的所有日子裡成為重大財務決策的一站式商店。為此，我們希望擁有端到端技術，這就是我們的技術平台發揮作用的地方。只有我們才能真正了解我們最需要的技術。我們以對我們和生態系統中的其他所有人都有利的方式構建它們。

In the third quarter, full segment revenue of $85 million grew 69% year-over-year, which included another quarter of record revenue from Galileo, with a 23% margin at the segment level or 30% if you exclude Technisys. Galileo's overall diversified growth strategy includes growth in new verticals, new products and new geographies.

第三季度，8500 萬美元的全部門收入同比增長 69%，其中包括來自 Galileo 的另一個季度創紀錄的收入，該部門的利潤率為 23%，如果不包括 Technisys，則為 30%。伽利略的整體多元化增長戰略包括在新垂直領域、新產品和新地區的增長。

In Q3, Galileo signed 10 new clients and made big strides in its strategy, with a strong 30% of new deals in B2B and 40% of new deals outside the United States. Importantly, of these 10 new deals, 7 have existing subscribers, portfolios or payment businesses, reflecting continued demand for our services and new use cases for embedded fintechs from more mature organizations.

在第三季度，Galileo 簽下了 10 個新客戶，並在其戰略上取得了長足進步，B2B 新交易占 30%，美國以外新交易占 40%。重要的是，在這 10 筆新交易中，有 7 筆現有用戶、投資組合或支付業務，這反映了更成熟的組織對我們的服務和嵌入式金融科技新用例的持續需求。

In Q3, we further invested in our push into the B2B segment by shipping 2 core capabilities: first, account-level controls, which provides self-service opportunities for program managers to set tighter controls in real time at the account level for where and how funds can be spent while reducing fraudulent transactions; and second, real-time funding, which automatically funds an account in real time during the transaction process, optimizing the working capital needs of our SMB customers.

在第三季度，我們通過提供 2 個核心功能進一步投資進軍 B2B 領域：首先，賬戶級別的控制，它為項目經理提供自助服務機會，以便在賬戶級別實時設置更嚴格的控制位置和方式可以在減少欺詐交易的同時花費資金；第二，實時資金，在交易過程中自動實時為賬戶注資，優化我們中小企業客戶的營運資金需求。

I'll finish here by saying that we've been in an all-out sprint over the last 5 years to build out our digital product suite to meet our members' needs for every major financial decision in their lives in all the days in between. The benefits of our strategy to build a uniquely diversified business, combined with a national bank charter, not only positions SoFi to be the winner who takes most in the secular 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 5 年裡，我們一直在全力衝刺，以構建我們的數字產品套件，以滿足我們的會員在其間的所有日子裡對他們生活中的每一個重大財務決策的需求.我們建立獨特多元化業務的戰略的好處，加上國家銀行章程，不僅使 SoFi 成為在金融服務向數字化的長期過渡中受益最多的贏家，而且在我們的市場週期中提供了更大的耐久性。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 to review 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, and good morning, everyone. Overall, we had a great quarter with strong growth trends across the entire business. We achieved record revenue and record EBITDA. 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 third quarter of 2022 versus third 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 made available next week.

謝謝，安東尼，大家早上好。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。我們實現了創紀錄的收入和創紀錄的 EBITDA。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 年第三季度與 2021 年第三季度的調整後結果。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，這將是下週提供。

For the quarter, growth accelerated and we delivered record adjusted net revenue of $419 million, up 51% year-over-year and 18% sequentially from the prior quarter's record of $356 million. Adjusted EBITDA and margins improved year-over-year as we delivered a record $44 million at an 11% margin, representing 3x year-over-year growth on a dollar basis and nearly 700 basis points of year-over-year margin expansion. Sequentially, EBITDA was up $24 million and margins expanded nearly 500 basis points as we saw margin improvement across each of sales and marketing, technology and product development, G&A and ops functional expense lines.

本季度，增長加速，我們實現了創紀錄的調整後淨收入 4.19 億美元，同比增長 51%，比上一季度創紀錄的 3.56 億美元增長 18%。調整後的 EBITDA 和利潤率同比提高，因為我們以 11% 的利潤率交付了創紀錄的 4400 萬美元，按美元計算同比增長 3 倍，利潤率同比增長近 700 個基點。隨後，EBITDA 增加了 2400 萬美元，利潤率擴大了近 500 個基點，因為我們看到銷售和營銷、技術和產品開發、G&A 和運營職能支出線的利潤率都有所提高。

Now onto the segment level performance, where we saw a strong growth and record revenue across all 3 segments. In Lending, third quarter adjusted net revenue grew 38% year-over-year to $297 million. Results were driven by 93% growth in net interest income and 10% growth in noninterest income.

現在進入細分市場的表現，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，第三季度調整後的淨收入同比增長 38% 至 2.97 億美元。結果是由淨利息收入增長 93% 和非利息收入增長 10% 推動的。

Growth in net interest income was driven by a 70% year-over-year increase in average interest-earning assets and a 144 basis point year-over-year increase in average yields, resulting in an average net interest margin of 5.85% for the quarter. This represents 126 basis points of year-over-year and 62 basis points of sequential NIM expansion.

淨利息收入的增長是由平均生息資產同比增長 70% 和平均收益率同比增長 144 個基點推動的，導致平均淨息差為 5.85%四分之一。這代表同比增長 126 個基點和連續 NIM 擴張 62 個基點。

Growth in noninterest income was a result of increased originations and strong personal loan and student loan sales execution. Q3 originations grew 2% year-over-year to $3.5 billion and were driven by record volumes in our personal loans business, which grew 71% year-over-year to $2.8 billion. However, both student loan and home loan originations were down by more than 50% year-over-year as we await the expiration of the moratorium on federal student loan payments coming in January, while rising rates and fulfillment issues continue to impact our home loans business.

非利息收入的增長是由於增加的發起以及強勁的個人貸款和學生貸款銷售執行。第三季度的發起額同比增長 2% 至 35 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 71% 至 28 億美元。然而，學生貸款和住房貸款的發放量同比下降了 50% 以上，因為我們正在等待 1 月份暫停聯邦學生貸款付款的到期，而利率上升和履行問題繼續影響我們的住房貸款商業。

We achieved this top line growth while maintaining our stringent credit standards and disciplined focus on quality. Our personal loan borrowers weighted average income is $160,000, with a weighted average FICO score of 746. Our student loan borrowers weighted average income is $170,000 with a weighted average FICO of 771. This focus on quality has led to strong credit performance.

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。我們的個人貸款借款人加權平均收入為 160,000 美元，加權平均 FICO 得分為 746。我們的學生貸款借款人加權平均收入為 170,000 美元，加權平均 FICO 為 771。這種對質量的關注導致了強勁的信用表現。

Our on-balance sheet delinquency rates and charge-off rates remain healthy and are still below pre-COVID levels. Our on-balance sheet 90-day personal loan delinquency rate was 30 basis points in Q3 2022, while our annualized personal loan charge-off rate was 1.95%. Our on-balance sheet 90-day student loan delinquency rate was 11 basis points in Q3 2022, while our annualized student loan charge-off rate was 0.33%. As we have expressed in the past, it is reasonable to expect credit metrics to revert over time to more normalized pre-pandemic levels but continue to expect very healthy performance relative to broader industry levels.

我們的資產負債表上拖欠率和沖銷率保持健康，仍低於疫情前的水平。 2022 年第三季度，我們的資產負債表內 90 天個人貸款拖欠率為 30 個基點，而我們的年化個人貸款沖銷率為 1.95%。 2022 年第三季度，我們的資產負債表內 90 天學生貸款拖欠率為 11 個基點，而我們的年化學生貸款沖銷率為 0.33%。正如我們過去所表達的那樣，可以合理地預期信貸指標會隨著時間的推移恢復到更正常的大流行前水平，但相對於更廣泛的行業水平，繼續預期會有非常健康的表現。

The Lending business delivered $181 million of contribution profit at a 61% margin, up from $118 million a year ago and a 55% 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 61% 的利潤率貢獻了 1.81 億美元的利潤，高於一年前的 1.18 億美元和 55% 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 record net revenue of $85 million in the quarter, up 69% year-over-year, while record Galileo revenue was up 29% year-over-year. Overall, annual revenue growth was driven by 40% year-over-year Galileo account growth to $124 million in total as well as sequential growth in transactions per active account. The segment delivered a contribution profit of $20 million, representing a 23% margin and 30% if you were to exclude Technisys.

轉向我們的技術平台，我們在本季度實現了創紀錄的 8500 萬美元淨收入，同比增長 69%，而伽利略系統創紀錄的收入同比增長 29%。總體而言，Galileo 賬戶總額同比增長 40% 至 1.24 億美元，以及每個活躍賬戶的交易量連續增長，推動了年收入增長。該部門貢獻了 2000 萬美元的利潤，即 23% 的利潤率，如果不包括 Technisys 則為 30%。

Moving on to Financial Services, where net revenue of $49 million increased 288% 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. Overall monetization continues to improve, with annualized revenue per product increasing for the second consecutive quarter to $34, up 112% year-over-year from $16 in the same prior year quarter and up 46% sequentially from $23.

轉向金融服務，淨收入為 4900 萬美元，同比增長 288%，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貢獻持續強勁。整體貨幣化繼續改善，每件產品的年化收入連續第二個季度增長至 34 美元，較去年同期的 16 美元同比增長 112%，較上一季度的 23 美元增長 46%。

We reached 5.9 million Financial Services products in the quarter, which is up 83% year-over-year, and we continued to see strong product adds with 557,000 new products in the segment. We hit 2 million products in SoFi Money, $2.1 million in SoFi Invest and $1.6 million in Relay. Contribution losses were $53 million in 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.

我們在本季度達到了 590 萬種金融服務產品，同比增長 83%，並且我們繼續看到強勁的產品增加，該領域新增了 557,000 種產品。我們在 SoFi Money 中達到了 200 萬個產品，在 SoFi Invest 中達到了 210 萬美元，在 Relay 中達到了 160 萬美元。本季度的貢獻損失為 5300 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，該準備金預計將增加。此外，我們看到利潤率較高的數字資產收入同比下降。

Switching to our balance sheet, where we remain very well capitalized with ample cash and excess liquidity. The recent opening of SoFi Bank further reinforces our strong balance sheet and provides us with more flexibility and access to a lower cost of capital relative to alternative sources of funding.

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 銀行最近的開業進一步鞏固了我們強大的資產負債表，並為我們提供了更大的靈活性，並獲得了相對於其他資金來源而言更低的資本成本。

In Q3, assets grew by $3 billion as a result of adding loans to the balance sheet given the strong growth we continue to see in personal loan originations. On the liability side of the balance sheet, we saw tremendous growth in deposits as they grew to $5.0 billion, up $2.3 billion quarter-over-quarter. Because of this, we exited the quarter with $2.5 billion drawn on our $7.1 billion of warehouse capacity, which represents 35% of our total available capacity.

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貸款，第三季度資產增加了 30 億美元。在資產負債表的負債方面，我們看到存款大幅增長，達到 50 億美元，環比增長 23 億美元。因此，我們在本季度結束時以 71 億美元的倉庫容量提取了 25 億美元，占我們總可用容量的 35%。

Let me finish 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 underwriting high-quality credit. We expect those benefits to persist going forward even in light of the existing macro backdrop. Our outlook also assumes a late Q4 2022 benefit in student loan originations ahead of the January 2023 federal student loan payment moratorium exploration based on the trend that we experienced in 2021. This benefit is expected to partially offset seasonal Q4 softness we typically see in other Lending products.

讓我完成指導。在過去的 12 個月中，我們展示了擁有多元化收入來源和專注於承銷高質量信貸的好處。即使在現有的宏觀背景下，我們預計這些好處將繼續存在。我們的展望還假設根據我們在 2021 年經歷的趨勢，在 2023 年 1 月聯邦學生貸款暫停支付探索之前，2022 年第四季度末的學生貸款發放將受益。預計這一收益將部分抵消我們通常在其他貸款中看到的季節性第四季度疲軟產品。

For the full year of 2022, we now expect to deliver revenue of $1.517 billion to $1.522 billion, above our prior guidance of $1.508 billion to $1.513 billion and full year 2022 EBITDA of $115 million to $120 million, above our prior guidance of $104 million to $109 million.

對於 2022 年全年，我們現在預計將實現 15.17 億美元至 15.22 億美元的收入，高於我們之前 15.08 億美元至 15.13 億美元的預期和 2022 年全年 EBITDA 1.15 億美元至 1.2 億美元，高於我們之前 1.04 億美元至1.09億美元。

Overall, we couldn't be more proud of our Q3 results and continued progress. Having delivered nearly $1.7 billion of annualized revenue and over $170 million of annualized EBITDA, we continue to make great progress against our long-term growth objectives in the quarter and remain very well capitalized to continue pursuing our ultimate goal of making SoFi a top financial institution.

總體而言，我們對第三季度的業績和持續的進步感到無比自豪。在實現了近 17 億美元的年化收入和超過 1.7 億美元的年化 EBITDA 之後，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，並保持充足的資本繼續實現我們將 SoFi 打造成頂級金融機構的最終目標.

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

有了這個，讓我們開始問答吧。

Thank you, Chris. (Operator Instructions)

謝謝你，克里斯。 （操作員說明）

Thank you for your cooperation. And with that, the operator will now open up the line for questions. Operator, please go ahead.

謝謝您的合作。有了這個，運營商現在將打開問題線。接線員，請繼續。

(Operator Instructions) Our first question for today comes from Eugene Simuni from MoffettNathanson.

（操作員說明）我們今天的第一個問題來自 MoffettNathanson 的 Eugene Simuni。

Great results, congratulations. I'll start by asking about the growth in members. Very strong quarter again, over 400,000 added. Can you talk a little bit about what customer acquisition channels are you finding more successful, where these members are coming from and how sustainable do you see the growth trajectory in the members?

很好的結果，恭喜。我將首先詢問成員的增長情況。再次非常強勁的季度，增加了超過 400,000。你能談談你發現哪些客戶獲取渠道更成功，這些成員來自哪裡，你認為成員的增長軌蹟有多可持續？

I would say there wasn't a meaningful change in the different channels that drove member growth. We're really happy with the trend that we're seeing in member growth. And I would say the quality of our members is increasing as well, and the data that we have for our members is increasing as well, which gives us more opportunity to help our members get their money right.

我想說，推動會員增長的不同渠道並沒有發生有意義的變化。我們對會員增長的趨勢感到非常滿意。我想說我們會員的質量也在提高，我們為會員提供的數據也在增加，這給了我們更多的機會來幫助我們的會員正確地賺錢。

What I'd say is we're really trying to target high-quality members with good compounding growth over years, not over any one quarter. So we're targeting 400,000 net new member adds per quarter. At some point, that could take a step function up, but right now, we're sort of balancing the growth of our member base with quality as well as making sure that we're building our technology and processes to meet our members' needs as we scale so meaningfully.

我想說的是，我們真的在努力瞄準具有良好複合增長的高質量成員，而不是超過任何一個季度。因此，我們的目標是每季度新增 400,000 名淨新會員。在某些時候，這可能會提高功能，但現在，我們正在平衡會員群的增長與質量，並確保我們正在構建我們的技術和流程以滿足會員的需求當我們如此有意義地擴展時。

The bank strategy has been a huge help to us. It's allowed us to not just drive member growth and SoFi Money and SoFi Checking and Savings, which lowers our cost of funding, but it also allows us to be more nimble in other areas like our relay product, and we can experiment much more with the relay product and having people connect their credit card accounts or their checking and savings accounts or their brokerage accounts and putting their real estate, and that information can then help us cross-sell into the checking sales account which is really attractive. We didn't have that same leverage point in the past, and so the combination of those 2 is also something that's new.

銀行戰略對我們幫助很大。它不僅使我們能夠推動會員增長和 SoFi Money 和 SoFi Checking and Savings，從而降低我們的資金成本，而且還使我們能夠在其他領域更加靈活，例如我們的中繼產品，我們可以對中繼產品並讓人們連接他們的信用卡賬戶或支票和儲蓄賬戶或經紀賬戶並放置他們的房地產，然後這些信息可以幫助我們交叉銷售到非常有吸引力的支票銷售賬戶。我們過去沒有同樣的槓桿點，所以這兩者的結合也是新的。

Our next question comes from Mihir Bhatia from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Mihir Bhatia。

I wanted to start with the student loan changes. Obviously, a fair amount of changes with the Biden administration passing the debt student loan -- or not passing but announcing and then trying to implement this student loan plan. In addition to the loan forgiveness of course, changes to income-based repayment levels too, I was just wondering, what is SoFi's view on the plan overall? And just can you discuss maybe some of the key points of the plan that will impact your business and how -- and the actions you are taking?

我想從學生貸款的變化開始。顯然，隨著拜登政府通過了債務學生貸款——或者沒有通過但宣布然後試圖實施這個學生貸款計劃，發生了相當大的變化。當然除了貸款減免之外，基於收入的還款水平也發生了變化，我只是想知道，SoFi 對整體計劃的看法是什麼？您能否討論一下該計劃中可能會影響您的業務的一些關鍵點以及如何影響您正在採取的行動？

Thank you for your question. We've been clear that we support targeted forgiveness programs and the announced programs that the administration released are aligned with what we thought would be a fair and balanced targeted view on programs. We think the most important thing for people that have federal student loans is clarity and consistency. And so we encourage administration to stay on track and to provide transparency and clarity on execution so they can make the best decisions on how they want to get their money right.

謝謝你的問題。我們已經明確表示，我們支持有針對性的寬恕計劃，並且政府發布的已宣布計劃與我們認為公平和平衡的有針對性的計劃觀點一致。我們認為，對於擁有聯邦學生貸款的人來說，最重要的是清晰度和一致性。因此，我們鼓勵政府保持正軌，並在執行方面提供透明度和清晰度，以便他們能夠就如何正確獲得資金做出最佳決策。

We think the addressable market for student loan refinancing is quite large even with these changes. Many of the forgiveness programs will probably not be applicable to our member base and our target demographics, the income levels below, for qualification or income is higher than the income level you have to be below, and a number of other factors that would cause the TAM to be still large. Now that TAM can increase and decrease, depending on where federal funds rates are and overall WACC is for that product in the marketplace, but the number of people that will still have federal student loans outstanding that could refinance is really large still.

我們認為即使有這些變化，學生貸款再融資的潛在市場也相當大。許多寬恕計劃可能不適用於我們的會員群和我們的目標人口統計，以下收入水平，資格或收入高於您必須低於的收入水平，以及許多其他因素會導致TAM 仍然很大。現在 TAM 可以增加和減少，這取決於聯邦基金利率的位置以及市場上該產品的整體 WACC，但是仍然有未償還的聯邦學生貸款可以再融資的人數仍然很大。

Our next question comes from Dan Dolev from Mizuho.

我們的下一個問題來自瑞穗的 Dan Dolev。

Guys, outstanding results. Great job, guys. A quick question, Anthony, and Chris, can you just give us a sense of like the CAC trends that you've seen over this quarter and the last few quarters?

伙計們，成績斐然。幹得好，伙計們。一個簡單的問題，Anthony 和 Chris，您能否讓我們了解一下您在本季度和過去幾個季度中看到的 CAC 趨勢？

Sure. thanks. So what I would say is we've made really good progress in the overall marketing efficiencies over the last few years, and that's been driven by growth in brand awareness, cross-buy and scaling our lower CAC products. If you were to look at Q3 '22, you'll see that our sales and marketing as a percentage of revenue decreased 400 basis points year-over-year and 200 basis points quarter-over-quarter. In terms of specific CAC trends I would say that we're acquiring members today at a level that supports our longer-term EBITDA margin target of 30%.

當然。謝謝。所以我想說的是，在過去幾年中，我們在整體營銷效率方面取得了非常好的進展，這是由品牌知名度的增長、交叉購買和擴大我們的低 CAC 產品所推動的。如果您查看 22 年第三季度，您會發現我們的銷售和營銷佔收入的百分比同比下降 400 個基點，環比下降 200 個基點。就具體的 CAC 趨勢而言，我想說的是，我們今天正在以支持我們 30% 的長期 EBITDA 利潤率目標的水平收購會員。

When determining how much we're willing to spend to acquire a member on a day-to-day basis, we're looking at a host of different factors. We're looking at the lifetime value that, that member could achieve, and we're also looking at overall payback periods.

在確定我們願意每天花多少錢來獲得會員時，我們會考慮許多不同的因素。我們正在研究該成員可以實現的終生價值，並且我們還在研究總體投資回收期。

What we've observed recently over the course of the last few quarters is that our overall LTV of financial services members has increased as a result of having the bank and focus on growing direct deposit members, and our payback periods are in the 12- to 18-month time frame. What that's done is it's given us additional flexibility on CAC and the ability to scale the number of financial services products that we have.

在過去幾個季度中，我們最近觀察到的是，由於擁有銀行並專注於增加直接存款會員，我們的金融服務會員的整體 LTV 有所增加，我們的投資回收期在 12 到18 個月的時間框架。所做的是，它為我們提供了 CAC 的額外靈活性以及擴展我們擁有的金融服務產品數量的能力。

This growth in investment in Financial Services products has resulted in CAC efficiencies within our Lending products. And you'll see in the Q that our overall CAC for new Lending members decreased by 8% to 9%, both year-over-year and sequentially, and that's really helped contribute to the overall margin compression that we're seeing.

金融服務產品投資的增長導致我們的貸款產品的 CAC 效率提高。您會在 Q 中看到，我們新貸款成員的整體 CAC 同比和環比下降了 8% 至 9%，這確實有助於我們看到的整體利潤率壓縮。

The other thing I would just add to what Chris mentioned is something that we've learned in the Lending business and then something that I think applies now that we have a one-stop shop with all the other products. Sometimes it's misleading when a company drives low CAC. It has been the case that it was in Lending. If we drive CAC too low, we lower the quality of the borrower that we bring in, and the life-of-loan losses of that portfolio can actually go up, which would more than offset the CAC savings. And so it's counterintuitive to think about CAC and Financial Services.

克里斯提到的另一件事是我們在貸款業務中學到的東西，然後我認為現在適用的東西是我們擁有所有其他產品的一站式商店。有時，當一家公司驅動低 CAC 時，它會產生誤導。貸款就是這種情況。如果我們將 CAC 推得太低，我們會降低我們引入的借款人的質量，並且該投資組合的貸款期限損失實際上會上升，這將抵消 CAC 的節省。因此，考慮 CAC 和金融服務是違反直覺的。

What we focus on is what's the right CAC within a unit economic standpoint, whether that's a per account economics or that's per loan economics to drive an acceptable variable profit. So when we multiply that variable profit per account or per member by the number of people that have that product, that total variable profit dollars exceed our fixed costs and drive to our long-term 30% margin.

我們關注的是從單位經濟角度來看什麼是正確的 CAC，無論是按賬戶經濟還是按貸款經濟來推動可接受的可變利潤。因此，當我們將每個賬戶或每個成員的可變利潤乘以擁有該產品的人數時，可變利潤總額超過了我們的固定成本，並推動了我們 30% 的長期利潤率。

So there will definitely be ups and downs in CAC based on mix shift, based on environments but know we're solving for the LTV equation and the right unit economics to drive to a 30% margin. It's not always the case that a lower CAC is good. You can have much lower quality members in Money and Checking account, for example. Our direct deposit growth has been really strong. I'd pay a lot more money for direct deposit customers than it would for just a funded customer because of all the benefits we get in debit interchange in addition to lower cost of funding on the loan side.

因此，基於混合變化和環境的 CAC 肯定會有起伏，但知道我們正在求解 LTV 方程和正確的單位經濟學，以推動 30% 的利潤率。較低的 CAC 並不總是好的。例如，您可以在 Money 和 Checking 帳戶中擁有低質量的成員。我們的直接存款增長非常強勁。我會為直接存款客戶支付比僅為資金客戶支付更多的錢，因為我們在藉方交換中獲得的所有好處以及貸款方面的資金成本較低。

Our next question comes from Moshe Orenbuch from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

You're on mute.

你靜音了

Sorry. Can you hear me now?

對不起。你能聽到我嗎？

Yes.

是的。

Sorry about that. Maybe this will be a little bit of a follow-up from the previous questions. SoFi Money accounts that you added, you pointed out, were more kind of direct deposit and kind of more likely to be richer. Any sense as to whether this is, at least in part, a function of kind of a pullback from kind of PE or venture capital funded other neobanks?

對於那個很抱歉。也許這將是對前面問題的一點跟進。你指出，你添加的 SoFi Money 賬戶更像是直接存款，更有可能變得更富有。關於這是否至少在一定程度上是某種私募股權或風險投資資助的其他新銀行的一種回調功能，有什麼意義嗎？

And also, following up from those last answers, is there a way to dimension whether it's CAC profitability in terms of how you think about that benefit over the longer term, just given that they're more likely to purchase lots of products and, in particular, lending?

此外，根據最後的答案，有沒有辦法根據您對長期收益的看法來衡量 CAC 的盈利能力，因為他們更有可能購買大量產品，並且特別是貸款？

We've had really strong metrics in Checking and Savings and really high quality. 50% of our newly funded SoFi Money accounts are setting up direct deposits by day 30, that's up versus 37% in the second quarter. And if you benchmark that versus other companies, that's a really high percentage.

我們在支票和儲蓄方面擁有非常強大的指標，而且質量非常高。到第 30 天，我們新註資的 SoFi Money 賬戶中有 50% 建立了直接存款，高於第二季度的 37%。而且，如果您將其與其他公司進行基準比較，那將是一個非常高的百分比。

The quality of those members from a credit standpoint is also very attractive. The median FICO score for direct deposit accounts opened in the third quarter was 750. That's a direct result of us architecting the product to meet the needs of our target member. We're going after high earners not well served, and they have average income of over $100,000 per household. They have 680 FICO scores and higher.

從信用的角度來看，這些成員的質量也非常有吸引力。第三季度開設的直接存款賬戶的 FICO 得分中值為 750。這是我們設計產品以滿足目標會員需求的直接結果。我們正在尋找沒有得到很好服務的高收入者，他們每戶的平均收入超過 100,000 美元。他們有 680 分或更高的 FICO 分數。

That doesn't mean we won't serve other people that are outside of that core demographic, that target. There are concentric circles around that, that will benefit from these products. But we architect specifically to attract that type of number. That, combined with great targeted marketing and iteration over the last 3 years has resulted in really strong quality as well us still maintaining pretty good growth.

這並不意味著我們不會為不在該核心人口、該目標之外的其他人提供服務。周圍有同心圓，這將受益於這些產品。但是我們專門設計來吸引這種類型的數字。再加上過去 3 年的精準營銷和迭代，我們的質量非常好，而且我們仍然保持著相當不錯的增長。

The other thing which doesn't get talked about too much because it's just scaling so significantly is the amount of spending that's happening on the platform. If you annualize our Q3 spend number to 4 quarters instead of 1 quarter, it's over 2x what we did in 2021, so a really substantial increase. And on a per account basis, we're up about 22% quarter-over-quarter in spending. So the strategy is really working and the bank license has allowed that to come to fruition, and we're really happy with the outcome.

另一件沒有被過多談論的事情是平台上發生的支出數量，因為它的規模如此之大。如果您將我們的第三季度支出數字按年計算為 4 個季度而不是 1 個季度，那將是我們在 2021 年所做的 2 倍以上，因此增長幅度非常大。在每個賬戶的基礎上，我們的支出環比增長了約 22%。因此，該策略確實奏效了，銀行牌照使該策略得以實現，我們對結果感到非常滿意。

Our next question comes from Michael Perito from Stifel.

我們的下一個問題來自 Stifel 的 Michael Perito。

I wanted to look ahead to next year a little bit, but not kind of financially, just strategically. I mean, obviously, the -- a lot of the year-on-year improvement has really stemmed from the strong bank-related growth, the impressive direct deposit growth, the credit card debit interchange, the lending and on the personal loan side and the growing balance sheet.

我想稍微展望一下明年，但不是財務上的，只是戰略上的。我的意思是，很明顯，與去年同期相比的很多改善確實源於與銀行相關的強勁增長、令人印象深刻的直接存款增長、信用卡借記卡交換、貸款和個人貸款方面以及不斷增長的資產負債表。

I'm just curious, obviously, you guys have to balance kind of the bottom line profitability and the balance sheet growth. But as you look ahead to next year, I mean, what's your appetite to continue to grow the bank balance sheet and drive higher NII? Just curious how you guys are kind of strategically thinking about that. That would be great.

我只是好奇，顯然，你們必須平衡底線盈利能力和資產負債表增長。但是，當您展望明年時，我的意思是，您對繼續擴大銀行資產負債表並推動更高的 NII 有什麼興趣？只是好奇你們是如何從戰略上考慮這一點的。那很好啊。

Thank you. And Chris and I will tag team. I would say holistically, I'm really looking forward to having a year in which we have continuity and stability across markets and across company-specific initiatives. If I reflect back in the last 5 years, every year, we've had a major company-driven initiative or an economic backdrop or a market backdrop that's been somewhat volatile.

謝謝你。克里斯和我將標記團隊。我想說的是，我真的很期待在這一年裡，我們在整個市場和公司特定的計劃中都保持連續性和穩定性。如果我回顧過去 5 年，每一年，我們都有一個由公司驅動的重大舉措，或者是經濟背景或市場背景有些波動。

Obviously, we've been dealing with the student loan moratorium for the last 3 years, and on top of that going public and on top of that, switching to becoming a bank. We just haven't had a year in which all of our businesses have the wind at their back. And that is possible in 2023, and I'm very aware of the current outlook for the economic environment and inflation and interest rates. But if things sort of hit where consensus is, we're going to have a year in which all things could have a really strong tailwind.

顯然，在過去的 3 年裡，我們一直在處理學生貸款暫停，除此之外，還要上市，除此之外，還轉而成為一家銀行。我們只是沒有一年讓我們所有的企業都逆風而行。這在 2023 年是可能的，我非常了解當前經濟環境、通貨膨脹和利率的前景。但是，如果事情發生在共識所在的地方，我們將有一年所有事情都可能有非常強勁的順風。

As I think about our growth versus investing, we're going to stick to what we've talked about in the past, barring any unforeseen acquisitions or major strategic initiatives that were unplanned, with what we call the 70-30 plan. We're going to reinvest 70% of incremental revenue in the business and drop 30% of incremental revenue to the bottom line to show progress towards our long-term margin of 30-plus percent on an EBITDA basis.

當我考慮我們的增長與投資時，我們將堅持我們過去所說的，除非任何不可預見的收購或計劃外的重大戰略舉措，我們稱之為 70-30 計劃。我們將把 70% 的增量收入再投資於業務，並將 30% 的增量收入降到底線，以顯示我們在 EBITDA 基礎上實現 30% 以上的長期利潤率的進展。

And so the growth that we have this year is one that we want to compound for decades, not for just one year, and have it be consistent over time. So we will continue to reinvest in the business with that ratio. And we think we're in such early days in all of our products. The only thing that's gating our growth is driving awareness. And there's a lot of ways to drive awareness. One way is obviously paid marketing. Another way is virality of your products and partnerships. And we'll continue to lever all 3 of those opportunities.

因此，我們今年的增長是我們希望幾十年而不是僅僅一年的複合增長，並且隨著時間的推移保持一致。因此，我們將繼續以該比率對業務進行再投資。我們認為我們所有的產品都處於早期階段。唯一限制我們增長的是提高意識。有很多方法可以提高意識。一種方式顯然是付費營銷。另一種方式是您的產品和合作夥伴關係的病毒式傳播。我們將繼續利用所有這三個機會。

But we've barely scratched the surface in how big we can be. And now with over 4.5 million members, we have our sights on high single digits and double digits after that and a very aggressive perspective on what the cross-buy opportunity will be for us.

但我們幾乎沒有觸及到我們可以有多大的皮毛。現在擁有超過 450 萬會員，我們的目標是在那之後的高個位數和兩位數，並且非常積極地看待交叉購買機會對我們來說是什麼。

So we will invest meaningfully but against that ratio. And if the economic environment is worse than expected, then we'll adjust accordingly and make sure we can deliver that ratio.

因此，我們將進行有意義的投資，但要反對這個比率。如果經濟環境比預期的差，那麼我們會做出相應的調整，並確保我們能夠實現這個比率。

Our next question comes from John Hecht of Jefferies.

我們的下一個問題來自 Jefferies 的 John Hecht。

Congratulations on a good quarter. Just Chris, I'm wondering, can you maybe characterize or break down a little bit the gain on sale? Just lots of interest in hedging versus the kind of executed gains. And also maybe characterize just general investor interest in the different products given the changing environment.

祝賀一個好季度。只是克里斯，我想知道，您能否描述或分解一下銷售收益？只是對對沖與執行收益的興趣很大。考慮到不斷變化的環境，也可能只是一般投資者對不同產品的興趣。

Yes, sure. John, so in terms of our gain on sale margins for the quarter, our personal loans business was at 3.25% excluding hedge gains. And it was 4% when you include hedges associated loans sold in period. Student loan refinancing was 4.3%, excluding the hedge. And it was the same on a hedged basis given that all loans sold in period were in a fixed rate structure. And then our home loans gain on sale was negative 1.7%, excluding the hedge and 90 basis points including the hedges.

是的，當然。約翰，因此就我們本季度的銷售利潤率收益而言，我們的個人貸款業務為 3.25%，不包括對沖收益。如果包括當期出售的對沖相關貸款，則為 4%。學生貸款再融資率為 4.3%，不包括對沖。考慮到當期出售的所有貸款均採用固定利率結構，在對沖基礎上也是如此。然後我們的房屋貸款銷售收益為負 1.7%，不包括對沖和 90 個基點，包括對沖。

What I would say in terms of overall appetite for our loans, things continue to be robust. We ended up selling over $1 billion of loans in the quarter. And like I said, given the fact that we have the bank today, we have sufficiently more flexibility than we had prior to that. We have sufficient excess liquidity. We have -- we just raised $3.6 billion of equity last year. We have a large and growing deposit base of north of $5 billion now. And we have $7.1 billion of warehouse capacity available to us, only 35% of which is drawn.

就我們對貸款的整體需求而言，我想說的是，情況繼續強勁。我們最終在本季度出售了超過 10 億美元的貸款。就像我說的那樣，鑑於我們今天擁有銀行這一事實，我們擁有比之前更大的靈活性。我們有足夠的過剩流動性。我們有——去年我們剛剛籌集了 36 億美元的股權。我們現在擁有超過 50 億美元的龐大且不斷增長的存款基礎。而且我們有 71 億美元的倉庫容量可供我們使用，其中只有 35% 是可用的。

So we have a ton of flexibility with respect to being able to hold loans on the balance sheet for a longer period of time. And we're going to seek to maximize ROE on every single loan that we underwrite in a given period of time.

因此，對於能夠在資產負債表上持有貸款更長的時間，我們有很大的靈活性。我們將尋求在給定時間段內我們承保的每筆貸款的 ROE 最大化。

And 1 additional thing that I had just at the kind of first principle standpoint, we've been fortunate in that we have the technology data and process systems to test iteratively each week different price points and different credits. And so we've been able to effectively increase the weighted average coupon of our loans as Fed funds rate have increased, which gives us a benefit on the execution and the value of those loans, and at the same time, being able to reduce our cost of funding. The combination of those 2 with strong life-of-loan losses within our target range allows us to get to great value on a per loan basis that we're trying to drive maximum variable profit dollars within a certain ROE.

還有一件我剛剛從第一原則的角度來看的事情，我們很幸運，我們擁有技術數據和流程系統，可以每週迭代測試不同的價格點和不同的信用。因此，隨著聯邦基金利率的提高，我們能夠有效地增加貸款的加權平均息票，這使我們對這些貸款的執行和價值產生了好處，同時，能夠減少我們的資金成本。這兩個與我們目標範圍內的嚴重貸款期限損失相結合，使我們能夠在每筆貸款的基礎上獲得巨大的價值，我們試圖在一定的 ROE 內推動最大的可變利潤美元。

Yes. And just building on that, to put it in more context, you'll see in the Q next week that the weighted average interest rate earned on our entire PL, personal loans portfolio increased 60 basis points quarter-over-quarter for the second quarter in a row. And that 60 basis point increases on the entire portfolio, not just new in-period originations that occurred. So if you look at just new period originations, the actual quarter-over-quarter increase in WACC was substantially more.

是的。只是在此基礎上，將其置於更多背景下，您將在下週的 Q 中看到，我們整個 PL、個人貸款組合的加權平均利率在第二季度環比增長 60 個基點連續。整個投資組合增加了 60 個基點，而不僅僅是出現了新的同期發起。因此，如果您只看新時期的起源，WACC 的實際季度環比增幅要大得多。

Which is just a phenomenal job by our team to maintain the profitability of our loans and still drive the growth that you're seeing at unprecedented levels in that product.

這是我們團隊的一項了不起的工作，以保持我們貸款的盈利能力，並仍然推動您在該產品中看到的前所未有的增長水平。

Our next question comes from Kevin Barker of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Kevin Barker。

Just a follow-up on some of those comments around the gain on sale and everything. It looks like you originated about $2.8 billion of personal loans this quarter. And the growth on balance sheet, it was a similar amount. Is there some strategy whereby your holding all these loans or there are certain loans that are remaining on the balance sheet for an extended period of time?

只是對有關銷售收益和所有內容的一些評論的跟進。看起來您本季度發放了大約 28 億美元的個人貸款。資產負債表上的增長也差不多。是否有一些策略可以讓您持有所有這些貸款或某些貸款在資產負債表上保留很長時間？

I know you talked about it earlier this year where you would hold them -- for average, would push out. But is there something going on with the personal loan originations that would cause you to hold them on the balance sheet, maybe have the sales occur mostly in the fourth quarter?

我知道你在今年早些時候談到過你會持有它們的地方——平均而言，會推出。但是，個人貸款的發放是否會導致您將它們保留在資產負債表上，也許銷售主要發生在第四季度？

Yes. So what I would say is our strategy hasn't changed. Given the flexibility that we now have with the bank, we're able to hold loans for a longer period of time. And that was certainly something that we did in Q3 as well as Q2.

是的。所以我想說的是我們的策略沒有改變。鑑於我們現在與銀行的靈活性，我們能夠持有更長的貸款時間。這當然是我們在第三季度和第二季度所做的事情。

What I would say is having the bank provides us with sufficiently additional flexibility and a new source of funding which allows us to grow that balance sheet and hold loans for a longer period of time. There are a few ways that we can grow loans on the balance sheet and generate net interest income. We can either originate, which has been the primary source of driving volume in terms of personal loans, but we can also repurchase loans.

我想說的是，銀行為我們提供了足夠的額外靈活性和新的資金來源，使我們能夠擴大資產負債表並持有更長的貸款時間。有幾種方法可以增加資產負債表上的貸款並產生淨利息收入。我們可以發起，這是推動個人貸款量的主要來源，但我們也可以回購貸款。

In addition to that, one of the things that we've done with a number of our whole loan forward flow agreements is structure them in a way where we have the right of first refusal to purchase loans when the buyer wants to sell. And we're starting to see more and more of that where, from time to time, we see a whole loan buyer come to us with the right of first refusal to purchase loans. And given the credit quality and loss profile and return of the loans that we originally underwrite, we strongly consider that. So that's something we'll also take into consideration.

除此之外，我們對許多完整的貸款遠期流動協議所做的其中一件事是以一種方式構建它們，當買方想要出售時，我們有權優先購買貸款。我們開始看到越來越多的情況，我們不時看到整個貸款購買者帶著優先購買貸款的權利來找我們。鑑於我們最初承銷的貸款的信用質量和損失狀況以及回報，我們強烈認為這一點。所以我們也會考慮到這一點。

Our next question comes from Dominick Gabriele from Oppenheimer.

我們的下一個問題來自奧本海默的 Dominick Gabriele。

Excellent. Great results on revenue and EBITDA. I just wanted to ask, versus a lot of the other fintechs that have recently come to market, you've really been obtaining high-quality FICO customers versus lower tiers. And one of the very large banks recently talked about new entrants typically having to gain traction in the lowest tiers first, but that just doesn't seem to be the case for you guys, and your strategy seems to be working. So maybe on a product level, how are you beating the competitors and the incumbents to obtain these higher FICO score customers versus the low end? It would be great to hear.

出色的。在收入和 EBITDA 方面取得了不錯的成績。我只是想問一下，與最近上市的許多其他金融科技相比，你確實獲得了高質量的 FICO 客戶而不是較低級別的客戶。一家非常大的銀行最近談到新進入者通常必須首先在最低層獲得牽引力，但對你們來說似乎並非如此，而且你們的策略似乎正在奏效。因此，也許在產品層面上，您如何擊敗競爭對手和現有企業以獲得這些 FICO 得分較高的客戶而不是低端客戶？很高興聽到。

You're welcome. I'd say it's old-school focusing on the fundamentals: product; pricing; promotion; placement, the 4 Ps. If you go back to 2018, when we first changed leadership of the company, one of our priorities was to focus on quality over quantity. And it was a really tough decision. We took our volume down meaningfully from where it was in 2017. In addition to that, we took it down relative to what the prior team thought they would be able to achieve.

別客氣。我想說的是老派專注於基本面：產品；價錢;晉升;放置，4 Ps。如果你回到 2018 年，當我們第一次更換公司的領導層時，我們的首要任務之一是關注質量而不是數量。這是一個非常艱難的決定。我們從 2017 年的水平顯著降低了我們的數量。除此之外，我們將其相對於之前團隊認為他們能夠實現的目標進行了降低。

And the reason is we wanted to rearchitect the products so that on a per loan basis we can achieve, through the cycle, a 40% to 50% variable profit margin. I won't walk through the equation of how to get there, but we're happy to do that off-line if it's helpful.

原因是我們想重新設計產品，以便在每筆貸款的基礎上，我們可以在整個週期內實現 40% 到 50% 的可變利潤率。我不會詳細說明如何到達那裡，但如果有幫助，我們很樂意離線進行。

Well, we look at the variable profit margin by channel, by marketing channel. And we developed a much more sophisticated approach to pricing. There was only -- it only could price 50% of the loans at one price and 50% at another price, and we developed a whole construct to be able to do 36 cells across 6 different grids, so to speak, and it's gone way, way beyond that now.

好吧，我們按渠道和營銷渠道查看可變利潤率。我們開發了一種更複雜的定價方法。只有 - 它只能以一個價格為 50% 的貸款定價，以另一個價格為 50% 的貸款定價，我們開發了一個完整的結構，可以在 6 個不同的網格中執行 36 個單元，可以這麼說，它已經過去了，現在遠不止於此。

And so it's really hard to find people that don't necessarily need to refinance. It's really easy to find people that need to refinance. In addition, when you do find those people that may not necessarily need to refinance, you have to give them a cost savings or benefit relative to their other choices. So it needs to be compelling.

所以真的很難找到不一定需要再融資的人。找到需要再融資的人真的很容易。此外，當您確實發現那些可能不一定需要再融資的人時，您必須為他們提供相對於其他選擇的成本節省或收益。所以它需要有說服力。

So you have to find them, but the price that you're giving them or the savings you're giving them has to be of greater value than what they're currently doing. And then you need to make sure you have the right operational controls, the right life-of-loan losses and credit processes to ensure that you underwrite appropriately with the right operating and CAC costs.

所以你必須找到他們，但你給他們的價格或你給他們的儲蓄必須比他們目前所做的更有價值。然後，您需要確保您擁有正確的運營控制、正確的貸款期限損失和信貸流程，以確保您以正確的運營和 CAC 成本進行適當的承保。

The last thing I'd mention is our credit models continue to be updated based on on-property data, which helps us now more than before. We're trying to underwrite to free cash flow. And so the more information we have on your income, the more information we have on your spending, the better we can underwrite to free discretionary free cash flow. So it's a combination of all those different things.

我要提到的最後一件事是，我們的信用模型會繼續根據物業數據進行更新，這比以前更能幫助我們。我們正試圖承保自由現金流。因此，我們對您的收入的信息越多，我們對您的支出的信息越多，我們就可以更好地為自由可支配的自由現金流提供擔保。所以它是所有這些不同事物的組合。

And the last thing I'd mention is our time to fund the personal loan is 2 days. It used to be 8 days. Our time to fund the student loan used to be in the mid- to high teens. Now it's in the single digits. That's also a factor that people underestimate in terms of the ability to meet the demands of that borrower when you do find them.

我要提到的最後一件事是我們為個人貸款提供資金的時間是 2 天。以前是8天。我們為學生貸款提供資金的時間過去是在中高年級。現在是個位數。這也是人們在您找到借款人時滿足借款人需求的能力方面低估的一個因素。

In addition to that, we have a sense of urgency. We don't rush. We want to make sure we underwrite appropriately. But we have to be competitive using our technology and our operations to deliver a short time to fund.

除此之外，我們還有一種緊迫感。我們不著急。我們要確保我們適當地承保。但是，我們必須利用我們的技術和運營來提高競爭力，以便在短時間內提供資金。

Our next question comes from Ashwin Shirvaikar from Citigroup.

我們的下一個問題來自花旗集團的 Ashwin Shirvaikar。

Anthony, Chris, good quarter, congratulations. I want to talk about the Technology Platform. If you can go through in sort of more granular fashion about the investments you're making in the platform and the client take-up of cloud banking. And then the sequential growth in Galileo accounts has decelerated the last few quarters. Is there an ongoing implementation or other efforts to reaccelerate that?

安東尼，克里斯，好季，恭喜。我想談談技術平台。如果您可以更詳細地了解您在平台上的投資以及客戶對雲銀行的使用情況。然後伽利略賬戶的連續增長在過去幾個季度有所放緩。是否有正在進行的實施或其他努力來重新加速？

Sure. Thank you for the question. So on the Technology Platform, we're really pleased with the growth that we're driving and even more so with the processes that have been undertaken to provide a stable, reliable and resilient platform for our partners and the pipeline of products that we've built in addition to the integration of Technisys and Galileo.

當然。感謝你的提問。因此，在技術平台上，我們對我們正在推動的增長感到非常滿意，對於為我們的合作夥伴和我們的產品管道提供穩定、可靠和有彈性的平台而採取的流程更是如此。”除了 Technisys 和 Galileo 的集成之外，我們還構建了它。

The major investment that we've made over the last 2 years of owning Galileo was transitioning from on-prem to into the cloud. And that transition is largely done. I think the report I've seen most recently is 99% of our authorizations are now in the cloud. And that's really going to provide great SLA performance for our partners and allow them to innovate faster and be more nimble using data real time to make more better decisions.

在擁有 Galileo 的過去 2 年中，我們所做的主要投資是從本地過渡到雲端。這種轉變在很大程度上已經完成。我認為我最近看到的報告是我們 99% 的授權現在都在雲中。這真的會為我們的合作夥伴提供出色的 SLA 性能，讓他們能夠更快地創新，更靈活地使用實時數據做出更明智的決策。

We have a robust pipeline within Galileo for our partners, but we also have a robust pipeline for new verticals. We are definitely starting to migrate away from just pure B2C. We talked about the B2B customers that we've been able to attract on the last couple of quarters, and the pipeline there remains very robust. And generally, the B2B companies already have existing payment systems and payment supply for us to process. So when we convert those over, there will be a faster time to revenue and also get much higher probability.

我們在 Galileo 中為我們的合作夥伴提供了強大的管道，但我們也為新的垂直領域提供了強大的管道。我們肯定開始從純粹的 B2C 遷移。我們談到了我們在過去幾個季度能夠吸引的 B2B 客戶，那裡的管道仍然非常強勁。一般來說，B2B 公司已經有現有的支付系統和支付供應供我們處理。因此，當我們將這些轉換過來時，將有更快的時間獲得收入，並且獲得更高的概率。

In addition to building products for B2B that are more controllable for them and meet their needs better, in addition to just having the processing capability, we're also continuing to expand internationally with really strong trends throughout Latin America, both on the back of Galileo as well as Technisys, which was where it was strong to begin with.

除了為 B2B 打造更可控、更好地滿足他們需求的產品之外，除了擁有處理能力之外，我們還在繼續向國際擴張，在整個拉丁美洲都有非常強勁的趨勢，這都是在 Galileo 的支持下以及 Technisys，它一開始就很強大。

In addition to geographic expansion, we have a robust pipeline of products for our existing partners. We'll be launching [Paying For] in the coming months. Paying For is a product that was built on Galileo and on Technisys. It will be the first product that's built across both processing and the core technology. And that will be a great product for that large install base of 120-plus million accounts, many of which are B2C. And it's one that better suits the demand and the interest of the lower-income customers of our partners on the B2C side there.

除了地域擴張外，我們還為現有合作夥伴提供強大的產品線。我們將在未來幾個月推出 [Paying For]。 Paying For 是基於 Galileo 和 Technisys 構建的產品。它將是第一個同時構建處理和核心技術的產品。對於擁有 1.2 億多個帳戶（其中許多是 B2C）的龐大安裝群而言，這將是一款出色的產品。它更適合 B2C 方面合作夥伴的低收入客戶的需求和利益。

In terms of growth in the future, I would say we're not planning for accelerating growth, but the TAM is so large and we've made such large investments, that is a possibility, on a revenue standpoint as well as on a revenue per account standpoint. It's not something that we would forecast, but it's -- given it's so early in the transition of physical payment to digital and we're so early in the new launch of many of our products, that it's possible, but it's not something that we would forecast.

就未來的增長而言，我想說我們沒有計劃加速增長，但是 TAM 是如此之大，我們已經進行瞭如此大的投資，從收入和收入的角度來看，這是有可能的每個帳戶的角度。這不是我們會預測的事情，但它是 - 鑑於它在物理支付向數字支付的過渡中如此之早，而且我們在我們的許多產品的新推出中如此之早，這是可能的，但這不是我們想要的會預測。

In terms of demand, we're focused much more on existing portfolios than we are on startups because of the known value that's there and hugely differentiated service that we have in the cloud as being end-to-end with core technology plus processing plus the front end. We are a much better solution than what's currently out in the marketplace for many financial institutions that are very scaled. And so those have longer lead times, but they'll have bigger paybacks and a much bigger impact to the absolute dollars that we generate in our revenue.

在需求方面，我們更關注現有的投資組合，而不是初創公司，因為那裡的已知價值和我們在雲中擁有的巨大差異化服務是端到端的核心技術加上處理加上前端。對於許多規模很大的金融機構來說，我們是一個比目前市場上更好的解決方案。因此，它們的交貨時間更長，但它們的回報更大，對我們在收入中產生的絕對美元產生更大的影響。

Our next question comes from Michael Ng from Goldman Sachs.

我們的下一個問題來自高盛的 Michael Ng。

I was just wondering if you could talk a little bit more about deposits. It's encouraging to see the progress there. It seems like the deposit inflows have accelerated pretty meaningfully from the $100 million per week that you talked about earlier this year. Against the backdrop of the upcoming increase, what are your expectations for the deposit inflows run rate? And separately, are you seeing any changes or headwinds in deposit inflows from consumers investing directly into money markets or treasuries?

我只是想知道你是否可以多談談存款。看到那裡取得的進展令人鼓舞。從今年早些時候你談到的每週 1 億美元來看，存款流入似乎已經顯著加速。在即將上調的背景下，您對存款流入運行率有何預期？另外，您是否看到直接投資於貨幣市場或國債的消費者的存款流入有任何變化或不利因素？

We've definitely been winning share of deposits. We think we have an incredibly differentiated checking and savings account with high interest in checking of 2.5%. No fees, free overdraft protection, you can spend with your phone, spend with your card. You can do person-to-person payment, you can do bill pay, free roundups and a unique rewards program. So I think our product is unmatched when it comes to checking across those different dimensions, not to mention you will become a SoFi member and get a number of other benefits.

我們肯定一直在贏得存款份額。我們認為我們有一個令人難以置信的差異化支票和儲蓄賬戶，支票利率高達 2.5%。不收費，免費透支保障，手機消費，刷卡消費。您可以進行個人對個人的支付，您可以進行賬單支付、免費綜述和獨特的獎勵計劃。因此，我認為我們的產品在檢查這些不同維度時是無與倫比的，更不用說您將成為 SoFi 會員並獲得許多其他好處。

We also introduced SoFi Plus, which is a way to pull together all of the different benefits you would get as a member in addition to a few incremental pieces of value on rewards step-ups. And that is a product that gets unlocked through direct deposit. And while it's very small and early from an awareness standpoint, it's actually delivering the type of impact that we thought it would drive.

我們還推出了 SoFi Plus，這是一種將您作為會員獲得的所有不同好處以及獎勵升級的一些增量價值結合在一起的方式。這是一種通過直接存款解鎖的產品。雖然從意識的角度來看它非常小而且很早，但它實際上正在產生我們認為它會驅動的影響類型。

So we're winning deposit share. I'll tell you we're taking it from the traditional banks. Someone asked the question earlier, and I forgot to answer it, what are we seeing from the neobanks that are maybe focused on the underserved or neobanks more broadly, are they pulling back on marketing and not seeing strong growth?

所以我們正在贏得存款份額。我會告訴你，我們是從傳統銀行那裡拿走的。之前有人問過這個問題，我忘了回答，我們從可能專注於服務不足或更廣泛的新銀行的新銀行中看到了什麼，他們是否在縮減營銷並且沒有看到強勁的增長？

I'd say what we see in the industry is they're seeing great growth, and we're seeing great growth. And I think they're serving the underserved incredibly well, that were unbanked as well as underserved by traditional banks. But the vast, vast majority of what we're seeing is coming from the largest banks in the United States, and we're winning deposit share from them.

我想說的是，我們在行業中看到的是他們正在看到巨大的增長，我們正在看到巨大的增長。而且我認為他們為服務不足的人提供了非常好的服務，這些人沒有銀行服務，也沒有被傳統銀行提供服務。但我們所看到的絕大多數來自美國最大的銀行，我們正在從他們那裡贏得存款份額。

We do watch the deposit trends more broadly in the industry, and it's clear that not only are the large banks losing deposits to digital companies like SoFi and fintech companies like SoFi, but they're also losing into money market funds. But we want to have an attractive rate that competes against all of the different options they have, including investment accounts and money market funds.

我們確實更廣泛地觀察了該行業的存款趨勢，很明顯，大型銀行不僅將存款輸給了 SoFi 等數字公司和 SoFi 等金融科技公司，而且還輸給了貨幣市場基金。但我們希望有一個有吸引力的利率，與他們擁有的所有不同選擇競爭，包括投資賬戶和貨幣市場基金。

Our next question comes from Jeff Adelson from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Jeff Adelson。

Chris, just wanted to follow up on the loan growth question from earlier and maybe just hone in a little bit on the outlook from here. I know you mentioned some of those drivers, including the bank flexibility, repurchases, et cetera. But in terms of the kind of doubling of the loan hold period you've talked about from 3 to 6 months, is that now effectively in the run rate? And should we more or less be thinking about the loan growth from here as kind of matching the percent growth in originations? Or is this something where you think you can continue to add loans at the same clip as your origination dollars, for instance?

克里斯，只是想跟進早些時候的貸款增長問題，也許只是從這裡對前景進行一些磨練。我知道您提到了其中一些驅動因素，包括銀行靈活性、回購等。但是，就您所說的將貸款持有期從 3 個月增加到 6 個月的那種情況而言，現在是否有效？我們是否應該或多或少地考慮從這裡開始的貸款增長與發放的百分比增長相匹配？或者，您是否認為您可以繼續在與您的初始資金相同的情況下添加貸款？

You added about $3 billion of sequential loan growth this quarter, which was roughly in line with your personal loan originations. And then just as a quick follow-up, wondering if you guys can give us an update on your Q-to-date October deposit growth.

本季度您增加了約 30 億美元的連續貸款增長，這與您的個人貸款來源大致相符。然後作為一個快速跟進，想知道你們是否可以向我們提供有關你們 Q-to-date 10 月存款增長的最新信息。

So I'll let Chris answer the question more numerically. I'll just share a perspective.

所以我會讓克里斯用數字來回答這個問題。我只是分享一個觀點。

The great thing about the financial services sector is that the factors for growth change constantly. Interest rates are changing. The economic environment is changing. People or the financial markets are changing. And I would tell you, being here 5 years, every quarter presents a different set of outcomes across all those market factors than we thought at the beginning of the quarter. And we run to where the opportunity is. And in some quarters, that opportunity may be driven by being able to raise WACC. In some quarters, the opportunity would be driven by a really strong securitization market. And some quarters are going to be driven by a really strong wholesale market.

金融服務業的偉大之處在於增長的因素不斷變化。利率正在發生變化。經濟環境正在發生變化。人們或金融市場正在發生變化。我會告訴你，在這里工作了 5 年，每個季度都會在所有這些市場因素中呈現出與我們在本季度開始時所認為的不同的一組結果。我們跑到機會所在的地方。在某些方面，這個機會可能是因為能夠提高 WACC。在某些方面，機會將受到真正強大的證券化市場的推動。一些季度將受到非常強勁的批發市場的推動。

The most important thing is that we diversify our funding sources and we diversify our distribution as well as our ability to hold. And that gives us an ability to be nimble when the conditions change to go after those opportunities. And so I don't want anyone to think that it's a straight line, linear in any fashion. It's never been a straight line or linear in any fashion. Every quarter presents different opportunities that we can take advantage of.

最重要的是我們使我們的資金來源多樣化，我們使我們的分配和我們的持有能力多樣化。這使我們能夠在條件發生變化時靈活地抓住這些機會。所以我不希望任何人認為這是一條直線，以任何方式都是線性的。它從來都不是一條直線或任何方式的線性。每個季度都提供了我們可以利用的不同機會。

The thing has resulted from having a one-stop consumer-focused strategy is that we have these diversified businesses so that we can go in one direction or the other when things change. And the thing that I have found that gates our growth more than anything else isn't the market conditions, it's actually our ability to keep driving awareness and keep driving trial of our products and becoming a household brand name that's trusted. We could grow much faster if we spend more in marketing, it would be very profitable over the long term, but it will be less profitable in the near term. But the gating factor for us is how much do we want to drive awareness and trial.

擁有以消費者為中心的一站式戰略的結果是，我們擁有這些多元化的業務，因此當事情發生變化時，我們可以朝一個方向或另一個方向發展。我發現最能影響我們增長的不是市場條件，實際上是我們不斷提高意識並不斷推動產品試用並成為值得信賴的家喻戶曉的品牌的能力。如果我們在營銷上花費更多，我們可以增長得更快，從長遠來看，這將是非常有利可圖的，但在短期內，它的利潤將減少。但對我們來說，關鍵因素是我們想在多大程度上提高意識和試驗。

As it relates to your specific question about what this means in terms of loan growth on the balance sheet, I'll have Chris answer.

由於它與您關於資產負債表上的貸款增長意味著什麼的具體問題有關，我會讓克里斯回答。

Yes. So in terms of whether we're benefiting fully from the 6- to 7-month hold period at this point, I'll take you back to when we opened the bank, we started originating all of our SLR, PL and home loans in about the March, April time frame, and we weren't fully originating until May. And at that point, it would take 6 to 7 months to really fully realize and get the benefit of the extended hold period. So we certainly saw a material uplift in net interest income in this quarter, in Q3, but we're still not going to see the full realized benefit of that 6- to 7-month hold until Q4 in the November time frame. So really good progress, but the full benefit will likely hit in Q4.

是的。因此，就目前我們是否充分受益於 6 到 7 個月的持有期而言，我將帶你回到我們開設銀行時，我們開始發放所有的 SLR、PL 和住房貸款關於三月，四月的時間框架，我們直到五月才完全起源。到那時，需要 6 到 7 個月才能真正完全實現並獲得延長持有期的好處。因此，我們當然在本季度第三季度看到了淨利息收入的實質性增長，但在 11 月的時間框架內，直到第四季度，我們仍然不會看到 6 到 7 個月的持有期的全部實現收益。非常好的進展，但全部收益可能會在第四季度實現。

And your other question on deposit growth into October, we aren't disclosing that.

還有你關於 10 月份存款增長的另一個問題，我們沒有透露。

And the only other thing I'd add on deposit growth is that we did announce yesterday that we're moving the savings rate to 3% on APY. And we'll continue to be nimble in the marketplace and ensure that we're in the top tier of value that we're adding to make sure we continue to get these high-quality deposits.

我要補充的關於存款增長的唯一另一件事是，我們昨天確實宣布我們將 APY 的儲蓄率提高到 3%。我們將繼續在市場上保持靈活，並確保我們處於我們正在增加的最高價值層，以確保我們繼續獲得這些高質量的存款。

The FICO score that I mentioned earlier and the conversion of open accounts to DDs is really strong, and we would love to be more aggressive there, but we want to make sure we can maintain the quality.

我之前提到的 FICO 分數和開戶到 DD 的轉換確實很強，我們希望在那裡更加積極，但我們希望確保我們能夠保持質量。

Our final question for today comes from David Chiaverini from Wedbush.

我們今天的最後一個問題來自 Wedbush 的 David Chiaverini。

Could you discuss the dynamics around the net interest margin and the outlook for the next few quarters. You just mentioned about how the savings product, APY, it's going up 50 basis points to 3%. And you mentioned earlier about loan pricing being up 60 basis points in the quarter. But could you kind of net those out for an outlook over the next few quarters?

您能否討論一下淨息差的動態以及未來幾個季度的前景。您剛剛提到儲蓄產品 APY 如何上漲 50 個基點至 3%。您之前提到本季度貸款定價上漲 60 個基點。但是，您能否將這些因素排除在外，以了解未來幾個季度的前景嗎？

Yes. So we aren't providing specific guidance on our net interest margin, but what I would say is we've had really good success over the course of the last several quarters in terms of raising our overall yield, and that's a function of a mix shift towards more personal loans and the success in being able to raise our weighted average coupon 60 basis points across the entire portfolio for the last 2 quarters. In addition to that, our deposit betas have been roughly 50%. So when -- we're going to see natural NIM expansion there.

是的。所以我們沒有就我們的淨息差提供具體指導，但我想說的是，在過去幾個季度中，我們在提高整體收益率方面取得了非常好的成功，這是一個混合的函數轉向更多的個人貸款，並在過去兩個季度成功地將整個投資組合的加權平均息票提高了 60 個基點。除此之外，我們的存款貝塔係數約為 50%。所以當 - 我們將在那裡看到自然的 NIM 擴展。

What I would say in terms of the go forward, there will be a number of things that will impact the overall NIM margin. And most predominantly, it will be our ability to keep pace with rising rates which we expect to be able to do on the personal loans product. But it will also have an -- it will also be impacted by the mix shift of student loans and home loans on the balance sheet.

就前進而言，我想說的是，有很多事情會影響整體 NIM 利潤率。最重要的是，我們有能力跟上利率上升的步伐，我們希望能夠在個人貸款產品上做到這一點。但它也會受到資產負債表上學生貸款和住房貸款混合變化的影響。

As we continue and expect a rebound in demand from student loan refinancing, those loans have a lower yield or weighted average coupon, which would have an impact on net interest margin. But overall, we're happy and proud of our ability to expand NIM and expect to be able to maintain these levels.

隨著我們繼續並預計學生貸款再融資的需求將反彈，這些貸款的收益率或加權平均票面利率較低，這將對淨息差產生影響。但總的來說，我們為我們擴大 NIM 的能力感到高興和自豪，並希望能夠保持這些水平。

Thanks, Chris. And before we wrap, I wanted to share some final thoughts. As we enter the last quarter of 2022, I would be remiss if I didn't take a moment and thank our entire SoFi team that has just been incredibly resilient in our ability to execute through volatile times to deliver a sixth quarter of record revenue and record EBITDA this quarter of $44 million.

謝謝，克里斯。在我們結束之前，我想分享一些最後的想法。當我們進入 2022 年最後一個季度時，如果我不花一點時間，我將失職，並感謝我們整個 SoFi 團隊，他們在我們度過動盪時期的執行能力方面具有令人難以置信的彈性，以實現第六季度創紀錄的收入和本季度創紀錄的 EBITDA 為 4400 萬美元。

The results you see today are a direct result of our people and our people's ability to meet the needs of members. I can't help but be incredibly optimistic about the future of SoFi given the unprecedented results of the last 2 years and the resilience our team has shown.

您今天看到的結果是我們的員工和我們的員工滿足會員需求的能力的直接結果。鑑於過去 2 年的空前成果以及我們團隊所表現出的韌性，我不禁對 SoFi 的未來感到無比樂觀。

Even in the toughest market conditions, quarter after quarter, we've delivered on our goals and exceeded expectations across the board. It's an absolute privilege to lead this company as we help change people's lives every single day for the better.

即使在最艱難的市場條件下，一個又一個季度，我們都實現了我們的目標，並全面超出了預期。領導這家公司是絕對的榮幸，因為我們每天都在幫助人們改善生活。

Our members need us more than ever and we'll continue to show up for them in spades. There is no shortage of challenges ahead. But there has been no shortage of challenges every year since I joined nearly 5 years ago in 2018. And with each set of unique challenges, we've continued to rise to the occasion. And ultimately, we'll work tirelessly to be prepared as best we can for whatever we face ahead just as we have each year before.

我們的會員比以往任何時候都更需要我們，我們將繼續為他們服務。前方不乏挑戰。但自從我近 5 年前在 2018 年加入以來，每年都不乏挑戰。每組獨特的挑戰，我們都在不斷地迎接挑戰。最終，我們將不知疲倦地工作，盡我們所能為我們所面臨的一切做好準備，就像我們每年一樣。

Until we talk next quarter, thank you for your interest, and thank you for your support as our shareholders.

在我們討論下個季度之前，感謝您的關注，並感謝您作為我們股東的支持。

Thank you for joining today's call. You may now disconnect.

感謝您加入今天的電話會議。您現在可以斷開連接。