SoFi Technologies Inc (SOFI) 2022 Q4 法說會逐字稿

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

早上好，感謝您參加今天的 SoFi 第四季度和 2022 年全年收益電話會議。 （操作員說明）

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

現在，我想將會議轉交給我們的主持人，SoFi 的投資者關係部 Maura Cyr。

Thank you, and good morning. Welcome to SoFi's Fourth Quarter and Full Year 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，早上好。歡迎來到 SoFi 的第四季度和 2022 年全年收益電話會議。今天和我一起談論我們的結果和最近發生的事件的是首席執行官 Anthony Noto；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我們的收益發布隨附的演示文稿。

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中預期的結果存在重大差異。

Factors that could cause these results to differ materially are described in today's press release and our upcoming Form 10-K as filed with the Securities and Exchange Commission. 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即將提交給美國證券交易委員會的 10-K 表格中描述了可能導致這些結果出現重大差異的因素。我們在此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. 2022 was a remarkable year for SoFi. We accomplished more than any of us could have hoped for. Our resilient team drove great execution of our strategy that has proven to provide the benefits of business diversification and durability to deliver exceptional growth and improving profitability.

謝謝莫拉，大家早上好。 2022 年對 SoFi 來說是不平凡的一年。我們取得的成就超出了我們任何人的期望。我們富有彈性的團隊推動了我們戰略的出色執行，該戰略已被證明可以提供業務多元化和持久性的好處，從而實現卓越的增長和提高盈利能力。

Our adjusted net revenue grew 52% in 2022 to over $1.5 billion, and we delivered nearly 5x the adjusted EBITDA we did in 2021. We obtained a national bank license, which could not have come at a better time, allowing us to be incredibly flexible in a rapidly changing environment. We're offering a compelling SoFi Money product that is driving high-quality direct deposit customers spending and deposit balances.

我們調整後的淨收入在 2022 年增長了 52%，超過 15 億美元，我們實現了 2021 年調整後 EBITDA 的近 5 倍。我們獲得了國家銀行牌照，這來得正是時候，這使我們能夠非常靈活在瞬息萬變的環境中。我們正在提供引人注目的 SoFi Money 產品，該產品正在推動高質量的直接存款客戶支出和存款餘額。

The deposits bolster and diversify our sources of funding, enabling us to offer our best rates on loans, while generating impressive returns and improving net interest income revenue. In fact, 2022 marks the first time our Lending net interest income revenue of $530 million by itself exceeded our total directly attributable Lending cost of $443 million. We grew our deposits 7x to $7.3 billion from $1 billion over the course of the year, really powering that cycle. We grew our member base by 1.8 million to 5.2 million members, nearly 9x our size in 2018.

這些存款加強了我們的資金來源並使其多樣化，使我們能夠提供最優惠的貸款利率，同時產生可觀的回報並提高淨利息收入。事實上，2022 年標誌著我們 5.3 億美元的貸款淨利息收入首次超過我們直接歸屬的貸款總成本 4.43 億美元。在這一年中，我們的存款從 10 億美元增長了 7 倍，達到 73 億美元，真正推動了這一周期。我們的會員數量增加了 180 萬，達到 520 萬，幾乎是 2018 年規模的 9 倍。

We acquired Technisys, adding a critical capability as we build our end-to-end technology stack and bringing us one step closer to being the AWS of fintech. We navigated unparalleled market volatility, macro headwinds, high inflation and increasing interest rates and 2 unexpected extensions of the student loan moratorium by reacting nimbly and leveraging the diversification of our business to hit record revenue in each quarter of the year.

我們收購了 Technisys，在我們構建端到端技術堆棧時增加了一項關鍵功能，使我們更接近成為金融科技的 AWS。我們通過靈活的反應和利用我們業務的多元化在今年每個季度創下創紀錄的收入，從而應對了前所未有的市場波動、宏觀逆風、高通脹和利率上升以及學生貸款暫停的 2 次意外延期。

The fourth quarter was an incredible end to an exceptional year. We delivered another quarter of record adjusted net revenue and adjusted EBITDA and strong overall operating results. A few key achievements from the quarter include our seventh consecutive quarter of record adjusted net revenue of $443 million, up 58% year-over-year, which accelerated from 51% year-over-year growth in the third quarter and reflects record revenue in all 3 business segments. Record adjusted EBITDA of $70 million was up 58% quarter-over-quarter. That is nearly equal to the total adjusted EBITDA in the first 3 quarters of the year combined.

第四季度以令人難以置信的方式結束了非凡的一年。我們又交付了一個季度創紀錄的調整後淨收入和調整後 EBITDA 以及強勁的整體經營業績。本季度的一些主要成就包括我們連續第七個季度創紀錄的調整後淨收入 4.43 億美元，同比增長 58%，高於第三季度 51% 的同比增長，反映了創紀錄的收入所有 3 個業務部門。創紀錄的調整後 EBITDA 為 7000 萬美元，環比增長 58%。這幾乎等於今年前三個季度調整後的 EBITDA 總額。

In Q4, we achieved a couple of important financial inflection points. Adjusted EBITDA was $70 million, is now largely equal to share-based compensation expense of $71 million, a critical step toward GAAP net income profitability. Additionally, net interest income revenue, or NIM revenue of $183 million exceeded Lending noninterest net revenue of $144 million for the first time. And importantly, our NIM revenue is meaningfully greater than our directly attributable Lending expense of $106 million.

在第四季度，我們實現了幾個重要的財務拐點。調整後的 EBITDA 為 7,000 萬美元，現在基本等於 7,100 萬美元的股權補償費用，這是邁向 GAAP 淨收入盈利能力的關鍵一步。此外，淨利息收入或 NIM 收入為 1.83 億美元，首次超過貸款非利息淨收入 1.44 億美元。重要的是，我們的 NIM 收入明顯高於我們直接歸屬的 1.06 億美元貸款費用。

In Q4, we had an incremental GAAP net income margin of 42%, resulting in a loss of just $40 million, roughly half of the third quarter 2022 loss. Said another way, of the $171 million of incremental GAAP revenue year-over-year, $71 million or 42% dropped to the GAAP net income line. Given these accomplishments, in our 2023 plan, we expect to achieve quarterly positive GAAP net income in Q4 2023.

在第四季度，我們的 GAAP 淨收入利潤率為 42%，導致虧損僅為 4000 萬美元，大約是 2022 年第三季度虧損的一半。換句話說，在 1.71 億美元的 GAAP 收入同比增長中，有 7100 萬美元或 42% 下降到 GAAP 淨收入線。鑑於這些成就，在我們的 2023 年計劃中，我們預計將在 2023 年第四季度實現季度正的 GAAP 淨收入。

Our strategy is to continue to play out with SoFi Money, which allowed us to surpass $7.3 billion in deposits, up 46% quarter-over-quarter, and savings of 190 basis points on cost of funds versus using other sources of debt to fund loans. Another quarter of positive GAAP net income for the SoFi Bank at over $30 million and at an 11% margin.

我們的戰略是繼續發揮 SoFi Money 的作用，這使我們的存款超過 73 億美元，環比增長 46%，與使用其他債務來源為貸款提供資金相比，資金成本節省了 190 個基點. SoFi 銀行的另一個季度正 GAAP 淨收入超過 3000 萬美元，利潤率為 11%。

Finally, we grew our tangible book value for the overall company for the second consecutive quarter. Q4 also saw our second highest quarter ever of member adds and our third highest quarter of product adds with strong momentum continuing into Q1. The 487,000 new members in Q4 2022 brings total members to 5.2 million, up 51% year-over-year.

最後，我們連續第二個季度增加了整個公司的有形賬面價值。第 4 季度還出現了我們有史以來第二高的會員增加季度和我們第三高的產品增加季度，強勁勢頭持續到第 1 季度。 2022 年第四季度的 487,000 名新會員使會員總數達到 520 萬，同比增長 51%。

We also added nearly 700,000 new products in Q4, ending with nearly 7.9 million total products, up 53% year-over-year. Of these new adds, Financial Services products grew by 60% year-over-year to $6.6 million, while Lending products were up 24% to over $1.3 million. The strength of our results once again underscores how our full suite of differentiated products and services provides a uniquely diversified business that has been not only able to endure, but to thrive through market cycles.

我們還在第四季度增加了近 700,000 種新產品，最終產品總數接近 790 萬種，同比增長 53%。在這些新增產品中，金融服務產品同比增長 60% 至 660 萬美元，而貸款產品增長 24% 至超過 130 萬美元。我們業績的實力再次強調了我們的全套差異化產品和服務如何提供獨特的多元化業務，該業務不僅能夠持久，而且能夠在市場週期中蓬勃發展。

Now I'd like to touch 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, we generated a record of $315 million of adjusted net revenue, up 51% versus the prior year period. Our personal loan performance more than offset the continued lack of demand in student loan refinancing and the less robust performance of home loans.

現在我想談談細分層面的結果，特別關注我們多元化業務驅動因素的好處以及我們銀行章程的結構優勢。在貸款方面，我們產生了創紀錄的 3.15 億美元調整後淨收入，比上年同期增長 51%。我們的個人貸款表現足以抵消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。

Student loan refi continues to be negatively impacted as federal borrowers again await clarity on the end of the moratorium of federal student loan payments. Home loans faces macro headwinds from high rates, while we continue the process of transitioning to new fulfillment partners.

學生貸款再融資繼續受到負面影響，因為聯邦借款人再次等待暫停聯邦學生貸款支付的明確性。房屋貸款面臨高利率帶來的宏觀阻力，同時我們繼續向新的履行合作夥伴過渡。

The personal loans business maintained its strength in Q4. We originated nearly $2.5 billion, up 50% from $1.6 billion in Q4 2021. This product continues to deliver even as we've raised our coupons to our borrowers as a result of rate increases and maintained our stringent underwriting criteria.

個人貸款業務在第四季度保持強勁。我們發起了近 25 億美元，比 2021 年第四季度的 16 億美元增長了 50%。即使我們因加息而提高了對借款人的優惠券並保持了我們嚴格的承保標準，但該產品仍在繼續交付。

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 capture more NIM 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樣化提供了新的選擇來為貸款增長提供資金，同時通過節省成本來提高效率。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，使我們能夠獲得更多的 NIM 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 as a funding source, we benefit from a lower cost of funding for loans. In Q4, the difference in our deposit cost of funds and warehouse cost of funds was approximately 190 basis points, where it was 125 basis points in Q3, and just 100 basis points in Q2, a powerful benefit in a rising rate environment.

此外，通過使用我們的存款作為資金來源，我們受益於較低的貸款融資成本。在第四季度，我們的資金存款成本和資金倉庫成本之間的差異約為 190 個基點，而在第三季度為 125 個基點，而在第二季度僅為 100 個基點，這在利率上升的環境中是一個強大的優勢。

Lastly, the bank contributes to strong growth in SoFi Money members, high-quality deposits and improved levels of spending and engagement. This has led to higher average balances even as average spend has increased. Of the $7.3 billion in deposits at quarter end, 88% were from direct deposit members. Roughly 50% of newly-funded SoFi Money accounts are setting up direct deposit by day 30 versus 20% in Q4 '21, and this has had a significant positive impact on spending.

最後，該銀行為 SoFi Money 會員的強勁增長、高質量存款以及支出和參與度的提高做出了貢獻。即使平均支出增加，這也導致了更高的平均餘額。在季度末的 73 億美元存款中，88% 來自直接存款會員。大約 50% 的新融資 SoFi Money 賬戶在第 30 天前建立了直接存款，而在 2021 年第四季度這一比例為 20%，這對支出產生了重大的積極影響。

Q4 annualized spend was 3.4x 2021 total spend, and Q4 spend per average funded account was up 25% quarter-over-quarter. SoFi Money members have increased nearly 53% year-over-year to 2.2 million in total. Given the quality of these members with 745 median FICO score, we see ample opportunity for cross-buy.

第 4 季度年化支出是 2021 年總支出的 3.4 倍，第 4 季度每個平均資金賬戶的支出環比增長 25%。 SoFi Money 會員總數同比增長近 53%，達到 220 萬。鑑於這些 FICO 分數中值為 745 的成員的質量，我們看到了充足的交叉購買機會。

This is a great segue into financial services more broadly, where net revenue nearly tripled year-over-year to $64 million and grew 32% from $49 million sequentially in Q3. Moreover, financial services annualized revenue is now approximately $260 million. Contribution loss of $44 million improved $9 million versus the third quarter, even as we invested $13 million more in marketing in the fourth quarter. We saw this as a worthwhile opportunity to attract more direct deposit members.

這是對更廣泛的金融服務的一個很好的擴展，淨收入同比增長近兩倍，達到 6400 萬美元，比第三季度的 4900 萬美元增長了 32%。此外，金融服務年化收入現在約為 2.6 億美元。與第三季度相比，4400 萬美元的貢獻損失減少了 900 萬美元，儘管我們在第四季度的營銷投資增加了 1300 萬美元。我們認為這是吸引更多直接存款會員的寶貴機會。

Even with this spend, variable profit, including all marketing costs, improved quarter-over-quarter and was nearly breakeven. We still anticipate the Financial Services segment will be contribution profit positive in 2023 as we continue to scale and monetize the business.

即使有這筆支出，包括所有營銷成本在內的可變利潤也比上一季度有所改善，幾乎達到收支平衡。我們仍然預計，隨著我們繼續擴大業務規模和貨幣化，金融服務部門將在 2023 年實現正利潤貢獻。

We finished Q4 at 6.6 million Financial Services products, up 60% year-over-year, and 4.9x total Lending products of $1.3 million. The increased scale of Financial Services helps drive cross-buy and marketing efficiencies over time. The scale of Financial Services not only drives cross-buy and marketing efficiencies, it also is proving to be a large revenue contributor as we continue to drive monetization of these businesses. In fact, annualized revenue per product is up nearly 2x from $21 in Q4 of last year to $40 in this quarter. This is due to the increasing attractiveness of these products, growing brand awareness and network effects.

我們在第四季度完成了 660 萬個金融服務產品，同比增長 60%，貸款產品總額為 130 萬美元，增長了 4.9 倍。隨著時間的推移，金融服務規模的擴大有助於提高交叉購買和營銷效率。金融服務的規模不僅推動了交叉購買和營銷效率，而且隨著我們繼續推動這些業務的貨幣化，它也被證明是一個巨大的收入來源。事實上，每件產品的年化收入增長了近 2 倍，從去年第四季度的 21 美元增至本季度的 40 美元。這是由於這些產品的吸引力越來越大，品牌知名度和網絡效應越來越大。

As we've committed, we continue to iterate and invest aggressively in our product suite, and that investment continues to pay dividends as members embrace our launches. Since our last earnings call, we introduced an increase in our Checking and Savings APY of up to 3.75% as of January 4.

正如我們所承諾的那樣，我們將繼續迭代並積極投資於我們的產品套件，並且隨著會員對我們的發布的接受，該投資將繼續帶來回報。自上次財報電話會議以來，我們宣布從 1 月 4 日起，我們的支票和儲蓄 APY 增幅高達 3.75%。

We launched SoFi Plus, a premium member service, that bundles together are a wide variety of member benefits and provides incremental value and rewards. SoFi Plus is unlocked through enrolling in direct deposit. We will continue to add more value and benefits to this premium member service to not only highlight the breadth of our products and services, but to also increase the total value of having your direct deposit with SoFi.

我們推出了 SoFi Plus，這是一項高級會員服務，將各種會員福利捆綁在一起，並提供增值和獎勵。 SoFi Plus 通過註冊直接存款解鎖。我們將繼續為這項高級會員服務增加更多價值和好處，不僅突出我們產品和服務的廣度，而且還增加您在 SoFi 直接存款的總價值。

We expanded insurance coverage for our members to include cyber insurance. Our invest team launched options trading, making good on our promise to our members to deliver this much anticipated service. And we introduced a new way to spend with SoFi with Pay in 4, the first product built on the combined Galileo and Pegasus platform. This leads me to our Technology Platform segment which remains a critical element of SoFi's strategy.

我們擴大了會員的保險範圍，將網絡保險包括在內。我們的投資團隊推出了期權交易，兌現了我們向會員提供這項備受期待的服務的承諾。我們在 4 推出了一種新的 SoFi with Pay 消費方式，這是第一款基於 Galileo 和 Pegasus 組合平台構建的產品。這讓我想到了我們的技術平台部分，它仍然是 SoFi 戰略的關鍵要素。

In the fourth quarter, full segment revenue of $86 million grew 61% year-over-year, with a 20% margin at the segment level or 24% if you exclude Technisys. The SoFi Technology platform strategy includes growth in new verticals, new products and new geographies. In Q4, Galileo signed 11 new clients and made big strides in the strategy, with 36% of new deals in B2B and 27% of new deals outside the United States. Importantly, of these 11 new deals, 9 have existing customer bases, reflecting the continued demand for our innovative services from more mature organizations. Technisys is also delivering strong growth in number of new clients, signing an additional 16 new clients in Q4, including its first digital deal in Mexico.

第四季度，全部門收入為 8600 萬美元，同比增長 61%，部門利潤率為 20%，如果不包括 Technisys，則為 24%。 SoFi Technology 平台戰略包括新垂直領域、新產品和新地區的增長。在第四季度，伽利略簽署了 11 個新客戶並在戰略上取得了重大進展，其中 36% 的新交易發生在 B2B 中，27% 的新交易發生在美國以外。重要的是，在這 11 筆新交易中，有 9 筆擁有現有客戶群，反映出更成熟的組織對我們創新服務的持續需求。 Technisys 還實現了新客戶數量的強勁增長，在第四季度又簽署了 16 個新客戶，其中包括其在墨西哥的第一筆數字交易。

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 and all the days in between. The benefits of our strategy resulting in a uniquely diversified business, combined with a national bank license, not only positions SoFi to be the winner that takes most in the secular transition of the financial services to digital, but also to provide greater durability through a 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.我們的戰略優勢帶來了獨特的多元化業務，加上國家銀行牌照，不僅使 SoFi 成為金融服務向數字化長期過渡中的贏家，而且通過市場提供更大的耐用性循環。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, and good morning, everyone. We finished off a remarkable year while navigating a rapidly evolving macro backdrop even as our previously largest and most profitable business operated at 25% of Q4 2019 pre-COVID volumes. This proves once again that our diversified and differentiated business model drives SoFi's durability and long-term growth potential.

謝謝，安東尼，大家早上好。我們在快速變化的宏觀背景下度過了非凡的一年，儘管我們之前最大和最賺錢的業務的運營量佔 2019 年第四季度 COVID 前銷量的 25%。這再次證明，我們多元化和差異化的商業模式推動了 SoFi 的耐用性和長期增長潛力。

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

我將向您介紹一些關鍵的財務亮點，然後分享我們的前景。除非另有說明，否則我指的是 2022 年第四季度和全年與 2021 年第四季度和全年的調整後結果。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- K 歸檔，將在未來幾週內提供。

For the quarter, top line growth accelerated, and we delivered record adjusted net revenue of $443 million, up 58% year-over-year and 6% sequentially from the third quarter's record of $419 million and above the high end of the guidance provided during our last earnings call. Adjusted EBITDA was $70 million at a 16% margin, also above the high end of our most recent guidance.

本季度，營收增長加速，我們實現了創紀錄的調整後淨收入 4.43 億美元，同比增長 58%，比第三季度創紀錄的 4.19 億美元增長 6%，高於本季度提供的指導的高端我們最後一次財報電話會議。調整後的 EBITDA 為 7000 萬美元，利潤率為 16%，也高於我們最近指引的上限。

We saw 14 points of year-over-year and 5 points of sequential margin improvement, demonstrating the strong operating leverage of the business as it scales. Year-over-year margin improvement has been driven by significant operating leverage across our sales and marketing, G&A and ops functional expense lines. Overall, this resulted in a 40% incremental adjusted EBITDA margin year-over-year.

我們看到同比增長 14 個百分點，連續利潤率提高 5 個百分點，表明該業務在擴展時具有強大的運營槓桿。我們的銷售和營銷、G&A 和運營職能費用線的顯著運營槓桿推動了同比利潤率的提高。總體而言，這導致調整後 EBITDA 利潤率同比增長 40%。

Our GAAP net losses were $40 million this quarter, a $71 million improvement year-over-year and $34 million improvement sequentially. Incremental GAAP net income margin was 42% year-over-year, a notable step in our path to GAAP profitability. In addition to our adjusted EBITDA margin expansion, we saw meaningful leverage against stock-based compensation as a percentage of revenue at 16% in Q4 2022, down from 27.5% in the same prior year period, putting us well on our path to longer-term goal of single-digit stock-based compensation margins as previously communicated.

本季度我們的 GAAP 淨虧損為 4000 萬美元，同比減少 7100 萬美元，環比減少 3400 萬美元。增量 GAAP 淨收入利潤率同比增長 42%，這是我們在實現 GAAP 盈利能力的道路上邁出的重要一步。除了我們調整後的 EBITDA 利潤率擴張外，我們還看到 2022 年第四季度基於股票薪酬的有意義的槓桿佔收入的百分比為 16%，低於去年同期的 27.5%，這使我們走上了更長期的道路-如前所述，個位數股票薪酬邊際的長期目標。

For the full year, we delivered $1.54 billion of adjusted net revenue, up 53% year-over-year from $1.01 billion in 2021. As a reminder, we revised our annual guidance in April of 2022 following the extension of the moratorium on federal student loan payments. Our updated guidance for the year included $1.47 billion in adjusted net revenue and $100 million in adjusted EBITDA. This guidance contemplated an ultimate extension in the moratorium until year-end, which implied a Q4 ramp in student loan refinancing activity ahead of the anticipated resumption of federal payments.

全年，我們實現了 15.4 億美元的調整後淨收入，比 2021 年的 10.1 億美元同比增長 53%。提醒一下，在延長聯邦學生的暫停令後，我們在 2022 年 4 月修訂了年度指導方針貸款支付。我們更新的年度指引包括 14.7 億美元的調整後淨收入和 1 億美元的調整後 EBITDA。該指南考慮將暫停期最終延長至年底，這意味著在預期恢復聯邦付款之前，學生貸款再融資活動將在第四季度增加。

From an adjusted EBITDA perspective, we delivered $143 million in profit, nearly 5x that of 2021, and $63 million above the guidance we presented following the moratorium extension I just discussed. 2022 delivered a 9% adjusted EBITDA margin, 630 basis points of improvement from 2021. Even with the recent subsequent extension of the moratorium through June of 2023, which impeded the expected Q4 2022 ramp in student loan refi demand, we still exceeded that revenue guidance by $80 million and adjusted EBITDA by $43 million. We achieved these results by implementing new strategies and through nimble asset allocation, which speaks to our ability to leverage the diversity of our revenue streams.

從調整後的 EBITDA 角度來看，我們實現了 1.43 億美元的利潤，幾乎是 2021 年的 5 倍，比我剛剛討論的暫停延期後提出的指導高出 6300 萬美元。 2022 年實現了 9% 的調整後 EBITDA 利潤率，比 2021 年提高了 630 個基點。即使最近將暫停期延長至 2023 年 6 月，這阻礙了 2022 年第四季度學生貸款再融資需求的預期增長，我們仍然超出了收入指導8000 萬美元，調整後的 EBITDA 為 4300 萬美元。我們通過實施新戰略和靈活的資產配置取得了這些成果，這表明我們有能力利用收入來源的多樣性。

Now onto the segment level performance, where we saw strong growth across all 3 segments. In Lending, fourth quarter adjusted net revenue grew 51% year-over-year to $315 million. Results were driven by 138% year-over-year growth in our net interest income, while noninterest income was relatively flat.

現在進入細分市場層面的表現，我們看到所有 3 個細分市場都實現了強勁增長。在貸款方面，第四季度調整後的淨收入同比增長 51% 至 3.15 億美元。我們的淨利息收入同比增長 138%，而非利息收入相對持平，推動了業績增長。

Growth in net interest income was driven by a 109% year-over-year increase in average interest-earning assets and a 317-basis-point year-over-year increase in average yield, slightly offset by 162-basis-point increase in the cost of interest-bearing liabilities. This resulted in average net interest margin of 5.94% for the quarter, up 141 basis points year-over-year.

淨利息收入的增長受到平均生息資產同比增長 109% 和平均收益率同比增長 317 個基點的推動，略微被 162 個基點的增長所抵消有息負債的成本。這導致本季度平均淨息差為 5.94%，同比上升 141 個基點。

Noninterest income was relatively flat year-over-year as increased personal loan originations at higher weighted average coupons were largely offset by lower student loan and home loan originations. Personal loan originations grew 50% year-over-year to $2.5 billion, while student loan originations were down 73% and home loan originations were down 84% year-over-year as a result of macro headwinds and a continued transition of home loan fulfillment partners.

非利息收入同比相對持平，因為較高加權平均息票的個人貸款增加在很大程度上被較低的學生貸款和住房貸款發放所抵消。個人貸款發放額同比增長 50% 至 25 億美元，而學生貸款發放額下降 73%，住房貸款發放額同比下降 84%，這是由於宏觀逆風和住房貸款履行的持續轉變夥伴。

Overall, we achieved strong top line growth, while maintaining our stringent credit standards and disciplined focus on quality. Our personal loan borrowers weighted average income is $165,000, with a weighted average FICO score of 747. Our student loan borrowers weighted average income is $170,000, with a weighted average FICO of 773.

總體而言，我們實現了強勁的收入增長，同時保持了嚴格的信用標準和對質量的嚴格關注。我們的個人貸款借款人加權平均收入為 165,000 美元，加權平均 FICO 分數為 747。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 773。

This focus on quality has led to continued strong credit performance. In fact, 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 34 basis points in Q4 '22, while our annualized personal loan charge-off rate was 2.47%. Our on-balance sheet 90-day student loan delinquency rate was 13 basis points in Q4 2022, while our annualized student loan charge-off rate was 0.37%. 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 we continue to expect very healthy performance relative to broader industry benchmarks.

這種對質量的關注導致了持續強勁的信用表現。事實上，我們的資產負債表內拖欠率和註銷率保持健康，仍低於 COVID 之前的水平。我們在 22 年第四季度的資產負債表內 90 天個人貸款拖欠率為 34 個基點，而我們的年化個人貸款沖銷率為 2.47%。 2022 年第四季度，我們的資產負債表內 90 天學生貸款拖欠率為 13 個基點，而年化學生貸款沖銷率為 0.37%。正如我們過去所表達的那樣，期望信用指標隨著時間的推移恢復到更正常的大流行前水平是合理的，但我們繼續期望相對於更廣泛的行業基準而言非常健康的表現。

The Lending business delivered $209 million of contribution profit at a 66% margin, up from $105 million a year ago and a 51% margin. This improvement was driven by a mix shift to higher-margin personal loans revenue, along with marketing and ops efficiencies as well as fixed cost leverage across the entire segment. For the full year, Lending adjusted net revenue grew 45% to $1.11 billion, and the segment delivered $664 million of contribution profit at a 60% margin.

貸款業務以 66% 的利潤率實現了 2.09 億美元的貢獻利潤，高於一年前的 1.05 億美元和 51% 的利潤率。這一改善是由向利潤率更高的個人貸款收入的混合轉變、營銷和運營效率以及整個細分市場的固定成本槓桿所推動的。全年，貸款調整後淨收入增長 45% 至 11.1 億美元，該部門以 60% 的利潤率實現了 6.64 億美元的貢獻利潤。

Shifting to our Tech Platform, where we delivered net revenue of $86 million in the quarter, up 61% year-over-year, or up 13% excluding Technisys. Overall, annual revenue growth was driven by 31% year-over-year Galileo account growth to $131 million in total as well as sequential growth in transactions per active account.

轉向我們的技術平台，我們在該季度實現了 8600 萬美元的淨收入，同比增長 61%，不包括 Technisys，增長 13%。總體而言，Galileo 賬戶總額同比增長 31% 至 1.31 億美元，以及每個活躍賬戶的交易量環比增長，推動了年度收入增長。

We also signed 11 new clients, 4 of which are in the B2B space and 3 of which are in Mexico, further diversifying our partner base. During the quarter, one of our clients migrated the majority of their processing volumes to a pure processor, which resulted in a $6 million to $7 million revenue headwind in period.

我們還簽署了 11 個新客戶，其中 4 個在 B2B 領域，3 個在墨西哥，進一步豐富了我們的合作夥伴基礎。在本季度，我們的一位客戶將其大部分處理量遷移到純處理器，這導致了 600 萬至 700 萬美元的收入逆風。

Segment contribution profit of $17 million represented a 20% margin and 24%, if you were to exclude Technisys. For the full year, the Tech Platform segment grew revenue 62% to $315 million, and delivered $76 million of contribution profit at a 24% margin. Excluding Technisys, revenue growth was 24% year-over-year and contribution margin was 30%.

1700 萬美元的部門貢獻利潤代表 20% 的利潤率和 24%，如果你不包括 Technisys。全年，技術平台部門的收入增長了 62% 至 3.15 億美元，並以 24% 的利潤率實現了 7600 萬美元的貢獻利潤。不包括 Technisys，收入同比增長 24%，邊際貢獻率為 30%。

Moving on to Financial Services, where net revenue of $65 million increased 195% 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 to $40, nearly 2x the $21 in the same prior year quarter and up 25% sequentially from $34.

轉向金融服務，淨收入為 6500 萬美元，同比增長 195%，SoFi Money 的收入創歷史新高，SoFi 信用卡、SoFi Invest 和貸款即服務的持續強勁貢獻.整體貨幣化繼續改善，每件產品的年化收入增加到 40 美元，幾乎是去年同期 21 美元的兩倍，比 34 美元環比增長 25%。

We reached 6.6 million Financial Services products, up 60% year-over-year by adding 635,000 new products in the quarter. We now have 2.2 million products in SoFi Money, 2.2 million in SoFi Invest and 1.9 million in Relay. Contribution losses were $44 million for the quarter, which improved sequentially as a result of the growth in revenue as well as fixed cost leverage, but 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.

我們在本季度增加了 635,000 種新產品，達到 660 萬種金融服務產品，同比增長 60%。我們現在在 SoFi Money 中有 220 萬個產品，在 SoFi Invest 中有 220 萬個產品，在 Relay 中有 190 萬個產品。本季度的貢獻損失為 4400 萬美元，由於收入增長和固定成本槓桿作用而連續改善，但同比增加，主要是由於我們為 SoFi 信用卡業務建立 CECL 儲備，隨著我們規模的不斷擴大，這是意料之中的。此外，我們看到利潤率較高的數字資產收入同比下降。

For the full year, the segment delivered $168 million of revenue, which is nearly 3x the $58 million we delivered in 2021, and our contribution losses were $199 million. Notably, that's a 21% improvement in contribution loss per average product during 2022 versus 2021.

全年，該部門實現了 1.68 億美元的收入，幾乎是我們 2021 年交付的 5800 萬美元的三倍，我們的貢獻損失為 1.99 億美元。值得注意的是，與 2021 年相比，2022 年每件平均產品的貢獻損失減少了 21%。

Switching to our balance sheet, where we remain very well capitalized with ample cash, excess liquidity and strong regulatory capital and leverage ratios. This year's opening of SoFi Bank further reinforces our strength and provides more flexibility and access to a lower cost of capital relative to alternative sources of funding. In Q4, assets grew by $3.2 billion as a result of the strong growth we continue to see in personal loan originations.

轉向我們的資產負債表，我們在資產負債表上保持良好的資本狀況，擁有充足的現金、過剩的流動性以及強大的監管資本和槓桿比率。今年 SoFi Bank 的開業進一步增強了我們的實力，並提供了更大的靈活性和相對於其他資金來源而言更低的資本成本。在第四季度，由於我們繼續看到個人貸款發放的強勁增長，資產增長了 32 億美元。

On the liability side, we saw tremendous growth in deposits to $7.3 billion, up $2.3 billion quarter-over-quarter. Because of this, we exited the quarter with $3.1 billion drawn on our $8.4 billion of warehouse facilities, which represents 36% of our total available capacity. Our current book value is $5.5 billion, and our tangible book value has grown for 2 consecutive quarters, with more than a $50 million increase sequentially in Q4.

在負債方面，我們看到存款大幅增長至 73 億美元，環比增長 23 億美元。正因為如此，我們在本季度結束時從 84 億美元的倉庫設施中提取了 31 億美元，占我們總可用容量的 36%。我們目前的賬面價值為 55 億美元，我們的有形賬面價值連續兩個季度增長，第四季度環比增長超過 5000 萬美元。

Let me finish up with guidance. Before going through the specific numbers, I want to hit on some of the larger macro assumptions that underpin our financial guide. From an interest rate perspective, we are assuming an outlook consistent with the consensus forward curve with a peak Fed funds rate reaching approximately 5% in Q2 2023, with 2 rate cuts in the back half of the year to get us to a 4.5% exit rate in 2023. We are assuming a 2.5% contraction in GDP and a normalization of unemployment to around 5%. And from a credit perspective, we are expecting a continuation of elevated credit spreads across capital markets and a continued normalization of consumer credit.

讓我以指導結束。在查看具體數字之前，我想談談支撐我們財務指南的一些更大的宏觀假設。從利率的角度來看，我們假設前景與共識遠期曲線一致，聯邦基金利率峰值在 2023 年第二季度達到約 5%，下半年兩次降息，使我們退出 4.5% 2023 年的利率。我們假設 GDP 收縮 2.5%，失業率正常化至 5% 左右。從信貸的角度來看，我們預計資本市場的信貸利差將繼續上升，消費信貸將繼續正常化。

For Q1, we expect to deliver adjusted net revenue of $430 million to $440 million and adjusted EBITDA of $40 million to $45 million. For the full year of 2023, we expect to deliver adjusted net revenue of $1.925 billion to $2.0 billion, representing 25% to 30% growth and adjusted EBITDA of $260 million to $280 million. Our outlook represents 30% incremental EBITDA margins for full year 2023 versus full year of 2022, and we expect to reach quarterly GAAP net income profitability by Q4 2023, with GAAP net income incremental margins for the full year of 20%.

對於第一季度，我們預計調整後的淨收入為 4.3 億美元至 4.4 億美元，調整後的 EBITDA 為 4000 萬至 4500 萬美元。對於 2023 年全年，我們預計調整後的淨收入將達到 19.25 億美元至 20 億美元，增長 25% 至 30%，調整後的 EBITDA 將達到 2.6 億美元至 2.8 億美元。我們的展望代表 2023 年全年 EBITDA 利潤率比 2022 年全年增加 30%，我們預計到 2023 年第四季度將達到季度 GAAP 淨收入盈利能力，全年 GAAP 淨收入增量利潤率為 20%。

Finally, quickly hitting on a few key points for each segment. In our Lending segment, we expect the Department of Education's moratorium on federal student loan payments to extend through June 30, 2023, at which point there are 60 days before repayments actually begin. Accordingly, our outlook assumes that we will be operating in our current run rate levels until September. After September, we do believe there will be a recovery to higher levels of student loan refinancing revenue than the current trend, but we do not expect to return to pre-COVID levels in 2023.

最後，快速找到每個部分的幾個關鍵點。在我們的貸款部分，我們預計教育部暫停支付聯邦學生貸款的期限將延長至 2023 年 6 月 30 日，屆時距實際開始還款還有 60 天。因此，我們的展望假設我們將以當前的運行率水平運營到 9 月。 9 月之後，我們確實相信學生貸款再融資收入將恢復到高於當前趨勢的水平，但我們預計不會在 2023 年恢復到 COVID 之前的水平。

In our personal loans business, we expect to see modest growth as we balance taking advantage of ample headroom in this business given our current market share and differentiated product with a thoughtful and prudent approach to ensuring our credit remains very high quality. We remain committed to underwriting to an industry-leading life of loan loss profile.

在我們的個人貸款業務中，鑑於我們目前的市場份額和差異化產品，我們會平衡利用該業務的充足空間，並採取周到和審慎的方法來確保我們的信貸保持非常高的質量，從而實現適度增長。我們仍然致力於承保行業領先的貸款損失壽命。

In our Tech Platform segment, one area of focus for us in 2023 is on quality of new clients, including size, durability and time to market over quantity, which means bigger wins that leverage the combined go-to-market value proposition of the Tech Platform, while still investing in focused new product areas to drive diversification. While we expect low double-digit organic revenue growth in 2023 due to this focus, and a variety of other factors, our longer-term strategy is already starting to pay off with greater diversification in our pipeline and significant margin expansion expected in 2023.

在我們的技術平台部分，我們在 2023 年關注的一個領域是新客戶的質量，包括規模、耐用性和上市時間而不是數量，這意味著利用技術的綜合上市價值主張取得更大的勝利平台，同時仍在重點新產品領域進行投資以推動多元化。由於這一重點以及各種其他因素，我們預計 2023 年有機收入將實現兩位數的低增長，但我們的長期戰略已經開始產生回報，我們的產品線將更加多元化，預計 2023 年利潤率將大幅增長。

After a 3-year investment period in the Tech Platform, including moving to the cloud, a 2.5x increase in head count, the acquisition of Technisys and launching new product capabilities, we will increasingly focus on leveraging the value of our investments through the synergies between the 2 product lines, Technisys and Galileo, as well as through joint product offerings, all to drive meaningful contribution profit growth relative to revenue growth. In starting to operate as one unified technology platform, we have recognized opportunities to reduce our costs, including a small reduction in head count.

在 Tech Platform 的 3 年投資期之後，包括遷移到雲端、員工人數增加 2.5 倍、收購 Technisys 和推出新產品功能，我們將越來越專注於通過協同效應利用我們的投資價值在 Technisys 和 Galileo 兩條產品線之間，以及通過聯合產品供應，所有這些都將推動相對於收入增長的有意義的貢獻利潤增長。在開始作為一個統一的技術平台運營時，我們認識到了降低成本的機會，包括小幅裁員。

In Financial Services, we expect continued strong growth in revenue, driven by growth in products as well as increased monetization per product as we scale deposits, spend and AUM. Importantly, we will front load investments in the year to take advantage of attractive opportunities to continue to scale our high-quality deposit base.

在金融服務方面，隨著我們擴大存款、支出和資產管理規模，我們預計收入將繼續強勁增長，這將受到產品增長以及每件產品貨幣化增加的推動。重要的是，我們將在今年進行前期投資，以利用有吸引力的機會繼續擴大我們的高質量存款基礎。

In summary, we could not be more proud of the results SoFi delivered in 2022. We exceeded $1.5 billion in annual revenue and grew adjusted EBITDA nearly 5x to more than $140 million. We continue to be extremely well capitalized and are excited about the opportunities in front of us. We look forward to another strong year in 2023. And with that, let's open it up to questions.

總而言之，我們對 SoFi 在 2022 年取得的成果感到無比自豪。我們的年收入超過 15 億美元，調整後的 EBITDA 增長近 5 倍，達到 1.4 億美元以上。我們繼續擁有非常充足的資本，並對我們面前的機會感到興奮。我們期待著 2023 年又是一個強勁的一年。因此，讓我們提出問題。

(Operator Instructions) Our first question comes from the line of Michael Ng of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Michael Ng。

I appreciate all the color around 2023. I was just wondering if you could go into a little bit more detail around the origination assumptions. You gave some good detail around student loan and personal loans, could you do that for home loans as well?

我欣賞 2023 年左右的所有顏色。我只是想知道您是否可以圍繞起源假設進行更詳細的介紹。您提供了有關學生貸款和個人貸款的一些詳細信息，您也可以為房屋貸款提供詳細信息嗎？

Yes, sure. So I can hit that one, and Anthony can chime in. So in terms of our overall outlook on originations, going back to what I said in my prepared remarks, we are assuming modest growth in our personal loans business. We do see there being ample headroom for continued growth given where our market share is today. Currently, we're at about a 6% market share in our credit box. That's up from about 4.5% a year ago. So significant headroom ahead of us, but we are going to take a prudent approach to this and continue to monitor credit and make changes as necessary.

是的，當然。所以我可以打那個，安東尼可以插話。所以就我們對發起的整體前景而言，回到我在準備好的發言中所說的話，我們假設我們的個人貸款業務溫和增長。鑑於我們目前的市場份額，我們確實看到了持續增長的充足空間。目前，我們在信用箱中的市場份額約為 6%。這比一年前的約 4.5% 有所上升。擺在我們面前的空間如此之大，但我們將對此採取謹慎的態度，並繼續監控信貸並在必要時做出改變。

In student loan refinancing, we're assuming that originations are at the current run rate levels at least through the end of August of 2023, and we do expect a bit of an uptick once the moratorium ends in June followed by a 60-day extension. And then in home loan originations, we expect to continue at the current pace that we're at right now with a potential uptick in the back half of the year as we resolve all of our fulfillment issues.

在學生貸款再融資方面，我們假設至少在 2023 年 8 月底之前的貸款發放處於當前運行率水平，我們確實預計一旦暫停期在 6 月結束並延長 60 天后會有所上升.然後在房屋貸款發放方面，我們預計將繼續保持目前的速度，隨著我們解決所有的履行問題，今年下半年可能會出現增長。

Our next question comes from the line of Dominick Gabriele of Oppenheimer.

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

Great results. So I just wanted to talk about the deposit growth. I mean it's really been -- Anthony, it's been really astounding how much deposit growth you've gotten over the last year. And I'm just curious about how you think about an environment where you may need less deposits and how you would go about perhaps trimming that growth rate in that environment -- like, let's say, originations are down. Is it rate, or is it something else? Any color you can provide on that outlook would be excellent.

很棒的結果。所以我只想談談存款增長。我的意思是它真的是 - 安東尼，你在過去一年中獲得的存款增長確實令人震驚。我只是好奇你如何看待一個你可能需要更少存款的環境，以及你將如何在那種環境中削減增長率——比如，比方說，起源下降了。是利率，還是其他什麼？您可以在該外觀上提供的任何顏色都非常好。

Yes. And thank you, Dominick. We're really pleased and proud of what we've been able to achieve on the deposit side getting to 7 -- over $7 billion of deposits, starting at less than $1 billion at the beginning of the year. And that trend really reflects the strategy that we've employed behind the bank, to offer a very high interest rate on checking of over 2% and a high interest rate on savings at 3.75%, no fees and complete functionality on your phone to be able to pay bills, to be able to send money to your friends, to be able to look at all of your transactions, to be able to really function all of your money movement right from our app.

是的。謝謝你，多米尼克。我們為我們在存款方面取得的成就感到非常高興和自豪，達到 7 - 超過 70 億美元的存款，而年初的存款不到 10 億美元。這種趨勢確實反映了我們在銀行背後採用的策略，即提供超過 2% 的非常高的支票利率和 3.75% 的高儲蓄利率，不收取任何費用，並且您的手機功能齊全能夠支付賬單，能夠向您的朋友匯款，能夠查看您的所有交易，能夠直接從我們的應用程序真正發揮您所有資金流動的功能。

The combination of that plus the focus we've had on driving high-quality direct deposits has driven that deposit number. What I'd say is, we're nowhere close to the point in our total deposits that we would have trouble deploying them. The limit on our growth is really driven by how much resources that we have to go after it. Once people will become aware of our product, the adoption is pretty strong behind that.

這一點加上我們對推動高質量直接存款的關注推動了存款數量的增長。我要說的是，在我們的總存款中，我們離部署它們有困難的地步還差得很遠。我們增長的限制實際上是由我們必須投入多少資源來驅動的。一旦人們意識到我們的產品，其背後的採用率就會非常高。

And so the deposits that we have today could be deployed the way we have the last several quarters, one, to fund our own loans; two, to be opportunistic opportunities related to our loans that are in the marketplace. There are several businesses we're not in today that would leverage deposits, including small and medium business loans and being in that entire sector would require deposits as well. And we can leverage obviously growing deposits from small and medium businesses also. So if we get to the point that our deposits are significantly higher than they are today, we can deploy them in many, many other ways to drive a great return for the company.

因此，我們今天擁有的存款可以按照過去幾個季度的方式進行部署，第一，為我們自己的貸款提供資金；第二，與我們在市場上的貸款相關的機會主義機會。我們今天不在的幾家企業會利用存款，包括中小型企業貸款，並且在整個行業中也需要存款。我們還可以利用中小型企業明顯增長的存款。因此，如果我們的存款明顯高於今天，我們可以通過許多其他方式部署它們，為公司帶來豐厚的回報。

Our next question comes from the line of Kevin Barker of Piper Sandler.

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

Your balance sheet has grown tremendously over the last year, partly due to the deposit growth. Could you talk about the differences between held-for-investment versus a held-for-sale strategy? In particular, we've seen several companies start to come back to the securitization market in the first quarter with spreads tightening relative to late '22 numbers. I'm just trying to see how you balance driving net interest income versus potentially some fee or gain on sale income and how do you think about that for the rest of the year.

您的資產負債表在去年大幅增長，部分原因是存款增長。您能否談談為投資而持有與為出售而持有的策略之間的區別？特別是，我們已經看到幾家公司在第一季度開始重返證券化市場，相對於 22 世紀後期的數據，利差收緊。我只是想看看你如何平衡推動淨利息收入與潛在的一些費用或銷售收入收益，以及你如何看待今年餘下時間的情況。

Yes. Thank you for the question. We noted in the press release and prepared remarks that we hit a couple of key inflection points in the year. One of the biggest inflection points is that our NIM -- our Lending net interest margin revenue is now greater than our noninterest revenue. And that's a pretty big milestone. It reflects a lot of initiatives over the last 5 years, one of which was getting the bank license and being able to use the deposits to fund our loans and not have to recycle that cash through quick sales, et cetera.

是的。感謝你的提問。我們在新聞稿和準備好的評論中指出，我們在這一年中遇到了幾個關鍵的拐點。最大的轉折點之一是我們的 NIM——我們的貸款淨息差收入現在大於我們的非利息收入。這是一個相當大的里程碑。它反映了過去 5 年的許多舉措，其中之一是獲得銀行牌照並能夠使用存款為我們的貸款提供資金，而不必通過快速銷售等方式回收現金。

So we have the luxury of being able to look in the marketplace, look at our balance sheet and make the best decisions for long-term returns. And as we've done that, we've been able to hold loans longer and generate that revenue stream that's more recurring from net interest margin. You should expect the NIM to continue to grow, both in absolute dollars and as a percentage of total revenue in the Lending sector.

因此，我們有幸能夠審視市場，審視我們的資產負債表，並為長期回報做出最佳決策。正如我們所做的那樣，我們已經能夠更長時間地持有貸款並產生更多來自淨息差的收入流。你應該期望 NIM 繼續增長，無論是絕對美元還是佔貸款部門總收入的百分比。

The second big accomplishment was that for the full year, we were able to -- sorry, in the fourth quarter, we were able to get the NIM revenue greater than the directly attributable fixed cost of the Lending business, meaning the noninterest income Lending revenue wasn't needed to get to profitability at the contribution basis in Q4, which is another big milestone. But you should expect that to continue to grow. It is a revenue stream that's more visible, more consistent than gain on sale noninterest income. But we have the luxury of making the best choices based on the marketplace.

第二大成就是全年，我們能夠 - 抱歉，在第四季度，我們能夠使 NIM 收入大於貸款業務的直接歸屬固定成本，這意味著非利息收入貸款收入不需要在第四季度的貢獻基礎上實現盈利，這是另一個重要的里程碑。但你應該期望它會繼續增長。這是一種收入流，比銷售非利息收入更明顯、更穩定。但我們可以根據市場做出最佳選擇。

I'll let Chris talk about the specifics in terms of securitizations versus whole loan sales versus holding.

我會讓克里斯談談證券化、整體貸款銷售和持有方面的具體細節。

Yes. In terms of the ABS market, we're seeing the exact same trends that you highlighted in your question. Back in November, we actually did a $600 million term securitization deal at an attractive cost relative to where we expect warehouse cost of funding to be in 2023, and things have continued to improve in the overall market in the first month of this year. So we expect to be able to access that market here in Q1 and for the rest of the year.

是的。就 ABS 市場而言，我們看到的趨勢與您在問題中強調的趨勢完全相同。早在 11 月，我們實際上以相對於我們預計 2023 年倉庫融資成本的水平而言具有吸引力的成本進行了 6 億美元的定期證券化交易，並且今年第一個月整體市場的情況繼續改善。因此，我們希望能夠在第一季度和今年餘下時間進入該市場。

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

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

So maybe as a follow-up to that, can you talk about what you actually sold during the quarter in personal and student? And did you actually buy any portfolios during the period as well?

因此，也許作為後續行動，您能否談談本季度您在個人和學生方面的實際銷售情況？在此期間您是否真的購買了任何投資組合？

Yes, I can hit on that. So in terms of sales for the quarter, we ended up relying predominantly on deposit funding, warehouse funding and net term securitization. We did about $200 million worth of whole loan sales and the $600 million term securitization, so about $800 million in total.

是的，我可以做到這一點。因此，就本季度的銷售額而言，我們最終主要依賴存款融資、倉庫融資和淨期限證券化。我們進行了價值約 2 億美元的全部貸款銷售和 6 億美元的定期證券化，總計約 8 億美元。

In terms of loan purchases, like I said, during the last quarter, having the bank with a large and growing deposit base, provides us with much more flexibility and a new source of funding our loans, which allows us to grow the balance sheet and hold loans for a longer period of time. There are a few ways that we can bring loans on to the balance sheet. We can go out and pay an upfront marketing cost and originate them or we can purchase the loans.

在貸款購買方面，正如我所說，在上個季度，銀行擁有龐大且不斷增長的存款基礎，為我們提供了更大的靈活性和新的貸款融資來源，這使我們能夠擴大資產負債表並持有貸款的時間更長。我們可以通過幾種方式將貸款計入資產負債表。我們可以出去支付前期營銷成本並發起它們，或者我們可以購買貸款。

So similar to Q3, we had the opportunity to buy some seasoned loans. This time, they were from -- they were in the student loan refinancing space, and these were all loans that we originally underwrote. Overall size was about half of what we did in Q3. And given the credit quality loss profile and return characteristics, we jumped on the opportunity as we knew the borrower best, and this will set us up for really strong net interest income in the coming quarters given our overall cost of funding.

與第三季度非常相似，我們有機會購買一些經驗豐富的貸款。這一次，他們來自——他們在學生貸款再融資領域，這些都是我們最初承銷的貸款。總體規模大約是我們在第三季度所做的一半。考慮到信用質量損失情況和回報特徵，我們抓住了這個機會，因為我們最了解借款人，考慮到我們的總體融資成本，這將使我們在未來幾個季度獲得非常強勁的淨利息收入。

And then we also had a few hundred million dollars of normal course cleanup calls on some of our consolidated securitizations that were seller used seasoned.

然後我們還對我們的一些合併證券化進行了數億美元的正常課程清理，這些證券化是賣方使用過的。

Our next question comes from the line of Eugene Simuni of Talos (sic) [MoffettNathanson]

我們的下一個問題來自 Talos 的 Eugene Simuni（原文如此）[MoffettNathanson]

This is Eugene Simuni from MoffettNathanson. Quick question from me back to the outlook for 2023, very helpful to have the color, Chris. But I was wondering on the swing factors, let's say, the factors that would allow you to go to the high end of your guide, what would be the top 2 or 3 things that you guys are looking for that could swing the results here in 2023?

我是 MoffettNathanson 的 Eugene Simuni。我的快速問題回到 2023 年的展望，克里斯，擁有顏色非常有幫助。但我想知道搖擺因素，比方說，讓你達到指南高端的因素，你們正在尋找的最重要的 2 或 3 件事可能會影響這裡的結果2023？

Eugene, thank you for the question. There's a -- Chris laid out in our prepared remarks some of the underlying assumptions, both macro and micro. On the macro side, GDP growth, that's not as dour as we have in our forecast and our implications, so a stronger economy than what we have. And we have a, we think, a relatively conservative low number for GDP, a decline of about 2.5%. Unemployment, we had at 5%. That's a factor if it comes in -- worse than that, that could be a negative, a tailwind would be if it sells in the 4s.

尤金，謝謝你的提問。克里斯在我們準備好的評論中列出了一些宏觀和微觀的基本假設。在宏觀方面，國內生產總值增長並不像我們的預測和影響那樣糟糕，因此經濟比我們擁有的更強勁。我們認為，我們有一個相對保守的低 GDP 數字，下降約 2.5%。失業率，我們有 5%。如果它出現，這是一個因素——更糟糕的是，這可能是負面的，如果它以 4s 的價格出售，那將是順風。

And then on interest rates, we have them peaking up 5% and then coming back down to about 4.5%. If rates came back even more than 4.5% and settled in the 4% range, I think we could be at an optimal part of the curve as it relates to passing on coupons, profitability per loan as well as the NIM that we can make relative to our deposits would be a pretty good outcome.

然後在利率方面，我們讓它們達到 5% 的峰值，然後回落到 4.5% 左右。如果利率回升甚至超過 4.5% 並穩定在 4% 的範圍內，我認為我們可能處於曲線的最佳部分，因為它關係到傳遞息票、每筆貸款的盈利能力以及我們可以做出的 NIM 相對到我們的存款將是一個很好的結果。

Separate from that, for the technology platform sector, we have a really robust pipeline. It's more diverse. But more importantly, there are many members -- sorry, clients in our pipeline that have large existing consumer bases or user bases. And to the extent that those become launched in 2023 before the second half of the year, we can benefit from upside in those large partners coming on board from the tech sector.

除此之外，對於技術平台部門，我們有一個非常強大的管道。它更加多樣化。但更重要的是，有很多成員——抱歉，我們管道中的客戶擁有龐大的現有消費者群或用戶群。如果這些在下半年之前於 2023 年推出，我們可以從科技行業的大型合作夥伴中獲益。

As it relates to the financial services sector, I really believe we have a lot of upside in the invest category. We are quickly launching new products to make sure that we have some table stakes products, but also some more innovative differentiation selection. And I think that if we're able to launch those to a receptive member base and new user base, it could be a tailwind.

由於它與金融服務行業相關，我真的相信我們在投資類別中有很大的優勢。我們正在快速推出新產品，以確保我們有一些桌上賭注產品，但也有一些更具創新性的差異化選擇。而且我認為，如果我們能夠向接受的會員群和新用戶群推出這些產品，那可能會順風順水。

Second thing that could be a tailwind to invest is if the IPO market opens back up, we can underwrite IPOs. We're the sole retail distribution channel for the Rivian IPO. We participated in the new bank IPO. Our members want access to IPOs at IPO prices. We're uniquely providing Main Street with access to IPO prices at those -- IPOs at IPO prices. To the extent the calendar opens back up, we have a pipeline there as well, which helps both with adoption of the product by new users because they want that unique selection, but it also drives incremental assets under management, which allows us to drive more revenue and monetize more.

第二件可能成為投資順風的事情是，如果 IPO 市場重新開放，我們可以承銷 IPO。我們是 Rivian IPO 的唯一零售分銷渠道。我們參與了新銀行的IPO。我們的會員希望以 IPO 價格獲得 IPO。我們以獨特的方式為大街提供了以 IPO 價格獲得 IPO 價格的途徑。就日曆開放的程度而言，我們在那裡也有一個管道，這有助於新用戶採用該產品，因為他們想要獨特的選擇，但它也推動了管理下的增量資產，這使我們能夠推動更多收入和貨幣化更多。

So those are some of the underlying trends that could give us a tailwind. Let me pass it over to Chris...

因此，這些是可以給我們帶來順風的一些潛在趨勢。讓我把它傳遞給克里斯......

Yes. The only other thing I would add to that, Anthony, is back to one of the comments that I made a few minutes ago around credit spreads. So implied in our guidance and what I mentioned is that we're expecting to see continued elevated credit spreads throughout the year. Obviously, things are looking pretty good in January, and spreads have tightened and the ABS market seems to be showing some signs of life. So if that continues throughout the year, there could be additional upside in the Lending business as well.

是的。安東尼，我要補充的唯一一件事是回到我幾分鐘前就信用利差發表的評論之一。因此，在我們的指引和我提到的內容中暗示，我們預計全年信用利差將持續上升。顯然，1 月份的情況看起來相當不錯，利差收緊，ABS 市場似乎顯示出一些生機。因此，如果這種情況在全年持續下去，貸款業務也可能會有額外的上漲空間。

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

我們的下一個問題來自美銀美林的 Mihir Bhatia。

I just wanted to ask about the Technology Platform segment. Sounds like a little bit of, maybe not change but refinement in the strategy as you go after -- you're focusing on quality of clients and bigger clients with existing basis. What are some of the implications of that strategy?

我只想問一下技術平台部分。聽起來有點，也許不是改變，而是在你追求的過程中改進戰略——你關注的是客戶的質量和現有基礎上的大客戶。該策略的一些含義是什麼？

And I was also curious in terms of just new product introductions or cross-sell to existing clients in that segment. Like as we think about your growth from here, how much of it is going to come from cross-sell, cross-buy fueling that segment versus some -- winning some of these new large partners?

我也對新產品介紹或向該細分市場的現有客戶進行交叉銷售感到好奇。就像我們從這裡考慮您的增長一樣，其中有多少來自交叉銷售，交叉購買推動該細分市場與一些 - 贏得這些新的大型合作夥伴中的一些？

Thank you for the question. And I think you characterized it appropriate in that it's a refinement of the strategy. Now that we're operating on one unified platform with both Technisys and Galileo, we can leverage the combined go-to-market and that does drive some synergy cost savings, which is why Chris mentioned small head count reduction. But there are also cost savings in different areas like marketing when you have that unified approach, especially in the United States.

感謝你的提問。而且我認為您將其描述為適當的，因為它是對戰略的改進。現在我們在一個統一平台上與 Technisys 和 Galileo 一起運營，我們可以利用聯合上市，這確實推動了一些協同成本的節省，這就是為什麼 Chris 提到了少量裁員。但是，當你採用統一的方法時，在營銷等不同領域也可以節省成本，尤其是在美國。

In addition to that, we've made really significant investments in the Tech Platform over the last 3 years. We've increased headcount by 2.5x. We've moved to the cloud while maintaining on-prem capabilities. The on-prem will now go away this year. We've also done a great job at adding new partners. We've been adding 20-plus partners a year.

除此之外，我們在過去 3 年中對技術平台進行了非常重要的投資。我們將員工人數增加了 2.5 倍。我們已經遷移到雲端，同時保持本地功能。內部部署現在將在今年消失。我們在增加新合作夥伴方面也做得很好。我們每年都在增加 20 多個合作夥伴。

As we look at the macroeconomic environment and where we sit, we think the right strategy for the year is to focus on durable companies with large installed bases or well-capitalized companies that we know can make the transition and that we'll get a great return to leverage our platform capabilities.

當我們審視宏觀經濟環境和我們所處的位置時，我們認為今年正確的戰略是關注擁有大量安裝基地的耐用公司或我們知道可以實現轉型並且我們將獲得巨大成功的資本充足的公司返回以利用我們的平台功能。

And so that's how we're approaching the year. For the first time, we're going to have meaningful margin expansion in the Tech Platform to start to leverage that investment we made. But we're still investing, and we're still growing. And let me give you an example of some of the areas that we've invested in that we expect to bear fruit this year, and we'll keep investing in.

這就是我們迎接這一年的方式。第一次，我們將在技術平台上實現有意義的利潤擴張，以開始利用我們所做的投資。但我們仍在投資，我們仍在成長。讓我舉一個例子，說明我們已經投資的一些領域，我們預計今年會取得成果，我們將繼續投資。

First and foremost, we wanted to diversify our products just out of a debit or interchange ACH type of product expanded in the B2B category. We have a number of new B2B partners that are generating revenue today. Some are doing small and medium business lending, some are simply using it for payments and for accounts receivable and accounts payable. But there's a good pipeline of other partners that have large fleets as well as gig economy companies, et cetera.

首先，我們希望將我們的產品從 B2B 類別中擴展的借記或互換 ACH 類型產品中擴展出來。今天，我們有許多新的 B2B 合作夥伴正在創造收入。有些在做中小企業貸款，有些只是用它來支付以及應收賬款和應付賬款。但是，還有其他擁有大型車隊的合作夥伴以及零工經濟公司等的良好渠道。

In addition to building out the B2B channel, we've also tried to add more products for consumer-facing clients. And so one of the products that we have that's been adopted is secure card. Another product that we've launched more recently is a fraud protection. As you think about fraud, and you think about the scale of some of the partners of Galileo, they may not have the scale to invest in fraud the way that we can, and they may not have the data that we have to actually drive those models. And so we've rolled out one piece of a fraud platform that we want to make available to all of our partners.

除了建立 B2B 渠道外，我們還嘗試為面向消費者的客戶添加更多產品。因此，我們採用的其中一種產品是安全卡。我們最近推出的另一款產品是防欺詐產品。當你想到欺詐時，你會想到 Galileo 的一些合作夥伴的規模，他們可能沒有像我們這樣的規模來投資欺詐，而且他們可能沒有我們必須實際驅動這些的數據楷模。因此，我們推出了一個欺詐平台，我們希望將其提供給所有合作夥伴。

If we can help them eliminate fraud, it not only saves losses, but it actually makes their service more reliable, reduces the overhead they have in the call centers and also allows them to hit better SLAs in servicing their customers when they do have issues that have to be solved. So it's a classic make-your-footprint type of product.

如果我們可以幫助他們消除欺詐，不僅可以節省損失，而且實際上可以使他們的服務更加可靠，減少他們在呼叫中心的開銷，還可以讓他們在遇到問題時更好地為客戶提供服務。必須解決。因此，這是一種經典的“足跡製造”類型的產品。

In addition to that, we're focused on things that will help them drive engagement. So we've launched a direct deposit switching product, and you'll see us continue to do more to drive more engagement. Things like instant funding are another vehicle that makes the movement of money faster and better for our partners.

除此之外，我們還專注於幫助他們提高參與度的事情。因此，我們推出了直接存款轉換產品，您會看到我們繼續做更多工作來推動更多參與。即時資金之類的東西是另一種讓我們的合作夥伴更快更好地流動資金的工具。

And then last, we just launched our first product on both Galileo and Technisys in SoFi, which is Pay in 4. That product is now available for any of our partners. And if you think about the partners at Galileo, many of them are not playing the same segment that we are. We're at a very high-end customer with high FICO score and high income. Most of the scale in Galileo's partners is actually at the unbanked or underbanked.

最後，我們剛剛在 SoFi 的 Galileo 和 Technisys 上推出了我們的第一個產品，即 Pay in 4。該產品現在可供我們的任何合作夥伴使用。如果你想想 Galileo 的合作夥伴，他們中的許多人與我們所處的領域不同。我們是一個非常高端的客戶，擁有高 FICO 評分和高收入。 Galileo 合作夥伴的大部分規模實際上是在沒有銀行賬戶或銀行賬戶不足的情況下。

A Pay-in-4 product is much better for them than a secure card or unsecured loan or a credit card. And that product can be launched in a turnkey fashion with a much higher interchange of about 3% compared to what they're generating at 1% in debit. It does bring with it some risk and so we'll have to wait cautiously into that market with our partners. But it's another example of the innovation that we've driven that we now think we can get a return on revenue against.

Pay-in-4 產品對他們來說比安全卡、無抵押貸款或信用卡要好得多。而且該產品可以以交鑰匙方式推出，與 1% 的借方產生的交換率相比，大約 3% 的交換率要高得多。它確實帶來了一些風險，因此我們必須與我們的合作夥伴一起謹慎等待進入該市場。但這是我們推動的創新的另一個例子，我們現在認為我們可以獲得收入回報。

And the last thing I'll touch on is [Connected]. It's not something we've talked about on the call before, but we think it's a diamond in the rough, so to speak. It's an AI-driven customer service model that uses both voice and text. And that product is one that SoFi has now adopted, and that's after SoFi did a complete RFP of all the different choices and determined Connected to be the best choice for our company. And we'll continue to invest in that product. It's available to our partners as well.

我要談的最後一件事是 [Connected]。這不是我們之前在電話中討論過的事情，但我們認為這是一顆未經加工的鑽石，可以這麼說。這是一種人工智能驅動的客戶服務模式，同時使用語音和文本。該產品是 SoFi 現在採用的產品，那是在 SoFi 完成所有不同選擇的完整 RFP 並確定 Connected 是我們公司的最佳選擇之後。我們將繼續投資該產品。我們的合作夥伴也可以使用它。

And the last thing where I'd say about our strategy relates to the Technology Platform is that the opportunity to expand geographically is bigger than you could imagine. We have to really pace our level of investment. And while we're not expanding geographically today, there's a lot of penetration within the LatAm market, which is our area of focus, especially with Technisys in more than 12 markets, helping cross-sell Galileo's products.

關於我們與技術平台相關的戰略，我要說的最後一件事是，地理擴張的機會比你想像的要大。我們必須真正調整我們的投資水平。雖然我們今天沒有在地域上擴張，但在拉丁美洲市場有很多滲透，這是我們關注的領域，尤其是在超過 12 個市場的 Technisys 幫助交叉銷售 Galileo 的產品。

Our next question comes from the line of Dan Dolev of Mizuno.

我們的下一個問題來自美津濃的 Dan Dolev。

Can you maybe give us some quarterly trends on sort of particularly the 3 metrics, student loans, personal loans and mortgages, just kind of how things are trending through, say, the end of January?

你能不能給我們一些季度趨勢，尤其是學生貸款、個人貸款和抵押貸款這 3 個指標，比如 1 月底的趨勢？

Yes. So thanks, Dan, for the question. So we aren't providing specific views on how things are trending right now. But what I would say is, on the student loan front, through January, as mentioned in our guide, we expect it to be at the existing run rate levels that we saw in Q3 and Q4.

是的。所以謝謝 Dan 提出的問題。因此，我們不會就目前的趨勢提供具體觀點。但我要說的是，在學生貸款方面，正如我們的指南中提到的那樣，到 1 月份，我們預計它會達到我們在第三季度和第四季度看到的現有運行率水平。

In personal loans, things are progressing. As one would expect, there's a lot of headroom in that business, but we're being mindful with respect to credit. And then on the home loan side, we have made some really good progress over the course of the last 2 to 3 months in terms of some of those fulfillment issues that we've talked about previously, and things are trending in the right direction.

在個人貸款方面，事情正在取得進展。正如人們所預料的那樣，該業務有很大的發展空間，但我們在信用方面保持謹慎。然後在住房貸款方面，在過去 2 到 3 個月的過程中，我們在我們之前談到的一些履行問題方面取得了一些非常好的進展，並且事情正朝著正確的方向發展。

Anthony, I don't know if there's anything you'd add there?

安東尼，我不知道你有什麼要補充的嗎？

Yes. The only other thing I'd add, Dan, as I did say in my prepared remarks, that we're seeing the strong trend in member and product growth continue into Q1. We've, throughout the year, constantly iterating on marketing channels, on marketing messages, on life cycle marketing and leveraging the most efficient channels. And I feel like, in the fourth quarter, we -- it was a culmination of a lot of work over the last 2 years, and we saw the benefit of that. And as we started the new year, we continue to see that. So we feel really great about not just the growth rate in members as well as products, but the quality of those members and product adoption in addition to the cost of acquisition.

是的。丹，我唯一要補充的是，正如我在準備好的發言中所說的那樣，我們看到會員和產品增長的強勁趨勢將持續到第一季度。全年，我們不斷迭代營銷渠道、營銷信息、生命週期營銷並利用最有效的渠道。我覺得，在第四季度，我們——這是過去兩年大量工作的結晶，我們看到了這樣做的好處。當我們開始新的一年時，我們繼續看到這一點。因此，我們不僅對會員和產品的增長率感到非常滿意，而且對這些會員的質量和產品採用以及獲取成本感到非常滿意。

Our next question comes from the line of Ashwin Shirvaikar of Citigroup.

我們的下一個問題來自花旗集團的 Ashwin Shirvaikar。

Congratulations on the results. Questions on the process of transfer to new fulfillment partners. And you just mentioned the last 2, 3 months have been good, Chris. But what should investors expect in terms of time line, financial impact? It's been a few quarters this has come up. What's the main factors that seem to be, I guess, affecting a more timely transition?

祝賀結果。關於轉移到新的履行合作夥伴的過程的問題。你剛剛提到過去 2、3 個月都很好，克里斯。但投資者在時間表和財務影響方面應該期待什麼？已經有幾個季度了。我想影響更及時過渡的主要因素是什麼？

Yes. And just to give you a little bit of history here, we had a partner that was helping us drive great success on the back-end fulfillment side of the equation. We do the -- we do the marketing to drive the demand at the top of the funnel. We do the underwriting for the loans. And after that loan is locked, we partner with -- we partner with a fulfillment partner to get through all the steps after that.

是的。在這裡給你一點歷史，我們有一個合作夥伴幫助我們在等式的後端實現方面取得巨大成功。我們做 - 我們做營銷以推動漏斗頂部的需求。我們為貸款做承銷。在鎖定貸款後，我們與 - 我們與履行合作夥伴合作，以完成之後的所有步驟。

That partner unfortunately got acquired. We were then required to make a technology platform switch with the new acquired company, which was costly and time-consuming. And ultimately, the economics that entity was seeing became quite onerous as rates increased, and we realized that the economic relationship that we had was changing, and we needed another partner.

不幸的是，那個合作夥伴被收購了。然後，我們需要與新收購的公司進行技術平台轉換，這既昂貴又耗時。最終，隨著利率上升，實體所看到的經濟狀況變得相當繁重，我們意識到我們之間的經濟關係正在發生變化，我們需要另一個合作夥伴。

We started pursuing other partners, quite frankly, well before that acquisition happened just needing diversification. And so we fast-tracked the second partner that we needed to transition to. That transition didn't happen as quickly as we would have hoped. I will tell you, in the last 2 months, we've seen more progress there than we have in the last 18 months. And I'm encouraged by the progress the team has made both in terms of the technology integration, the process flow, the ability to hit time-to-funding metrics and serve our members better. We're nowhere near perfect, but we're starting to move in the right direction for the first time in a while.

坦率地說，早在收購發生之前，我們就開始尋求其他合作夥伴，只是需要多元化。因此，我們快速跟踪了我們需要過渡到的第二個合作夥伴。這種轉變並沒有像我們希望的那樣迅速發生。我會告訴你，在過去 2 個月裡，我們在這方面取得的進展比過去 18 個月還要多。我對團隊在技術集成、流程、達到融資時間指標和更好地為我們的成員服務的能力方面取得的進步感到鼓舞。我們離完美還差得很遠，但我們一段時間以來第一次開始朝著正確的方向前進。

In terms of the economic impact on the overall business, Chris was pretty clear in saying that it will ramp throughout the year. I would think about it as more second half of the year than the first half of the year. But the team is executing in a way that I think positions us really strongly to start stepping on the gas a little bit more as it relates to demand. We've had our foot off the gas, quite frankly, because we don't want to generate demand that we can't fulfill in a high-quality way.

就對整體業務的經濟影響而言，Chris 非常明確地表示，它會在全年逐漸增加。我認為下半年比上半年更多。但是團隊正在以一種我認為非常強大的方式執行，以便在與需求相關時開始更多地踩油門。坦率地說，我們已經停下了腳步，因為我們不想產生我們無法以高質量方式滿足的需求。

And we're starting to get to the point. I think we'll be there by the second half of the year where we can step on the gas and start to see a much bigger market share gain there. We have such a small market share. Even with higher interest rates, I think there's a huge opportunity for us to drive revenue there as well as that revenue being profitable.

我們開始進入正題。我認為我們將在今年下半年到達那裡，那時我們可以踩油門並開始看到那裡有更大的市場份額增長。我們的市場份額很小。即使利率更高，我認為我們有巨大的機會在那裡推動收入以及該收入是有利可圖的。

In addition to that, we do, at some point, similar to the rest of our businesses, want to own end-to-end. We own lending from metal to glass, so to speak, and it gives us such advantages on iterating, on testing, on pricing, on credit, on user flow, on fraud, on risk. And we see the same thing now in SoFi Money, owning Galileo and having the benefit of Technisys as well.

除此之外，在某些時候，我們確實與我們的其他業務類似，希望擁有端到端的所有權。我們擁有從金屬到玻璃的貸款，可以這麼說，它給了我們在迭代、測試、定價、信貸、用戶流量、欺詐和風險方面的優勢。我們現在在 SoFi Money 中看到了同樣的事情，擁有 Galileo 並受益於 Technisys。

And so at some point, in home volumes, we'll own the back end also. We'll always partner. It's great to have 2 sources of capacity, especially given our aspirations and how big we think this could be. It is a huge financial transaction for our members. It is a motional transaction, and we need to be able to scale it and meet the needs of all of our members, and that's where we're focused on long term.

所以在某些時候，在家庭卷中，我們也將擁有後端。我們永遠是夥伴。擁有 2 個容量來源真是太好了，特別是考慮到我們的願望以及我們認為這可能有多大。對於我們的會員來說，這是一筆巨大的金融交易。這是一項動態交易，我們需要能夠擴展它並滿足我們所有成員的需求，而這正是我們長期關注的地方。

Our next question comes from the line of John Hecht of Jefferies.

我們的下一個問題來自 Jefferies 的 John Hecht。

Thanks for taking my question, and congratulations on the quarter. Anthony, you talked about B2B customers ramping up. And you guys have had good -- really good momentum on adding members. I'm just wondering, (inaudible) of customers and members have changed in terms of marketing and customer acquisitions, activities. And how do you think about any opportunities in 2023?

感謝您提出我的問題，並祝賀本季度。安東尼，你談到了 B2B 客戶的增加。你們在增加成員方面的勢頭非常好。我只是想知道，（聽不清）客戶和成員在營銷和客戶獲取、活動方面發生了變化。您如何看待 2023 年的任何機會？

John, it was really hard to hear your question. I don't want to guess what your question was. Maybe you could just dial back in with a better connection. I heard something about B2B, and then it was pretty muted after that.

約翰，聽到你的問題真的很難受。我不想猜測你的問題是什麼。也許您可以通過更好的連接撥回。我聽說過一些關於 B2B 的事情，然後就很安靜了。

Is this better? Sorry, guys. Is this better?

這是否更好？對不起大家。這是否更好？

Yes. Perfect. Thank you.

是的。完美的。謝謝你。

I'm sorry, can you hear me now?

對不起，你現在能聽到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. I apologize. My headphones are bad. The question was just, Anthony, you mentioned B2B activity. You guys clearly still have very positive momentum with new members and new customers. I'm wondering, has -- given your channels of customer acquisition, the cost of customer acquisition, has there -- anything changed from a characteristic perspective? And how do you look at opportunities from that regard in 2023?

好的。我道歉。我的耳機壞了問題是，安東尼，你提到了 B2B 活動。你們顯然仍然對新成員和新客戶保持非常積極的勢頭。我想知道，鑑於您的客戶獲取渠道、客戶獲取成本，從特徵的角度來看有什麼變化嗎？您如何看待 2023 年這方面的機會？

Yes. So the SMB opportunity, I think, is really an opportunity that's aligned with the type of member that we're acquiring in our core target. We don't have plans in 2023 to enter that market. We do believe it's an opportunity for us over the longer term to serve that market well. If you follow us on any social media, it's a constant request that we get from people to launch small, medium business checking and savings, small, medium business lending.

是的。因此，我認為 SMB 機會確實是一個與我們在核心目標中獲得的成員類型一致的機會。我們沒有在 2023 年進入該市場的計劃。我們確實相信，從長遠來看，這是我們為該市場提供良好服務的機會。如果您在任何社交媒體上關注我們，人們就會不斷要求我們推出中小型企業支票和儲蓄、中小型企業貸款。

When the pandemic first started back in 2020, March time period, we were inundated with tons of small, medium businesses coming on to SoFi and trying to apply for PPP loans. We clearly don't have small, medium lending. Now that we have a banking license, that is an area that we could go into, but we didn't at that point in time.

當大流行於 2020 年 3 月首次開始時，我們被大量湧入 SoFi 並試圖申請 PPP 貸款的中小型企業淹沒。我們顯然沒有中小型貸款。現在我們有了銀行牌照，那是我們可以進入的領域，但我們當時沒有。

We stood up a website that allowed us to take the traffic that came to SoFi and leverage Lantern to send the traffic to a marketplace of small, medium business lenders. And it was very -- people were very happy with it. The demand, as a result of that, led us to realize that many of our members are operating small, medium businesses and that we could serve them on the commercial side as well.

我們建立了一個網站，允許我們獲取 SoFi 的流量，並利用 Lantern 將流量發送到中小型企業貸款市場。這非常——人們對此非常滿意。因此，需求使我們意識到我們的許多成員都在經營中小型企業，我們也可以在商業方面為他們提供服務。

But as I mentioned, it's not something that we do in 2023. I would never say -- I would say the same, we'll review it every quarter. If the student loan market came back sooner than expected, and some of the other things went our way in the economy and so forth, it may be something that we could focus on in the second half of the year. But right now, it's not on the funding list, but it's a huge opportunity for us.

但正如我所提到的，這不是我們在 2023 年做的事情。我永遠不會說——我會說同樣的話，我們將每個季度審查一次。如果學生貸款市場恢復得比預期的要早，而且經濟中的其他一些事情也如我們所願等等，這可能是我們下半年可以關注的事情。但是現在，它不在資助名單上，但這對我們來說是一個巨大的機會。

The only reason I mentioned it earlier was, we had asked -- been asked the question earlier about deposits and what happened if they grow too big, and that would be a great problem to have. If they grow in excess of what we're willing to originate on the personal loan side and SLR side and home loan side and credit cards, we would offer more Lending products to make sure we're capturing that great resource of deposits to deploy against high-returning assets.

我之前提到它的唯一原因是，我們已經問過 - 早些時候被問到關於存款的問題以及如果它們變得太大會發生什麼，這將是一個很大的問題。如果他們的增長超過我們願意在個人貸款方面和 SLR 方面以及房屋貸款方面和信用卡方面發起的業務，我們將提供更多的貸款產品，以確保我們正在獲取大量存款資源以進行部署高回報資產。

Our last question today comes from the line of Michael Perito of Stifel.

我們今天的最後一個問題來自 Stifel 的 Michael Perito。

Obviously, you guys have hit on a lot already this morning. I thought maybe I'd just ask Chris, just can you maybe give us some reminders or some context around how you guys are thinking of capital of the bank in your 2023 projections? Obviously, very healthy still today. But imagine in the guide, there's a bit of balance sheet growth baked in as you guys done in 2022. I'm just curious where you kind of have the capital ratios levering to and how that compares to kind of where you want to run the bank normalized going forward?

顯然，你們今天早上已經談了很多。我想也許我會問克里斯，你能給我們一些提醒或一些關於你們在 2023 年預測中如何看待銀行資本的背景嗎？顯然，今天仍然非常健康。但是在指南中想像一下，正如你們在 2022 年所做的那樣，資產負債表有所增長。我只是想知道你們的資本比率槓桿化到哪裡，以及這與你們想要經營的地方相比如何未來銀行正常化？

Yes. Thanks, Mike, for the question. So I'm not going to be providing guidance on the balance sheet side within the bank, but I'll at least provide a little bit of insight on how we're thinking about it. So right now, we've capitalized the bank with about $1 billion of capital. You'll see that in the bank call report that comes out later today. We're currently operating at about a 15% leverage ratio, which is still significantly above our regulatory limits.

是的。邁克，謝謝你提出這個問題。所以我不會在銀行內部的資產負債表方面提供指導，但我至少會提供一些關於我們如何思考它的見解。所以現在，我們已經為銀行注入了大約 10 億美元的資本。您會在今天晚些時候發布的銀行電話報告中看到這一點。我們目前的經營槓桿率約為 15%，仍遠高於我們的監管限制。

So we do expect to see additional balance sheet growth as we continue to scale our Lending business. We expect modest growth in our personal loans business and then relatively muted in the student loan refinancing and some growth in home loans.

因此，隨著我們繼續擴大貸款業務，我們確實希望看到額外的資產負債表增長。我們預計我們的個人貸款業務將適度增長，然後學生貸款再融資和住房貸款的增長將相對溫和。

The only other thing I would add in terms of being able to grow the bank balance sheet is that we are sufficiently capitalized at the parent as well. We're coming off of a year in 2021 of raising over $3.5 billion of capital, and we've only deployed $1 billion of that to the bank. So we have sufficient excess liquidity that we could capitalize the bank and grow it further if we wanted to.

就能夠增加銀行資產負債表而言，我要補充的唯一另一件事是我們在母公司也有足夠的資本。我們在 2021 年籌集了超過 35 億美元的資金，而我們只向銀行部署了其中的 10 億美元。因此，我們有足夠的過剩流動性，如果我們願意，我們可以將銀行資本化並進一步發展。

And the only thing I would add on to that is something we were talking about as a team yesterday that doesn't get a lot of attention. But when you look at the asset side of our balance sheet and you look at the trend, and you look at our cash and cash equivalents, we finished the year at $1.4 billion of cash and cash equivalents. What's not in that number is $424 million of restricted cash. And then there's some investment in securities, which is a combination of treasuries and government securities as well as loans or reserves of about $400 million.

我唯一要補充的是我們昨天作為一個團隊正在談論的事情，但沒有引起太多關注。但是當你看一下我們資產負債表的資產方面，看看趨勢，看看我們的現金和現金等價物，我們今年年底的現金和現金等價物為 14 億美元。該數字中不包括 4.24 億美元的受限現金。然後是一些證券投資，這是國庫券和政府證券以及約 4 億美元的貸款或準備金的組合。

The trend in that line has been continuing to increase, which speaks not only to the liquidity that we have but the equity that we have that we can deploy either against funding loans or funding the bank. And it's one of the important measures that we'll continue to give you a -- somewhat of a level of confidence on being able to fund the bank to grow more if we need to put more equity there.

這條線的趨勢一直在繼續增加，這不僅說明了我們擁有的流動性，還說明了我們可以用來抵禦貸款或為銀行提供資金的資產。這是我們將繼續為您提供的重要措施之一 - 如果我們需要在那裡投入更多股權，我們將能夠為銀行提供更多資金以實現更多增長。

Great. Thank you for dialing in today. I wanted to end with a couple of comments. February marks my 5-year anniversary at SoFi, and it's just very humbling what we've achieved during such an unprecedented time period, growing from less than $500 million of revenue to $1.5 billion at the end of 2022; 600,000 members to 5.2 million members; and negative adjusted EBITDA to $140 million of EBITDA; plus raising $3.6 billion in capital; becoming a public company; and receiving a federal bank license.

偉大的。感謝您今天撥入。我想以幾點評論結束。 2 月是我在 SoFi 的 5 週年紀念日，我們在這樣一個前所未有的時期取得的成就令人感到非常謙卑，從不到 5 億美元的收入增長到 2022 年底的 15 億美元； 60萬會員到520萬會員；負調整後的 EBITDA 為 1.4 億美元的 EBITDA；再加上籌集了 36 億美元的資金；成為上市公司；並獲得聯邦銀行執照。

To have done all of that through 2 interest rate cycles, a recession, with the potential for another, a global pandemic, inflation at a 40-year high and in an incredibly competitive environment with significant access to near 0 cost of capital is a remarkable 5-year run. None of this, though, happens without the full faith of our Board and our shareholders, the persistent and unrelenting resolve of our people and a team that have done nothing short of extraordinary.

通過 2 個利率週期、一次衰退、可能出現另一次衰退、全球大流行、通貨膨脹率達到 40 年高位以及在競爭異常激烈的環境中獲得接近 0 的資本成本來完成所有這一切，這是了不起的運行 5 年。然而，這一切都離不開我們董事會和股東的充分信任，離不開我們員工堅持不懈的決心，離不開一個成就卓著的團隊。

Many can prognosticate about what lies ahead for the economy, interest rates, but in my view, the political background, the regulatory background remain very uncertain. And those exogenous factors are out of our control. But as it relates to what lies ahead, I will simply state my strongest belief that SoFi continues to be the best positioned company, to be the winner that takes most in the digital financial services sector of the future. Reaching that outcome is what we control, and what we remain steadfastly focused on to achieve.

許多人可以預測經濟、利率的前景，但在我看來，政治背景、監管背景仍然非常不確定。而那些外生因素是我們無法控制的。但就未來而言，我只想表達我最堅定的信念，即 SoFi 仍然是定位最好的公司，將成為未來數字金融服務領域的贏家。實現這一結果是我們可以控制的，也是我們始終堅定不移地致力於實現的目標。

With that, thank you for calling in and listening to our fourth quarter results as well as our 2022 full year results. We'll talk to you next quarter. Thank you.

至此，感謝您致電並聆聽我們的第四季度業績以及 2022 年全年業績。我們將在下個季度與您交談。謝謝你。

Ladies and gentlemen, that concludes today's call. Have a great day ahead. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。祝你有美好的一天。您現在可以斷開線路。