(SOFI) 2023 Q1 法說會逐字稿

Good morning, and thank you for attending today's SoFi First Quarter 2023 Earnings Conference Call. (Operator Instructions) At this time, I would now like to turn the conference over to our host, Maura Cyr, from SoFi Investor Relations. Maura, please proceed.

早上好，感謝您參加今天的 SoFi 2023 年第一季度收益電話會議。 （操作員說明）此時，我想將會議轉交給 SoFi 投資者關係部的主持人 Maura Cyr。莫拉，請繼續。

Thank you, and good morning. Welcome to SoFi's First Quarter 2023 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 2023 年第一季度收益電話會議。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 on strategy, macroeconomic conditions and outlook, future products and services and future business and financial performance.

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在戰略、宏觀經濟狀況和前景、未來產品和服務以及未來業務和財務業績方面的競爭優勢。

Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and our most recent Form 10-K as filed with the Securities and Exchange Commission as well as our subsequent filings made with the SEC, including our upcoming Form 10-Q.

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。今天的新聞稿和我們最近向美國證券交易委員會提交的 10-K 表格以及我們隨後向美國證券交易委員會提交的文件（包括即將發布的 10-Q 表格）中描述了可能導致這些結果出現重大差異的因素。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

我們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. The first quarter at SoFi was an incredible beginning to what is already turning out to be yet another eventful year in the macro environment.

謝謝莫拉，大家早上好。 SoFi 的第一季度是一個令人難以置信的開端，這已經證明在宏觀環境中又是多事之年。

Amid all the volatility, we delivered another quarter of record revenue and adjusted EBITDA with strong overall operating results, reinforcing the strength of our strategy and our ability to execute with excellence.

在所有波動中，我們又實現了創紀錄的四分之一收入和調整後的 EBITDA，整體經營業績強勁，增強了我們戰略的實力和我們卓越執行的能力。

A few key achievements from the first quarter include: our eighth consecutive quarter of record adjusted net revenue of $460 million, up 43% year-over-year, with record revenue in Lending and Financial Services as well as continued strength in Tech Platform; our third consecutive quarter of record adjusted EBITDA at nearly $76 million, representing a 48% incremental margin and a 16% margin overall; an incremental GAAP net income margin of 54%, resulting in a loss of just $34 million; deposits increased by $2.7 billion sequentially, marking another record quarter, and now exceed $10 billion in total deposits.

第一季度取得的一些主要成就包括：我們連續第八個季度調整後淨收入創紀錄，達到 4.6 億美元，同比增長 43%，借貸和金融服務收入創歷史新高，技術平台業務持續強勁；我們連續第三個季度創紀錄的調整後 EBITDA 接近 7600 萬美元，代表 48% 的增量利潤率和 16% 的整體利潤率； GAAP 淨利潤增量為 54%，導致虧損僅為 3400 萬美元；存款環比增加 27 億美元，創下另一個創紀錄的季度，現在存款總額已超過 100 億美元。

Importantly, more than 90% of our consumer deposits are from sticky direct deposit members, and 97% of our deposits are insured. Our cash and cash equivalents on the balance sheet increased by $1.1 billion to $2.5 billion since year-end, reinforcing our strong liquidity position.

重要的是，我們 90% 以上的消費者存款來自粘性直接存款會員，並且我們 97% 的存款都有保險。自年底以來，我們資產負債表上的現金和現金等價物增加了 11 億美元，達到 25 億美元，加強了我們強大的流動性狀況。

Once again, we are achieving several financial inflection points. Adjusted EBITDA of $76 million is now greater than stock-based compensation at $64 million, which actually declined. And this is another critical step towards GAAP net income profitability.

我們再次實現了幾個財務拐點。調整後的 EBITDA 為 7600 萬美元，現在高於基於股票的薪酬 6400 萬美元，後者實際上有所下降。這是邁向 GAAP 淨收入盈利能力的又一關鍵步驟。

We achieved positive variable profit in the Financial Services segment and remain on track for positive contribution profit by year-end.

我們在金融服務部門實現了正可變利潤，並有望在年底前實現正貢獻利潤。

Additionally, Lending net interest income revenue, or NIM revenue, of $201 million exceeded Lending noninterest income of $136 million for the second consecutive quarter. And importantly, our NIM revenue is meaningfully greater than our Lending segment directly attributable expenses of $115 million. These trends increase the visibility and reinforce our goal of achieving positive GAAP net income in Q4 2023.

此外，貸款淨利息收入（NIM 收入）為 2.01 億美元，連續第二個季度超過貸款非利息收入 1.36 億美元。重要的是，我們的 NIM 收入明顯高於我們貸款部門直接歸屬的 1.15 億美元支出。這些趨勢提高了知名度，並強化了我們在 2023 年第四季度實現正 GAAP 淨收入的目標。

Along those lines, we had another quarter of positive GAAP net income for SoFi Bank at $73 million, reflecting a 20% margin and a 23% return on average tangible equity on our way to expected 30% returns within the bank over the long term.

按照這些思路，SoFi Bank 的另一個季度的 GAAP 淨收入為正，為 7300 萬美元，反映了 20% 的利潤率和 23% 的平均有形資產回報率，我們預計該銀行的長期回報率為 30%。

Lastly, the quality of our bank operating in liquidity metrics remain robust and have improved since year-end. We saw new record levels of unaided brand awareness in the quarter and continued strong cross-buy trends, which helped drive strong year-over-year growth in members and products with decreasing marketing spend intensity.

最後，我們銀行在流動性指標方面的運營質量依然強勁，自年底以來有所改善。我們在本季度看到了新的品牌知名度和持續強勁的交叉購買趨勢，這有助於推動會員和產品的同比強勁增長，同時降低營銷支出強度。

The 433,000 new members in Q1 '23 brings total members to nearly 5.7 million, up 46% year-over-year. We also added 660,000 new products in Q1, ending with nearly 8.6 million total products, also up 46% year-over-year.

23 年第一季度的 433,000 名新會員使會員總數達到近 570 萬，同比增長 46%。我們還在第一季度增加了 660,000 種新產品，最終產品總數接近 860 萬種，同比增長 46%。

Of these new adds, Financial Services products totaled 7.1 million at quarter end and grew by 51% year-over-year, while Lending products of 1.4 million were up 24% year-over-year.

在這些新增產品中，金融服務產品在季度末總計 710 萬，同比增長 51%，而貸款產品 140 萬，同比增長 24%。

Sales and marketing expenditures as a percent of revenue declined nearly 100 basis points from last quarter and nearly 475 basis points from a year ago.

銷售和營銷支出佔收入的百分比比上一季度下降近 100 個基點，比一年前下降近 475 個基點。

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 as well as exogenous factors.

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為能夠經受市場週期和外部因素影響的獨特多元化業務奠定基礎。

We talk often about our ability to act nimbly in a rapidly changing environment. There were several examples once again this last quarter, but I'd like to take a moment to highlight one that really exemplifies nimble execution to truly help our members at the most critical time.

我們經常談論我們在瞬息萬變的環境中靈活行動的能力。上個季度再次出現了幾個例子，但我想花點時間強調一個真正體現靈活執行力的例子，在最關鍵的時候真正幫助我們的成員。

As the recent bank crisis developed, our team was able to bring our deposits FDIC insurance capabilities from offering [$250,000] to $2 million within a week, providing comfort and safety to our members and enabling 97% of our deposits to now be insured versus 92% before the increase.

隨著最近銀行危機的發展，我們的團隊能夠在一周內將我們的存款 FDIC 保險能力從提供 [250,000 美元] 提高到 200 萬美元，為我們的成員提供舒適和安全，並使我們 97% 的存款現在得到保險，而 92%增加前的百分比。

Now I'd like to spend time touching on segment-level results as well as the structural advantage of our product strategy and having a bank charter.

現在我想花時間談談細分層面的結果以及我們產品戰略的結構優勢和銀行章程。

In Lending, we generated a record $325 million of adjusted net revenue, up 33% versus the prior-year period. Our personal loan performance more than offset the continued headwinds in demand for student loan refinancing and the less robust performance of home loans.

在貸款方面，我們產生了創紀錄的 3.25 億美元調整後淨收入，比去年同期增長 33%。我們的個人貸款表現足以抵消學生貸款再融資需求的持續不利因素和住房貸款表現不佳的影響。

Student loan refi continues to be impacted as federal borrowers still await clarity on the end of the moratorium on federal student loan payments. Home loans face macro headwinds from rising rates while we continue the process of integrating Wyndham Capital Mortgage, which we acquired at the beginning of Q2 2023.

學生貸款再融資繼續受到影響，因為聯邦借款人仍在等待聯邦學生貸款支付暫停期結束的明確性。在我們繼續整合我們在 2023 年第二季度初收購的 Wyndham Capital Mortgage 的過程中，住房貸款面臨利率上升帶來的宏觀逆風。

The personal loans business maintained its strength in Q1, hitting record originations of nearly $3 billion, up 46% from $2 billion in Q1 2022. This product continues to deliver even as we maintain our stringent credit standards and pass on rate increases to our borrowers.

個人貸款業務在第一季度保持強勁勢頭，創下近 30 億美元的創紀錄發放額，比 2022 年第一季度的 20 億美元增長 46%。即使我們維持嚴格的信貸標準並將利率上漲轉嫁給借款人，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 origination growth while driving efficiencies with cost savings. These advantages are a direct result of SoFi Bank.

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為資助發起增長提供了新的選擇，同時通過節省成本提高了效率。這些優勢是 SoFi Bank 的直接結果。

Having more balance sheet flexibility allows us to capture more net interest income and optimize returns, which provides more stable earnings in any macro environment, but it's especially important in times of excess volatility.

擁有更大的資產負債表靈活性使我們能夠獲得更多的淨利息收入並優化回報，這在任何宏觀環境中都能提供更穩定的收益，但在過度波動時期尤為重要。

As of the end of Q1 2023, 44% of our loans were funded by deposits, and our $2.7 billion of new deposits raised in the quarter helped fund our $3.6 billion of total originations in the most cost-effective way.

截至 2023 年第一季度末，我們 44% 的貸款由存款提供資金，我們在本季度籌集的 27 億美元新存款以最具成本效益的方式為我們的 36 億美元貸款總額提供了資金。

Our lending capacity remains robust with over $20 billion in total capacity to fund loans and meet our liquidity needs with $10 billion of deposits, which have grown by $2 billion a quarter, $3 billion of equity capital and $8.6 billion of warehouse capacity.

我們的借貸能力依然強勁，總貸款能力超過 200 億美元，並通過 100 億美元的存款滿足我們的流動性需求，這些存款每季度增長 20 億美元、30 億美元的股本和 86 億美元的倉庫容量。

Lastly, the bank contributes to strong growth in SoFi Money members, high-quality deposits and great levels of engagement. This has led to a higher average account balances, even as average spend has increased. More than 50% of newly funded SoFi Money accounts are setting up direct deposit by day 30, and this has had a significant impact on spending.

最後，該銀行為 SoFi Money 會員的強勁增長、高質量存款和高參與度做出了貢獻。這導致了更高的平均賬戶餘額，即使平均支出有所增加。超過 50% 的新融資 SoFi Money 賬戶在第 30 天前設立了直接存款，這對支出產生了重大影響。

Q1 annualized spend was 2x 2022 spend, and Q1 spend per average funded account was up 15% quarter-over-quarter. SoFi Money members have increased over 48% year-over-year to 2.4 million accounts. Given the quality of these members with a median FICO score of 749 for our direct deposit portfolio, we see ample opportunity for cross-buy.

第一季度年化支出是 2022 年支出的 2 倍，每個平均資金賬戶的第一季度支出環比增長 15%。 SoFi Money 會員賬戶數量同比增長超過 48%，達到 240 萬個。鑑於這些成員的質量（我們的直接存款投資組合的 FICO 分數中值為 749），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 more than tripled year-over-year to $81 million and grew 25% from $65 million in Q4 '22. Contribution loss of $24 million improved $19 million versus the previous quarter, and we achieved variable profitability for the first time in this segment, even as we maintained elevated marketing expenses in the first quarter.

這是更廣泛地進入金融服務的一個很好的選擇，淨收入同比增長兩倍多，達到 8100 萬美元，比 22 年第四季度的 6500 萬美元增長了 25%。與上一季度相比，2400 萬美元的貢獻損失減少了 1900 萬美元，我們在這一領域首次實現了可變盈利，即使我們在第一季度保持較高的營銷費用。

We've continued to achieve strong member and product growth by iterating our products to ensure they are differentiated on 4 key factors: fast, selection, content and convenience and continue to invest and make them work better when used together.

我們繼續通過迭代我們的產品來實現強勁的會員和產品增長，以確保它們在 4 個關鍵因素上具有差異化：快速、選擇、內容和便利性，並繼續投資並使它們在一起使用時更好地工作。

So far in Q2, we continue to iterate on these products. Last week, we raised our savings rate again to 4.2%. And just this morning, we announced SoFi Travel in partnership with Expedia, which will include member discounts and 3% cashback rewards on bookings made with the SoFi Credit Card.

到目前為止，在第二季度，我們繼續迭代這些產品。上週，我們再次將儲蓄率提高到 4.2%。就在今天早上，我們宣布與 Expedia 合作推出 SoFi Travel，其中包括會員折扣和使用 SoFi 信用卡預訂的 3% 現金返還獎勵。

SoFi Travel is a digital destination that represents our first nonfinancial product effort to help our members spend better in the next phase in SoFi's mission to help our members achieve financial independence.

SoFi Travel 是一個數字目的地，它代表了我們的第一個非金融產品努力，旨在幫助我們的會員在 SoFi 下一階段的使命中更好地消費，以幫助我們的會員實現財務獨立。

We finished Q1 with 7.1 million Financial Services products, up 51% year-over-year, and 5x total lending products of 1.4 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 51% versus [60%] in Q1 of last year.

我們在第一季度完成了 710 萬個金融服務產品，同比增長 51%，貸款產品總數達到 5 倍，達到 140 萬個。金融服務規模的擴大有助於提高交叉購買和營銷效率。金融服務銷售和營銷支出占淨收入的百分比為 51%，而去年第一季度為 [60%]。

We continue to scale our top-of-the-funnel products, given the attractive monetization opportunities, by capitalizing on our improved brand awareness and network effects. We saw this increased efficiency even with the fact that these products have a 12- to 18-month payback period.

鑑於有吸引力的貨幣化機會，我們將繼續通過提高品牌知名度和網絡效應來擴大我們的頂級漏斗產品。即使這些產品的投資回收期為 12 到 18 個月，我們也看到了效率的提高。

For Technology Platform, full segment revenue of nearly $78 million saw a growth of 28% year-over-year with a 19% margin at the segment level or 28% if you exclude Technisys.

對於技術平台，近 7800 萬美元的全部門收入同比增長 28%，部門利潤率為 19%，如果不包括 Technisys，則為 28%。

Galileo's overall diversified growth strategy includes growth in new verticals, new products and new geographies, with a focus on larger customers that have large installed bases.

Galileo 的整體多元化增長戰略包括新垂直領域、新產品和新地區的增長，重點關注擁有大量客戶群的大客戶。

In Q1, Galileo signed 5 new clients and made big strides in the strategy with 80% of newly signed clients having existing customers or portfolios along with a growing pipeline of joint opportunities selling Galileo and Technisys offerings to an expanded customer base.

在第一季度，Galileo 簽署了 5 個新客戶，並在戰略上取得了重大進展，80% 的新簽署客戶擁有現有客戶或投資組合，以及越來越多的聯合機會，將 Galileo 和 Technisys 產品銷售給擴大的客戶群。

Technisys recently signed 1 new client in Mexico and has entered into a proof-of-concept stage with a large U.S. legacy financial institution.

Technisys 最近在墨西哥簽署了 1 個新客戶，並已進入與一家大型美國傳統金融機構的概念驗證階段。

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. We started the year with a great quarter, which saw strong growth trends across the entire business. We achieved record revenue and adjusted EBITDA, despite operating in a rapidly evolving macro backdrop.

謝謝，安東尼。我們以一個偉大的季度開始了這一年，整個業務都出現了強勁的增長趨勢。儘管在快速變化的宏觀背景下運營，我們仍實現了創紀錄的收入和調整後的 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 first quarter of 2023 versus first quarter of 2022.

我將向您介紹本季度的一些重要財務亮點，然後分享我們的財務前景。除非另有說明，否則我指的是 2023 年第一季度與 2022 年第一季度的調整後結果。

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.

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，這些文件將於下周公布。

For the quarter, top line growth remained strong as we delivered record adjusted net revenue of $460 million, up 43% year-over-year and 4% sequentially from the fourth quarter's record of $443 million and above our Q1 guidance of $430 million to $440 million.

本季度，收入增長依然強勁，因為我們實現了創紀錄的調整後淨收入 4.6 億美元，同比增長 43%，比第四季度創紀錄的 4.43 億美元增長 4%，高於我們第一季度 4.3 億美元至 440 美元的指引百萬。

Adjusted EBITDA was $76 million at a 16% margin, also above the high end of our most recent guidance of $40 million to $45 million and ahead of the prior-quarter record. This represented 14 points of year-over-year margin improvement, demonstrating the strong operating leverage of the business as it scales.

調整後的 EBITDA 為 7600 萬美元，利潤率為 16%，也高於我們最近 4000 萬至 4500 萬美元指引的上限，並高於上一季度的記錄。這代表利潤率同比提高 14 個百分點，表明該業務在擴展時具有強大的運營槓桿。

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 48% incremental adjusted EBITDA margin year-over-year.

我們的銷售和營銷、一般與行政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 48%。

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 48% incremental adjusted EBITDA margin year-over-year.

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 48%。

Our GAAP net losses were $34 million this quarter, which is a $76 million improvement year-over-year and a $6 million improvement sequentially. Our incremental GAAP net income margin was 54% for the quarter.

本季度我們的 GAAP 淨虧損為 3400 萬美元，同比減少 7600 萬美元，環比減少 600 萬美元。我們本季度的 GAAP 淨利潤增量為 54%。

In addition to our adjusted EBITDA margin expansion, we saw meaningful leverage against stock-based compensation as a percentage of net revenue at 14% in Q1 2023, down from 16% in the fourth quarter and 24% in the prior-year quarter. This represents further progress toward our expectation of GAAP net income profitability in Q4 2023.

除了我們調整後的 EBITDA 利潤率擴張外，我們還看到 2023 年第一季度基於股票薪酬的顯著槓桿占淨收入的百分比為 14%，低於第四季度的 16% 和去年同期的 24%。這代表著我們對 2023 年第四季度 GAAP 淨收入盈利能力的預期取得了進一步進展。

Now on to the segment-level performance, where we saw strong year-over-year growth across all 3 segments. In Lending, first quarter adjusted net revenue grew 33% year-over-year to $325 million. Results were driven by 113% year-over-year growth in our net interest income, while noninterest income was down 17%.

現在來看細分市場的表現，我們看到所有 3 個細分市場都實現了強勁的同比增長。在貸款方面，第一季度調整後的淨收入同比增長 33% 至 3.25 億美元。我們的淨利息收入同比增長 113%，而非利息收入下降 17%。

Growth in net interest income was driven by a 99% year-over-year increase in average interest-earning assets and a 318 basis point year-over-year increase in average yields, resulting in an average net interest margin of 5.5% for the quarter. This represents roughly 110 basis points of year-over-year NIM expansion.

平均生息資產同比增長 99%，平均收益率同比增長 318 個基點，推動淨利息收入增長，平均淨息差為 5.5%四分之一。這代表 NIM 同比擴張大約 110 個基點。

Q1 originations grew 7% year-over-year to $3.6 billion and were driven by record volumes in our personal loans business, which grew 46% year-over-year to nearly $3 billion.

第一季度的發放量同比增長 7% 至 36 億美元，這得益於我們個人貸款業務創紀錄的交易量，同比增長 46% 至近 30 億美元。

However, student loan originations were down 47% year-over-year and home loans by 71% year-over-year as the extension of the federal student loan moratorium and macro factors continue to provide headwinds to these businesses.

然而，由於聯邦學生貸款暫停期的延長和宏觀因素繼續給這些企業帶來阻力，學生貸款發放量同比下降 47%，房屋貸款同比下降 71%。

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 $164,000 with a weighted average FICO score of 747. Our student loan borrowers weighted average income is $173,000 with a weighted average FICO of 769.

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 164,000 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 173,000 美元，加權平均 FICO 為 769。

This continued focus on quality has led to strong credit performance. 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 38 basis points in Q1 '23, while our annualized personal loan charge-off rate was 2.97%.

這種對質量的持續關注導致了強勁的信用表現。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。 23 年第一季度，我們的資產負債表內 90 天個人貸款拖欠率為 38 個基點，而年化個人貸款沖銷率為 2.97%。

Considering the weighted average life of the personal loans on our balance sheet, our portfolio life-of-loan losses are forecasted to be 4.5%, which is below our risk tolerance.

考慮到我們資產負債表上個人貸款的加權平均年限，我們的投資組合貸款年限損失預計為 4.5%，低於我們的風險承受能力。

Our on-balance sheet 90-day student loan delinquency rate was 12 basis points in Q1 '23, while our annualized student loan charge-off rate was 0.34%.

23 年第一季度，我們資產負債表上的 90 天學生貸款拖欠率為 12 個基點，而年化學生貸款註銷率為 0.34%。

As we've 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.

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，但繼續期望相對於更廣泛的行業水平而言非常健康的表現。

The Lending business delivered $210 million of contribution profit at a 65% margin, up from $133 million a year ago and a 54% margin. This improvement was driven by a mix shift to higher-margin personal loans revenue as well as sales and marketing and ops efficiencies and fixed cost leverage across the entire segment.

貸款業務以 65% 的利潤率實現了 2.1 億美元的貢獻利潤，高於一年前的 1.33 億美元和 54% 的利潤率。這一改善是由向利潤率更高的個人貸款收入以及整個細分市場的銷售和營銷以及運營效率和固定成本槓桿的混合轉變推動的。

Shifting to Tech Platform, where we delivered net revenue of $78 million in the quarter, up 28% year-over-year, while Galileo revenue was up 3% year-over-year. Overall, annual revenue growth was driven primarily by Galileo account growth to 126 million in total. We also signed 5 new clients in Galileo and 1 in Technisys, and we finished the task of moving every client to the cloud with 100% of transactions now migrated.

轉向技術平台，我們在本季度實現了 7800 萬美元的淨收入，同比增長 28%，而 Galileo 收入同比增長 3%。總體而言，年收入增長主要受 Galileo 賬戶總數增長至 1.26 億的推動。我們還在 Galileo 簽署了 5 個新客戶，在 Technisys 簽署了 1 個，我們完成了將每個客戶遷移到雲端的任務，現在 100% 的交易都已遷移。

Sequentially, revenue and contribution profit declined in the segment due to seasonality in transaction volumes, along with timing implications from shifting focus to larger potential partners with larger existing businesses, B2B customers and a more durable customer base, which has longer sales cycles.

由於交易量的季節性，以及將重點轉移到擁有更大現有業務、B2B 客戶和更持久的客戶群（銷售週期更長）的更大潛在合作夥伴的時間影響，該部門的收入和貢獻利潤依次下降。

The segment delivered a contribution profit of $15 million, representing a 19% margin and 28% if you were to exclude Technisys.

該部門貢獻了 1500 萬美元的貢獻利潤，如果不包括 Technisys，則利潤率為 19% 和 28%。

Moving on to Financial Services, where net revenue of $81 million increased 244% 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.

轉向金融服務，其中 8100 萬美元的淨收入同比增長 244%，SoFi Money 的收入創歷史新高，SoFi 信用卡、SoFi 投資和貸款即服務的持續強勁貢獻。

Overall, monetization continues to improve, with annualized revenue per product increasing for the fourth consecutive quarter to $45, 2x the $20 in the prior year and up 15% sequentially from $40.

總體而言，貨幣化繼續改善，每件產品的年化收入連續第四個季度增長至 45 美元，是去年 20 美元的 2 倍，比 40 美元環比增長 15%。

We reached 7.1 million Financial Services products in the quarter, which is up 51% year-over-year, and we continue to see strong product adds with 584,000 new products in the segment. We hit 2.4 million products in SoFi Money, $2.2 million in SoFi Invest and $2.2 million in Relay.

我們在本季度達到了 710 萬種金融服務產品，同比增長 51%，並且我們繼續看到該領域的 584,000 種新產品的強勁增長。我們在 SoFi Money 中使用了 240 萬個產品，在 SoFi Invest 中使用了 220 萬美元，在 Relay 中使用了 220 萬美元。

Contribution losses were $24 million for the quarter, which improved by over 50% year-over-year and 44% sequentially as we start to see operating leverage in the segment. Importantly, we achieved positive variable profit in the Financial Services segment for the first time, which reinforces our expectation of positive contribution profits by the end of 2023.

本季度的貢獻損失為 2400 萬美元，同比增加 50% 以上，環比增加 44%，因為我們開始看到該部門的運營槓桿。重要的是，我們首次在金融服務部門實現了正可變利潤，這加強了我們對到 2023 年底貢獻利潤為正的預期。

Switching to our balance sheet, where we remain very well capitalized with ample cash and excess liquidity. Last year's 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.

轉向我們的資產負債表，我們擁有充足的現金和過剩的流動性，資本充足。去年 SoFi Bank 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和相對於其他資金來源而言更低的資本成本。

In Q1, assets grew by $3.4 billion as a result of a $1.1 billion increase in cash and cash equivalents, highlighting our strong liquidity position and access to cash as well as adding loans to the balance sheet, given the strong growth we continue to see in personal loan originations.

在第一季度，由於現金和現金等價物增加了 11 億美元，資產增加了 34 億美元，這凸顯了我們強大的流動性狀況和獲得現金的能力，並在資產負債表中增加了貸款，因為我們繼續看到強勁的增長個人貸款來源。

On the liability side of the balance sheet, we saw tremendous growth in deposits as they grew to over $10 billion, up [$2.7 million] sequentially, versus $2.3 billion in each of the prior 2 quarters. Because of this, we exited the quarter with just $3.5 billion drawn on our $8.6 billion of warehouse facilities.

在資產負債表的負債方面，我們看到存款大幅增長，超過 100 億美元，環比增加 [270 萬美元]，而前兩個季度各為 23 億美元。正因為如此，我們在本季度結束時僅從 86 億美元的倉庫設施中提取了 35 億美元。

In addition, last week, we extended our corporate revolver for another 5 years and upsized it to $645 million. This further highlights our strong liquidity position, particularly in this market.

此外，上週，我們將公司左輪手槍再延長 5 年，並將其擴大到 6.45 億美元。這進一步凸顯了我們強大的流動性狀況，尤其是在這個市場。

Our available-for-sale securities portfolio remains quite modest at $175 million market value, with $6 million in cumulative unrealized losses, versus $195 million at year-end 2022. This portfolio consists primarily of short-duration government-backed securities.

我們的可供出售證券投資組合仍然相當溫和，市值為 1.75 億美元，累計未實現虧損為 600 萬美元，而 2022 年底為 1.95 億美元。該投資組合主要由短期政府支持證券組成。

Let me finish up with guidance. Throughout the last 12 months, we have demonstrated the benefit of having a diversified set of revenue streams, multiple cost-efficient sources of capital and a keen focus on underwriting high-quality credits. We expect those benefits to persist, going forward even in light of existing macro backdrop.

讓我以指導結束。在過去的 12 個月裡，我們已經證明了擁有多元化的收入來源、多種具有成本效益的資本來源以及專注於承銷高質量信貸的好處。我們預計，即使在現有的宏觀背景下，這些好處也會持續下去。

For Q2, we expect to deliver adjusted net revenue of $470 million to $480 million and adjusted EBITDA of $50 million to $60 million. For the full year of 2023, we are raising guidance and now expect to deliver adjusted net revenue of $1.955 billion to $2.02 billion, up from our prior guidance of $1.925 billion to $2 billion.

對於第二季度，我們預計調整後的淨收入為 4.7 億美元至 4.8 億美元，調整後的 EBITDA 為 5000 萬至 6000 萬美元。對於 2023 年全年，我們正在提高指引，現在預計調整後的淨收入將達到 19.55 億美元至 20.2 億美元，高於我們之前 19.25 億美元至 20 億美元的指引。

And we now expect full-year 2023 adjusted EBITDA to be $268 million to $288 million, up from our prior guidance of $260 million to $280 million. This represents a 30% incremental EBITDA margin for the full year.

我們現在預計 2023 年全年調整後的 EBITDA 為 2.68 億美元至 2.88 億美元，高於我們之前 2.6 億美元至 2.8 億美元的指導。這代表全年 EBITDA 利潤率增加 30%。

Overall, we couldn't be more proud of our Q1 results and continued progress. Having delivered over $460 million of adjusted net revenue and $76 million of adjusted 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.

總的來說，我們對第一季度的業績和持續的進步感到無比自豪。我們實現了超過 4.6 億美元的調整後淨收入和 7600 萬美元的調整後 EBITDA，我們在本季度的長期增長目標方面繼續取得重大進展，並保持充足的資本以繼續實現我們使 SoFi 成為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。

(Operator Instructions) Our first question comes from the line of Mihir Bhatia with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Mihir Bhatia。

Maybe to start, Chris, if you could just provide the loan sales and gain on sale margins this quarter with and without hedging, if possible, please. And just talk also about the larger strategy, is there any change as you've grown deposits to hold loans for longer? Or is it still very much a buy-and-distribute model?

也許開始吧，克里斯，如果你能在本季度提供貸款銷售和銷售利潤收益，有和沒有對沖，如果可能的話，請。還要談談更大的戰略，隨著您增加存款以持有貸款更長時間，是否有任何變化？或者它仍然是一種購買和分銷模式？

Yes. No problem. So I'll hit on each of the products, starting with our home loans business. So in home loans, we ended up selling $78 million of principal at 104.7% execution level. Inclusive of hedges, it was about 100 basis points less than that.

是的。沒問題。因此，我將從我們的房屋貸款業務開始介紹每一種產品。因此，在房屋貸款方面，我們最終以 104.7% 的執行水平出售了 7800 萬美元的本金。包括對沖在內，它比這低了大約 100 個基點。

In our personal loans business, we did not do any whole loan sales in period. Our last one was in Q4 at 104.4% execution. But we did execute a $440 million consumer loan ABS transaction with spreads that outperformed our expectations, and we were able to price at 90 basis points over SOFR.

在我們的個人貸款業務中，我們期間沒有進行任何整體貸款銷售。我們的最後一個是在第四季度，執行率為 104.4%。但我們確實執行了一筆 4.4 億美元的消費貸款 ABS 交易，利差超出了我們的預期，我們能夠以高於 SOFR 90 個基點的價格定價。

The deal was 8x oversubscribed with over 28 orders, which allowed us to tighten spreads meaningfully by 80 basis points relative to the deal that we did back in Q4 that had comparable collateral. The market obviously continues to search for shorter-duration securities backed by higher credit collateral.

該交易超額認購了 8 倍，超過 28 個訂單，這使我們能夠將利差有意義地收緊 80 個基點，相對於我們在第四季度進行的具有可比抵押品的交易。市場顯然繼續尋找以更高信用抵押品為後盾的短期證券。

And then in student loan refinancing, we did not do any whole loan sales in period. Our last one was in Q3 at 104.4% execution.

然後在學生貸款再融資中，我們沒有在這段時間內進行任何整體貸款銷售。我們的最後一個是在第三季度，執行率為 104.4%。

What I would say in terms of your second question, Mihir, as we've discussed in the past, we are extremely well capitalized at this point, having raised $3.6 billion in 2021. We have access to $8.6 billion in warehouse lines, $3.5 billion of which is drawn currently. And our bank deposit base of $10 billion is growing really quickly with the vast majority of our deposits, more than 90% of them coming from direct deposit members.

關於你的第二個問題，Mihir，正如我們過去討論過的那樣，我們目前的資本非常充足，在 2021 年籌集了 36 億美元。我們可以使用 86 億美元的倉庫線，35 億美元其中當前繪製。我們 100 億美元的銀行存款基數增長得非常快，我們的絕大多數存款都來自直接存款會員，其中超過 90%。

In addition to that, we've been able to successfully access the ABS markets each of the last 2 quarters, which have brought attractive fixed financing options for all of our loans.

除此之外，我們在過去兩個季度的每個季度都能夠成功進入 ABS 市場，這為我們所有的貸款帶來了有吸引力的固定融資選擇。

Given this flexibility, we're always going to maximize returns on the loans that we originate as well as the overall firm ROE. And that's going to take different forms, given the environment that we're operating in, at any given point in time.

鑑於這種靈活性，我們總是會最大化我們發起的貸款的回報以及整個公司的淨資產收益率。考慮到我們所處的環境，在任何給定的時間點，這將採取不同的形式。

This quarter, similar to last quarter, we had the flexibility to hold loans for a longer period of time, particularly given the growth that we saw in deposits of $2.7 billion, which resulted in really strong net interest income, but that could certainly change in future quarters. But we have a lot of options and flexibility today.

本季度與上一季度類似，我們可以靈活地將貸款持有更長時間，特別是考慮到我們看到 27 億美元的存款增長，這帶來了非常強勁的淨利息收入，但這肯定會改變未來的宿舍。但我們今天有很多選擇和靈活性。

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

我們的下一個問題來自 Jeff Adelson 與 Morgan Stanley 的對話。

I was just wondering if you could dig in a little bit more on the loan growth expectation from here. You've been doubling the loans every quarter year-on-year. And I understand you have a lot of capital at this point. But is there a point at which you feel like you need to start selling your loans again?

我只是想知道您是否可以從這裡進一步了解貸款增長預期。你每個季度的貸款都比去年同期翻了一番。我知道你現在有很多資本。但是，您是否覺得需要再次開始出售貸款？

And then, I guess, on the actual loan sales side, what are your -- what gives you confidence that the loans you're marketing on your balance sheet today, if you were to start going back to the market again, what gives you confidence that you can kind of hold on to those marks you have on the balance sheet?

然後，我想，在實際的貸款銷售方面，是什麼讓你對你今天在資產負債表上營銷的貸款充滿信心，如果你要再次開始回到市場，是什麼給了你有信心您可以保留資產負債表上的那些標記嗎？

Thanks, Jeff. First, what I'd say is that our overall strategy, as it relates to loans and when we sell them versus hold them, is really driven by liquidity and our ability to optimize return on equity. It's the same strategy we've had since 2018. Our ability to execute has only become more and more strong and robust so that we have maximum optionality.

謝謝，傑夫。首先，我要說的是，我們的整體戰略，因為它與貸款有關，當我們出售它們而不是持有它們時，實際上是由流動性和我們優化股本回報率的能力驅動的。這與我們自 2018 年以來一直採用的策略相同。我們的執行能力只會變得越來越強大和穩健，因此我們擁有最大的可選性。

I would love to remind everyone that if you think about our liquidity stack and our funding stack, we have $3 billion of equity or own equity capital that we can fund with, with $8 billion of warehouse facility, and then as we reported today, $10 billion of deposits.

我想提醒大家，如果你考慮我們的流動性堆棧和我們的資金堆棧，我們有 30 億美元的股權或自有股權資本，我們可以用 80 億美元的倉庫設施提供資金，然後正如我們今天報導的那樣，10 美元億元存款。

That source of funding allows us to be very nimble in what we decide to hold versus what we decide to sell. It also allows us to be very nimble as it relates to loan purchases of SoFi loans and other opportunities that we have as optionality on deals over time.

這種資金來源使我們能夠非常靈活地決定持有什麼與決定出售什麼。它還使我們能夠非常靈活，因為它涉及到貸款購買 SoFi 貸款以及隨著時間的推移我們在交易中擁有的其他機會。

So in essence, there's no one answer to your question. It's about maximizing ROE and making sure we have the right liquidity and making sure we have the right capital ratios as a bank. I'll let Chris talk about the way we think about the value of the loans in the marketplace.

所以從本質上講，沒有人可以回答你的問題。這是關於最大化 ROE 並確保我們擁有合適的流動性並確保我們擁有合適的銀行資本比率。我會讓克里斯談談我們對市場貸款價值的看法。

Yes, absolutely. And in terms of why we get confident in the sense that we would be able settle loans at where they're currently marked, every single quarter, we work with a third-party valuation firm that marks to market each and every one of our loans on an individual basis to account for changes in every single factor that impacts loans.

是的，一點沒錯。就為什麼我們有信心能夠在當前標記的地方結算貸款而言，每個季度，我們與第三方估值公司合作，對我們的每筆貸款進行標記在個人基礎上考慮影響貸款的每個因素的變化。

So that's things like the weighted average coupon, default rates, prepayment speeds, benchmark rates, spreads as well as where secondary bonds and residuals are trading. So you see that mark-to-market take place every single quarter, and that flows through the revenue line of our P&L.

這就是加權平均息票、違約率、預付速度、基準利率、利差以及二級債券和殘差交易的地點。所以你看到每個季度都會按市值計價，並且流經我們損益表的收入線。

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

我們的下一個問題來自 Kevin Barker 和 Piper Sandler 的台詞。

I wanted to follow up on the acquisition you announced a couple of months ago on Wyndham Capital. You mentioned that it's going to be accretive within the next 6 months. And I believe they did about $2 billion of originations last year, according to some press reports. Could you just give us an idea of like how big do you expect the mortgage platform to be?

我想跟進你幾個月前宣布的對 Wyndham Capital 的收購。您提到它將在未來 6 個月內增加。據一些媒體報導，我相信他們去年進行了大約 20 億美元的發起。您能告訴我們您希望抵押貸款平台有多大嗎？

And then, what does the accretive within 6 months guidance imply? Did you have to do a significant amount of further integration within the SoFi platform? Or is a lot of that already existing within Wyndham?

那麼，6個月內的增值指引意味著什麼？您是否必須在 SoFi 平台中進行大量的進一步集成？還是溫德姆已經存在很多這樣的東西？

Thank you. First, let me approach the question about home loans from a strategic standpoint. As many of you know, we want to be a one-stop digital provider for all your financial needs during all the major decisions of your financial life and all the days in between. In order to do that, we have to be there when you make large decisions like how you pay for college, like how you may pay for grad school and medical school or buying a home.

謝謝。首先，讓我從策略的角度來探討有關房屋貸款的問題。正如你們中的許多人所知，我們希望成為一站式數字提供商，在您的財務生活的所有重大決策以及其間的所有日子裡滿足您的所有財務需求。為了做到這一點，當你做出重大決定時，我們必須在場，比如你如何支付大學費用，比如你如何支付研究生院和醫學院的費用或購買房屋。

We've taken approach over the last 5 years where we prefer to vertically integrate with our technology. It gives us lower cost. We can innovate at a much faster rate. We can make better real-time decisions, more personalization.

在過去的 5 年裡，我們採取了更願意與我們的技術垂直整合的方法。它給了我們更低的成本。我們可以以更快的速度進行創新。我們可以做出更好的實時決策，更加個性化。

The mortgage industry, as you know, is very cyclical. And it can really be challenging if you take actions at the height of the market from an acquisition standpoint or other investment standpoint.

如您所知，抵押貸款行業具有很強的周期性。如果您從收購的角度或其他投資的角度在市場高峰期採取行動，這確實具有挑戰性。

We've worked hard over the last 3 years to find a technology and a platform that we could buy at a great price, a small dollar amount that could be integrated pretty quickly and allow us to accomplish the objectives that I mentioned from vertical integration.

在過去的 3 年裡，我們一直在努力尋找一種技術和平台，我們可以以優惠的價格購買這種技術和平台，只需花費很少的錢就可以很快地進行整合，並讓我們能夠實現我提到的垂直整合的目標。

We couldn't have been happier to find Wyndham. We think it's a phenomenal team. It's a long and durable company, just the way that Galileo and Technisys was around for decades, and it was a founder-led, and Jeff will continue to stay with us at SoFi.

找到溫德姆我們再高興不過了。我們認為這是一支非凡的球隊。這是一家歷史悠久、經久不衰的公司，就像 Galileo 和 Technisys 存在了幾十年一樣，它由創始人領導，Jeff 將繼續留在 SoFi。

The integration will be done throughout the year. It's not significant in size in terms of the bandwidth that we have to allocate for that integration. So we feel like we can make it accretive by the end of the year.

整合將在全年進行。就我們必須為該集成分配的帶寬而言，它的大小並不重要。所以我們覺得我們可以在年底前讓它增值。

In terms of volume they were doing, as you can imagine, the environment has been very challenging for home sales and refinancing. And so the volume was quite low relative to historical levels. And you should really think about it as a technology integration and significantly increased capacity for us to step on the gas pedal to increase our market share gains.

正如您可以想像的那樣，就他們所做的交易量而言，環境對房屋銷售和再融資非常具有挑戰性。因此，相對於歷史水平，交易量相當低。你真的應該把它看作是一種技術整合，顯著提高了我們踩油門以增加市場份額的能力。

And we intend to do that on the back of the full integration. So expect it to have a much more meaningful impact in 2024, once we feel great about the ability to scale not just the technology but our processes and our people to ensure our members have a great experience.

我們打算在完全整合的基礎上做到這一點。因此，一旦我們對不僅擴展技術而且擴展我們的流程和人員以確保我們的會員擁有良好體驗的能力感到滿意，預計它會在 2024 年產生更有意義的影響。

Time to fund is critically important in purchased mortgages, and we want to have the best time to fund possible for our members with high satisfaction. I'll let Chris talk about the accretion.

融資時間對於購買的抵押貸款至關重要，我們希望盡可能為我們的會員提供最佳融資時間，讓他們非常滿意。我會讓克里斯談談吸積。

Yes. So overall, what we assumed in the back half of the year is that this was not going to have a material impact on the overall business, either from a top line or a bottom line perspective. But from an accretion perspective, we would expect it to deliver positive contribution.

是的。所以總的來說，我們在今年下半年的假設是，這不會對整體業務產生重大影響，無論是從頂線還是底線的角度來看。但從增值的角度來看，我們預計它會帶來積極的貢獻。

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

我們的下一個問題來自 John Hecht 與 Jefferies 的對話。

Congratulations on a great quarter. I wonder if you guys can just talk about over the course of the year, we've got certain things happening like the potential moratorium ending for student loans and obviously the changes that are expected in the interest rate markets.

祝賀一個偉大的季度。我想知道你們是否可以談談在這一年中，我們已經發生了一些事情，比如學生貸款的潛在暫停和利率市場預期的變化。

Maybe just considering all that, can you give us your kind of expectations for the mix of originations over the course of the next few quarters?

也許只是考慮到所有這些，您能否給我們您對接下來幾個季度的起源組合的期望？

Yes, sure. John, I can take that one. So what I would say is we aren't providing specific guidance at the product level, but we are expecting to continue to see modest growth in our personal loans business. This past quarter, we reached 8.2% market share. That was up from 5.8% last quarter and 5.5% a year ago. So there is significant headroom to continue to grow that business.

是的，當然。約翰，我可以接受那個。所以我要說的是，我們沒有在產品層面提供具體指導，但我們預計個人貸款業務將繼續保持適度增長。上個季度，我們的市場份額達到了 8.2%。這高於上一季度的 5.8% 和一年前的 5.5%。因此，有很大的空間可以繼續發展該業務。

But as we've said in the past, we are going to continue to be prudent and thoughtful about how we approach that business and won't overextend ourselves. So expect to see continued modest growth in that business, similar to what you've seen over the course of the last several quarters.

但正如我們過去所說的那樣，我們將繼續對我們如何處理該業務保持謹慎和深思熟慮，並且不會過度擴張自己。因此，預計該業務將繼續溫和增長，類似於您在過去幾個季度中看到的情況。

On student loan refinancing, our guide and outlook has not changed from our Q1 earnings call -- our Q4 earnings call. What was contemplated in our full-year guide is that the moratorium would end on June 30 and then people would go back into repayment 60 days thereafter, which means that we would see elevated demand for student loan originations in Q4 albeit at a lower monetization level, given where interest rates are.

在學生貸款再融資方面，我們的指南和展望與我們的第一季度財報電話會議 - 我們的第四季度財報電話會議沒有變化。我們全年指南中的預期是暫停期將於 6 月 30 日結束，然後人們將在 60 天后重新還款，這意味著我們將看到第四季度對學生貸款發起的需求增加，儘管貨幣化水平較低，給定利率在哪裡。

We do think that there is still a large TAM that we can go after, given where we can price the loans today. So we do expect to see an uptick in demand, but probably not to the levels that we saw back in Q4 2019.

我們確實認為，考慮到我們今天可以為貸款定價的地方，我們仍然可以追求很大的 TAM。因此，我們確實預計需求會上升，但可能不會達到我們在 2019 年第四季度看到的水平。

Then in home loan originations, Anthony just touched on it, We do expect to see an acceleration in originations, given the acquisition of Wyndham Capital. Right now, we have a very, very low market share. So there's a ton of headroom to continue.

然後在房屋貸款發放方面，安東尼剛剛提到，考慮到對 Wyndham Capital 的收購，我們確實希望看到貸款發放的加速。目前，我們的市場份額非常非常低。所以還有大量的餘量可以繼續。

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

我們的下一個問題來自 Eugene Simuni 與 MoffettNathanson 的對話。

Congratulations on great results. I wanted to go back to the trends in your deposits. Great to see very strong growth in Q1. But can you elaborate a little bit on the trend in March since the beginning of the bank crisis? And maybe if you can share anything on what are the trends in April?

祝賀你取得好成績。我想回到你們的存款趨勢。很高興看到第一季度非常強勁的增長。但您能否詳細說明自銀行危機開始以來 3 月份的趨勢？也許你能分享一下 4 月份的趨勢是什麼？

And just maybe as a broader question here, how is the behavior of your bank customers changed at all since the bank crisis? And how are you adjusting to that? I'd love to hear your thoughts on that.

也許在這裡作為一個更廣泛的問題，自銀行危機以來，您的銀行客戶的行為發生了怎樣的變化？你是如何適應的？我很想听聽你對此的看法。

It's another quarter since opening the bank about a year ago in February of continued strong performance of our SoFi Money account, which is Checking and Savings.

自大約一年前的 2 月份開設銀行以來，這是又一個季度，我們的 SoFi Money 賬戶（即支票和儲蓄賬戶）表現持續強勁。

As you know, the strategy has really played out in spades throughout the year, offering high interest rate on Checking and very high interest rate on Savings, up to 4.2% now if you do direct deposit with us, getting all the other member benefits that we provide for you beyond that free certified financial planner, discounts on loans, our broad-based rewards program, all of which are now bundled to SoFi Plus, has really helped us drive not just strong adoption of SoFi Money but a lot of engagement as it relates to both deposits and spending.

如您所知，該策略在全年都發揮了重要作用，提供高利率的支票和非常高的儲蓄利率，如果您直接在我們這裡存款，現在最高可達 4.2%，享受所有其他會員福利我們為您提供的不僅僅是免費的認證理財規劃師、貸款折扣、我們基礎廣泛的獎勵計劃，所有這些現在都捆綁到 SoFi Plus，確實幫助我們不僅推動了 SoFi Money 的廣泛採用，而且還推動了很多參與，因為它涉及存款和支出。

We couldn't be more happy with the trends we're seeing in both of those. We expect them to continue into the second quarter that we've seen so far in April and throughout the May and June time period.

我們對在這兩個方面看到的趨勢感到非常滿意。我們預計它們將持續到我們在 4 月份以及整個 5 月和 6 月期間看到的第二季度。

What I'd say about Q1 is that it's really hard to sort of separate out what may have happened because of all the uncertainty and maybe a flock to safety as people trust SoFi and came to our product and used it more frequently. I would say the trends in April are off to a start that would indicate we should be at a similar level of $2 billion plus in deposits at the end of the quarter.

關於第一季度，我要說的是，由於所有的不確定性以及人們信任 SoFi 並來到我們的產品並更頻繁地使用它，可能會蜂擁而至，因此很難將可能發生的事情分開。我想說 4 月份的趨勢開始表明我們在本季度末的存款應該達到 20 億美元以上的類似水平。

In terms of spending, we continue to see really strong growth in spending as our direct deposit members increase, given that they're using it as their primary account. And so that's also a contributing factor to our financial results that sort of gets overlooked because of just the strong performance on NIM that we continue to see and how much more scale that is.

在支出方面，隨著直接存款會員的增加，我們繼續看到支出的強勁增長，因為他們將其用作主要賬戶。因此，這也是我們財務業績的一個促成因素，這種因素被忽視了，因為我們繼續看到 NIM 的強勁表現以及規模更大。

But the spending trend on debit and so forth has really mirrored the trend in deposits as well as NIM to reinforce our overall strategy, giving us an opportunity to have more touch points in helping people get their [money] rate based on their spending and what's happening in their accounts.

但是藉記卡等方面的支出趨勢確實反映了存款和 NIM 的趨勢，以加強我們的整體戰略，讓我們有機會有更多的接觸點，幫助人們根據他們的支出和什麼來獲得他們的 [money] 利率發生在他們的帳戶中。

Our next question comes from the line of Reggie Smith with JPMorgan.

我們的下一個問題來自摩根大通的 Reggie Smith。

I only have one question, so it's going to be kind of long, I guess. I was curious, what are your loss expectations -- life-of-loss expectations for your most recent cohort of personal loans? How does that compare to maybe your '22 cohort? And then a follow-up to that is, how are the '22s tracking relative to your initial expectations?

我只有一個問題，所以我想會有點長。我很好奇，你的損失預期是什麼——你最近一批個人貸款的損失預期是什麼？與您的 22 歲隊列相比如何？然後是後續行動，相對於您最初的預期，22 年代的追踪情況如何？

Thank you for the question. I'll let Chris get into particulars. But at a high level, since 2018, we've architected our personal loans in a way that will drive to at least a 40% to 50% variable profit margin, and that includes all the variable costs, including life-of-loan losses and funding costs.

感謝你的提問。我會讓克里斯詳細說明。但在較高水平上，自 2018 年以來，我們設計個人貸款的方式將推動至少 40% 至 50% 的可變利潤率，其中包括所有可變成本，包括貸款期限損失和資金成本。

The reason why we target that level of profitability is so that our loans are durable through the cycle. If we're seeing trends that lead us to believe that we can't get to that level, we will make changes, sometimes that's increasing our WACC, sometimes that's being more efficient in our marketing costs, sometimes that involves driving down lower cost of funding.

我們之所以以該盈利水平為目標，是為了讓我們的貸款在整個週期內都能持久。如果我們看到的趨勢讓我們相信我們無法達到那個水平，我們將做出改變，有時會增加我們的 WACC，有時會提高我們的營銷成本，有時會降低成本資金。

As it relates to the macroeconomic conditions impacting life-of-loan losses, we will tighten credit. We've tightened credit in the past. We have a very sophisticated real-time ability to test pricing and credit and a number of early warning economic indicators that have caused us to be more conservative on what we underwrite and tighten credit throughout the year, and we'll continue to do that.

由於它與影響貸款期限損失的宏觀經濟狀況有關，我們將收緊信貸。我們過去曾收緊信貸。我們擁有非常先進的實時測試定價和信貸的能力，以及一些早期預警經濟指標，這些指標使我們在全年承保和收緊信貸方面更加保守，我們將繼續這樣做。

But we've been below our target life-of-loan losses of 7% to 8%, which is part of that equation of 40% to 50% variable profit margin. I just don't want people to think it's just about that metric. It's about the overall unit economics of getting to 40% to 50% variable profit margin, and that assumes 7% 8% life-of-loan losses, which we've been below. And our cohorts have really continued to trend relative to that metric in a positive way.

但我們一直低於 7% 至 8% 的目標貸款期限損失，這是 40% 至 50% 可變利潤率等式的一部分。我只是不想讓人們認為這只是關於那個指標。這是關於獲得 40% 至 50% 可變利潤率的整體單位經濟，並假設 7% 8% 的貸款期限損失，我們一直在下面。我們的隊列確實繼續以積極的方式相對於該指標呈現趨勢。

Yes. And I would just add on, if you look at all of our cohorts on a month-to-month, quarter-to-quarter basis, they've all been relatively consistent with the framework that Anthony just laid out.

是的。我想補充一點，如果你按月、按季度查看我們所有的隊列，他們都與安東尼剛剛制定的框架相對一致。

At the overall portfolio level, right now our annualized charge-off rate on the personal loans business is 2.97%. If you take the weighted average life into consideration for that portfolio, it gets you to an estimated life-of-loan losses of about 4.5%, which again is meaningfully below the 7% to 8% risk tolerance level that we have today.

在整體投資組合層面，目前我們個人貸款業務的年化沖銷率為 2.97%。如果考慮該投資組合的加權平均壽命，則估計貸款壽命損失約為 4.5%，這再次顯著低於我們今天的 7% 至 8% 的風險承受水平。

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

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

Great. And most of my questions have been asked and answered. But I thought -- and you talked about this a little bit in the prepared remarks, but I think it's actually quite interesting in terms of the ability to increase, whether it's cross buy or reduced marketing spend, because of the increase in the number of members across Financial Services, SoFi Money.

偉大的。我的大部分問題都已被詢問和回答。但我想 - 你在準備好的評論中談到了這一點，但我認為就增加的能力而言實際上非常有趣，無論是交叉購買還是減少營銷支出，因為數量的增加金融服務、SoFi Money 的成員。

Could you talk a little bit in a little more detail, like how you would expect to see that playing out over the course of the next year or 2? And kind of more specifically, is it a function of less marketing for consumer loans? Is it Lantern products? Like what are the biggest benefits to SoFi?

您能否更詳細地談談，例如您希望在明年或兩年內看到這種情況如何發生？更具體地說，這是消費貸款營銷減少的結果嗎？是燈籠產品嗎？比如 SoFi 最大的好處是什麼？

Yes. So we talk about a concept called the FSPL, Financial Services Productivity Loop. And the concept is very simply we want to leverage the broadest reach to most appealing high-engagement products, like Relay, like SoFi Money, like SoFi Invest and SoFi Credit Card, to really build a significant amount of products in those categories.

是的。所以我們討論了一個叫做 FSPL 的概念，即金融服務生產力循環。這個概念非常簡單，我們希望利用最廣泛的影響力來接觸最具吸引力的高參與度產品，例如 Relay、SoFi Money、SoFi Invest 和 SoFi Credit Card，從而在這些類別中真正構建大量產品。

As we build that scale, we have information about our members that allows us to give them personalized offers that best meet their needs.

當我們建立這個規模時，我們有關於我們成員的信息，使我們能夠為他們提供最能滿足他們需求的個性化服務。

So for example, if we bring in a SoFi Money customer member, and that member does direct deposit with us, and we see the mortgage that they're paying or we see the student loan that they're paying, we see them sitting on a ton of cash.

因此，例如，如果我們引入 SoFi Money 客戶會員，並且該會員直接向我們存款，我們看到他們正在支付的抵押貸款或我們看到他們正在支付的學生貸款，我們看到他們坐在一噸現金。

We see them overrunning and having a significant amount of credit card debt, we can make a very specific recommendation to them on how to get their money right in that particular area.

我們看到他們超支並擁有大量信用卡債務，我們可以就如何在該特定領域獲得正確的資金向他們提出非常具體的建議。

We play that strategy out every day. Sometimes it's driven by technology and data, and sometimes it's driven by the mechanical processes of our teams as well as our certified financial planners. That cross-buy allows us to bring in that second product with no customer acquisition cost and has a huge impact on unit economics.

我們每天都在執行該策略。有時它是由技術和數據驅動的，有時它是由我們團隊的機械流程以及我們的認證財務規劃師驅動的。這種交叉購買使我們能夠在沒有客戶獲取成本的情況下引入第二種產品，並對單位經濟產生巨大影響。

So let's take a personal loan, for example, and this is just illustrative. Let's just say, over the course of the time, our average variable profit on a personal loan, and so that would be the revenue of that personal loan less the life of loan losses, the funding costs and variable operating costs and the customer acquisition cost, results in $800 of variable profit. That could have a customer acquisition cost of anywhere between $600 to $1,000.

因此，讓我們以個人貸款為例，這只是說明性的。假設，隨著時間的推移，個人貸款的平均可變利潤，即個人貸款的收入減去貸款損失期限、資金成本和可變運營成本以及客戶獲取成本, 產生 800 美元的可變利潤。這可能會導致客戶獲取成本在 600 美元到 1,000 美元之間。

If someone comes in through Relay,and they do credit score monitoring or they connect accounts or they're in Checking or Savings, and we see that they have a bunch of credit card debt and can benefit from consolidation, we would make a term loan offer to them or personal loan offer.

如果有人通過 Relay 進來，他們進行信用評分監控或者他們連接賬戶或者他們正在檢查或儲蓄，我們看到他們有一堆信用卡債務並且可以從合併中受益，我們會提供定期貸款向他們提供或提供個人貸款。

If that person adopts that personal loan, the variable profit goes from $800 up by the savings on customer acquisition costs, so anywhere to $1,400 to $1,800. That significant variable profit dollar amount above and beyond what we need, can then be reinvested in better technology, lower prices, better service, higher interest rate on Checking or Savings, and it drives the flywheel.

如果該人採用該個人貸款，可變利潤將從 800 美元增加到 1,400 美元到 1,800 美元之間的客戶獲取成本節省。超出我們需要的可觀可變利潤金額可以再投資於更好的技術、更低的價格、更好的服務、更高的支票或儲蓄利率，它驅動飛輪。

We're seeing that happen across the board. Having the bank license only makes it better for us because we can now actually have lower cost of deposits, which improves our unit economics both on SoFi Money as well as our loan products. So we're seeing the compounding benefits of that over and over.

我們看到這種情況正在全面發生。擁有銀行牌照只會讓我們變得更好，因為我們現在實際上可以降低存款成本，這提高了我們在 SoFi Money 和貸款產品上的單位經濟效益。所以我們一次又一次地看到了這種複合的好處。

In terms of the outlook going forward, we averaged roughly about 1.5 products per member. I would expect that ratio to stay very similar over the next 12 to 18 months because we're driving really strong member growth. And if you think about the denominator, if it's growing really strong, it's really hard to drive the overall portion of the products divided by the members.

就未來的前景而言，我們平均每個成員大約有 1.5 種產品。我預計該比率在未來 12 到 18 個月內將保持非常相似，因為我們正在推動非常強勁的會員增長。如果你考慮分母，如果它增長非常強勁，那麼很難推動產品的整體部分除以成員。

That's not a bad thing. That's actually a good thing because the bigger we make our member base, the bigger we'll make our products adopted by that number base over time. Over the long run, we hope to have every product for our members. There's not a specific perspective that I have on the exact number other than they should do everything with us.

這不是壞事。這實際上是一件好事，因為我們的會員基礎越大，隨著時間的推移，我們的產品被該數字基礎採用的數量就越大。從長遠來看，我們希望為我們的會員提供每一種產品。除了他們應該與我們一起做所有事情之外，我對確切數字沒有具體的看法。

Why? We're trying to build the best-of-breed products by category and -- so that we can help them borrow better, save better, spend better, invest better. And ultimately, if we do that, the number of products they have with us will be very large.

為什麼？我們正在努力按類別構建同類最佳的產品——這樣我們就可以幫助他們更好地借貸、更好地儲蓄、更好地消費、更好地投資。最終，如果我們這樣做，他們擁有的產品數量將非常多。

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

我們的下一個問題來自 Dominick Gabriele 與 Oppenheimer 的對話。

Great results. So we saw significantly better revenue and adjusted EBITDA in the quarter. And I am beginning to even wonder how much we need the student loan business to return for you guys to have a really strong franchise prevail.

很棒的結果。因此，我們在本季度看到明顯更好的收入和調整後的 EBITDA。我什至開始懷疑我們需要多少學生貸款業務才能讓你們擁有真正強大的特許經營權。

But the incremental adjusted EBITDA margin was higher than expected in the quarter. And if you take this quarter and the next quarter's guidance, you get -- still, you're roughly at 30% expectation for incremental EBITDA margins.

但本季度增量調整後的 EBITDA 利潤率高於預期。如果你採用本季度和下季度的指導，你會得到——仍然，你對增量 EBITDA 利潤率的預期大約為 30%。

And so could you just talk about any shifts that may have happened between this quarter, next quarter? Or if there's any seasonality as far as kind of that 30% expectation that we should be thinking about?

那麼，您能否談談本季度和下季度之間可能發生的任何變化？或者，就我們應該考慮的 30% 的預期而言，是否存在任何季節性？

Thank you for the question. As it relates to student loans, I want to bring into 2 categories. You have our private student loans, i.e., the loans that people are taking out to actually go to school. So we're in the school student loan business.

感謝你的提問。由於它涉及學生貸款，我想分為兩類。你有我們的私人學生貸款，即人們為實際上學而貸款。所以我們從事學校學生貸款業務。

We're also in the student loan refinancing business. That business is one that takes our members who have either private student loans or federal student loans and refinance them at a lower rate or a longer term to lower their monthly payment, much like the home loan refinancing industry.

我們也從事學生貸款再融資業務。這項業務是讓我們擁有私人學生貸款或聯邦學生貸款的成員以較低的利率或更長的期限為他們再融資以降低他們的每月付款，就像家庭貸款再融資行業一樣。

As long as the college education in the United States is not free, there will be a student loan market. Simply said, as long as the college education in the United States is not free, there will be a need for student loans.

只要美國的大學教育不是免費的，就會有助學貸款市場。簡單來說，只要美國的大學教育不是免費的，就會有助學貸款的需求。

Sometimes, those student loans could be provided by the government. And sometimes, they can be provided by private institutions. Because of that dynamic, we will always be in the student loan business.

有時，這些學生貸款可以由政府提供。有時，它們可以由私人機構提供。由於這種動態，我們將永遠從事學生貸款業務。

The question is, are we just in the private student loan business or the private student loan business and the refinancing student loan business? I believe we'll always be in both businesses regardless of what's decided by the Supreme Court on forgiveness.and regardless of what happens with the moratorium.

問題是，我們只是從事私人學生貸款業務還是私人學生貸款業務和再融資學生貸款業務？我相信無論最高法院就寬恕做出什麼決定，也不管暫停令會發生什麼，我們都會一直從事這兩項業務。

Why? The cost of education is significantly greater than the ability of people to pay. Therefore, they have to borrow money to do that. As long as they're borrowing money, we can find a way for them to not just get access to that loan but to do it at a lower cost as they continue to improve in their financial lives.

為什麼？教育成本遠遠大於人們的支付能力。因此，他們必須藉錢才能做到這一點。只要他們在藉錢，我們就可以找到一種方法，讓他們不僅能夠獲得貸款，而且隨著他們的財務生活不斷改善，還能以更低的成本獲得貸款。

So it's never a question in our mind whether we're going to be in the business. It's just a question of what are the actual products and how do we best meet the members' needs. Because I'll just reiterate again, we want to be there for every one of the major financial decision in someone's life and all the days in between, which means we have to be in the student loan business to execute our strategy.

因此，我們是否要從事這項業務從來都不是我們心中的問題。這只是一個實際產品是什麼以及我們如何最好地滿足會員需求的問題。因為我要再次重申，我們希望在某人生命中的每一個重大財務決定以及其間的所有日子裡都在那裡，這意味著我們必須在學生貸款業務中執行我們的戰略。

In terms of the particulars, as it relates to EBITDA margin, I'll let Chris answer that.

就細節而言，因為它與 EBITDA 利潤率有關，我會讓克里斯回答這個問題。

Yes. So in terms of the outperformance that we saw in Q1, Dominick, we saw revenue outperformance across both our Lending and our Financial Services businesses, primarily attributable to net interest income, as I alluded to in my prepared remarks. .

是的。因此，就我們在第一季度看到的出色表現而言，多米尼克，我們看到我們的貸款和金融服務業務的收入表現出色，這主要歸因於淨利息收入，正如我在準備好的發言中提到的那樣。 .

From an expense perspective, we did see really good CAC efficiencies, given the strong member and product growth, particularly in Lending, where our customer acquisition costs on a per loan basis was down 20% sequentially. .

從費用的角度來看，鑑於會員和產品的強勁增長，我們確實看到了非常好的 CAC 效率，特別是在貸款方面，我們每筆貸款的客戶獲取成本連續下降了 20%。 .

And then in addition to that, we were able to manage expenses effectively again throughout the quarter, creating leverage across our entire fixed cost area.

除此之外，我們能夠在整個季度再次有效地管理費用，從而在我們整個固定成本領域創造槓桿作用。

Collectively, the revenue outperformance, along with the efficiency gains, drove the excess earnings that we decided to drop to the bottom line and take more of a conservative approach, given the uncertainty in the market.

總的來說，鑑於市場的不確定性，收入的優異表現以及效率的提高推動了我們決定將超額收益降至底線並採取更多保守的方法。

Overall, as we've discussed in the past, we strive to spend about 70% of our incremental revenue, as we've said. Depending on a number of factors, we may choose to drop more to the bottom line period to period. And that's what happened certainly this quarter, and you'll see periods of overearning followed by deployment of those resources back into the drivers of the business.

總體而言，正如我們過去所討論的那樣，正如我們所說，我們努力花費大約 70% 的增量收入。根據多種因素，我們可能會選擇逐期下降到底線。這就是本季度發生的事情，你會看到超額收益的時期，然後將這些資源重新部署到業務驅動程序中。

And the only other thing I'd add is there's a lot of operating leverage in the business, and you're seeing that come through in Q4 and again in Q1. We are trying to balance investing to drive growth with prudent responsibility of driving towards profitability to give investors clear transparency on where our long-term margins and ROE can be.

我要補充的唯一一件事是業務中有很多運營槓桿，你會看到第四季度和第一季度再次出現這種情況。我們正在努力平衡投資以推動增長與審慎責任推動盈利，讓投資者清楚地了解我們的長期利潤率和股本回報率。

We couldn't be more confident about the long-term margins of the company and return on equity, but we need to move judiciously through the process of balancing both.

我們對公司的長期利潤率和股本回報率充滿信心，但我們需要在平衡兩者的過程中審慎行事。

One of the things I would tell you is that we've been driving the growth that we have and the improvement in profitability with our Financial Services segment being unprofitable. So the Lending segment has a positive contribution margin. The Tech Platform has a positive contribution margin, and then we have large losses in Financial Services.

我要告訴你的一件事是，我們一直在推動我們的增長和盈利能力的提高，而我們的金融服務部門無利可圖。因此，貸款部門的邊際貢獻為正。技術平台有一個積極的邊際貢獻，然後我們在金融服務方面有很大的損失。

The reason why that's the case is because there's a 12- to 24-month payback on customer acquisition costs, so we absorbed that cost upfront and then we recoup it over time. We're finally to the point that we're actually a positive variable profit margin for the Financial Services segment. That means we're actually covering all that customer acquisition cost.

之所以會出現這種情況，是因為客戶獲取成本需要 12 到 24 個月的回報期，所以我們預先吸收了這些成本，然後隨著時間的推移收回成本。我們終於到了這一點，我們實際上是金融服務部門的正可變利潤率。這意味著我們實際上涵蓋了所有客戶獲取成本。

And the next step for us, now that we're positive on a variable profit basis, is getting the total variable profit dollars to be greater than the fixed direct cost of Financial Services. And once we do that, all 3 segments will have positive contribution margin. So we're just getting started with the type of leverage that we drive over time.

既然我們在可變利潤的基礎上是積極的，那麼我們的下一步就是讓可變利潤總額大於金融服務的固定直接成本。一旦我們這樣做，所有 3 個部分都將有積極的邊際貢獻。所以我們才剛剛開始使用我們隨著時間的推移推動的槓桿類型。

We will dampen your expectations on where the margins will be in the intermediate term because we also want to keep investing, but we will hit the milestones that we've laid out as it relates to GAAP profitability and Financial Services positive contribution margin, unless there's a huge dislocation that we can't anticipate today.

我們將降低您對中期利潤率的預期，因為我們也想繼續投資，但我們將達到我們已經制定的與 GAAP 盈利能力和金融服務正貢獻率相關的里程碑，除非有我們今天無法預料的巨大錯位。

Our next question comes from the line of Robert Wildhack with Autonomous.

我們的下一個問題來自 Robert Wildhack 的 Autonomous 系列。

I wanted to ask one more about deposits. Anthony, it sounds like you're talking about at least another quarter of really solid growth. So zooming out beyond that, what's the current strategy in line of thought with respect to keeping the pedal down on deposit growth versus maybe giving up some of that growth rate but possibly taking a lot of pressure off your deposit cost and deposit betas?

我想再問一個關於存款的問題。安東尼，聽起來你在談論至少四分之一的真正穩健增長。因此，超越這一點，目前的策略是什麼，關於保持存款增長的踏板，而不是可能放棄一些增長率，但可能會減輕你的存款成本和存款貝塔的壓力？

Well, the great thing about our company and our vertical integration is that the cost that we're -- currently have on our Checking and Savings account are lower than the cost that we've ever had in the business historically, from a spread standpoint. So it's actually cheaper for us to fund the deposits than the way we've historically funded the warehouse lines. And so that's a huge competitive advantage.

嗯，關於我們公司和我們的垂直整合的偉大之處在於，我們目前在我們的支票和儲蓄賬戶上的成本低於我們歷史上的業務成本，從價差的角度來看.因此，與我們過去為倉庫線提供資金的方式相比，我們為存款提供資金實際上更便宜。所以這是一個巨大的競爭優勢。

The reason we can offer the interest rate that we offer is because we actually make more money than we would with warehouse lines and without being a bank. And so the cost is completely acceptable [where it's not,] and we continue to be aggressive with the interest rate.

我們可以提供我們提供的利率的原因是因為我們實際上賺的錢比我們在沒有銀行的情況下使用倉庫線賺的更多。因此，成本是完全可以接受的 [where it's not,] 我們將繼續積極提高利率。

I think the bigger question is what happens when rates start to get cut and go down, I think we'll be able to hold rate much longer and higher than our competitors and really gain even more market share.

我認為更大的問題是當利率開始下降時會發生什麼，我認為我們將能夠比我們的競爭對手更長時間和更高地保持利率，並真正獲得更多的市場份額。

Our goal is to have as many direct deposit customers as we can. That's a leading indicator of primary account, and we -- that's our strategy. Direct deposit is one indicator of that. There are others that we're using now, and that will give people benefits from if they take those other actions outside of direct deposit.

我們的目標是擁有盡可能多的直接存款客戶。這是主要賬戶的領先指標，而我們——這就是我們的策略。直接存款是其中一個指標。我們現在正在使用其他的，如果人們在直接存款之外採取其他行動，他們將從中受益。

But the rate that we're providing is very competitive, but it's very attractive to us for a financial reward -- return standpoint.

但是我們提供的利率非常有競爭力，但它對我們來說非常有經濟回報——回報的觀點。

Our next question comes from the line of Arren Cyganovich with Citigroup.

我們的下一個問題來自花旗集團的 Arren Cyganovich。

Just a quick question on the Technology segment. It looks like the revenue is down a little bit sequentially. If you remove the client you left, kind of flattish. Do you expect any pull forwards or contract renewals there? And what do you expect in terms of revenue growth for that segment, going forward?

只是關於技術領域的一個快速問題。看起來收入環比下降了一點。如果你刪除你離開的客戶，有點扁平化。您是否期望那裡有任何提前或續簽合同？您對該細分市場未來的收入增長有何期望？

Yes. One of the things we wanted to point out is that the Technology Platform is in a transition from a lot of small accounts and earlier-stage start-ups to fewer larger-durable customers.

是的。我們想指出的一件事是，技術平台正在從許多小客戶和早期初創企業向更少的大型持久客戶過渡。

We made the decision throughout 2022 to stop chasing a lot of smaller deals. And so what you see in the quarter is less new customers coming on and contributing to revenue that would have been signed in '22 in the earlier part of the year. And that transition is ongoing.

我們在整個 2022 年都做出了停止追逐大量小額交易的決定。因此，您在本季度看到的是，新客戶的加入和對收入的貢獻減少了，而這些新客戶本來會在今年早些時候的 22 年簽下的。這種轉變正在進行中。

We expect the revenue to continue to stay at about this level throughout the year, and we'll start to see more meaningful contribution from some of the larger, more durable customers that we've signed up, a couple of which are actually on the platform now and contributing. But that will become bigger and more significant by the end of the year.

我們預計全年收入將繼續保持在這個水平左右，我們將開始看到我們已經簽約的一些更大、更持久的客戶做出更有意義的貢獻，其中有幾個實際上在平台現在和貢獻。但到今年年底，這將變得更大、更重要。

We really like the strategy. It's longer lead times, it's longer sales cycles. But the economic opportunity for each one of these partners goes well, well beyond just using the processing platform or APIs at Galileo to a number of other products.

我們真的很喜歡這個策略。交貨時間更長，銷售週期也更長。但這些合作夥伴中的每一個都獲得了良好的經濟機會，遠遠超出了將 Galileo 的處理平台或 API 用於許多其他產品的範圍。

One of the things that may not be obvious to everyone is that we're starting to see really strong traction in some of the products that are on top of the platform. So for example, Konecta is a natural language AI chatbot that helps with customer service. SoFi actually just integrated itself in our business, but it's gotten great uptick from adoption from our partners.

對每個人來說可能並不明顯的一件事是，我們開始看到平台頂部的某些產品具有非常強大的吸引力。例如，Konecta 是一種自然語言人工智能聊天機器人，可幫助客戶服務。 SoFi 實際上只是將自己整合到我們的業務中，但由於我們合作夥伴的採用，它得到了很大的提升。

We also rolled out something called PRP, which is [Paint] Risk Platform. We're leveraging all the data on the Galileo platform. We process about 6 billion transactions a year. That gives us great intelligence to be able to detect transactional fraud. We're now offering that product and capability to our partners and have seen really strong uptake there.

我們還推出了一種叫做 PRP 的東西，即 [Paint] 風險平台。我們正在利用 Galileo 平台上的所有數據。我們每年處理大約 60 億筆交易。這為我們提供了能夠檢測交易欺詐的強大情報。我們現在正在向我們的合作夥伴提供該產品和功能，並且在那裡看到了非常強烈的吸收。

And then we also launched on our platform for the first time fully integrated SoFi, Galileo and Technisys a [pay-in] for product.

然後我們還在我們的平台上推出了第一次完全集成 SoFi、Galileo 和 Technisys 的產品 [pay-in]。

The [Revolut], it's an installment-based product that's like buy now, pay later, but it's delivered in your app. You apply in your app, you get a virtual card instantly. You get a card number, and you can execute that at any retail location or any online capability through an access like a debit card or a credit card, but has different economics in the back end.

[Revolut]，它是一種分期付款的產品，類似於先買後付，但它是在您的應用程序中交付的。您在您的應用程序中申請，您會立即獲得一張虛擬卡。你得到一個卡號，你可以在任何零售點或任何在線功能通過借記卡或信用卡等訪問來執行它，但在後端有不同的經濟學。

The great thing about the product is that it's driven all by interchange. It's not driven by a retailer's discount, and it's not driven by an interest rate or a fee.

該產品的偉大之處在於它完全由交換驅動。它不受零售商折扣的驅動，也不受利率或費用的驅動。

And so there's a lot that's in the pipeline for the technology platform. The demand is as strong as it's ever been. We're going to move through this transition of fewer smaller accounts to larger -- sorry, fewer smaller accounts than what we used to do to get to these larger, more durable customers. And we should start to see the benefit in the back half of the year in terms of an acceleration of revenue and then into 2024.

因此，技術平台的管道中有很多東西。需求一如既往地強勁。我們將通過這種從更少的小賬戶到更大的賬戶的轉變——抱歉，與我們過去為獲得這些更大、更持久的客戶所做的相比，更少的小賬戶。我們應該會在今年下半年開始看到收入加速增長的好處，然後到 2024 年。

Our last question goes to the line of Matthew O'Neill with FT Partners.

我們的最後一個問題來自 FT Partners 的 Matthew O'Neill。

Just want to clarify and make sure the prior question on Technology segment and the commentary around fewer smaller accounts and more larger ones going forward, is that directly connected to the small dip we saw this quarter in the Galileo accounts, just some smaller ones coming off before some bigger ones are being folded in?

只是想澄清並確保先前關於技術領域的問題以及關於未來越來越少的小賬戶和越來越多的大賬戶的評論，是否直接與我們在本季度看到的 Galileo 賬戶的小幅下跌直接相關，只是一些較小的賬戶出現了下降在折疊一些更大的之前？

And then just as a separate follow-up, just curious on the macro front with what's going on in the rate environment. Is there a unemployment rate that you guys think about where things would start to become more concerning, or there'll be some nonlinear impact on the credit quality side? And are we anywhere kind of close to that assumption, if not? But just kind of curious what you guys are thinking about on the potential horizon?

然後作為一個單獨的後續行動，只是對宏觀方面的利率環境發生了什麼感到好奇。你們是否考慮過失業率，事情會開始變得更加令人擔憂，或者會對信貸質量方面產生一些非線性影響？如果不是，我們是否在任何地方都接近該假設？但是有點好奇你們在潛在的地平線上有什麼想法？

Yes. On the Technology Platform side, I think you're asking a question about accounts and the growth of that being slower year-over-year and down sequentially. That just reflects a partner that moves off the platform and those accounts moving off. So it's both new account growth offset by that partner that moved off in 2022 off the platform.

是的。在技術平台方面，我認為你是在問一個關於賬戶的問題，以及賬戶的同比增長和環比下降。這只是反映了一個合作夥伴離開平台和那些賬戶離開。因此，在 2022 年離開平台的那個合作夥伴抵消了新賬戶的增長。

In terms of the unemployment rate, I'll give -- I'll hand it over to Chris to talk about how we think about underwriting credit and the macroeconomic factors that we're looking at.

在失業率方面，我會 - 我會把它交給克里斯來談談我們如何看待承銷信貸和我們正在研究的宏觀經濟因素。

Yes. So our overall outlook on the macro hasn't changed from our Q4 earnings call. What we had talked about during that is that the rate curve was going to be consistent with where the forward curve was at the time and peaking around 5% to 5.25% and exiting the year at 4.5%.

是的。因此，我們對宏觀的總體展望與我們第四季度的財報電話會議相比沒有改變。我們在那段時間談到的是，利率曲線將與當時的遠期曲線一致，在 5% 至 5.25% 左右達到峰值，並在今年以 4.5% 結束。

So that's still contemplated in our current outlook. We assume that the unemployment rate would be 5%. So we're holding with that as well. And we -- finally, we assumed that there would be a 2.5% GDP contraction.

因此，我們目前的展望仍然考慮到了這一點。我們假設失業率為 5%。所以我們也堅持這一點。最後，我們假設 GDP 將收縮 2.5%。

And then finally, we did assume that credit spreads would remain elevated. We have seen that over the course of the last several quarters, and we expect that to persist, heading into Q2, Q3 and Q4. But that's all contemplated in our guide.

最後，我們確實假設信用利差將保持高位。在過去幾個季度中，我們已經看到了這種情況，我們預計這種情況會持續下去，進入第二季度、第三季度和第四季度。但這都在我們的指南中考慮到了。

And let me 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. Thanks to the incredible grit and hard work of our team at SoFi, we've been able to do that consistently.

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.感謝我們 SoFi 團隊難以置信的勇氣和辛勤工作，我們能夠始終如一地做到這一點。

That said, we've seen tectonic-plate shift for the industry in each of the last 5 years, and in some years, multiple times. But through that volatility and uncertainty, we continue to prevail and thrive, hitting 8 record quarters of revenue in a row and hitting strategic and financial inflection points all along the way.

也就是說，我們在過去 5 年中的每一年都看到了該行業的構造板塊移動，並且在某些年份中，發生了多次。但通過這種波動和不確定性，我們繼續取得成功並蓬勃發展，連續創下 8 個創紀錄的季度收入，並一路觸及戰略和財務轉折點。

2023 has proven to be as formidable in just 3 short months as any year, and it's just getting started. We're likely to see another multi-tectonic plate shifting year.

事實證明，2023 年在短短 3 個月內與任何一年一樣令人生畏，而且它才剛剛開始。我們很可能會看到又一個多構造板塊移動年。

That said, SoFi will be ready. We'll be ready because the benefits of our strategy to build a uniquely diversified business, combined with the national banking license, not only positions SoFi to be the winner takes most in the [separate] transition of Financial Services to digital, but also provide greater durability through a market cycle and the many other bottle events that may occur.

也就是說，SoFi 將準備就緒。我們會做好準備，因為我們建立獨特多元化業務的戰略的好處，加上國家銀行牌照，不僅使 SoFi 成為贏家，在金融服務向數字化的 [單獨] 過渡中佔據最大地位，而且還提供在市場週期和可能發生的許多其他瓶子事件中具有更大的耐用性。

I'm excited about where we are today and even more excited about where we can go from here. With that, thank you for your interest in SoFi, and we'll talk to you in 3 short ones.

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。至此，感謝您對 SoFi 的關注，我們將在 3 篇短文中與您交談。

Goodbye. This concludes SoFi's Q1 2023 Earnings Call. I hope you have a wonderful rest of your day.

再見。 SoFi 的 2023 年第一季度財報電話會議到此結束。我希望你今天過得愉快。