(SOFI) 2023 Q2 法說會逐字稿

Good morning, and thank you for attending today's SoFi Second Quarter 2023 Earnings Conference Call.

早上好，感謝您參加今天的 SoFi 2023 年第二季度收益電話會議。

(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.

（操作員指示）現在，我想將會議轉交給我們的主持人，來自 SoFi 投資者關係部的 Maura Cyr。莫拉，請繼續。

Thank you, and good morning. Welcome to SoFi's Second Quarter 2023 Earnings Conference Call.

謝謝你，早上好。歡迎參加 SoFi 2023 年第二季度收益電話會議。

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.

今天與我一起談論我們的業績和最近發生的事件的是首席執行官 Anthony Noto；克里斯·拉普安特 (Chris Lapointe)，首席財務官。您可以在我們網站的投資者關係部分找到我們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 advantage and strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and our most recent Form 10-K as filed with the Securities and Exchange Commission as well as our subsequent filings made with the SEC, including our upcoming Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events.

我們今天的言論將包括基於我們當前預期和預測的前瞻性陳述，並涉及風險和不確定性。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預期的結果存在重大差異。今天的新聞稿和我們向美國證券交易委員會提交的最新 10-K 表格以及我們隨後向 SEC 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。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設。我們不承擔因新信息或未來事件而更新這些聲明的義務。

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, and good morning, everyone. The second quarter at SoFi marked our ninth consecutive quarter of record revenue and fourth consecutive quarter of record adjusted EBITDA. These results were bolstered by record revenue in both our Technology Platform business segment in our Financial Services business segment, which was fueled by record member additions, coupled with strong monetization trends. These results, which we achieved despite market volatility and industry disruption, reflect the unique diversification of our businesses and the strong execution by our world-class team.

謝謝大家，大家早上好。 SoFi 第二季度標誌著我們連續第九個季度創紀錄的收入和連續第四個季度創紀錄的調整後 EBITDA。這些業績得益於我們的金融服務業務部門的技術平台業務部門創紀錄的收入，而創紀錄的會員增加以及強勁的貨幣化趨勢推動了這一增長。儘管市場波動和行業混亂，我們仍取得了這些成果，反映出我們業務獨特的多元化以及我們世界一流團隊的強大執行力。

I am incredibly excited to discuss what we've accomplished. I'm even more excited about what is in store for us over the next several quarters as the key underlying trends in each of our segments are indicating continued momentum across the business. A few key financial achievements from the second quarter include: record adjusted net revenue of $489 million, up 37% year-over-year; record adjusted EBITDA of nearly $77 million, representing a 43% incremental margin and a 16% consolidated margin. At the company level, we saw an incremental GAAP net income margin of 36%, which resulted in a loss of just $48 million. At SoFi Bank, we had over $63 million of GAAP net income at a margin of 17%.

我非常高興能夠討論我們所取得的成就。我對未來幾個季度的前景感到更加興奮，因為我們每個細分市場的主要基本趨勢都表明整個業務的持續增長勢頭。第二季度的一些主要財務成就包括：調整後淨收入創紀錄地達到 4.89 億美元，同比增長 37%；調整後 EBITDA 創歷史新高，接近 7700 萬美元，相當於 43% 的增量利潤率和 16% 的綜合利潤率。在公司層面，我們看到 GAAP 淨利潤率增量為 36%，這導致虧損僅為 4800 萬美元。在 SoFi Bank，我們的 GAAP 淨利潤超過 6300 萬美元，利潤率為 17%。

From a balance sheet perspective, our unique value proposition in SoFi continues to fuel high-quality deposits that increased by $2.7 billion sequentially, and we ended the quarter with nearly $12.7 billion in deposits. Importantly, more than 90% of our consumer deposits are from sticky direct deposit members and nearly 90% of our deposits are insured. Our cash and cash equivalents, excluding restricted cash, increased by $528 million since March 31 to $3 billion, reinforcing our strong liquidity position.

從資產負債表的角度來看，我們在 SoFi 中的獨特價值主張繼續推動優質存款連續增加 27 億美元，本季度末我們的存款接近 127 億美元。重要的是，我們超過 90% 的消費者存款來自粘性直接存款會員，並且近 90% 的存款都有保險。自 3 月 31 日以來，我們的現金和現金等價物（不包括限制性現金）增加了 5.28 億美元，達到 30 億美元，增強了我們強大的流動性狀況。

We grew our tangible book value by $14 million. We remain well on track for GAAP profitability by Q4 and a few trends stand out in support of this anticipated achievement. Lending net interest income of $232 million exceeded Lending directly attributable expenses of $139 million. Adjusted EBITDA of $77 million exceeded stock-based compensation expense of $76 million for the second consecutive quarter. And Financial Services contribution loss improved by $20 million versus Q1 2023 to a loss of just $4 million well on its way to reaching positive contribution profit.

我們的有形賬面價值增加了 1,400 萬美元。我們仍然有望在第四季度實現 GAAP 盈利能力，並且有一些突出的趨勢支持這一預期成就。 Lending 淨利息收入為 2.32 億美元，超過 Lending 直接歸屬費用 1.39 億美元。調整後 EBITDA 為 7700 萬美元，連續第二個季度超過股票薪酬支出 7600 萬美元。與 2023 年第一季度相比，金融服務貢獻損失減少了 2000 萬美元，損失僅為 400 萬美元，有望實現正貢獻利潤。

From a member and product perspective, I would highlight the following: we added a record number of 584,000 new members in Q2 '23, bringing total members to 6.2 million, up 44% year-over-year. Our second highest quarter ever of new products in Q2 of 847,000 brought total products to 9.4 million, up 43% year-over-year. Financial Services products of 7.9 million at quarter end grew by 47%, while Lending products of over 1.5 million were up 25% year-over-year.

從會員和產品的角度來看，我想強調以下幾點：23 年第二季度，我們新增會員數量達到創紀錄的 584,000 名，使會員總數達到 620 萬，同比增長 44%。第二季度新產品數量達到歷史第二高，達到 847,000 件，產品總數達到 940 萬件，同比增長 43%。截至季末，金融服務產品數量為 790 萬個，同比增長 47%；貸款產品數量超過 150 萬個，同比增長 25%。

And lastly, strong growth due to the increasing word-of-mouth virality of SoFi's products as well as our efforts to drive greater unaided brand awareness. As an example, our recent change in the face of finance campaign, which is challenging society's gender bias with respect to women and personal finances resulted in over 72 million impressions in the first 5 weeks. We have driven this growth with improving efficiency as our full suite of differentiated products and services has continued to resonate with both new and existing members.

最後，由於 SoFi 產品的口碑傳播不斷增長，以及我們為提高獨立品牌知名度所做的努力，因此實現了強勁增長。舉個例子，我們最近在金融活動方面做出了改變，挑戰了社會對女性和個人財務的性別偏見，在前 5 週內獲得了超過 7200 萬次展示。我們通過提高效率推動了這一增長，因為我們的全套差異化產品和服務持續引起新會員和現有會員的共鳴。

Now I'd like to spend time touching on segment level results and trends. Lending adjusted net revenue of $322 million grew 29% year-over-year. The personal loans business maintained its strength in the quarter as we originated a record $3.7 billion, up 51% from the $2.5 billion in Q2 '22. Our underwriting model and our focus on high-quality credit have resulted in dependable performance of these loans as our annualized net charge-off rate was lower quarter-over-quarter at 2.94%. Within student loans, we had another quarter of low origination levels, but for the first time in 3 years, we have clarity for the business as we look toward the latter half of this year.

現在我想花時間談談細分市場的結果和趨勢。貸款調整後淨收入為 3.22 億美元，同比增長 29%。個人貸款業務在本季度保持強勁勢頭，發放金額達到創紀錄的 37 億美元，比 2022 年第二季度的 25 億美元增長 51%。我們的承銷模式和對高質量信貸的關注使得這些貸款表現可靠，因為我們的年化淨沖銷率環比較低，為 2.94%。在學生貸款方面，我們又經歷了四分之一的低發放水平，但在展望今年下半年時，我們三年來第一次對業務有了清晰的認識。

Within home loans, we nearly tripled our originations sequentially, aided by the increased capacity and capabilities via our small acquisition at the beginning of the quarter. Increased capacity and functionality allowed us to launch VA loans helping deserving veterans find homes with exclusive rates, no origination fees, no down payments and dedicated loan officers. We continue to fully leverage the benefits of our bank license to drive great economics in both our Lending and Financial Services businesses.

在住房貸款方面，得益於本季度初小規模收購所帶來的容量和能力的提高，我們的貸款額度連續增加了近兩倍。容量和功能的增加使我們能夠推出 VA 貸款，幫助有資格的退伍軍人以獨家利率、無啟動費、無首付和專門的信貸員找到住房。我們繼續充分利用銀行牌照的優勢來推動貸款和金融服務業務的巨大經濟效益。

This has resulted in strong net interest income and sequential NIM expansion as lower cost deposits on our balance sheet have grown. As of the end of Q2, 50% of our loans were funded by deposits, and our $2.7 billion of new deposits raised in the quarter was essential in funding our $4.4 billion of total originations in the most cost-effective way. Our lending capacity remains robust with over $20 billion in total capacity to fund loans and meet our liquidity needs, with $13 billion of deposits that have grown by over $2 billion a quarter, $3 billion of equity capital and over $8 billion of warehouse capacity.

隨著我們資產負債表上低成本存款的增長，這導致了強勁的淨利息收入和連續的淨息差擴張。截至第二季度末，我們 50% 的貸款由存款提供資金，本季度籌集的 27 億美元新存款對於以最具成本效益的方式為我們 44 億美元的總發放資金至關重要。我們的貸款能力仍然強勁，為貸款提供資金和滿足流動性需求的總能力超過 200 億美元，存款為 130 億美元，每季度增長超過 20 億美元，股本資本為 30 億美元，倉庫容量超過 80 億美元。

Lastly, the bank contributes to strong growth in SoFi Money members, high-quality deposits and increasing levels of spending. This has led to high average account balances even as average spend has increased. SoFi Money members have increased nearly 47% year-over-year to 2.7 million accounts. Given the quality of these members with a median FICO score of 747 for a direct deposit portfolio, we see ample opportunity for cross-buy. 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. Q2 annualized spend was over 2.7x full year 2022 spend, and Q2 spend per average funded account was up 13% quarter-over-quarter.

最後，該銀行為 SoFi Money 會員的強勁增長、高質量存款和支出水平的提高做出了貢獻。這導致即使平均支出增加，平均賬戶餘額仍然很高。 SoFi Money 會員賬戶數量同比增長近 47%，達到 270 萬個。鑑於這些會員的質量（直接存款投資組合的 FICO 中位數為 747 分），我們看到了充足的交叉購買機會。超過 50% 的新註資 SoFi Money 賬戶在第 30 天開始建立直接存款，這對支出產生了重大影響。第二季度年化支出超過 2022 年全年支出的 2.7 倍，第二季度每個資金賬戶的平均支出環比增長 13%。

Within Financial Services more broadly, net revenue more than tripled year-over-year to $98 million and grew 21% sequentially from Q1 '23. This significant revenue growth is driven by 3 vectors. The first is strong member growth across SoFi Money, Invest, Credit Card and SoFi Protect. The second is cross-buy as the growing member base takes full advantage of our platform. And the third is monetization. Revenue per financial services product has doubled year-over-year to $50 driven by higher deposits and member spending levels in SoFi Money, greater AUM in SoFi Invest and stability within SoFi Credit Card spend. We expect all 3 trends to continue their growth momentum.

在更廣泛的金融服務領域，淨收入同比增長兩倍多，達到 9800 萬美元，比 23 年第一季度連續增長 21%。這種顯著的收入增長是由三個因素推動的。首先是 SoFi Money、Invest、信用卡和 SoFi Protect 的會員增長強勁。第二個是交叉購買，因為不斷增長的會員群充分利用了我們的平台。第三是貨幣化。由於 SoFi Money 的存款和會員支出水平增加、SoFi Invest 的 AUM 增加以及 SoFi Credit Card 支出的穩定，每個金融服務產品的收入同比翻了一番，達到 50 美元。我們預計這三個趨勢將繼續保持增長勢頭。

Despite the continued investment in customer [acquisition], we have significantly improved the profitability of the Financial Services segment. Financial Services Q2 contribution loss was just $4.3 million, which is a $20 million improvement over a $24 million loss in Q1 '23 and the $44 million loss in Q4 2022. We are seeing significant improvement in unit economics, driving greater operating leverage. The improvement in variable profit per account is a result of higher monetization rates and lower customer acquisition costs due to marketing efficiency and cross-buying.

儘管持續投資於客戶[獲取]，我們還是顯著提高了金融服務部門的盈利能力。金融服務第二季度的貢獻損失僅為 430 萬美元，比 23 年第一季度的 2400 萬美元損失和 2022 年第四季度的 4400 萬美元損失減少了 2000 萬美元。我們看到單位經濟效益顯著改善，推動了運營槓桿的提高。每個賬戶可變利潤的改善是由於營銷效率和交叉購買帶來的更高的貨幣化率和更低的客戶獲取成本的結果。

The improved unit economics and the scale of members is driving meaningfully greater variable profit dollars than our total acquisition costs. We expect the total Financial Services segment variable profit to exceed our segment fixed cost in Q4, at which point we expect all 3 of our business segments to post positive contribution profit.

單位經濟效益和會員規模的改善正在推動可變利潤顯著高於我們的總收購成本。我們預計第四季度金融服務部門的可變利潤總額將超過我們的部門固定成本，屆時我們預計所有 3 個業務部門都將實現正貢獻利潤。

Our strong member and product growth reflects our culture of relentless iteration across our 5 key points of differentiation. For instance, in Q2, we raised the APY on our savings deposits to 4.3% and have since raised it again to 4.4%. We launched SoFi Travel in partnership with Expedia, which includes member discounts and 3% cash back rewards on bookings made with the SoFi Credit Card. SoFi Travel represents our first effort to help our members spend better, the next phase in SoFi's mission to help our members achieve financial independence.

我們強大的會員和產品增長反映了我們在 5 個差異化關鍵點上不斷迭代的文化。例如，在第二季度，我們將儲蓄存款的年利率提高到 4.3%，此後再次提高到 4.4%。我們與 Expedia 合作推出了 SoFi Travel，其中包括會員折扣以及使用 SoFi 信用卡預訂時的 3% 現金返還獎勵。 SoFi Travel 是我們幫助會員更好地消費的第一步，也是 SoFi 幫助會員實現財務獨立的下一階段使命。

Selection is one of our key points of differentiation across our products. Earlier this month, we were the sole retail distributor of the [Oddity] IPO, which should be the beginning of a robust pipeline of IPOs after a long drought due to the dampened Capital Markets IPO activity. Despite our demand being many times oversubscribed, we were able to make an allocation to every single member, who confirmed an indication of interest. The differentiation and selection by offering IPOs from Main Street at IPO prices helps drive strong impressions and bring people onto the platform. And Oddity was no exception. Marketing related to the deal drove a total of 8 million impressions, which not only bolsters the growth in new investment members and more AUM, but also increases brand awareness and member growth for the entire platform.

選擇是我們產品差異化的關鍵點之一。本月早些時候，我們是 [Oddity] IPO 的唯一零售分銷商，這應該是在資本市場 IPO 活動低迷導致的長期乾旱之後，強勁的 IPO 渠道的開始。儘管我們的需求多次超額認購，但我們還是能夠為每一位確認有興趣的會員進行分配。通過以 IPO 價格提供主街 IPO 的差異化和選擇有助於產生強烈的印象並將人們帶入該平台。奧德蒂也不例外。與該交易相關的營銷總共帶來了 800 萬次展示，這不僅促進了新投資會員和更多 AUM 的增長，而且還提高了整個平台的品牌知名度和會員增長。

For our Technology Platform, record full segment revenue of $87.6 million saw a growth of 13% quarter-over-quarter with a 20% margin at the segment level. Importantly, we expect a year-over-year growth rate in Technology Platform revenue to accelerate by Q4 with increased contribution from new partners to the platform, along with greater product adoption among existing partners.

對於我們的技術平台，全部門收入創紀錄地達到 8760 萬美元，環比增長 13%，部門層面利潤率為 20%。重要的是，我們預計，隨著新合作夥伴對該平台的貢獻增加以及現有合作夥伴對產品的更多采用，技術平台收入的同比增長率將在第四季度加速。

Tech Platform's overall diversified growth strategy includes growth in new vertical segments, most notably B2B partners, new products and new geographies as well as a focus on partners with large existing customer bases with more durable revenue streams and growth prospects. In Q2, Galileo signed 5 new clients and made significant strides against this strategy with 100% of new signed clients bringing existing customer bases or portfolios, which drives much faster time to revenue generation compared to a start-up company, along with the growing pipeline of joint opportunities selling combined Galileo and Technisys offerings into expanded customer base.

Tech Platform 的整體多元化增長戰略包括新垂直細分市場的增長，尤其是 B2B 合作夥伴、新產品和新地域，以及重點關注擁有大量現有客戶群、具有更持久收入流和增長前景的合作夥伴。第二季度，Galileo 簽署了 5 個新客戶，並在這一戰略上取得了重大進展，100% 的新簽署客戶帶來了現有客戶群或投資組合，與初創公司相比，這大大加快了創收速度，同時管道也在不斷增長向擴大的客戶群銷售 Galileo 和 Technisys 組合產品的聯合機會。

Technisys saw record revenue in this quarter and continue to make strides towards continued growth, bringing 4 clients live within the quarter. We've also experienced great product uptake in new products such as our Payments Risk Platform product, which helps reduce transaction fraud by leveraging our unique data and algorithms, as well as Konecta, our natural language AI-driven chat bot, which provides faster resolution of customer contacts and reduce contacts per customer for our partners as well as SoFi brands.

Technisys 本季度收入創歷史新高，並繼續朝著持續增長的方向邁進，本季度新增了 4 個客戶。我們在新產品方面也經歷了巨大的產品採用，例如我們的支付風險平台產品，該產品通過利用我們獨特的數據和算法來幫助減少交易欺詐，以及我們的自然語言人工智能驅動的聊天機器人 Konecta，它提供更快的解決方案減少客戶聯繫並減少我們合作夥伴以及 SoFi 品牌的每位客戶的聯繫。

I'll finish here by saying how proud I am of our team's relentless ability to not just persevere through the disruption of volatility of the Financial Services industry in the first half of the year, but to deliver record results driven by the very businesses that were vulnerable to that volatility in our Technology Platform and Financial Services segments. I could not feel more blessed by our great team's ability to execute, and importantly, our over 6 million members that have been so critical in making our vision of being a one-stop shop for all of your financial needs to become such an amazing reality.

最後，我要說的是，我對我們團隊的不懈能力感到非常自豪，他們不僅堅持不懈地度過了今年上半年金融服務行業的波動性干擾，而且在業務驅動的業務推動下取得了創紀錄的業績。我們的技術平台和金融服務領域很容易受到這種波動的影響。我對我們偉大的團隊的執行能力感到無比幸運，更重要的是，我們超過 600 萬的會員在使我們成為滿足您所有財務需求的一站式商店的願景成為如此令人驚嘆的現實方面發揮了至關重要的作用。

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

接下來，讓我將其轉交給克里斯，以審查本季度的財務狀況和我們的前景。

Thanks, Anthony. Overall, we had a great quarter with growth trends across the entire business. We achieved record revenue and adjusted EBITDA despite operating in a rapidly evolving macro backdrop amidst notable Financial Services industry headwinds. I'm going to walk you through some key financial highlights for the quarter and then share some color on our financial outlook. Unless otherwise stated, I'll be referring to adjusted results for the second quarter of 2023 versus second quarter of 2022.

謝謝，安東尼。總體而言，我們度過了一個出色的季度，整個業務都呈現增長趨勢。儘管金融服務行業面臨著明顯的逆風，宏觀背景快速變化，但我們仍實現了創紀錄的收入和調整後的 EBITDA。我將向您介紹本季度的一些關鍵財務亮點，然後分享我們的財務前景的一些內容。除非另有說明，我將指的是 2023 年第二季度與 2022 年第二季度的調整後結果。

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. For the quarter, top line growth remained strong as we delivered record adjusted net revenue of $489 million, up 37% year-over-year and 6% sequentially from the first quarter's record of $460 million and above our Q2 guidance of $470 million to $480 million.

我們的 GAAP 合併損益表和所有調節表可以在今天的收益報告和隨後的 10 季度報告中找到，該報告將於下週發布。本季度，營收增長依然強勁，調整後淨收入達到創紀錄的 4.89 億美元，與第一季度創紀錄的 4.6 億美元相比，同比增長 37%，環比增長 6%，高於第二季度 4.7 億美元至 480 美元的指導值百萬。

Adjusted EBITDA was $77 million at a 16% margin, also above the high end of our most recent guidance of $50 million to $60 million and ahead of the prior record quarter. This represented 10 points of year-over-year margin improvement, demonstrating significant operating leverage across all functional expense lines. In fact, sales and marketing declined as a percentage of revenue for the sixth consecutive quarter, with marketing intensity approximately 300 basis points lower relative to Q2 2022.

調整後 EBITDA 為 7,700 萬美元，利潤率為 16%，也高於我們最新指導值 5,000 萬至 6,000 萬美元的上限，並且高於上一季度創紀錄的水平。這意味著利潤率同比提高了 10 個百分點，表明所有職能費用項目都具有顯著的運營槓桿。事實上，銷售和營銷佔收入的百分比連續第六個季度下降，營銷強度較 2022 年第二季度下降約 300 個基點。

Overall, this resulted in a 43% incremental adjusted EBITDA margin year-over-year. Our GAAP net losses were $48 million this quarter, which is a $48 million improvement year-over-year. We saw notable year-over-year leverage in stock-based compensation, with SBC dropping to 15.5% of adjusted net revenue versus 23% in the prior year period. Incremental GAAP net income margin was 36% for the quarter, which represents further progress toward our expectation of GAAP net income profitability in Q4 of 2023.

總體而言，調整後 EBITDA 利潤率同比增長 43%。本季度我們的 GAAP 淨虧損為 4800 萬美元，同比減少 4800 萬美元。我們看到股票薪酬的槓桿率顯著高於去年同期，SBC 佔調整後淨收入的比例降至 15.5%，而上年同期為 23%。本季度 GAAP 淨利潤增量為 36%，這代表我們對 2023 年第四季度 GAAP 淨利潤盈利能力的預期進一步取得進展。

Now on to the segment level performance, where we saw strong year-over-year growth across all 3 segments. In Lending, second quarter adjusted net revenue grew 29% year-over-year to $322 million. Results were driven by a 103% year-over-year growth in our net interest income, while non-interest income was down 30%. Growth in net interest income was driven by a 117% year-over-year increase in average interest-earning assets and a 289 basis point year-over-year increase in average yields, resulting in a net interest margin of 5.74% for the quarter, which is a 50 basis point expansion year-over-year and importantly, a 26 basis point expansion versus Q1 2023.

現在來看看細分市場的表現，我們看到所有 3 個細分市場都實現了強勁的同比增長。在貸款業務方面，第二季度調整後淨收入同比增長 29%，達到 3.22 億美元。業績的推動因素是淨利息收入同比增長 103%，而非利息收入下降 30%。淨利息收入增長得益於平均生息資產同比增長117%以及平均收益率同比增長289個基點，導致本季度淨息差為5.74% ，同比增長 50 個基點，重要的是，與 2023 年第一季度相比增長 26 個基點。

I'd also highlight our $2.7 billion of deposit growth in the quarter compared to the $2.4 billion of net loan growth on the balance sheet period-over-period. With 216 basis points of cost savings between our deposits on our warehouse facilities, this has resulted in a meaningful benefit to our net interest margin and has underscored the advantage of holding loans on the balance sheet and collecting net interest income.

我還要強調一下，本季度我們的存款增長了 27 億美元，而資產負債表上的同期淨貸款增長為 24 億美元。我們的倉庫設施存款節省了 216 個基點的成本，這為我們的淨息差帶來了顯著的效益，並突顯了在資產負債表上持有貸款和收取淨利息收入的優勢。

Looking forward, we expect to maintain a very healthy net interest margin as a result of 2 things: first, the mix of funding will continue to move towards deposits; and second, we expect to continue to pass on benchmark rate increases for new loan originations to our weighted average coupon. On the noninterest income side, Q2 originations grew 37% year-over-year to $4.4 billion and were driven by record volumes in our personal loans business, which grew 51% year-over-year to $3.7 billion. However, student loan originations were down 1% year-over-year and home loans by 27% year-over-year as macro factors continue to provide headwinds to these businesses.

展望未來，我們預計將維持非常健康的淨息差，原因有二：第一，資金結構將繼續轉向存款；其次，我們預計將繼續將新貸款發放的基準利率上調轉嫁給我們的加權平均息票。在非利息收入方面，第二季度的貸款發放量同比增長 37%，達到 44 億美元，這得益於我們個人貸款業務創紀錄的交易量，該業務同比增長 51%，達到 37 億美元。然而，由於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 1%，住房貸款同比下降 27%。

In the second quarter, we sold portions of our personal loans, student loan and home loan portfolios. In terms of execution levels on these sales, in the personal loans business, we executed a sale at 104.1% excluding hedges and 104.5%, including hedges. For student loans, we executed at 101.5% excluding hedges and north of 104%, including hedges. For home loans, we executed at 101.2% excluding hedges and north of 10% including hedges. This quarter, we maintained our stringent credit standards and disciplined focus on quality, which has led to a continued strong credit performance.

第二季度，我們出售了部分個人貸款、學生貸款和住房貸款組合。就這些銷售的執行水平而言，在個人貸款業務中，不包括對沖的銷售執行率為 104.1%，包括對沖的銷售執行率為 104.5%。對於學生貸款，不包括對沖的貸款執行率為 101.5%，包括對沖的貸款執行率為 104% 以上。對於住房貸款，不包括對沖的執行率為 101.2%，包括對沖的執行率為 10% 以上。本季度，我們保持了嚴格的信貸標準和對質量的嚴格關注，這導致了持續強勁的信貸表現。

Our personal loan borrowers weighted average income is $164,000 with a weighted average FICO score of 745. Our student loan borrowers weighted average income is $163,000 with a weighted average FICO of 768. 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 40 basis points in Q2 2023, while our annualized personal loan charge-off rate was down sequentially to 2.94%.

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 745。我們的學生貸款借款人加權平均收入為 163,000 美元，加權平均 FICO 分數為 768。我們的資產負債表內拖欠率和沖銷率保持健康，並且仍低於新冠疫情前的水平。 2023 年第二季度，我們的表內 90 天個人貸款拖欠率為 40 個基點，而年化個人貸款核銷率則連續下降至 2.94%。

Our on-balance sheet 90-day student loan delinquency rate was 13 basis points in Q2 2023, while our annualized student loan charge-off rate was 42 basis points. We continue to expect very healthy performance relative to broader industry levels. The Lending business delivered $183 million of contribution profit at a 57% margin, up from $142 million a year ago, also at 57% margin.

2023 年第二季度，我們的表內 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 42 個基點。我們繼續預計相對於更廣泛的行業水平而言，業績將非常健康。貸款業務貢獻利潤為 1.83 億美元，利潤率為 57%，高於一年前的 1.42 億美元，利潤率也是 57%。

Shifting to our Tech Platform, where we delivered record net revenue of $88 million in the quarter, up 4% year-over-year and 13% sequentially. Overall, annual revenue growth was driven primarily by Galileo account growth to $129 million in total. We also signed 9 new clients across the platform. The segment delivered a contribution profit of $17 million representing a 20% margin, which is up quarter-over-quarter. Notably, as we expect to see an acceleration in year-over-year Technology Platform segment revenue growth by Q4, we also anticipate continued margin expansion.

轉向我們的技術平台，本季度我們實現了創紀錄的淨收入 8800 萬美元，同比增長 4%，環比增長 13%。總體而言，年度收入增長主要是由伽利略賬戶增長推動的，總計達到 1.29 億美元。我們還通過該平台簽約了 9 個新客戶。該部門貢獻利潤 1700 萬美元，利潤率為 20%，環比增長。值得注意的是，由於我們預計到第四季度技術平台部門收入將同比加速增長，因此我們還預計利潤率將持續擴張。

Moving on to Financial Services, where net revenue of $98 million increased 223% 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 reaching $50, more than double the same prior year period and up over 9% sequentially.

接下來是金融服務，其淨收入為 9800 萬美元，同比增長 223%，SoFi Money 收入創下歷史新高，並且 SoFi 信用卡、SoFi Invest 和貸款即服務的持續強勁貢獻。整體貨幣化持續改善，每個產品的年化收入達到 50 美元，是上年同期的兩倍多，環比增長超過 9%。

We reached 7.9 million Financial Services products in the quarter, which is up 47% year-over-year, and we continued to see strong quarterly product adds with 759,000 new products in the segment versus the prior quarter at 584,000 new adds. We hit nearly 2.7 million products in SoFi Money, 2.3 million in SoFi Invest and 2.6 million in Relay. Contribution losses were $4 million for the quarter, which improved by over $49 million year-over-year and nearly $20 million sequentially as we start to see operating leverage in the segment. We continue to expect positive contribution in the segment by Q4 of 2023.

本季度我們的金融服務產品達到 790 萬種，同比增長 47%，並且我們繼續看到強勁的季度產品增加，該領域新增產品 759,000 種，而上一季度新增產品 584,000 種。我們在 SoFi Money 中攻擊了近 270 萬種產品，在 SoFi Invest 中攻擊了 230 萬種產品，在 Relay 中攻擊了 260 萬種產品。本季度貢獻損失為 400 萬美元，同比減少超過 4900 萬美元，隨著我們開始看到該部門的運營槓桿，該損失比上一季度減少近 2000 萬美元。我們繼續預計到 2023 年第四季度該領域將做出積極貢獻。

Switching to our balance sheet, where we remain very well capitalized with ample cash and excess liquidity. Having 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. In Q2, assets grew by $3.1 billion as a result of a $528 million 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 impressive growth we continue to see in the personal loans originations.

轉向我們的資產負債表，我們的資本充足，擁有充足的現金和過剩的流動性。擁有 SoFi Bank 進一步加強了我們強大的資產負債表，並為我們提供了更大的靈活性，並獲得相對於其他融資來源更低的資本成本。第二季度，由於現金和現金等價物增加 5.28 億美元，資產增長了 31 億美元，凸顯了我們強勁的流動性狀況和現金獲取能力，以及鑑於我們繼續看到的令人印象深刻的增長，資產負債表中增加了貸款個人貸款的起源。

On the liability side of the balance sheet, we saw significant growth in deposits as they grew to nearly $13 billion, up $2.7 billion sequentially versus $2.7 billion in the prior quarter and $2.3 billion in Q4 of 2022. Because of this, we exited the quarter with $4 billion drawn on our $8.5 billion of warehouse facilities. In addition, in the second quarter, we extended our corporate revolver for another 5 years and upsized it to $645 million. This further highlights our strong liquidity position, particularly in the current market environment. In terms of our regulatory capital ratios, our total capital ratio of 16% as of the end of the quarter remains comfortably above the regulatory minimum.

在資產負債表的負債方面，我們看到存款顯著增長，增至近 130 億美元，比上一季度的 27 億美元和 2022 年第四季度的 23 億美元增加了 27 億美元。因此，我們退出了該季度其中 40 億美元來自我們價值 85 億美元的倉庫設施。此外，在第二季度，我們將公司左輪手槍又延長了 5 年，並​​將其規模擴大到 6.45 億美元。這進一步凸顯了我們強大的流動性狀況，特別是在當前的市場環境下。就我們的監管資本比率而言，截至本季度末，我們的總資本比率為 16%，仍遠高於監管最低水平。

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

讓我以指導結束。在過去的 12 個月裡，我們展示了擁有多元化高增長收入來源、多種具有成本效益的資本來源、對承保高質量信貸的熱衷以及隨著我們規模的擴大而保持的高運營槓桿的好處。這生意。即使在現有的宏觀背景下，我們預計這些好處仍將持續存在。

In the second half of the year, we expect to deliver $1.025 billion to $1.085 billion of adjusted net revenue and $180 million to $190 million of adjusted EBITDA, with a more significant portion of the revenue and EBITDA expected to be generated in Q4. As we move toward expected GAAP net income profitability in the fourth quarter, we expect stock-based compensation and depreciation and amortization expenses to be slightly higher than reported Q2 levels in both the third quarter and fourth quarter of the year.

下半年，我們預計將實現 10.25 億至 10.85 億美元的調整後淨收入和 1.8 億至 1.9 億美元的調整後 EBITDA，其中更大部分的收入和 EBITDA 預計將在第四季度產生。隨著我們朝著第四季度的預期 GAAP 淨利潤盈利能力邁進，我們預計今年第三季度和第四季度的股票薪酬以及折舊和攤銷費用將略高於報告的第二季度水平。

This guidance implies full year 2023 revenues of $1.974 billion to $2.034 billion above our prior guidance of $1.955 billion to $2.02 billion. Our second half guidance implies full year 2023 adjusted EBITDA of $333 million to $343 million, above our prior guidance of $268 million to $288 million. This represents a 40% to 44% incremental adjusted EBITDA margin for the full year.

該指導意味著 2023 年全年收入將達到 19.74 億美元至 20.34 億美元，高於我們之前指導的 19.55 億美元至 20.2 億美元。我們下半年的指引意味著 2023 年全年調整後 EBITDA 為 3.33 億美元至 3.43 億美元，高於我們之前的指引 2.68 億至 2.88 億美元。這意味著全年調整後 EBITDA 利潤率增量為 40% 至 44%。

Overall, we couldn't be more proud of our Q2 results and continued progress, having delivered $489 million of adjusted net revenue and $77 million of adjusted EBITDA, we continue to make great progress against our long-term growth objectives, and remain very well capitalized to continue pursuing our ultimate goal of making SoFi a top financial institution.

總體而言，我們對第二季度的業績和持續進步感到非常自豪，我們實現了 4.89 億美元的調整後淨收入和 7700 萬美元的調整後 EBITDA，我們繼續在實現長期增長目標方面取得巨大進展，並保持良好狀態我們將繼續追求將 SoFi 打造成頂級金融機構的最終目標。

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

那麼，讓我們開始問答吧。

(Operator Instructions) Our first question comes from John Hecht from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 John Hecht。

Congratulations on a great quarter. Chris, you gave a few details about some sales of different categories of loans. Maybe give us a little bit more on the execution, the details on the execution of those sales?

祝賀您度過了一個美好的季度。克里斯，您提供了有關不同類別貸款的一些銷售的一些詳細信息。也許可以給我們更多關於執行的信息，關於這些銷售執行的細節？

So in aggregate, we ended up doing about $340 million of whole loan sales in the quarter. Our PL whole loan sale was a $50 million sale at an execution level of 104.1% excluding hedge gains in period, and it was 104.5%, including hedge gains. As of the end of Q2, the PL book was marked at 104.1%. Our student loan sale was a $100 million sale at an execution level of 101.5%, excluding hedges, and about 104%, including hedges.

因此，總的來說，我們本季度的全部貸款銷售總額約為 3.4 億美元。我們的 PL 整體貸款銷售金額為 5000 萬美元，執行水平為 104.1%，不包括期內對沖收益，執行水平為 104.5%，包括對沖收益。截至第二季度末，PL 賬面率為 104.1%。我們的學生貸款銷售金額為 1 億美元，執行水平為 101.5%（不包括對沖），約 104%（包括對沖）。

At the end of Q2, the student loan book was marked at about 101.9%. But what I would say is the important thing to note here is that, that $100 million sale were in-school loans with significantly lower weighted average lives than the overall portfolio, so they have lower value. However, these specific loans were sold at a higher execution than where they were marked. The remaining $190 million of sales were home loans at an execution of 101.3%, excluding hedges and north of 102%, including hedges. And as of the end of Q2, the home loans book was marked at 89.2%.

第二季度末，學生貸款利率約為101.9%。但我想說的是，這裡要注意的重要一點是，這 1 億美元的銷售是在校貸款，其加權平均壽命明顯低於整體投資組合，因此它們的價值較低。然而，這些特定貸款的出售價格高於其標記價格。其餘 1.9 億美元的銷售額為住房貸款，執行率為 101.3%（不包括對沖），高於 102%（包括對沖）。截至第二季度末，住房貸款賬面率為89.2%。

As discussed in the past, we remain very well capitalized. We raised $3.6 billion in 2021. We have access to over $8.5 billion of warehouse lines, only $4 billion of which is currently drawn, and our bank deposit base of nearly $13 billion is really growing quite nicely. Given this flexibility, we'll always maximize returns on loans that we originate as well as the overall firm ROE. And that's going to take different forms, given any -- given the market environment that we're operating in at the time. This quarter, we ended up doing a few small sales to keep channels open, but we remain very focused on maximizing returns, which means holding these loans for a longer period of time.

正如過去所討論的，我們的資本仍然非常充足。我們在 2021 年籌集了 36 億美元。我們可以使用超過 85 億美元的倉庫線，其中目前僅提取 40 億美元，而我們近 130 億美元的銀行存款基礎確實增長得相當不錯。鑑於這種靈活性，我們將始終最大限度地提高我們發放的貸款回報以及整體公司股本回報率。考慮到我們當時所處的市場環境，這將採取不同的形式。本季度，我們最終進行了一些小額銷售以保持渠道暢通，但我們仍然非常注重回報最大化，這意味著持有這些貸款的時間更長。

Okay. That's great. Thank you for those details. Second, and maybe for Anthony. I mean there's still a lot of momentum in new customer adds. Maybe talk about the channels, is there any mix shift and where you're finding these customers, and how you're finding the customers and any change in characteristics of the new customers?

好的。那太棒了。謝謝你提供這些細節。其次，也許對安東尼來說。我的意思是，新客戶的增加仍然有很大的動力。也許可以談談渠道，是否有任何混合轉變，您在哪裡找到這些客戶，以及您如何找到客戶以及新客戶的特徵有什麼變化嗎？

Yes. Thank you, John. For the last 5.5 years, our #1 objective in marketing has been to build our unaided brand awareness. Unaided brand awareness is measured when you ask 100 people when you need a Financial Services product, who do you think of? And when we joined the company in 2018, 2 out of 100 would say SoFi. We've had our unaided brand awareness to reach high single digits. It bounces around a little bit, but it's pretty herculean effort to go from 2% to high single digits. Of the top banks in a country, top 5 banks in the country are anywhere between 20% and 30%.

是的。謝謝你，約翰。在過去 5.5 年裡，我們營銷的第一目標是建立我們獨立的品牌知名度。當您詢問 100 個人您何時需要金融服務產品時，您會想到誰？當我們 2018 年加入該公司時，十分之二的人會說 SoFi。我們的品牌知名度已經達到了很高的個位數。它有一點反彈，但從 2% 上升到高個位數是相當艱鉅的努力。在一個國家的頂級銀行中，該國排名前 5 的銀行的比例在 20% 到 30% 之間。

As we drive the unaided brand awareness, we're building trust, we're becoming a household brand name. Parallel to that, we're doing digital marketing. We're doing other forms of traditional marketing to try to optimize our customer acquisition cost and scale our customer growth -- our member growth as well as our product growth. And I think this quarter is the first quarter that I can say I feel really confident that flywheel is really working.

當我們提高品牌知名度時，我們正在建立信任，我們正在成為家喻戶曉的品牌。與此同時，我們正在進行數字營銷。我們正在開展其他形式的傳統營銷，試圖優化我們的客戶獲取成本並擴大我們的客戶增長——我們的會員增長以及我們的產品增長。我認為本季度是我可以說我對飛輪真正發揮作用充滿信心的第一個季度。

And what I mean by that is, we're seeing efficiencies in our customer acquisition cost, and those efficiencies are really more correlated with the unaided brand awareness being increased in addition to the fact that our marketing and product teams are iterating every day through technology and content information analytics to drive those efficiencies. One of the reasons that we're going to be able to achieve contribution and profitability in the Financial Services segment, which we're still spending a vast amount of money on acquisitions that doesn't pay back for 12 or 24 months, is because we're really now the unit economics in the customer acquisition cost.

我的意思是，我們看到了客戶獲取成本的效率，除了我們的營銷和產品團隊每天都通過技術進行迭代這一事實之外，這些效率實際上與獨立品牌知名度的提高更相關。和內容信息分析來提高效率。我們能夠在金融服務領域實現貢獻和盈利的原因之一是，我們仍在金融服務領域花費大量資金進行收購，而這些資金在 12 或 24 個月內無法收回成本。我們現在確實是客戶獲取成本中的單位經濟效益。

We're starting to feel the benefits of virality. We're starting to feel the benefits of efficiency by product and then, of course, the cross-buying. At the same time that our monetization is improving. So I wouldn't point to one specific channel or one specific effort. It's the holistic approach that we've taken over the last 5.5 years, that is really starting to pay off in the quarter and as we look into Q3 as well.

我們開始感受到病毒式傳播的好處。我們開始感受到產品效率的好處，當然還有交叉購買。與此同時，我們的貨幣化正在改善。因此，我不會指出某一特定渠道或一項特定努力。這是我們在過去 5.5 年中採取的整體方法，在本季度以及我們對第三季度的研究中真正開始取得成效。

(Operator Instructions) Our next question comes from Dan Dolev from Mizuho.

（操作員說明）我們的下一個問題來自 Mizuho 的 Dan Dolev。

Anthony and Chris, great results, really amazing. I do have one question only, which is I noticed that the noninterest income in Lending declined this quarter. Can you give us some color on why that's going on?

安東尼和克里斯，出色的成績，真的太棒了。我確實只有一個問題，那就是我注意到本季度貸款的非利息收入有所下降。您能給我們一些解釋為什麼會發生這種情況嗎？

So the noninterest income declined sequentially, and that was a function of fair market value write-downs, which was due to increases in interest rates. And we also had an increase in absolute dollar amount of PL write-offs. Now while our dollar charge-offs were up sequentially, as I mentioned in my prepared remarks, our annualized charge-off rate in the quarter for our personal loans business was 2.94%, which was down from what it was in Q1.

因此，非利息收入連續下降，這是由於利率上升而造成的公平市場價值減記的結果。我們的損益沖銷的絕對金額也有所增加。現在，雖然我們的美元沖銷額連續上升，但正如我在準備好的發言中提到的，我們個人貸款業務本季度的年化沖銷率為 2.94%，低於第一季度的水平。

As we've discussed in this current market environment, we do expect net interest income to contribute more meaningfully to the Lending segment revenue. That's because we're seeing a much better return by holding loans for a longer period of time and generating net interest income versus selling or generating near-term monetization opportunities.

正如我們在當前市場環境下討論的那樣，我們確實預計淨利息收入將對貸款部門收入做出更有意義的貢獻。這是因為，與出售或產生短期貨幣化機會相比，我們發現通過長期持有貸款並產生淨利息收入可以獲得更好的回報。

Now specifically speaking about the fair market value write-downs, the marks on our loans across all products ended up decreasing period-over-period. In the personal loans business, specifically, the fair market value marks decreased from 104.3% to 104.1%, so it was down 20 basis points. This was a function of the discount rate increasing by 60 basis points to 6.1%, and that was a function of the 2-year treasury swap rate, increasing by about 69 basis points and spreads tightening by 10 basis points as a result of secondary trade observations.

現在具體來說公平市場價值減記，我們所有產品的貸款標記最終都同比下降。具體來說，個人貸款業務的公允市值從104.3%下降至104.1%，下降了20個基點。這是貼現率上升 60 個基點至 6.1% 的函數，也是 2 年期國債掉期利率的函數，由於二級交易，利率上升了約 69 個基點，利差收緊了 10 個基點觀察。

This was partially offset by the portfolio weighted average coupon increasing by 40 basis points to 13.6% and the conditional prepayment rate assumption decreasing by 10 basis points to 19%. The annual default rate in our assumptions in the March remained at 4.6%, which was the same as Q1. The one thing that's important to note here is the actual realized Q2 annual default rate was 2.94%, down from the prior quarter. That means what we were actually observing in terms of losses in the quarter are 166 basis points per year or 250 basis points over the life of the loan below what is embedded in our current mark of 104.1%.

這被投資組合加權平均息票增加 40 個基點至 13.6% 以及有條件提前還款率假設下降 10 個基點至 19% 部分抵消。 3月份我們假設的年違約率維持在4.6%，與一季度持平。這裡值得注意的一件事是，第二季度實際實現的年度違約率為 2.94%，低於上一季度。這意味著我們實際觀察到的本季度損失為每年 166 個基點，即貸款期限內的損失為 250 個基點，低於我們當前 104.1% 的水平。

In the student loan business, the fair market value marked decreased from 102.6% to 101.9%, so it was down 70 basis points sequentially. This was a function of a few things. First, the discount rate ended up increasing by 30 basis points to 4.4%. That was a function of the benchmark rate increasing by 50 basis points and spreads tightening by about 20 basis points. Second, the [CDR] embedded in the market increased by 10 basis points to 50 basis points. And then third, the CPR embedded in the market increased by 20 basis points to 10.6%.

學生貸款業務中，公允市值從102.6%下降至101.9%，環比下降70個基點。這是一些因素的作用。首先，貼現率最終上升30個基點至4.4%。這是基準利率上升 50 個基點和利差收窄約 20 個基點的結果。其次，嵌入市場的[CDR]增加10個基點至50個基點。第三，市場中的 CPR 增長了 20 個基點，達到 10.6%。

Collectively, these were partially offset by the portfolio weighted average coupon increasing by 10 basis points to 5%. The important thing to note here is that the actual realized Q2 annual default rate was 40 basis points. That means what we're actually observing in terms of losses are 10 basis points per year or 50 basis points over the life of loan below what is embedded in the current mark of 101.9%.

總的來說，這些被投資組合加權平均票息增加 10 個基點至 5% 部分抵消。這裡需要注意的重要一點是，第二季度實際實現的年度違約率為 40 個基點。這意味著我們實際觀察到的損失是每年 10 個基點，或者在貸款期限內減少 50 個基點，低於當前 101.9% 的水平。

Our next question comes from Mike Perito from KBW.

我們的下一個問題來自 KBW 的 Mike Perito。

I wanted to switch gears a little and ask a question about the balance sheet. I was just wondering, when you think about the 2H guide and the full year guide, Chris, I mean, can you maybe give us a little bit of a sense of what type of balance sheet growth you expect? I mean the capital ratios are still fairly healthy today, but continue to move down. Is it fair to think that with the elongated hold period on some loans, there will be some more amortization and then the balance sheet rate of growth should slow from here even with strong originations expected to continue? Or how are you guys thinking about that?

我想換個話題，問一個關於資產負債表的問題。我只是想知道，當您考慮 2H 指南和全年指南時，克里斯，我的意思是，您能否讓我們了解一下您期望的資產負債表增長類型？我的意思是，今天的資本比率仍然相當健康，但繼續下降。是否公平地認為，隨著一些貸款的持有期延長，將會有更多的攤銷，然後資產負債表的增長率應該從這裡開始放緩，即使預計將繼續強勁的起源？或者說你們對此有何看法？

Yes, sure. What I would say in terms of overall growth from an asset perspective, I would expect similar growth to what we've seen over the course of the last few quarters, but we are seeing an uptick, obviously, in the amortization down as a result of pay downs. And then on the liability side, we are expecting continued healthy growth from deposits. We'll be able to grow this quarter over $2 billion, where we're expecting to grow over $2 billion again. So net-net, you could see similar growth in the balance sheet relative to what you saw this past quarter. In terms of capital ratios, as you mentioned, those remain extremely healthy in the mid-teens across the board. So -- and we have sufficient capital to deploy.

是的，當然。從資產的角度來看，我想說的是，就整體增長而言，我預計增長與我們在過去幾個季度中看到的增長類似，但顯然，我們看到攤銷有所上升。的降薪。然後在負債方面，我們預計存款將持續健康增長。本季度我們的增長將超過 20 億美元，預計將再次增長超過 20 億美元。因此，您可以看到資產負債表與上個季度的情況類似的增長。就資本比率而言，正如您所提到的，總體而言，資本比率仍然非常健康。所以——我們有足夠的資本來部署。

Our next question comes from Kevin Barker from Piper Sandler.

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

I'd like to follow up on the NIM. Obviously, it was really strong this quarter as you continue to grow, particularly with the personal loans becoming a real driver of that and the yields that you've been seeing there. Now as we look into the end of the year, we expect student loan refis to pick up. Would you expect a little bit of pressure on the net interest margin as you transition more towards student lending versus personal lending? Or do you feel like the growth maybe could accelerate on the asset side, just given a pickup in refis from student loans, coupled with momentum on the personal loan side?

我想跟進 NIM 的情況。顯然，隨著您的持續增長，本季度的表現非常強勁，特別是個人貸款成為其真正的驅動力以及您在那裡看到的收益率。現在，當我們展望今年年底時，我們預計學生貸款再融資將會增加。當您更多地轉向學生貸款而不是個人貸款時，您是否預計淨息差會受到一些壓力？或者您是否認為，考慮到學生貸款再融資的增加以及個人貸款方面的勢頭，資產方面的增長可能會加速？

Sure. What I would say in terms of Q3, we do expect NIM margins to remain very healthy, but we are taking a conservative view, and that's what's embedded in our overall guidance in the back half of the year, given potential increases in cost of funds and various pricing strategies as well as the mix shift in our loan originations to student loan refinancings, particularly in Q4. As you know that there's a lag between how we price our loans relative to when the Fed moves rates given that we price to the forward curve, which impacts our cost of funds once the Fed increases, but we do anticipate being able to maintain very healthy NIM margins. As you saw, they were up sequentially to 5.74% this quarter.

當然。我想說的是，就第三季度而言，我們確實預計淨息差利潤率將保持非常健康的水平，但我們持保守觀點，考慮到資金成本可能增加，這就是我們今年下半年的總體指導中所包含的內容以及各種定價策略以及我們的貸款發放向學生貸款再融資的混合轉變，特別是在第四季度。如您所知，鑑於我們根據遠期曲線定價，我們對貸款的定價相對於美聯儲調整利率的時間存在滯後，一旦美聯儲加息，這就會影響我們的資金成本，但我們確實預計能夠保持非常健康的利率淨息差利潤率。正如您所看到的，本季度它們環比增長至 5.74%。

Our next question comes from Andrew Jeffrey from Truist.

我們的下一個問題來自 Truist 的 Andrew Jeffrey。

The deposit growth is super impressive and remains strong and obviously, a real source of differentiation. I wonder, Chris and/or Anthony, if you could comment just on a couple of aspects of that. One, sort of the sustainability or in fact, potential for acceleration, I think, especially given the fragmentation of the banking industry and the introduction of FedNow? And just, two, how do you view that very high or market high APY and sustainability thereof as you see more competition from similarly high-yielding accounts out there from other providers?

存款增長非常令人印象深刻，並且仍然強勁，顯然是差異化的真正來源。我想知道，克里斯和/或安東尼，您是否可以就其中的幾個方面發表評論。一是可持續性，或者事實上，加速的潛力，我認為，特別是考慮到銀行業的分散和 FedNow 的引入？只是，第二，當您看到來自其他提供商的類似高收益賬戶的競爭越來越激烈時，您如何看待非常高或市場高的年均收益及其可持續性？

Yes. We're super excited about the progress that we've made over the last 1.5 years of having the ability to set our own APY on SoFi Money and then to benefit from those high-quality deposits on lower our cost of funds on the Lending side, which is really causing the whole P&L to work well together and a clear competitive advantage. As it relates to deposits, 90% of our deposits are consumer deposits are from direct deposit customers, which is a heck of an achievement given that we're adding $2-plus billion a quarter.

是的。我們對過去 1.5 年來取得的進展感到非常興奮，我們能夠在 SoFi Money 上設置自己的 APY，然後從這些高質量存款中受益，降低貸款方面的資金成本，這確實使整個損益表能夠很好地協同工作並具有明顯的競爭優勢。就存款而言，我們 90% 的存款是來自直接存款客戶的消費者存款，考慮到我們每個季度增加 2 億美元以上，這是一項了不起的成就。

We want to make sure that we are a primary relationship with our members, given our strategy of building a relationship with them with the first product and building that trust and reliability, so they need a second product, they come to SoFi. So we're going to continue to be very purposeful and focused on high-quality deposits and high-quality growth. We're comfortable that we can continue to add $2 billion of the deposit per quarter on the back of member acquisition on SoFi Money. We're also confident that we can continue to compete with anyone on APY. That's a rational company.

我們希望確保我們與會員建立主要關係，考慮到我們的策略是通過第一個產品與他們建立關係並建立信任和可靠性，因此他們需要第二個產品，他們來到 SoFi。因此，我們將繼續堅定目標，專注於高質量存款和高質量增長。我們很高興在 SoFi Money 吸納會員後，我們可以繼續每季度增加 20 億美元的存款。我們也有信心能夠繼續在 APY 上與任何人競爭。這才是一家理性的公司。

And what I mean by that is we are very unique in that when we bring in deposits at that 4.4% APY that you get without fees, those deposits and funding businesses that have an even higher yield against them in our origination platform. Many of the people that compete in the APY top tier that we compete in do not have that same origination platform and can't generate the same type of yield off of the deposits that we can. And so we have an advantage as it relates to being both an originator of loans and obviously a bank with the deposits that are insured up to $2 million.

我的意思是，我們非常獨特，因為當我們以 4.4% APY 的利率注入存款時，您可以免費獲得這些存款和融資業務，這些存款和融資業務在我們的發起平台上的收益率甚至更高。許多與我們競爭的 APY 頂級競爭者沒有相同的發起平台，並且無法從存款中產生與我們相同類型的收益。因此，我們有一個優勢，因為它既是貸款的發起者，又是一家存款保險金額高達 200 萬美元的銀行。

In addition to that, we also have the benefit of those money members coming in and buy another product that has great variable profitability and even better when we don't pay for that customer acquisition cost. So for example, illustratively, these aren't the exact numbers, let's say, we make about $700 in variable profit on the loan and the customer acquisition cost for that loan is also $700, which is taken out of variable profit.

除此之外，我們還可以從那些金錢會員進來購買另一種具有很大可變盈利能力的產品中受益，當我們不支付客戶獲取成本時甚至更好。舉例來說，這些並不是確切的數字，假設我們在貸款中賺取了大約 700 美元的可變利潤，而該貸款的客戶獲取成本也是 700 美元，這是從可變利潤中扣除的。

If someone cross buys into that loan product for money, we acquired a money customer at less than $50, less than $25 often. They cross-buy and the profitability of that loan goes from $700 to $1,400. So there's great leverage there. We haven't begun to leverage that type of benefit in terms of thinking about the APY. We're really excited that when rates start to decline and other banks can't maintain the level of APY that we can, how competitive we can be versus them.

如果有人為了金錢而交叉購買該貸款產品，我們就會以低於 50 美元（通常低於 25 美元）的價格獲得一位貨幣客戶。他們交叉購買，貸款的盈利能力從 700 美元上升到 1,400 美元。所以那裡有很大的槓桿作用。我們還沒有開始在考慮 APY 方面利用這種類型的好處。我們真的很興奮，當利率開始下降並且其他銀行無法維持我們可以維持的年利率水平時，我們與他們相比的競爭力有多大。

So we're maintaining high-quality deposit acquisition. We're going to leverage our competitive advantage to stay at the top tier of that APY and just make sure we focus on quality over quantity.

因此，我們正在保持高質量的存款吸收。我們將利用我們的競爭優勢保持 APY 的領先地位，並確保我們注重質量而不是數量。

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

我們的下一個問題來自美國銀行的 Mihir Bhatia。

I wanted to maybe go back to the discussion about the Financial Services productivity now for a second. I was just wondering if you could just talk a little bit more about that. Specifically, when you look at Slide 7, is there a specific ratio where you expect that ratio of Financial Services products to Lending products stabilize around. Obviously, your product per member seems to have stabilized right now around this 1.5 mark, which is very impressive given the growth in members, but just wondering about just the other ratios. And relatedly, if you could also just talk about the major cross-buy channels that you currently have? And how you see that evolving?

我現在想再回到關於金融服務生產力的討論。我只是想知道你是否可以多談談這一點。具體來說，當您查看幻燈片 7 時，您是否期望金融服務產品與貸款產品的比率穩定在某個特定比率附近。顯然，您的每位會員產品現在似乎已經穩定在 1.5 左右，考慮到會員數量的增長，這非常令人印象深刻，但只是想知道其他比率。與此相關的是，您是否也可以談談您目前擁有的主要交叉購買渠道？您如何看待這種演變？

While we're growing our member base, this quarter was 44% with a record number of new member adds. While we're growing the member base so quickly, that's in the denominator, it's unlikely that the 1.5 products per member that you're using for total products and total numbers is going to go up. In fact, I think it's a herculean effort that it's actually stayed stable at 1.5. Typically, if you're member base, the denominator was growing that fast, it would put pressure on the potion of 1.5. And then over time, as the member base slowed, the product growth would accelerate and that number would start to go up.

雖然我們的會員基礎不斷擴大，但本季度新增會員數量達到了 44%，創下歷史新高。雖然我們的會員基數增長如此之快，但您使用的每個會員 1.5 種產品的總產品數和總數不太可能增加。事實上，我認為它實際上保持穩定在 1.5 是一項艱鉅的努力。通常，如果您是會員基礎，則分母增長得如此之快，這會給 1.5 的部分帶來壓力。然後隨著時間的推移，隨著會員基數的放緩，產品增長將會加速，這個數字將會開始上升。

We're at 1.5 today. The numerator is growing very fast. The denominator is growing very fast. I'd say expect it to stay in about that range. I wouldn't expect it to start to move up until the member growth really slowed quite meaningfully because there is a lag between when a member comes on to the platform and when they take out a second product. And so it's a really significant that we're maintaining at 1.5.

今天是1.5。分子增長得非常快。分母增長得非常快。我想說預計它會保持在這個範圍內。我不認為它會開始上升，直到會員增長真正明顯放緩，因為會員進入平台和他們推出第二個產品之間存在滯後。因此，我們維持在 1.5 的水平非常重要。

Overtime, my hope would be that they have 3, 4, 5 products with us. Hopefully, they have every product they have with us. We want that lifetime relationship to be with them for all of their needs. And so we're going to continue to not just build trust with them, but add product selection, so we can be there for all of the major decisions that they make and all the days in between.

隨著時間的推移，我希望他們能向我們提供 3、4、5 個產品。希望他們擁有我們擁有的所有產品。我們希望與他們建立終生的關係，滿足他們的所有需求。因此，我們不僅要繼續與他們建立信任，還要增加產品選擇，這樣我們就可以參與他們做出的所有重大決策以及其間的所有日子。

As it relates to the cross-buy channels, we provide that slide in the investor deck to kind of give you a sense for the products with the highest scale and the most data are the products that are the best at driving cross-buy. So if we have a primary relationship with the SoFi Money member, and we have their direct deposit. We see what bills are paying. We see that loans they're paying. We see if they have excess cash that should be invested in vehicles outside of just yielding on the savings account. We see if they're not able to generate discretionary spend that should be invested.

由於它與交叉購買渠道相關，我們在投資者平台上提供了這張幻燈片，讓您了解規模最大、數據最多的產品是最能推動交叉購買的產品。因此，如果我們與 SoFi Money 會員有主要關係，並且我們有他們的直接存款。我們看到正在支付的賬單。我們看到他們正在償還貸款。我們看看他們是否有多餘的現金，除了儲蓄賬戶的收益之外，還應該投資於其他工具。我們看看他們是否無法產生應該投資的可自由支配支出。

If they're not investing in their 20s, it's really hard for them to get to the point that they have financial independence to catch up later on. And so that primary relationship gives us really great data about their mortgage, about student loans, about budgeting, so we can help them get their money right. The Relay product is something we don't talk about that frequently because it doesn't directly drive revenue, but it's also a big contributor to cross-buy and a huge contributor on the data side.

如果他們在20多歲的時候不進行投資，那麼他們真的很難達到經濟獨立並在以後迎頭趕上的地步。因此，這種主要關係為我們提供了有關他們的抵押貸款、學生貸款和預算的非常好的數據，因此我們可以幫助他們正確地利用資金。 Relay 產品是我們不經常談​​論的產品，因為它不會直接推動收入，但它也是交叉購買的重要貢獻者和數據方面的巨大貢獻者。

I have all of my accounts of my credit cards, savings accounts, checking accounts, across my entire family connected. And I can see real time and really every transaction that's happening with any of my money anywhere. It not only gives me great insight on how to budget, but also gives me a good insight in where there are areas of inefficiency that I can drive favorable budgetary decisions behind. Not to mention we also get mortgages through Relay. We also get student loans through Relay and then, of course, credit cards and the refinancing of personal loans.

我的整個家庭的所有信用卡賬戶、儲蓄賬戶、支票賬戶都已連接。我可以實時查看我的任何資金在任何地方發生的每一筆交易。它不僅讓我深入了解如何制定預算，還讓我深入了解哪些領域效率低下，從而推動制定有利的預算決策。更不用說我們還通過 Relay 獲得抵押貸款。我們還通過 Relay 獲得學生貸款，當然還有信用卡和個人貸款再融資。

Our next question comes from Eugene Simuni from Talos.

我們的下一個問題來自 Talos 的 Eugene Simuni。

Congrats on strong results. I wanted to ask about student loans. Obviously, we're coming close to the end of the moratorium. So it would be great to hear your latest perspective on the level of demand we can expect for refis in Q4 as you're kind of staring at your specific demographic that you're targeting, some maybe more affluent customers and the level of interest rates that we are at today.

祝賀取得了優異的成績。我想問一下關於學生貸款的問題。顯然，我們即將結束暫停。因此，很高興聽到您對第四季度再融資需求水平的最新看法，因為您正在關注您所瞄準的特定人群，一些可能更富裕的客戶以及利率水平我們今天的處境。

So why don't we start off by sort of giving one number and also our point of view on student loan refinancing. We're really happy for the American people and that our administration has made a decision on the outlook for student loans. So families can plan accordingly. It is going to be a huge burden for many of them. And the more they know the better they can plan for the future, and we're here to help them in any way that we can. There's over 40 million Americans that still have federal student loans. Think about that number, 40 million Americans. We haven't even refinanced 1 million student loans in our history. In SoFi's entire history, we have not refinanced more than 1 million student loan, federal student loans, including private student loans.

那麼，為什麼我們不首先給出一個數字以及我們對學生貸款再融資的看法呢？我們真的為美國人民感到高興，我們的政府已經就學生貸款的前景做出了決定。所以家庭可以做出相應的計劃。對於他們中的許多人來說，這將是一個巨大的負擔。他們了解得越多，就越能更好地規劃未來，而我們將竭盡全力為他們提供幫助。有超過 4000 萬美國人仍然持有聯邦學生貸款。想想這個數字，4000 萬美國人。我們歷史上甚至還沒有為 100 萬學生貸款進行過再融資。在SoFi的整個歷史中，我們沒有為超過100萬的學生貸款、聯邦學生貸款，包括私人學生貸款進行再融資。

And so the opportunity in front of us starts with 40 million, and then you can break it down from there based on demographics, based on interest rate, based on term to kind of understand the addressable market. Chris will walk you through sort of our assumptions. One of the biggest points people really need to remember is that market is very large and people have various different budgetary constraints. Some may refinance at a lower rate and therefore, save based on the interest rate, and some may refinance just to lower their monthly payment because there's no penalty for prepaying. There's no penalty for refinancing multiple times. You have no closing costs, no origination fees, no fees tied to it.

因此，我們面前的機會從 4000 萬開始，然後你可以根據人口統計數據、利率、術語來細分它，以了解潛在市場。克里斯將引導您了解我們的假設。人們真正需要記住的最重要的一點之一是市場非常大，人們有各種不同的預算限制。有些人可能會以較低的利率進行再融資，因此根據利率進行儲蓄，有些人可能會再融資只是為了降低每月付款，因為提前還款沒有罰款。多次再融資不會受到處罰。您無需支付任何成交費用、發起費用或與之相關的任何費用。

So if someone needs to create a little bit of cushion in their budget by going from a $500 payment a month of $250, they can do that with no consequences because as rates do come down, they can then refinance again. If rates don't come down, but they want to pay it off in the same term, they can prepay each month more than they're supposed to. So it will be interesting to see what happens over the next 6 months, and I'm sure there will be a battleground for many of you talking about what the outlook is. But over the next 10 years, I think it's an exciting opportunity, and we're glad to be back in the business.

因此，如果有人需要從每月 500 美元的還款額增加到 250 美元，從而在預算中創造一點緩衝，他們可以這樣做而不會產生任何後果，因為隨著利率確實下降，他們可以再次進行再融資。如果利率沒有下降，但他們想在同一期限內還清，他們可以每月預付比預期更多的錢。因此，看看未來 6 個月會發生什麼將會很有趣，我相信對於很多人來說，談論前景將會是一個戰場。但在接下來的十年裡，我認為這是一個令人興奮的機會，我們很高興能重返這個行業。

Yes. So specifically related to our H2 guidance, our outlook currently assumes that we're going to be operating at our current run rate origination levels in the student loan refinancing business 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.

是的。因此，與我們的 H2 指導特別相關，我們的前景目前假設我們的學生貸款再融資業務將按照當前的運行利率水平運營，直到 9 月份。 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 2023 年不會恢復到新冠疫情前的水平。

Our next question comes from Michael Ng from Goldman Sachs.

我們的下一個問題來自高盛的 Michael Ng。

I was just wondering if you could provide a little bit more color on your expectation that a more -- a bigger portion of the revenue and EBITDA is going to be more 4Q weighted? What are some of the key assumptions around that? Is that just the student loan assumptions you just laid out? And then just as a quick follow-up, I was wondering if you just let us know if the [Oddity] IPO has any impact to Financial Services revenue and profits? If I recall, I think when you guys did the retail distribution for Rivian and new bank, there was a little bit of an uplift there, but any thoughts there would be helpful.

我只是想知道您是否可以就您的預期提供更多信息，即收入和 EBITDA 的更大一部分將在第四季度加權？圍繞這一點有哪些關鍵假設？這只是您剛剛提出的學生貸款假設嗎？然後，作為一個快速跟進，我想知道您是否讓我們知道 [Oddity] IPO 是否對金融服務收入和利潤有任何影響？如果我記得的話，我認為當你們為 Rivian 和新銀行進行零售分銷時，那裡有一點提升，但任何想法都會有幫助。

Sure. So as I mentioned in my prepared remarks, from a phasing perspective, we expect more robust revenue and EBITDA generation in Q4 versus Q3. We aren't providing detailed segment level guidance, but one thing I will say is that we expect relatively flattish Q3 revenue in our Tech Platform, ahead of an acceleration in growth in Q4 and additional strength in the latter part of the year from our student loan refinancing business. In terms of profit trends, we're going to be front-loading marketing investments with sequential EBITDA expected to be marginally above where consensus is today for Q3 at $58 million, and we expect to see more of a ramp in Q4 EBITDA and achieved GAAP profitability in Q4.

當然。正如我在準備好的發言中提到的，從分階段的角度來看，我們預計第四季度的收入和 EBITDA 會比第三季度更加強勁。我們沒有提供詳細的細分指導，但我要說的一件事是，我們預計我們的技術平台的第三季度收入將相對持平，而第四季度的增長將加速，並且我們的學生將在今年下半年帶來額外的實力貸款再融資業務。就利潤趨勢而言，我們將進行前期營銷投資，連續 EBITDA 預計將略高於目前第三季度 5800 萬美元的共識，並且我們預計第四季度 EBITDA 會出現更多增長，並實現 GAAP第四季度的盈利能力。

On the [Oddity] IPO?

關於[奇怪]首次公開募股？

On the Oddity IPO, that we do get fees in these IPOs, they're not that material. The Oddity IPO is a very a big differentiator for our members that have invest accounts and our members that open invest accounts in that. We're the only place that you can buy that in retail at IPO prices, and we really benefit from having that unique selection and acquisition and also AUM, which then leads to revenue. So there is some direct revenue from underwriting or being a selling agent, but the bigger benefit is to growth in members and growth in our AUM.

在 Oddity IPO 中，我們確實在這些 IPO 中收取費用，但它們並不那麼重要。對於擁有投資賬戶的會員和開設投資賬戶的會員來說，Oddity IPO 是一個非常大的區別。我們是唯一可以以 IPO 價格零售購買該產品的地方，我們確實受益於這種獨特的選擇和收購以及資產管理規模，從而帶來收入。因此，承銷或成為銷售代理有一些直接收入，但更大的好處是會員數量的增長和我們資產管理規模的增長。

Our next question comes from Reggie Smith from JPMorgan.

我們的下一個問題來自摩根大通的雷吉·史密斯。

Two quick questions, the first for Anthony. You talked about becoming a top 10 bank, and I was curious how you define and measure that. The second question is for Chris, real quick. I appreciate your disclosure on the loan sales. I was curious on those personal loans as you definitely related to the price back to your mark. I was curious what the APR was on those? Is it similar to the broader portfolio of 13.6% or was it higher or lower?

兩個簡單的問題，第一個問題是問安東尼的。您談到要成為十大銀行，我很好奇您如何定義和衡量這一點。第二個問題是問克里斯的，很快。感謝您披露貸款銷售情況。我對那些個人貸款很好奇，因為你肯定將價格與你的標記聯繫起來。我很好奇這些的年利率是多少？它與更廣泛的投資組合 13.6% 相似還是更高或更低？

Sure. On top 10, it's top 10 financial institutions, and it's measured by market cap.

當然。前10名是前10名的金融機構，是按市值來衡量的。

And on the second, the portfolio that we ended up selling had a higher weighted average coupon, but a shorter duration. So net-net resulted in an execution level similar to where the book is marked today.

第二，我們最終出售的投資組合的加權平均息票較高，但期限較短。因此，net-net 的執行水平與本書今天標記的水平類似。

Our next question comes from Dominick Gabriele from Oppenheimer.

我們的下一個問題來自奧本海默的多米尼克·加布里埃爾。

Good results. I was just curious about the incremental EBITDA margin. I think the revenue is similar to what we were expecting for the year, but the EBITDA margin is significantly better and above the 70-30 split that you guys usually talk about, about reinvestment. And then when you couple that with the stock-based comp and depreciation perhaps staying elevated, it means that there's some real expense synergies coming through in the underlying business. And I was wondering what your feel is on investments moving forward and if the 70-30 rule has changed. And where in the expense lines, G&A, technology and product development, any of those buckets you could talk about where you're seeing the most leverage to really raise this incremental EBITDA margin guidance?

良好的結果。我只是對增量 EBITDA 利潤感到好奇。我認為收入與我們今年的預期相似，但 EBITDA 利潤率明顯更好，高於你們通常談論的再投資 70-30 的比例。然後，當您將其與基於股票的比較和折舊可能保持較高水平結合起來時，這意味著基礎業務中會產生一些真正的費用協同效應。我想知道您對未來投資的看法以及 70-30 規則是否發生了變化。在費用項目、一般管理費用、技術和產品開發中，您可以談論哪些方面您認為最有利於真正提高增量 EBITDA 利潤率指導？

Sure. Let me kick off. First thing I'd say is our long-term view is 70-30. So as you think about 2024, definitely warrant your mind around 30% incremental EBITDA margin. The world has been very uncertain this year, and that's probably one of the biggest understatements I can make. And because the world has been uncertain, we've held back some investment going into quarters to see where revenue comes out. So that we're certain we can always deliver on EBITDA and on GAAP net income and EPS.

當然。讓我開始吧。我首先要說的是，我們的長期觀點是 70-30。因此，當您考慮 2024 年時，絕對值得您考慮 EBITDA 利潤率增量約為 30%。今年的世界非常不確定，這可能是我能說的最輕描淡寫的說法之一。由於世界一直存在不確定性，我們推遲了一些季度的投資，以觀察收入的表現。因此，我們確信我們始終能夠實現 EBITDA 以及 GAAP 淨利潤和每股收益。

As the quarter unfolds, we see opportunities to release some of that cushion and to spend it in acquisition. It still happens. Our business is doing very well. We obviously saw the first time in our history that 50% of our revenue growth year-over-year was actually driven by non-lending businesses.

隨著本季度的展開，我們看到了釋放部分緩衝並將其用於收購的機會。它仍然發生。我們的生意做得很好。顯然，我們歷史上第一次看到我們的收入同比增長的 50% 實際上是由非貸款業務推動的。

If you look at the change in the Financial Services segment and the change in the Technology segment year-over-year in dollars, there was even the change in the non-GAAP Lending revenue. So they were equal for the first time. Well, as that growth rate continues, we get a lot of operating leverage in those 2 segments and it allows us to drive more to the bottom line because they're high incremental margin businesses. And in fact, FIS, Financial Services segment lost $24 million in Q1 and lost only $4 million this quarter, and that's down from $44 million in Q4.

如果你看看金融服務部門和技術部門的同比變化（以美元計算），甚至非公認會計準則貸款收入也發生了變化。所以他們第一次是平等的。好吧，隨著這種增長率的持續，我們在這兩個領域獲得了很大的運營槓桿，這使我們能夠推動更多的利潤，因為它們是高增量利潤業務。事實上，FIS 金融服務部門第一季度虧損 2400 萬美元，本季度僅虧損 400 萬美元，低於第四季度的 4400 萬美元。

So we're seeing great unit economics, and we're seeing great operating leverage covering our fixed costs in those 2 businesses, and that's contributing to more profitability. We have a goal this year being GAAP profitable. Our number one goal is to make sure we're driving toward financial outcomes as it relates to the business. We want to serve our members well to do that. But based on where we've seen incremental margins throughout the year and based on the investment opportunities we have in front of us and the efficiency of those opportunities, we're going to drive more profitability in the back half of the year than we otherwise anticipated.

因此，我們看到了巨大的單位經濟效益，並且我們看到了巨大的運營槓桿覆蓋了這兩項業務的固定成本，這有助於提高盈利能力。我們今年的目標是實現 GAAP 盈利。我們的首要目標是確保我們推動實現與業務相關的財務成果。我們希望為我們的會員提供良好的服務來做到這一點。但根據我們全年的利潤增量以及我們面前的投資機會以及這些機會的效率，我們將在今年下半年實現比其他情況更多的盈利能力預計。

Chris can talk to the line items that we're seeing there, but I'd say it's both better unit economics and the fact that we're finally exceeding our fixed costs. And then I want to revisit one question someone said about accelerating the growth. We're going to focus on quality over quantity. But I will tell you, once we achieve GAAP profitability and we cover acquisition costs, we will have much more of a license to more aggressively spend in acquisition at that 30% level.

克里斯可以談談我們在那裡看到的訂單項目，但我想說這既是更好的單位經濟效益，也是我們最終超過固定成本的事實。然後我想重新討論一下有人提到的一個關於加速增長的問題。我們將關注質量而不是數量。但我會告訴你，一旦我們實現了 GAAP 盈利能力並支付了收購成本，我們將有更多的許可以 30% 的水平更積極地進行收購支出。

Yes. So Dominic, in terms of where we're seeing the real leverage, it's really across all functional expense lines. As I noted in my prepared remarks, sales and marketing as a percentage of revenue was down 300 basis points year-over-year. Our technology and product development expenses as a percentage of revenue were down 200 basis points, operations down 300 basis points and G&A down about 800 basis points. So we're really doing a nice job of being able to achieve leverage across the entire system, and we expect that to persist going forward.

是的。因此，多米尼克，就我們看到的真正槓桿而言，它確實跨越了所有職能支出線。正如我在準備好的發言中指出的那樣，銷售和營銷佔收入的百分比同比下降了 300 個基點。我們的技術和產品開發費用佔收入的百分比下降了 200 個基點，運營費用下降了 300 個基點，一般管理費用下降了約 800 個基點。因此，我們確實做得很好，能夠在整個系統中發揮槓桿作用，我們希望這種情況能夠持續下去。

Our next question comes from Timothy Chiodo from Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的蒂莫西·奇奧多。

Great. I wanted to talk a little bit about some of the new client wins that you announced for Galileo. If you could just add some context around, to the extent you can, on sizing or if these are the sort of the majority of the programs coming over to you. You mentioned that they have existing accounts, assuming that they're relatively established programs. And also, if you could touch on where they were before, if they were with more of one of your more modern competitors or one of the more traditional competitors?

偉大的。我想談談您宣佈為伽利略贏得的一些新客戶。如果您可以在大小範圍內添加一些上下文，或者如果這些是您收到的大多數程序的類型。您提到他們有現有帳戶，假設它們是相對成熟的程序。另外，您是否可以談談他們之前的處境，他們是否與您的更現代的競爭對手之一或更傳統的競爭對手之一合作？

Thank you for the question on Tech Platform. I'm really proud of the team and the transition that we decided to make in 2022 and where we've gotten to in 2023. It wasn't an easy decision to walk away from a lot of these easy start-up types of deals that we can announce on the call and in dozens of quantities and then they were trickling with hundreds of thousands of dollars, but a lot of distraction from our team and a lot of focus on resources given their young nature.

感謝您在科技平台上提問。我為我們的團隊以及我們決定在 2022 年進行的過渡以及我們在 2023 年所取得的成就感到自豪。放棄許多這些簡單的初創類型交易並不是一個容易的決定我們可以在電話會議上宣布數十個數量，然後他們就流入了數十萬美元，但由於他們年輕的性質，我們團隊的注意力受到了很大的干擾，並且非常關注資源。

We understood long term that our technology is incredibly unique, and the technology stack we have with both in multiproduct core that's [moderate] in the cloud with processing that's in the cloud, in addition to some other great products that sit on top of the platform, like our Payments Risk Platform and Konecta that we could go to market and fight with all the competitive set against the biggest deals in the United States and LatAm.

從長遠來看，我們知道我們的技術非常獨特，除了平台上的其他一些出色產品外，我們在雲中[中等]的多產品核心和雲中處理中擁有的技術堆棧，就像我們的支付風險平台和 Konecta 一樣，我們可以進入市場並與所有競爭者一起對抗美國和拉丁美洲最大的交易。

We're really encouraged by the number of requests for proposals that we're seeing from large institutions. These things take time. These are large institutions. Our sense is they're under pressure from regulators to upgrade their technology, and they also want to modernize their technology so they can be more innovative and they can be more reactive in real time to different regulatory pressures as well as any disruption in the industry like we saw in the first half of this year.

我們看到來自大型機構的大量提案請求，令我們深受鼓舞。這些事情需要時間。這些都是大型機構。我們的感覺是，他們面臨著監管機構升級技術的壓力，他們還希望實現技術現代化，以便更具創新性，能夠對不同的監管壓力以及行業中的任何顛覆做出更實時的反應就像我們今年上半年看到的那樣。

So there's definitely sort of a tidal wave of need for new technologies, and we have that technology. So I'm really excited that we made that transition, and we have that suite of products. We're not going to win every deal. I'm comfortable with our fair share, it will take time.

因此，肯定存在對新技術的需求浪潮，而我們擁有這種技術。因此，我真的很高興我們實現了這一轉變，並且我們擁有了這套產品。我們不會贏得每筆交易。我對我們的公平份額感到滿意，這需要時間。

In terms of the actual results, I would say we're seeing very small contributions from the new partners that we've added. It definitely was a benefit to the quarter and helped us on the upside. We're seeing still strong spending growth from our existing partners that are doing quite well. We're obviously anniversarying using a partner a year ago, which we made a tough decision on what was the right long-term decision versus the easier near-term decision. But we're now anniversarying that. And as Chris mentioned, we expect the tech revenue to be flattish in Q3 and then accelerate year-over-year in Q4 as we get more contribution from those new partners that are either already onboarded or that will be onboarded.

就實際結果而言，我想說我們所添加的新合作夥伴的貢獻非常小。這絕對為本季度帶來了好處，並幫助我們取得了積極的進展。我們看到現有合作夥伴的支出仍然強勁增長，而且表現相當不錯。顯然，我們正在慶祝一年前與合作夥伴的合作，我們做出了一個艱難的決定，即什麼是正確的長期決策，什麼是更容易的近期決策。但我們現在正在慶祝這一周年。正如克里斯所提到的，我們預計第三季度的技術收入將持平，然後在第四季度同比加速，因為我們從已經加入或即將加入的新合作夥伴那裡獲得了更多貢獻。

And I'm really excited about 2024 when the investments that we made this year and onboarding new partners start to kick in even more. So I think it will be a slow steady melt up in revenue over time with the acceleration on a year-over-year basis coming in the fourth quarter. Nothing to announce on the big bank side or big funds [institution] side. We're in conversations with every type of bank you could think of, large banks, regional banks, community banks, and then companies that are not banks, but have large consumer bases that they would like to offer Financial Services products to that we uniquely can do that with.

我對 2024 年感到非常興奮，屆時我們今年所做的投資和新合作夥伴的加入將開始發揮更多作用。因此，我認為隨著時間的推移，收入將緩慢穩定地增長，第四季度將出現同比加速增長。大銀行或大基金[機構]方面沒有什麼可宣布的。我們正在與您能想到的各種類型的銀行進行對話，大型銀行、區域銀行、社區銀行，以及非銀行但擁有龐大消費者基礎的公司，他們希望向我們提供獨特的金融服務產品可以做到這一點。

Our next question comes from Robert Wildhack from Autonomous.

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

I wanted to follow up on where the current book is marked down sequentially a bit for all the reasons you discussed, Chris. Do you think that, that will continue to drift lower in subsequent quarters? And if so, do you think that noninterest income and lending can stay at the $100 million level you hit in the second quarter?

我想跟進當前的書由於您討論的所有原因而按順序降價的地方，克里斯。您認為在接下來的幾個季度中該數字會繼續下降嗎？如果是這樣，您認為非利息收入和貸款能否保持在第二季度達到的 1 億美元水平？

Yes. Let me start on that question. One thing I want to make sure people are paying attention to is what our weighted average coupon is. We're very fortunate in that we've built a sophisticated ability to test different price points against different credit backdrops. And we've been really successful in passing on higher rates in our loans as benchmark rates have gone. Now obviously, there are a number of factors beyond weighted average coupon, including spread in the benchmark rates and prepayments and defaults on our cost of funds, and I'll let Chris talk through that. But people really should pay attention to what are we doing that weighted average coupon and how is that providing us some leverage uniquely in the marketplace versus competitors as we still gain a significant amount of volume.

是的。讓我開始回答這個問題。我想確保人們關注的一件事是我們的加權平均優惠券是多少。我們非常幸運，因為我們已經建立了一種複雜的能力，可以在不同的信貸背景下測試不同的價格點。隨著基準利率的取消，我們確實成功地傳遞了更高的貸款利率。顯然，除了加權平均息票之外，還有許多因素，包括基準利率的利差、預付款以及我們資金成本的違約，我將讓克里斯詳細討論這一點。但人們確實應該關注我們在加權平均優惠券上做了什麼，以及這如何為我們在市場上相對於競爭對手提供一些獨特的槓桿作用，因為我們仍然獲得了大量的銷量。

I'll let Chris talk to the other components of it.

我會讓克里斯談談它的其他組成部分。

Yes. So I already went through the details of where the marks are and how they changed quarter-over-quarter in terms of how we're thinking about or what we expect going into Q3 and the back half of the year. It's going to be dependent on what happens in the market. It's going to depend on what happens with rates. It's going to depend on what happens with charge-offs, prepayments, et cetera. We mark-to-market the book every single month, and we take into consideration all of the inputs that I outlined and what drove the changes quarter-over-quarter.

是的。因此，我已經詳細了解了分數的位置以及它們在季度與季度之間如何變化，以及我們對第三季度和下半年的看法或預期。這將取決於市場發生的情況。這將取決於利率的變化。這將取決於沖銷、預付款等的情況。我們每個月都會對這本書進行市場評估，並考慮我概述的所有輸入以及逐季度推動變化的因素。

So it's highly market-dependent, and what I would say is in this type of environment given where rates are and the returns that we're generating on our loans by holding them, we would expect net interest income to be a much larger portion of the overall revenue pie for the Lending segment, but that could change depending on market environment.

因此，它高度依賴於市場，我想說的是，在這種環境下，考慮到利率和我們通過持有貸款所產生的回報，我們預計淨利息收入將佔總利息收入的很大一部分。貸款部門的整體收入份額，但這可能會根據市場環境而變化。

And hopefully, it's clear by our reported numbers how the yield we're getting on the loans is greater than the price people would be willing to pay. That should be obvious from the financials at this point.

希望我們報告的數據可以清楚地表明我們獲得的貸款收益率如何高於人們願意支付的價格。從目前的財務狀況來看，這一點應該是顯而易見的。

Thank you. I'll now turn it over to Anthony for any closing remarks.

謝謝。現在我將把它交給安東尼，讓他發表結束語。

Thank you. People often ask me how? How did SoFi get to such an unprecedented point in being a digital one-stop shop for financial services? How did SoFi get to the point that so many companies over the last 5 years have endeavored to reach, while others now save their aspiration today? How does SoFi do what so many others strive to do?

謝謝。經常有人問我怎麼辦？ SoFi 是如何成為數字化一站式金融服務商店的？ SoFi 是如何達到如此多的公司在過去 5 年裡努力實現的目標，而其他公司現在卻放棄了他們的願望的呢？ SoFi 如何做到許多其他人努力做到的事情？

Answer to what contributes to our success is simple. It's our team. It's our people. The people so far that wake up every day focused on achieving our mission and building our culture so that we can change lives of millions of people. And someday, hundreds of millions of people. Yes, there's hundreds of millions of people. Make no mistake about it, no company, no leader, no team has greater ambition or aspirations than we do at SoFi. No company is further along that journey than SoFi, and it's on me to ensure we win every second of every minute of every hour of every day.

對於我們的成功有何貢獻，答案很簡單。這是我們的團隊。這是我們的人民。到目前為止，每天醒來的人們都專注於實現我們的使命和建設我們的文化，以便我們能夠改變數百萬人的生活。有一天，數億人。是的，有數億人。毫無疑問，沒有一家公司、沒有領導者、沒有團隊比我們在 SoFi 擁有更大的雄心或抱負。沒有哪家公司比 SoFi 走得更遠，我有責任確保我們贏得每一天、每一分鐘、每一分鐘的每一秒。

Thank you for your time today, and I look forward to addressing you again next quarter.

感謝您今天抽出寶貴的時間，我期待下個季度再次與您交談。

That concludes today's conference call, everybody. Thank you very much for joining. You may now disconnect your lines. Have a lovely rest of your day.

各位，今天的電話會議到此結束。非常感謝您的加入。您現在可以斷開線路。祝您度過愉快的一天。