SoFi Technologies Inc (SOFI) 2023 Q3 法說會逐字稿

Good morning, and thank you for attending SoFi's Third Quarter 2023 Earnings Conference Call. (Operator Instructions)

早安，感謝您參加 SoFi 2023 年第三季財報電話會議。 （操作員說明）

At this time, I'd now like to turn the conference over to our host, Maura Cyr from SoFi Investor Relations. Maura, please go ahead.

現在，我想將會議轉交給我們的主持人、SoFi 投資者關係部門的 Maura Cyr。莫拉，請繼續。

Thank you, and good morning. Welcome to SoFi's Third Quarter 2023 Earnings Conference Call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Christopher Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

謝謝你，早安。歡迎參加 SoFi 2023 年第三季財報電話會議。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；克里斯多福‧拉普安特 (Christopher Lapointe)，財務長。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簡報。

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.

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策略、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表現。我們的實際結果可能與這些前瞻性陳述預期的結果有重大差異。

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.

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。我們不承擔因新資訊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. Before my formal remarks, I want to take a moment to recognize the devastating tragedy that is currently taking place in Israel, Gaza, and the surrounding regions. It's been incredibly difficult to witness the acts of terrorism and resulting war unfold over the past couple of weeks in what is sure to be tough days to come. The murder of innocent people is unacceptable in any form, and it's beyond belief that such actions are unfolding in the world today.

謝謝大家，大家早安。在正式發言之前，我想花點時間了解以色列、加薩及週邊地區目前正在發生的毀滅性悲劇。在過去的幾周里，目睹恐怖主義行為和由此引發的戰爭是極其困難的，未來的日子肯定會很艱難。任何形式的謀殺無辜者都是不可接受的，令人難以置信的是，此類行為正在當今世界上演。

With that, let's turn to our third quarter results. The third quarter at SoFi marked our tenth consecutive quarter of record revenue and fifth consecutive quarter of record adjusted EBITDA. We delivered strong diversified growth with record revenue and improved margins across all three of our business segments.

接下來，讓我們來看看第三季的業績。 SoFi 第三季標誌著我們連續第十個季度創紀錄的收入和連續第五個季度創紀錄的調整後 EBITDA。我們實現了強勁的多元化成長，所有三個業務部門的收入均創歷史新高，利潤率也有所提高。

Among our notable achievements in the quarter, I want to highlight two major milestones: first, 67% of our absolute growth in adjusted net revenue dollars was driven by the non-lending businesses, specifically the Technology Platform and Financial Services segments; and second, our Financial Services segment achieved positive contribution profit for the first time, making all three reported segments profitable while bolstering our consolidated profitability even while we continue to invest aggressively for high levels of compounding for years to come. These overall results are a testament to our ability to outperform in difficult or rapidly changing environments but also our ability to deliver on our goals and our overall mission while maintaining financial discipline and continuously setting new operational and financial records.

在我們本季取得的顯著成就中，我想強調兩個重要里程碑：首先，調整後淨收入絕對成長的 67% 是由非貸款業務推動的，特別是技術平台和金融服務部門；其次，我們的金融服務部門首次實現了正貢獻利潤，使所有三個報告部門都實現了盈利，同時增強了我們的綜合盈利能力，同時我們在未來幾年繼續積極投資以實現高水平的複利。這些整體結果證明了我們在困難或快速變化的環境中表現出色的能力，也證明了我們有能力實現我們的目標和整體使命，同時保持財務紀律並不斷創造新的營運和財務記錄。

I'm excited to share more about this quarter's notable achievements. A few key financial achievements from the third quarter include adjusted net revenue of $531 million, rose 27% year-over-year. And importantly, all three segments recorded record revenue and we continue to diversify the revenue composition. Adjusted EBITDA of $98 million, represented a 48% incremental margin and a record 18% consolidated margin.

我很高興與大家分享更多有關本季度取得的顯著成就的資訊。第三季的一些主要財務成就包括調整後淨收入 5.31 億美元，年增 27%。重要的是，所有三個部門都創下了創紀錄的收入，並且我們繼續實現收入構成多元化。調整後 EBITDA 為 9,800 萬美元，增量利潤率為 48%，綜合利潤率為創紀錄的 18%。

Our Financial Services segment achieved positive contribution profit of $3.3 million at a 30% margin versus a $4 million loss last quarter and a $53 million loss in the year ago quarter. Our Technology Platform segment had a contribution margin of 36% versus 20% in Q2 and 23% in the year ago quarter.

我們的金融服務部門以 30% 的利潤率實現了 330 萬美元的正貢獻利潤，而上季度虧損 400 萬美元，去年同期虧損 5,300 萬美元。我們的技術平台部門的貢獻率為 36%，而第二季為 20%，去年同期為 23%。

In our Lending segment, more than 77% of our adjusted net revenue was net interest income, which grew 90% year-over-year to $265 million, nearly 2x lending directly attributable expenses of $139 million. That's to say our net interest income is now nearly 2x greater than our expenses. Segment contribution margin improved by nearly 300 basis points sequentially to 60%.

在我們的貸款部門，調整後淨收入的 77% 以上是淨利息收入，年增 90%，達到 2.65 億美元，幾乎是貸款直接歸屬費用 1.39 億美元的兩倍。也就是說，我們的淨利息收入現在幾乎是支出的兩倍。部門貢獻率較上季提高近 300 個基點，達到 60%。

At the company level, excluding onetime items, incremental GAAP net income margin of 48% resulted in a loss of just $19.5 million versus $48 million loss last quarter and a $74 million loss in the year ago quarter. Earnings per share loss, excluding the impact of goodwill impairment was $0.03 per share. SoFi Bank reported $84.8 million of GAAP net income at a 19.3% margin, representing 13% annualized turn on tangible equity. We remain well on track for GAAP profitability for the overall company by Q4 and in the years that follow.

在公司層面，不包括一次性項目，增量 GAAP 淨利潤率為 48%，導致虧損僅 1,950 萬美元，而上季度虧損 4,800 萬美元，去年同期虧損 7,400 萬美元。扣除商譽減損的影響，每股盈餘損失為每股 0.03 美元。 SoFi Bank 公佈的 GAAP 淨利潤為 8,480 萬美元，利潤率為 19.3%，相當於有形權益的年化收益為 13%。到第四季以及接下來的幾年，我們仍然有望實現整個公司的 GAAP 獲利能力。

From a balance sheet perspective, our unique value proposition in SoFi continues to fuel high-quality deposits that increased by a record of $2.9 billion sequentially, and we ended the quarter with nearly $15.7 billion in total deposits. Importantly, more than 90% of our consumer deposits are from sticky direct deposit customers, and 98% of our deposits are insured. Our cash and cash equivalents, excluding restricted cash, remained healthy at $2.8 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高品質存款，存款連續增加了創紀錄的 29 億美元，本季結束時我們的存款總額接近 157 億美元。重要的是，我們90%以上的消費者存款來自黏性直接存款客戶，而我們98%的存款都有保險。我們的現金和現金等價物（不包括限制性現金）保持在 28 億美元的健康水平，增強了我們強勁的流動性狀況。

We grew tangible book value for the third consecutive quarter by a record of $68 million at the consolidated level. On a trailing 12-month basis, we generated $171 million in tangible book value growth. From a member and product perspective, we added 717,000 new members in Q3 '23, bringing total members to nearly 7 million, up 47% year-over-year in acceleration and growth.

我們的有形帳面價值連續第三個季度成長，合併水準達到創紀錄的 6,800 萬美元。在過去 12 個月的基礎上，我們的有形帳面價值成長了 1.71 億美元。從會員和產品的角度來看，我們在 23 年第三季新增了 717,000 名會員，使會員總數達到近 700 萬，較去年同期加速成長 47%。

Our highest quarter ever of new products in Q3 of $1 million brought total products to $10.4 million at quarter end, growing by 45% year-over-year, also an acceleration with record product additions in both Lending and Financial Services. Even with this rapid growth in members, overall products per member remains at 1.5x, reinforcing the appeal of our robust product suite and multiproduct adoption by existing members. Financial Services products of 8.9 million at quarter end grew by 50% year-over-year while Lending products of over 1.6 million were up 24% year-over-year.

第三季新產品數量創歷史新高，達到 100 萬美元，季末產品總額達到 1,040 萬美元，年增 45%，貸款和金融服務領域的產品增加量也創紀錄，增速也有所加快。即使會員數量快速成長，每位會員的整體產品仍保持在 1.5 倍，這增強了我們強大的產品套件和現有會員採用的多產品的吸引力。截至季末，金融服務產品數量為 890 萬個，年增 50%，貸款產品數量超過 160 萬個，年增 24%。

I am incredibly proud of these accomplishments and the progress achieved on our march to making SoFi a household brand name. Our native brand awareness continues to grow as a result of successfully executing viral marketing campaigns, bolstered by key events at SoFi Stadium, improving customer satisfaction, driving word-of-mouth and the result of us truly helping people get their money right.

我對這些成就以及我們在使 SoFi 成為家喻戶曉品牌的過程中取得的進展感到無比自豪。由於成功執行病毒式行銷活動、SoFi 體育場重大活動、提高客戶滿意度、推動口碑傳播以及我們真正幫助人們正確賺錢，我們的本土品牌知名度不斷提高。

Now I'd like to spend some time touching on the segment level results and trends. Lending adjusted net revenue of $342 million grew 15% year-over-year. The personal loans business maintained its strength in the quarter with record originations up 38% from Q3 '22. Student loans, as expected, saw some increasing demand ahead of the resumption of student loan payments marking our highest origination quarter since Q1 of 2022. Within home loans, total originations were up 46% sequentially and 64% year-over-year despite a continued challenging rate environment for both purchase and refi.

現在我想花一些時間談談細分市場的結果和趨勢。貸款調整後淨收入為 3.42 億美元，年增 15%。個人貸款業務在本季保持強勁勢頭，發放金額較 22 年第三季成長 38%，創歷史新高。正如預期的那樣，在學生貸款支付恢復之前，學生貸款的需求有所增加，這標誌著我們自2022 年第一季以來最高的發放季度。在房屋貸款中，儘管房屋貸款發放總量環比增長46 %，年增64%，但購買和再融資都具有挑戰性的利率環境。

We continue to fully leverage the benefits of our bank license to drive greater economics in both our Lending and Financial Services businesses. This has resulted in strong net interest income and sequential net interest margin expansion as lower cost deposits on our balance sheet have grown. As of the end of Q3, over 65% of our loans were funded by deposits, and our $2.9 billion of new deposits raised in the quarter were essential in funding our $5.2 billion of total originations and $2.8 billion in net loan growth in the most cost effectively.

我們持續充分利用銀行牌照的優勢，推動貸款和金融服務業務實現更大的經濟效益。隨著我們資產負債表上低成本存款的成長，這導致了強勁的淨利息收入和連續的淨利差擴張。截至第三季末，我們超過 65% 的貸款由存款提供資金，本季籌集的 29 億美元新存款對於為我們 52 億美元的總發放資金和 28 億美元的淨貸款成長提供資金至關重要。有效地。

Our lending capacity remains robust with over $27 billion in total capacity to fund loans and meet liquidity needs, which includes our $15.7 billion of deposits, $3 billion of equity capital and over $8.4 billion of warehouse capacity. Lastly, the bank contributes to strong growth in SoFi Money products, high-quality deposits and great levels of engagement. This has led to higher average account balances even as average spend has increased.

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 270 億美元，其中包括 157 億美元的存款、30 億美元的股本和超過 84 億美元的倉庫容量。最後，該銀行為 SoFi Money 產品的強勁成長、高品質的存款和高水準的參與度做出了貢獻。即使平均支出增加，這也導致平均帳戶餘額增加。

SoFi Money products have increased nearly 53% year-over-year to 3.1 million accounts. Given the quality of these members with a median FICO of 743 for our 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 account primacy, as expected, has had a significant impact on spending, which exceeded $1 billion in quarterly debit transactions volume, up 3.2x year-over-year and represents more than $5 billion of annualized debit transaction volume.

SoFi Money 產品帳戶數量年增近 53%，達到 310 萬個。鑑於這些會員的品質（我們的直接存款投資組合的 FICO 中位數為 743），我們看到了充足的交叉購買機會。超過50% 的新註資SoFi Money 帳戶在第30 天建立直接存款。正如預期的那樣，這種帳戶的首要地位對支出產生了重大影響，季度借記交易量超過10 億美元，同比增長3.2 倍— —年比，代表年化借方交易量超過 50 億美元。

Within Financial Services more broadly, net revenue grew 142% year-over-year and 21% sequentially to $118 million, driven by continued strong monetization within the segment which Chris will cover in more detail later. What is most impressive in the Financial Services segment is that we reached $3.3 million in contribution profit despite still spending significantly across money, credit card and invest.

在更廣泛的金融服務領域，淨收入年增142%，季增21%，達到1.18 億美元，這得益於該領域持續強勁的貨幣化，克里斯將在稍後對此進行更詳細的介紹。金融服務領域最令人印象深刻的是，儘管我們在貨幣、信用卡和投資方面仍大量支出，但貢獻利潤卻達到了 330 萬美元。

Moreover, the credit card and invest businesses are still in heavy investment mode, generating significant losses at a run rate of well over $100 million annually. As they scale acquisition in order to achieve variable profitability, they will eventually see positive contribution profit similar to how we delivered with SoFi Money.

此外，信用卡和投資業務仍處於重投資模式，每年產生遠超1億美元的重大損失。當他們擴大收購規模以實現可變盈利能力時，他們最終將看到積極的利潤貢獻，類似於我們透過 SoFi Money 實現的方式。

Selection is one of our key points of differentiation across our products. During Q3, we enabled our investment members to participate in 3 initial public offerings, including the Oddity IPO, the Instacart IPO and the Arm IPO. Providing retail investors access to IPOs at IPO prices, which was once unthinkable, is just another way we are working to help level the playing field for our members. This differentiation helps bring more people onto the platform while increasing brand awareness and member growth. We were delighted to see such high quality demand in these offerings and growth in our member base.

選擇是我們產品差異化的關鍵點之一。第三季度，我們讓投資會員參與了 3 次首次公開募股，包括 Oddity IPO、Instacart IPO 和 Arm IPO。為散戶投資者提供以 IPO 價格參與 IPO 的機會，這在過去是不可想像的，這是我們努力幫助我們的會員創造公平競爭環境的另一種方式。這種差異化有助於吸引更多人進入平台，同時提高品牌知名度和會員成長。我們很高興看到這些產品的高品質需求以及我們會員群的成長。

For our Technology Platform, full segment revenue of $89.9 million saw a slight acceleration in growth of 6% year-over-year. Importantly, as noted previously, we expect the year-over-year growth rate in Technology Platform revenue to continue to accelerate into Q4 with increased contribution from new partners to the platform along with greater product adoption among the existing partners. Tech Platform's overall diversified growth strategy includes growth in vertical segments such as B2B and traditional financial institutions, new products and geographies and a focus on partners with large existing customer bases with more durable revenue streams and growth prospects.

對於我們的技術平台，整個部門收入為 8,990 萬美元，年比小幅成長 6%。重要的是，如前所述，我們預計第四季度技術平台收入的同比增長率將繼續加速，因為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採用率提高。 Tech Platform 的整體多元化成長策略包括 B2B 和傳統金融機構等垂直領域的成長、新產品和地區的成長，以及對擁有大量現有客戶群、具有更持久收入流和成長前景的合作夥伴的關注。

In Q3, Tech Platform made significant strides against this strategy with the majority of new signed clients bringing existing customer bases and portfolios, which drives much faster time to revenue generation compared to a startup, along with a growing pipeline of joint opportunities selling combined Galileo and Technisys offerings into an expanded customer base.

在第三季度，Tech Platform 在這項策略上取得了重大進展，大多數新簽約客戶都帶來了現有的客戶群和產品組合，與新創公司相比，這大大加快了創收速度，同時銷售Galileo 和Galileo 的聯合機會也不斷增加。 Technisys 為擴大的客戶群提供產品。

The demand from traditional financial institutions and new categories is the most robust that we've seen. While the lead times for winning RFPs and ensuing integrations are long, measured in many quarters, not months, their transition to modern processing and modern cores is playing out in real time the way we envisioned it would.

來自傳統金融機構和新類別的需求是我們所見過的最強勁的。雖然贏得 RFP 和隨後整合的交付時間很長（以多個季度而不是幾個月來衡量），但它們向現代處理和現代核心的過渡正在按照我們預想的方式實時進行。

On the product side, we continue to build and ship a diverse range of products for multiple sectors. We launched a corporate credit solution, which is designed to modernize expense management in both financial and nonfinancial corporations by introducing a central account with a single credit limit.

在產品方面，我們繼續為多個行業製造和交付多樣化的產品。我們推出了企業信貸解決方案，旨在透過引入具有單一信用額度的中央帳戶來實現金融和非金融企業費用管理的現代化。

In addition, we've expanded our buy now, pay later offering to allow lenders to offer it as a form of working capital loans for the small business clients, a great example of the joint Galileo and Technisys capabilities. And third, Galileo powered experienced launch of an innovative debit card program that allows users to improve their credit scores.

此外，我們還擴大了「先買後付」服務，讓貸方以流動資金貸款的形式為小型企業客戶提供服務，這是 Galileo 和 Technisys 聯合能力的一個很好的例子。第三，伽利略推動了創新借記卡計畫的推出，使用戶能夠提高信用評分。

From a geographic perspective, we received Mastercard certification to provide our payment cards and processing services in 5 new LatAm countries. Additionally, we have continued to see great product updates and new stand-alone products such as our Payment Risk Platform product, which has recently been launched to the entire financial services ecosystem not just in existing Galileo clients as well as Konecta, our natural language AI-driven intelligent digital assistant, which provides faster resolution of customer contacts and reduced contacts per customer for our partners as well as SoFi.

從地理角度來看，我們獲得了萬事達卡認證，可以在 5 個新的拉丁美洲國家提供支付卡和處理服務。此外，我們繼續看到出色的產品更新和新的獨立產品，例如我們的支付風險平台產品，該產品最近已推出到整個金融服務生態系統，而不僅僅是現有的Galileo 客戶以及我們的自然語言AI Konecta - 驅動的智慧數位助理，為我們的合作夥伴以及 SoFi 提供更快的客戶聯繫解決方案並減少每個客戶的聯繫。

I'll finish here by saying how proud I am of the team's relentless ability to not just persevere through the disruption and volatility of the financial services industry in the first 2 quarters of the year, but to deliver record results. I could not feel more blessed by our great team's ability to execute and importantly, our more than 7 million members that have been so critical in making our vision of being a one-stop shop for all your financial needs become such an amazing reality.

最後，我要說的是，我對該團隊的不懈能力感到非常自豪，他們不僅堅持不懈地克服了今年前兩個季度金融服務業的混亂和波動，而且還取得了創紀錄的業績。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700 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驚人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，以審查本季的財務狀況和我們的前景。

Thanks, Anthony. Overall, we had a great quarter with strong growth trends across the entire business. We achieved record revenue and adjusted EBITDA despite operating in a rapidly evolving macro backdrop with 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.

謝謝，安東尼。總體而言，我們度過了一個出色的季度，整個業務呈現強勁的成長趨勢。儘管我們在快速發展的宏觀背景下運營，且金融服務業面臨明顯的阻力，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。

Unless otherwise stated, I'll be referring to adjusted results for the third quarter of 2023 versus third quarter of 2022. 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.

除非另有說明，否則我將指的是2023 年第三季與2022 年第三季的調整後結果。我們的GAAP 合併損益表和所有調節表可以在今天的收益發布和隨後的10-Q 申報中找到，這些報表將在下週提供。

For the quarter, top line growth remained strong as we delivered record adjusted net revenue of $531 million, up 27% year-over-year and 9% sequentially from the second quarter's record of $489 million. Adjusted EBITDA was $98 million at an 18% margin, also ahead of the prior record quarter at $77 million. This represented over 7 points of year-over-year and nearly 3 points of sequential margin improvement, demonstrating significant operating leverage across all functional expense lines.

本季度，營收成長依然強勁，調整後淨收入達到創紀錄的 5.31 億美元，年增 27%，比第二季度創紀錄的 4.89 億美元增長 9%。調整後 EBITDA 為 9,800 萬美元，利潤率為 18%，也高於上一季創紀錄的 7,700 萬美元。這意味著利潤率年增了 7 個百分點以上，季增了近 3 個百分點，顯示所有職能費用項目都具有顯著的營運槓桿。

In fact, sales and marketing declined as a percentage of adjusted net revenue for the fourth consecutive quarter with marketing intensity 349 basis points lower relative to Q3 '22. Overall, this resulted in a 48% incremental adjusted EBITDA margin year-over-year.

事實上，銷售和行銷佔調整後淨收入的百分比連續第四個季度下降，行銷強度比 22 年第三季低 349 個基點。總體而言，調整後 EBITDA 利潤率年增 48%。

If you look at marketing expense per new member, this quarter saw a 17% decline versus last quarter and a 32% decline versus the year-ago quarter. This is a function of increased monetization of our member base and investments made in all of our operating segments as well as continued improvement in marketing efficiency and success of our Financial Services productivity loop.

如果你看一下每位新會員的行銷費用，本季比上季下降 17%，比去年同期下降 32%。這是我們的會員基礎貨幣化程度的提高和我們所有營運部門的投資以及行銷效率的持續提高和我們的金融服務生產力循環的成功的結果。

Our GAAP net losses were $267 million this quarter. Excluding the onetime impairment expense of $247 million, net losses would have been $19.5 million, which is a $55 million improvement year-over-year. We saw notable year-over-year leverage in stock-based compensation with SBC dropping to 12% of adjusted net revenue versus 19% in the prior year period.

本季我們的 GAAP 淨虧損為 2.67 億美元。不包括 2.47 億美元的一次性減損費用，淨虧損將為 1,950 萬美元，年減 5,500 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 12%，而去年同期為 19%。

Our incremental GAAP net income margin would have been 48% for the quarter, excluding the onetime goodwill impairment expense. This is a noncash charge that has no impact on tangible book value, which grew by $68 million to $3.3 billion. We remain committed to achieving GAAP net income profitability in Q4 2023. In terms of GAAP EPS, our reported loss of $0.29 in when adjusted to exclude the onetime impairment expense would equate to a loss of $0.03.

不包括一次性商譽減損費用，本季我們的增量 GAAP 淨利率為 48%。這是一項非現金費用，對有形帳面價值沒有影響，有形帳面價值增加了 6,800 萬美元，達到 33 億美元。我們仍致力於在 2023 年第四季實現 GAAP 淨利。就 GAAP 每股盈餘而言，我們報告的虧損 0.29 美元，經調整以排除一次性減損費用後，相當於虧損 0.03 美元。

Now on to the segment level performance, where we saw a strong year-over-year growth across all three segments. In Lending, third quarter asset net revenue grew 15% year-over-year to $342 million. Results were driven by a 90% year-over-year growth in our net interest income, while net interest income was down 51%. Growth in net interest income was driven by 113% year-over-year increase in average interest-earning assets and a 244 basis point year-over-year increase in average yields, resulting in an average net interest margin of 5.99% for the quarter, which is a 13-basis-point expand year-over-year and importantly, a 25-basis-point expansion versus Q2 2023.

現在來看看細分市場的表現，我們看到所有三個細分市場都實現了強勁的同比增長。在貸款業務方面，第三季資產淨收入年增 15%，達到 3.42 億美元。業績的推動因素是我們的淨利息收入年增 90%，而淨利息收入卻下降了 51%。淨利息收入成長得益於平均生息資產年增113%以及平均收益率同比增長244個基點，導致本季度平均淨息差為5.99% ，同比增長13 個基點，重要的是，與2023 年第二季度相比，成長了25 個基點。

I'd also highlight our $2.9 billion of deposit growth in the quarter compared to the $2.8 billion of net loan growth on the balance sheet period-over-period. With 219 basis points of cost savings between our deposits and 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，本季我們的存款增加了 29 億美元，而資產負債表上的貸款淨成長為 28 億美元。我們的存款和倉庫設施之間的成本節省了 219 個基點，這為我們的淨利差帶來了有意義的好處，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。

We expect to maintain very healthy net interest margin as a result of two things: first, the mix of funding will continue to move toward deposit funding, which is currently north of 60%; and second, we will continue to pass on benchmark rate increases for new loan originations.

我們預期淨利差將維持在非常健康的水平，原因有二：首先，資金結構將繼續轉向存款資金，目前已超過 60%；其次，我們將繼續提高新貸款基準利率。

On the noninterest income side, Q3 originations grew 48% year-over-year to $5.2 billion, and were driven by strong performance from all three products, even as we continued our unrelenting focus of underwriting against our stringent credit standards. We saw record volumes in our personal loans business which grew 38% year-over-year and 4% sequentially to $3.9 billion.

在非利息收入方面，儘管我們繼續堅持嚴格的信貸標準，堅持不懈地專注於承保，但第三季度的貸款額同比增長 48% 至 52 億美元，這得益於所有三種產品的強勁表現。我們的個人貸款業務量創下歷史新高，年增 38%，季增 4%，達到 39 億美元。

Our student loans business saw origination volume double year-over-year and grew notably on a sequential basis to $919 million ahead of the resumption of payments. Home loans grew by 64% year-over-year and 46% sequentially. And this growth despite continued headwinds from the current rate environment, stems from the early benefits of the integration of Wyndham Capital, which has allowed us to add deep fulfillment expertise into our tech stack and better fulfill member demand.

我們的學生貸款業務的發放量比去年同期翻了一番，並且在恢復付款之前環比顯著增長至 9.19 億美元。房屋貸款年增 64%，季增 46%。儘管當前利率環境持續存在阻力，但這種成長源於溫德姆資本整合的早期好處，這使我們能夠將深厚的履行專業知識添加到我們的技術堆疊中，並更好地滿足會員需求。

In the third quarter, we sold portions of our personal loan and home loans portfolio. In terms of in-period sales execution levels, we sold personal loans at an execution level of 105.1% and we sold home loans at a weighted average execution level of 100.2%. In addition, last week, we executed a $100 million sale of personal loans at a 105.1% execution to the same partner who purchased personal loans in Q3, and we agreed to terms with that same partner for a $2 billion forward flow agreement at similar execution levels.

第三季度，我們出售了部分個人貸款和房屋貸款組合。從期內銷售執行水準來看，個人貸款銷售執行水準為105.1%，房屋貸款銷售加權平均執行水準為100.2%。此外，上週，我們以105.1% 的執行率向第三季購買個人貸款的同一合作夥伴出售了1 億美元的個人貸款，並且我們以類似的執行方式與該合作夥伴就20 億美元的遠期流動協議達成了條款。水平。

We are also in the market, including in discussions with funds and accounts managed by BlackRock with respect to a $375 million securitization at favorable execution levels, and that is expected to close mid-November. Our personal loan borrowers' weighted average income is $167,000 with a weighted average FICO score of 744. Our student loan borrowers weighted average income is $180,000 with a weighted average FICO of 781.

我們也在市場上，包括與 BlackRock 管理的基金和帳戶就 3.75 億美元的證券化事宜以有利的執行水平進行討論，預計將於 11 月中旬完成。我們的個人貸款借款人的加權平均收入為 167,000 美元，加權平均 FICO 分數為 744。我們的學生貸款借款人的加權平均收入為 180,000 美元，加權平均 FICO 分數為 781。

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 48 basis points in Q3 '23 while our annualized personal loan charge-off rate was 3.44%. Our on-balance sheet 90-day student loan delinquency rate was 14 basis points in Q3 '23, while our annualized student loan charge-off rate was 38 basis points. We continue to expect very healthy performance relative to broader industry levels. The Lending business delivered $204 million of contribution profit at a 60% margin, up from $181 million a year ago, which represented a 61% margin.

我們的資產負債表內拖欠率和沖銷率保持健康，仍低於新冠疫情前的水平。 2023 年第三季度，我們的表內 90 天個人貸款拖欠率為 48 個基點，而年化個人貸款沖銷率為 3.44%。 2023 年第三季度，我們的資產負債表內 90 天學生貸款拖欠率為 14 個基點，而年化學生貸款沖銷率為 38 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。貸款業務以 60% 的利潤率交付了 2.04 億美元的利潤，高於一年前 1.81 億美元的利潤率（61%）。

Shifting to our Tech Platform, where we delivered record net revenue of $90 million in the quarter, up 6% year-over-year and 3% sequentially. Annual revenue growth was driven primarily by Galileo account growth to $137 million in total. The segment delivered a contribution profit of $32 million, representing a 36% margin, up significantly quarter-over-quarter as we leverage investments made to integrate Galileo and Technisys and to position the segment for higher rates of diversified durable growth going forward. We expect the Technology Platform segment revenue to see an acceleration in Q4 with ongoing strong margins as we leverage prior investments.

轉向我們的技術平台，本季我們實現了創紀錄的淨收入 9,000 萬美元，年增 6%，季增 3%。年收入成長主要是由 Galileo 帳戶成長推動的，總計達到 1.37 億美元。該部門貢獻利潤為 3,200 萬美元，利潤率為 36%，環比大幅增長，原因是我們利用整合 Galileo 和 Technisys 的投資，並使該部門未來實現更高的多元化持久增長。我們預計，由於我們利用先前的投資，技術平台部門的收入將在第四季度加速成長，利潤率持續強勁。

Moving on to Financial Services, where net revenue of $118 million increased 142% year-over-year, with new all-time high revenue for SoFi Money and Invest and continued strong contributions from SoFi Credit Card and lending as a service. Overall monetization continues to improve, with annualized revenue per product of $53, up 61% year-over-year versus $33 in Q3 '22, and up nearly 8% sequentially, driven by higher deposits and member spending levels in SoFi Money, greater AUM and monetizable features in SoFi Invest and stability within SoFi Credit Card spend.

接下來是金融服務，淨收入為 1.18 億美元，年增 142%，SoFi Money 和 Invest 營收再創新高，SoFi 信用卡和貸款即服務的持續強勁貢獻。整體貨幣化持續改善，每產品年化營收為53 美元，與2022 年第三季的33 美元相比，年增61%，季增近8%，這得益於SoFi Money 存款和會員支出水準的提高以及AUM 的提高SoFi Invest 的貨幣化功能以及 SoFi 信用卡支出的穩定性。

We reached 8.9 million Financial Services products in the quarter, which is up 50% year-over-year, and we saw record product adds, with 957,000 new products in the segment. We hit nearly 3.1 million products in SoFi Money, 2.5 million in SoFi Invest and 3 million in Relay. For the first time, this segment reached positive contribution profit at $3.3 million for the quarter, and we continue to expect positive contribution in the segment in Q4 '23 and beyond. This is while we continue to invest aggressively against ample opportunities to rapidly grow this operating segment with attractive returns.

本季我們的金融服務產品達到 890 萬種，年增 50%，我們看到了創紀錄的產品增加，該領域新增產品達到 957,000 種。我們在 SoFi Money 中推出了近 310 萬種產品，在 SoFi Invest 中推出了 250 萬種產品，在 Relay 中推出了 300 萬種產品。該部門本季首次實現了 330 萬美元的正貢獻利潤，我們繼續預計該部門在 23 年第 4 季及以後將做出積極貢獻。同時，我們繼續積極投資，抓住充足的機會，以可觀的回報快速發展這個業務部門。

Switching to our balance sheet, where we remain very well capitalized with ample cash and liquidity. Now more than ever, SoFi Bank 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 Q3, assets grew by $2.4 billion as a result of strong growth in both student and personal loans. On the liability side of the balance sheet, we continued strong growth in deposits, reaching $15.7 billion, up $2.9 billion sequentially versus $2.7 million in the prior quarter and $2.7 billion in Q1.

轉向我們的資產負債表，我們的資本充足，擁有充足的現金和流動性。現在，SoFi Bank 比以往任何時候都更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以及相對於其他融資來源更低的資本成本。第三季度，由於學生貸款和個人貸款的強勁增長，資產增長了 24 億美元。在資產負債表的負債方面，我們的存款持續強勁成長，達到 157 億美元，比上一季的 270 萬美元和第一季的 27 億美元連續增加 29 億美元。

Important to note that deposit growth outpaced loan growth for the third consecutive quarter, resulting in more efficient funding costs and a lower reliance on warehouse lines as we ramp the portion of loans that are funded by deposits versus other sources of capital. Because of this, we exited the quarter with $4 billion drawn on our $8.4 billion of warehouse facilities. This further highlights our strong liquidity position particularly in this market.

值得注意的是，存款成長連續第三個季度超過貸款成長，隨著我們相對於其他資本來源增加存款資助的貸款比例，從而提高融資成本並降低對倉庫線的依賴。因此，在本季結束時，我們從 84 億美元的倉庫設施中提取了 40 億美元。這進一步凸顯了我們強大的流動性狀況，尤其是在這個市場上。

In terms of our regulatory capital ratios, our total capital ratio of 14.5% as of the end of the quarter remains comfortably above the regulatory minimum of 10.5%. 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.

就我們的監管資本比率而言，截至本季末，我們的總資本比率為 14.5%，仍遠高於 10.5% 的監管最低水準。在過去的 12 個月裡，我們展示了擁有多元化高成長收入來源、多種具有成本效益的資本來源、對承保高品質信貸以及高度營運槓桿的好處。擴大業務規模。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。

For the full year of 2023, we now expect to deliver revenue of $2.045 billion to $2.065 billion, above our prior guidance of $1.974 billion to $2.034 billion and full year 2023 EBITDA of $386 million to $396 million, above our prior guidance of $333 million to $343 million.

對於2023 年全年，我們預計將實現收入20.45 億美元至20.65 億美元，高於我們先前指導的19.74 億美元至20.34 億美元，2023 年全年EBITDA 為3.86 億美元至3.96 億美元，高於我們先前指引的3.33 億美元至3.96 億美元。3.43 億美元。

For the full year, this represents 33% to 34% adjusted net revenue growth, 19% adjusted EBITDA margin and a 48% incremental adjusted EBITDA margin, meaning we expect to drop 48% of all incremental revenue to the bottom line, despite growing at more than 30%. In terms of depreciation and amortization and stock-based compensation expense, we expect mid- to high single-digit percentage increases in the fourth quarter relative to the third quarter results.

就全年而言，這意味著調整後淨收入增長33％ 至34％，調整後EBITDA 利潤率19％，調整後EBITDA 利潤率增量48％，這意味著我們預計所有增量收入的48％會下降到底線，儘管成長超過30%。就折舊和攤銷以及基於股票的薪酬費用而言，我們預計第四季度相對於第三季度業績將出現中高個位數百分比增長。

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

那麼，就讓我們開始問答吧。

(Operator Instructions) Our first question today comes from Andrew Jeffrey of Truist.

（操作員說明）今天我們的第一個問題來自 Truist 的 Andrew Jeffrey。

I wanted to ask about the decision to sell some personal loans, sort of how you arrive at the decision as to which loans you sell. And you've got great execution in the quarter. Could you compare that to the marks or the assumptions for those loans that you continue to hold on the balance sheet?

我想詢問出售一些個人貸款的決定，以及您如何做出出售哪些貸款的決定。本季您的執行力非常出色。您能否將其與您繼續在資產負債表上持有的那些貸款的分數或假設進行比較？

Yes, sure. Thanks for the question. So what I would say here is that we've really built a nice high-quality balance sheet that's generating net interest income that's nearly 2x the costs of our directly attributable expenses to that segment now despite cutting credit and driving up quality of our loans, we are still and will continue to see a lot more opportunity to originate more high-quality loans. So selling at these attractive prices at the 105.1%, that I mentioned, plus having the opportunity to originate more is optimal at this point.

是的，當然。謝謝你的提問。因此，我在這裡要說的是，儘管我們削減了信貸並提高了貸款質量，但我們確實建立了一個良好的高質量資產負債表，產生的淨利息收入幾乎是我們直接歸屬於該部門的支出成本的兩倍，我們仍然並將繼續看到更多的機會來發放更多高品質的貸款。因此，以我提到的 105.1% 的有吸引力的價格出售，再加上有機會創造更多，在這一點上是最佳選擇。

In terms of how the execution compares to where the loans are marked on the book, we sold that 105.1%, and the book is marked at 104.0%, which is down 10 basis points quarter-over-quarter despite the weighted average coupon on the overall portfolio increasing.

就執行情況與帳簿上標記的貸款情況進行比較而言，我們出售了 105.1%，帳面標記為 104.0%，儘管加權平均票面利率環比下降了 10 個基點整體投資組合不斷增加。

Our next question comes from John Hecht of Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的約翰·赫克特 (John Hecht)。

I'm just wondering, you've got a resumption of growth in student lending demand, you're still growing the other products, too. I'm kind of -- I'm wondering, how do we think about kind of mix at the bank and the NIM at the bank over the next few quarters as the -- particularly as the student lending reverses to normal demand sequences?

我只是想知道，學生貸款需求恢復成長，其他產品也在成長。我有點想知道，我們如何看待未來幾季銀行和銀行淨利差的混合，特別是當學生貸款逆轉到正常需求順序時？

Yes, it's definitely going to play in our favor. The way I think about it is we have a pretty good hand in how we allocate capital. And we're going to allocate the capital based on what's going to give us the best balanced returns. As Chris mentioned, we've grown the balance sheet really well over the last 2 years since having the bank, it's generating an impressive amount of net interest income. It's more than covering our cost there.

是的，這肯定會對我們有利。我的想法是，我們在如何分配資本方面掌握得很好。我們將根據能為我們帶來最佳平衡回報的方式來分配資本。正如克里斯所提到的，自從擁有這家銀行以來，過去兩年我們的資產負債表成長得非常好，它產生了令人印象深刻的淨利息收入。這不僅僅是我們在那裡的費用。

In the quarter, you saw that we drove 67% of our growth in absolute dollars from nonlending, from the Tech Platform and from Financial Services. I think you should expect that type of trend to continue in that it's balanced or skewed more towards nonlending.

在本季度，您會發現我們 67% 的絕對美元成長來自非貸款、科技平台和金融服務。我認為你應該預期這種趨勢會持續下去，因為它是平衡的或更多地偏向非貸款。

As we think about our balance sheet and we think about the student loan business in particular, what I'd say is we saw exactly the trend that we expected in student loans in the quarter, which was a slight bump relative to where we've been in the past. We don't expect to see a step function change in student loan originations for a couple of reasons.

當我們考慮我們的資產負債表，特別是學生貸款業務時，我想說的是，我們看到了本季度學生貸款的預期趨勢，相對於我們之前的情況略有上升已經過去了。基於以下幾個原因，我們預期學生貸款發放的階躍函數不會改變。

One, I think student loan borrowers -- federal student loan borrowers are refinancing for the 2 reasons we mentioned, one is savings specifically in cost relative to their current rate and getting a lower rate, and then others that are looking to lower their monthly payment, some of which are doing that at actually a higher rate than they are today. And so we think that will be a slow, steady climb as people hit each month of having to pay their bill.

一，我認為學生貸款借款人——聯邦學生貸款借款人進行再融資的原因有兩個，一是相對於當前利率而言，特別是節省成本並獲得較低的利率，二是其他希望降低每月還款額的人，其中一些公司的速度實際上比現在更高。因此，我們認為，隨著人們每個月都必須支付帳單，這將是一個緩慢而穩定的攀升。

The second factors are decisions. We're going to be very prudent in how we allocate capital to maximize returns. And now that we have 4 effective loan platforms to allocate that capital to, it will really be driven by the opportunity, before being home loans, in school loans, in school student loans, student loan refinancing and then personal loans.

第二個因素是決策。我們將非常謹慎地分配資本以實現回報最大化。現在我們有 4 個有效的貸款平台來分配資金，這將真正受到機會的驅動，然後是房屋貸款、學校貸款、學校學生貸款、學生貸款再融資，然後是個人貸款。

The other thing I would just mention is that we did see an acceleration in growth in the Technology Platform. The pipeline there is pretty visible and it's the most robust that I've seen. It will take quarters to answer RFPs, not months and to integrate partners. But we made the transition of that business over a year ago, and we'll start to anniversary, the tougher comps in Q4, and we'll see an acceleration in that business as well.

我要提到的另一件事是，我們確實看到了技術平台的加速成長。那裡的管道非常明顯，是我見過的最堅固的。答覆 RFP 需要幾個季度（而不是幾個月）並整合合作夥伴。但我們一年多前就完成了該業務的轉型，我們將開始週年紀念，第四季度的競爭更加激烈，我們也將看到該業務的加速。

So really strong prospects in Tech Platform, great trends in Financial services. So think about SLR and PL being additive to growth, not the driver of growth as we go into '24.

科技平台的前景確實很強勁，金融服務也有很大的趨勢。因此，當我們進入 24 世紀時，請考慮 SLR 和 PL 對成長的促進作用，而不是成長的驅動力。

And then the only other thing I would add, John, in terms of the actual NIM margins specifically, we are expecting those to remain very healthy throughout the remainder of the year, but we are taking a bit of a conservative approach, and that's what's currently embedded in our guidance. The reason for that is obviously, as a result of increases in cost of funds and various pricing strategies as well as a mix shift into student loan refinancing.

然後，約翰，我要補充的唯一一件事是，具體而言，就實際淨利差利潤率而言，我們預計這些利潤率在今年剩餘時間內將保持非常健康的水平，但我們正在採取保守的做法，這就是目前已納入我們的指南中。原因顯然是資金成本的增加和各種定價策略以及向學生貸款再融資的混合轉變的結果。

Our next question today comes from Dan Dolev of Mizuho.

今天我們的下一個問題來自瑞穗銀行的 Dan Dolev。

Terrific results. Really, really strong. I just have one question. We're at the end of October now. Can you maybe talk about overall trends, consumer health, everything you're seeing into the fourth quarter? There's obviously a lot of debate out there in terms of the overall health of the consumer. I'm sure you're seeing a lot of it, so I would appreciate some comments on that in your business.

非常棒的結果。真的真的很強。我只有一個問題。我們現在已經十月底了。您能否談談整體趨勢、消費者健康以及您在第四季度看到的一切？顯然，就消費者的整體健康而言，存在著許多爭論。我相信您已經看到了很多這樣的情況，所以我希望您能就此發表一些評論。

Sure. First, I'd like to caveat on my comments with the fact that we are relatively unique and that we're a secular grower, not a cyclical grower at this point. Yes, there are cycles in some of our businesses, but the vast majority of our growth is us taking market share from existing incumbents as opposed to an indication of the economy or the economic cycle, so secular growth to driving force.

當然。首先，我想對我的評論提出警告，因為我們相對獨特，而且我們是一個長期種植者，目前不是周期性種植者。是的，我們的一些業務存在周期，但我們的成長絕大多數是從現有企業手中奪取市場份額，而不是經濟或經濟週期的指標，因此長期成長是驅動力。

That said, we continue to see really strong demand for our products and really strong consumer trends. And SoFi Money, we're seeing balances increase on a per-account basis, not just new accounts adding to our deposits. We're also seeing increased spending on a per-account basis, not just because we're adding new accounts. And so those are 2 positive underlying trends.

也就是說，我們繼續看到對我們產品的強勁需求和強勁的消費趨勢。而 SoFi Money，我們看到每個帳戶的餘額都在增加，而不僅僅是新帳戶增加了我們的存款。我們還看到每個帳戶的支出增加，而不僅僅是因為我們添加了新帳戶。這是兩個積極的潛在趨勢。

We've also seen the quality of our deposits remain strong. 90% of our deposits are from direct deposit customers and 98% are insured deposits, which means they're not just high quality, but they're diversified. In addition to that, our Invest business continues to benefit from the growth of our member base overall and cross buying, and we see nice trends there from an assets-under-management standpoint.

我們也看到我們的存款品質依然強勁。我們90%的存款來自直接存款客戶，98%是保險存款，這意味著它們不僅品質高，而且多元化。除此之外，我們的投資業務繼續受益於我們會員群整體成長和交叉購買，從資產管理的角度來看，我們看到了良好的趨勢。

As it relates to loans, we're seeing unprecedented demand for unsecured personal loans. And obviously, we saw an uptick in student loan refinancing. I think the student loan refinancing trend will -- that we report will be more driven by what we decide to underwrite than the actual demand. And I think you can say the same for our personal loans which has been the case for the last 2 years. We continue to reduce the credits that we're willing to improve, and we're seeing continued strong demand even in higher credits and higher quality.

就貸款而言，我們看到對無擔保個人貸款的需求前所未有。顯然，我們看到學生貸款再融資增加。我認為，我們報告的學生貸款再融資趨勢將更多地受到我們決定承保的內容的驅動，而不是實際需求的驅動。我想你也可以對我們過去兩年的個人貸款說同樣的話。我們繼續減少我們願意改善的信用，我們看到即使在更高的信用和更高的品質方面，需求也持續強勁。

And so Chris, would you add anything to that?

克里斯，你能補充點什麼嗎？

No.

不。

Thank you, Dan.

謝謝你，丹。

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

我們的下一個問題來自美國銀行的 Mihir Bhatia。

I wanted to ask about the Technology segment. We saw a nice uptick in the contribution margin there this quarter. And I wanted to ask a couple of questions there. Just wanted to get some more details. A is like in the -- what drove the uptick in Galileo accounts this quarter? And then on the contribution margin side, is a big investment period in that segment done at this point? Like what -- where should you expect segments to trend? And as you grow internationally, is there a difference in the revenue or margin profile between a U.S. account or a Latin American account that we should be just keeping in mind as we think about modeling this business out over the next few years?

我想問一下科技領域的情況。我們看到本季貢獻利潤率大幅上升。我想在那裡問幾個問題。只是想了解更多細節。 A 就像－是什麼推動了本季伽利略帳戶的成長？然後在邊際貢獻方面，此時該細分市場是否已完成大投資期間？就像什麼——您應該期望細分市場的趨勢在哪裡？隨著您的國際化發展，美國帳戶和拉丁美洲帳戶之間的收入或利潤狀況是否存在差異，我們在考慮未來幾年的業務建模時應該牢記這一點？

Thank you for your question. And I'll talk about the overall trends in terms of demand and account growth, and Chris will talk about the leverage that we're getting there and where we are in an investment cycle, which we've talked about in the last couple of years.

謝謝你的問題。我將討論需求和帳戶成長的整體趨勢，克里斯將討論我們所達到的槓桿作用以及我們在投資週期中的位置，我們在過去的幾年中已經討論過年。

The demand within the Technology Platform is as robust as we've seen. Strategically, we pivoted away about a year, 1.5 years ago from signing up a high number of accounts each quarter that would have a low volume to focusing on larger customers that were more durable and that could not just survive in the financial -- economic cycle, but that also could be durable through the lack of financing in the private market.

技術平台內的需求正如我們所看到的那樣強勁。從戰略上講，大約一年，1.5年前，我們從每個季度註冊大量但交易量較低的帳戶轉向專注於更持久、不能僅僅在金融經濟週期中生存的大客戶。 ，但由於私人市場缺乏融資，這種情況也可能會持續下去。

In addition to focusing on larger customers that are more durable, we started to build out other verticals such as the B2B channel with the products that we have, they serve both B2C companies and B2B companies. In addition to that, we focused on nonfinancial institutions that have large customer bases and financial institutions that do have large customer bases as well but get to time to revenue much faster.

除了專注於更持久的大客戶之外，我們還開始利用我們現有的產品建立其他垂直領域，例如 B2B 管道，他們為 B2C 公司和 B2B 公司提供服務。除此之外，我們也專注於擁有大量客戶群的非金融機構和擁有大量客戶群但實現收入速度更快的金融機構。

We'll start to see the benefits of that slowly, gradually hit the revenue number over the next 18 to 24 months. It won't be a step function. I don't want to mislead anybody there, but it will be a nice, steady climb on a nice steady slope.

我們將開始看到在接下來的 18 到 24 個月內慢慢、逐漸達到收入數字的好處。它不會是階躍函數。我不想誤導那裡的任何人，但這將是在一個漂亮穩定的斜坡上的一次愉快而穩定的攀登。

The results of our strategic switch are really paying dividends. And right now, we're in RFP stages with a number of large financial institutions. We've actually won a regional bank deal, that's one component of a larger piece of their business that will come on over the next 18 to 24 months. But the pipeline is very strong in both financial institutions, incumbent banks and nonfinancial institutions as well as B2B. And so the growth prospects that we're expecting there really started to come through in a much bigger way as many institutions are under pressure to upgrade their technology and to go after new growth opportunities.

我們的策略轉變的結果確實帶來了紅利。目前，我們正與許多大型金融機構進行 RFP 階段。我們實際上已經贏得了一項區域銀行交易，這是他們將在未來 18 到 24 個月內開展的更大業務的一部分。但金融機構、現有銀行、非金融機構以及 B2B 領域的管道都非常強大。因此，我們預期的成長前景確實開始以更大的方式實現，因為許多機構面臨升級技術和尋求新成長機會的壓力。

I'll let Chris talk about the expenses.

我會讓克里斯談談費用。

Yes. In terms of the declining attributable costs as well as the margin expansion that we saw at 36%, this is part in due to realizing the benefits of early investments that we've made in these businesses to push technological and product development and to integrate the two platforms. In addition, Q2 was elevated as a result of a few onetime items, including FX and country-related taxes. And then in Q3, we benefited from lower comp and benefits as a result of maxing out on payroll taxes for the year and a few other onetime items.

是的。就歸屬成本的下降以及我們看到的 36% 的利潤率擴張而言，這部分是由於我們認識到了我們在這些業務中進行的早期投資的好處，這些投資旨在推動技術和產品開發，並整合兩個平台。此外，由於一些一次性項目（包括外匯和國家相關稅收），第二季度有所上升。然後在第三季度，由於今年工資稅和其他一些一次性項目的支出最大化，我們受益於較低的薪資和福利。

As far as the margin profile looking ahead, you can expect continued strong margin performance as we've already made so many investments to integrate the 2 businesses and positioned the combined entity to leverage demand from a broader mix of clients with more durable revenue streams. Overall, we're expecting margins to be in the upper 20s to 30% in the near term.

就未來的利潤率狀況而言，您可以預期持續強勁的利潤率表現，因為我們已經進行了大量投資來整合這兩個業務，並將合併後的實體定位為利用更廣泛的客戶群的需求和更持久的收入流。總體而言，我們預計近期利潤率將在 20% 至 30% 之間。

Our next question comes from Kevin Barker of Piper Sandler.

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

I just wanted to follow up on some of the movements on the balance sheet, particularly the loan sales. We saw capital ratios come down a bit, but it seems like this $2 billion forward flow agreement will release some of that. And also tangible equity grew $68 million. Just given these factors, where do you expect capital ratios to drift over the next couple of quarters, particularly if we start to see a larger amount of loans come off the balance sheet due to forward flow agreements?

我只是想跟進資產負債表上的一些變動，特別是貸款銷售。我們看到資本比率有所下降，但看來這項 20 億美元的遠期資金流動協議將釋放其中的一部分。有形資產也成長了 6,800 萬美元。考慮到這些因素，您預計未來幾季的資本比率會發生什麼變化，特別是如果我們開始看到由於遠期流動協議而導致大量貸款從資產負債表上消失的話？

Kevin, so our total capital ratio, you'll see in the disclosures is 14.5%, that's 400 basis points above our 10.5% regulatory minimum. We aren't currently providing a specific outlook in that ratio, but what I would say is that there are a number of tailwinds that will help bolster our capital ratios.

凱文，您在披露的資訊中會看到我們的總資本比率是 14.5%，比我們 10.5% 的最低監管水準高出 400 個基點。我們目前沒有提供該比率的具體前景，但我想說的是，有許多有利因素將有助於提高我們的資本比率。

First, we have a growing book value -- we've been growing book value for the last 5 quarters in a row and expect to sustain going forward, particularly as we reach GAAP profitability in Q4. As you mentioned, $68 million of tangible book value growth this past quarter and $171 million over the course of the last 12 months.

首先，我們的帳面價值不斷增長——過去五個季度我們的帳面價值連續增長，並預計未來將持續增長，特別是當我們在第四季度達到公認會計準則盈利能力時。正如您所提到的，上個季度的有形帳面價值成長了 6,800 萬美元，過去 12 個月的有形帳面價值成長了 1.71 億美元。

Second, we have a robust demand and pipeline of loan buyers, that's solid execution levels. As I mentioned in my prepared remarks, we are selling $475 million in Q4 at a favorable execution. And we have a $2 billion forward flow lined up at favorable execution.

其次，我們擁有強勁的貸款買家需求和管道，這是堅實的執行水準。正如我在準備好的發言中提到的，我們在第四季以有利的執行方式出售了 4.75 億美元。我們擁有 20 億美元的遠期資金，且執行良好。

And then third, the size of our loan book and the relatively short duration of personal loans, in particular, the amortization on a quarterly basis is quite material now. Between our personal loans business and the student loan refinancing business in quarter 3, amortization or paydowns was $2 billion or $8 billion on an annualized basis. So those 3 factors combined are going to enable us to continue to originate high-quality loans while maintaining healthy capital ratios.

第三，我們的貸款規模和個人貸款期限相對較短，特別是按季度攤提現在相當重要。第三季我們的個人貸款業務和學生貸款再融資業務之間的攤銷或還款額按年化計算為 20 億美元或 80 億美元。因此，這三個因素結合起來將使我們能夠繼續發放高品質的貸款，同時保持健康的資本比率。

The only other thing I'd add, Kevin, is in the call, I mentioned the fact that some of our financial services business are still in an aggressive mode of investing, and they haven't rescaled yet the way the Money business has as some of our other businesses within the Financial Services segment. I mentioned that on an annualized basis, we're losing well over $100 million in a couple of those businesses. That's a discretionary expense that we could decide to be more conservative on and drive to profitability faster.

凱文，我唯一要補充的是，在電話中，我提到了這樣一個事實，即我們的一些金融服務業務仍處於積極的投資模式，而且它們尚未像貨幣業務那樣重新調整規模。我們金融服務領域的一些其他業務。我提到過，按年化計算，我們其中幾項業務的損失遠遠超過 1 億美元。這是一項可自由支配的費用，我們可以決定更保守並更快地獲利。

The scale that we have in our member base now at over 7 million members really gives us a significant opportunity just to market to our own members in a bigger way to help them get their money right with additional products and services that meet their needs based on the data that we have, and I can't underscore that enough. So that more than $100 million in losses from just 2 businesses annualized is also an opportunity if we need to go down that path as well.

我們目前擁有超過 700 萬會員，這確實為我們提供了一個重要的機會，以更大的方式向我們自己的會員進行行銷，幫助他們透過滿足他們需求的額外產品和服務來獲得資金。我們擁有的數據，我無法充分強調這一點。因此，如果我們也需要走這條路，那麼兩家企業年化損失就超過 1 億美元，這也是一個機會。

Our next question comes from Ashwin Shirvaikar of Citigroup.

我們的下一個問題來自花旗集團的 Ashwin Shirvaikar。

Congratulations on the quarter. I want to ask about member growth. And this is, I think, the first time in a very long time that we've seen a reacceleration in member growth, wanted to get down into what's driving that. Was that driven by particular member product combinations? Should we expect the sustenance of maybe a slightly higher level of member growth now? Any commentary there?

恭喜本季。我想問一下關於會員成長的問題。我認為，這是很長一段時間以來我們第一次看到會員成長重新加速，想要深入了解推動這一趨勢的因素。這是由特定的會員產品組合所驅動的嗎？我們現在是否應該期望會員成長水準能夠維持在略高的水準？有評論嗎？

We had a really strong quarter in member growth as well as product growth. We exceeded -- we set a record in member growth at over 700,000 and a record in product growth with more than 1 million for the first time. I mentioned on last quarter's call that we're starting to see and we're continuing to see this quarter, the compounding effects of everything working together across marketing and product as well as the experience and satisfaction, word of mouth. We've been focused on driving unaided brand awareness because it makes the rest of our marketing more efficient, as that goes up, our performance marketing has better performance and it's much more efficient.

我們的季度會員成長和產品成長都非常強勁。我們超越了——我們創下了會員成長超過 70 萬的記錄，並首次創造了超過 100 萬的產品成長記錄。我在上個季度的電話會議上提到，我們開始看到並且本季我們將繼續看到行銷和產品方面一切因素共同作用的複合效應，以及體驗和滿意度、口碑。我們一直專注於提高獨立的品牌知名度，因為它使我們的行銷的其餘部分更加高效，隨著品牌知名度的提高，我們的績效行銷將具有更好的績效，並且效率更高。

The second thing is as you scale your data and information, you're hopeful that you can increase marketing and maintain those levels of efficiency. And I'd say that's been the biggest shift this year, is that our marketing efficiencies have maintained as we spent more money but clearly, we're spending more dollars, but we're getting greater yield from what we're spending, and that's also a factor.

第二件事是，當您擴展數據和資訊時，您希望能夠增加行銷並保持這些效率水平。我想說這是今年最大的轉變，是我們的行銷效率隨著我們花費更多的錢而保持不變，但顯然，我們花了更多的美元，但我們從我們的支出中獲得了更大的收益，而這也是一個因素。

But the team has just done a great job of allocating 25% of our marketing to brand building, which drives our native brand awareness and efficiently spending the other 75% against performance marketing. And then cross-buying continues to be very positive, reinforcing our overall one-stop shop mentality.

但團隊剛完成了一項出色的工作，將 25% 的行銷分配給品牌建設，這提高了我們的本土品牌知名度，並有效地將其餘 75% 用於績效行銷。然後交叉購買繼續非常積極，強化了我們整體的一站式服務心態。

In terms of the outlook for member growth and product growth, what I'd say is we have largely been averaging in the 400,000 range for members. I wouldn't start assuming we're going to average over 600,000 or 700,000 today. I think you could start to focus on 500,000-plus members in a quarter and keep it with a 5 handle on it, and we'll see how the quarter goes and how we're doing overall.

就會員成長和產品成長的前景而言，我想說的是，我們的平均會員數量基本上在 40 萬範圍內。我不會開始假設今天我們的平均人數會超過 600,000 或 700,000。我認為您可以開始在一個季度內關注 500,000 多名會員，並將其保留在 5 個手柄上，我們將看到該季度的進展情況以及我們的整體表現如何。

We've really been focused on driving to profitability. And as we go into 2024, we haven't set our plans yet. So I wouldn't set this at a new level. It was an extraordinary quarter. Can we repeat this quarter? Yes, but I wouldn't plan on it. So I keep the outlook for members in the 500,000 range for now.

我們確實專注於推動獲利。進入 2024 年，我們還沒有製定計劃。所以我不會將其設置為一個新的水平。這是一個不平凡的季度。我們可以重複這個季度嗎？是的，但我不會有這個計劃。所以我目前將會員的前景維持在 50 萬範圍內。

The next question today comes from Jeff Adelson of Morgan Stanley.

今天的下一個問題來自摩根士丹利的傑夫阿德爾森。

So I think just looking at the guidance for the full year, it looks like 4Q '23, you're -- it looks like you're looking for something like a 28% to 32% revenue growth exit rate for the year. Just thinking through next year, I know it's early still, but if rates stay where they are at these elevated levels, is that a good number to be thinking about for next year? Or is there any reason it shouldn't stay where it is?

因此，我認為只要看看全年的指導，看起來就像 23 年第 4 季一樣，看起來你正在尋找 28% 到 32% 的年度收入成長退出率。想想明年，我知道現在還為時過早，但如果利率保持在目前的高水平，那麼明年這個數字值得考慮嗎？或者有什麼理由讓它不該留在原處嗎？

And how should we be thinking about the different revenue components? Should we be seeing continued strength in the NII, a little bit less in the fee income, maybe a little more in Tech Platform?

我們應該如何考慮不同的收入組成部分？我們是否應該看到國家資訊基礎設施持續走強，費用收入減少一點，技術平台收入可能增加一點？

And then, Chris, if I could just ask really quick on the $100 million of loans, I think you said you sold at 105.1%. Is that an unhedged or hedged number? And could you just maybe speak quickly to what those loans were? Were they more seasoned or more new originations?

然後，克里斯，如果我能快速詢問這 1 億美元的貸款，我想你說過你以 105.1% 的價格出售了。這是未對沖的還是對沖的數字？您能否快速談談這些貸款是什麼？它們是更老練還是更新？

Thanks for the question. The first thing I'd say is the opportunity we have to drive growth is significant. We can drive compounding growth for years, given how large these markets are and our low level of market share. What we choose to grow in 2024 will be a function of the environment as we get through the fourth quarter and where things sit in January.

謝謝你的提問。我要說的第一件事是，我們推動成長的機會是巨大的。考慮到這些市場的規模和我們的市場份額較低，我們可以推動多年的複合成長。我們選擇 2024 年的成長將取決於第四季的環境以及 1 月的情況。

So we've taken an approach that we give full year guidance at the beginning of the year after we report Q4, so we'll do that again and then we'll update you each quarter. So I don't want to dig into the details of 2024 because there's a lot left to be decided in '23 as well as in January.

因此，我們採取了一種方法，即在報告第四季度後在年初提供全年指導，因此我們將再次這樣做，然後我們將每個季度更新您的資訊。所以我不想深入研究 2024 年的細節，因為 23 年以及 1 月還有很多事情需要決定。

Clearly, the Fed has some tough decisions to make, and that could impact the year, so I don't want to make any assumptions on where rates are, especially using -- where they're flat versus where they could be up 25 or even 50 basis points as we start the new year. But suffice to say, the growth opportunities that are in front of us are quite significant, and we can use a lot of different levers that drive that growth.

顯然，聯準會需要做出一些艱難的決定，這可能會影響今年，所以我不想對利率水準做出任何假設，特別是使用利率持平的情況與可能上漲 25 或新年伊始，甚至會上漲 50 個基點。但可以說，我們面前的成長機會非常重要，我們可以使用許多不同的槓桿來推動成長。

The one thing I will say as we look into 2024, to reiterate what I said earlier, 67% of growth in absolute dollars in revenue year-over-year were from nonlending businesses. As you go into 2024, you should assume that personal loans and student loans will be additive to growth, not the drivers of growth. Our Technology Platform business and our Financial Services segment business will be the drivers of growth, and we'll supplement that on the Lending side. In addition to that, we're committed to GAAP profitability in the fourth quarter of 2023 and for the full year 2024. So those are 2 guideposts to think about.

在展望 2024 年時，我要說的一件事是，重申我之前所說的，絕對收入同比增長的 67% 來自非貸款業務。進入 2024 年，您應該假設個人貸款和學生貸款將成為成長的附加因素，而不是成長的驅動力。我們的技術平台業務和金融服務部門業務將成為成長的驅動力，我們將在貸款方面對其進行補充。除此之外，我們也致力於在 2023 年第四季和 2024 年全年實現 GAAP 獲利能力。因此，這是需要考慮的兩個指標。

And then the last I'd say is we're really focused on tangible book value growth on the trailing 12-month basis. In my remarks and then Chris', we talked about driving over $107 million of tangible book value growth, we're just getting started there. So that's another pillar you could think about.

最後我要說的是，我們真正關注的是過去 12 個月的有形帳面價值成長。在我和克里斯的演講中，我們談到了推動超過 1.07 億美元的有形帳面價值成長，我們才剛開始。所以這是你可以考慮的另一個支柱。

Yes. And then, Jeff, in terms of your question about the $100 million sale in Q4, that was at 105.1% on an unhedged basis. In terms of the actual pool of loans that we sold, we'll get into more details on loan sales in our next quarterly call, specifically as they relate to Q4. But what I would say is that it's generally reflective of the overall portfolio. This specific pool had slightly higher weighted average coupons than the average, but there are other offsetting inputs as well to it. So it's a blend, but we don't talk about the specific loan pools that we sell.

是的。然後，傑夫，就你關於第四季 1 億美元銷售額的問題而言，在未對沖的基礎上，該比率為 105.1%。就我們出售的實際貸款池而言，我們將在下一個季度電話會議中詳細介紹貸款銷售的更多細節，特別是與第四季度相關的貸款銷售細節。但我想說的是，它通常反映了整體投資組合。這個特定池的加權平均優惠券略高於平均優惠券，但也有其他抵消投入。所以這是一種混合，但我們不談論我們出售的特定貸款池。

The next question in the queue comes from Michael Ng of Goldman Sachs.

隊列中的下一個問題來自高盛的 Michael Ng。

I just have two questions, one for Anthony and one for Chris. First, Anthony, on just sales and marketing efficiency per new member, I wanted to follow up on an earlier question, which was just around that point. Anything you could tell us about -- in terms of like how sales and marketing new members become more efficient? Do you see continuing opportunities to drive efficiency and effectiveness there?

我只有兩個問題，一問安東尼，一問克里斯。首先，安東尼，關於每個新會員的銷售和行銷效率，我想跟進之前的一個問題，就在那時。您能告訴我們什麼嗎—例如新會員的銷售和行銷如何變得更有效率？您認為那裡有持續提高效率和效益的機會嗎？

And then for Chris, I wanted to ask about the discount rate changes for personal loans and student loans relative to last quarter. I think the PL discount rate went up by 50 basis points, student loans went up by 40 basis points. Any color there in terms of that increase in the context of how benchmark rates have changed and any other key factors?

然後，克里斯，我想詢問個人貸款和學生貸款相對於上季度的貼現率變化。我認為 PL 貼現率上升了 50 個基點，學生貸款上升了 40 個基點。在基準利率如何變化以及任何其他關鍵因素的背景下，這種成長有什麼色彩嗎？

On the sales and marketing side, there are many factors that are driving efficiency, but I'm going to just focus on the big macro factor. There are others that are much more detail. Over the long term, as we drive our native brand awareness higher, all rest of the money that we spend will be more efficient. If people know the brand, if they trust the brand and we're a household brand name, the promotions we do will have a higher click-through rate, the conversion that we have to new customers and new products will also have a greater efficiency.

在銷售和行銷方面，有很多因素可以提高效率，但我將只專注於宏觀因素。還有其他更詳細的內容。從長遠來看，隨著我們提高本土品牌知名度，我們花費的所有其餘資金都會更加有效。如果人們知道這個品牌，如果他們信任這個品牌，而且我們是家喻戶曉的品牌，我們做的促銷活動會有更高的點擊率，我們對新客戶和新產品的轉換也會有更高的效率。

And so as we scale the business and scale down in brand awareness, those will be the two macro drivers. There many other factors in there, types of data and channels and additional technologies like artificial intelligence and other algorithms that we have and for retargeting, et cetera. But the biggest factor is going to be our native brand awareness and the scale that we have.

因此，當我們擴大業務規模並降低品牌知名度時，這將成為兩個宏觀驅動因素。其中還有許多其他因素，數據和管道的類型以及其他技術，例如人工智慧和我們擁有的用於重定向的其他演算法等。但最重要的因素是我們的本土品牌知名度和我們擁有的規模。

And then in terms of the underlying inputs of our marks and the discount rate moves specifically, I'll hit on both PL and SLR and some of the movements there. So in Q3, the fair market value mark on our PL loans decreased from 104.1% to 104.0%. So it was down 10 basis points. That was a function of the discount rate increasing by 50 basis points.

然後，就我們的標記的基本輸入和具體的折扣率變動而言，我將討論 PL 和 SLR 以及其中的一些變動。因此，在第三季度，我們的 PL 貸款的公平市值標記從 104.1% 下降至 104.0%。所以下跌了10個基點。這是折現率增加 50 個基點的函數。

Embedded in that discount rate assumption was that benchmark rates increased 17 basis points, that's a 2-year swap and then spread assumptions widened by about 33 points. And then we had CPRs increasing, and collectively, those were offset by a 20-basis-point increase in the weighted average coupon.

折現率假設中包含基準利率上升 17 個基點，即 2 年期掉期，然後利差假設擴大約 33 個基點。然後我們的 CPR 增加了，總的來說，這些增加被加權平均息票增加 20 個基點所抵消。

The one thing that's important to note in the personal loans business is that our actual CDR rates realized in Q3 were 3.44% versus an assumed 4.6% embedded in the marks. So that means what we're actually observing in terms of losses are about 116 basis points per year or 175 basis points over the life of the loan below what is actually embedded in the 104.0% mark.

在個人貸款業務中值得注意的一件事是，我們在第三季度實現的實際 CDR 利率為 3.44%，而標記中假設的 CDR 利率為 4.6%。因此，這意味著我們實際觀察到的損失約為每年 116 個基點，或在貸款期間減少 175 個基點，低於 104.0% 實際嵌入的水平。

And then within SLR, the fair market value mark of our student loans decreased from 101.9% to 101.4%, that was down 50 basis points. And that was a function of the discount rate increasing by 40 basis points. Our benchmark rates increased by about 35 basis points and then spread assumptions widened slightly. This was offset by a 30 basis point increase in WACC and prepayment rates ended up decreasing by about 10 basis points.

然後在 SLR 內，我們學生貸款的公平市價標記從 101.9% 下降至 101.4%，下降了 50 個基點。這是折現率增加 40 個基點的函數。我們的基準利率上升了約 35 個基點，然後利差假設略有擴大。這被 WACC 增加 30 個基點所抵消，預付款率最終下降了約 10 個基點。

Next in the queue, we have a question from Dominick Gabriele of Oppenheimer.

接下來，我們有來自奧本海默的多米尼克·加布里埃爾（Dominick Gabriele）的問題。

I was just curious about if the environment stays roughly the way it is today for demand for your product, on the origination side in particular, how should we be thinking about the current level of personal loans versus the current level of student loans? And I only ask because given where the quarter went, it feels like you could actually see an acceleration of revenue growth next year. And so I was just curious what -- how you're feeling about the demand for your products and the current level and market penetration rate that you have in these products.

我只是好奇，如果您的產品需求環境大致保持現狀，特別是在發起方面，我們應該如何考慮當前的個人貸款水平與當前的學生貸款水平？我之所以這麼問，是因為考慮到本季的情況，感覺你實際上可以看到明年營收成長的加速。所以我只是好奇您對產品的需求以及這些產品的當前水平和市場滲透率有何感受。

I can appreciate your enthusiasm. And if we wanted to accelerate revenue growth for next year, we absolutely could given how low our market share is in all these different businesses. But under this scenario where you have higher-for-longer, I think we all need to be realistic of what that means for the industry.

我很欣賞你的熱情。如果我們想加速明年的收入成長，考慮到我們在所有這些不同業務中的市佔率有多低，我們絕對可以。但在這種情況下，你的業績會持續更長的時間，我認為我們都需要現實地認識到這對產業意味著什麼。

The demand for our products and higher-for-longer, as you mentioned, will continue to be robust, and the opportunity for us to capture that will also be very strong. But we can't just think about SoFi, we also have to think about the other market participants. I do think higher-for-longer will absolutely put pressure on other financial companies that unlike SoFi, are not benefiting from growing deposits and that face notable interest rate risk because they either don't hedge or they lack the ability to pass on higher rates the way that we are able to.

正如您所提到的，對我們產品的需求以及更高、更長的時間將繼續強勁，我們抓住這一機會的機會也將非常強大。但我們不能只考慮SoFi，我們還必須考慮其他市場參與者。我確實認為，長期走高絕對會給其他金融公司帶來壓力，這些公司與SoFi 不同，無法從存款成長中受益，並且面臨著顯著的利率風險，因為它們要么不進行對沖，要么缺乏傳遞更高利率的能力我們能夠做到的方式。

And those are two really important points. It allows us to manage our assets and liabilities in real time and to do it at a micro level down to the loan level. Higher-for-longer could put pressure on these other financial companies. And in that environment, we would want to be a lot more conservative and actually see something like personal loans not grow very much at all and student loans grow marginally. And so as we think about higher-for-longer, what we think about is being very balanced, not because of the opportunity in front of us, but because of the turmoil that may happen around us.

這是非常重要的兩點。它使我們能夠即時管理我們的資產和負債，並在微觀層面上進行管理，直至貸款層級。長期走高可能會對這些其他金融公司造成壓力。在這種環境下，我們希望更加保守，實際上看到個人貸款根本不會成長太多，而學生貸款則略有成長。因此，當我們考慮更高、更長的時間時，我們想到的是非常平衡，不是因為我們面前的機會，而是因為我們周圍可能發生的動盪。

As I said earlier, think about personal loans and student loans being additive to growth and the Tech Platform and the Financial Services segments as being the driver of growth. Those are low capital businesses, in fact, nearly capital-free. I've also hit the point of profitability, which allows us to step on the gas to drive even more scale in them.

正如我之前所說，個人貸款和學生貸款是成長的附加因素，而科技平台和金融服務領域是成長的驅動力。這些都是低資本企業，事實上，幾乎沒有資本。我還達到了獲利點，這使我們能夠加強推動它們的規模擴大。

We haven't talked about it yet on the call, but it was not an easy progress over the last 6 years in which we invested heavily in SoFi Money, SoFi Invest, SoFi Credit Card, SoFi Relay, our Lantern product, our app work business, and a number of other businesses that are in that Financial Services segment for it to go from a loss of over $50 million a year ago to a positive profit on a contribution basis of $3 million this year, gives us license to grow that in a much bigger way because we don't absorb losses the way we were previously.

我們還沒有在電話會議上討論過這個問題，但在過去6 年裡，我們在SoFi Money、SoFi Invest、SoFi 信用卡、SoFi Relay、我們的Lantern 產品、我們的應用程式工作上投入了大量資金，這並不是一個容易的進展業務，以及金融服務部門的許多其他業務，從一年前超過 5000 萬美元的虧損到今年在貢獻基礎上實現 300 萬美元的正利潤，使我們獲得了在一種更大的方式，因為我們不再像以前那樣吸收損失。

We're still losing quite a bit of money and invest in credit card given their investment modes but we can really step on the gas on the other products to drive great scale and profitability there. So it's a great option for us to have. But higher-for-longer may not be the center for next year. But if you actually believe that's the scenario, we're going to be conservative. We're still going to have really strong growth, but we'll be very balanced, especially on the origination side.

考慮到信用卡的投資模式，我們仍然損失相當多的資金並投資信用卡，但我們確實可以增加其他產品的力度，以推動那裡的巨大規模和盈利能力。所以這對我們來說是一個很好的選擇。但長期走高可能不是明年的中心。但如果你真的相信這種情況，我們就會採取保守的態度。我們仍然會有非常強勁的成長，但我們會非常平衡，特別是在起源方面。

Our final question today comes from Vincent Caintic of Stephens.

我們今天的最後一個問題來自史蒂芬斯的文森特凱恩蒂克。

And it's great to hear the positive reiteration of positive GAAP net income in the fourth quarter. Just wondering, when we look forward on that trend, and you've talked about revenues accelerating increased efficiencies in the business, so should we expect the profitability of the business to actually continue to accelerate from here? Or are there investments or something else that you'd like to make in the meantime and how we should anticipate that profitability?

很高興聽到第四季度公認會計準則淨利潤為正的正面重申。只是想知道，當我們展望這一趨勢時，您談到了收入加速提高了業務效率，那麼我們是否應該期望業務的盈利能力實際上會繼續加速？或者您想同時進行投資或其他事情，我們應該如何預測獲利能力？

Yes. Obviously, in the fourth quarter, we're expecting the profitability to increase since we go from not generating positive GAAP earnings to generating positive GAAP earnings for the first time. We're committed to generating GAAP -- positive GAAP earnings for all of 2024.

是的。顯然，在第四季度，我們預計獲利能力將會增加，因為我們從沒有產生正的 GAAP 收益到首次產生正的 GAAP 收益。我們致力於實現 GAAP—2024 年全年的 GAAP 獲利。

We will -- we're still in investment mode, but we have to balance growth versus investment. I would think about the what we talked about earlier this year from an investment standpoint, that will focus on 30% incremental EBITDA margins and 20% incremental GAAP net income margins as a guiding factor in how much will drop to the bottom line versus reinvest in the business.

我們仍處於投資模式，但我們必須平衡成長與投資。我會從投資的角度思考我們今年早些時候討論的內容，重點是30% 的EBITDA 利潤率增量和20% 的GAAP 淨利潤率增量，作為與再投資相比將下降多少底線的指導因素。這生意。

Obviously, this year, we've been well ahead of the 30% incremental EBITDA margin while still maintaining growth. In fact, what I'd say is I can't find another company that's driven the level of consistent growth that we have in revenue as well as our member base and product base while driving such significant improvement in profitability and building a high-quality deposit and funding base and diversifying it, in addition to growing tangible book value by the level that I mentioned.

顯然，今年我們已經遠遠領先 EBITDA 利潤率 30% 的增量，同時仍保持成長。事實上，我想說的是，我找不到另一家公司能夠推動我們的收入、會員基礎和產品基礎持續增長，同時推動盈利能力如此顯著提高並建立高品質的團隊。除了按我提到的水平成長有形帳面價值之外，存款和融資基礎並使其多樣化。

We'll continue to make sure that we balance growth versus profitability next year, and we're committed to GAAP profitability for the full year in that 30% incremental EBITDA margin and 20% GAAP net income margin at a minimum.

我們將繼續確保明年實現成長與獲利之間的平衡，並且我們致力於全年 GAAP 獲利能力，即 EBITDA 利潤率增量至少為 30%，GAAP 淨利潤率至少為 20%。

Thank you. We have no further questions in the queue. So I'll turn the call back over to Anthony Noto for any closing remarks.

謝謝。我們隊列中沒有其他問題了。因此，我會將電話轉回給安東尼·諾托（Anthony Noto），讓他發表結束語。

Thank you for your questions. I want to end with the following outlook. I remain confident that no company is better positioned than SoFi to be the winner that takes most in the digital transformation of financial services. Building the technology capabilities to offer our complete suite of financial products all on your mobile phone and to support our scale of over 10 million products and over $2 billion in run rate annual revenue has proven to be a daunting challenge, a daunting challenge not just for the most well-equipped incumbent banks and financial institutions, but also for the most innovative entrepreneurs.

謝謝您的提問。我想以以下展望作為結束。我仍然相信，沒有任何一家公司比 SoFi 更有能力成為金融服務數位轉型中最大的贏家。事實證明，建立技術能力以在您的手機上提供我們全套的金融產品，並支持我們超過1000 萬種產品的規模和超過20 億美元的運行率年收入，是一項艱鉅的挑戰，這一艱鉅的挑戰不僅對設備最齊全的現有銀行和金融機構，也適合最具創新精神的企業家。

Add to that, the regulatory requirements and sizable financial capital and resources required and it's fair to conclude, SoFi is in a class of 1. I could not be prouder of our SoFi team for getting us to this point and thankful to our more than 7 million members whose lives we impact every day.

除此之外，監管要求以及所需的大量財務資本和資源，可以公平地得出結論，SoFi 屬於 1 級。我為我們的 SoFi 團隊讓我們達到這一點感到無比自豪，並感謝我們超過 7百萬會員，我們每天都會影響他們的生活。

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

感謝您抽出寶貴的時間，我期待下個季度再次與您交談。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。