SoFi Technologies Inc (SOFI) 2023 Q4 法說會逐字稿

Good morning. My name is Daisy, and I'll be your conference operator today. At this time, I would like to welcome everyone to the SoFi Technologies Q4 2023 and Full Year 2023 Earnings Conference Call. (Operator Instructions) Thank you.

早安.我叫黛西，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 SoFi Technologies 2023 年第四季和 2023 年全年財報電話會議。 （操作員說明）謝謝。

With that, you may begin your conference.

這樣，您就可以開始會議了。

Thank you, and good morning. Welcome to SoFi's Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Christopher Lapointe, CFO.

謝謝你，早安。歡迎參加 SoFi 第四季和 2023 財年財報電話會議。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。

You can find the presentation accompanying our earnings release on the Investor Relations section of our website. 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 subsequent filings made with the SEC, including our upcoming Form 10-K. 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.

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。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。今天的新聞稿和我們隨後向 SEC 提交的文件（包括即將發布的 10-K 表格）中描述了可能導致這些結果出現重大差異的因素。我們在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. 2023 was a remarkable year for SoFi. We achieved multiple records and realized many of our aspirations despite seismic geopolitical and macroeconomic events. We demonstrated that we have built a business to thrive in a host of challenging environments, reacting swiftly to change, driving our business forward with standout financial performance, while continuing to serve our members' needs. Our 2023 results have reinforced my conviction in our long-term potential and our ability to achieve our aspiration to become a top 10 financial institution.

謝謝大家，大家早安。 2023 年對 SoFi 來說是非凡的一年。儘管發生了地震性的地緣政治和宏觀經濟事件，我們還是實現了多項記錄並實現了許多願望。我們證明，我們的企業能夠在充滿挑戰的環境中蓬勃發展，對變化做出迅速反應，以出色的財務業績推動我們的業務向前發展，同時繼續滿足我們會員的需求。我們 2023 年的業績增強了我對我們的長期潛力和實現成為十大金融機構的願望的能力的信心。

I'd like to highlight some of our notable achievements for the year. We reached GAAP net income profitability in the fourth quarter and are positioned to continue to drive positive GAAP net income in 2024. We grew adjusted net revenue by 35% for the year to a record of $2.1 billion, while adjusted EBITDA of $432 million increased 200% versus 2022. This represents a 54% incremental margin and a 21% consolidated EBITDA margin for the full year compared to our long-term margin target of 30%, which we achieved in the fourth quarter of 2023.

我想強調我們今年取得的一些顯著成就。我們在第四季度實現了GAAP 淨利潤，並準備在2024 年繼續推動GAAP 淨利潤為正值。全年調整後淨收入增長35%，達到創紀錄的21 億美元，調整後EBITDA 為4.32 億美元，成長了200%與 2022 年相比，這意味著全年利潤率增量為 54%，合併 EBITDA 利潤率為 21%，而我們在 2023 年第四季度實現了 30% 的長期利潤率目標。

Total members and products both grew over 40%, with 2.3 million new members in 2023, for a total of 7.5 million members, and we added 3.2 million new products for a total of 11 million products at year-end. We continue to diversify our revenue with financial services and the tech platform contributing 40% of fourth quarter adjusted net revenue, up from 34% in the year ago quarter.

會員總數及產品總數成長超過40%，2023年新增會員230萬，會員總數達750萬，年底新增產品320萬，產品總數達1,100萬。我們持續透過金融服務實現營收多元化，科技平台貢獻了第四季度調整後淨收入的 40%，高於去年同期的 34%。

Our Financial Services segment achieved positive contribution profit in the third quarter, which ramped further in the fourth quarter. We completed a dramatic shift in Tech Platforms product offering and focus, positioning us to capture the massive opportunity in the traditional banking sector in addition to tech and consumer companies looking to provide financial services.

我們的金融服務部門在第三季實現了正貢獻利潤，第四季進一步成長。我們完成了技術平台產品供應和重點的巨大轉變，使我們能夠抓住傳統銀行業以及尋求提供金融服務的科技和消費公司的巨大機會。

In Lending, 72% of adjusted net revenue was from net interest income compared to 48% in fiscal year '22. Net interest income offers a more recurring and predictable cash revenue stream compared to noninterest income. We generated $334 million in tangible book value growth, which is now set to accelerate in 2024. Total deposits grew by $11.3 billion in 2023 to $18.6 billion and over 90% of our consumer deposits are from direct deposit members.

在貸款業務中，調整後淨收入的 72% 來自淨利息收入，而 22 財年這一比例為 48%。與非利息收入相比，淨利息收入提供了更多經常性和可預測的現金收入流。我們的有形帳面價值成長了 3.34 億美元，預計到 2024 年將加速成長。存款總額在 2023 年增加 113 億美元，達到 186 億美元，超過 90% 的消費者存款來自直接存款會員。

SoFi Bank reported net income of nearly $350 million, a 21% margin with a return on tangible equity of 15.9% in its first full year of formation. To put some of these achievements in the context of a longer-term perspective, I'll note the following. When comparing our business to fiscal year 2018, which is when I joined SoFi and we embarked on our new strategy, we have grown annual adjusted net revenue by more than 8x. Annual EBITDA by almost 3x were $660 million, members by more than 11x, total products by 16x and consolidated net interest income by nearly 5x. And since adding several financial services products in 2019, we have grown annual financial services revenue to more than $430 million, financial services products to $9.5 million in total and Financial Services products now comprise 85% of our total products.

SoFi Bank 報告稱，其成立首個全年淨利潤近 3.5 億美元，利潤率為 21%，有形股本回報率為 15.9%。為了從更長遠的角度來看待其中一些成就，我將指出以下幾點。將我們的業務與 2018 財年（即我加入 SoFi 並開始實施新策略時）進行比較時，我們的年度調整後淨收入增長了 8 倍以上。年度 EBITDA 成長近 3 倍，達到 6.6 億美元，會員數量成長超過 11 倍，產品總數成長 16 倍，綜合淨利息收入成長近 5 倍。自 2019 年增加多種金融服務產品以來，我們的年度金融服務收入已超過 4.3 億美元，金融服務產品總額達到 950 萬美元，金融服務產品目前占我們總產品的 85%。

The fourth quarter really capped an exceptional year. Record adjusted net revenue of $594 million accelerated to 34% year-over-year growth, while record adjusted EBITDA of $181 million grew 159% with a 30% consolidated EBITDA margin. This EBITDA margin is up 14 percentage points year-over-year and is now equal to our long-term target of 30%.

第四季確實是不平凡的一年的結束。調整後淨收入創紀錄地達到 5.94 億美元，年增 34%，調整後 EBITDA 創紀錄地達到 1.81 億美元，成長 159%，綜合 EBITDA 利潤率為 30%。 EBITDA 利潤率年增 14 個百分點，目前等於我們 30% 的長期目標。

Financial Services segment contribution profit grew to $25 million, an 18% margin versus $3.3 million last quarter and negative $44 million in the year ago quarter. Our deposits grew by a record of nearly $3 billion in the quarter.

金融服務部門貢獻利潤增至 2,500 萬美元，較上季的 330 萬美元成長 18%，去年同期為負 4,400 萬美元。本季我們的存款成長了近 30 億美元，創歷史新高。

Tech Platform segment revenue growth accelerated to 13% year-over-year on its way to 20% next year with a 32% contribution margin versus 20% in the year ago quarter.

技術平台部門營收年增至 13%，明年將成長至 20%，貢獻利潤率為 32%，而去年同期為 20%。

In Lending, 76% of adjusted net revenue was net interest income, up 43% year-over-year to $263 million. We point this out because $263 million in cash revenue is 2x greater than our directly attributable segment expenses of $120 million. Segment contribution margin improved by over 500 basis points sequentially to 65%.

在貸款業務中，調整後淨收入的 76% 是淨利息收入，年增 43% 至 2.63 億美元。我們指出這一點是因為 2.63 億美元的現金收入是我們直接歸屬的部門支出 1.2 億美元的兩倍。部門貢獻率比上一季提高了 500 個基點，達到 65%。

Company consolidated GAAP earnings per share was $0.02, with GAAP net income totaling $48 million versus a $40 million loss in the year ago quarter.

該公司綜合 GAAP 每股收益為 0.02 美元，GAAP 淨利潤總計 4,800 萬美元，而去年同期虧損 4,000 萬美元。

SoFi Bank's net income of $129 million represents a 27% margin and an annualized return on equity of 16.8%.

SoFi Bank 的淨利潤為 1.29 億美元，利潤率為 27%，年化股本回報率為 16.8%。

In terms of our balance sheet, we grew tangible book value for the sixth consecutive quarter by $204 million at the consolidated level, reaching $3.5 billion in total. Our total capital ratio improved to 15.3% from 14.5% last quarter, helped by organic tangible book growth, over $1 billion of loan sales, capital optimization moves and an opportunistic convertible debt repurchase of $72 million.

就資產負債表而言，我們的有形帳面價值連續第六個季度在合併層面增加了 2.04 億美元，總計達到 35 億美元。由於有機有形帳面成長、超過 10 億美元的貸款銷售、資本優化舉措以及 7,200 萬美元的機會性可轉換債務回購，我們的總資本比率從上季度的 14.5% 提高至 15.3%。

From a member and product perspective, in the fourth quarter, we added 585,000 new members for a total of over 7.5 million members, and 695,000 new products for a total of over 11 million products.

從會員和產品的角度來看，第四季我們新增會員58.5萬，會員總數超過750萬；新增產品69.5萬，產品總數超過1100萬。

Now I'd like to spend some time touching on quarterly segment level results. Lending adjusted net revenue of $347 million grew 10% year-over-year against a difficult comparison of 51% year-over-year growth in the year ago quarter. Personal loan originations grew 31% year-over-year to $3.2 billion. Student loan originations grew 95% year-over-year to $790 million and home loan originations increased 193% year-over-year to $309 million.

現在我想花一些時間談談季度細分層面的結果。貸款調整後淨收入為 3.47 億美元，年增 10%，而去年同期年增 51%，這一數字令人難以接受。個人貸款發放量年增 31%，達到 32 億美元。學生貸款發放量年增 95%，達到 7.9 億美元，房屋貸款發放量年增 193%，達到 3.09 億美元。

Within the Financial Services, net revenue grew 115% year-over-year and 18% sequentially to $139 million, driven by continued strong monetization within the segment. We achieved $25 million in contribution profit despite our significant investment across money, credit card and invest. As we noted last quarter, the credit card and investment businesses are still in heavy investment mode with losses of over $100 million annually on a run rate basis. Through unit economic optimization, and greater scale, these businesses will eventually see positive contribution profit, similar to how we deliver with SoFi Money.

在金融服務領域，受該領域持續強勁貨幣化的推動，淨收入年增 115%，季增 18%，達到 1.39 億美元。儘管我們在貨幣、信用卡和投資方面進行了大量投資，但我們還是實現了 2,500 萬美元的貢獻利潤。正如我們上季所指出的，信用卡和投資業務仍處於大量投資模式，以運行率計算，每年損失超過 1 億美元。透過單位經濟優化和更大的規模，這些企業最終將看到積極的利潤貢獻，類似於我們透過 SoFi Money 提供的方式。

We continue to see strong growth in SoFi Money products, and importantly, high-quality deposits and great levels of engagement. This has led to higher average account balances even as average spend has increased. SoFi Money products have increased 54% year-over-year or by nearly 1.2 million to 3.4 million accounts. As important is the quality of these members with a median FICO of 744 for our direct deposit portfolio, and hence, we see ample opportunity for cross buy.

我們繼續看到 SoFi Money 產品的強勁成長，重要的是，高品質的存款和高水準的參與度。即使平均支出增加，這也導致平均帳戶餘額增加。 SoFi Money 產品年增 54%，帳戶數量增加近 120 萬個，達到 340 萬個。同樣重要的是這些會員的質量，我們的直接存款投資組合的 FICO 中位數為 744，因此，我們看到了充足的交叉購買機會。

In terms of engagement, over 50% of our newly funded SoFi Money accounts are setting up direct to deposit by day 30. This account primacy drives spending, which exceeded $1.5 billion in the fourth quarter, debit transactions of volume. This is up nearly 3x year-over-year and represents more than $6 billion of annualized debit transaction volume. Our invest products, excluding crypto from all periods, grew 20% year-over-year to a total of $2.1 million with AUM increasing 54% year-over-year.

在參與度方面，超過 50% 的新註資 SoFi Money 帳戶在第 30 天就設定為直接存款。該帳戶的首要地位推動了支出，第四季度借方交易量超過 15 億美元。這一數字年增近 3 倍，年化借記交易量超過 60 億美元。我們的投資產品（不包括所有時期的加密貨幣）年增 20%，達到 210 萬美元，資產管理規模年增 54%。

We've continued to launch exciting new products that meet our members' needs in Financial Services to further accelerate new member growth and cross buy. Just today, for instance, we announced the launch of alternative investments and mutual funds, with the launch of Alt, SoFi is granting yet another opportunity for everyday investors to access investment opportunities, traditionally reserved for institutional investors and the ultra wealthy.

我們持續推出令人興奮的新產品，以滿足會員在金融服務方面的需求，以進一步加速新會員的成長和交叉購買。例如，就在今天，我們宣布推出另類投資和共同基金，隨著 Alt 的推出，SoFi 為普通投資者提供了另一個獲得傳統上為機構投資者和超級富豪保留的投資機會的機會。

For our Tech Platform, revenue of $97 million accelerated to 13% growth year-over-year, up from 6% in Q3. We continue to make significant strides in our strategy of leveraging our unique product suite to pursue diversified growth and larger, more durable revenue opportunities. We started to see evidence of this strategy in the fourth quarter as growth was driven not just by continued strong organic growth of existing partners and new product adoption by them, but also by notable contributions from increasingly diversified clients, which have launched within the last 6 months.

我們的技術平台營收為 9,700 萬美元，年增 13%，高於第三季的 6%。我們繼續在利用我們獨特的產品套件追求多元化成長和更大、更持久的收入機會的策略方面取得重大進展。我們在第四季度開始看到這項策略的證據，因為成長不僅受到現有合作夥伴持續強勁的有機成長和他們採用新產品的推動，而且還受到過去6 年內推出的日益多元化的客戶的顯著貢獻。幾個月。

As mentioned last quarter, demand from traditional financial institutions and nonfinancial categories remain strong. While lead times for winning RFPs and ensuing integrations are measured in many quarters, not months, the transition to modern processing and modern cores is playing out in real time the way we envisioned it.

正如上季所提到的，傳統金融機構和非金融類別的需求仍然強勁。雖然贏得 RFP 和隨後整合的交付時間是用多個季度而不是幾個月來衡量的，但向現代處理和現代核心的過渡正在按照我們設想的方式實時進行。

On the product side, we continue to build and ship a diverse range of products for multiple sectors. Most notably, we launched an expense management solution in partnership with Mastercard that provides clients in the B2B sector with insights into corporate card spend. We launched same-day ACH, which allows account holders faster access to funds and helps mitigate risk tied to transactional delays. And we launched a risk data mart and data pipeline for our Payments Risk platform, which is seeing rapid adoption from existing clients.

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。最值得注意的是，我們與萬事達卡合作推出了費用管理解決方案，為 B2B 領域的客戶提供有關公司卡支出的見解。我們推出了當天 ACH，讓帳戶持有人能夠更快地獲得資金，並有助於降低與交易延遲相關的風險。我們也為支付風險平台推出了風險資料市集和資料管道，現有客戶迅速採用此平台。

With that, let me turn it over to Chris for a review of the financials for the quarter and our 2024 outlook. I'll return to review our multiyear outlook after Chris shares his thoughts.

接下來，讓我將其交給 Chris 來審查本季的財務狀況和 2024 年的前景。在克里斯分享他的想法後，我將回顧我們的多年前景。

Thanks, Anthony. The Q4 and full year 2023 results really proved once again that our diversified and differentiated business model drives SoFi's durability and long-term growth potential. I'm going to walk through key financial highlights and our financial outlook. Unless otherwise stated, I'll be referring to adjusted results for the fourth quarter and full year of 2023 versus fourth quarter and full year of 2022. Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and the subsequent 10-K filing, which will be made available next month.

謝謝，安東尼。第四季和 2023 年全年業績確實再次證明，我們多元化和差異化的業務模式推動了 SoFi 的耐用性和長期成長潛力。我將介紹主要的財務亮點和我們的財務前景。除非另有說明，否則我將指的是2023 年第四季和全年的調整後業績與2022 年第四季和全年的比較。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- K 文件，將於下個月提供。

For the quarter, we delivered record adjusted net revenue of $594 million with growth accelerating to 34% year-over-year and 12% sequentially from the third quarter's record of $531 million. Adjusted EBITDA was $181 million at a 30% margin, which is our long-term target margin, up over 80% from the prior record quarter of $98 million. This represented over 14 percentage points of year-over-year margin improvement and 12 percentage points of sequential margin improvement, demonstrating significant operating leverage across all functional expense lines. In fact, sales and marketing declined as a percentage of adjusted net revenue for the fifth consecutive quarter.

本季度，我們實現了創紀錄的調整後淨收入 5.94 億美元，年增 34%，比第三季度創紀錄的 5.31 億美元環比增長 12%。調整後 EBITDA 為 1.81 億美元，利潤率為 30%，這是我們的長期目標利潤率，比上一季創紀錄的 9,800 萬美元增長了 80% 以上。這意味著利潤率年增了超過 14 個百分點，環比利潤率提高了 12 個百分點，顯示所有職能費用項目都具有顯著的營運槓桿。事實上，銷售和行銷佔調整後淨收入的百分比連續第五個季度下降。

Total operating expenses declined roughly 17 points as a percentage of adjusted net revenue year-over-year. Overall, this resulted in a 74% incremental adjusted EBITDA margin year-over-year. We achieved GAAP profitability this quarter for the first time with GAAP net income reaching $48 million, an $88 million improvement year-over-year and an incremental margin of 55%. We saw continued year-over-year leverage in stock-based compensation dropping to 12% of adjusted net revenue versus 16% in the prior year period on our path to our longer-term goal of single-digit stock-based compensation margins.

總營運支出佔調整後淨收入的比例年減約 17 個百分點。總體而言，調整後 EBITDA 利潤率年增 74%。本季我們首次實現了 GAAP 獲利，GAAP 淨利潤達到 4,800 萬美元，年增 8,800 萬美元，增量利潤率為 55%。我們看到，在實現個位數股票薪酬利潤率的長期目標的過程中，股票薪酬槓桿率持續下降至調整後淨收入的 12%，而去年同期為 16%。

For the full year, we delivered $2.1 billion of adjusted net revenue, up 35% year-over-year from $1.5 billion in 2022. Adjusted EBITDA rose 201% year-over-year to $432 million at a 21% adjusted EBITDA margin. Our full year net loss was $54 million and $0.10 per share, excluding the goodwill impairment charge taken in Q3. We exceeded the high end of our most recent revenue and EBITDA guidance by $9 million and $36 million, respectively, by leveraging our unique suite of products and services, nimble asset and resource allocation, as well as a relentless focus on unit economics and risk management.

全年，我們實現了 21 億美元的調整後淨收入，比 2022 年的 15 億美元增長 35%。調整後 EBITDA 年成長 201%，達到 4.32 億美元，調整後 EBITDA 利潤率為 21%。我們的全年淨虧損為 5,400 萬美元，每股虧損 0.10 美元，不包括第三季的商譽減損費用。透過利用我們獨特的產品和服務套件、靈活的資產和資源配置以及對單位經濟效益和風險管理的不懈關注，我們的收入和 EBITDA 指導分別超出了最新 900 萬美元和 3600 萬美元的上限。

Now on to the segment level performance. In Lending, fourth quarter adjusted net revenue grew 10% year-over-year to $347 million with $226 million of contribution profit at a 65% margin, up from $209 million a year ago. These results were driven by 43% year-over-year growth in our net interest income while noninterest income was down by 36%, primarily driven by increased losses and prepayments. Growth in net interest income was driven by an 82% year-over-year increase in average interest-earning assets and 122 basis point year-over-year increase in average yields. This resulted in an average net interest margin of 6.02% for the quarter, up 3 basis points sequentially and 8 basis points year-over-year, and also highlight our $2.9 billion of deposit growth in the quarter compared to the $1.6 billion of net loan growth on the balance sheet. The 218 basis points of cost savings between our deposits and our warehouse facilities has resulted in a meaningful benefit to our net interest margin.

現在談談分段層級的效能。在貸款業務方面，第四季調整後淨收入年增 10%，達到 3.47 億美元，貢獻利潤為 2.26 億美元，利潤率為 65%，高於一年前的 2.09 億美元。這些績效是由我們的淨利息收入年增 43% 推動的，而非利息收入下降了 36%，主要是由於損失和預付款項增加。淨利息收入成長主要得益於平均生息資產年增82%和平均收益率年增122個基點。這導致本季平均淨利差為 6.02%，環比上升 3 個基點，較去年同期上升 8 個基點，同時也凸顯了本季存款成長 29 億美元，而淨貸款為 16 億美元資產負債表上的成長。我們的存款和倉庫設施之間的成本節省了 218 個基點，這為我們的淨利差帶來了有意義的好處。

It also underscores the benefits of having the option of holding loans on balance sheet when advantageous in collecting net interest income. We expect to maintain a healthy net interest margin and benefit from the continued mix toward deposit funding, along with our demonstrated high loan WACC betas.

它還強調了在有利於收取淨利息收入時選擇在資產負債表上持有貸款的好處。我們預計將保持健康的淨利差，並受益於存款融資的持續組合以及我們已證明的高貸款 WACC 貝塔值。

On the noninterest income side, Q4 originations grew 45% year-over-year to $4.3 billion and were driven by growth across all three products, even as we continue tightening and underwriting against our stringent credit standards. We saw typical seasonality and intentionally planned for lower originations in our Personal Loans business with originations of $3.2 billion, up 31% year-over-year and down 17% sequentially.

在非利息收入方面，儘管我們繼續根據嚴格的信貸標準收緊和承保，但第四季度的貸款額仍同比增長 45%，達到 43 億美元，這主要是由所有三種產品的增長推動的。我們看到了典型的季節性因素，並有意計劃降低個人貸款業務的發放金額，發放金額為 32 億美元，年增 31%，環比下降 17%。

Our Student Loans business saw origination volume nearly doubled year-over-year and declined 14% sequentially to $790 million.

我們的學生貸款業務的發放量年增近一倍，季減 14% 至 7.9 億美元。

Home Loans grew by 193% year-over-year and declined 13% sequentially to $309 million.

房屋貸款年增 193%，季減 13%，至 3.09 億美元。

Our Personal Loan borrowers weighted average income is $171,000 with a weighted average FICO score of 744.

我們的個人貸款借款人加權平均收入為 171,000 美元，加權平均 FICO 評分為 744。

Our Student Loan borrowers weighted average income is $154,000 with a weighted average FICO of 781.

我們的學生貸款借款人加權平均收入為 154,000 美元，加權平均 FICO 為 781。

Our Q4 on-balance sheet delinquency rates and charge-off rates continue as anticipated to normalize back toward pre-COVID levels. Our on-balance sheet 90-day Personal Loan delinquency rate was 56 basis points while our annualized Personal Loan charge-off rate was 4.0%. Our on-balance sheet 90-day Student Loan delinquency rate was 13 basis points, while our annualized Student Loan charge-off rate was 59 basis points.

我們第四季的資產負債表內拖欠率和沖銷率繼續按預期正常化回新冠疫情前的水平。我們的資產負債表內 90 天個人貸款拖欠率為 56 個基點，而年化個人貸款沖銷率為 4.0%。我們的資產負債表內 90 天學生貸款拖欠率為 13 個基點，而年化學生貸款沖銷率為 59 個基點。

We continue to expect healthy performance relative to broader industry levels. In the fourth quarter, we sold portions of our Personal Loan and Home Loan portfolios totaling $1.2 billion, approximately $875 million in Personal Loans principal and $350 million in Home Loan principal.

我們繼續預計相對於更廣泛的行業水平的健康表現。第四季度，我們出售了部分個人貸款和房屋貸款投資組合，總額達 12 億美元，其中個人貸款本金約為 8.75 億美元，房屋貸款本金約為 3.5 億美元。

In terms of the Personal Loan sales, we closed a previously disclosed $375 million securitization with BlackRock, where we sold both bonds and the resid at an execution level of 105.1% and closed an additional $500 million of loans in whole loan form to multiple parties at a blended execution of 105.6%. These had similar structures to other recent Personal Loan sales with cash proceeds at par or at a premium to par and the majority of the premium comprised of the contractual servicing fees that are capitalized. These deals included a small loss share provision that is above our base assumption of losses and immaterial relative to the exposure we would otherwise have had if we held the loans.

在個人貸款銷售方面，我們與貝萊德完成了先前披露的3.75 億美元證券化，其中我們以105.1% 的執行水平出售了債券和殘油，並以整體貸款形式向多方額外出售了5 億美元貸款。混合執行率為 105.6%。這些貸款的結構與最近其他個人貸款銷售類似，現金收益以面額或面額溢價，大部分溢價包括資本化的合約服務費。這些交易包括一項小額損失份額準備金，該準備金高於我們的基本損失假設，並且相對於我們持有貸款所面臨的風險而言並不重要。

In the quarter, we executed $450 million of senior secured financing, which will show up on our detailed balance sheet and senior secured loans held for investment at amortized costs. These loans have a fixed term structure and are secured against the underlying assets, therefore, equivalent to investment-grade bonds, if you were to do a securitization for the same pool of collateral. In addition, these loans are priced at market rates, which not only helps to diversify our balance sheet, but also provides an additional return above our cost of funding and a yield similar to the net interest margin of our loans, which are unsecured.

本季度，我們執行了 4.5 億美元的優先擔保融資，這將顯示在我們的詳細資產負債表和按攤銷成本投資的優先擔保貸款中。這些貸款具有固定期限結構，並以基礎資產為擔保，因此，如果您要對同一抵押品池進行證券化，則相當於投資等級債券。此外，這些貸款以市場利率定價，這不僅有助於我們的資產負債表多元化，而且還提供高於我們融資成本的額外回報，以及與我們無擔保貸款的淨利差類似的收益率。

Now turning to our fair value marks and key assumptions. Our Personal Loans are marked at 104.9% as of the year-end, up from 104.0% at the end of Q3. This was a function of the discount rate decreasing by 103 basis points, which was driven by the underlying benchmark rate declining by 90 basis points and spreads tightening by 13 basis points. Notably, the benchmark rate change and the spread change are empirical as their actual market observed inputs, not assumptions.

現在轉向我們的公允價值標記和關鍵假設。截至年底，我們的個人貸款率為 104.9%，高於第三季末的 104.0%。這是由於基本基準利率下降 90 個基點和利差收緊 13 個基點導致折現率下降 103 個基點。值得注意的是，基準利率變化和利差變化是經驗性的，因為它們是實際市場中觀察到的輸入，而不是假設。

Partially offsetting the decrease in discount rate was an increase in the annual default rate assumption from 4.6% to 4.8% as well as an increase in the annual prepayment speed assumptions from 20% to 23%, which has an immaterial impact on the overall change in the mark.

年度違約率假設從4.6%提高至4.8%，年度提前還款速度假設從20%提高至23%，部分抵消了貼現率的下降，這對整體變化影響不大。標記。

When a borrower prepays, we are still capturing the principal and the impact of the value of the assets is only based on the premium above par at a given point in time, which is very small relative to the principal outstanding. We expect default rates to continue to normalize to pre-COVID life of loan loss levels of approximately 7% to 8%.

當借款人提前還款時，我們仍在獲取本金，資產價值的影響僅基於特定時間點高於面額的溢價，相對於未償本金來說非常小。我們預計違約率將繼續正常化至疫情前的貸款損失水準約 7% 至 8%。

For our Student Loan portfolio, the fair value mark at year-end increased to 103.8% versus 101.5% at the end of Q3. This was a function of the portfolio WACC increasing by 24 basis points and the discount rate decreasing by 57 basis points, driven by the underlying benchmark rate declining by 86 basis points and spreads widening by 29 basis points. Partially offsetting the decrease in discount rate was an increase in the annual default rate assumption from 0.5% to 0.6%.

對於我們的學生貸款組合，年底的公允價值標記從第三季末的 101.5% 上升至 103.8%。這是投資組合加權平均資本成本 (WACC) 增加 24 個基點和折現率下降 57 個基點的函數，其驅動因素是基礎基準利率下降 86 個基點和利差擴大 29 個基點。年度違約率假設從 0.5% 增加到 0.6%，部分抵銷了折現率的下降。

Importantly, the fair value benefits resulting from interest rate decreases as well as Personal Loan spread tightening was offset nearly 1 for 1 by hedge losses and spread widening in our SLR business. So there was no net revenue benefit in the quarter due to discount rate input changes.

重要的是，利率下降和個人貸款利差收緊帶來的公允價值收益被我們的單眼業務的對沖損失和利差擴大所抵消，幾乎是一比一。因此，由於貼現率輸入變化，本季沒有淨收入收益。

For the full year, Lending adjusted net revenue grew 21% to $1.3 billion and the segment delivered $823 million of contribution profit at a 62% margin.

全年，Lending 調整後淨收入成長 21%，達到 13 億美元，該部門貢獻利潤 8.23 億美元，利潤率為 62%。

Moving on to Financial Services, where net revenue of $139 million increased 115% year-over-year with new all-time high revenue for SoFi Money, credit card and lending as a service as well as continued contributions from SoFi Invest. Overall monetization continues to improve with annualized revenue per product of $59, up nearly 50% year-over-year versus $40 in Q4 2022 and up 10% sequentially. This is driven by higher deposits and members spending levels in SoFi Money, greater AUM and monetizable features in SoFi Invest and robust growth within SoFi Credit Card spend.

接下來是金融服務，淨收入為 1.39 億美元，年增 115%，SoFi Money、信用卡和貸款即服務的收入創下歷史新高，並且 SoFi Invest 的持續貢獻。整體貨幣化持續改善，每件產品的年化收入為 59 美元，較去年同期成長近 50%，而 2022 年第四季為 40 美元，較上季成長 10%。這是由 SoFi Money 中更高的存款和會員支出水平、SoFi Invest 中更大的 AUM 和可貨幣化功能以及 SoFi 信用卡支出的強勁增長推動的。

We reached 9.5 million Financial Services products in the quarter, which is up 45% year-over-year with 626,000 new products in the quarter. We reached nearly 3.4 million products in SoFi Money, 2.4 million in SoFi Invest and 3.3 million in Relay. Contribution profit reached $25 million for the quarter, even as we continue to invest aggressively against the ample opportunities to rapidly grow this operating segment with attractive returns. Full year segment revenue of $437 million is 2.6x the $168 million we delivered in 2022, and we broke even on a contribution basis for the full year.

本季我們的金融服務產品達到 950 萬種，年增 45%，本季新增產品 626,000 個。我們在 SoFi Money 中接觸了近 340 萬種產品，在 SoFi Invest 中接觸了 240 萬種產品，在 Relay 中接觸了 330 萬種產品。儘管我們繼續積極投資，利用大量機會快速發展該業務部門並獲得可觀的回報，但本季的貢獻利潤達到了 2500 萬美元。全年分部收入為 4.37 億美元，是我們 2022 年交付的 1.68 億美元的 2.6 倍，並且我們在全年貢獻基礎上實現了收支平衡。

Shifting to our Tech Platform, where we delivered record net revenue of $97 million in the quarter, up 13% year-over-year and 8% sequentially. Annual revenue growth was driven by continued monetization of existing clients, along with new deals signed in new client segments. Galileo accounts grew 11% year-over-year to $145 million. The segment delivered a contribution profit of $31 million, representing a 32% margin. We continue to leverage investments made to integrate Galileo and Technisys and position the segment for higher rates of diversified durable growth going forward. We expect Tech Platform revenue to continue accelerating in 2024 with strong margins. For the full year, the Tech Platform segment grew revenue 12% to $352 million and delivered $95 million of contribution profit at a 27% margin.

轉向我們的技術平台，本季我們實現了創紀錄的淨收入 9,700 萬美元，年增 13%，季增 8%。年收入成長是由現有客戶的持續貨幣化以及新客戶群簽署的新交易推動的。 Galileo 帳戶年增 11%，達到 1.45 億美元。該部門貢獻利潤 3,100 萬美元，利潤率為 32%。我們繼續利用為整合 Galileo 和 Technisys 所做的投資，並將該細分市場定位為未來更高的多元化持久成長速度。我們預計 2024 年技術平台營收將持續加速，利潤率強勁。全年，技術平台部門營收成長 12%，達到 3.52 億美元，貢獻利潤 9,500 萬美元，利潤率為 27%。

Switching to our balance sheet, where we remain very well capitalized with ample cash and liquidity. In Q4, assets grew by $2.1 billion as a result of $1.6 billion growth in loans and approximately $400 million of growth in cash, cash equivalents and investment securities. On the liability side, deposits grew by $2.9 billion sequentially to $18.6 billion. Importantly, deposit growth outpaced net loan growth for the fourth consecutive quarter. As a result, we were able to reduce warehouse facilities utilized by over $700 million, resulting in more efficient funding costs as we continue to ramp the portion of loans that are funded by deposits.

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。第四季度，由於貸款成長 16 億美元，現金、現金等價物和投資證券成長約 4 億美元，資產成長了 21 億美元。負債方面，存款較上季成長 29 億美元，達到 186 億美元。重要的是，存款成長連續第四個季度超過淨貸款成長。結果，我們能夠減少倉庫設施使用超過 7 億美元，隨著我們繼續增加由存款資助的貸款比例，從而提高融資成本。

We exited the quarter with $3.2 billion drawn on our $9 billion of warehouse facilities. We grew tangible book value for the sixth consecutive quarter by a record $204 million to nearly $3.5 billion. In the fourth quarter, we opportunistically executed the buyback of a small portion of our outstanding convertible bonds, which was additive to our GAAP net income by $14.6 million accretive to GAAP EPS and additive to our total risk-based capital ratio by more than 30 basis points.

本季結束時，我們從 90 億美元的倉庫設施中提取了 32 億美元。我們的有形帳面價值連續第六個季度成長了創紀錄的 2.04 億美元，達到近 35 億美元。在第四季度，我們機會性地回購了一小部分未償還的可轉換債券，這使我們的GAAP 淨利潤增加了1,460 萬美元，增加了GAAP 每股收益，並使我們基於風險的總資本比率增加了30 多個基點點。

Additionally, we entered into a credit default swap arrangement for $2.5 billion of refinanced student loans. These loans were reclassified as held for investment versus held for sale based on the fact that we intend to hold these loans until maturity, given the more attractive returns relative to pricing trends we see in the market today. We do not expect to see that price dynamic changing. The reclassification is consistent with fair value accounting practices and has no overall impact on our revenue and profitability. The credit default swap, however, does improve capital ratios as it significantly lowers the risk weighting for these assets and increased our total risk-based capital ratios by greater than 1% in the quarter.

此外，我們還簽訂了 25 億美元再融資學生貸款的信用違約掉期安排。這些貸款被重新分類為持有投資與持有待售，因為我們打算持有這些貸款直至到期，因為相對於我們今天在市場上看到的定價趨勢而言，回報更具吸引力。我們預計價格動態不會改變。重新分類符合公允價值會計慣例，對我們的收入和獲利能力沒有整體影響。然而，信用違約掉期確實改善了資本比率，因為它顯著降低了這些資產的風險權重，並使我們本季基於風險的總資本比率增加了 1% 以上。

In terms of our regulatory capital ratios, our total capital ratio of 15.3% at year-end improved from 14.5% last quarter and remains comfortably above the regulatory minimum of 10.5%.

就我們的監管資本比率而言，我們年末的總資本比率為 15.3%，較上季度的 14.5% 有所改善，仍遠高於 10.5% 的監管最低水準。

Let me finish up with our outlook. Before going through specific numbers, I want to review some of the larger macro assumptions that underpin our financial guide. We assume a contraction in GDP in 2024 and an increase in unemployment to higher than 5% and broadly a continuation of uncertain capital markets activity and continued normalization of consumer credit.

讓我結束我們的展望。在查看具體數字之前，我想回顧一下支撐我們財務指南的一些更大的宏觀假設。我們假設 2024 年 GDP 將收縮，失業率將上升至 5% 以上，資本市場活動總體上將繼續不確定，消費信貸將繼續正常化。

From an interest rate perspective, we are assuming four rate cuts in response to a contracting economy, higher unemployment and deterioration and normalization and credit performance with Fed funds rate reaching approximately 4.5% by Q4 2024.

從利率角度來看，我們假設四次降息，以應對經濟萎縮、失業率上升、惡化以及信貸表現正常化，到 2024 年第四季聯邦基金利率將達到約 4.5%。

Before I summarize 2024 annual guidance, I want to give some high-level thoughts by segment. 2024 will be a transitional year for SoFi as the Tech Platform and Financial Services segments together will drive our growth and increase from 38% of total adjusted net revenue in 2023 to approximately 50% for all of 2024. Specifically, we expect our Tech Platform and Financial Services segments when taken together to grow 50% or more with the Financial Services segment growing approximately 75% year-over-year and Tech Platform growing approximately 20% year-over-year.

在總結 2024 年年度指引之前，我想按細分領域給出一些高層想法。 2024 年將是SoFi 的過渡年，因為技術平台和金融服務部門將共同推動我們的成長，並從2023 年調整後淨收入總額的38% 增加到2024 年全年的約50%。具體而言，我們預計我們的科技平台和金融服務部門合計成長 50% 或以上，其中金融服務部門年增約 75%，科技平台年增約 20%。

We are taking a conservative and pragmatic approach toward our Lending segment revenue, expecting to largely maintain it, given our concerns about the 2024 macro environment as it relates to uncertainty on rates, the economy and industry liquidity. Therefore, we will manage the Lending segment revenue to be 92% to 95% of 2023 Lending revenue. This very conservative view of lending reflects our choice to limit lending growth below both the much higher level of demand we have had and expect to continue to see in 2024 and the capacity that we have.

鑑於我們對 2024 年宏觀環境的擔憂，因為它與利率、經濟和行業流動性的不確定性有關，我們對貸款部門的收入採取保守和務實的態度，預計將基本維持不變。因此，我們將管理貸款部門收入佔 2023 年貸款收入的 92% 至 95%。這種非常保守的貸款觀點反映了我們選擇將貸款成長限制在我們已經擁有並預計在 2024 年繼續出現的高得多的需求水平以及我們擁有的能力之下。

Fortunately, for us, the scale and profitability we have achieved in our Tech Platform and Financial Services segments allows us to intentionally limit growth of our Lending businesses in periods of uncertainty while still maintaining an attractive overall growth rate, significant profit, cash generation and book value growth. Even with our conservative view of the Lending business, we expect 50% growth in revenue of Tech Platform and Financial Services combined and to add at least 2.3 million new members in 2024, which represents 30% growth.

幸運的是，對我們來說，我們在技術平台和金融服務領域取得的規模和盈利能力使我們能夠在不確定時期有意限制貸款業務的增長，同時仍然保持有吸引力的整體增長率、可觀的利潤、現金產生和帳面價值。價值增長。即使我們對貸款業務持保守看法，我們預計技術平台和金融服務的收入合計將成長 50%，並在 2024 年增加至少 230 萬新會員，成長 30%。

Within Lending, our Personal Loan originations could be relatively flat or down versus 2023, while Student Loan originations could grow just modestly and Home Loans growth could be correlated with rate decreases.

在貸款方面，與 2023 年相比，我們的個人貸款發放量可能相對持平或下降，而學生貸款發放量可能會小幅增長，房屋貸款增長可能與利率下降相關。

In terms of capital and liquidity, our total risk-based capital ratio improved to 15.3%, up from 14.5% in Q3, demonstrating our ability to effectively manage our balance sheet and capital ratios through growth in GAAP net income, opportunistic capital efficiency transactions and loan sales.

在資本和流動性方面，我們的總風險資本比率從第三季的 14.5% 提高至 15.3%，這表明我們有能力透過 GAAP 淨利潤的成長、機會性資本效率交易和貸款銷售。

In terms of our lending capacity, we have the ability to originate $18 billion to $20 billion in loans in 2024 while keeping capital ratios well north of regulatory minimums, and that's based on growth in tangible book value, amortization of existing loans and previously announced loan sales. To be specific, we expect to generate $300 million to $500 million of tangible book value in 2024, which translates to approximately $2.4 billion to $4 billion of incremental capacity.

就我們的貸款能力而言，我們有能力在2024 年發放180 億至200 億美元的貸款，同時將資本比率保持在監管最低標準之上，這是基於有形賬面價值的增長、現有貸款的攤銷和之前宣布的貸款銷售量。具體來說，我們預計到 2024 年將產生 3 億至 5 億美元的有形帳面價值，相當於約 24 億至 40 億美元的增量產能。

Second, loans are amortizing or paying down an annual rate of $8.4 billion. Third, we have our previously announced $2 billion forward flow agreement in addition to a number of on-the-run loan sale transactions we expect to execute similar to the sales achieved in Q4. And lastly, we have headroom in our capital ratio. Having said that, we intend to originate less than the $18 billion to $20 billion in capacity, and this is based on the factors I outlined previously.

其次，貸款的年利率為 84 億美元。第三，我們先前宣布了 20 億美元的遠期流動協議，此外還有一些正在進行的貸款銷售交易，我們預計將執行與第四季度實現的銷售類似的交易。最後，我們的資本比率還有空間。話雖如此，我們打算發起低於 180 億至 200 億美元的產能，這是基於我之前概述的因素。

With that, let me turn to specific guidance. For 2024, even with our conservative view of the Lending business at 92% to 95% of 2023 revenue, we expect 50% growth in revenue of Tech Platform and Financial Services combined and to add at least 2.3 million new members, which represents 30% year-over-year growth.

接下來，讓我談談具體的指導。對於 2024 年，即使我們保守地認為貸款業務佔 2023 年收入的 92% 至 95%，我們預計技術平台和金融服務的收入合計將增長 50%，並增加至少 230 萬新會員，佔 30%同比增長。

We anticipate adjusted EBITDA margins of approximately 20% in the first quarter, ramping to our long-term target margin of 30% by year-end, which equates to a range for 2024 EBITDA of $580 million to $590 million. For the full year 2024, we expect expenses under the EBITDA line to be roughly equivalent in aggregate in dollar terms compared to 2023, excluding the 2023 reported goodwill impairment expense. That equates to full year GAAP net income in the range of $95 million to $105 million and GAAP EPS in the range of $0.07 to $0.08. We expect growth in tangible book value of $300 million to $500 million for the year, and to end the year with a total capital ratio north of 14%. For Q1 2024, we expect to deliver adjusted net revenue of $550 million to $560 million, adjusted EBITDA of $110 million to $120 million and GAAP net income in the range of $10 million to $20 million.

我們預計第一季調整後的 EBITDA 利潤率約為 20%，到年底將達到 30% 的長期目標利潤率，這相當於 2024 年 EBITDA 的範圍為 5.8 億美元至 5.9 億美元。對於 2024 年全年，我們預計 EBITDA 線下的費用以美元計算與 2023 年大致相當，不包括 2023 年報告的商譽減損費用。這相當於全年 GAAP 淨利潤為 9,500 萬美元至 1.05 億美元，GAAP 每股收益為 0.07 美元至 0.08 美元。我們預計今年有形帳面價值將成長 3 億至 5 億美元，年底總資本比率將超過 14%。對於 2024 年第一季度，我們預計調整後淨收入為 5.5 億至 5.6 億美元，調整後 EBITDA 為 1.1 億至 1.2 億美元，GAAP 淨利潤在 1,000 萬至 2,000 萬美元範圍內。

Now let me turn it back to Anthony for thoughts on our medium-term outlook.

現在讓我轉回安東尼，請他談談我們對中期前景的看法。

Given the number of milestones we have achieved since we transitioned the strategy of the company when I joined 6 years ago as well as the fact that 2024 will be a transitional year, we thought it would be helpful to provide a longer-term perspective beyond 2024.

考慮到自 6 年前我加入公司策略轉型以來我們所取得的里程碑數量，以及 2024 年將是過渡年的事實，我們認為提供 2024 年之後的更長期視角將會有所幫助。

For the 2023 through 2026 time period, we see 20% to 25% compound annual revenue growth, assuming no meaningful change in the macro environment and no significant new business launches or acquisitions such as small and medium business checking and savings or small medium business lending, a broader asset management business, insurance, a broader credit card portfolio, new technology verticals for the Technology Platform business or new geographies.

假設宏觀環境沒有重大變化，且沒有重大新業務推出或收購，例如中小型企業支票和儲蓄或中小型企業貸款，我們預計 2023 年至 2026 年期間的複合年收入增長率為 20% 至 25% 、更廣泛的資產管理業務、保險、更廣泛的信用卡組合、技術平台業務或新地區的新技術垂直領域。

The 20% to 25% compound annual revenue growth from 2023 through 2026 assumes a compound annual growth rate of 50% for Financial Services revenue, mid-20s percent for Tech Platform revenue and mid-teens for the Lending segment revenue. Simply put, this growth only reflects the benefits of the investments we've made in our existing businesses paired with continuing to build brand awareness, trust and adoption by new members and driving cross-buy from existing members.

2023年至2026年的複合年收入成長率為20%至25%，假設金融服務收入的複合年增長率為50%，技術平台收入的複合年增長率為20%左右，貸款部門收入的複合年成長率為15%左右。簡而言之，這種成長僅反映了我們在現有業務中進行的投資以及繼續建立新會員的品牌知名度、信任和採用以及推動現有會員的交叉購買的好處。

The earnings power associated with this growth is notable and could drive between $0.55 and $0.80 per share in GAAP EPS in 2026. Moreover, we see 20% to 25% EPS growth beyond 2026, reflecting both the continued growth of the core businesses we've just described, plus the added benefit from new business lines launched in the 2024 to 2026 time period that begins to scale and impact beyond 2026. Make no mistake, the long-term opportunity for SoFi remains unchanged and we continue to believe we are just getting started. There are endless opportunities for investment and growth, and we remain focused on the right types of durable growth for the stage of our company and within the environment in which we operate.

與這種成長相關的獲利能力是顯著的，可能會在2026 年推動GAAP 每股收益0.55 至0.80 美元。此外，我們預計2026 年之後每股收益將成長20% 至25%，這反映出我們核心業務的持續成長剛才所描述的，再加上2024 年至2026 年期間推出的新業務線帶來的額外好處，這些新業務線將在2026 年以後開始擴大規模並產生影響。毫無疑問，SoFi的長期機會保持不變，我們仍然相信我們剛剛獲得開始了。投資和成長的機會無窮無盡，我們仍然專注於適合我們公司所處階段和經營環境的持久成長類型。

In summary, we could not be more proud of the results of SoFi in 2023. We're even more encouraged by the prospects ahead of us. We have demonstrated the benefit of having a member-centric approach and being a one-stop shop to help our members get their money right, resulting in having a diversified, high-growth set of revenue streams, multiple cost-efficient sources of capital, a team focused on underwriting high-quality credit and a high degree of operating leverage as we scale the business to be the winner that takes most in the digital financial services sector.

總而言之，我們對 SoFi 2023 年的成績感到非常自豪。我們對未來的前景更加感到鼓舞。我們已經證明了採用以會員為中心的方法和一站式服務的好處，可以幫助我們的會員正確利用資金，從而擁有多元化、高增長的收入來源、多種具有成本效益的資本來源，一支專注於承保高品質信貸和高營運槓桿的團隊，隨著我們擴大業務規模，成為數位金融服務領域最大的贏家。

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 is from John Hecht from Jefferies.

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

Thank you so much for all the details about the intermediate-term goals, and I appreciate you taking my questions. You guys are taking a fairly conservative look at the economy. I think that's dictating or guiding kind of how you want to balance the growth between the Lending segment and the Non-lending segments this year.

非常感謝您提供有關中期目標的所有詳細信息，也感謝您回答我的問題。你們對經濟的看法相當保守。我認為這決定或指導了今年如何平衡貸款部門和非貸款部門之間的成長。

Anthony, I'm just wondering, if things kind of pan out a little better than expected, would that change the trajectory? And then how do we think about kind of Lending segment versus Nonlending segments as we get into next year?

安東尼，我只是想知道，如果事情的進展比預期好一點，會改變軌跡嗎？那麼，當我們進入明年時，我們如何考慮貸款細分市場與非貸款細分市場的類型？

Yes. I think if the economic backdrop is vastly different, it will change the trajectory, both up and down. I would think about that in both ways. It could be worse, it could be better.

是的。我認為，如果經濟背景有很大不同，就會改變軌跡，無論是向上或向下。我會從兩個方面來思考這個問題。情況可能會更糟，也可能會更好。

As I think about the different businesses, some things that could give us tailwind. If we do see rate declines, our Home Loan business really would benefit from refinancing in the Mortgage business and would benefit from greater purchases. Right now rates are quite high and it stifled the growth in that market, but that would be a benefit.

當我思考不同的業務時，有些事情可能會為我們帶來順風車。如果我們確實看到利率下降，我們的房屋貸款業務確實將受益於抵押貸款業務的再融資，並將受益於更多的購買。目前利率相當高，抑制了該市場的成長，但這將是一個好處。

We really love the Home Loan business for a couple of reasons. Number one, it's probably the largest and most emotional financial decision people are making their lives. And if we're going to be there for a relationship with our members, we have to be there for that decision. It also is one of the most risky. If someone overpays for a house or takes on too much debt in their mortgage, it could eliminate their ability to have discretionary income to invest in. If you do that in your 20s and 30s, it's really hard to catch up later. So it's a really critical product for us delivering on our mission.

我們非常喜歡房屋貸款業務，原因有幾個。第一，這可能是人們一生中所做的最大、最情緒化的財務決策。如果我們要與會員建立關係，我們就必須做出決定。它也是最危險的之一。如果有人為房子支付過高的費用或在抵押貸款中承擔過多的債務，這可能會消除他們擁有可自由支配收入進行投資的能力。如果你在20 多歲和30 多歲的時候這樣做，那麼以後就很難趕上。因此，對於我們履行使命來說，這是一款非常關鍵的產品。

It's also a great economic product. We largely do agency mortgages, which means we use our capital just to underwrite it, but then we can sell it the government agency windows, which benefits the balance sheet quite meaningfully. So that's one business that would be capital light, generally, if we do agency mortgages that would benefit from lower rates.

這也是一個偉大的經濟產品。我們主要做機構抵押貸款，這意味著我們只是用我們的資本來承保它，但隨後我們可以將其出售給政府機構窗口，這對資產負債表非常有利。因此，一般來說，如果我們進行代理抵押貸款，這將是一項資本輕的業務，這將受益於較低的利率。

The second business that would benefit from that is as rates come down, you'll see more people looking to get yield in other products like Invest. An offset to rates coming down, some may believe that our SoFi Money product may not grow as fast. What I'd say is from an interest rate standpoint, we are committed to providing a top-tier APY in addition to no fees and all the functionality that we provide with 2-day early paycheck and the ability to earn reward points and do person-to-person payments and bill pay and all the other benefits of that product.

從中受益的第二個業務是，隨著利率下降，您會看到更多的人希望透過投資等其他產品獲得收益。由於利率下降，有些人可能認為我們的 SoFi Money 產品可能不會成長那麼快。我想說的是，從利率的角度來看，除了免費之外，我們還致力於提供頂級的 APY，以及我們提供的所有功能，包括提前 2 天發薪水以及賺取獎勵積分和做人的能力。 -個人付款和帳單支付以及該產品的所有其他好處。

But because we are an originator and we do generate yield against those deposits, as you know, 6.1% this quarter, we're going to be able to maintain a competitive advantage in what rate we give on SoFi Money. I would say if the rate cuts are in fact 6x instead of what we're forecasting at 4x, I do worry about the economy. I don't see a world in which we have 6 rate cuts and we have a strong economic backdrop. The market quickly switched from in late October, going from higher for longer, so 6 rate cuts in a matter of 90 days, that tells you how bifurcated the market is and how concerning things can switch so quickly. So we want to be conservative in our outlook as it relates to risk. We have the benefit of being able to be conservative in our outlook because of what we've done in growing the Fungal Services segment and the Technology Platform segment.

但因為我們是發起人，而且我們確實根據這些存款產生了收益，如您所知，本季度為 6.1%，因此我們將能夠在 SoFi Money 的利率方面保持競爭優勢。我想說，如果降息實際上是 6 倍而不是我們預測的 4 倍，我確實擔心經濟。我不認為我們有 6 次降息並且我們擁有強勁的經濟背景。市場從10月下旬開始迅速轉變，從走高持續了更長的時間，所以在90天內降息6次，這告訴你市場是多麼分裂，以及事情如何能夠如此迅速地轉變。因此，我們希望對與風險相關的前景持保守態度。由於我們在發展真菌服務部門和技術平台部門所做的努力，我們的優勢是能夠對前景保持保守。

And now that the Financial Services segment is profitable on a contribution profit basis, we can grow even faster, and it doesn't drive our losses up. We're still in a significant investment mode there because of the acquisition cost on invest and on credit card and on SoFi Money. But overall, it's profitable, we can grow it very fast and benefit from that high-margin revenue, the margin is increasing, and same there for Tech Platform. We invested meaningfully over the last three years in the Tech Platform. We're now in margin expansion mode and revenue acceleration mode. So having all three businesses, a direct result of our broad-based strategy of giving consumers what they need to get their money right but also results in more durable and diverse revenue streams.

現在，金融服務部門在貢獻利潤的基礎上實現盈利，我們可以成長得更快，而且不會增加我們的虧損。由於投資、信用卡和 SoFi Money 的收購成本，我們仍處於重要的投資模式。但總的來說，它是有利可圖的，我們可以快速成長並從高利潤收入中受益，利潤正在增加，技術平台也是如此。過去三年我們在科技平台上進行了有意義的投資。我們現在處於利潤擴張模式和營收加速模式。因此，擁有這三項業務，是我們廣泛基礎的策略的直接結果，即為消費者提供正確理財所需的東西，同時也帶來了更持久和多樣化的收入來源。

In the situation where the economy is weaker than expected, losses will go up. We've seen trends across the industry. The all bank data is very telling and charge-off rates and delinquencies as well as reserves for losses that indicate that normalization happen across the spectrum, and we want to be prudent to make sure we factor that into our risk profile.

在經濟弱於預期的情況下，損失將會增加。我們已經看到了整個行業的趨勢。所有銀行數據都非常有說服力，沖銷率、拖欠率以及損失準備金表明，整個範圍內都出現了正常化，我們希望謹慎行事，確保將其納入我們的風險狀況中。

Our next question today is from Andrew Jeffrey from Truist.

今天我們的下一個問題來自 Truist 的 Andrew Jeffrey。

Anthony, I wonder if you could talk a little bit about the company's anticipated balance between growth, I'm thinking specifically in the Financial Products segment and profitability. You've achieved at least this quarter, your long-term margin targets and ostensibly, you continue to generate really good LTV to CAC. So are there any factors that limit growth in terms of the Financial Products segment? Or could we actually see that accelerate as the business becomes a little more balanced away from Lending?

安東尼，我想知道你是否可以談談公司在成長和獲利之間的預期平衡，我特別考慮的是金融產品領域和獲利能力。您至少在本季實現了長期利潤目標，並且表面上看，您繼續為 CAC 帶來非常好的 LTV。那麼，有哪些因素限制了金融產品領域的成長呢？或者，隨著業務變得更加平衡，遠離貸款，我們是否真的可以看到這種加速？

Thank you for your question. The contribution margin in that business was breakeven for the full year and improved meaningfully in the fourth quarter. I would say the major limit on our growth in the Financial Services segment is how much we want to spend on building awareness and marketing. We have really good customer acquisition cost profiles in the businesses, especially SoFi Money, it's got the best payback period.

謝謝你的問題。該業務的邊際貢獻全年實現損益平衡，並在第四季度顯著改善。我想說，我們在金融服務領域成長的主要限制是我們想在建立意識和行銷方面花費多少資金。我們在業務中擁有非常好的客戶獲取成本概況，尤其是 SoFi Money，它的投資回收期最好。

But we're doing really well in Invest. Investors shouldn't go to sleep on our Invest business. As we mentioned in the call, the AUM increased more than 50%. We launched alternative asset classes today. We continue to give consumers access to products that are typically only available for the wealthy. And we're bringing them to Main Street. We did that with IPOs and now with alternate investments today, which we'll continue to build out also.

但我們在投資方面做得非常好。投資者不應該對我們的投資業務熟視無睹。正如我們在電話會議中提到的，AUM 成長了 50% 以上。我們今天推出了另類資產類別。我們繼續為消費者提供通常只有富人才能買到的產品。我們將把他們帶到大街。我們透過首次公開募股做到了這一點，現在又透過另類投資做到了這一點，我們也將繼續擴大這些投資。

And in the Credit Card business, we really hunkered down there and pulled back to make sure we have the credit profile right, our market segmentation right. And most importantly, like we did in Money, make sure we have the unit economics right, and I feel like we've made great progress there. So within that segment, it really comes down to how much we want to spend in driving marketing. The products have payback periods anywhere from 12 months to 36 months. So ultimately, we want to manage the overall business to a 30% incremental EBITDA margin, and so we'll invest up to that point. And that's how to think about the limits to growth.

在信用卡業務中，我們確實蹲守並撤退，以確保我們的信用狀況正確，我們的市場細分正確。最重要的是，就像我們在《金錢》中所做的那樣，確保我們擁有正確的單位經濟學，我覺得我們在這方面取得了巨大的進步。因此，在這個細分市場中，這實際上取決於我們想要在推動行銷方面花費多少錢。這些產品的投資回收期為 12 個月至 36 個月。因此，最終，我們希望將整體業務的 EBITDA 利潤率提高 30%，因此我們將投資到這一點。這就是如何思考成長的極限。

But in terms of the opportunity, if we wanted to spend more and not hold ourselves to that balance between growth and a 30% incremental EBITDA margin, we could grow even faster. The market -- the product market fit is so great. It's just a question of how much you want to dial it up or down.

但就機會而言，如果我們想花更多錢，而不是在成長和 30% 的 EBITDA 利潤率增量之間保持平衡，我們可以成長得更快。市場－產品的市場契合度非常好。這只是一個你想要調高或調低多少的問題。

Our next question is 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。

Chris, I think you said that Personal Loan charge-offs were 4%, I believe, for the full year. I was wondering if you could tell us what that was for the fourth quarter. I was -- I guess my math and it could totally be off. I had you guys like 3.1% through the first three quarters of the year, and that would imply, I think, like a 6% loss rate in the fourth quarter. So I don't know if I'm wrong there, like any color there would be helpful.

克里斯，我想你說過全年的個人貸款沖銷率為 4%。我想知道你能否告訴我們第四季的情況。我——我猜我的數學可能完全不對勁。今年前三個季度的損失率為 3.1%，我認為這意味著第四季度的損失率為 6%。所以我不知道我是否錯了，就像任何顏色都會有幫助。

Yes, no worries, Reggie. In terms of the fourth quarter, what you heard in my prepared remarks, was accurate for the fourth quarter. So our NCO rate for the Personal Loans business was 4.0%. That was up from 3.44% in Q3 of 2023. As Anthony had alluded to, we do expect a continued normalization towards pre-COVID levels and life of loan losses in the 7% to 8% range.

是的，不用擔心，雷吉。就第四季度而言，您在我準備好的演講中聽到的內容對於第四季度來說是準確的。因此，我們個人貸款業務的 NCO 利率為 4.0%。這一數字高於 2023 年第三季的 3.44%。正如安東尼所提到的，我們確實預計疫情前的水平和貸款損失期限將持續正常化在 7% 至 8% 的範圍內。

Our next question is from Dan Dolev from Mizuho.

我們的下一個問題來自瑞穗的 Dan Dolev。

Thank you. Hey, guys. Excellent quarter. Nice work. Anthony, maybe a question for you. You provided a nice outlook on profitability into 2026. Can you maybe give us your comfort level on the earnings -- the long-term earnings power of the business?

謝謝。大家好。優秀的季度。幹得好。安東尼，也許有個問題想問你。您對 2026 年的獲利能力提出了良好的展望。您能否告訴我們您對獲利的滿意程度—企業的長期獲利能力？

Yes. I think that there's two important indicators for the long-term earnings power of the business, which is what have we done to date, and then what's the sort of incremental way to think about profitability.

是的。我認為企業的長期獲利能力有兩個重要指標，這就是我們迄今為止所做的事情，然後是考慮獲利能力的增量方式是什麼。

So 30% EBITDA margin in the fourth quarter is a huge milestone for us. I cannot tell you the number of people that I mentioned our long-term margin at 30% to that were naysayers there. So I'm really proud of the scale that we've achieved in over $2 billion of revenue, but equally proud of what we've done from a profitability standpoint. To have 35% revenue growth, which accelerated with a 30% actual EBITDA margin and GAAP profitability shows you the earnings potential of this business. The margin could be much higher than 30%, but we're sticking to that as our long-term margin today.

因此，第四季 30% 的 EBITDA 利潤率對我們來說是一個巨大的里程碑。我無法告訴你有多少人在我提到我們的長期利潤率為 30% 時持反對意見。因此，我對我們實現的超過 20 億美元的收入規模感到非常自豪，但同樣對我們從獲利角度所做的事情感到自豪。營收成長 35%，實際 EBITDA 利潤率和 GAAP 獲利能力成長 30%，這向您展示了該業務的獲利潛力。利潤率可能遠高於 30%，但我們今天仍堅持將其作為我們的長期利潤率。

As I think about 2026 in that time period, margin profile in the 30s is what would help us get there and would make it achievable. If you think about our businesses individually and then collectively, as a series of unit economic businesses where we're architecting the revenue per account, variable cost per account to variable profit margin that obviously exceeds the customer acquisition cost by a meaningful margin and then pays back after 12 to 24 months.

當我想到 2026 年那個時期時，30 多歲的利潤率將幫助我們實現這一目標並使其能夠實現。如果您單獨考慮我們的業務，然後將其整體考慮，作為一系列單位經濟業務，我們將每個帳戶的收入、每個帳戶的可變成本設計為可變利潤率，該利潤率明顯超過了客戶獲取成本，並且明顯超出了有意義的利潤率，然後支付12至24個月後回來。

As you scale that variable profit per account, you're going in at a fixed cost base. Once you get that above the fixed cost base, the incremental unit economics has dropped to the bottom line. And our unit economics are greater than 30%, which means our long-term margins could be greater than 30%. But we're going to stick with that right now for our long-term margin. It's quite surprising we achieve it so early, while we're still growing. So that should be a great indication of what the future could bring. But we're not going to push it higher than that because we want to make sure we hold ourselves accountable to some constraints on what we invest in, while balancing growth versus profitability and marching towards higher ROE and greater tangible book value growth.

當您擴展每個帳戶的可變利潤時，您將以固定成本基礎進入。一旦高於固定成本基礎，增量單位經濟效益就降到了底線。我們的單位經濟效益超過 30%，這意味著我們的長期利潤率可能超過 30%。但為了我們的長期利潤，我們現在將堅持這一點。令人驚訝的是，我們還在成長過程中，這麼早就實現了這個目標。因此，這應該是未來會發生什麼的一個很好的跡象。但我們不會將其推得更高，因為我們希望確保自己對投資項目的一些限制負責，同時平衡增長與盈利能力，並朝著更高的股本回報率和更大的有形賬面價值增長邁進。

Our next question is from Jeff Adelson from Morgan Stanley.

我們的下一個問題來自摩根士丹利的傑夫阿德爾森。

I just wanted to dig in on -- follow-up on Reggie's question a little bit and digging on the credit on the Personal Loan book. I know you did modestly increase the life of loss expectation there to 4.8% this quarter. I guess when we look at some of the ABS data, it does look like the data continues to get worse. And we have other lenders out there in the consumer world that have flagged that losses should also get worse this year.

我只是想深入探討一下雷吉的問題，並深入研究個人貸款書上的信用。我知道你們本季確實將損失預期適度提高至 4.8%。我想當我們查看一些 ABS 數據時，看起來數據確實在繼續惡化。消費領域的其他貸款人也表示，今年的損失也應該會變得更糟。

So I'm wondering if you could help us frame where you have your expectations for 2024 credit and the loss while going there. Is there a world where you see that overshooting the kind of 4.8% life of loan expectation this year? Or do you think that it could kind of hold there. And then as a follow-up, I'm wondering if you should also provide the dollar benefit to NII you got this quarter or revenues this quarter from the new secured financing you announced.

因此，我想知道您是否可以幫助我們確定您對 2024 年信貸的期望以及前往那裡時的損失。您認為今年的貸款期限是否會超出 4.8% 的預期？或者你認為它可以保留在那裡。然後，作為後續行動，我想知道您是否還應該向您本季度獲得的 NII 或本季度您宣布的新擔保融資的收入提供美元福利。

Yes, sure. So on the actual PO losses, I just want to be clear, when I mentioned the 4.0% NCO rate, that was an annual loss rate where we expect it to normalize to is 7% to 8% life of loan, which translates closer to a 4.8% to 5-ish percent annualized loss rate, which we expect to occur in the first half of 2024.

是的，當然。因此，關於實際的PO 損失，我只想澄清一下，當我提到4.0% NCO 利率時，這是一個年損失率，我們預計它會正常化為貸款期限的7% 至8%，這更接近於年化損失率為 4.8% 至 5% 左右，我們預計該情況將在 2024 年上半年發生。

The reason that we get confident that we are going to peak out at those levels is that if you look at our NCOs for Q4 of 2023, about 15% of those net charge-offs are related to credits that we have removed from the system and that comprises about 3% of the overall UPB on the balance sheet. That's expected to get down to less than 1% by the end of the year.

我們之所以有信心在這些水平上達到頂峰，是因為如果您查看 2023 年第四季度的 NCO，就會發現這些淨沖銷中約有 15% 與我們從系統中刪除的貸項有關，並且約佔資產負債表上UPB 總量的3%。預計到今年底這一比例將降至不到 1%。

In terms of your second question around the benefit from revenue from secured financing that we announced, we did about $450 million in the quarter, as I alluded to in my prepared remarks. The actual revenue generation associated with that in period was immaterial given time of sales.

關於你的第二個問題，即我們宣布的擔保融資收入收益，正如我在準備好的發言中提到的那樣，我們在本季度的收入約為 4.5 億美元。考慮到銷售時間，與該期間相關的實際收入產生並不重要。

And the only other thing I'd add is that our backdrop for credit and credit performance and normalization is tied to our economic outlook. Obviously, in a more challenging economic outlook, those assumptions would likely not hold to be true, and we obviously manage the business differently.

我唯一要補充的是，我們的信貸和信貸表現以及正常化的背景與我們的經濟前景息息相關。顯然，在更具挑戰性的經濟前景中，這些假設可能不會成立，而且我們顯然以不同的方式管理業務。

I would say the one thing that's been true over the last 6 years that I've been here is whatever we thought would happen with the economy isn't actually what's happened with the economy, and we have to be nimble and smart and read all the macroeconomic data points and our own business performances to adjust accordingly. So I don't want anyone to think that the outlook that we have is in all economic backdrops, it's not it's for the very specific one that we outlined.

我想說的是，過去六年我一直在這裡的一件事是真實的，那就是我們認為經濟會發生的事情實際上並不是經濟發生的事情，我們必須靈活、聰明並閱讀所有內容根據宏觀經濟數據點和我們自身的經營績效進行相應調整。因此，我不希望任何人認為我們的前景適用於所有經濟背景，而不是針對我們概述的非常具體的經濟背景。

Our next question is from Michael Ng from Goldman Sachs.

我們的下一個問題來自高盛的 Michael Ng。

Thank you very much for the question. I appreciate all the revenue guidance by segment for 2024. I was just wondering if you could talk a little bit about the contribution profit outlook, key things to consider for each segment? And any specifics around 2024 by segment would be helpful.

非常感謝你的提問。我很欣賞 2024 年各細分市場的所有收入指引。我只是想知道您是否可以談談貢獻利潤前景以及每個細分市場需要考慮的關鍵事項？ 2024 年左右各細分市場的任何具體細節都會有所幫助。

The way I think about it is the (inaudible) business is meaningfully profitable, very high contribution profit margins there. For those who have been following us for a long time, you'll remember the comments that was made about ensuring that our loans have a 40% to 50% variable profit margin per loan so that those loans will be durable through the cycle, and we remain focused on achieving that.

我的想法是（聽不清楚）業務是有意義的獲利，那裡的貢獻利潤率非常高。對於那些長期關注我們的人，您會記得關於確保我們的貸款每筆貸款有 40% 到 50% 的可變利潤率的評論，以便這些貸款在整個週期中能夠持久，並且我們仍然致力於實現這一目標。

The second thing I'd say is the Technology Platform, the margins contract there quite meaningfully prior to this year as we invested in moving to the cloud from on-prem and we invested in new architecture and new products and services, and we're now seeing the benefit of those investments coming in higher revenue and more operating leverage, and you saw the nice contribution profit margin expansion there, which you can continue to see with more revenue. It's a business that once you exceed your fixed cost, the incremental profitability is quite meaningful.

我要說的第二件事是技術平台，今年之前，由於我們投資從本地遷移到雲，我們投資了新架構以及新產品和服務，因此利潤率合約非常有意義。現在看到這些投資帶來的好處是更高的收入和更高的營運槓桿，並且您看到了良好的貢獻利潤率擴張，您可以繼續看到更多的收入。這是一項一旦超過固定成本的業務，增量獲利能力就非常有意義。

And in the Financial Services segment, it's a lot harder to talk homogeneously because there's so many different businesses there. Chris said on the call that we're losing over $100 million a year from a contribution profit standpoint across the different businesses we're investing despite the fact that we achieved $25 million in the quarter of contribution profit, still losing meaningfully in businesses like Credit Card and SoFi Invest because of the acquisition cost there, but also because the fixed costs are not covered by the variable profit yet. And so that business has a lot of upside in contribution profit.

在金融服務領域，要統一討論要困難得多，因為那裡有很多不同的業務。克里斯在電話會議上表示，從我們所投資的不同業務的貢獻利潤的角度來看，我們每年損失超過1 億美元，儘管我們在本季度實現了2500 萬美元的貢獻利潤，但在信貸等業務中仍大幅虧損Card 和 SoFi Invest 是因為收購成本，也因為固定成本尚未被可變利潤覆蓋。因此，該業務在貢獻利潤方面有很大的上升空間。

But you have to think about it by business and where those businesses are in their development cycle. And so Invest and Credit Card are very early in their investment cycle and therefore, losing a lot of money. SoFi Money is now variable profit positive and carrying the weight of the profitability of their overall business. We also have some insight business in there that are high margin that are small dollars that contribute nicely, but they're not the biggest contributor to that area.

但你必須按業務來考慮，以及這些業務處於發展週期的哪個階段。因此，投資和信用卡處於投資週期的早期階段，因此損失了大量資金。 SoFi Money 現在的可變利潤為正，並承擔其整體業務盈利能力的重擔。我們還有一些高利潤的洞察業務，雖然金額不大，但貢獻很大，但它們並不是該領域的最大貢獻者。

Our next question is from Vincent Caintic from Stephens.

我們的下一個問題來自史蒂芬斯的文森特凱恩蒂克。

I appreciate all the details. Going back to the rate cut expectations, I wanted to focus on sort of your expectations for how that affects loan sales and what your pipeline looks like for loan sales? Should we expect an acceleration on loan sales in 2024, if rates continue to go down? And then on the fair value mark, does the current fair value marks actually reflect the forward rate cuts already? Or should we expect this cap rate to decline and therefore increase the fair value market as time goes on?

我很欣賞所有的細節。回到降息預期，我想專注於您對降息如何影響貸款銷售的預期以及您的貸款銷售管道是什麼樣的？如果利率持續下降，我們是否應該預期 2024 年貸款銷售會加速？那麼在公允價值標記上，目前的公允價值標記是否實際上已經反映了遠期利率下調？或者我們應該預期上限利率會下降，從而隨著時間的推移增加公允價值市場？

Yes, sure. In terms of the overall demand for our loans, the demand remains extremely robust. You saw that we did over $1 billion of sales in Q4, $875 million of which came from unsecured personal loan sales with a $375 million securitization and $500 million of sales in whole loan format. We do expect demand to remain robust. We're seeing that already in Q1.

是的，當然。就我們貸款的整體需求而言，需求仍然非常強勁。您可以看到，我們第四季的銷售額超過 10 億美元，其中 8.75 億美元來自無擔保個人貸款銷售，其中 3.75 億美元是證券化，5 億美元是整體貸款形式的銷售。我們確實預計需求將保持強勁。我們已經在第一季看到了這一點。

As a reminder, we do have a -- $2 billion forward flow arrangement in 2024 with a party that has bought loans from us over the course of the last few quarters that will stay intact throughout the year. And then we do expect robust demand on other -- on the run loan transactions that we've done akin to what we did in Q4. So overall, really good demand at strong execution levels as demonstrated in my prepared remarks.

提醒一下，我們確實與過去幾季向我們購買貸款的一方在 2024 年達成了 20 億美元的遠期資金流安排，該安排將在全年保持不變。然後，我們確實預計對其他交易的強勁需求 - 我們所做的類似於第四季度所做的貸款交易。總的來說，正如我準備好的發言中所表明的那樣，在強大的執行水平下，需求確實很好。

In terms of the fair market value marks do these include the four rate cuts already. Our marks are reflective of a point in time. So as of the end of Q4, the marks reflect what the underlying benchmark rate as of December 31.

就公平市場價值而言，這些已經包括四次降息。我們的標記反映了某個時間點。因此，截至第四季度末，這些標記反映了截至 12 月 31 日的基本基準利率。

So they don't reflect the full rate that's going forward. The other thing I'd say is as we think about our durability of our loans, we have continued to reduce our credit box. In late December, we reduced underwriting by eliminating what we call Tier 6 and 7, which is the higher end of our FICO band. As those who know the company, we underwrite 685 going higher, and our average is much higher than 680 in the mid-7s as we talked about earlier. But as we progress through the year, we have reduced our credit box, and we continue to do so. And in December, we're making a relatively big change on 6 and 7 so that our loans are durable through the cycle, whether we hold them on balance sheet or we sell them.

因此，它們並沒有反映未來的全部利率。我要說的另一件事是，當我們考慮貸款的耐久性時，我們繼續減少信貸額度。 12 月底，我們透過取消我們所謂的第 6 級和第 7 級（FICO 等級的高端）來減少承保。作為了解該公司的人，我們承保 685 的價格會更高，而我們的平均價格遠高於我們之前談到的 7 年代中期的 680。但隨著這一年的進展，我們已經減少了信用額度，我們將繼續這樣做。 12 月，我們對 6 和 7 進行了相對較大的改變，以便我們的貸款在整個週期中保持持久，無論我們將其保留在資產負債表上還是出售它們。

And then the only other thing I would add, just to follow on to my point around do the marks include the four rate cuts. As you all know, we hedge interest rate exposure on our loans. So when interest rate drops, the value of the loan increases, but that's offset by hedge losses. Similar to what happened in Q4, we saw a meaningful interest rate reductions, but we also had meaningful hedge losses that offset that.

然後我要補充的唯一一件事是，為了繼續我的觀點，這些標記包括四次降息。眾所周知，我們對沖貸款的利率風險。因此，當利率下降時，貸款價值就會增加，但這會被對沖損失所抵消。與第四季度發生的情況類似，我們看到了有意義的利率下調，但我們也有有意義的對沖損失抵消了這一損失。

Our last question we have time for today is from Dominick Gabriele from Oppenheimer.

今天我們有時間提出的最後一個問題來自奧本海默的多米尼克·加布里埃爾（Dominick Gabriele）。

Thanks so much for the question and the color across the call. So maybe, Anthony, you can talk to us or Chris, through the assumptions that lead to your mid-20% revenue growth within the Tech Platform, that would be really helpful, maybe including, if possible, breaking it down by the new client wins, pipeline for deals, customer adds. Anything you can provide? I feel like this target is likely going to be significant importance moving forward.

非常感謝您的提問和通話中的顏色。因此，安東尼，您也許可以與我們或克里斯交談，透過假設使您在技術平台內實現 20% 的收入增長，這將非常有幫助，也許包括（如果可能的話）由新客戶進行細分勝利、交易管道、客戶新增。有什麼可以提供的嗎？我覺得這個目標可能對未來的發展有重要意義。

Yes. We're not going to get into that level of detail. We're in market in conversations with dozens of potential partners across the spectrum of the diversified customer base. We have with ongoing dialogue with everything from government-related deals for (inaudible) support and benefits from the federal government, all the way to new consumer financial services offerings from large established nonfinancial services brands, all the way to big large traditional banks in our country.

是的。我們不會深入討論這項細節。我們正在市場上與多元化客戶群中的數十個潛在合作夥伴進行對話。我們與各方面進行持續對話，從與政府相關的交易（聽不清楚）獲得聯邦政府的支持和利益，一直到大型非金融服務品牌提供的新消費者金融服務，一直到我們的大型傳統銀行國家。

The drivers of the business are quite simple. We have an underlying payment processing platform that you should think about generating revenue based on 2 factors: one, getting paid based on the transactions that occur in that platform, the volume of those transactions and the price for the transactions in addition to the APIs that we provide. Within the Technology Processing platform, we provide APIs for account opening for bill pay for 2-day early paycheck for person-to-person payments for payment risk platform for capabilities. And so different partners use different APIs and the more they use, the more we get paid, but it also drives the more transactions.

業務的驅動因素非常簡單。我們有一個底層支付處理平台，您應該考慮根據兩個因素來產生收入：一是根據該平台中發生的交易、這些交易的數量和交易價格以及 API 來獲得付款。我們提供。在技​​術處理平台內，我們提供用於開戶、帳單支付、提前 2 天發薪、個人對個人付款、支付風險平台功能的 API。因此，不同的合作夥伴使用不同的 API，他們使用的越多，我們獲得的報酬就越多，但這也帶動了更多的交易。

In addition to that, we have other products like Konecta, which is a natural language chatbot that uses machine learning. We also have a product called Payment Risk platform, where we're helping people decide instantaneously on the risk of a transaction and whether or not it should be authorized or not. And we get paid for each one of those authorizations.

除此之外，我們還有其他產品，例如 Konecta，它是一種使用機器學習的自然語言聊天機器人。我們還有一個名為支付風險平台的產品，我們可以幫助人們立即決定交易的風險以及是否應該授權。我們會為每一項授權獲得報酬。

In addition to that, we have Technisys' Banking Core, which is a much larger decision for any institution used, but think of a core as an operating system. Our Technisys capability we bought for one big reason. We have a lot of products at so far. Those products all have different operating systems. We want them to run on one platform, one operating system and we want that system to be extensible to new product -- that exists today.

除此之外，我們還有 Technisys 的銀行核心，這對於任何使用的機構來說都是一個更大的決定，但將核心視為作業系統。我們購買 Technisys 功能有一個重要原因。到目前為止我們有很多產品。這些產品都有不同的作業系統。我們希望它們在一個平台、一個作業系統上運行，我們希望該系統能夠擴展到現有的新產品。

In the Financial Services industry, many banks, many financial companies have many cores. In fact, they probably have more cores than products because many of them were aggregated roll-ups of other banks that had different quarters for checking and savings, not to mention that different courses for a product like credit card versus checking and savings or even for loans. And so Technisys enables a company to have one platform running different cores for different products, and it's extensible into different areas.

在金融服務業，很多銀行、很多金融公司都有很多核心。事實上，它們可能擁有比產品更多的核心，因為其中許多是其他銀行的匯總，這些銀行具有不同的支票和儲蓄季度，更不用說信用卡等產品的不同課程與支票和儲蓄，甚至是貸款。因此，Technisys 使公司能夠擁有一個平台，為不同的產品運行不同的內核，並且可以擴展到不同的領域。

One example of that is SoFi's Buy Now Pay Later. We launched Buy Now, Pay Later with Galileo and Technisys and SoFi. It was the first product on all three technologies and we did it in a very short period of time, and it's a great product that is easy for the consumer to use and can be authorized -- in the application itself. And so that is another driver of the overall revenue streams.

SoFi 的「先買後付」就是一個例子。我們與 Galileo、Technisys 和 SoFi 合作推出了「立即購買，稍後付款」。這是第一個採用所有三種技術的產品，我們在很短的時間內完成了它，這是一個偉大的產品，消費者可以輕鬆使用並且可以在應用程式本身中獲得授權。這是整體收入流的另一個驅動因素。

We also do services for digital solutions. We do build front-end for apps in addition to other types of digital services as it relates to the app and product development. So there's no one answer to your question other than more partners, more accounts and more products per account, which drives the revenue from those factors that I just laid out.

我們也提供數位解決方案服務。除了其他類型的數位服務之外，我們還為應用程式建立前端，因為它與應用程式和產品開發相關。因此，除了更多的合作夥伴、更多的帳戶和每個帳戶更多的產品之外，沒有人可以回答你的問題，這會推動我剛才列出的這些因素帶來的收入。

That ends our prepared remarks and questions. I just wanted to finalize our comments today by just sharing with you some final thoughts.

我們準備好的發言和問題就到此結束。我只是想透過與大家分享一些最後的想法來結束我們今天的評論。

I'll finish here by saying how proud I am of our team's relentless ability to not just persevere through the disruption and volatility of the industry throughout the year, but to deliver record results. I couldn't feel more blessed by more than 7.5 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，我對我們團隊的不懈能力感到非常自豪，他們不僅能夠堅持全年行業的顛覆和波動，而且能夠取得創紀錄的業績。我對超過 750 萬名會員感到非常幸運，他們對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發揮了至關重要的作用。

The benefits of our strategy resulting in a uniquely diversified business that is unmatched by any digital-only provider in our scale, capability and competitive advantages, not only positions SoFi to be the winner that takes most in the sector of transition of financial services to digital, but also provide greater durability through a market cycle. I'm excited about where we are today and even more excited about where we can go from here.

我們的策略優勢帶來了獨特的多元化業務，在規模、能力和競爭優勢方面是任何純數位供應商都無法比擬的，這不僅使 SoFi 成為金融服務數位轉型領域的贏家，而且還可以在整個市場週期中提供更大的耐用性。我對我們今天的處境感到興奮，更對我們今後能走向何方感到興奮。

Thank you for dialing in to our call, and we look forward to talking to you next quarter.

感謝您撥打我們的電話，我們期待下個季度與您交談。

Thank you, everyone, for joining today's call. You may now disconnect your lines, and have a lovely day.

謝謝大家參加今天的電話會議。現在您可以斷開線路，祝您度過愉快的一天。