SoFi Technologies Inc (SOFI) 2024 Q1 法說會逐字稿

Good morning. My name is Jordan, and I will be your conference operator today. At this time, I'd like to welcome everyone to the SoFi Technologies Q1 2024 Earnings Conference Call. (Operator Instructions)

早安.我叫喬丹，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 SoFi Technologies 2024 年第一季財報電話會議。 （操作員說明）

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 First Quarter of 2024 earnings conference call.

謝謝你，早安。歡迎參加 SoFi 2024 年第一季財報電話會議。

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.

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.

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。

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

我們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-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. Q1 was another exceptionally strong quarter for SoFi. We continue to successfully execute on our strategy of making SoFi the one-stop shop for digital financial services. We expected that 2024 would be an important year of transition. Heading into this year, we had a conservative outlook given interest rate volatility, industry liquidity, inflation and macroeconomic environment concerns.

謝謝大家，大家早安。第一季是 SoFi 另一個異常強勁的季度。我們繼續成功執行使 SoFi 成為數位金融服務一站式商店的策略。我們預計2024年將是重要的轉型年。進入今年，考慮到利率波動、行業流動性、通膨和宏觀經濟環境的擔憂，我們對前景持保守態度。

We planned for continued strong growth from our financial services and technology platform segments up 50% year-over-year, offsetting our plan for lending to be 92% to 95% of 2023 revenue. And we set out to strengthen our balance sheet and capital ratios by continuing to grow our tangible book value. I'm proud to report that our team delivered across each of these fronts and more in the first quarter of 2024.

我們計劃金融服務和科技平台業務持續強勁成長，年增 50%，抵銷我們的貸款佔 2023 年營收 92% 至 95% 的計畫。我們著手透過持續增加有形帳面價值來加強我們的資產負債表和資本比率。我很自豪地向大家報告，我們的團隊在 2024 年第一季在上述各個領域以及更多領域都取得了成果。

First, we responsibly grew revenue, while further diversifying our business. We grew adjusted net revenue in Q1 to $581 million, up 26% year-over-year. This marks the 12th consecutive quarter of greater than 25% growth. We grew adjusted EBITDA to $144 million, up 91% year-over-year. This represents a 25% margin compared to 16% a year ago.

首先，我們負責任地增加了收入，同時進一步實現業務多元化。第一季調整後淨收入達 5.81 億美元，年增 26%。這標誌著連續第 12 個季度增長超過 25%。我們將調整後 EBITDA 增至 1.44 億美元，年增 91%。這意味著利潤率比一年前的 16% 提高了 25%。

I'm pleased to report that our Financial Services and Technology Platform segments make up a growing portion of our revenue quarter-over-quarter, contributing 42% of adjusted net revenue in Q1. This is up from 40% last quarter and 33% a year ago, and we remain on track to finish 2024 with our revenue mix near 50-50.

我很高興地報告，我們的金融服務和技術平台部門在我們收入中所佔的比例逐季增長，佔第一季調整後淨收入的 42%。這一比例高於上季度的 40% 和一年前的 33%，我們仍有望在 2024 年結束時實現收入組合接近 50-50 的目標。

Second, we posted GAAP net income of $88 million. This includes a $59 million onetime benefit from the recent exchange of convertible notes, which Chris will talk about more in a moment. After achieving our first quarter of GAAP profitability in Q4 2023, we committed to sustaining profitability for the full year of 2024, and we did so in Q1. We posted GAAP EPS of $0.02 per share, which excludes the benefit from the convertible note exchange.

其次，我們公佈的 GAAP 淨利潤為 8,800 萬美元。這包括最近可轉換票據交換帶來的 5900 萬美元一次性收益，克里斯稍後將詳細討論這一點。在 2023 年第四季實現第一季 GAAP 獲利能力後，我們承諾在 2024 年全年保持獲利能力，我們在第一季就做到了這一點。我們公佈的 GAAP 每股收益為 0.02 美元，其中不包括可轉換票據交換帶來的收益。

Third, we further reinforced our balance sheet for long-term growth. We grew tangible book value for the seventh consecutive quarter to $4.1 billion, an increase of $608 million from the prior quarter. Equally as important, our tangible book value per share now stands at $3.92, up 16% sequentially. We grew consumer deposits by a record of $3 billion and saw continued strong buying demands for our loans, selling over $1.9 billion of loans in Q1.

第三，我們進一步強化資產負債表以達到長期成長。我們的有形帳面價值連續第七個季度成長至 41 億美元，比上一季增加 6.08 億美元。同樣重要的是，我們每股有形帳面價值目前為 3.92 美元，比上一季成長 16%。我們的消費者存款增加了創紀錄的 30 億美元，貸款購買需求持續強勁，第一季出售了超過 19 億美元的貸款。

SoFi Bank reported net income of $100 million with a 21% margin, and a return on tangible equity of 11.7%. Our total capital ratio for SoFi Technologies is now 17.3%, a 200 basis point improvement from last quarter and well above our 10.5% regulatory minimum.

SoFi Bank 報告淨利潤為 1 億美元，利潤率為 21%，有形股本回報率為 11.7%。我們對 SoFi Technologies 的總資本比率目前為 17.3%，比上季提高了 200 個基點，遠高於 10.5% 的監管最低水準。

Finally, our broad product offering, enabling people to borrow, save, spend, invest and protect their money continues to attract more and more members to SoFi. In Q1, we grew our member base to 8.1 million, up 44% from the prior year, adding 622,000 new members in the quarter. Just as important, we continue to see members adopt more products and deepen the relationship with SoFi.

最後，我們提供廣泛的產品，使人們能夠借貸、儲蓄、消費、投資和保護自己的資金，繼續吸引越來越多的 SoFi 會員。第一季度，我們的會員數量增至 810 萬，比上年增長 44%，本季新增會員 622,000 名。同樣重要的是，我們繼續看到會員採用更多產品並加深與 SoFi 的關係。

We recorded 989,000 new product additions in the quarter, with 93% of those product adds coming in our Financial Services segment, a remarkable milestone considering it's been only 5 years since we launched our first non-lending products and 2 years since we launched SoFi Bank.

本季我們新增了 989,000 個新產品，其中 93% 來自我們的金融服務部門，考慮到我們推出首款非貸款產品僅 5 年，推出 SoFi Bank 也僅 2 年，這是一個了不起的里程碑。

This increasingly diverse product relationship with our members is what maximizes the power of the Financial Services productivity loop and allows us to leverage our unique structural economic advantage. Despite external unpredictability in the year ahead, I remain as confident as ever in SoFi's future. Our plan to sustain responsible growth and our ability to deliver meaningful value to our shareholders.

與我們的會員之間日益多樣化的產品關係最大限度地發揮了金融服務生產力循環的力量，並使我們能夠利用我們獨特的結構性經濟優勢。儘管未來一年外部存在不可預測性，但我對 SoFi 的未來仍然充滿信心。我們維持負責任成長的計劃以及為股東提供有意義價值的能力。

Before handing it over to Chris to cover our financial highlights and share updated guidance, I wanted to give a quick peek under the hood on our segment level results. Starting with Financial Services. We continue to drive acquisition and monetization and importantly, rapidly expanding margins. We achieved record net revenue of $151 million in Q1, up 86% year-over-year and 8% from the prior quarter. Demonstrating the strong operating leverage in this segment, we generated this 86% growth with only an 8% increase in directly attributable expenses year-over-year.

在將其交給克里斯介紹我們的財務亮點並分享最新指導之前，我想快速瀏覽一下我們的細分市場表現。從金融服務開始。我們繼續推動收購和貨幣化，重要的是，快速擴大利潤。第一季我們實現了創紀錄的淨收入 1.51 億美元，年增 86%，季增 8%。我們實現了 86% 的成長，而直接歸屬費用較去年同期僅成長 8%，證明了該領域強大的營運槓桿。

The overall Financial Services segment achieved $37 million in contribution profit at a 25% margin compared to a $24 million loss in the year ago quarter. That margin is up 7 points from last quarter and a full 22 points from our first quarter of segment profitability achieved in the third quarter of 2023.

整個金融服務部門以 25% 的利潤率實現了 3,700 萬美元的貢獻利潤，而去年同期則虧損 2,400 萬美元。該利潤率比上季度提高了 7 個百分點，比我們 2023 年第三季實現的第一季細分利潤率足足提高了 22 個百分點。

This progress is notable given our significant investment across our Money, Credit Card and Invest products. SoFi Money delivered strong growth, high-quality deposits and engagement, and higher average account balances even as spending increased. We grew to 3.9 million SoFi Money accounts, up 61% year-over-year with over 90% of our consumer deposits coming from direct deposit members.

鑑於我們在貨幣、信用卡和投資產品方面進行了大量投資，這一進展引人注目。即使支出增加，SoFi Money 也實現了強勁的成長、高品質的存款和參與度以及更高的平均帳戶餘額。我們的 SoFi Money 帳戶增至 390 萬個，年增 61%，超過 90% 的消費者存款來自直接存款會員。

Our direct deposit members have a median FICO of 744 and over 50% of our newly funded SoFi Money account setup direct deposit by day 30, presenting ample opportunities for cross-buy into other SoFi products. As these members make SoFi Money their account of choice, spending follows with overall debit transaction volume, exceeding $1.9 billion in the quarter, up 20% from the prior quarter and over 150% year-over-year.

我們的直接存款會員的 FICO 中位數為 744，我們新註資的 SoFi Money 帳戶中有超過 50% 在第 30 天建立了直接存款，為交叉購買其他 SoFi 產品提供了充足的機會。隨著這些會員選擇 SoFi Money 帳戶，支出隨之而來的是整體借記交易量，本季超過 19 億美元，比上一季成長 20%，較去年同期成長超過 150%。

Looking at our Credit Card and Invest products, we previously shared that these are our heaviest areas of investment in the Financial Services segment, with current losses of nearly $100 million annually on a run rate basis. However, through improved unit economics and scale, we expect that these products will eventually contribute profit similar to our progress with SoFi Money.

看看我們的信用卡和投資產品，我們之前曾表示，這些是我們在金融服務領域投資最重的領域，以運行率計算，目前每年損失近 1 億美元。然而，透過改善單位經濟效益和規模，我們預計這些產品最終將貢獻與我們在 SoFi Money 方面取得的進展類似的利潤。

Next, turning to our Technology Platform segment. Our consistent product development and successful shift in sales strategy has enabled us to diversify growth and pursue larger, more durable revenue opportunities. In Q1, we exceeded $94 million in revenue, representing 21% year-over-year growth versus 13% last quarter, in line with our guidance for accelerating growth. Our Tech Platform segment contribution margin was 33% compared to 32% last quarter and 19% a year ago.

接下來，轉向我們的技術平台部分。我們持續的產品開發和銷售策略的成功轉變使我們能夠實現多元化成長並追求更大、更持久的收入機會。第一季度，我們的營收超過 9,400 萬美元，年增 21%，而上季為 13%，符合我們加速成長的指導方針。我們的技術平台部門貢獻率為 33%，上季為 32%，一年前為 19%。

Demand from traditional financial institutions and clients in nonfinancial categories remain strong. While lead times for winning RFPs and integrations and time to revenue are measured in multiple quarters and years, not months, we're seeing the transition to modern processing and modern cores playing out as envisioned.

傳統金融機構和非金融類別客戶的需求依然強勁。雖然贏得 RFP 和整合的交付時間以及收入時間是按多個季度和年份而不是幾個月來衡量的，但我們看到向現代處理和現代核心的過渡正如預期的那樣進行。

We also made significant strides in product development in Q1. We enhanced our partnership with the Bancorp to offer real-time payments, improving the money movement hub, enabling multiple new use cases for B2C and B2B clients. We launched post-purchase buy now, pay later for banks and fintechs to deliver flexible financing solutions for debit and credit purchases.

第一季我們在產品開發方面也取得了重大進展。我們加強了與 Bancorp 的合作夥伴關係，提供即時支付，改善資金流動中心，為 B2C 和 B2B 客戶提供多個新用例。我們為銀行和金融科技公司推出了「先買後付」的購後服務，為借記卡和貸記卡購買提供靈活的融資解決方案。

Galileo and SoFi Bank partnered to launch a small business financing card program with Rapid Finance. And importantly, we continue to make progress with our growing pipeline of new partners in the quarter.

Galileo 和 SoFi Bank 與 Rapid Finance 合作推出了小型企業融資卡計劃。重要的是，我們在本季不斷增加的新合作夥伴管道中繼續取得進展。

And finally, turning to lending. As we shared last quarter, we've taken a more conservative approach toward originations given our concerns around rate uncertainty and the broader macro climate. For Q1, adjusted net revenue of $325 million was flat year-over-year. Personal loan origination growth slowed to 11% year-over-year to $3.3 billion, in line with our more conservative approach. In fact, the balance of personal loans on our balance sheet declined 2% quarter-over-quarter.

最後，轉向貸款。正如我們上季度分享的那樣，鑑於我們對利率不確定性和更廣泛的宏觀環境的擔憂，我們對起源採取了更保守的方法。第一季調整後淨收入為 3.25 億美元，與去年同期持平。個人貸款發放成長年減至 11%，至 33 億美元，這與我們更保守的做法一致。事實上，我們資產負債表上的個人貸款餘額較上季下降了 2%。

Student loan originations grew 43% year-over-year to $752 million and home loan originations increased 274% year-over-year to $336 million. A record 82% of the segment's adjusted net revenue was derived from net interest income compared to 76% last quarter and 62% in the year ago quarter. This is a direct benefit of our bank charter and our ability to hold loans longer when advantageous.

學生貸款發放量年增 43%，達到 7.52 億美元，房屋貸款發放量年增 274%，達到 3.36 億美元。該部門調整後淨收入中創紀錄的 82% 來自淨利息收入，而上季為 76%，去年同期為 62%。這是我們的銀行章程以及我們在有利的情況下延長貸款期限的能力的直接好處。

The percent of adjusted lending revenue from net interest income has more than doubled since we launched the bank 2 years ago. Together, these efforts contributed to great results for SoFi in the first quarter of 2024. I am incredibly proud of our team's perseverance to serve our members and clients' financial needs in face of continued volatility and uncertainty around the world, while delivering good consistent growth, profitability and shareholder value creation.

自兩年前我們成立該銀行以來，淨利息收入佔調整後貸款收入的百分比增加了一倍以上。這些努力共同為SoFi 在2024 年第一季取得了巨大成果。無比自豪、獲利能力和股東價值創造。

With that, I'll hand it over to Chris.

這樣，我就把它交給克里斯了。

Thanks, Anthony. The first quarter demonstrates strong evidence of how our increasingly diversified and differentiated business model drive 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 first quarter of 2024 versus first quarter of 2023. 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 month.

謝謝，安東尼。第一季有力地證明了我們日益多元化和差異化的業務模式如何推動 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2024 年第一季與2023 年第一季的調整後結果。中找到，這些報表將將於下個月推出。

For the quarter, we delivered adjusted net revenue of $581 million, with growth of 26% year-over-year. Adjusted EBITDA was $144 million at a 25% margin. This represented over 8 points of year-over-year margin improvement, demonstrating significant operating leverage across all functional expense lines.

本季度，我們實現調整後淨收入 5.81 億美元，年增 26%。調整後 EBITDA 為 1.44 億美元，利潤率為 25%。這意味著利潤率年增了 8 個百分點以上，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 by 9 points relative to the year ago quarter, while total noninterest operating expenses declined 16 points year-over-year.

事實上，與去年同期相比，銷售和行銷佔調整後淨收入的百分比下降了 9 個百分點，而非利息營運支出總額較去年同期下降了 16 個百分點。

We delivered our second quarter of GAAP profitability with GAAP net income reaching $88 million, a $122 million improvement year-over-year. Net income included the benefit of a $59 million net gain associated with the exchange of a portion of our 2026 convertible notes at a discount for equity during the quarter. We reported GAAP diluted EPS of $0.02, which was not impacted by the gain from the convertible note exchange.

我們實現了第二季的 GAAP 獲利能力，GAAP 淨利潤達到 8,800 萬美元，年增 1.22 億美元。淨利潤包括 5,900 萬美元的淨收益，該收益與本季以折扣價交換部分 2026 年可轉換票據相關。我們報告的 GAAP 稀釋後每股收益為 0.02 美元，並未受到可轉換票據交換收益的影響。

Now on to the segment level performance. Starting with Financial Services, where net revenue of $151 million increased 86% year-over-year with new all-time high revenue for SoFi Money and Lending as a Service, as well as continued contributions from SoFi Invest and Credit Card.

現在談談分段層級的效能。首先是金融服務，淨收入為 1.51 億美元，年增 86%，SoFi Money 和貸款即服務收入創下歷史新高，並且 SoFi Invest 和信用卡的持續貢獻。

Overall monetization continues to improve with annualized revenue per product of $59, up 31% year-over-year versus $45 in Q1 2023. This is driven by higher deposits and member spending levels in SoFi Money, greater AUM and monetizable features in SoFi Invest and robust growth within SoFi Credit Card spend.

整體貨幣化持續改善，每個產品的年化收入為59 美元，與2023 年第一季的45 美元相比，年增31%。 SoFi Invest 的AUM 更大以及可貨幣化功能推動的。

Net interest income increased 106% year-over-year, primarily driven by $11.5 billion growth in deposits year-over-year. Our noninterest income increased 34% year-over-year, primarily driven by 2 factors: interchange, which grew 65% year-over-year based on over $7.5 billion in annualized spend and referrals from our Lending as a Service product, which grew 32% versus the prior year period.

淨利息收入年增 106%，主要是因為存款年增 115 億美元。我們的非利息收入年增 34%，主要由兩個因素推動：交換，基於超過 75 億美元的年化支出，同比增長 65%；以及我們的貸款即服務產品的推薦，該產品增長了 32%與去年同期相比的百分比。

Contribution profit reached $37 million at a 25% margin for the quarter, even as we continue to invest to rapidly grow this segment. Despite our invest in credit card businesses collectively losing nearly $100 million on an annualized basis, we still achieved strong margins.

儘管我們繼續投資以快速發展這一領域，但本季的貢獻利潤仍達到 3,700 萬美元，利潤率為 25%。儘管我們對信用卡業務的投資按年化計算總共損失了近 1 億美元，但我們仍然實現了強勁的利潤率。

Lastly, we reached 10.1 million Financial Services products in the quarter, which is up 42% year-over-year, with 919,000 new products in the quarter. We reached nearly 3.9 million products in SoFi Money, 2.2 million in SoFi Invest and 3.6 million in Relay.

最後，本季金融服務產品數量達到 1,010 萬種，年增 42%，其中新產品數量達到 919,000 個。我們在 SoFi Money 中接觸了近 390 萬種產品，在 SoFi Invest 中接觸了 220 萬種產品，在 Relay 中接觸了 360 萬種產品。

Shifting to our Tech Platform, where we delivered net revenue of $94 million in the quarter, up 21% year-over-year and down 3% sequentially. Annual revenue growth was driven by strong performance from new clients onboarded over the last 9 months, large bank deals signed in Latin America and strong monetization of existing clients launching new products on our platform.

轉向我們的技術平台，本季我們實現了 9,400 萬美元的淨收入，年增 21%，季減 3%。年收入成長的推動因素包括過去 9 個月新客戶的強勁表現、在拉丁美洲簽署的大型銀行交易以及現有客戶在我們平台上推出新產品的強勁貨幣化。

Galileo accounts grew 20% year-over-year to $151 million. The segment delivered a contribution profit of $31 million, representing a 33% margin. We continue to leverage investments made in the segment as we continue to position Tech Platform for higher rates of diversified, durable growth going forward. We expect Tech Platform revenue to accelerate in 2024 with strong margins.

Galileo 帳戶年增 20%，達到 1.51 億美元。該部門貢獻利潤 3,100 萬美元，利潤率為 33%。我們持續利用在該領域的投資，繼續定位技術平台，以實現未來更高的多元化、持久成長。我們預計技術平台營收將在 2024 年加速成長，利潤率強勁。

Turning to lending. First quarter adjusted net revenue remained flat year-over-year at $325 million, with $208 million of contribution profit at a 64% margin versus $210 million a year ago. These results were driven by a 33% year-over-year growth in our net interest income, while noninterest income was down by 53%.

轉向貸款。第一季調整後淨收入與去年同期持平，為 3.25 億美元，貢獻利潤為 2.08 億美元，利潤率為 64%，而去年同期為 2.1 億美元。這些績效的推動因素是我們的淨利息收入年增 33%，而非利息收入下降了 53%。

Growth in net interest income was driven by a 59% year-over-year increase in average interest-earning assets and a 114 basis point year-over-year increase in average yields. This resulted in an average net interest margin of 5.91% for the quarter, up 43 basis points year-over-year.

淨利息收入成長主要得益於平均生息資產年增59%和平均收益率年增114個基點。本季平均淨利差為 5.91%，較去年同期上升 43 個基點。

I'd also highlight our $3 billion of deposit growth in the quarter compared to the $242 million of net loan growth on the balance sheet. This has allowed us to continue to reduce our reliance on outside warehouse funding, which is 226 basis points more expensive than our deposits.

我還要強調一下，本季我們的存款增加了 30 億美元，而資產負債表上的淨貸款增加了 2.42 億美元。這使我們能夠繼續減少對外部倉庫資金的依賴，外部倉庫資金比我們的存款貴 226 個基點。

As a result, we've reduced our warehouse utilization this quarter by $2.4 billion. The 226 basis points of cost savings between our deposits and our warehouse facilities continues to support our net interest margin and translates to nearly $500 million of annualized interest expense savings at our current deposit base.

因此，本季我們的倉庫利用率減少了 24 億美元。我們的存款和倉庫設施之間的成本節省了 226 個基點，繼續支持我們的淨利差，並轉化為我們活期存款基礎上的年化利息費用節省近 5 億美元。

It also underscores the benefits of having the option of holding loans on balance sheet when advantageous and collecting net interest income. We expect to maintain a healthy net interest margin above 5% for the foreseeable future and benefit from the continued mix towards deposit funding, along with our ability to sustain healthy deposit versus lending betas.

它還強調了在有利時選擇在資產負債表上持有貸款並收取淨利息收入的好處。我們預計在可預見的未來將淨利差維持在 5% 以上，並受益於存款融資的持續組合以及我們維持健康的存款與貸款貝塔值的能力。

On the noninterest income side, Q1 originations grew 22% year-over-year to $4.4 billion and were driven by growth across our personal, student and home loan products. Personal loan originations growth slowed to 11% year-over-year and 2% sequentially to $3.3 billion, which was anticipated and in line with our more conservative approach given macro uncertainty.

在非利息收入方面，第一季的貸款發放量年增 22%，達到 44 億美元，這主要得益於我們的個人貸款、學生貸款和房屋貸款產品的成長。個人貸款發放成長年減至 11%，較上季放緩 2%，至 33 億美元，這是預期的，也符合我們考慮到宏觀不確定性而採取的更為保守的做法。

Our student loans business saw origination volume grow 43% year-over-year, with a slight 5% decline sequentially to $752 million. Home loans grew by over 270% year-over-year and 9% sequentially to $336 million. Our personal loan borrowers weighted average income is $169,000, with a weighted average FICO score of 746. Our student loan borrowers weighted average income is $146,000, with a weighted average FICO of 768.

我們的學生貸款業務的發放量年增 43%，環比小幅下降 5%，至 7.52 億美元。房屋貸款年增超過 270%，季增 9%，達到 3.36 億美元。我們的個人貸款借款人加權平均收入為 169,000 美元，加權平均 FICO 分數為 746。

In the first quarter, we sold portions of our personal loan, student loan and home loan portfolios totaling over $1.9 billion. That comprises approximately $1.26 billion in personal loan principal, $300 million in student loan principal and nearly $350 million in home loan principal.

第一季度，我們出售了部分個人貸款、學生貸款和房屋貸款組合，總額超過 19 億美元。其中包括約 12.6 億美元的個人貸款本金、3 億美元的學生貸款本金和近 3.5 億美元的房屋貸款本金。

In terms of personal loan sales, we closed $500 million of loans in whole loan form and $700 million in ABS at a blended execution of 105.7%. These had similar structures to other recent personal loan sales, with cash proceeds at par or at a small premium to par, and the majority of the premium consisted of contractual servicing fees that are capitalized.

在個人貸款銷售方面，我們以整體貸款形式完成了 5 億美元的貸款，並以 ABS 形式完成了 7 億美元的貸款，混合執行率為 105.7%。這些貸款的結構與最近其他個人貸款銷售類似，現金收益等於面額或比面值略有溢價，大部分溢價包括資本化的合約服務費。

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 if we held the loans. As a result of the personal loan sales in the quarter, the quantity of personal loans on our balance sheet declined sequentially despite growth in originations.

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。由於本季個人貸款銷售的結果，儘管貸款發放量有所增長，但我們資產負債表上的個人貸款數量仍出現環比下降。

Additionally, we sold $62.5 million of late-stage delinquent personal loans principal in the quarter. Typically, we do not sell delinquent loans until they are charged off, but we were able to generate positive value generated from both recovery and servicing value relative to letting the loans charge off and sell after the fact.

此外，我們在本季出售了 6,250 萬美元的後期拖欠個人貸款本金。通常，我們不會出售拖欠貸款，直到它們被沖銷，但相對於讓貸款沖銷並在事後出售，我們能夠從回收和服務價值中產生正價值。

As discussed during Q4 results, roughly 15% of our losses came from credit tiers that we ceased originating several quarters earlier, which represented 3% of unpaid principal balance. We were, therefore, able to reduce exposure to those credit tiers, as the loans run off and become a much smaller portion of overall unpaid principal balance.

正如第四季業績中所討論的，我們大約 15% 的損失來自我們幾個季度前停止的信貸等級，佔未付本金餘額的 3%。因此，隨著貸款流失並成為未付本金總額的一小部分，我們能夠減少對這些信用等級的曝險。

In addition, we continue to make adjustments to our credit underwriting model in line with the internal and external indicators underlying are our report card.

此外，我們繼續根據成績單所依據的內部和外部指標對信用承銷模式進行調整。

Moving to our student loan sales. we closed $294 million of loans in whole loan form and execution of 104.9%. This sale had no accompanying loss share provision nor a senior secured financing option.

轉向我們的學生貸款銷售。我們以整體貸款形式結清了 2.94 億美元的貸款，執行率為 104.9%。此次出售沒有附帶損失份額條款，也沒有優先擔保融資選擇。

Finally, our $344 million of home loan sales were sold at a blended execution of 100.9%. Also in the quarter, we executed $399 million of senior secured financing, which will show up on our detailed balance sheet as 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 the investment-grade bonds, if we were to do a securitization for the same pool of collateral.

最終，我們 3.44 億美元的房屋貸款銷售以 100.9% 的混合執行率出售。同樣在本季度，我們執行了 3.99 億美元的優先擔保融資，這將作為按攤銷成本持有用於投資的優先擔保貸款顯示在我們的詳細資產負債表中。這些貸款具有固定期限結構，並以基礎資產為擔保，因此，如果我們要對同一抵押品池進行證券化，則這些貸款相當於投資等級債券。

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.

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。

Turning to credit performance. Our on-balance sheet 90-day student loan delinquency rate was 13 basis points, while our annualized student loan charge-off rate was 60 basis points. Our Q1 on-balance sheet 90-day personal loan delinquency rate was 72 basis points.

轉向信用表現。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 60 個基點。我們第一季表內 90 天個人貸款拖欠率為 72 個基點。

Our annualized personal loan charge-off rate decreased to 3.45% from 4.02% in Q4, including the impact of asset sales, new originations and the delinquency sale in the quarter. We anticipate ongoing normalization in credit performance toward pre-pandemic levels of 7% to 8% life of loan losses.

我們的年化個人貸款核銷率從第四季的 4.02% 下降至 3.45%，其中包括本季資產銷售、新發放和拖欠銷售的影響。我們預期信貸表現將持續正常化，貸款損失期限將達到疫情前 7% 至 8% 的水平。

Now turning to our fair value marks and key assumptions. Our personal loans are marked at 104.2% as of quarter end, down from 104.9% at the end of Q4 and well below the 105.7% blended execution achieved on the $1.2 billion in personal loan sales.

現在轉向我們的公允價值標記和關鍵假設。截至季末，我們的個人貸款率為 104.2%，低於第四季末的 104.9%，並且遠低於 12 億美元個人貸款銷售所實現的 105.7% 混合執行率。

The lower personal loan mark was primarily a function of the discount rate increasing by approximately 30 basis points to 5.8%. This was driven by the underlying benchmark rate increasing by approximately 50 basis points and spreads tightening by 20 basis points, in line with industry trends. Importantly, the benchmark rate change and the spread change are empirical as they are actual market observed inputs, not assumptions.

個人貸款標記較低主要是由於折現率增加約 30 個基點至 5.8%。這是由於基礎基準利率上漲約 50 個基點，利差收緊 20 個基點，符合產業趨勢。重要的是，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。

In addition, the mark was negatively impacted by the annual default rate increasing by 9 basis points to 4.85%, and the annual prepayment fees increasing by 150 basis points to 24.7%, which has an immaterial impact on the overall change in the mark.

此外，年度違約率增加9個基點至4.85%，年度預付款費用增加150個基點至24.7%，對馬克整體變動影響不大。

When a borrower prepays, we are still capturing the principal and the impact to the value of the asset is only based on the premium above par at a given point in time, which is very small relative to the principal outstanding.

當借款人提前還款時，我們仍在獲取本金，對資產價值的影響僅基於特定時間點高於面額的溢價，相對於未償本金而言，溢價非常小。

The weighted average coupon on the personal loan portfolio remained unchanged at 13.8%. For our student loan portfolio, the fair value mark remained unchanged at 103.8% at quarter end. In terms of the inputs, our weighted average coupon remained flat at 5.6%, annual losses remained flat at 60 basis points, prepayments increased by 8 basis points to 10.5%, and the discount rate remained unchanged at 4.3%.

個人貸款組合的加權平均票面利率維持在13.8%不變。對於我們的學生貸款組合，季末公允價值標記保持在 103.8% 不變。在投入方面，我們的加權平均票面利率維持在5.6%，年度虧損維持在60個基點，預付款增加8個基點至10.5%，折現率維持在4.3%不變。

As mentioned previously, we sold $294 million of student loan collateral in the quarter. Had we not sold those assets, the student loan discount rate would have increased by a similar magnitude as our personal loans business.

如前所述，我們在本季出售了 2.94 億美元的學生貸款抵押品。如果我們沒有出售這些資產，學生貸款貼現率的增加幅度將與我們的個人貸款業務類似。

Switching to our balance sheet, where we remain very well capitalized with ample cash and liquidity. Assets grew by $1.2 billion, largely as a result of $242 million growth in loans and approximately $803 million growth in cash, cash equivalents and investment securities.

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。資產成長 12 億美元，主要是因為貸款成長 2.42 億美元，以及現金、現金等價物和投資證券成長約 8.03 億美元。

On the liability side, deposits grew by $3 billion sequentially to nearly $22 billion. As mentioned earlier, we reduced our reliance on warehouse facilities through our robust deposit growth and exited the quarter with approximately $800 million of warehouse debt drawn.

負債方面，存款環比成長 30 億美元，達到近 220 億美元。如前所述，我們透過強勁的存款成長減少了對倉庫設施的依賴，並在本季結束時提取了約 8 億美元的倉庫債務。

In Q1, we opportunistically executed 2 transactions in order to optimize our financing structure and bolster our capital capacity. First, we issued $862.5 million in convertible notes due in 2029 at a 1.25% coupon. The net proceeds are being used to replace higher cost financing, including the redemption of the $320 million of outstanding Series 1 preferred stock that carries an annual dividend of 12.5%, which was set to increase to over 15% in late May.

第一季度，我們伺機執行了兩筆交易，以優化我們的融資結構並增強我們的資本能力。首先，我們發行了 8.625 億美元的可轉換票據，將於 2029 年到期，票面利率為 1.25%。所得淨收益將用於替代成本較高的融資，包括贖回價值 3.2 億美元的已發行 1 系列優先股，該優先股的年度股息為 12.5%，原定於 5 月底增加至 15% 以上。

In total, this new convertible issuance should reduce our financing expense by $40 million to $60 million per year, including cost-saving opportunities with the remaining proceeds.

總的來說，這次新的可轉換債券發行將使我們每年的融資費用減少 4,000 萬至 6,000 萬美元，其中包括利用剩餘收益節省成本的機會。

Second, we agreed to an exchange of $600 million principal of our convertible notes due in 2026 for shares of SoFi common stock. This was a notable discount compared to what we would have had to pay in 2 years. This transaction generated a gain of $59 million for us in the quarter, while notably reducing our 2026 maturities and bolstering our funding capacity.

其次，我們同意將 2026 年到期的 6 億美元可轉換票據本金兌換為 SoFi 普通股。與我們兩年內必須支付的費用相比，這是一個顯著的折扣。這項交易在本季為我們帶來了 5,900 萬美元的收益，同時顯著降低了我們 2026 年的到期期限並增強了我們的融資能力。

When viewed in total, these transactions are accretive to book value and net income, and have minimal impact on a fully diluted EPS basis. In terms of our regulatory capital ratios, our total capital ratio of 17.3%, improved by 200 basis points from 15.3% last quarter due in large part to these transactions and remains comfortably above the regulatory minimum of 10.5%.

從整體來看，這些交易增加了帳面價值和淨利潤，並且對完全稀釋後的每股盈餘影響最小。就我們的監管資本比率而言，我們的總資本比率為17.3%，比上季度的15.3% 提高了200 個基點，這在很大程度上歸功於這些交易，並且仍然輕鬆高於10.5% 的監管最低水平。

While we don't intend to utilize the excess capital capacity in the year, given our view of the macro uncertainty, these transactions put us in an even stronger position for years to come.

雖然我們不打算利用今年的過剩資本能力，但考慮到宏觀不確定性，這些交易使我們在未來幾年處於更有利的地位。

Lastly, we grew book value to $6.1 billion and tangible book value to $4.1 billion. We recorded tangible book value per share at $3.92, up 16% quarter-over-quarter.

最後，我們的帳面價值增至 61 億美元，有形帳面價值增至 41 億美元。我們的每股有形帳面價值為 3.92 美元，季增 16%。

Now moving on to our updated guidance. Throughout the last 12 months, we have demonstrated the benefit of having a diversified high growth set of revenue streams, multiple cost-efficient sources of capital, our continued key 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.

現在繼續我們更新的指南。在過去 12 個月中，我們展示了擁有多元化高成長收入流、多種具有成本效益的資本來源、我們持續重點關注承保高品質信貸以及隨著規模擴張而保持的高營運槓桿的優勢。生意。即使在現有的宏觀背景下，我們預計這些好處仍將持續存在。

2024 remains 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.

2024 年仍然是 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%。

For the full year 2024, we now expect to deliver adjusted net revenue of $2.39 billion to $2.43 billion, which is $25 million higher than our implied prior guidance range of $2.365 billion to $2.405 billion. This guidance assumes lending revenue will be 92% to 95% of 2023 levels, which is unchanged from prior guidance and Tech Platform will grow approximately 20% year-over-year, which is also unchanged.

對於 2024 年全年，我們目前預計調整後淨收入為 23.9 億美元至 24.3 億美元，比我們之前隱含的指導範圍 23.65 億美元至 24.05 億美元高出 2500 萬美元。該指引假設貸款收入將達到 2023 年水準的 92% 至 95%，這與先前的指引保持不變，而技術平台將年增約 20%，這也沒有改變。

We expect the Financial Services segment revenue to grow more than 75% year-over-year. We now expect adjusted EBITDA of $590 million to $600 million, above our prior guidance of $580 million to $590 million, and that incorporates increased investment into more product innovation, new businesses, services and member benefits. This represents 15% to 17% adjusted net revenue growth and a 25% adjusted EBITDA margin.

我們預計金融服務部門營收將年增超過 75%。我們現在預計調整後的 EBITDA 為 5.9 億至 6 億美元，高於我們先前 5.8 億至 5.9 億美元的指導，這將增加對更多產品創新、新業務、服務和會員福利的投資。這意味著調整後的淨收入成長為 15% 至 17%，調整後的 EBITDA 利潤率為 25%。

We now expect full year GAAP net income of $165 million to $175 million, above prior guidance of $95 million to $105 million, which includes a $59 million gain associated with the convertible note exchange. We expect fully diluted GAAP EPS of $0.08 to $0.09 per share above prior guidance of $0.07 to $0.08 per share.

我們現在預計全年 GAAP 淨利潤為 1.65 億美元至 1.75 億美元，高於先前指導的 9,500 萬美元至 1.05 億美元，其中包括與可轉換票據交換相關的 5,900 萬美元收益。我們預計完全攤薄後的 GAAP 每股收益為 0.08 美元至 0.09 美元，高於先前指引的每股 0.07 美元至 0.08 美元。

We now expect growth in tangible book value of approximately $800 million to $1 billion for the year versus our previous guidance of $300 million to $500 million, given the benefits of the recent convertible debt exchange, along with the effects of new convertible issuance. We now expect to end the year, with a total capital ratio of north of 16% due to those transactions versus our previous guidance of 14%.

考慮到最近可轉換債券交換的好處以及新可轉換債券發行的影響，我們現在預計今年有形賬面價值將增長約 8 億美元至 10 億美元，而我們之前的指導為 3 億美元至 5 億美元。現在，由於這些交易，我們預計到今年年底，總資本比率將達到 16% 以上，而我們先前的指導值為 14%。

We continue to expect to add at least 2.3 million new members in 2024, which represents 30% growth. For Q2, we expect to deliver adjusted net revenue of $555 million to $565 million, adjusted EBITDA of $115 million to $125 million, and net income of $5 million to $10 million.

我們仍預計 2024 年將增加至少 230 萬新會員，成長 30%。對於第二季度，我們預計調整後淨收入為 5.55 億美元至 5.65 億美元，調整後 EBITDA 為 1.15 億美元至 1.25 億美元，淨利潤為 500 萬美元至 1000 萬美元。

In terms of phasing, you can see for the past 2 years that the second quarter is seasonally flattish for lending, which coupled with our more conservative approach toward originations this year should drive a sequential decline in lending revenue, which largely offsets tailwinds in the 2 other segments.

就分階段而言，您可以看到過去兩年第二季度的貸款季節性持平，再加上我們今年對貸款發放採取更加保守的態度，應該會導致貸款收入連續下降，這在很大程度上抵消了第二季度的不利影響。

In terms of operating expenses, you can expect low single-digit sequential growth as we continue to invest in future growth. Overall, we couldn't be more proud of our Q1 results and continued progress.

就營運支出而言，隨著我們繼續投資於未來的成長，您可以預期較低的個位數環比成長。總的來說，我們對第一季的業績和持續進步感到非常自豪。

Having delivered over $581 million of adjusted net revenue and $144 million of adjusted EBITDA, we continue to make great progress against our long-term objectives in the quarter and remain very well capitalized to achieve our vision of making SoFi the one-stop shop for digital financial services.

我們實現了超過5.81 億美元的調整後淨收入和1.44 億美元的調整後EBITDA，我們繼續在本季度的長期目標上取得巨大進展，並保持充足的資本來實現我們將SoFi 打造成一站式數位服務商店的願景金融服務。

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

那麼，就讓我們開始問答吧。

(Operator Instructions) Your first question comes from the line of John Hecht of Jefferies.

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

Chris, you gave some of the metrics in the personal lending book on charge-offs and so forth. I'm wondering, what you're looking at, at this point in terms of payment trends and kind of the underwriting factors that informs your credit outlook? And maybe if you could give us your thoughts on that as well.

克里斯，您在個人貸款書中提供了一些有關沖銷等的指標。我想知道，目前就支付趨勢以及影響您信用前景的承保因素而言，您正在關注什麼？也許您也可以告訴我們您對此的想法。

Sure. I'll start and then Anthony can chime in. So we feel really good about our credit and the underlying performance of our loans, and everything is performing in line with expectations, while we continue to see the underlying signs of improvement.

當然。我先開始，然後安東尼可以插話。 因此，我們對我們的信用和貸款的基本表現感覺非常好，一切都按照預期進行，同時我們繼續看到基本的改善跡象。

In Q1, our net charge-off rate was 3.45%, which was down from 4.0% in Q4, which included the impact of asset sales, new originations as well as the delinquency sale that we did in the quarter.

第一季度，我們的淨沖銷率為 3.45%，低於第四季度的 4.0%，其中包括資產銷售、新項目以及我們在本季度進行的拖欠銷售的影響。

In terms of our outlook, we anticipate ongoing normalization in credit performance towards pre-pandemic levels of 7% to 8% life of loan losses, which is in line with what we said last quarter.

就我們的前景而言，我們預計信貸表現將持續正常化，貸款損失期限將達到大流行前 7% 至 8% 的水平，這與我們上季度所說的一致。

Historically, life of loan losses could reasonably be approximated by the weighted average life of the portfolio, multiplied by a given quarter's annualized net charge-offs. However, while our life of loan loss trends and our outlook are unchanged, the relationship to any given quarter's NCOs has changed.

從歷史上看，貸款損失的壽命可以透過投資組合的加權平均壽命乘以給定季度的年化淨沖銷來合理地近似。然而，雖然我們的貸款損失趨勢和前景沒有變化，但與任何特定季度的 NCO 的關係已經發生了變化。

In fact, what we're now seeing, particularly with how recent vintages are playing out, is a more rapid factoring down of loan principal, as a result of increasing prepayment rates and demand for shorter-term loans.

事實上，我們現在看到的是，由於提前還款率上升和對短期貸款的需求增加，貸款本金的分解速度更快，尤其是最近幾年的情況。

What that means is that we're starting to see a greater proportion of losses happening sooner. And as a result, we're seeing an outsized impact on NCO rates that are not directly correlated to the life of loan losses when applying the normal 1.5x weighted average life to them.

這意味著我們開始看到更大比例的損失更快發生。因此，當對 NCO 利率應用正常的 1.5 倍加權平均壽命時，我們看到 NCO 利率受到巨大影響，而這些影響與貸款損失的壽命沒有直接關係。

In other words, for any specific recent vintage, you can expect to see losses lower in the latter stages than before and higher in the earlier stages. However, our life of loan losses will remain in line with our 7% to 8% outlook.

換句話說，對於任何特定的最近年份，您可以預期後期階段的損失比之前更低，而早期階段的損失更高。然而，我們的貸款損失期限仍將與我們 7% 至 8% 的預期保持一致。

What gives us confidence in that 7% to 8% outlook is that we have a decade of experience of underwriting high-quality credit, and as we've been talking about for quite some time, optimizing the credit profile of those we underwrite to is part of our DNA.

我們對 7% 至 8% 的前景充滿信心，因為我們擁有十年承保高品質信貸的經驗，而且正如我們長期以來一直在談論的那樣，優化我們承保對象的信用狀況是我們 DNA 的一部分。

We underwrite to cash flow. We have very robust analytics, detailed vintage-based models and forecasts, which are managed by our second line of defense. And all of our outlooks are data-driven, resulting in the strong performance and outcomes that we've been able to achieve.

我們承保現金流。我們擁有非常強大的分析、詳細的基於年份的模型和預測，這些由我們的第二道防線管理。我們所有的前景都是數據驅動的，從而帶來了我們能夠實現的強勁績效和成果。

Now when looking at some of the specific numbers and trends that we're observing today, we've seen a material improvement in performance since we started tightening credit in mid-2022.

現在，當我們觀察今天觀察到的一些具體數字和趨勢時，我們發現自 2022 年中期開始收緊信貸以來，業績出現了實質改善。

When looking at recent vintages and their loss rates at comparable points in time to our Q3 2022 vintage, we've observed the following: in Q1 -- our Q1 2023 cumulative vintage losses through 12 months of being on the books was approximately 20% better than the Q3 2022 vintage over that same period of time, 12 months of being on the books.

在查看最近年份及其與2022 年第三季度年份可比時間點的損失率時，我們觀察到以下情況：在第一季度，我們2023 年第一季賬面記錄12 個月內的累計年份損失大約減少了20%與 2022 年第三季同期相比，帳面上存在 12 個月的時間。

If you look at our Q2 2023 cumulative vintage losses through 9 months of being on the books, that was also 20% better than the Q3 (sic) [Q2] 2022 vintage over the same period of time. And then finally, our Q3 2023 cumulative vintage losses through 6 months of being on the books was nearly 40% better than the Q3 2022 vintage over the same period of time.

如果您查看我們在帳面上 9 個月的 2023 年第二季累積年份損失，您會發現，這也比同期的 2022 年第三季（原文如此）[Q2] 年份好 20%。最後，我們的 2023 年第三季的累積年份損失在帳面上 6 個月內比同期的 2022 年第三季年份減少了近 40%。

So putting it all together, the performance improvement that we've observed in recent vintages, coupled with the short duration nature of the assets and the remaining principal on older and newer vintages prior to making credit cuts gives us a very high degree of confidence in our 7% to 8% life of loan loss outlook.

因此，總而言之，我們在最近幾個年份中觀察到的業績改善，加上資產的短期性質以及在信貸削減之前舊和新年份的剩餘本金，使我們對我們的貸款損失預期為7% 至8 %。

Our next question comes from Mark DeVries of Deutsche Bank.

我們的下一個問題來自德意志銀行的馬克‧德弗里斯。

Yes. I was curious whether just kind of given where you are now with the equity capital levels whether you feel you have enough sources to support future growth? Or do you potentially see yourself having to raise additional outside equity?

是的。我很好奇，考慮到您現在的股本水平，您是否認為自己有足夠的資源來支持未來的成長？還是您認為自己必須籌集額外的外部股權？

Thanks for the question. We had significant excess capital prior to the transactions that occurred in the quarter. Our risk-based capital level was -- over 15%. It's now over 17%, well, well, well above our regulatory department. And given our outlook on lending, there's no reason for us to change our stance in that business.

謝謝你的提問。在本季發生交易之前，我們擁有大量過剩資本。我們基於風險的資本水準超過 15%。現在已經超過 17%，遠高於我們的監管部門。鑑於我們對貸款的展望，我們沒有理由改變我們在該業務中的立場。

We have -- we went into 2024 with a view that our growth would be driven by the combined impact of Tech Platform and Financial Services business. Those businesses are now big enough in terms of total scale and profitable enough. I would put our resources behind them, still grow as we did this quarter over 26% year-over-year, while the lending business was essentially flat year-over-year.

進入 2024 年，我們認為科技平台和金融服務業務的綜合影響將推動我們的成長。現在這些企業的總規模已經夠大，獲利能力也夠了。我會把我們的資源放在他們身後，仍然會像本季度那樣增長，同比增長超過 26%，而貸款業務同比基本持平。

So our decision to make that transition in 2024, wasn't driven by capital. We had excess capital and could grow it much faster. We have even more excess capital now, but our stance hasn't changed because that wasn't the reason for keeping it relatively conservative. We feel great about the trends in Tech Platform and Financial Services. I think it's quite remarkable, the growth rate that we're achieving there and the level of profitability.

因此，我們在 2024 年進行轉型的決定並不是由資本所驅動的。我們有多餘的資本，可以更快成長。我們現在擁有更多的過剩資本，但我們的立場沒有改變，因為這不是保持相對保守的原因。我們對科技平台和金融服務的趨勢感到非常高興。我認為我們在那裡實現的成長率和獲利水平是非常了不起的。

If you had asked me 6 years ago, could we deliver in the first quarter of 2024, a 25% revenue growth, 25% EBITDA margin, growth in tangible book about 16% sequentially in addition to record deposits and strong member growth of 44%, with lending being flat, I would have said not a chance.

如果您6 年前問我，除了創紀錄的存款和44% 的強勁會員增長之外，我們能否在2024 年第一季實現25% 的收入增長、25% 的EBITDA 利潤率、有形賬面環比增長約16% ，由於貸款持平，我會說沒有機會。

So it's a real testament to the diversification of our business and the optionality we have to drive growth in different environments. But we started in October, talking about higher for longer. And while the market and different government officials let people to believe there'd be 6 rate cuts at one point. Now we're down to 1 to 2 rate cuts. We think we took the appropriate stance, and we're well positioned to play where the economy goes in 2024.

因此，這真正證明了我們業務的多元化以及我們在不同環境中推動成長的選擇性。但我們從十月開始，談論更高的時間更長。儘管市場和不同的政府官員讓人們相信會在某個時刻降息六次。現在我們的降息幅度已降至 1 至 2 次。我們認為我們採取了適當的立場，並且我們處於有利地位，可以在 2024 年經濟發展的方向上發揮作用。

Our next question comes from Dan Dolev of Mizuho.

我們的下一個問題來自瑞穗銀行的 Dan Dolev。

Really strong results, congrats. I have a question about the NIM. Really stable NIM trends. Can you, Chris comment on the future NIM trends, how you're seeing them? I would appreciate it.

非常強勁的結果，恭喜。我有一個關於 NIM 的問題。淨利差趨勢確實穩定。 Chris，您能評論一下未來的 NIM 趨勢嗎？我會很感激。

Sure. Thanks, Dan. So yes, we've been very successful in maintaining healthy net interest margins and continuing to expand them over time. In Q1, our net interest margin was 5.9%, which was up 43 basis points year-over-year. And more importantly, what we've seen is year-over-year net interest margin expansion in every single quarter throughout 2022 and 2023.

當然。謝謝，丹。所以，是的，我們在保持健康的淨利差方面非常成功，並隨著時間的推移繼續擴大它們。一季度，淨利差為5.9%，較去年同期上升43個基點。更重要的是，我們看到 2022 年和 2023 年每季的淨利差都較去年同期成長。

Our ability to constantly expand NIM was a function of maintaining loan pricing betas that are above 100% in a rising rate environment, scaling our high-quality deposits and maintaining betas below 100% in a rising rate environment for our loans business, as well as capital structure optimization moves that provide us with a lower cost of funding.

我們持續擴大淨利差的能力是因為在利率上升的環境下維持貸款定價貝塔值高於100%，在貸款業務的利率上升的環境下擴大優質存款規模並將貝塔值維持在100%以下，以及資本結構優化措施為我們提供了較低的融資成本。

We do expect to maintain healthy margins for the foreseeable future, breaking it down between the asset side and the liability side. On the asset side of the equation, in a higher for longer rate environment, we do expect to maintain strong yields north of 9%, which is consistent with what we've observed over the course of the last several quarters, even in light of seeing a mix shift away from personal loans on the balance sheet.

我們確實希望在可預見的未來保持健康的利潤率，將其劃分為資產方和負債方。在等式的資產方面，在長期利率較高的環境中，我們確實預計收益率將保持在 9% 以上，這與我們在過去幾個季度觀察到的情況一致，即使考慮到看到資產負債表上個人貸款的混合變化。

And then on the liability side, we expect to be able to maintain a healthy cost of funding even while maintaining a highly competitive APY on our SoFi Money product. That's a function of a few things. First, we recently issued $862.5 million of convertible notes at a rate of 1.25%, which was used to displace much higher cost of funding.

然後在負債方面，我們希望能夠維持健康的融資成本，同時維持 SoFi Money 產品極具競爭力的年利率。這是一些因素的作用。首先，我們最近以 1.25% 的利率發行了 8.625 億美元的可轉換票據，用於取代更高的融資成本。

Second, we still have room to fund more of our balance sheet with lower cost deposits. We have $2.6 billion of higher cost brokered CDs, $800 million of warehouse lines that are outstanding and about $500 million of a corporate revolver outstanding.

其次，我們仍有空間以較低的存款成本為更多的資產負債表提供資金。我們有 26 億美元的高成本經紀 CD、8 億美元的未償還倉庫線以及約 5 億美元的未償還公司左輪手槍。

So net-net, we're really confident in being able to maintain net interest margins above 5% for the foreseeable future.

因此，我們確實有信心在可預見的未來能夠將淨利差維持在 5% 以上。

Our next question comes from Kyle Peterson of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Kyle Peterson。

Great. Just wanted to dive a bit more into deposit growth and pricing, obviously been really strong growth on that front. But if you could give a little more detail, specially on deposit betas and what the biggest drivers of growth will be -- particularly if we are in a higher for longer environment, that would be great?

偉大的。只是想多了解存款成長和定價，顯然這方面的成長非常強勁。但如果你能提供更多細節，特別是關於存款貝塔值以及成長的最大驅動力是什麼——特別是如果我們處於長期較高的環境中，那就太好了？

Yes. Chris can comment on the betas. What I'd say is we raised our '24 revenue outlook in terms of the range by more than we'd be in Q1. That's because of the positive tailwinds we're seeing in both Tech Platform as well as Financial Services. We had record growth in deposits in Q1 of $3 billion. We've seen really strong debit spending trends. We're annualizing more than $8 billion now.

是的。克里斯可以對測試版發表評論。我想說的是，我們將 24 年營收預期的範圍上調幅度高於第一季。這是因為我們在科技平台和金融服務領域都看到了正面的動力。第一季我們的存款成長創紀錄，達到 30 億美元。我們看到了非常強勁的借記支出趨勢。我們現在的年化收入超過 80 億美元。

So that will definitely continue to have a tailwind. We're uniquely positioned to be able to provide an attractive APY on the deposit business. Given the fact that we're an originator, and we can match up what we're lending at versus what we're paying out from a depository standpoint.

因此，這肯定會繼續帶來順風。我們擁有獨特的優勢，能夠在存款業務上提供有吸引力的年利率。考慮到我們是發起人，我們可以從存款人的角度將我們的貸款價格與我們支付的價格進行匹配。

In addition to that, we've really seen strong trends from the existing customers for the Tech Platform business. In addition to uptake of new products such as payment risk platform as well as the Konecta chatbot product. So we feel good about the largest components of our revenue going to the back half of the year.

除此之外，我們確實看到了技術平台業務現有客戶的強勁趨勢。除了採用支付風險平台以及 Konecta 聊天機器人產品等新產品。因此，我們對下半年收入的最大組成部分感到滿意。

And then we have the additional contributions from businesses like SoFi Invest as well as our Credit Card business and efforts that we had with Lantern and small, medium business lead generation. Those are all contributing smaller dollar amounts, but moving quite strongly in a direction of continuing tailwind as well.

然後，我們還有來自 SoFi Invest 等企業以及我們的信用卡業務以及我們在 Lantern 和中小型企業潛在客戶開發方面所做的努力的額外貢獻。這些都貢獻了較小的美元金額，但也朝著持續順風的方向強勁移動。

And then from a beta perspective, we ended up exiting the quarter with $21.6 billion of deposits. That was up $3 billion quarter-over-quarter with more than 90% of the deposits coming from direct deposit members.

然後從 Beta 的角度來看，我們最終以 216 億美元的存款退出本季。環比成長 30 億美元，其中 90% 以上的存款來自直接存款會員。

We ended up launching the Checking and Savings product back in February of 2022 with an APY of 1%. And then at the end of Q1, our APY is 4.6%. So our overall beta over the course of time that has been in the 65% to 70% range.

我們最終在 2022 年 2 月推出了支票和儲蓄產品，年利率為 1%。然後在第一季末，我們的 APY 為 4.6%。因此，隨著時間的推移，我們的整體 Beta 值一直在 65% 到 70% 的範圍內。

Our next question comes from Reggie Smith of JPMorgan.

我們的下一個問題來自摩根大通的雷吉史密斯。

I wanted to kind of dig into the Financial Services segment a little bit. One of the disclosures you guys given in the press release is the FICO score of some of your new depositors. I guess my question is, what's your appetite for really growing the Credit Card business. And maybe talk about like what that looks like ultimately growing that?

我想深入研究一下金融服務領域。你們在新聞稿中披露的資訊之一是一些新儲戶的 FICO 評分。我想我的問題是，您對真正發展信用卡業務的興趣是什麼。也許可以談談最終的發展是什麼樣子？

And then my second question, which is related to Financial Services is at what point would, I guess, interest from Credit Card outweigh maybe some of the transfer pricing that you get it from the lending segment. Is that an ultimate goal where that business is driven more by the actual lending of the Credit Card business? If that makes sense.

然後我的第二個問題與金融服務有關，我猜信用卡的利息何時會超過從貸款部門獲得的部分轉讓定價。這是否是該業務更多由信用卡業務的實際貸款所驅動的最終目標？如果這是有道理的話。

We're really excited about where we are with Credit Card. We've had a great journey in launching a credit card, learning quite a bit about our go-to-market strategy, how we're marketing and targeting potential new members with credit card in addition to understanding the underlying credit trends and what the right credit model is, in addition to other factors like fraud and risk overall.

我們對信用卡的現況感到非常興奮。我們在推出信用卡方面經歷了一段偉大的旅程，除了了解潛在的信用趨勢以及信用卡的潛在新會員外，我們還了解了很多關於我們的進入市場策略、我們如何營銷和瞄準潛在的新會員的信息。除了詐欺和整體風險等其他因素外，正確的信用模式也是如此。

We've brought in significant subject matter expertise in the Credit Card business that have actually built new prime cards in the past. Our product remains a prime product that will continue to be a prime product. But we felt like coming out of 2023, that we had the learnings that allow us to be more aggressive in 2024 in that business as things unfold. So expect us to invest more in the business and see some good innovation in the back half of the year, based on the learnings that we've had for the last 3 years.

我們在信用卡業務領域引入了重要的主題專業知識，這些專業知識過去實際上已經創建了新的優質卡。我們的產品仍然是主要產品，並將繼續是主要產品。但我們感覺 2023 年過去了，我們學到了一些東西，讓我們能夠隨著事態的發展，在 2024 年在該業務上更加積極進取。因此，根據過去三年的經驗教訓，預計我們將在業務上進行更多投資，並在今年下半年看到一些良好的創新。

It's a great product. It has a high ROE product, but there is a J curve that you have to go through. I think one of the things that may often be missed by the broader investment community is that now we have 8.1 million members, we can market our credit card to known members with known credit profiles, known spending capabilities, cash flow, capacity, et cetera.

這是一個很棒的產品。它有很高的ROE產品，但是有一個J曲線你必須經過。我認為更廣泛的投資界可能經常錯過的一件事是，現在我們擁有 810 萬會員，我們可以向具有已知信用狀況、已知消費能力、現金流、能力等的已知會員推銷我們的信用卡。

And so we're at that point now where we would really like to put more resources behind the strides that we think is really working in our benefit as it relates to the interest rate and the relationship to the rest of our funding costs and what presents to that.

因此，我們現在確實希望投入更多資源來支持我們認為真正有益於我們利益的進步，因為它與利率以及與我們其餘融資成本和呈現內容的關係有關。

Yes. So right now, this is a super high ROE business. And in terms of the mix shift towards the lending product. We still have significant low cost of funding, but through our deposit base, and as Anthony mentioned, we're going to start scaling this business more rapidly. We had started to see some good green shoots in terms of early-stage delinquencies and losses that are performing materially better than historical vintages, so we can start investing more heavily in this business.

是的。所以目前來說，這是一個超高ROE的業務。就組合轉向貸款產品而言。我們的融資成本仍然很低，但透過我們的存款基礎，正如安東尼所提到的，我們將開始更快地擴展這項業務。我們已經開始看到一些早期拖欠和損失方面的良好萌芽，其表現明顯好於歷史年份，因此我們可以開始加大對這項業務的投資。

Our next question comes from Peter Christiansen of Citigroup.

我們的下一個問題來自花旗集團的彼得·克里斯蒂安森。

Great to be on the call. I'm curious about network fees in the Financial Services segment, which were down quarter over quarter. I'm just -- I think the expectation there was that they would rise sequentially. Just if you can give a little bit of color there.

很高興能接聽電話。我對金融服務領域的網路費用感到好奇，該費用逐季度下降。我只是——我認為人們期望它們會依次上升。只要你能給那裡一點顏色就好了。

Yes, absolutely. So we are seeing really good spend behavior. We had about $1.9 billion of overall spend in the quarter. That was up from $1.5 billion in Q4 and $1.2 billion in Q3 of last year. We did benefit from a small onetime benefit from a partner on the network fee side. But what you can expect going forward is relatively linear growth with spend behavior over the course of 2024. So there was a one-timer in Q4 that made for a tough comp, but going forward, you can think of linear growth or relative to spend.

是的，一點沒錯。所以我們看到了非常好的消費行為。本季我們的總支出約為 19 億美元。這一數字高於去年第四季的 15 億美元和第三季的 12 億美元。我們確實從網路費用方面的合作夥伴那裡獲得了一次小小的好處。但未來你可以預期，2024 年的支出行為會出現相對線性的成長。 因此，第四季有一個一次性的成長，這導致了一場艱難的競爭，但展望未來，你可以考慮線性成長或相對於支出的成長。

Our next question comes from Jeff Adelson of Morgan Stanley.

我們的下一個問題來自摩根士丹利的傑夫阿德爾森。

Chris, maybe just to circle back on the improvement in the charge-off rate for personal loans. Seems like we saw a 15% sequential decline there, sort of in line with the comments you've made about the 15% of credits coming out of the system over the last quarter and in this quarter.

克里斯，也許只是回顧一下個人貸款沖銷率的改善。似乎我們看到了 15% 的環比下降，這與您對上個季度和本季度系統中 15% 的積分流出的評論一致。

How long should we maybe expect that to persist? I know you're still talking about the charge-off rates normalizing towards your life of loan targets. Just kind of curious how that short-term dynamic might play out?

我們應該預期這種情況會持續多久？我知道您仍在談論針對您的貸款目標壽命正常化的沖銷率。只是有點好奇這種短期動態會如何發揮作用？

And then I guess the comments on keeping your excess capital this year in light of the macro uncertainty. Are you hearing anything from your regulators on there about any sort of buffer you might need to keep? Have you tried to run an excess capital drawdown scenario from an internal stress test? Or have you ever tried to size that. Just kind of curious because it seems like the macro uncertainty is a bit at odds with what we're hearing from other lenders, which are pointing to a little bit more of a stable to improving macro. Just trying to understand why maybe you wouldn't lean in a little bit more on the personal loan side here.

然後我想考慮到宏觀不確定性，今年要保留過剩資本。您是否從監管機構那裡聽到了有關您可能需要保留的任何緩衝的信息？您是否嘗試過透過內部壓力測試來運行超額資本提取情境？或者你曾經嘗試過調整它的大小嗎？只是有點好奇，因為宏觀不確定性似乎與我們從其他貸款人那裡聽到的情況有點不一致，這些貸款人指出宏觀經濟的改善更加穩定。只是想了解為什麼您不會在這裡更多地依賴個人貸款方面。

Yes, sure. I'll take some of the losses. Anthony can hit on some of the excess capital. On the losses front, we did see a decline in net charge-offs, but what's important is the net charge-off rate is a function of a number of factors. It's originations in the period, it's pay downs. It's a term of the loans that we're underwriting to.

是的，當然。我會承擔一些損失。安東尼可以利用一些多餘的資本。在損失方面，我們確實看到淨沖銷有所下降，但重要的是淨沖銷率是多種因素的函數。這是時代的起源，也是時代的回報。這是我們承保的貸款的條款。

We did benefit in this period from the late-stage delinquency sale that we did, which helped drive the overall losses down sequentially. What I would guide you to is that 7% to 8% life of loan loss outlook, which we feel extremely confident in given some of the loss trends and delinquency trends that we're seeing in our more recent 2023 vintages on the excess capital point.

在此期間，我們確實受益於我們所做的後期拖欠銷售，這有助於推動整體虧損連續下降。我要引導您的是 7% 至 8% 的貸款損失預期壽命，鑑於我們在最近的 2023 年超額資本點上看到的一些損失趨勢和拖欠趨勢，我們對此非常有信心。

Yes. So what I'd say is we 100% have the option to drive the lending business faster if we'd like. We do stress tests, as you would imagine internally and externally for others across the entire ecosystem, which we operate. And starting the year at the risk-based capital that we had at 15% -- with stress test gave us ample opportunity to invest in that business at a rate that we wanted to.

是的。所以我想說的是，如果我們願意，我們 100% 可以選擇更快地推動貸款業務。正如您所想像的那樣，我們對我們運營的整個生態系統中的其他人進行內部和外部壓力測試。從今年開始，我們的風險資本為 15%，壓力測試為我們提供了充足的機會，以我們想要的速度投資這項業務。

I would say our outlook for the lending business is more reflective of the uncertainty as opposed to whether or not there are great trends. As you see in our lending business is actually performing quite well. We're driving great returns there, good steady credit performance as expected.

我想說，我們對貸款業務的前景更反映了不確定性，而不是是否存在重大趨勢。正如您所看到的，我們的貸款業務實際上表現相當不錯。我們在那裡取得了巨大的回報，信用表現也符合預期。

It's not that we're expecting a huge drop off the cliff or huge deterioration. It's that we've gone from in the last 6 months, the market anticipating 6 rate cuts as you got into the sort of October time period to then now, we're down to 1 to 2 rate cuts. And prior to the 6 rate cuts, people were talking about higher for longer in October. And so there's been a complete swing of the interest rate environment.

這並不是說我們預計會大幅下滑或嚴重惡化。過去 6 個月，市場預計 10 月期間將有 6 次降息，而現在，我們已經降息 1 到 2 次。在六次降息之前，人們在 10 月談論升值的時間更長。因此，利率環境發生了徹底的轉變。

As you just saw in the banking industry, that creates liquidity issues for different banks. We're concerned about others not being able to manage the liquidity issues. Last year, at this time, we were experiencing First Republic going under that was not anticipated.

正如您剛才在銀行業看到的那樣，這給不同的銀行帶來了流動性問題。我們擔心其他人無法管理流動性問題。去年的這個時候，我們正經歷第一共和國的衰落，這是意料之外的。

I don't know what's around the next quarter. I do know that we have a great member base. We have excess capital well above we started the year with at 17%. So we have the option to grow the business much faster we choose to.

不知道下個季度會怎樣。我確實知道我們擁有龐大的會員基礎。我們的過剩資本遠高於年初的 17%。因此，我們可以選擇以更快的速度發展業務。

And one of the things we haven't talked about is we're now selling a significant amount of loans. We sold 1.9 billion of loans in the quarter. That demand remains strong. And so to the extent that, that demand continues to increase and remain strong, and the environment remains sort of stable and more predictable.

我們沒有談論的一件事是我們現在正在出售大量貸款。本季我們出售了 19 億貸款。這種需求依然強勁。因此，在某種程度上，需求持續增加並保持強勁，環境保持穩定且更可預測。

Could we be more aggressive in the lending business? 100%. We have the capital. We have the go-to-market strategy. We have the flexibility on the balance sheet, and we have the opportunity to be able to do it. We're just taking a very conservative view to make sure; we don't go into an environment that we're completely unprepared for. Taking a conservative stance gives us the most optionality to do work, but not necessarily have to do less.

我們能否在貸款業務上更積極進取？ 100%。我們有資本。我們有進入市場的策略。我們的資產負債表具有靈活性，而且我們有機會做到這一點。我們只是採取非常保守的觀點來確定；我們不會進入一個完全沒有準備的環境。採取保守的立場讓我們有最多的選擇去做工作，但不一定要做得更少。

Yes. And the only other thing I would add to quantify some of those numbers in terms of our overall capacity is that we have more than $20 billion in capacity to originate loans. And even though we're -- even if we were to originate at that level, we would remain well above all regulatory minimums.

是的。我要補充的唯一另一件事是，我們有超過 200 億美元的發放貸款的能力，以量化我們的整體能力。即使我們是——即使我們是從這個水平開始的，我們仍將遠高於所有監管最低標準。

In terms of what's driving the overall $20 billion; first, we expect to generate $800 million to $1 billion of tangible book value in 2024, which translates to about $6.5 billion to $8 billion of incremental capacity; second, loans are amortizing or paying down at the annual rate of $9.5 billion; third, we have our previously announced $2 billion forward flow agreement in addition to a number of on-the-run transactions that we're doing in the capital markets front. Demand is extremely strong. We did $1.9 billion of sales this past quarter.

就推動 200 億美元整體成長的因素而言；首先，我們預計到 2024 年將產生 8 億至 10 億美元的有形帳面價值，相當於約 65 億至 80 億美元的增量產能；其次，貸款的攤銷或償還年利率為 95 億美元；第三，除了我們在資本市場方面正在進行的一些交易之外，我們還簽署了先前宣布的 20 億美元遠期資金流協議。需求極為強勁。上個季度我們的銷售額為 19 億美元。

And then lastly, we have incremental headroom in our overall capital ratio. So having said that, we have sufficient capacity, but we are taking a conservative approach.

最後，我們的整體資本比率還有增量空間。話雖如此，我們有足夠的能力，但我們採取的是保守的做法。

Our next question comes 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 switch to the Tech Segment for a second. You had 20% account growth this quarter. I was wondering if you could comment on a couple of things there. One is, can you just comment on what's driving that? Maybe talk about some of the key customers you may be added in the quarter.

我想暫時轉向科技領域。本季您的帳戶成長了 20%。我想知道您是否可以對其中的一些事情發表評論。一是，您能評論一下是什麼推動了這一趨勢嗎？也許可以談談您在本季可能會添加的一些關鍵客戶。

Also just curious if you could provide some examples of the larger clients you have won since transitioning the sales strategy to focus on these large clients? And then just relatively on the segment, margins improved nicely. Just -- and I think you've talked about this being a margin expansion year. But can you just comment on the margin trajectory from here?

另外，您是否可以提供一些自將銷售策略轉變為專注於這些大客戶以來贏得的大客戶的例子？然後，相對而言，該細分市場的利潤率有了很大改善。只是——我想你已經談到今年是利潤率擴張的一年。但您能從這裡評論一下利潤軌跡嗎？

Yes. In terms of the Tech Platform, we saw good consistent trends there. The Tech Platform grew 21%, which was an acceleration and year-over-year growth compared to Q4 and Q3 and Q4 also accelerated. We expect the trends there to continue. We have a really sizable client base with growing of underlying users in that client base in addition to driving additional product attachments to our existing clients. We're also seeing a greater contribution from new clients over the last 9 months.

是的。就技術平台而言，我們看到了良好的一致趨勢。技術平台成長了 21%，與第四季相比有所加速，年成長也有所加快。我們預計該趨勢將持續下去。我們擁有非常龐大的客戶群，除了為現有客戶帶來更多產品配件之外，該客戶群中的基礎用戶也在不斷成長。我們也看到過去 9 個月新客戶做出了更大的貢獻。

As it relates to the broader macro environment for Technology Platform segment, the demand interest in using our technology platform, our modern Gen 3 core as well as our API-based payment platform, issuing platform is as high as it's ever been. And we continue to sign up new partners. I'd say those new partners fall into a couple of buckets. We are converting people from other competitive processing sites to Galileo. In addition to that, there's a lot of demand still from partners that haven't historically used an issuing platform or processing platform like Galileo that are transitioning to that platform from a sector standpoint.

由於它與技術平台領域更廣泛的宏觀環境相關，因此使用我們的技術平台、現代第三代核心以及基於 API 的支付平台、發行平台的需求興趣與以往一樣高。我們繼續簽約新的合作夥伴。我想說這些新合作夥伴分為幾個類別。我們正在將其他競爭性處理地點的人員轉移到伽利略。除此之外，歷史上從未使用過像伽利略這樣的發行平台或處理平台的合作夥伴仍然存在大量需求，從產業的角度來看，他們正在向該平台過渡。

1and then in the large fund institutions, the demand for modern cores and processing continues to be really robust. The timing on those deals is really driven by those end customers. We haven't lost any of the RFPs. We've continued to be down selected as big [process] institutions go from a large RFP to a few select partners. So we feel good about our chances there.

1然後在大型基金機構中，對現代核心和處理的需求仍然非常強勁。這些交易的時機實際上是由那些最終客戶決定的。我們沒有丟失任何 RFP。隨著大型[流程]機構從大型 RFP 轉向少數精選合作夥伴，我們繼續被淘汰。所以我們對在那裡的機會感覺很好。

We're not expecting to win 100% of those deals, but we feel like we can win our fair share. Those deals will take longer to not only sign up, but to also implement. And so the contribution for that is quarters, not months, after they're announced, but we feel great about the current trends there, and that's why the acceleration happened in the quarter.

我們並不期望贏得 100% 的交易，但我們覺得我們可以贏得公平的份額。這些交易不僅需要更長的時間來簽署，而且還需要更長的時間來實施。因此，對此的貢獻是在宣布後的幾個季度，而不是幾個月，但我們對當前的趨勢感覺很好，這就是本季度加速的原因。

Q2 is a seasonally weaker quarter for the Technology Platform business, but the year-over-year growth rates what people should focus on because that eliminates the impact of seasonality and that accelerated.

第二季度是技術平台業務季節性疲軟的季度，但人們應該關注同比增長率，因為這消除了季節性的影響，並且增長加快。

Our next question comes from Terry Ma of Barclays.

我們的下一個問題來自巴克萊銀行的特里·馬。

I just wanted to dig a little bit more on the late-stage personal loan -- delinquency personal loan sales. Can you maybe just talk about the structure and execution around that and whether or not you plan on selling more?

我只是想更多地了解後期個人貸款——拖欠個人貸款銷售。您能否談談相關的結構和執行情況，以及您是否計劃出售更多產品？

Yes, absolutely. So in Q1, we ended up selling $62.5 million of late-stage delinquent personal loans in the quarter. Typically, we do not sell delinquent loans until they are charged off, but we were able to generate an opportunity where we're able to generate positive value relative to letting the loans charge off and sell after the fact.

是的，一點沒錯。因此，在第一季度，我們最終出售了 6,250 萬美元的後期拖欠個人貸款。通常，我們不會出售拖欠貸款，直到它們被沖銷，但我們能夠創造一個機會，相對於讓貸款沖銷並在事後出售，我們能夠產生正價值。

So typically, how it works at a high level is we would normally let a loan charge-off, and then sell and release servicing to a debt settlement company or another investor for low double-digit pennies on the dollar. In this late-stage delinquency sales structure, we were able to retain servicing and portions of the recovery, which will result in nearly double the returns, we would have otherwise been able to achieve.

因此，通常情況下，它在高水準上的運作方式是，我們通常會註銷一筆貸款，然後以低兩位數的價格向債務結算公司或其他投資者出售並提供服務。在這種後期拖欠銷售結構中，我們能夠保留服務和部分回收，這將導致我們原本能夠實現的回報率幾乎翻倍。

Our final question comes from Jill Shea of UBS.

我們的最後一個問題來自瑞銀集團的吉爾謝伊。

So I just wanted to touch on operating expenses. And just wondering if you could highlight any opportunities there, and the largest efficiency gain areas? And then also, how does continued brand awareness improvement impact your sales and marketing spend?

所以我只想談談營運費用。只是想知道您是否可以強調那裡的任何機會以及最大的效率增益領域？另外，持續的品牌知名度提高如何影響您的銷售和行銷支出？

Yes. So I'll hit on some of the operating expense lines. I'll let Anthony hit on the brand awareness.

是的。因此，我將談談一些營運費用項目。我會讓安東尼談談品牌知名度。

But overall, we saw a meaningful improvements across all functional expense line items. Sales and marketing, specifically, was down about 900 basis points year-over-year as a result of obviously improvements in overall brand awareness, continued and elevated cross buy. We're close to 40% of all new products that were taken out in the period, but were coming from existing members on the platform. And then we're just getting much more efficient at being able to market.

但總體而言，我們看到所有功能性費用項目都取得了有意義的改進。具體來說，由於整體品牌知名度的顯著提高以及交叉購買的持續和增加，銷售和行銷同比下降了約 900 個基點。在此期間推出的所有新產品中，有近 40% 是來自平台上的現有會員。然後我們的行銷效率就會大大提高。

In terms of other efficiencies, we continue to see efficiencies in R&D as a result of the migration from being on-prem to the cloud in our Tech Platform business, as well as other investments that we've made over the course of the years that are starting to play out.

在其他效率方面，我們繼續看到研發效率的提高，這是由於我們的技術平台業務從本地遷移到雲端，以及我們多年來所做的其他投資正在開始發揮作用。

On the operations side, we're seeing meaningful leverage as a result of some of the automation efforts that we've invested in over the course of the last 24 months, which, again, are starting to play out as we're seeing better funnel conversion and improvement.

在營運方面，由於我們在過去 24 個月中投資的一些自動化工作，我們看到了有意義的槓桿作用，隨著我們看到更好的情況，這些努力再次開始發揮作用漏斗轉換和改進。

And then in G&A, as you would expect, there's meaningful operating leverage in the system as we continue to scale. We made significant investments as we became a public company and got our bank charter, and also invested heavily in risk in second and third lines of defense, and as those investments were made over the course of the last 12 to 24 months at scale.

然後，在一般行政費用方面，正如您所期望的那樣，隨著我們不斷擴展，系統中存在有意義的營運槓桿。當我們成為一家上市公司並獲得銀行牌照時，我們進行了大量投資，並且還在第二道和第三道防線的風險方面進行了大量投資，而且這些投資是在過去12 至24 個月內進行的大規模投資。

I'll turn it over to Anthony to hit on the brand piece.

我會把它交給安東尼來製作品牌作品。

Yes. On the brand awareness side, we're really pleased with just the continued improvement we have in unaided brand awareness. Our marketing team and our businesses have done a great job of putting together a very integrated multimedia strategy that leverages partnerships with big well-known brands that help us achieve brand unaided awareness to become a household brand name.

是的。在品牌知名度方面，我們對獨立品牌知名度的不斷提高感到非常滿意。我們的行銷團隊和我們的企業在製定非常全面的多媒體策略方面做得非常出色，該策略利用與大型知名品牌的合作夥伴關係，幫助我們實現品牌獨立意識，成為家喻戶曉的品牌。

That helps improve our overall performance marketing as well. The more people that know us, the more people that trust us, the better reaction we get from every offer we have in the marketplace or other ways that we connect with potential new members in addition to building their awareness of new products beyond their initial product.

這也有助於提高我們的整體績效行銷。了解我們的人越多，信任我們的人就越多，我們從市場上提供的每項優惠或與潛在新會員建立聯繫的其他方式中獲得的反應就越好，除了建立他們對初始產品之外的新產品的認識之外。

Our cross-buying continues to remain really strong. We're seeing good financial service productivity leverage in our customer acquisition costs. So it's been a great year and 2024 is off to a great start as it relates to the impact on our unaided brand awareness from things like our recent partnership with the NBA as the official bank of the National Basketball Association.

我們的交叉購買繼續保持強勁。我們在客戶獲取成本中看到了良好的金融服務生產力槓桿。因此，這是偉大的一年，2024 年是一個良好的開端，因為這與我們最近與 NBA 作為國家籃球協會官方銀行的合作關係等對我們獨立品牌知名度的影響有關。

With that, let me add some concluding remarks. I want to thank everyone for joining us today. We're proud to kick off 2024 with an exceptionally strong first quarter. Our 26% revenue growth driven by 54% growth in revenue from the combined Tech Platform and Financial Services, which now constitutes 42% of revenue, while no growth in lending gives us a very strong outlook for the year, with 25% EBITDA margins in the quarter and for the full year, record $3 billion of deposit growth and 16% growth in tangible book value and 44% growth in members, now totaling 8.1 million in total are a great testament to the success of our bold strategy and ability to execute across an unprecedented set of financial conditions over the last 6 years.

在此，讓我補充一些結論。我要感謝大家今天加入我們。我們很自豪能夠以異常強勁的第一季拉開 2024 年的序幕。我們26% 的營收成長是由科技平台和金融服務合併後的營收成長54% 推動的，該營收目前佔營收的42%，而貸款沒有成長，這使我們對今年的前景非常樂觀，2019 年EBITDA利潤率為25%本季和全年的存款成長達到創紀錄的30 億美元，有形帳面價值成長16%，會員數量成長44%（目前總數達到810 萬），這充分證明了我們大膽策略的成功和執行能力過去六年前所未有的財務狀況。

Although we live in an unpredictable world, our team at SoFi is resolved to serve the needs of more than 8 million members and clients, while sustaining the growth, profitability and increase in the shareholder value that we've done so far. We thank you for your interest and look forward to talking to you next quarter.

儘管我們生活在一個不可預測的世界，但我們的 SoFi 團隊決心滿足超過 800 萬會員和客戶的需求，同時保持我們迄今為止所做的成長、獲利和股東價值的增加。我們感謝您的關注，並期待下個季度與您交談。

Goodbye.

再見。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。