SoFi Technologies Inc (SOFI) 2024 Q2 法說會逐字稿

Good morning. My name is Adam, and I will be your conference operator today. At this time, I'd like to welcome everyone to the SoFi Technologies Q2 2024 earnings conference call. (Operator Instructions) Thank you.

早安.我叫 Adam，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 年第二季財報電話會議。 （操作員說明）謝謝。

With that, you may begin your conference.

這樣，您就可以開始您的會議了。

Thank you, and good morning. Welcome to SoFi's second quarter of 2024 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO, and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

謝謝你，早安。歡迎參加 SoFi 2024 年第二季財報電話會議。今天與我一起談論我們的業績和最近發生的事情的是首席執行官 Anthony Noto 和首席財務官 Chris Lapointe。您可以在我們網站的投資者關係部分找到我們收益發布隨附的簡報。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to, our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance. Our actual results may differ materially from those contemplated by these forward-looking statements. 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-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. Our second quarter results were exceptional and continue to demonstrate SoFi's leadership as a one-stop shop for digital financial services and the amazing grit of our team. I'll cover five topics before turning to Chris for a deeper look at our financial and operating performance.

謝謝大家，大家早安。我們第二季的業績非常出色，繼續證明了 SoFi 作為數位金融服務一站式商店的領導地位以及我們團隊的驚人勇氣。在請克里斯更深入地了解我們的財務和營運績效之前，我將討論五個主題。

First, our strategy continues to drive strong diversified growth, profitability and returns. Second, our continuous product innovation and brand-building are fueling significant member and product growth, which are key to our long-term revenue and profit growth outlooks. Third, turning to our segment results, our Financial Services segment demonstrates our clear structural advantages in delivering value to members. Fourth, our leadership and agility in lending has generated sustained returns despite rising rates and positions us to move quickly once rates come down. And finally, our tech platform is making good progress on its journey toward becoming an AWS of not only to fintech but of financial services broadly.

首先，我們的策略持續推動強勁的多元化成長、獲利能力和回報。其次，我們持續的產品創新和品牌建立正在推動會員和產品的顯著成長，這是我們長期收入和利潤成長前景的關鍵。第三，轉向我們的部門業績，我們的金融服務部門在為會員提供價值方面展示了我們明顯的結構性優勢。第四，儘管利率上升，我們在貸款方面的領導力和靈活性仍產生了持續的回報，並使我們能夠在利率下降後迅速採取行動。最後，我們的技術平台在成為金融科技乃至更廣泛的金融服務的 AWS 的道路上取得了良好進展。

Turning to the first topic, the success of our one-stop shop strategy. For Q2, adjusted net revenue reached a new record of $597 million, a 22% year-over-year increase. Our rapid diversification made a record revenue quarter possible even with just 5% growth in adjusted net revenue in lending. Combined, Financial Services and Tech Platform revenue grew 46% year-over-year and now makes up 45% of total adjusted net revenue, up from 38% one year ago. To put that accomplishment in context, lending now stands at just 57% of adjusted net revenue compared to 99% of our revenue when I joined nearly seven years ago and more than 70% of revenue just two years ago.

轉向第一個主題，我們的一站式商店策略的成功。第二季度，調整後淨收入達到 5.97 億美元的新紀錄，年增 22%。即使調整後的貸款淨收入僅成長 5%，我們的快速多元化也使得創紀錄的季度收入成為可能。金融服務和技術平台收入合計年增 46%，目前佔調整後淨收入總額的 45%，高於一年前的 38%。結合實際情況來看，貸款現在只佔調整後淨收入的 57%，而我七年前加入時，貸款佔收入的 99%，兩年前則佔收入的 70% 以上。

We also delivered even greater growth and profitability in the quarter. EBITDA grew 80% year-over-year to $138 million. We recorded our third consecutive quarter of GAAP profitability with $17 million in GAAP net income versus a loss of $40 million in Q2 of 2023. Credit performance was better-than-expected as cumulative fair-value adjustments from delinquent loans peaked in March along with delinquencies on an absolute and percentage basis.

我們在本季也實現了更大的成長和獲利能力。 EBITDA 年成長 80%，達到 1.38 億美元。我們連續第三個季度實現GAAP 盈利，GAAP 淨利潤為1,700 萬美元，而2023 年第二季度為虧損4,000 萬美元。 。

We are really encouraged by our team's ability to bend the curves through stringent underwriting, limiting credit exposure when prudent and improving collections and servicing. Chris will share details on the performance of our recent personal loan vintages, which show clear improvements versus older vintages, underscoring our confidence in our prior guidance around left-alone losses peaking in the 7% to 8% range. Our loan sales continue to scale at attractive execution levels with an increasingly diversified set of buyers with $1.6 billion in total sales this quarter and $4.7 billion in the three trailing quarters.

我們的團隊有能力透過嚴格的核保、謹慎限制信用風險以及改善催收和服務來扭轉曲線，這讓我們深受鼓舞。克里斯將分享我們最近個人貸款年份表現的詳細信息，這些年份與較舊年份相比顯示出明顯的改善，這強調了我們對之前關於單獨損失峰值在7% 至8% 範圍內的指導的信心。我們的貸款銷售繼續以極具吸引力的執行水準擴大規模，買家群體日益多元化，本季總銷售額為 16 億美元，過去三個季度的總銷售額為 47 億美元。

This brings me to my second topic. Our rapid pace of innovation and brand-building are fueling significant member and product growth. The growing size of our member base and the number of products they use impact the results we're reporting today. But more importantly, they are the leading indicators of our potential revenue growth and profitability in the future. In Q2, we added 643,000 members and now have 8.8 million in total. That's up 41% year-over-year. We grew products in the quarter by 946,000 to 12.8 million in total. That's up 43% year-over-year, adjusting for our exit from crypto last year. Nearly 40% of all new products in Q2 were opened by existing SoFi members. We also see that nearly 30% of new members opened a second product in the first 30 days, demonstrating the immediate value of our one-stop shop strategy.

這引出了我的第二個主題。我們快速的創新和品牌建立正在推動會員和產品的顯著成長。我們的會員群規模不斷擴大以及他們使用的產品數量影響著我們今天報告的結果。但更重要的是，它們是我們未來潛在收入成長和獲利能力的領先指標。第二季度，我們新增了 643,000 名會員，目前會員總數達到 880 萬。較去年同期成長 41%。本季我們的產品總數增加了 946,000 件，達到 1,280 萬件。根據我們去年退出加密貨幣的情況進行調整，這一數字年增 43%。在第二季所有新產品中近 40% 是由現有 SoFi 會員開設的。我們還發現，近 30% 的新會員在前 30 天內開設了第二種產品，這證明了我們一站式商店策略的直接價值。

We've doubled our member base and number of products in the past two years and Q2 was the 20th consecutive quarter of greater than 30% growth. Our growth in members and products will drive our financial growth for years to come and is the basis for our three-year financial outlook shared at the end of 2023. All this growth is a direct result of our relentless focus on innovation because we offer products across eight categories compared to many fintechs that only offer one or two, the magnitude of our innovation is not always obvious. As much as I'd love to share the full breadth of what we shipped in the quarter, I'll just cover a few of the highlights.

過去兩年，我們的會員基數和產品數量增加了一倍，第二季已連續 20 個季度成長超過 30%。我們的會員和產品的成長將推動我們未來幾年的財務成長，也是我們在 2023 年底分享的三年財務展望的基礎。只提供一兩個類別的金融科技公司相比，我們的創新規模並不總是顯而易見的，涵蓋八個類別。儘管我很想分享我們在本季度發布的全部內容，但我只會介紹一些亮點。

I'll start with our Financial Services business, which drove 91% of our new product adds in the quarter. Our Invest offering is getting better every day. In fact, I don't know of any other self-directed product that offers alternative assets like private credit, private real estate and private venture investing side-by-side with fractional shares, robo finds, ETFs and IPOs. Our innovations over the last year are starting to accelerate results, driving a 58% year-over-year increase in assets under management in our Invest business in Q2, and this was driven largely by net flows.

我將從我們的金融服務業務開始，該業務推動了本季 91% 的新產品添加。我們的投資產品每天都在變得更好。事實上，我不知道有任何其他自主產品可以同時提供私人信貸、私人房地產和私人創投等另類資產，以及部分股票、機器人發現、ETF 和 IPO。去年我們的創新開始加速取得成果，推動第二季投資業務管理資產年增 58%，這主要是由淨流量推動的。

We fully rolled out alternative assets and mutual funds, including interval funds from well-known financial leaders in KKR, Carlisle, Franklin Templeton and ARK Venture Fund, which includes several leading private technology companies. Alternative assets generated 12% of all net flows during the second quarter. We brought the concept of one-click checkout to individual asset transfers, enabling our members to consolidate their assets the way they would like and now we're seeing benefits from that innovation as well. We are now finalizing a turnkey way for companies going public to extend participation in their IPOs at scale to their customers, employees and partners. With this new directed share program, people can open an account, enter an order and fund it in minutes without fees, minimum balances or speaking to anyone in order to participate in an IPO.

我們全面推出另類資產和共同基金，包括KKR、卡萊爾、富蘭克林鄧普頓、ARK Venture Fund等知名金融領袖的區間基金，其中包括多家領先的私人科技公司。另類資產佔第二季所有淨流量的 12%。我們將一鍵結帳的概念引入個人資產轉移中，使我們的會員能夠以他們想要的方式整合他們的資產，現在我們也看到了這項創新帶來的好處。我們現在正在為上市公司敲定一種交鑰匙方式，讓其客戶、員工和合作夥伴大規模參與首次公開發行。透過這個新的定向股票計劃，人們可以在幾分鐘內開設帳戶、輸入訂單並提供資金，無需任何費用、最低餘額或與任何人交談即可參與首次公開募股。

Turning to SoFi Money. In the quarter, we launched Zelle, one of our most requested features and one element of our much larger money movement product pipeline. The innovations in our member business unit, which focused on ensuring our products work better when used together are reaching critical mass. For example, 3 million members have signed up for SoFi's broad-based rewards program. We're creating a rewards economy across our products, including rewards for using our app and other services and we're expanding redemption options including into stocks, cash for savings and travel.

轉向 SoFi Money。在本季度，我們推出了 Zelle，這是我們最受歡迎的功能之一，也是我們更大的資金流動產品管道的一個組成部分。我們的成員業務部門的創新專注於確保我們的產品一起使用時發揮更好的作用，目前已達到臨界質量。例如，已有 300 萬名會員註冊參加 SoFi 廣泛的獎勵計劃。我們正在跨產品創建獎勵經濟，包括使用我們的應用程式和其他服務的獎勵，並且我們正在擴大兌換選項，包括股票、現金儲蓄和旅行。

For SoFi Plus, we achieved 1 million members. For people that are not familiar with SoFi Plus, it is our premium membership tier available to those who enable direct deposit. SoFi Plus includes our highest APY on banking balances which today is up to 4.6%. It also includes up to 2x reward points, up to 3.3% cashback rewards on SoFi Credit spending, discounts on personal loan rates and much more. And I'm very excited to share that we've laid the foundation to provide more value in SoFi Plus not only to direct deposit members but also a monthly paid subscription product for those who prefer that option over direct deposit. We intend to test this new subscription-based option for SoFi Plus later this year.

SoFi Plus 的會員數達到 100 萬。對於不熟悉 SoFi Plus 的人，這是我們的高級會員級別，可供那些啟用直接存款的人使用。 SoFi Plus 包括我們最高的銀行餘額年利率，目前已高達 4.6%。它還包括高達 2 倍的獎勵積分、SoFi Credit 消費高達 3.3% 的現金回饋獎勵、個人貸款利率折扣等等。我非常高興地告訴大家，我們已經奠定了基礎，不僅可以為直接存款會員提供更多價值，還可以為那些更喜歡該選項而不是直接存款的人提供按月付費訂閱產品。我們打算在今年稍後測試 SoFi Plus 的這項新的基於訂閱的選項。

We're also driving iteration and learning to drive innovation in credit cards. We've improved our acquisition capabilities and introduced a 10% cashback boost for SoFi Plus members that has shown positive results. And I'm excited to share that this week we'll also begin testing two new credit cards to better serve our members' needs, one card for cashback rewards on everyday high-spending categories and one for members who need a no-frills card with no surprise fees.

我們也正在推動迭代和學習，以推動信用卡創新。我們提高了獲取能力，並為 SoFi Plus 會員推出了 10% 的現金返還優惠，並取得了積極的成果。我很高興與大家分享，本週我們還將開始測試兩張新的信用卡，以更好地滿足會員的需求，一張用於日常高消費類別的現金返還獎勵，一張適用於需要普通卡的會員沒有意外費用。

Turning to Lending. We've launched new capabilities that position us for future growth, especially as the rate environment improves. In small and medium business, members can now apply for a loan at SoFi and get approved offers from lending partners. In Home Loans, we can now close our home equity products instead of brokering them out. This dramatically increases our potential for revenue per loan. Notably, we're now a principal in home equity loans and can offer members a lower cost of borrowing in these secured loans compared to higher rates in unsecured lending.

轉向貸款。我們推出了新功能，為我們未來的成長做好準備，尤其是在利率環境改善的情況下。在中小型企業中，會員現在可以在 SoFi 申請貸款並獲得貸款合作夥伴批准的貸款。在房屋貸款中，我們現在可以關閉我們的房屋淨值產品，而不是將其經紀出去。這大大增加了我們每筆貸款收入的潛力。值得注意的是，我們現在是房屋淨值貸款的委託人，與無擔保貸款的較高利率相比，我們可以為會員提供較低的這些擔保貸款的借貸成本。

And of course, our Tech Platform is a center of innovation as we add capabilities to our already comprehensive offering. We expanded our Buy Now Pay Later product for post-purchase use. We added new wire capabilities and extended the AI-driven transactional fraud capabilities in our payment risk platform to non-processing partners. We also advanced the quality of our managed service in the cloud and introduced 3DS, which adds another layer of security to digital card transactions. These improvements ensure our modern cloud-based platform will continue to serve the needs of brands, fintechs and global financial institutions alike.

當然，我們的技術平台是創新中心，因為我們為已經很全面的產品增添了功能。我們擴展了「先買後付」產品以供購買後使用。我們新增了新的電匯功能，並將支付風險平台中人工智慧驅動的交易詐欺功能擴展到非處理合作夥伴。我們還提高了雲端中託管服務的質量，並推出了 3DS，為數位卡交易增加了另一層安全性。這些改進確保我們基於雲端的現代平台將繼續滿足品牌、金融科技和全球金融機構等的需求。

Having world-class products is a necessary factor in becoming a Top 10 financial institution, but it's not enough. We must also become a trusted household brand name. We measure this by our unaided brand awareness. Our world-class marketing team stands in a category of one. Their amazing work has increased unaided brand awareness to the 7% to 9% range which is up about 40% year-over-year and 4x since 2021. Our brand punches way above its weight as our team continues to make its footprint bigger than its foot.

擁有世界一流的產品是成為前十名金融機構的必要因素，但這還不夠。我們也必須成為值得信賴的家喻戶曉的品牌。我們透過我們獨立的品牌知名度來衡量這一點。我們世界一流的行銷團隊屬於其中之一。他們的出色工作已將品牌知名度提高到7% 至9%，同比增長約40%，自2021 年以來增長了4 倍。實力。

Now diving into our segment results. In Financial Services segment, we are seeing the continued benefits of structural advantages that drive our leading value proposition. We reported record segment revenue of $176 million, up 80% from $98 million in the year ago quarter. Importantly, this drove contribution profit of $55 million compared to a loss of $4 million one year earlier. Financial Services products grew $865,000 in the quarter, up 48% year-over-year, adjusting for our exit from crypto last year. Revenue per product grew 8% quarter-over-quarter and 29% year-over-year. We believe there is substantial upside to the monetization of our financial services products.

現在深入了解我們的細分市場結果。在金融服務領域，我們看到結構優勢的持續好處，推動了我們領先的價值主張。我們報告的分部收入達到創紀錄的 1.76 億美元，比去年同期的 9,800 萬美元成長 80%。重要的是，這使得貢獻利潤達到 5,500 萬美元，而一年前則虧損 400 萬美元。根據我們去年退出加密貨幣的情況進行調整，金融服務產品本季成長 86.5 萬美元，年增 48%。每個產品的營收季增 8%，年增 29%。我們相信我們的金融服務產品的貨幣化具有巨大的優勢。

SoFi Money achieved new records this quarter as ending deposits totaled $23 billion with consumer deposits up $2.2 billion from the previous quarter. Account openings grew by $419,000 and 90% of our deposits remain tied to sticky direct deposit relationships. Debit spend also continues to increase at a rapid pace, up 129% year-over-year and now annualizing at about $9 billion. Our Credit Card and Invest businesses remain in investment mode with nearly $100 million in annualized losses, but we expect them to follow a similar path to Money in achieving variable profit and contribution profit. In our Credit Card business, delinquency entry rates and roll rates improved by roughly 20% apiece from 2023 averages.

SoFi Money 本季創下新紀錄，期末存款總額達 230 億美元，其中消費者存款較上一季增加 22 億美元。開戶數量增加了 419,000 美元，我們 90% 的存款仍然與黏性直接存款關係相關。借方支出也持續快速成長，年增 129%，目前年化金額約 90 億美元。我們的信用卡和投資業務仍處於投資模式，年化虧損近 1 億美元，但我們預計它們在實現可變利潤和貢獻利潤方面將遵循與貨幣類似的路徑。在我們的信用卡業務中，拖欠率和滾動率較 2023 年平均值分別提高了約 20%。

Turning now to my fourth topic, our strong leadership across lending. We reported strong results despite our conservative posture given a 500 basis point increase in benchmark rates over the past two years and continued macro uncertainty. Importantly, net interest income reached an all-time high of $279 million or 82% of lending revenue versus 72% one year ago and 45% two years ago. Net interest income is cash revenue.

現在轉向我的第四個主題，我們在貸款領域的強大領導力。儘管過去兩年基準利率上漲了 500 個基點並且宏觀經濟持續存在不確定性，但我們仍採取保守態度，但仍報告了強勁的業績。重要的是，淨利息收入達到歷史新高，達到 2.79 億美元，佔貸款收入的 82%，而一年前為 72%，兩年前為 45%。淨利息收入是現金收入。

Let me say that again, net interest income is cash revenue, so 82% of our lending revenue is cash. Notably, discount rates and spreads were largely unchanged and in aggregate had a slight negative impact on lending revenue. Our personal loan originations reached a record of $4.2 billion while sticking to stringent underwriting standards as our team demonstrated its grip by consistently iterating on pricing and marketing throughout the quarter.

我再說一遍，淨利息收入是現金收入，所以我們的貸款收入82%是現金。值得注意的是，貼現率和利差基本上沒有變化，整體而言對貸款收入產生了輕微的負面影響。我們的個人貸款發放量達到了 42 億美元的記錄，同時堅持嚴格的承保標準，我們的團隊透過在整個季度不斷迭代定價和行銷來展示其控制力。

Our home loan originations were their highest since Q1 of 2022, growing 24% quarter-over-quarter and 71% year-over-year despite interest rates at their highest level in 10 quarters. On top of that, purchase home loan volume was our highest ever, growing 25% from Q1 2024 and nearly 100% year-over-year.

儘管利率處於 10 個季度以來的最高水平，但我們的房屋貸款發放量達到 2022 年第一季以來的最高水平，環比增長 24%，同比增長 71%。最重要的是，購屋貸款創歷史新高，較 2024 年第一季成長 25%，年增近 100%。

Once rates come down, we expect to benefit from our expansion into three products in home lending, purchase loans, home equity loans and the volume already generated by our financing business. Student loan originations grew 86% year-over-year. The team drove our strongest Q2 of origination volume in three years by iterating to drive continuous improvement throughout the quarter and into Q3 with private loan refinancing, which exemplifies our ability to respond to environmental factors to drive results.

一旦利率下降，我們預計將從房屋貸款、購屋貸款、房屋淨值貸款三種產品的擴張以及我們的融資業務已經產生的數量中受益。學生貸款發放量年增 86%。該團隊透過在整個季度和第三季度透過私人貸款再融資迭代推動持續改進，推動了三年來最強勁的第二季度發放量，這證明了我們應對環境因素以推動業績的能力。

And my fifth topic, the Tech Platforms segment is making good progress on its journey to become not only the AWS of fintech but of financial services more broadly. We recorded segment revenue of $95 million, up 9% year-over-year and contribution profit of $31 million, up 82% year-over-year at a 33% margin. This represents our fourth consecutive quarter of over 30% margin.

我的第五個主題是，科技平台部門正在取得良好進展，不僅成為金融科技的 AWS，也成為更廣泛的金融服務的 AWS。我們的分部營收為 9,500 萬美元，年增 9%，貢獻利潤為 3,100 萬美元，年增 82%，利潤率為 33%。這代表我們的利潤率連續第四個季度超過 30%。

Our customer wins have been more diverse, including but not limited to, secure card and B2B partners. Our pipeline of interest remains robust and includes US and international financial institutions along with major consumer and commercial brands. As we have noted, we are pursuing enterprise partnerships with larger existing customer bases for more durable revenue opportunities. These partnerships take multiple quarters, not months to win and have even longer integration cycles due to their size and complexity.

我們贏得的客戶更加多樣化，包括但不限於安全卡和 B2B 合作夥伴。我們的興趣管道仍然強勁，包括美國和國際金融機構以及主要消費者和商業品牌。正如我們所指出的，我們正在尋求與更大的現有客戶群建立企業合作夥伴關係，以獲得更持久的收入機會。這些合作關係需要多個季度而不是幾個月的時間才能贏得，而且由於其規模和複雜性，整合週期甚至更長。

In closing, the quarter was exceptional. We continue to demonstrate a record of strong diversified growth even in uncertain times. The performance of our leaders and the grittiness of our team was the best I've seen in my seven years here. Suffice it to say, I cannot wait to see what we achieve in a better climate. Combining our high member growth and product innovation with lower benchmark rates, unemployment at 4% to 5%, stable inflation and a stable economy, I could not be more confident in our ability to achieve our ambitions.

總而言之，本季表現非常出色。即使在不確定的時期，我們也持續展現出強勁的多元化成長記錄。我們領導者的表現和團隊的堅韌精神是我在這裡七年來見過的最好的。我只想說，我迫不及待地想看看我們在更好的氣候下所取得的成就。結合我們的高會員成長和產品創新、較低的基準利率、4% 至 5% 的失業率、穩定的通膨和穩定的經濟，我對我們實現目標的能力充滿信心。

With that, I'll turn it over to Chris for a deeper look at the results.

這樣，我會將其交給 Chris 來更深入地了解結果。

Thanks, Anthony. The second quarter was underscored by continued execution, profitability and increased diversification, strong evidence of how our 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 second quarter of 2024 versus second 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。第二季的表現是持續的執行力、獲利能力和多元化程度的提高，有力地證明了我們的差異化業務模式如何推動 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 年第二季與2023 年第二季的調整後結果。中找到，這些報表將在下個月提供。

For the quarter, we delivered record adjusted net revenue of $597 million, which grew 22% year-over-year. Adjusted EBITDA was $138 million at a 23% margin. This represented over 7 points of year-over-year margin improvement, demonstrating significant operating leverage. In fact, sales and marketing declined as a percentage of adjusted net revenue by 6 points relative to the year-ago quarter. We delivered our third quarter GAAP profitability with GAAP net income reaching $17.4 million, a $65 million improvement year-over-year and GAAP EPS of $0.01 per share.

本季度，我們實現了創紀錄的調整後淨收入 5.97 億美元，年增 22%。調整後 EBITDA 為 1.38 億美元，利潤率為 23%。這意味著利潤率比去年同期提高了 7 個百分點以上，顯示出巨大的營運槓桿。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 6 個百分點。我們實現了第三季 GAAP 獲利能力，GAAP 淨利潤達到 1,740 萬美元，年增 6,500 萬美元，GAAP 每股收益為 0.01 美元。

Now, on to the segment-level performance. In Lending, we achieved adjusted net revenue of $339 million with $198 million of contribution profit at a 58% margin. These results were driven by 20% year-over-year growth in net interest income, while non-interest income was down 38% as planned. Growth in net interest income was driven by a 40% year-over-year increase in average interest earning assets and a 27 basis point year-over-year increase in average yields. This resulted in an average net interest margin of 5.83% for the quarter, up 9 basis points year-over-year.

現在，我們來看看分段層級的效能。在貸款業務方面，我們實現調整後淨收入 3.39 億美元，貢獻利潤 1.98 億美元，利潤率為 58%。這些績效的推動因素是淨利息收入年增 20%，而非利息收入則按計畫下降 38%。淨利息收入成長主要得益於平均生息資產年增40%以及平均收益率年增27個基點。本季平均淨利差為5.83%，較去年同期上升9個基點。

In terms of non-interest income, Q2 originations grew 22% year-over-year to $5.3 billion and were driven by a record quarter in personal loan originations, which grew 12% year-over-year and 28% sequentially to $4.2 billion. Our student loans business saw origination volume grow 86% year-over-year with a slight 2% decline sequentially to $737 million. Home loans grew by 71% year-over-year and 24% sequentially to $417 million. Our personal loan borrowers' weighted average income is $168,000 with a weighted average FICO score of 747. Our student loan borrowers' weighted average income is $137,000 with a weighted average FICO score of 764.

就非利息收入而言，第二季的個人貸款發放額年增12%，季增28%，達到創紀錄的42 億美元，這推動了第二季的發放額年增22%，達到53 億美元。我們的學生貸款業務的發放量年增 86%，環比小幅下降 2%，至 7.37 億美元。房屋貸款年增 71%，季增 24%，達到 4.17 億美元。我們的個人貸款借款人的加權平均收入為 168,000 美元，加權平均 FICO 分數為 747。

In the second quarter, we sold portions of our personal loan and home loan portfolios totaling nearly $1.6 billion. In terms of the personal loan sales, we closed $1.1 billion of principal at a blended execution of 106.2%. These sales had similar structures to other recent personal loan sales with cash proceeds in line with par or at a small premium to par with the majority of the execution premium consisting of a contractual servicing fee that is 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 if we held the loans.

第二季度，我們出售了部分個人貸款和房屋貸款組合，總額近 16 億美元。在個人貸款銷售方面，我們以 106.2% 的混合執行率結清了 11 億美元本金。這些銷售的結構與最近其他個人貸款銷售的結構類似，現金收益與大部分執行溢價（包括資本化的合約服務費）一致或略有溢價。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。

Our $381 million of home loan sales were sold at a blended execution of 101.9%. Additionally, we sold $69 million of late-stage delinquent personal loans in the quarter. We noted last quarter that we typically have not sold delinquent loans until such time that they are charged off. However, we've been able to generate positive incremental value in these sales relative to selling after they charge off, both from our improved recovery capabilities and by maintaining servicing.

我們 3.81 億美元的房屋貸款銷售額的混合執行率為 101.9%。此外，我們在本季出售了 6,900 萬美元的後期拖欠個人貸款。我們上個季度指出，我們通常不會出售拖欠貸款，直到它們被沖銷為止。然而，與沖銷後的銷售相比，我們已經能夠在這些銷售中產生積極的增量價值，這既得益於我們改進的回收能力，也得益於維護服務。

Finally, we executed $989 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 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.

最後，我們執行了 9.89 億美元的優先擔保融資，這將在我們的詳細資產負債表中顯示為按攤銷成本持有用於投資的優先擔保貸款。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。

Turning to credit performance. Our on balance sheet 90-day personal loan delinquency rate was 64 basis points in the quarter, a decrease from 72 basis points in Q1 which is evidence of surpassing a peak. Our personal loan annualized charge-off rate increased to 3.84% from 3.45% in Q1 2024, including the impact of asset sales, new originations and the delinquency sale in the quarter. Had we not sold these late-stage delinquencies, we estimate that including recoveries between 90 days and 120 days delinquent, we would have had an all-in annualized net charge-off for personal loans of approximately 5.4%. For our student loans, our on balance sheet 90-day delinquency rate was 12 basis points versus 13 basis points last quarter, while our annualized loan charge-off rate was 64 basis points.

轉向信用表現。本季我們的資產負債表上 90 天個人貸款拖欠率為 64 個基點，較第一季的 72 個基點有所下降，證明已經超過了高峰。我們的個人貸款年化沖銷率從 2024 年第一季的 3.45% 上升至 3.84%，其中包括本季資產銷售、新發放和拖欠銷售的影響。如果我們沒有出售這些後期拖欠款，我們估計，包括 90 天到 120 天拖欠款的回收在內，我們的個人貸款年化淨沖銷總額將達到約 5.4%。對於我們的學生貸款，我們的資產負債表上的 90 天拖欠率為 12 個基點，而上季度為 13 個基點，而我們的年化貸款沖銷率為 64 個基點。

That brings me to an important point, an in-depth look at cumulative net losses on several of our personal loan vintages and how this underscores comfort in our 7% to 8% maximum life of loan loss assumptions in line with our underwriting tolerance. As you can see on Page 8 of our investor presentation, a loan vintage analysis indicates the following. Using our 2017 vintage as a starting point as this is the last that approached 8% life of loan losses at 7.85%, you can see significant improvement in cumulative net losses at a given percentage of remaining unpaid principal for more recent 2022 and 2023 vintages.

這讓我想到了一個重要的觀點，即深入研究我們幾個個人貸款年份的累積淨損失，以及這如何強調我們根據我們的承保容忍度假設的 7% 至 8% 最大貸款損失期限的舒適度。正如您在我們的投資者簡報第 8 頁上看到的，貸款年份分析顯示以下內容。以2017 年為起點，因為這是最後一個接近8% 貸款損失期限（7.85%）的年份，您可以看到在最近的2022 年和2023 年剩餘未付本金的給定百分比下，累積淨損失顯著改善。

Specifically looking at the Q4 2022 vintage, soon after we made material cuts to credit, at roughly 40% of remaining unpaid principal, net cumulative losses of 5.02% are well below the 6.07% observed in the 2017 vintage at that same point of 40% remaining principal balance. In addition, you can see that more recent vintages are performing as well or better than the Q4 2022 loans at similar levels of remaining unpaid principal. This is critically important as this analysis and comparison gives us confidence that our loans will continue to perform in line to better than our tolerance.

具體來看2022 年第四季度，在我們大幅削減信貸後不久，約佔剩餘未付本金的40%，淨累計損失為5.02%，遠低於2017 年同期觀察到的6.07%，同期為40 %剩餘本金餘額。此外，您還可以看到，在剩餘未付本金水平相似的情況下，最近年份的貸款表現與 2022 年第四季度貸款一樣好甚至更好。這一點至關重要，因為這種分析和比較讓我們相信我們的貸款將繼續表現得比我們的容忍度好。

Furthermore, looking at page 9 in the investor presentation, you will notice that only 44% of unpaid principal remains from our Q1 2020 through Q1 2024 originations. Among the 56% of principal that has already been paid down, we've seen only 3% in net cumulative losses. For life of loan losses on this entire cohort of loans to reach 8% net cumulative losses, the remaining unpaid principal would need to charge off at a rate of 11%. Past vintages have performed meaningfully better after this point in the seasoning curve, further improving our confidence in achieving loss rates below 8%.

此外，請查看投資者簡報中的第 9 頁，您會注意到，從我們的 2020 年第一季到 2024 年第一季度，只有 44% 的未付本金。在已經償還的 56% 的本金中，我們只看到了 3% 的淨累計損失。為了使這整批貸款的貸款損失期限達到 8% 的淨累計損失，剩餘的未付本金需要以 11% 的利率沖銷。在調味曲線的這一點之後，過去年份的表現明顯更好，進一步增強了我們實現損失率低於 8% 的信心。

Now turning to our fair value marks and key assumptions. Our personal loans are marked at 104.3%, 5 basis points higher quarter-over-quarter with a negligible change in the discount rate. For our student loan portfolio, the fair value mark decreased by 17 basis points to 103.6%, while the discount rate rose by 10 basis points to 4.44% due to rising rates and a wider spread. Overall, sequential changes in spreads and discount rates had a negative impact on reported revenue.

現在轉向我們的公允價值標記和關鍵假設。我們的個人貸款利率為 104.3%，較上季上升 5 個基點，折現率變化微乎其微。對於我們的學生貸款組合，公允價值標記下降了 17 個基點至 103.6%，而由於利率上升和利差擴大，折現率上升了 10 個基點至 4.44%。總體而言，利差和折扣率的連續變化對報告的收入產生了負面影響。

Moving on to Financial Services where net revenue of $176 million increased 80% year-over-year with new all-time high revenue for SoFi Money in our loan platform business as well as continued contributions from SoFi Invest and Credit Card. Overall monetization continues to improve with annualized revenue per product of $64, up nearly 29% year-over-year versus $50 in Q2 2023. This is driven by higher deposits and member spending levels in SoFi Money, greater assets under management 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 1.76 億美元，年增 80%，貸款平台業務中的 SoFi Money 收入創下歷史新高，並且 SoFi Invest 和信用卡的持續貢獻。整體貨幣化持續改善，每個產品的年化收入為64 美元，與2023 年第二季的50 美元相比，年增近29%。增加以及SoFi Money 的貨幣化功能推動的。

Net interest income of $139 million increased 87% year-over-year which was primarily driven by growth in consumer deposits. Importantly, non-interest income grew 58% to $37 million in the quarter which represents approximately $150 million in annualized revenue. This was driven by interchange growth of 67% year-over-year as a result of over $10 billion in total annualized spend, as well as our referrals from our loan platform business, which grew 66% versus the prior year period. Contribution profit reached $55 million at a 31% margin for the quarter, even as we continue to invest in innovation and new opportunities to rapidly grow this operating segment with attractive returns.

淨利息收入為 1.39 億美元，年增 87%，這主要是由消費者存款成長所推動的。重要的是，本季非利息收入成長了 58%，達到 3,700 萬美元，年化收入約為 1.5 億美元。這是由於年度支出總額超過 100 億美元，以及我們的貸款平台業務推薦量同比增長 67%，該業務同比增長 66%，推動了這一增長。儘管我們繼續投資於創新和新機會，以有吸引力的回報快速發展這一營運部門，但本季的貢獻利潤達到了 5,500 萬美元，利潤率為 31%。

Lastly, we reached 11 million financial services products in the quarter, which is up 39% year-over-year with 865,000 new products in the quarter. We reached nearly 4.3 million products in SoFi Money, 2.3 million in SoFi Invest and 3.9 million in Relay.

最後，本季我們的金融服務產品達到 1,100 萬種，年增 39%，本季新增產品 865,000 個。我們在 SoFi Money 中接觸了近 430 萬種產品，在 SoFi Invest 中接觸了 230 萬種產品，在 Relay 中接觸了 390 萬種產品。

Shifting to our Tech Platform segment where we delivered net revenue of $95 million in the quarter, up 9% year-over-year and 1% sequentially. Revenue growth was driven by strong performance from new clients onboarded over the last four quarters along with strong monetization of existing clients on our platform. Galileo accounts grew 23% year-over-year to 158 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. As mentioned earlier, a strong pipeline of interest spans financial institutions along with major consumer and commercial brands representing larger and more durable revenue opportunities and with longer sales and integration cycles due to the size and complexity.

轉向我們的技術平台部門，本季我們實現了 9,500 萬美元的淨收入，年增 9%，季增 1%。過去四個季度新客戶的強勁表現以及我們平台上現有客戶的強勁貨幣化推動了收入成長。 Galileo 帳戶年增 23%，達到 1.58 億。該部門貢獻利潤 3,100 萬美元，利潤率為 33%。我們持續利用該領域的投資，繼續定位技術平台，以實現未來更高的多元化持久成長。如前所述，強大的興趣管道涵蓋金融機構以及主要消費者和商業品牌，代表著更大、更持久的收入機會，並且由於規模和複雜性而具有更長的銷售和整合週期。

Shifting to our balance sheet where we remain very well-capitalized. Assets grew by $1.3 billion as a result of $2.1 billion of growth in loans and approximately $800 million decrease in cash, cash equivalents and investment securities. On the liability side, member deposits grew by $2.2 billion to $21 billion, while overall deposits increased to $23 billion. We also reduced our brokered deposits by $800 million as we continue to use our consumer deposits to replace higher cost parts of the funding stack and we exited the quarter with $1.1 billion of warehouse debt drawn.

轉向我們的資產負債表，我們的資本仍然非常充足。由於貸款增加 21 億美元，現金、現金等價物和投資證券減少約 8 億美元，資產增加了 13 億美元。負債方面，會員存款增加了22億美元，達到210億美元，而總存款增加到230億美元。我們也減少了 8 億美元的經紀存款，因為我們繼續使用消費者存款來取代資金堆疊中成本較高的部分，並且我們在本季結束時提取了 11 億美元的倉庫債務。

Currently, there is a 213-basis-point difference between the interest we pay on deposits and the interest we pay on warehouse lines, which translates to about $500 million in annualized interest expense savings given the size of our deposit base. This difference also continues to support our net interest margin, underscoring the benefits of having the option of holding loans on balance sheet when advantageous and collecting net interest income. Overall, we expect to maintain a healthy net interest margin above 5% for the foreseeable future and benefit from the continued mix toward deposit funding along with our ability to sustain healthy deposit versus lending betas.

目前，我們支付的存款利息和我們支付的倉庫利息之間存在 213 個基點的差異，考慮到我們的存款基礎規模，這意味著年化利息費用節省約為 5 億美元。這種差異也繼續支撐我們的淨利差，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。總體而言，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存款與貸款貝塔值的能力。

In terms of our regulatory capital ratios, our total capital ratio of 16.8% decreased by approximately 50 basis points from 17.3% last quarter and remains comfortably above the regulatory minimum of 10.5%. Lastly, we grew book value to $5.9 billion and tangible book value by $92 million sequentially to $4.2 billion with tangible book value per share at $3.92.

就我們的監管資本比率而言，我們的總資本比率為 16.8%，較上季度的 17.3% 下降約 50 個基點，仍遠高於 10.5% 的監管最低水準。最後，我們的帳面價值增加到 59 億美元，有形帳面價值增加 9,200 萬美元，達到 42 億美元，每股有形帳面價值 3.92 美元。

Now on to guidance. Throughout the last 12 months, we have demonstrated the benefit of having a diversified high-growth set of revenue streams, multiple cost-efficient sources of capital, a keen focus on underwriting high quality credit and a high degree of operating leverage as we scale the business. We expect those benefits to persist even in light of the macro backdrop. For Q3, we expect to deliver adjusted net revenue of $625 million to $645 million, adjusted EBITDA of $160 million to $165 million, GAAP net income of $40 million to $45 million and EPS of $0.04 per share.

現在開始指導。在過去 12 個月中，隨著我們擴大業務規模，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、對承保高品質信貸的熱衷以及高度營運槓桿的好處。我們預計，即使在宏觀背景下，這些好處也將持續存在。第三季度，我們預計調整後淨收入為6.25 億美元至6.45 億美元，調整後EBITDA 為1.6 億美元至1.65 億美元，GAAP 淨利潤為4,000 萬美元至4,500 萬美元，每股收益為0.04 美元。

For the full-year 2024, we now expect to deliver adjusted net revenue of $2.425 billion to $2.465 billion, which is $35 million higher than our prior guidance range of $2.39 billion to $2.43 billion. This implies 17% to 19% annual growth versus 15% to 17% previously. This guidance now assumes lending revenue will be at least 95% of 2023 levels, Financial Services will grow more than 80% year-over-year and Tech Platform will grow mid to upper teens percent year-over-year. While this is lower than our original 20% guidance for Tech Platform, we view this as transitory and still feel confident in our multi-year growth guidance for this business.

對於 2024 年全年，我們目前預計調整後淨收入為 24.25 億美元至 24.65 億美元，比我們之前 23.9 億美元至 24.3 億美元的指導範圍高出 3500 萬美元。這意味著年增長率為 17% 至 19%，而之前為 15% 至 17%。該指引目前假設貸款收入將至少達到 2023 年水準的 95%，金融服務將年增 80% 以上，科技平台將年增至百分之十幾。雖然這低於我們最初對科技平台 20% 的指導，但我們認為這是暫時的，並且仍然對該業務的多年成長指導充滿信心。

We now expect to deliver adjusted EBITDA of $605 million to $615 million, above our prior guidance of $590 million to $600 million. This represents a 25% adjusted EBITDA margin. We now expect full-year GAAP net income of $175 million to $185 million, above prior guidance of $165 million to $175 million and GAAP EPS of $0.09 to $0.10 per share, above prior guidance of $0.08 to $0.09 per share. We continue to expect growth in tangible book value of approximately $800 million to $1 billion and continue to expect to end the year with a total capital ratio north of 16%. We continue to expect to add at least 2.3 million new members in 2024, which represents 30% growth.

我們現在預計調整後 EBITDA 為 6.05 億至 6.15 億美元，高於我們先前 5.9 億至 6 億美元的指引值。這代表調整後的 EBITDA 利潤率為 25%。我們目前預計全年 GAAP 淨利潤為 1.75 億至 1.85 億美元，高於先前指引的 1.65 億至 1.75 億美元，GAAP 每股收益為 0.09 至 0.10 美元，高於先前指引的每股 0.08 至 0.09 美元。我們繼續預期有形帳面價值將成長約 8 億至 10 億美元，並繼續預期年底總資本比率將超過 16%。我們仍預期 2024 年將增加至少 230 萬新會員，成長 30%。

Overall, we couldn't be more proud of our Q2 results. Having delivered $597 million of adjusted net revenue and $138 million of adjusted EBITDA, we continue to make great progress against our long-term growth objectives and remain very well-capitalized to continue to pursue our ultimate goal of making SoFi a top financial institution.

總的來說，我們對第二季的業績感到非常自豪。我們實現了5.97 億美元的調整後淨收入和1.38 億美元的調整後EBITDA，我們繼續在實現長期增長目標方面取得巨大進展，並保持充足的資本，繼續追求將SoFi 打造成頂級金融機構的最終目標。

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

那麼，就讓我們開始問答吧。

(Operator Instructions) John Hecht, Jefferies.

（操作員說明）John Hecht，Jefferies。

Morning, guys, and thanks for taking my questions and appreciate all the incremental disclosure in the deck. The question is, I think you said that cumulative losses would have to go above 10%, I think, to 11% for you to kind of breach your 8% assumptions in your underwriting. What kind of scenario would that entail in terms of like payment rates or delinquency rates and just to kind of connect the dots there?

早安，夥計們，感謝您提出我的問題，並感謝甲板上所有增量披露。問題是，我想你說過累計損失必須超過 10%，我認為達到 11%，你才會違反承保中 8% 的假設。就付款率或拖欠率而言，這會帶來什麼樣的場景？

So like we said, credit is performing in line with expectations and we remain extremely confident in our 7% to 8% life of loan loss assumption. Just to reiterate what I had mentioned in my prepared remarks, when looking at all originations from 2020 through Q1 of 2024, only 44% of those remain. Of the 56% that got paid down, we've experienced only 3% net cumulative losses. So in order to reach 8% cumulative losses on the entire pool, the remaining 44% would need to charge off at 11%.

正如我們所說，信貸表現符合預期，我們對貸款損失期限為 7% 至 8% 的假設仍然充滿信心。只是重申我在準備好的發言中提到的內容，在查看 2020 年至 2024 年第一季的所有來源時，只有 44% 仍然存在。在 56% 的首付款中，我們只經歷了 3% 的淨累計損失。因此，為了使整個池的累積損失達到 8%，剩餘的 44% 需要以 11% 進行沖銷。

So from where I sit, something would have to materially change in order to hit 8% as prior vintages with similar levels of remaining UPB have never experienced losses even close to 11%. In addition to that, we ended up showing you vintage analyses that highlight how recent vintages since making our credit cuts back in the second half of 2022 are performing materially better than the 2017 cohort which was the last one to come even close to 8%. Furthermore, what gives us even more confidence is that the leading indicator for losses, which is our delinquencies, has started to turn the corner and we're really bending the curve.

因此，從我的觀點來看，要想達到 8%，就必須做出重大改變，因為之前年份的剩餘 UPB 水平相似，從未經歷過接近 11% 的損失。除此之外，我們最終向您展示了年份分析，強調了自 2022 年下半年我們削減信貸以來最近年份的表現如何明顯好於 2017 年同期，後者是最後一個接近 8% 的年份。此外，讓我們更有信心的是，損失的領先指標，即我們的拖欠率，已經開始扭轉局面，我們確實正在扭轉曲線。

So in our personal loans business, we ended up surpassing a peak in Q1 on not only dollar principal, but also cumulative fair value adjustments and percentage UPB. So from a dollar principal perspective, we ended up having $96 million of 90-day to 120-day delinquencies in the quarter versus $103 million back in Q1. From a percentage UPB basis, those were at 64 basis points in the quarter versus 72 basis points in Q1. And then from a cumulative fair-value adjustment basis, that was $79 million in Q2 versus $88 million in Q1. And what's even more important than that, these trends are continuing throughout the first several weeks of Q3.

因此，在我們的個人貸款業務中，我們不僅在美元本金上，而且在累積公允價值調整和 UPB 百分比上都超過了第一季的高峰。因此，從美元本金角度來看，本季我們最終出現了 9,600 萬美元的 90 天至 120 天拖欠，而第一季為 1.03 億美元。從 UPB 百分比來看，本季為 64 個基點，而第一季為 72 個基點。然後，從累計公允價值調整的基礎來看，第二季為 7,900 萬美元，而第一季為 8,800 萬美元。更重要的是，這些趨勢在第三季的前幾週持續存在。

Terry Ma, Barclays.

馬特里，巴克萊銀行。

So you show some pretty encouraging vintage charge-off metrics on slides 8 and 9. It sounds like from your commentary, everything is kind of in line. But maybe just kind of reconcile your more conservative stance and maybe talk about what you need to see in the environment to maybe just grow a little bit again in the portfolio.

因此，您在投影片 8 和 9 上展示了一些非常令人鼓舞的老式沖銷指標。但也許只是調和你更保守的立場，也許談談你需要在環境中看到什麼，以便在投資組合中再次成長一點。

We're really encouraged by the trends we're seeing in credit. As Chris mentioned, we're really proud of the fact that we're able to achieve record revenue with 22% year-over-year growth with lending barely growing. I would say the areas of incremental opportunity as we go into the back half of the year, home loans, really proud to see the growth rate year-over-year in home loans, student loan refinancing, also a product that shouldn't be doing really well in this interest rate environment also had strong growth. On the personal loan side, we're going to stay relatively conservative compared to our balance sheet ending assets there, primarily because we want to see how the year trends in terms of unemployment. There's a big number coming out on Friday.

我們對信貸領域所看到的趨勢感到非常鼓舞。正如 Chris 所提到的，我們感到非常自豪的是，我們能夠實現創紀錄的收入，年增 22%，而貸款卻幾乎沒有成長。我想說的是，當我們進入今年下半年時，增量機會領域是房屋貸款，我非常自豪地看到房屋貸款、學生貸款再融資的同比增長率，這也是一種不應該被忽視的產品。在個人貸款方面，與資產負債表期末資產相比，我們將保持相對保守，主要是因為我們想了解今年失業率的趨勢。週五會有大量數據公佈。

We're at 4.1% and move to 4.2% could signal a recession. And so while there have been improvements, we're not changing our stance. We're able to achieve pretty strong growth year-over-year without getting too aggressive on the personal loan side. There are factors that could cause us to originate a lot more in personal loans.

我們目前的利率為 4.1%，而轉向 4.2% 可能預示著經濟衰退。因此，雖然有所改進，但我們不會改變我們的立場。我們能夠實現相當強勁的同比增長，而無需在個人貸款方面過於激進。有些因素可能會導致我們發放更多的個人貸款。

I will tell you, I see more near-term opportunity in home loans and student loan refinancing. But in personal loan, the thing that would cause us to be more aggressive in terms of the growth rate is if we have greater-than-expected sales. In addition to that, changes in benchmark rates. In addition to that continued improvement in our credit trends, if they start to accelerate better than we've already seen, which is quite positive.

我會告訴你，我在房屋貸款和學生貸款再融資方面看到了更多近期機會。但在個人貸款方面，如果我們的銷售額高於預期，就會導致我們在成長率方面更加激進。除此之外，基準利率的變動。除了我們的信貸趨勢持續改善之外，如果它們開始比我們已經看到的更好地加速，這是相當積極的。

But all in all, we have a lot more growth. We could grow much faster if we wanted to, but we want to drive durable diversified growth and that was the reason why we took a stance on limiting our personal loan balances specifically. The other thing that could drive growth which would be further diversification of the balance sheet is home equity loans. We're now doing home equity loans as a principal as opposed to an agent.

但總而言之，我們有更多的成長。如果我們願意的話，我們可以成長得更快，但我們希望推動持久的多元化成長，這就是我們採取專門限制個人貸款餘額立場的原因。另一個可能推動成長的因素是房屋淨值貸款，這將導致資產負債表進一步多元化。我們現在以委託人而非代理人的身分提供房屋淨值貸款。

They're obviously secured lending and attractive rates, more attractive than personal loan rates. So there'll be a greater emphasis on that. That could also drive better performance there. So a lot of opportunities as it relates to the lending business. We're taking a pretty conservative view purposely. I quite frankly, don't feel like we're getting paid for the results we're delivering. So I'm not sure why would be overly aggressive at this point.

它們顯然是有擔保的貸款和有吸引力的利率，比個人貸款利率更有吸引力。因此，我們將更加重視這一點。這也可能會帶來更好的表現。因此，與貸款業務相關的機會很多。我們故意採取相當保守的觀點。坦白說，我不認為我們會因為我們所提供的結果而獲得報酬。所以我不確定為什麼此時會過於激進。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hey guys, great results here. Really appreciate letting us asking a question. So how are you -- Anthony, Chris, like how do you expect to keep growing Financial Services? I mean, obviously, you've grown deposits so much. What -- how do you expect to grow it given that you've grown interest income now? Like if you can talk a little bit about the near-term future? Thank you.

嘿夥計們，這裡取得了很好的成績。非常感謝讓我們提出問題。安東尼、克里斯，你們希望如何繼續發展金融服務？我的意思是，顯然，你的存款增加了很多。鑑於您現在已經增加了利息收入，您預計如何增加利息收入？您是否可以談談近期的未來？謝謝。

Thanks, Dan. Well, first, we did a really incredible job driving the diversification. The only way we're able to achieve record revenue is because our Financial Services segment had a record at $176 million, up 80% year-over-year. It was driven by product growth, as you know, up 47%. It was also driven by deposits up 80%. That drives the net interest income. I think more interestingly is the growth opportunity we have in non-net interest income. We reported $37 million in that line item. It grew very nicely, 58% year-over-year. If you annualize the number, it’s about $150 million. And there's a couple of drivers of that.

謝謝，丹。嗯，首先，我們在推動多元化方面做了非常令人難以置信的工作。我們能夠實現創紀錄收入的唯一途徑是我們的金融服務部門創紀錄地達到 1.76 億美元，年增 80%。如您所知，這是由產品成長推動的，成長了 47%。這也是受到存款成長80%的推動。這推動了淨利息收入。我認為更有趣的是我們在非淨利息收入方面的成長機會。我們在該行項目中報告了 3700 萬美元。它的成長非常好，年增了 58%。如果按年計算該數字，則約為 1.5 億美元。這有幾個驅動因素。

First, continue to drive increased product growth. We had 47% growth in Financial Services products. That will be one driver of strong growth. The second is increased monetization or revenue per product. We saw strong growth in revenue per product in the mid-20s as well. What drives it going forward from here? Interchange was up 67% year-over-year. AUM was up 58% year-over-year. We'll see benefits in brokerage, not just from AUM growth, but also increased monetization per dollar of AUM, which is about half what we think the benchmark rate is, continue driving home, auto and life insurance, which we call SoFi Protect and then our loan platform business.

一是繼續推動產品成長。我們的金融服務產品成長了 47%。這將成為強勁成長的驅動力之一。第二個是增加貨幣化或每個產品的收入。我們在 1920 年代中期也看到了每種產品的收入強勁成長。是什麼推動它從這裡繼續前進？交換量年增 67%。資產管理規模年增 58%。我們將看到經紀業務的好處，不僅來自AUM 的成長，而且每美元AUM 的貨幣化也有所增加，這大約是我們認為基準利率的一半，繼續推動家庭、汽車和人壽保險，我們稱之為SoFi Protect 和然後是我們的貸款平台業務。

So it's a combination of those different monetization vehicles that will drive continued revenue per product, which we think has a significant upside after growing 29% already in this quarter. And then our product growth is something that's probably a lot more visible to everyone, which is up 47%. So dual-pronged growth of -- dual-pronged dimensions of growth should continue to drive increased diversification there.

因此，這些不同的貨幣化工具的結合將推動每個產品的持續收入，我們認為在本季度已經成長 29% 後，該收入具有顯著的上升空間。我們的產品成長可能對每個人來說都更加明顯，成長了 47%。因此，雙管齊下的成長應該繼續推動那裡的多元化。

Kyle Peterson, Needham & Company.

凱爾彼得森，李約瑟公司。

Wanted to touch on deposits. Obviously, you continue to see nice growth in the core base here with members. But how should we think about the growth outlook for deposits and kind of how that counterbalances with any ongoing runoff of some of the brokered funding?

想談談存款。顯然，您會繼續看到這裡的核心成員群體不斷增長。但我們應該如何考慮存款的成長前景，以及如何與一些經紀資金的持續流失相平衡？

Yeah, I'll let Chris talk about the sort of specific trends in the quarter, but as it relates to the broader macro picture, we're obviously entering an environment where rates are likely to go down in the future. And many people ask us, will you maintain a high rate? And the answer is, we will maintain a high rate relative to our competition. We think we have a competitive advantage given that we have such a big origination platform. That origination platform allows us to fund a higher APY than a lot of other competitors that don't have an origination platform. So the tool businesses work in tandem.

是的，我會讓克里斯談談本季的具體趨勢，但由於它與更廣泛的宏觀情況相關，我們顯然正在進入一個未來利率可能下降的環境。還有很多人問我們，你們會維持高利率嗎？答案是，相對於我們的競爭對手，我們將保持較高的成長率。鑑於我們擁有如此大的創始平台，我們認為我們具有競爭優勢。該發起平台使我們能夠比許多其他沒有發起平台的競爭對手提供更高的年收益。因此，工具業務協同工作。

As rates go down, the value of our loans generally go up, all else equal. And so we can maintain a superior APY. That doesn't mean we may not change it. It just means it will be superior to drive our differentiated value proposition and leverage our competitive advantage.

在其他條件相同的情況下，隨著利率下降，我們的貸款價值通常會上升。這樣我們就可以保持較高的 APY。這並不意味著我們不能改變它。這只是意味著它將更好地推動我們的差異化價值主張並利用我們的競爭優勢。

As it relates to deposits, more specifically, rate is one element of our differentiation. The other elements of differentiation start with no fees. We do not charge. We don't require minimum balances to get our services. You do get a higher APY if you do direct deposit or you do a average monthly deposit of a certain amount.

更具體地說，由於與存款有關，利率是我們差異化的要素之一。差異化的其他要素一開始是免費的。我們不收費。我們不需要最低餘額即可獲得我們的服務。如果您進行直接存款或平均每月存款一定金額，您確實會獲得更高的年利率。

As we mentioned in the call, we'll actually launch SoFi Plus, which will give you that higher rate for a fee per month, which will be quite attractive relative to the amount of interest you could gain when you pay that fee. In addition to that, we have the ability to do person-to-person payments to an email address or a phone number. We recently launched Zelle which is very unique among the fintechs, which is a highly requested product.

正如我們在電話中提到的，我們實際上將推出SoFi Plus，這將為您提供更高的每月費用利率，相對於您支付該費用時可以獲得的利息金額而言，這將相當有吸引力。除此之外，我們還可以透過電子郵件地址或電話號碼進行個人對個人的付款。我們最近推出了 Zelle，它在金融科技中非常獨特，是一個需求很高的產品。

In addition to that, we provide seamless capabilities into our brokerage business and money movement more broadly. So the APY is one important element of driving deposits, but it's the broader value proposition that we offer that we think will continue to allow us to drive strong deposit growth on the back of strong member growth in Money.

除此之外，我們也為我們的經紀業務和更廣泛的資金流動提供無縫功能。因此，APY 是推動存款的重要因素之一，但我們認為，我們提供的更廣泛的價值主張將繼續讓我們在貨幣會員強勁增長的背景下推動強勁的存款成長。

Yeah, and what I would add to that is we've consistently said that we were going to add over $2 billion of member deposits each quarter. We certainly did that in Q1. We did it again in Q2 with $2.2 billion of net new deposits from a member perspective. We did pay down about $800 million of brokered CDs as they had higher costs relative to our member deposits.

是的，我要補充的是，我們一直表示，我們將每季增加超過 20 億美元的會員存款。我們在第一季確實做到了這一點。我們在第二季再次做到了這一點，從會員角度來看，新存款淨額為 22 億美元。我們確實支付了約 8 億美元的經紀 CD，因為它們的成本相對於我們的會員存款更高。

Right now, we are about just north of 80% deposit funded. Going forward, we believe the optimal mix is consistent with our prior guidance at about 80% to 90%. We still have about $1.1 billion of warehouse debt that's outstanding and nearly $2 billion of brokered deposits. So we're going to continue to optimize funding sources and lower our overall costs.

目前，我們的存款資金大約剛超過 80%。展望未來，我們相信最佳組合與我們先前的指導一致，約為 80% 至 90%。我們仍有約 11 億美元的未償倉庫債務和近 20 億美元的經紀存款。因此，我們將繼續優化資金來源並降低整體成本。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

I appreciate the disclosure on the loss curves and I hope you guys continue to publish that. Kind of similar thing, I was curious, and I think I asked about this last quarter about the Credit Card program or business, and I look at the fact that you've got 4 million Money users and almost 4 million Relay users and only less than 300,000 credit card accounts. And it would seem that there's an opportunity to kind of really be very targeted to slice and find really prime credits within your customer base.

我很欣賞損失曲線的披露，我希望你們繼續發布它。類似的事情，我很好奇，我想我在上個季度詢問了有關信用卡計劃或業務的問題，我看到了這樣一個事實：你有 400 萬 Money 用戶和近 400 萬 Relay 用戶，只有更少超過300,000個信用卡帳戶。似乎有機會真正有針對性地在您的客戶群中進行細分並找到真正優質的信用。

Can you talk a little bit about that? Maybe am I oversimplifying that? It just seems like that business could be a lot bigger than it is, but maybe I just don't understand how that ramps up. So maybe a little color on how that business grows and some of the things that keep it from growing faster than it would appear you have the opportunity to grow.

你能談談這個嗎？也許我過於簡化了？看起來這個業務可能比實際規模大得多，但也許我只是不明白它是如何成長的。因此，也許可以對業務的成長方式以及一些阻礙其成長速度超過您有機會成長的速度的因素進行一些說明。

Reggie, thank you for the question on Credit Card. I would start by saying we have a pretty diversified portfolio of products. Our goal is to drive a series of S curves of growth across the products so that we drive strong, durable, diversified compounding growth for years, which means we'll invest in some businesses faster and quicker than others. I often say internally we have some startup businesses.

雷吉，謝謝您提出有關信用卡的問題。我首先要說的是，我們擁有相當多元化的產品組合。我們的目標是推動一系列產品的S曲線成長，以便我們在多年內推動強勁、持久、多元化的複合成長，這意味著我們將比其他業務更快地投資某些業務。我常在內部說我們有一些新創企業。

We have some Series A businesses, some late stage growth businesses and some mature growth businesses. Credit Card is one of those early-stage businesses where we want to make sure that we get the marketing, the product market fit correct, the credit correct, and really the overall unit economics of our Credit Card on a per account basis correct. We spent the last 18 months working our butt on that and we feel like we have the right formula. I know we have the right team. We did change the team about a year and a half ago, bringing in someone that's actually built this business from scratch before, in addition to running businesses.

我們有一些A系列業務，一些後期成長型業務和一些成熟成長型業務。信用卡是早期業務之一，我們希望確保我們的行銷、產品市場契合度正確、信用正確，並且每個帳戶的信用卡整體單位經濟效益確實正確。我們花了 18 個月的時間來解決這個問題，我們覺得我們已經找到了正確的方案。我知道我們有合適的團隊。大約一年半前，我們確實更換了團隊，除了經營業務之外，還引入了以前從頭開始實際建立過這項業務的人。

So we have a very positive long term outlook for Credit Card and want to contribute to our business. I often say businesses like Credit Card and brokerage by themselves someday could be bigger than SoFi is in total today. There are companies that are very big that are just in the Credit Card business and just in the brokerage business, and to today those are small for us and we're investing aggressively. We pointed out the fact that the brokerage business and the credit card business combined are annualizing a loss of $100 million. So what are the changes we're making in Credit Card specifically.

因此，我們對信用卡有非常積極的長期前景，並希望為我們的業務做出貢獻。我常說信用卡和經紀業務等業務有一天可能會比 SoFi 今天的總規模還要大。有些公司非常大，只從事信用卡業務和經紀業務，而到今天這些公司對我們來說還很小，我們正在積極投資。我們指出，經紀業務和信用卡業務合計每年虧損1億美元。那我們在信用卡方面具體做了哪些改變呢？

We'll launch two new cards. We'll be testing them slowly. One is an everyday card where people get a much higher percentage reward on categories like food or things that are used every day. The second card is more of a no frills, no surprises card for people that are in our ecosystem that are members, but they have thin credit files, not because they have low credit, they just have very little credit because they may be a new professional in addition to our existing card. Not only we'll launch two more cards, but we'll make those cards work better with our other products.

我們將推出兩張新卡。我們將慢慢測試它們。一種是日常卡，人們可以在食物或日常使用的物品等類別上獲得更高比例的獎勵。第二張卡對我們生態系統中的成員來說更像是一張沒有多餘裝飾、沒有驚喜的卡，但他們的信用檔案薄弱，不是因為他們的信用低，他們只是信用很少，因為他們可能是新的除了我們現有的卡片之外，還有專業卡。我們不僅會再推出兩張卡，而且會讓這些卡片更好地與我們的其他產品搭配使用。

So if you're a SoFi Plus member, your rewards will be boosted because of that relationship between SoFi Plus and Credit Card. So we can start to benefit from not just targeting our members, but giving our members more value for using more than one product and you'll see us continue to do that over time. But in Credit Card today, we're going to continue to move relatively slowly and not step on the gas too hard. Because this is a business you can lose a lot of money and you can lose it every day. It's unlike a loan where you give somebody a fixed amount.

因此，如果您是 SoFi Plus 會員，您的獎勵將會因為 SoFi Plus 和信用卡之間的關係而增加。因此，我們可以開始受益，不僅是針對我們的會員，而是為我們的會員提供使用多種產品的更多價值，隨著時間的推移，您會看到我們繼續這樣做。但在今天的信用卡方面，我們將繼續相對緩慢地前進，並且不會踩得太猛。因為這是一門生意，你可能會損失很多錢，而且每天都可能會損失。這與您向某人提供固定金額的貸款不同。

In credit card, you have lines that are quite big and they can be utilized in nefarious ways and drive really high losses. So we'll continue to make sure we approach this prudently, but we are stepping on the gas a little bit more than we have in the past.

在信用卡中，您的額度非常大，它們可以用於邪惡的方式並造成非常高的損失。因此，我們將繼續確保謹慎對待這個問題，但我們比過去更加努力。

Jeff Adelson, Morgan Stanley.

傑夫阿德爾森，摩根士丹利。

I just want to circle back on the lending growth. I know you're still sort of maintaining a more cautious stance on origination there. You did a little bit better than we thought on originations this quarter. And your lending revenue growth looks like it's still up 5% year-over-year. So I guess just, are you seeing better opportunities coming in the door? And does it have anything maybe to do with more certainty around the forward look with rate cuts?

我只想回顧一下貸款成長。我知道您仍然對那裡的起源保持更加謹慎的立場。本季您在創意方面的表現比我們想像的要好一些。你們的貸款收入成長看起來仍較去年同期成長 5%。所以我想，您是否看到更好的機會即將到來？這是否與降息的前景更確定有關？

I know you're talking about potential increase in unemployment rate from here as well, so just trying to square all that. And then, Chris, also just in terms of the bending of the curb comments on credit, just wondering when you think that might translate into the all-in 5.4% charge off rates starting to come in lower each quarter as well? Thanks, guys.

我知道你也在談論失業率可能會增加，所以只是試圖平衡所有這些。然後，克里斯，也只是就信貸限制評論的彎曲而言，只是想知道您何時認為這可能會轉化為每季 5.4% 的總沖銷率也開始降低？多謝你們。

So in the lending business overall, our first objective is to make sure we continue to diversify the lending business relative to the total company. Less capital, less risky businesses get valued much higher, and we don't want to have over dependence on a high capital, high risk business. And this year, the macroeconomic environment accelerated our diversification and it's worked out quite well. We also want to diversify within lending.

因此，在整體貸款業務中，我們的首要目標是確保我們繼續實現貸款業務相對於整個公司的多元化。資本較少、風險較小的企業的估值會更高，我們不想過度依賴資本高、風險高的企業。今年宏觀經濟環境加速了我們的多元化發展，效果還不錯。我們也希望在貸款領域實現多元化。

As I mentioned, home equity loans is diversification into secured lending, which will be our second secured product. In addition to that, student loan refinancing is our oldest and used to be biggest product we think is starting to come into a period where it can do quite well. And that's also diversification relative to unsecured personal loans and then across home loan refinancing is also a vehicle. As we go through the year, I think it's important just to understand we're trying to manage to the overall growth of the company.

正如我所提到的，房屋淨值貸款多元化為擔保貸款，這將是我們的第二個擔保產品。除此之外，學生貸款再融資是我們歷史最悠久、規模最大的產品，我們認為它正開始進入一個表現良好的時期。這也是相對於無擔保個人貸款的多元化，然後跨房屋貸款再融資也是一種工具。在我們度過這一年的過程中，我認為了解我們正在努力實現公司的整體成長非常重要。

We have so much resources we want to allocate, and we're allocating it to drive that outcome of diversified, less risky, less capital-intensive businesses. If we wanted to grow personal loans more, we would have to allocate more capital to it. Why? We have to drive marketing that drives the top of the funnel, that then drives conversion. Those loans don't just happen because we decide to actually underwrite more, we actually have to spend money to underwrite more. Right now, we're choosing to spend that money in different areas that don't drive as much revenue.

我們有如此多的資源想要分配，我們正在分配這些資源來推動多元化、風險較低、資本密集度較低的業務的結果。如果我們想更多地增加個人貸款，我們就必須為其分配更多的資本。為什麼？我們必須推動行銷，推動漏斗頂部，然後推動轉換。這些貸款並不是因為我們決定實際承保更多貸款而發生的，我們實際上必須花錢來承保更多貸款。目前，我們選擇將這筆錢花在不會帶來太多收入的不​​同領域。

But despite that trade-off, we're still driving 22% year-over-year revenue growth, and a record despite barely growing personal loans. So it's a very conscious effort to diversify in a number of different ways. Diversification means you reallocate resources to other places. If we reallocated to personal loans, we would not achieve our diversification. Now, what happened in the quarter? Our marketing costs were more efficient. The money we were spending was driving more demand than otherwise would have demanded or otherwise would have driven.

但儘管存在這種權衡，我們仍然推動了 22% 的同比收入增長，儘管個人貸款幾乎沒有增長，但仍創下了紀錄。因此，這是一種非常有意識的努力，以多種不同的方式實現多元化。多元化意味著你將資源重新分配到其他地方。如果我們重新分配給個人貸款，我們就無法實現多元化。現在，本季發生了什麼事？我們的行銷成本更有效率。我們所花的錢所推動的需求比其他情況下的需求或以其他方式所推動的需求要多。

And we took advantage of the higher unit economics to drive more volume against a set amount of resources in that area. We could be more aggressive if we choose to allocate more resources than lending, that could happen because we have upside in other businesses, that could happen because the marketing efficiency is greater than we anticipated, or the credit is performing better, or we sell more loans. And so it's not because the growth isn't there, it's how we're choosing to allocate the capital in this environment relative to our broader goals.

我們利用較高的單位經濟效益，在該領域的一定資源量下提高產量。如果我們選擇分配比貸款更多的資源，我們可能會更加積極，這可能會發生，因為我們在其他業務上有優勢，這可能會發生，因為行銷效率比我們預期的要好，或者信貸表現更好，或者我們銷售更多貸款。因此，這並不是因為成長不存在，而是我們在這種環境下相對於我們更廣泛的目標選擇如何分配資本。

And I'll let Chris talk about the specific question you had on the losses.

我會讓克里斯談談你對損失的具體問題。

Yeah. And in terms of when some of these early DQ trends will start to show up in the NCOs, we're sticking with our overall guidance of being confident in the 7% to 8% life of loan losses. And we aren't guiding to NCO rates specifically. Reason for that is quite simple. The NCO rate is very lumpy.

是的。至於這些早期 DQ 趨勢何時開始在 NCO 中顯現，我們將堅持我們的整體指導，即對 7% 至 8% 的貸款損失期限充滿信心。我們並沒有專門指導 NCO 費率。原因很簡單。 NCO 的比率非常不穩定。

It's a function of a number of different factors, such as originations in the period, sales in the period, and most importantly, the average age or how much UPB remains on the portfolio, which can be driven by a number of things. So overall, we feel really confident in our life of loan loss expectation of 7% to 8%. But we're not guiding to NCOs because they're so lumpy.

它是許多不同因素的函數，例如該時期的起源、該時期的銷售額，最重要的是，平均年齡或投資組合中剩餘的 UPB 數量，這可能由許多因素驅動。因此，總體而言，我們對 7% 至 8% 的貸款損失預期充滿信心。但我們不會指導士官，因為他們太不穩定了。

Peter Christiansen, Citigroup.

彼得‧克里斯蒂安森，花旗集團。

Nice trends. I was wondering if you could talk about the appetite for future asset sales, either demand for it, but also your risk transfer strategy kind of going forward from here, given that you are seeing improvements -- credit improvements in your portfolio, particularly in the personal loan portfolio. Just how are you thinking bout risk transfer from here and if there's further opportunities to derisk the portfolio?

不錯的趨勢。我想知道您是否可以談談對未來資產出售的興趣，無論是對它的需求，還是從這裡開始的風險轉移策略，因為您看到了改進——投資組合中的信用改善，特別是在個人貸款組合。您如何考慮從這裡轉移風險以及是否還有進一步降低投資組合風險的機會？

Yeah, absolutely. So overall, we're seeing continued strong demand from credit buyers. We've done $3.3 billion in sales over the course of the last three quarters in our personal loan business and $4.7 billion in aggregate. That's predominantly driven by the shape of the interest rate curve with lower expectations in the second half of this year as well as the next several years. So we have very attractive yielding assets with very strong credit profiles and low risk for buyers. Essentially, buyers are looking into locking purchases and programs ahead of any interest rate cuts.

是的，絕對是。整體而言，我們看到信貸買家的需求持續強勁。過去三個季度，我們的個人貸款業務銷售額達 33 億美元，總計達 47 億美元。這主要是由利率曲線的形狀所推動的，今年下半年以及未來幾年的預期較低。因此，我們擁有非常有吸引力的收益資產，信用狀況非常好，對買家來說風險較低。從本質上講，買家正在考慮在降息之前鎖定購買和計劃。

In addition to that, we have a really strong balance sheet. We are able to offer flexible deal structures to meet buyers where they need to be. We are one of the few participants that can sell in size. It allows investors to book money to work. It allows buyers to have one buyer versus many, and it allows them to have a long term partner versus doing bespoke one-off transactions that require a ton of work.

除此之外，我們還擁有非常強勁的資產負債表。我們能夠提供靈活的交易結構，以滿足買家的需求。我們是少數能夠大規模出售的參與者之一。它允許投資者預訂資金進行工作。它允許買家擁有一個買家而不是多個買家，它允許他們擁有一個長期合作夥伴而不是進行需要大量工作的客製化一次性交易。

Buyers want stability of asset generation. So looking forward, we expect to see continued strong demand from credit buyers. In a declining rate environment, we would expect that demand only to increase as those buyers would have lower cost of leverage. And again, we're one of the few folks that have a sizable balance sheet who can do that.

買家希望資產生成穩定。因此，展望未來，我們預期信貸買家的需求將持續強勁。在利率下降的環境下，我們預計需求只會增加，因為這些買家的槓桿成本較低。再說一次，我們是少數擁有可觀資產負債表、能夠做到這一點的人之一。

We'll take one more question, operator, and then I'll close with comments.

我們將再提出一個問題，接線員，然後我將以評論結束。

The final question comes from Tim Switzer from Stifel. Tim, your line is open. Please go ahead.

最後一個問題來自 Stifel 的 Tim Switzer。蒂姆，您的線路已開通。請繼續。

Hey, good morning. Thank you for taking my question. How would a return to lower rate environment kind of change the ROE math you guys have talked about on choosing to retain loans versus selling? Do you believe it could strengthen demand at all in the secondary market and kind of change your balance sheet management at all?

嗨，早安。感謝您回答我的問題。回到較低的利率環境會如何改變你們談論的選擇保留貸款而不是出售的淨資產收益率數學？您是否認為這會增強二級市場的需求並改變您的資產負債表管理？

I would say generally lower rates are going to make the loans more attractive to those without origination platforms that have assets they need to deploy. Our weighted average coupon is quite high and that ROE becomes more attractive as rate environment declines and there's less places for them to find that type of yield. We've seen that in the past be the case. So we would anticipate more demand. We'd have to manage it relative to our production and our own financial goals. But I do believe the demand would increase and the terms would be more favorable and the values also would be attractive. We have to wait and see that happen, but that's what we've seen in the past.

我想說，一般來說，較低的利率將使貸款對那些沒有擁有需要部署資產的發起平台的人更具吸引力。我們的加權平均票息相當高，隨著利率環境下降，股本回報率變得更具吸引力，而且他們找到這種類型收益率的地方越來越少。我們過去已經看到過這種情況。因此，我們預計會有更多需求。我們必須根據我們的生產和我們自己的財務目標來管理它。但我確實相信需求會增加，條款會更優惠，價值也會更有吸引力。我們必須等待，看看這種情況會發生，但這就是我們過去所看到的。

Great. In closing, I want to express my gratitude to our team. Q2 was the most rewarding quarter and dare I say, the most fun that I've had in some time at SoFi. What made it special and fun was that we challenged ourselves to be better in areas that are the most difficult in the current environment that aren't supposed to do well in this environment, such as Home Loans and Student Loan refinancing that had volume increases of 71% and 87% year-over-year. The team found a way to be better continuously throughout the entire quarter, not just each month or each week, but literally each day, finishing strong all the way through the tape when quite frankly, the only reason was because we pushed ourselves to keep iterating.

偉大的。最後，我想向我們的團隊表示感謝。第二季度是最有價值的季度，我敢說，這是我在 SoFi 一段時間以來最有趣的季度。它的特別和有趣之處在於，我們挑戰自己，在當前環境下最困難的領域做得更好，而這些領域在這種環境下本不應該做得很好，例如房屋貸款和學生貸款再融資，其數量增加了年比分別增加 71% 和 87%。團隊找到了一種在整個季度中不斷變得更好的方法，不僅僅是每個月或每週，而是每天，在整個磁帶中一路強勁地完成，坦率地說，唯一的原因是因為我們強迫自己不斷迭代。

It was also fun because we made hard resource allocation decisions in 2023, that meant doing less than we wanted to in areas with great growth potential, such as Invest and Credit Card, where we are now seeing promising results. Our Invest business is accelerating with AUM up 58% on the back of a lot of hard work and only a couple of important areas and a testament that less can be more. In our Credit Card business, the immediate gains from all of our iterations aren't so large today, but with time and scale, they will be massive and well worth the patience.

這也很有趣，因為我們在2023 年做出了艱難的資源分配決策，這意味著在具有巨大成長潛力的領域（例如投資和信用卡）做得比我們想要的要少，而我們現在在這些領域看到了有希望的結果。經過大量努力和少數幾個重要領域的努力，我們的投資業務正在加速發展，資產管理規模增加了 58%，這也證明了少即是多。在我們的信用卡業務中，今天所有迭代帶來的直接收益並不是那麼大，但隨著時間的推移和規模的擴大，它們將是巨大的，並且非常值得耐心等待。

If you can't tell by now, I feel great. To put it bluntly, I do not know of any financial services company or fintech that has transformed their business to be less risky, less capital intensive while still driving strong revenue growth, 40% plus user growth, all while massively increasing profitability and still funding a rapid pace of innovation. When you take a step back, it's inspiring to see. We hit record revenue of nearly $600 million with 22% year-over-year growth despite lending barely growing. We did that because we achieved record revenue in our Financial Services segment at $176 million, up 80% year-over-year on the back of 47% year-over-year growth in products, 80% year-over-year growth in deposits, 58% year-over-year growth in AUM, and 67% year-over-year growth in interchange.

如果你現在還看不出來，我感覺很好。坦白說，我不知道有哪家金融服務公司或金融科技公司能夠將業務轉型為風險更低、資本密集程度更低，同時仍然推動收入強勁增長、用戶增長超過40%，同時大幅提高盈利能力並且仍提供資金快速的創新步伐。當你退後一步時，你會看到令人鼓舞的景象。儘管貸款幾乎沒有成長，但我們的收入達到創紀錄的近 6 億美元，年增 22%。我們之所以做到這一點，是因為我們的金融服務部門實現了創紀錄的收入 1.76 億美元，同比增長 80%，這得益於產品同比增長 47%、存款同比增長 80% ，AUM同比增長58 %，互換量較去年同期成長67%。

In Lending, we grew home loan volume 71% year-over-year, student loan refinancing volume 87% year-over-year and personal loan volume 12% year-over-year while delinquencies declined on an absolute and percentage basis for PL and we provided vintage analysis that clearly shows why we are comfortable with personal loan life of loan loss forecast. And finally, we grew EBITDA 80% year-over-year.

在貸款方面，我們的房屋貸款量同比增長 71%，學生貸款再融資量同比增長 87%，個人貸款量同比增長 12%，而 PL 和 PL 的拖欠率按絕對值和百分比計算有所下降。提供了歷史分析，清楚地表明了為什麼我們對貸款損失預測的個人貸款期限感到滿意。最後，我們的 EBITDA 年成長了 80%。

I love what we have built. But more than ever, I love the people we are building it with and the gritty culture we have created. Hard is not for everyone, but for me and those who stay at SoFi, it fits just fine. Thank you for your interest in SoFi and talk to you next quarter.

我喜歡我們所建造的東西。但我比以往任何時候都更喜歡與我們一起建立它的人們以及我們所創造的堅韌文化。困難並不適合所有人，但對於我和那些留在 SoFi 的人來說，它正好合適。感謝您對 SoFi 的興趣，我們將在下個季度與您交談。

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

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路。