SoFi Technologies Inc (SOFI) 2024 Q3 法說會逐字稿

Good morning or good afternoon, all.

大家早安或下午好。

My name is Adam, and I will be your conference operator today.

我叫 Adam，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the SoFi Technologies Q3 2024 earnings conference call.

現在，我歡迎大家參加 SoFi Technologies 2024 年第三季財報電話會議。

(Operator Instructions) With that, you may begin your conference.

（操作員說明） 這樣，您就可以開始會議了。

Thank you, and good morning.

謝謝你，早安。

Welcome to SoFi's third quarter of 2024 earnings conference call.

歡迎參加 SoFi 2024 年第三季財報電話會議。

Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Chris Lapointe, CFO.

今天與我一起談論我們的業績和最近發生的事件的是首席執行官 Anthony Noto；克里斯‧拉普安特 (Chris Lapointe)，財務長。

You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

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.

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。

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.

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.

我們的實際結果可能與這些前瞻性陳述預期的結果有重大差異。

Factors that could cause these results to differ materially are described in today's press release and our subsequent filings made with the SEC, including our upcoming Form 10-Q.

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。

Any forward-looking statements that we make on this call are based on assumptions as of today.

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。

We undertake no obligation to update these statements as a result of new information or future events.

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。

Good morning.

早安.

Thanks for joining us today.

感謝您今天加入我們。

I'm thrilled to share our results for Q3, which was the strongest quarter in our history.

我很高興分享我們第三季的業績，這是我們歷史上最強勁的季度。

I want to thank our members and clients for continuing to put their trust in SoFi.

我要感謝我們的會員和客戶繼續信任 SoFi。

And to thank our team for their absolute grit delivering another great quarter.

感謝我們的團隊以絕對的毅力創造了另一個偉大的季度。

Our results reflect far more than just 90 days of work.

我們的成果反映的不僅僅是 90 天的工作。

They show how SoFi is consistently achieving durable growth.

它們展示了 SoFi 如何持續實現持久成長。

Our innovation and brand building are attracting more members and clients to our platform than ever before and how we are delivering strong and improving returns.

我們的創新和品牌建立比以往任何時候都吸引了更多的會員和客戶加入我們的平台，以及我們如何提供強勁且不斷提高的回報。

I'll touch on these three topics before handing it over to Chris, who will share our financial and operating results.

在將其交給克里斯之前，我將討論這三個主題，克里斯將分享我們的財務和營運表現。

First, on SoFi's performance as a durable growth company.

首先，關於 SoFi 作為一家持久成長公司的表現。

Q3 was another record quarter for SoFi.

第三季是 SoFi 另一個創紀錄的季度。

We built on the strong momentum from the first half of 2024, and putting us on pace to significantly exceed our 2024 plan and firmly on track toward the three-year outlook we shared at the end of last year.

我們以 2024 年上半年的強勁勢頭為基礎，預計將大幅超越 2024 年計劃，並堅定地朝著我們去年年底分享的三年前景邁進。

Here are some highlights.

以下是一些亮點。

Adjusted net revenue reached a record of $689 million in the quarter, a year-over-year acceleration in growth to 30% versus 22% in Q2.

本季調整後淨收入達到創紀錄的 6.89 億美元，年增 30%，而第二季為 22%。

For the first time, financial services makes up more than one-third of our total revenue.

金融服務首次占我們總收入的三分之一以上。

The segment recorded $238 million of revenue in Q3, up 102% from the prior year.

該部門第三季營收為 2.38 億美元，較上年成長 102%。

I could not be prouder of how we've scaled this segment over the past five years since launching these products through a tumultuous and unpredictable environment to now be a $1 billion annualized revenue business growing over 100% with strong and improving profitability.

自從在動盪和不可預測的環境中推出這些產品以來，我們在過去五年中如何擴展了這一細分市場，現在年收入業務增長超過100%，年收入達10 億美元，盈利能力強勁且不斷提高，對此我感到非常自豪。

And frankly, it's still day one.

坦白說，這仍然是第一天。

Our tech platform grew to nearly $103 million in net revenue, up 14% from the prior year.

我們的技術平台淨收入成長至近 1.03 億美元，比上年成長 14%。

We continue to see a strong pipeline of potential partners that are striving to modernize their platforms.

我們繼續看到大量潛在合作夥伴正在努力實現平台現代化。

Combined, our non-lending segments grew 64% year-over-year and drove the company's overall growth of 30%.

我們的非貸款業務合計年增 64%，帶動公司整體成長 30%。

And now they make up a record 49% of total revenue, up from 39% a year ago, driving an important diversification of our business.

現在，它們佔總收入的比例達到創紀錄的 49%，高於一年前的 39%，推動了我們業務的重要多元化。

We also recorded tremendous growth in key revenue drivers, members, products as well as revenue per product in the quarter.

本季我們也記錄了主要收入驅動因素、會員、產品以及每個產品收入的巨大成長。

We added 756,000 new members in Q3, that's up 35% year-over-year to a total of 9.4 million members.

第三季我們增加了 756,000 名新會員，年增 35%，會員總數達到 940 萬。

We grew products in the quarter by over 1 million to 13.7 million products, that's up 31% year-over-year or 37% when excluding digital asset accounts related to our transfer of crypto services in 2023.

本季我們的產品數量增加了超過 100 萬種，達到 1,370 萬種產品，年增 31%，如果不包括與 2023 年加密服務轉移相關的數位資產帳戶，則成長 37%。

The financial services segment drove 964,000 of those new products.

金融服務部門推動了 964,000 種新產品的推出。

Importantly, revenue per product was $81, up 52%, from a $53 a year ago.

重要的是，每個產品的收入為 81 美元，比一年前的 53 美元增長了 52%。

We believe there remains substantial upside in both product growth and monetization.

我們相信產品成長和貨幣化仍有巨大的上升空間。

Our one-stop shop continues to attract great cross-buying behavior by our members.

我們的一站式商店繼續吸引會員的大量交叉購買行為。

In fact, 32% of new products were opened by existing SoFi members and 20% of our new members opened a second product in their first 30 days.

事實上，32% 的新產品是由現有 SoFi 會員開啟的，20% 的新會員在前 30 天內開啟了第二個產品。

This is the power of the flywheel we have developed.

這就是我們開發的飛輪的力量。

In our tech platform, we reached over 160 million total accounts, that's up 17% year-over-year.

在我們的科技平台上，我們的帳戶總數超過 1.6 億，年增 17%。

Overall, we're making incredible progress in our shift towards more fee-based, capital-light and lower-risk revenue sources.

總體而言，我們在轉向更多收費、輕資本和低風險收入來源方面取得了令人難以置信的進展。

Combined, fee-based revenue made up $174 million or a quarter of our adjusted net revenue in Q3.

收費收入合計達 1.74 億美元，佔第三季調整後淨收入的四分之一。

This revenue grew by 65% year-over-year.

該收入年增 65%。

On an annualized basis, that's nearly $700 million in revenue.

以年化計算，營收接近 7 億美元。

This progress was driven by a record quarter in our loan platform business, which totaled $56 million in fee-based revenue and is up more than 5x year-over-year as well as strong growth in interchange, which is up 2x year-over-year.

這項進展的推動因素是我們的貸款平台業務創紀錄的季度收入（收費收入總計 5,600 萬美元，年成長超過 5 倍）以及互換業務的強勁成長（年成長 2 倍）。

Chris will share more details on these areas in a few moments.

克里斯稍後將分享有關這些領域的更多詳細資訊。

On top of all of this work to diversify our revenue base to capital-light high return on equity and fee-based revenue, we also grew our lending segment in Q3.

除了所有這些努力使我們的收入基礎多元化，實現輕資本的高股本回報率和基於費用的收入外，我們還在第三季度擴大了貸款業務。

We seized on the improving rate environment in the quarter, our improving credit trends, and strong performance across all lending products to achieve a record $6.3 billion of loan volume and $392 million in adjusted net revenue, up 14% year-over-year.

我們抓住了本季不斷改善的利率環境、不斷改善的信貸趨勢以及所有貸款產品的強勁表現，實現了創紀錄的 63 億美元貸款量和 3.92 億美元的調整後淨收入，同比增長 14%。

Looking back at the progress we've made over the past several years, it's fair to say that SoFi is battle tested.

回顧過去幾年我們所取得的進步，可以說 SoFi 是久經考驗的。

Given the scale, profitability, and growth we have recorded for the total company in 2024 with our largest and most profitable business lending barely growing.

考慮到 2024 年我們整個公司的規模、獲利能力和成長情況，我們最大、獲利能力最強的商業貸款幾乎沒有成長。

It should now be crystal clear that SoFi can drive sustained growth across the cycle.

現在應該很清楚，SoFi 可以推動整個週期的持續成長。

We've achieved 17 of 19 quarters of record revenue through a recession, a pandemic, 150 basis point rate drop, damage to our largest and most profitable business, student lender finance only to face a 500 basis point increase in rates and the collapse of venerable financial institutions in our neighborhood.

我們在19 個季度中的17 個季度實現了創紀錄的收入，經歷了經濟衰退、流行病、利率下降150 個基點、我們最大和最賺錢的業務受到損害，學生貸款融資卻面臨著利率上升500個基點和崩潰。

The innovations we have driven to scale our non-lending revenue, which are capital light and high ROE have enabled us to grow our total revenue by more than 20% year-over-year for 17 consecutive quarters as well as grow both our members and products by 35% or more year-over-year, excluding digital asset accounts transferred in 2023.

我們為擴大非貸款收入（輕資本和高股本回報率）而推動的創新使我們的總收入連續 17 個季度同比增長超過 20%，並擴大了我們的會員和會員數量。更多，不包括2023年轉移的數位資產帳戶。

Our performance in the hard times is what gives me the strong confidence in our future.

我們在困難時期的表現讓我對我們的未來充滿信心。

Today, we faced fewer headwinds than any point in our history.

今天，我們面臨的阻力比歷史上任何時候都要少。

We're heading into 2025 with the most favorable conditions of the last seven years with declining rates and a stable economy.

我們正以過去七年來最有利的條件邁入 2025 年，利率下降，經濟穩定。

With the most diverse business we've ever had, with more members in our ecosystem and more products that serve their needs than ever before.

我們擁有有史以來最多元化的業務，我們的生態系統中有更多的成員，並且有更多的產品可以滿足他們的需求。

This brings me to my second topic, the innovation and brand building that drive our durable growth.

這就引出了我的第二個主題，推動我們持久成長的創新和品牌建立。

The market for consumer financial services is massive and historically poorly served.

消費者金融服務市場規模龐大，但歷史上服務水準較差。

A Mintel report found that just this year, one in five US adults have been in the market for a new savings account.

英敏特報告發現，就在今年，五分之一的美國成年人已經在市場上申請新的儲蓄帳戶。

A similar number are looking for new credit cards.

類似數量的人正在尋找新的信用卡。

Those markets, not to mention those looking for new investment accounts, new checking accounts, new personal loans, new mortgages, and Buy now Pay Later, all grew year-over-year.

這些市場，更不用說那些尋找新投資帳戶、新支票帳戶、新個人貸款、新抵押貸款和「先買後付」的市場，都在逐年增長。

Meeting all of a person's financial needs in one place with world-class products delivered seamlessly and digitally gives us a massive advantage.

透過以數位方式無縫交付的世界級產品，在一個地方滿足一個人的所有財務需求，這給我們帶來了巨大的優勢。

This is why you'll often hear me say, it's a matter of when, not if we become a top 10 financial institution.

這就是為什麼你會常常聽到我說，這只是時間問題，而不是我們能否成為十大金融機構的問題。

To do so, it's absolutely critical that we build the unaided brand awareness to become a trusted household brand name.

為此，我們必須建立獨立的品牌意識，成為值得信賴的家喻戶曉的品牌。

The awareness we generate for SoFi is highly effective at getting people to try a product.

我們對 SoFi 的認知對於吸引人們嘗試產品非常有效。

After becoming a member, they cross buy into another product than another.

成為會員後，他們會交叉購買另一種產品。

They recommend SoFi to others.

他們向其他人推薦 SoFi。

This flywheel that we've created drives acquisition costs down over time and reliably generates profits that we can invest in new product innovations to serve even more of our members' needs.

我們創建的這個飛輪可以隨著時間的推移降低採購成本，並可靠地產生利潤，我們可以投資新產品創新，以滿足更多會員的需求。

Our accomplishments in Q3 demonstrate the power of this virtuous cycle.

我們在第三季的成就證明了這種良性循環的力量。

First, we continue to establish SoFi as a trusted household name.

首先，我們繼續將 SoFi 打造為值得信賴的家喻戶曉的品牌。

We ended Q3 with our highest average unaided brand awareness of all time, up nearly 40% year-over-year to 7%.

第三季結束時，我們的平均獨立品牌知名度達到了有史以來最高，年增近 40%，達到 7%。

Our highly effective marketing engine continues to reach and engage new audiences.

我們高效的行銷引擎不斷吸引並吸引新的受眾。

For example, Q3 saw the kickoff of the new NFL season at the award-winning SoFi Stadium.

例如，第三季度，新賽季 NFL 在屢獲殊榮的 SoFi 體育場拉開序幕。

We unveiled a new brand campaign with L.A. Chargers' quarterback Justin Herbert inspiring people to reach their most important financial ambitions.

我們與洛杉磯閃電隊四分衛賈斯汀·赫伯特一起推出了一項新的品牌活動，激勵人們實現他們最重要的財務抱負。

We also launched new partnerships with Los Angeles Sparks' Forward Cameron Brink and Tennis Champion, Venous Williams.

我們還與洛杉磯火花隊前鋒卡梅倫·布林克和網球冠軍維納斯·威廉姆斯建立了新的合作夥伴關係。

And coming in January that TGL presented by SoFi, a new tech-infused arena golf league with an exciting match play format across teams of top PGA Tour golfers like Tiger Woods, Roy Maroy, Wyndham Clark, Zandre-Sheffley, and Justin Thomas, just to name a few.

由SoFi 主辦的TGL 將於1 月推出，這是一個充滿新技術的競技場高爾夫聯賽，採用激動人心的比洞賽形式，參賽隊伍包括泰格·伍茲(Tiger Woods)、羅伊·馬羅伊(Roy Maroy)、溫德姆克拉克(Wyndham Clark)、贊德烈謝夫利(Zandre-Sheffley) 和賈斯汀托馬斯(Justin Thomas) 等頂級PGA 巡迴賽高爾夫球手。

Second, we continue to innovate so people find unique value when they use our products.

其次，我們不斷創新，讓人們在使用我們的產品時發現獨特的價值。

Starting with our financial services segment.

從我們的金融服務部門開始。

In SoFi Invest, we've seen strong engagement driven by new alternative assets, mutual funds, and money market funds we've rolled out over the past year.

在 SoFi Invest 中，我們看到去年推出的新另類資產、共同基金和貨幣市場基金推動了強勁的參與度。

Overall, we're providing Main Street investors access to unique investment products historically reserved for the ultra-wealthy like interval funds, private credit, private real estate, and private venture.

總體而言，我們為普通投資者提供了歷史上為超級富豪保留的獨特投資產品，如區間基金、私人信貸、私人房地產和私人風險投資。

We also launched our new directed share program, which offers a modern and streamlined approach to equity programs for companies looking to raise capital through IPOs.

我們還推出了新的定向股票計劃，該計劃為希望透過首次公開募股籌集資金的公司提供現代且簡化的股權計劃方法。

And we are expanding our award-winning robo offering later this year.

今年晚些時候，我們將擴大我們屢獲殊榮的機器人產品。

Importantly, we are building the Invest business cost effectively by appealing to existing members. 70% of sign-ups are existing SoFi members.

重要的是，我們透過吸引現有會員來有效地建立投資業務。 70% 的註冊者是現有的 SoFi 會員。

In SoFi Money, we reached record highs in accounts, total deposits, and direct deposit members.

在 SoFi Money，我們的帳戶、存款總額和直接存款會員數量均創下歷史新高。

We grew member deposits by nearly $2.4 billion and annualized debit spend reached $10.3 billion in Q3.

第三季度，我們的會員存款增加了近 24 億美元，年化借方支出達到 103 億美元。

We will soon improve our self-serve wire transfers, which similar to introducing Zelle will further expand members' money movement options.

我們很快就會改進我們的自助電匯，這與引入 Zelle 類似，將進一步擴大會員的資金轉移選擇。

In our member team, we're beta testing a new cash coach product that will analyze members' cash across all of their financial products at SoFi and beyond and offer various ways to optimize their cash, whether it's paying down expensive debt, setting up an emergency savings fund, getting more yield on their savings, or making investments in a diversified portfolio that is appropriate for their goals.

在我們的會員團隊中，我們正在測試一種新的現金教練產品，該產品將分析會員在SoFi 及其他金融產品中的現金，並提供各種方法來優化他們的現金，無論是償還昂貴的債務、建立一個緊急儲蓄基金，獲得更多儲蓄收益，或投資於適合其目標的多元化投資組合。

We're also on track to launch improvements to SoFi Plus, our premium membership tier and our beta testing a new fee-based subscription option in the coming months.

我們還計劃在未來幾個月內推出對 SoFi Plus 的改進、我們的高級會員等級以及新的收費訂閱選項的 Beta 測試。

Over time, SoFi Plus will increasingly show the magic of our strategy, deliver incremental and unmatched value across our portfolio of products.

隨著時間的推移，SoFi Plus 將越來越多地展示我們策略的魔力，為我們的產品組合提供增量和無與倫比的價值。

In credit cards, we officially launched the everyday cash rewards and the essential credit cards, enabling SoFi to serve more people spending and borrowing needs, whether it's helping them earn rewards or building their credit.

在信用卡方面，我們正式推出了日常現金獎勵和必備信用卡，使SoFi能夠滿足更多人的消費和借貸需求，無論是幫助他們賺取獎勵還是建立信用。

In our loan platform business, what started as a decline monetization funnel has now evolved into an integrated loan platform experience, which now offers just-in-time lending.

在我們的貸款平台業務中，最初的下降貨幣化管道現已發展成為綜合貸款平台體驗，現在提供即時貸款。

In Q3, the loan platform business grew 5x year-over-year mainly driven by record personal loan volume.

第三季度，貸款平台業務年增 5 倍，主要得益於創紀錄的個人貸款量。

We expect this business to continue to grow as we shift towards even more fee-based, capital-light, and lower-risk sources of revenue.

我們預計，隨著我們轉向更收費、輕資本和風險更低的收入來源，這項業務將繼續成長。

We also signed our first two direct insurance carriers for SoFi Protect, complementing our comprehensive financial services offering we've built over the last five years.

我們還與 SoFi Protect 簽署了首批兩家直接保險公司的協議，補充了我們在過去五年中建立的全面金融服務產品。

Turning to our lending segment.

轉向我們的貸款部門。

In personal loans, our innovation has helped generate a record $4.9 billion in volume, up 26% year-over-year, including $1 billion originated on behalf of third parties for our loan platform business.

在個人貸款方面，我們的創新幫助創造了創紀錄的 49 億美元交易量，年增 26%，其中包括為我們的貸款平台業務代表第三方發放的 10 億美元。

In home loans, we grew total home loan volume 38% year-over-year to $490 million.

在房屋貸款方面，我們的房屋貸款總額年增 38%，達到 4.9 億美元。

Home equity loan volume was up 44% from the prior quarter as rates began to decline.

隨著利率開始下降，房屋淨值貸款量較上一季成長 44%。

Home purchase and refinancing volumes grew 23% from the prior year period.

購屋和再融資量較上年同期成長 23%。

In fact, home refinancing volume was the highest we've seen since the second quarter of 2022.

事實上，房屋再融資量是自 2022 年第二季以來的最高水準。

And finally, in our tech platform, we signed several new partnerships, including processing deals with two charter banks in Mexico and a deployment of Galileo's Cyber Bancorp for SoFi's new commercial payment services sponsored bank program.

最後，在我們的技術平台上，我們簽署了多項新的合作夥伴關係，包括與墨西哥兩家特許銀行的處理協議，以及為SoFi 的新商業支付服務贊助銀行計劃部署Galileo 的Cyber Bancorp。

We launched additional fraud prevention solutions, the Galileo instant verification engine, which we call GIVE as well as transaction risk GScore, both of which help clients enhance their security and operational efficiency.

我們推出了額外的詐欺預防解決方案、伽利略即時驗證引擎（我們稱之為 GIVE）以及交易風險 GScore，這兩者都可以幫助客戶提高安全性和營運效率。

Our new secured credit with dynamic funding offering promotes greater financial inclusion and enables clients to help their customers build stronger credit.

我們新的擔保信貸具有動態融資服務，可促進更大的金融包容性，並使客戶能夠幫助其客戶建立更強大的信貸。

And lastly, we launched programs with clients signed in prior quarters, spanning cross-border payments, global payouts, financial literacy, and scalable payment solutions.

最後，我們與前幾季簽署的客戶啟動了項目，涵蓋跨境支付、全球支付、金融知識和可擴展的支付解決方案。

On top of this relentless focus on innovation and brand building, we built our business to deliver strong and reliable returns well into the future.

除了對創新和品牌建立的不懈關注之外，我們還致力於在未來提供強勁而可靠的回報。

We achieved record profitability in Q3.

我們在第三季實現了創紀錄的獲利能力。

GAAP net income reached nearly $61 million, a $327 million improvement year-over-year or $80 million when excluding the goodwill impairment expense we incurred in the prior year.

GAAP 淨利潤達到近 6,100 萬美元，年增 3.27 億美元，如果不包括上一年發生的商譽減損費用，則增加 8,000 萬美元。

EBITDA grew 90% from the prior year to a record of $186 million.

EBITDA 較上年成長 90%，達到創紀錄的 1.86 億美元。

All three of our operating segments achieved record contribution profit in the quarter.

我們的三個營運部門在本季度均實現了創紀錄的利潤貢獻。

We continue to improve credit performance in Q3 and are firmly within the life of loan guidance we've previously provided.

我們在第三季繼續改善信貸表現，並堅定地遵守我們先前提供的貸款指引的期限。

As we've shared on our last call, delinquencies peaked in March of 2024.

正如我們在上次電話會議中所分享的，拖欠率在 2024 年 3 月達到頂峰。

Since then, we've continued to see improvements quarter-over-quarter.

從那時起，我們繼續看到季度環比的改善。

Cumulative fair value adjustments, along with delinquencies on an absolute and percentage basis all performed better in Q3.

累計公允價值調整以及以絕對值和百分比計算的拖欠率在第三季均表現較好。

With all the innovations we've made across marketing, originations and servicing, buyers continue to see compelling opportunities in SoFi's loan portfolio.

憑藉我們在行銷、發放和服務方面所做的所有創新，買家繼續在 SoFi 的貸款組合中看到引人注目的機會。

Loan sales reached almost $1.3 billion in total this quarter and nearly $5 billion in the last 12 months.

本季貸款銷售總額接近 13 億美元，過去 12 個月接近 50 億美元。

And finally, with our strong balance sheet, we are well capitalized heading into an improving rate environment.

最後，憑藉我們強勁的資產負債表，我們擁有充足的資本進入不斷改善的利率環境。

Our total capital ratio is 16.3%, well above regulatory minimums.

我們的總資本比率為 16.3%，遠高於監管最低要求。

In Q3, tangible book value increased $236 million to a total of $4.4 billion.

第三季度，有形帳面價值增加 2.36 億美元，總計 44 億美元。

We look forward to building on this momentum and delivering continued returns heading into the new year.

我們期待在這股勢頭的基礎上再接再厲，在新的一年實現持續的回報。

In closing, I couldn't be more proud of what we've accomplished not just for Q3, but for delivering a steady and consistent record of durable growth, incredible brand building and product innovation that help our members and clients and strong improving returns for our shareholders.

最後，我對我們所取得的成就感到非常自豪，不僅是在第三季度，而且還為我們提供了穩定和一致的持久增長記錄、令人難以置信的品牌建設和產品創新，幫助我們的會員和客戶以及強勁的不斷提高的回報我們的股東。

The future is bright, and I am fired up for what in store.

未來是光明的，我對即將發生的事情感到興奮。

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

這樣，我就把它交給克里斯了。

Thanks, Anthony.

謝謝，安東尼。

I'm going to walk through key financial highlights and our financial outlook.

我將介紹主要的財務亮點和我們的財務前景。

Unless otherwise stated, I'll be referring to adjusted results for the third quarter of 2024 versus the third quarter of 2023.

除非另有說明，我將指的是 2024 年第三季與 2023 年第三季的調整後結果。

Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release in the subsequent 10-Q filing, which will be made available next month.

我們的 GAAP 合併損益表和所有調節表可以在今天發布的隨後 10 季度報告中找到，該報告將於下個月發布。

The record results we achieved across all three segments this quarter are a testament of our continued execution, our durable growth in members, products, and clients, and our diversification towards capital-light fee-based revenue with increased returns.

本季度我們在所有三個部門取得的創紀錄的業績證明了我們的持續執行力、會員、產品和客戶的持久增長，以及我們向輕資本收費收入和回報增加的多元化發展。

For the quarter, we delivered record adjusted net revenue of $689 million, with growth accelerating to 30% year-over-year up from 22% last quarter.

本季度，我們實現了創紀錄的調整後淨收入 6.89 億美元，年增率從上個季度的 22% 加速至 30%。

Adjusted EBITDA was $186 million at a 27% margin.

調整後 EBITDA 為 1.86 億美元，利潤率為 27%。

This represents nearly 9 points of year-over-year margin improvement, demonstrating significant operating leverage across all of our functions, with expense margins decreasing year-over-year.

這意味著利潤率年增了近 9 個百分點，顯示我們所有職能部門都具有顯著的營運槓桿，而費用利潤率卻較去年同期下降。

Importantly, sales and marketing continues to decline as a percentage of adjusted net revenue, decreasing by 4 points year-over-year.

重要的是，銷售和行銷佔調整後淨收入的百分比持續下降，較去年同期下降 4 個百分點。

We delivered our fourth consecutive quarter of GAAP profitability with GAAP net income reaching nearly $61 million, a $327 million improvement year-over-year or $80 million when excluding the goodwill impairment expense we incurred in the prior year period.

我們連續第四個季度實現 GAAP 盈利，GAAP 淨利潤達到近 6,100 萬美元，年增 3.27 億美元，如果不包括去年同期發生的商譽減損費用，則增加 8,000 萬美元。

We generated GAAP EPS at $0.05 per share in the quarter.

本季我們的 GAAP 每股收益為 0.05 美元。

On a trailing 12-month basis, we delivered $214 million of GAAP net income.

在過去 12 個月的基礎上，我們實現了 2.14 億美元的 GAAP 淨利潤。

And when looking at the sum of our reported EPS over the past four quarters, we generated about $0.11 per share.

當我們查看過去四個季度報告的每股盈餘總和時，我們每股收益約為 0.11 美元。

Now on to the segment level performance, where we saw record revenue and contribution profit across all three operating segments.

現在來看看部門層面的業績，我們在所有三個營運部門都看到了創紀錄的收入和貢獻利潤。

Starting with financial services, we achieved $238 million in net revenue, up more than 2x year-over-year.

從金融服務開始，我們實現了 2.38 億美元的淨收入，年增超過 2 倍。

We reached nearly 11.8 million products in the quarter, up 33% year-over-year or 40% when excluding crypto accounts.

本季我們的產品數量接近 1,180 萬種，年增 33%，如果不包括加密帳戶，則成長 40%。

We continue to improve monetization across all products with annualized revenue per product of $81, up 52% year-over-year versus $53 in the prior year quarter.

我們繼續提高所有產品的貨幣化水平，每個產品的年化收入為 81 美元，較去年同期的 53 美元同比增長 52%。

This growth was driven by higher deposits and member spending in SoFi Money and significant expansion of our loan platform business, which I'll describe in a moment.

這一增長是由 SoFi Money 的存款和會員支出增加以及我們的貸款平台業務大幅擴張所推動的，我稍後將對此進行描述。

Both of these businesses achieved all-time records for revenue in Q3.

這兩項業務在第三季的營收都創下了歷史紀錄。

We also benefited from new monetizable features in SoFi Invest and saw a robust growth in credit card spend.

我們也受惠於 SoFi Invest 的新貨幣化功能，並看到信用卡支出強勁成長。

We see significant opportunity for growth in these businesses as well as SMB and Protect, which are all under monetized today.

我們看到了這些業務以及 SMB 和 Protect 的巨大成長機會，而這些業務目前都處於貨幣化狀態。

Net interest income of $154 million increased 66% year-over-year, which was primarily driven by growth in consumer deposits.

淨利息收入為1.54億美元，年增66%，主要是由消費者存款成長所推動的。

Non-interest income grew 235% to $84 million in the quarter, which represents nearly $340 million in annualized revenue.

本季非利息收入成長 235%，達到 8,400 萬美元，相當於年化收入近 3.4 億美元。

The key driver of non-interest income growth this quarter was our loan platform business, where we refer prequalified borrowers to origination partners and originate loans on behalf of third parties.

本季非利息收入成長的主要驅動力是我們的貸款平台業務，我們將經過預審的借款人推薦給發起合作夥伴並代表第三方發起貸款。

Here's how our loan platform business works.

以下是我們的貸款平台業務的運作方式。

With our best-in-class product, highly effective marketing engine, and network of respected buyers like Fortress, with whom we announced a $2 billion loan platform business agreement earlier this month, we can efficiently match the demand of members shopping for loans with the demand for high-quality loans in the capital markets.

憑藉我們一流的產品、高效的營銷引擎以及像Fortress 這樣受人尊敬的買家網絡（本月早些時候我們與Fortress 宣布了20 億美元的貸款平台業務協議），我們可以有效地將會員購買貸款的需求與資本市場對優質貸款的需求。

When a member takes out a loan, they gain all of the benefits of becoming a SoFi member, along with easy access to other products in our one-stop shop, even though we originated the loan on someone else's behalf.

當會員申請貸款時，他們可以獲得成為 SoFi 會員的所有好處，並且可以輕鬆訪問我們一站式商店中的其他產品，即使我們代表其他人發放了貸款。

This enables SoFi to serve more potential members while also further diversifying towards less capital-intensive and more fee-based sources of revenue.

這使得 SoFi 能夠為更多潛在會員提供服務，同時進一步實現資本密集度較低、收費較高的收入來源多元化。

In Q3, we generated $56 million in loan platform fees driven by $1 billion of personal loans originated on behalf of third parties as well as referrals.

第三季度，我們產生了 5,600 萬美元的貸款平台費用，這些費用是由代表第三方和推薦發放的 10 億美元個人貸款推動的。

We also generated $5.5 million in servicing cash flows, which is recorded in our lending segment.

我們還產生了 550 萬美元的服務現金流，記錄在我們的貸款部門。

Our loan platform business in total added $61 million to our adjusted net revenue.

我們的貸款平台業務總共為我們的調整後淨收入增加了 6,100 萬美元。

In addition to our loan platform revenue, we continue to see healthy growth in interchange, up 211% year-over-year as a result of $12 billion in total annualized spend in the quarter across money and credit card.

除了我們的貸款平台收入之外，我們還看到交換業務持續健康成長，由於本季貨幣和信用卡的年化支出總額達到 120 億美元，年成長 211%。

Overall, contribution profit for our financial services segment in the quarter was a record at nearly $100 million at a 42% margin even as we continue to invest in innovation, acquisition costs that require a payback period, and new opportunities to rapidly grow this operating segment with attractive returns.

總體而言，儘管我們繼續投資於創新、需要投資回收期的收購成本以及快速發展該營運部門的新機會，但本季度我們金融服務部門的貢獻利潤仍創歷史新高，接近1 億美元，利潤率為42%具有誘人的回報。

Shifting to our tech platform segment, where we delivered record net revenue of nearly $103 million in the quarter, up 14% year-over-year and 7% sequentially.

轉向我們的技術平台部門，本季我們實現了創紀錄的淨收入近 1.03 億美元，年增 14%，季增 7%。

Revenue growth was driven by strong contribution from new clients as well as growth in Latin America, consumer brands in the US, and clients with innovative use cases like earned wage access and money movement.

收入成長的推動因素包括新客戶的強勁貢獻以及拉丁美洲、美國消費品牌以及具有賺取工資和資金流動等創新用例的客戶的成長。

Galileo accounts grew 17% year-over-year to $160 million.

Galileo 帳戶年增 17%，達到 1.6 億美元。

The segment delivered a record contribution profit of $33 million, representing a 32% margin.

該部門創造了創紀錄的貢獻利潤 3,300 萬美元，利潤率為 32%。

We've discussed before how the pipeline spans banks, brands, and fintechs across consumer and B2B, which offer larger and more durable revenue.

我們之前討論過該管道如何跨越消費者和 B2B 領域的銀行、品牌和金融科技，從而提供更大、更持久的收入。

The pipeline is in a stronger spot than it's ever been and the investments made in this segment have greatly expanded the market opportunity.

該管道比以往任何時候都更加強大，並且對該領域的投資極大地擴大了市場機會。

Recent wins and pipeline strength are early, but telling signs of the strategy is working.

最近的勝利和管道實力還處於早期階段，但有明顯跡象表明該戰略正在發揮作用。

Moving on to Lending.

轉向貸款。

We achieved record adjusted net revenue of $392 million with a record of $239 million of contribution profit at a 61% adjusted margin.

我們實現了創紀錄的調整後淨收入 3.92 億美元，貢獻利潤創紀錄地達到 2.39 億美元，調整後利潤率為 61%。

These results were driven by 19% year-over-year growth in net interest income, while adjusted non-interest income decreased by 2% year-over-year.

這些績效的推動因素是淨利息收入年增 19%，而調整後的非利息收入較去年同期下降 2%。

Growth in net interest income was driven by a 35% year-over-year increase in average interest-earning assets, slightly offset by a 44 basis point year-over-year decrease in average yields.

淨利息收入的成長是由平均生息資產年增35%推動的，但被平均收益率年減44個基點略有抵銷。

This resulted in an average net interest margin of 5.6% for the quarter.

這導致該季度的平均淨利差為 5.6%。

In terms of non-interest income, Q3 originations grew 23% year-over-year to over $6.3 billion and were driven by a record quarter in personal loan originations, which grew 26% year-over-year and 17% sequentially to $4.9 billion, with $1 billion originated on behalf of third parties for our loan platform business.

就非利息收入而言，第三季個人貸款發放量年增 26%，季增 17%，達到創紀錄的 49 億美元，這推動了第三季發放額年增 23%，超過 63 億美元。 ，代表第三方為我們的貸款平台業務提供10 億美元。

Our student loans business saw origination volume grow 3% year-over-year and 28% sequentially to $944 million, our best quarter since Q1 2022.

我們的學生貸款業務的發放量年增 3%，季增 28%，達到 9.44 億美元，這是我們自 2022 年第一季以來最好的季度。

Home loans volume grew by 38% year-over-year and 17% sequentially to $490 million, our best quarter since 2021.

房屋貸款金額年增 38%，季增 17%，達到 4.9 億美元，這是我們自 2021 年以來最好的季度。

In the third quarter, we sold a portion of our personal loan, home loan, and senior secured loan portfolios totaling $1.3 billion.

第三季度，我們出售了部分個人貸款、房屋貸款和優先擔保貸款組合，總額達 13 億美元。

In terms of personal loan sales, we closed approximately $375 million of loans in whole loan form and an execution of 105.9%.

在個人貸款銷售方面，我們以整體貸款形式完成了約 3.75 億美元的貸款，執行率為 105.9%。

These had similar structures to other recent personal loan sales with cash proceeds at or near par and the majority of the premium consisting of contractual servicing fees that are capitalized.

這些貸款的結構與最近其他個人貸款銷售類似，現金收益等於或接近面值，大部分溢價由資本化的合約服務費組成。

These sales 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.

這些銷售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 $504 million of home loan sales were sold at a blended execution of 102.6%.

我們 5.04 億美元的房屋貸款銷售額的混合執行率為 102.6%。

Additionally, we sold $81 million of late-stage delinquent personal loans in the quarter.

此外，我們在本季出售了 8,100 萬美元的後期拖欠個人貸款。

As we've noted in the past, we typically have not sold delinquent loans until such a time that they are charged off.

正如我們過去所指出的，我們通常不會出售拖欠貸款，直到它們被沖銷為止。

However, we have been able to generate positive incremental value over time in these sales relative to selling after they charge off both from our improved recovery capabilities and by maintaining servicing.

然而，隨著時間的推移，我們已經能夠在這些銷售中產生積極的增量價值，相對於在我們改進的恢復能力和維護服務的情況下銷售後的銷售。

Finally, we sold $312 million of senior secured loans at a par execution.

最後，我們以平價出售了 3.12 億美元的優先擔保貸款。

In addition, one of our large senior secured loans with $594 million of principal outstanding was prepaid and refinanced by the borrower and is no longer on the balance sheet.

此外，我們的一筆未償還本金為 5.94 億美元的大型優先擔保貸款已由借款人預付並再融資，不再出現在資產負債表上。

Net-net, inclusive of new issuance in period our secured loan balance decreased by more than $750 million sequentially.

淨額，包括期間新發行的貸款，我們的擔保貸款餘額比上一季減少了超過 7.5 億美元。

These transactions demonstrate clear market support for the marks on these loans with $312 million of our senior secured loans sold at our market value and another $594 million of senior secured loans prepaid, so the borrower could refinance with another bank at more attractive rates.

這些交易表明了對這些貸款標記的明確市場支持，我們以市場價值出售了3.12 億美元的高級擔保貸款，並預付了另外5.94 億美元的高級擔保貸款，因此借款人可以以更具吸引力的利率向另一家銀行進行再融資。

Turning to the profile of our borrower and the overall credit performance.

轉向我們借款人的概況和整體信用表現。

Our personal loan borrowers weighted average income is $164,000 with a weighted average FICO score of 746.

我們的個人貸款借款人加權平均收入為 164,000 美元，加權平均 FICO 評分為 746。

Our student loan borrowers weighted average income is $135,000 with a weighted average FICO score of 765.

我們的學生貸款借款人加權平均收入為 135,000 美元，加權平均 FICO 評分為 765。

After seeing credit trends peak in Q1, we have seen continued improvement in personal loans.

在看到第一季信貸趨勢達到頂峰後，我們看到個人貸款持續改善。

Our on-balance sheet 90-day personal loan delinquency rate was 57 basis points in the quarter, a decrease from 64 basis points in Q2, which is further evidence of surpassing a peak in Q1.

本季我們的表內 90 天個人貸款拖欠率為 57 個基點，較第二季的 64 個基點有所下降，進一步證明超過第一季的高峰。

Our personal loan annualized charge-off rate decreased to 3.52% from 3.84% in Q2, including the impact of asset sales, new originations, and the delinquency sale in the quarter.

我們的個人貸款年化沖銷率從第二季的 3.84% 下降至 3.52%，其中包括本季資產出售、新發放和拖欠銷售的影響。

Had we not sold these late-stage delinquencies, we estimate that including recoveries between 90 and 120 days delinquent, we would have had an all-in annualized net charge-off rate for personal loans of approximately 5.0% versus 5.4% last quarter.

如果我們沒有出售這些後期拖欠貸款，我們估計，包括收回 90 至 120 天拖欠貸款，我們的個人貸款年化淨沖銷率將約為 5.0%，而上季度為 5.4%。

For our student loans, our on-balance sheet 90-day delinquency rate remained flat quarter-over-quarter at 12 basis points, while our annualized charge-off rate was 69 basis points.

對於我們的學生貸款，我們的表內 90 天拖欠率環比保持在 12 個基點，而年化沖銷率為 69 個基點。

The data continues to support our 7% to 8% maximum life-of-loan loss assumptions for personal loans in line with our underwriting tolerance.

這些數據繼續支持我們對個人貸款的最大貸款期限損失為 7% 至 8% 的假設，符合我們的承保容忍度。

Similar to last quarter, we've provided a loan vintage analysis on page 10 of our investor presentation.

與上季類似，我們在投資者簡報的第 10 頁上提供了貸款年份分析。

Since this only provides a partial window into our loan portfolio, we're unlikely to provide the same analysis longer term.

由於這僅提供了我們貸款組合的部分窗口，因此我們不太可能長期提供相同的分析。

However, it's a helpful illustration of how recent vintages are collectively performing against our 2017 vintage as this is the last time that we approached 8% life of loan losses at 7.85%.

然而，這有助於說明近期年份與 2017 年年份相比的整體表現如何，因為這是我們最後一次以 7.85% 的利率接近 8% 的貸款損失期限。

You can see significant improvement in cumulative net losses at a given percentage of remaining unpaid principal for more recent 2022 and 2023 vintages.

您可以看到，在最近的 2022 年和 2023 年年份中，按照剩餘未付本金的給定百分比，累積淨損失顯著改善。

Specifically looking at the Q4 2022 to Q4 2023 vintages soon after we made material cuts to credit, net cumulative losses of 3.3% and are well below the 4.8% observed in the 2017 vintage at the same point of 49% remaining principal balance.

特別是在我們大幅削減信貸後不久的 2022 年第四季至 2023 年第四季，累計淨損失為 3.3%，遠低於 2017 年觀察到的 4.8%，同期剩餘本金餘額為 49%。

The gap between the newer cohort curve and the 2017 cohort curve widened slightly quarter-over-quarter.

新的隊列曲線與 2017 年隊列曲線之間的差距逐季度略有擴大。

Furthermore, looking at page 11 in the investor presentation, you will notice that only 43% of unpaid principal balance remains from our Q1 2020 through Q2 2024 originations.

此外，請查看投資者簡報中的第 11 頁，您會注意到，從 2020 年第一季到 2024 年第二季度，我們的未付本金餘額只剩下 43%。

Among the 57% of principal that has already been paid down, we've seen 6% in net cumulative losses.

在已償還的 57% 的本金中，我們看到 6% 的累積淨損失。

For life of loan losses on this entire cohort of loans to reach 8% net cumulative losses the remaining unpaid principal would mean to charge off at a rate of more than 10%.

如果整個貸款群的貸款損失達到 8% 的累積淨損失，則剩餘的未付本金將意味著以超過 10% 的利率沖銷。

Past vintages have performed meaningfully better after this point in the seasoning curve, further improving our confidence in achieving loss rates below 8%.

在調味曲線中的這一點之後，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.

現在轉向我們的公允價值標記和關鍵假設。

Our personal loans are marked at 105.7%, a 142 basis points higher quarter-over-quarter.

我們的個人貸款率為 105.7%，較上季上升 142 個基點。

This was driven by a 97 basis point decrease in the discount rate to 4.78%, which was directly driven by the drop in benchmark rates by 113 basis points and offset by 16 basis points of spread widening.

這是由於折現率下降 97 個基點至 4.78%，而基準利率下降 113 個基點直接推動了折現率下降 97 個基點，並被利差擴大 16 個基點所抵銷。

The constant default rate or CDR, also decreased by 28 basis points, which is consistent with the observed credit trends I just highlighted.

恆定違約率或 CDR 也下降了 28 個基點，這與我剛才強調的觀察到的信貸趨勢一致。

For our student loan portfolio, the fair value mark increased by 183 basis points to 105.4%.

對於我們的學生貸款組合，公允價值標記增加了 183 個基點，達到 105.4%。

This was driven by a 45 basis point decrease in the discount rate to 3.99% due to an 87 basis point decrease in rates, but offset by 42 basis points of spread widening.

這是由於利率下降 87 個基點導致折現率下降 45 個基點至 3.99%，但被利差擴大 42 個基點所抵銷。

The weighted average coupon in the portfolio also increased by 17 basis points.

投資組合的加權平均票息也增加了17個基點。

The fair value gains in the quarter were significantly more than offset by our hedge losses and the negative impact from spreads widening.

本季的公允價值收益遠遠超過我們的對沖損失和利差擴大的負面影響。

Net-net, we did not see a positive impact on the reported revenue from the change in marks, net of hedge losses, and new originations.

淨淨額，我們沒有看到標記變化（扣除對沖損失和新產品）對報告收入產生積極影響。

Switching to our balance sheet, where we remain very well capitalized.

轉向我們的資產負債表，我們的資本狀況仍然非常良好。

Assets grew by $1.7 billion as a result of nearly $1.4 billion growth in loans and approximately $226 million of an increase in cash, cash equivalents, and investment securities.

由於貸款成長近 14 億美元，現金、現金等價物和投資證券增加約 2.26 億美元，資產增加了 17 億美元。

On the liability side, member deposits grew by nearly $2.4 billion to nearly $23 billion, while overall deposits increased to $24 billion.

負債方面，會員存款增加了近24億美元，達到近230億美元，而總存款增加到240億美元。

We reduced our brokered deposits by $445 million as we continue to use our consumer deposits to replace higher cost parts of the funding stack.

我們將經紀存款減少了 4.45 億美元，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。

Currently, there is a 220 basis points difference between the interest we pay on deposits and the interest we pay on warehouse lines, which translates to more than $500 million in annualized interest expense savings given the size of our deposit base.

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 220 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超過 5 億美元。

We exited the quarter with just $1.3 billion of warehouse debt drawn.

本季結束時，我們僅提取了 13 億美元的倉庫債務。

This difference continues to support our net interest margin of 5.6%, underscoring the benefits of having the option of holding loans on balance sheet when advantageous in collecting net interest income.

這一差異繼續支持我們 5.6% 的淨利差，凸顯了在有利於收取淨利息收入時選擇在資產負債表上持有貸款的好處。

We continue to expect to maintain a healthy net interest margin above 5% for the foreseeable future and benefit from the continued mix shift towards deposit funding, along with our ability to sustain healthy deposit versus lending betas.

我們繼續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混合轉型以及我們維持健康的存款與貸款貝塔值的能力。

In terms of our regulatory capital ratios, our total capital ratio of 16.3% remains comfortably above the regulatory minimum of 10.5%.

就我們的監管資本比率而言，我們 16.3% 的總資本比率仍然遠高於 10.5% 的監管最低水準。

Lastly, we grew book value to $6.1 billion in tangible book value by $236 million sequentially to $4.4 billion with tangible book value per share at $4.

最後，我們的帳面價值成長至 61 億美元，有形帳面價值較上季成長 2.36 億美元，達到 44 億美元，每股有形帳面價值為 4 美元。

Now on to guidance.

現在開始指導。

For the full year 2024, we now expect to deliver adjusted net revenue of $2.535 billion to $2.550 billion, which is $85 million higher than our prior guidance range of $2.425 billion to $2.465 billion.

對於 2024 年全年，我們目前預計調整後淨收入為 25.35 億美元至 25.50 億美元，比我們之前 24.25 億美元至 24.65 億美元的指導範圍高出 8500 萬美元。

This implies 22% to 23% annual growth versus 17% to 19% previously.

這意味著年增長率為 22% 至 23%，而之前為 17% 至 19%。

This guidance assumes lending revenue will be at least 100% of 2023 levels.

該指引假設貸款收入至少為 2023 年水準的 100%。

Financial Services will grow more than 80% year-over-year and tech platform will grow low to upper teens percent year-over-year.

金融服務將年增超過 80%，科技平台將年增百分之十幾至百分之十以上。

We now expect to deliver adjusted EBITDA of $640 million to $645 million, above our prior guidance of $605 million to $615 million.

我們現在預計調整後 EBITDA 為 6.4 億至 6.45 億美元，高於我們先前 6.05 億至 6.15 億美元的指引。

This represents a 25% adjusted EBITDA margin.

這代表調整後 ​​EBITDA 利潤率為 25%。

We now expect full year GAAP net income of $204 million to $206 million, above prior guidance of $175 million to $185 million and GAAP EPS of $0.11 to $0.12 per share above prior guidance of $0.09 to $0.10 per share.

我們目前預計全年GAAP 淨利為2.04 億美元至2.06 億美元，高於先前指引的1.75 億至1.85 億美元，GAAP 每股收益為0.11 至0.12 美元，高於先前指引的每股0.09 至0.10 美元。

We now expect growth in tangible book value of approximately $1 billion to $1.05 billion and continue to expect to end the year with a total capital ratio at or above 16%.

我們目前預期有形帳面價值將成長約 10 億至 10.5 億美元，並繼續預期年底總資本比率將達到或超過 16%。

In terms of member growth, we expect to add at least 2.3 million new members in 2024, which represents 30% growth.

在會員成長方面，我們預計 2024 年將增加至少 230 萬新會員，成長 30%。

Overall, we couldn't be more proud of our Q3 results.

總的來說，我們對第三季的業績感到非常自豪。

We continue to demonstrate our position as a durable growth story, which is reflected in this quarter's strong results.

我們繼續證明我們作為一個持久成長故事的地位，這反映在本季的強勁業績中。

Despite operating in unpredictable macro conditions, we've maintained a clear focus on executing our strategy, driving returns, and helping our members get their money right.

儘管在不可預測的宏觀環境下運營，我們仍然明確專注於執行我們的策略、推動回報並幫助我們的會員正確賺錢。

We cannot be more excited about the opportunities ahead of us as we continue our journey towards becoming top financial institution.

在我們繼續邁向成為頂級金融機構的道路上，我們對眼前的機會感到無比興奮。

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

那麼，就讓我們開始問答吧。

(Operator Instructions) Dan Dolev, Mizuho.

（操作員說明）Dan Dolev，Mizuho。

Great results as always.

一如既往的好成績。

Can you give us some more color on the loan platform deals like how do you make money here?

您能否為我們提供更多有關貸款平台交易的信息，例如您如何在這裡賺錢？

And how does this differ from the prior quarters?

這與前幾季有何不同？

Sure.

當然。

Thanks, Dan.

謝謝，丹。

So overall, this is a great fee-based and capital-light revenue source for us.

總的來說，這對我們來說是一個很好的收費和輕資本收入來源。

We're not taking balance sheet risk.

我們不承擔資產負債表風險。

We're generating meaningful cash fees upfront at time of transfer or referral and we're able to serve the needs of more members at a more rapid pace than we've been able to do so before.

我們在轉帳或推薦時預先產生有意義的現金費用，並且我們能夠以比以前更快的速度滿足更多會員的需求。

So there are several ways that we make revenue within the business, which has certainly evolved since we started focusing on decline monetization in 2019.

因此，我們在業務中賺取收入的方式有很多種，自 2019 年我們開始專注於下降貨幣化以來，這種方式無疑已經發生了變化。

First, is we send qualified borrowers to platform partners via our Lantern marketplace, and we receive a referral fee if the borrower takes out a loan.

首先，我們透過 Lantern 市場將合格的借款人發送給平台合作夥伴，如果借款人貸款，我們會收到推薦費用。

The second way we make money is we can embed the specific credit box of our platform partners into our underwriting engine and originate on behalf of those partners with the transfer of those loans to the partner occurring shortly after origination.

我們賺錢的第二種方式是，我們可以將平台合作夥伴的特定信用箱嵌入到我們的承保引擎中，並代表這些合作夥伴發放貸款，並在發放後不久將這些貸款轉移給合作夥伴。

For that, we receive an upfront cash fee, and we also retained servicing.

為此，我們會收到預付現金費用，我們也保留服務。

The third way and what's new this quarter is that we're able to originate on behalf of other third-party investors based on a specific asset characteristic and return profile of that investor with loans transferred shortly after origination.

第三種方式，也是本季的新增內容，我們能夠代表其他第三方投資者根據該投資者的特定資產特徵和回報情況進行發起，並在發起後不久轉移貸款。

This is within days or a week.

這是幾天或一周內的事。

We received an upfront cash fee -- platform fee for that business, and we also retain servicing.

我們收到了預付現金費用——該業務的平台費，我們也保留服務。

And then the fourth way that we can make money, and we've been doing this for a few quarters now is we can service assets that we do not originate but are held on the balance sheets of other third parties.

然後，我們賺錢的第四種方式，我們已經這樣做了幾個季度，就是我們可以為並非由我們原創但在其他第三方資產負債表上持有的資產提供服務。

For that, we receive regular servicing fees that are not capitalized.

為此，我們會定期收取未資本化的服務費。

What I would say is important is in all of these cases, these are assets that we wouldn't have otherwise underwritten and less contracted due to a number of reasons including: first, the credit profile and other characteristics of the assets, which may not be directly consistent with our current portfolio; second, our own risk appetite may not align with those originations; and then finally, our capital allocation strategy at any given point in time may not align.

我想說的重要的是，在所有這些情況下，這些資產是我們不會以其他方式承保且合約較少的資產，原因有很多，包括：首先，資產的信用狀況和其他特徵，這些特徵可能不會與我們目前的投資組合直接一致；其次，我們自己的風險偏好可能與這些起源不一致；最後，我們在任何特定時間點的資本配置策略可能不一致。

The last thing I would say here is that there are no financing commitments or loss share agreements associated with any of these deals or partnerships.

我在這裡要說的最後一件事是，沒有與任何這些交易或合作夥伴關係相關的融資承諾或損失分擔協議。

And the only other thing I would add, Dan, and this may not be known by a lot of people, but we declined between 70% and 80% of the personal loan applicants to SoFi.

Dan，我要補充的唯一一件事是，很多人可能不知道這一點，但我們拒絕了 70% 到 80% 的 SoFi 個人貸款申請人。

And so there's a lot of potential -- latent potential there to service them better.

因此，存在著很大的潛力——可以更好地為他們服務的潛在潛力。

And so that's a big number that exists before we even try to do anything else in this business.

因此，在我們嘗試在這個行業做任何其他事情之前，這個數字就已經存在了。

In terms of generating incremental demand or other initiatives to make people aware of the products that we can offer.

在產生增量需求或其他舉措方面，讓人們了解我們可以提供的產品。

Terry Ma, Barclays.

馬特里，巴克萊銀行。

So your originations came in ahead of our expectations, and it's increased each quarter of this year.

因此，您的發起量超出了我們的預期，並且今年每個季度都有所增加。

Credit seems to be improving sequentially and the macro, probably a little bit less clearer than earlier this year.

信貸似乎正在連續改善，而宏觀經濟可能比今年稍早更不清晰。

So I guess going forward, how do you think about originations and lending growth for your own balance sheet versus maybe originating for some of your partnerships?

所以我想，展望未來，您如何看待自己資產負債表的起源和貸款成長，而不是您的某些合作夥伴關係的起源和貸款成長？

Yeah.

是的。

What I would say is our overall outlook for originations or at least growth on the balance sheet has not changed.

我想說的是，我們對起源或至少資產負債表成長的整體前景沒有改變。

We do expect modest growth in dollar terms on the balance sheet year-over-year, and that will continue into Q4.

我們確實預期資產負債表上以美元計算的年比溫和成長，並將持續到第四季。

We are happy with the size of the balance sheet that we have today and the amount of net interest income that we're generating.

我們對目前的資產負債表規模和產生的淨利息收入感到滿意。

We are seeing excess demand both on the borrower side as well as the loan investor side for our unsecured personal loans and we've been able to successfully navigate and fulfill that demand through the expansion of our loan platform business.

我們看到借款人和貸款投資者對我們的無擔保個人貸款的需求過剩，並且我們已經能夠透過擴展貸款平台業務成功地引導和滿足這一需求。

So we would expect not to grow the PL balance sheet meaningfully from where we are today. where we will migrate into is in a lower rate environment, you would see an uptick in demand for our student loan refinancing business, where we had a really strong quarter this quarter as well as our home loans business, where we had our best quarter since 2021.

因此，我們預計 PL 資產負債表不會比目前的情況大幅增加。我們將遷移到利率較低的環境中，您會看到我們的學生貸款再融資業務的需求上升，本季我們的季度表現非常強勁，以及我們的房屋貸款業務，這是我們自以來最好的季度2021 年。

John Hecht, Jefferies.

約翰‧赫克特，傑弗里斯。

Congratulations.

恭喜。

I appreciate all the information on the credit slide about the '17 vintage versus the more recent ones.

我很欣賞信用幻燈片上關於 17 年份與最近年份的所有資訊。

It looks like the current vintages are performing better than the 2017 vintage.

看起來當前年份的表現比 2017 年份更好。

I'm wondering how do you guys think about that the contribution of that performance trend to like return on capital and how to prepayments or your just payment assumptions impact this outcome as well?

我想知道你們如何看待績效趨勢對資本報酬率的貢獻以及預付款或公正付款假設如何影響這個結果？

Yeah.

是的。

Thanks, John.

謝謝，約翰。

So we often talk about underwriting to an 8% life of loan loss target, which obviously reflects the strength of our underwriting and the high quality of our borrower base.

所以我們經常談論承保8%的貸款損失目標，這顯然反映了我們承保的實力和借款人基礎的高品質。

However, life of loan losses represents just one of several variables, which in combination actually drive our pricing and underwriting decisions designed to maximize return on equity while adhering to our credit risk tolerance.

然而，貸款損失期限只是幾個變數之一，這些變數結合起來實際上推動了我們的定價和核保決策，這些決策旨在最大化股本回報率，同時遵守我們的信用風險承受能力。

In terms of how we think about the returns on recent versus some of our past vintages, all-in returns on our more recent vintages are projected to produce meaningfully higher returns.

就我們如何看待近期與過去一些年份的回報而言，我們最近年份的總回報預計將產生有意義的更高回報。

I'm talking greater than 2x versus 2017 with newer vintages expected to produce ROEs above 30%.

我說的是較 2017 年成長超過 2 倍，較新年份的 ROE 預計將超過 30%。

And I'm defining ROE here as the weighted average coupon minus annual losses, funding costs, and other operational costs plus origination fees and then multiplied by the weighted average life and levered.

我在這裡將股本回報率定義為加權平均息票減去年度損失、融資成本和其他營運成本加上發起費用，然後乘以加權平均壽命和槓桿。

What's really driving those increases in returns is a function of a number of things.

真正推動回報增加的因素是多種因素的作用。

First is lower expected life of loan loss rates as we show in our investor presentation on page 10.

首先是貸款損失率的預期壽命較低，正如我們在第 10 頁的投資者介紹中所顯示的那樣。

Second is the higher pricing beta throughout rate increase cycles.

其次是整個升息週期中定價貝塔值較高。

We've demonstrated time and time again that we've been able to maintain really good betas.

我們一次又一次地證明我們能夠保持非常好的測試版。

We were successful in increasing the portfolio weighted average coupon across both products in a rising rate environment over the course of the last few years.

在過去幾年中，在利率上升的環境中，我們成功地提高了這兩種產品的投資組合加權平均票息。

And we've also been able to maintain pricing in down rate environment due to the quality of our product.

由於我們產品的質量，我們還能夠在降價環境中維持定價。

The third way is we've had funding cost efficiencies given our high reliance on member deposits and success in growing direct deposits and replacing higher cost warehouse funding.

第三種方式是，鑑於我們對會員存款的高度依賴以及在增加直接存款和取代成本較高的倉庫融資方面取得的成功，我們已經實現了融資成本效率。

And then fourth, we've introduced origination fees over the course of the last year plus and we're now generating close to $400 million in origination fees annually.

第四，我們在過去一年多的時間裡引入了發起費，現在我們每年產生近 4 億美元的發起費。

So the combination of these drivers is more than offsetting the increase in prepayment speeds and the reduction in weighted average lives that we're observing in some of these lower cohorts.

因此，這些驅動因素的結合足以抵消我們在一些較低群體中觀察到的預付款速度的增加和加權平均壽命的減少。

Going forward, what I would say is we're going to be talking about return metrics more often because these life of loan losses don't provide the full view.

展望未來，我想說的是，我們將更頻繁地討論回報指標，因為這些貸款損失的生命週期並不能提供完整的視圖。

And the other thing I would just emphasize, John, and the shareholders more broadly, is that we've been able to achieve these types of high ROE returns in more recent vintages despite the fact that rates have been increased significantly in a very short period of time.

約翰和更廣泛的股東，我要強調的另一件事是，儘管利率在很短的時間內大幅增加，但我們已經能夠在最近幾年實現這些類型的高股本回報率回報的時間。

And the economy has been somewhat uncertain during that time period.

在那段時間裡，經濟有些不確定。

As we look into 2025 and a declining rate environment in a stable economy, we think we can only improve on these returns.

當我們展望 2025 年以及經濟穩定的利率下降環境時，我們認為我們只能提高這些回報。

And it's one of the reasons why we're leveraging all the different businesses we are across the opportunity set that we have from a return standpoint relative to what we believe is a prudent level of balance sheet risk in a particular asset class such as personal loans.

這也是我們利用我們所擁有的機會集的所有不同業務的原因之一，從回報的角度來看，相對於我們認為特定資產類別（例如個人貸款）的審慎資產負債表風險水平。

So we think there's a lot of upside and it only gets better from here.

所以我們認為有很多好處，而且從現在開始只會變得更好。

Jeff Adelson, Morgan Stanley.

傑夫阿德爾森，摩根士丹利。

Could you just talk a little bit more about the expectations for the loan platform business, how you expect that can grow from here?

您能多談談對貸款平台業務的期望嗎？

I know you've said expect that to continue growing.

我知道你說過希望這數字能繼續成長。

But how meaningful can this become?

但這能變得多麼有意義呢？

Seems like if we look at the numbers today, it's already at a $4 billion run rate.

如果我們看看今天的數字，似乎已經達到了 40 億美元的運行速度。

You've got the Fortress relationship, which, correct me if I'm wrong, it's additive to that.

你已經有了堡壘關係，如果我錯了，請糾正我，它是對此的補充。

So that's already $6 billion.

那麼這已經是 60 億美元了。

And should we be thinking about the economics as close to a 5.5% take rate based on the revenues you reported this quarter?

根據您本季報告的收入，我們是否應該考慮接近 5.5% 的經濟效益？

And then I'm just curious, are you going to maybe deemphasize the loan sales a little bit more from here?

然後我只是好奇，你是否會從現在開始不再強調貸款銷售？

I mean, it came in a little bit lower at the $375 million versus the $1 billion for the last three quarters as you maybe prioritize the loan platform business from here?

我的意思是，與過去三個季度的 10 億美元相比，它的收入略低，為 3.75 億美元，因為您可能會優先考慮這裡的貸款平台業務？

Thanks.

謝謝。

Yeah.

是的。

So I'll start and Anthony can chime in, ever.

所以我先開始，安東尼可以插話，永遠。

But in terms of the overall growth expectations, what I would say is, as part of that $1 billion of originations that we did, Jeff, in the period, a portion of that did come from the Fortress transaction that we announced earlier in the quarter.

但就整體成長預期而言，我想說的是，傑夫，作為我們在此期間所做的 10 億美元起源的一部分，其中一部分確實來自我們本季早些時候宣布的 Fortress 交易。

So it's not additive to your $4 billion run rate.

因此，這不會增加您 40 億美元的運行率。

It's inclusive of that, but we do expect to see continued strong growth in the segment.

它包含了這一點，但我們確實預計該領域將持續強勁成長。

We have that $2 billion agreement with Fortress as well as commitments for Q4 and 2025 with several other partners.

我們與 Fortress 簽訂了價值 20 億美元的協議，並與其他幾個合作夥伴做出了第四季度和 2025 年的承諾。

What I would say is we're one of the very few partners who can deliver assets at scale with the characteristics and return profile that investors are seeking.

我想說的是，我們是極少數能夠大規模提供具有投資者所尋求的特徵和回報特徵的資產的合作夥伴之一。

In terms of deemphasizing other sales and ABS transactions, in favor of this.

就不再強調其他銷售和 ABS 交易而言，贊成這一點。

What I would say is that demand is as strong as it's ever been before.

我想說的是，需求與以往一樣強勁。

Like I had mentioned a few questions ago, we're happy with the size of the balance sheet and the modest growth that we're expecting expecting over the course of the next three months.

就像我之前提到的幾個問題一樣，我們對資產負債表的規模以及未來三個月的適度成長感到滿意。

But what I would say is that we are seeing excess demand both from borrowers and investors and a way to fulfill that demand is through the LPB business.

但我想說的是，我們看到借款人和投資者的需求過剩，而滿足這種需求的一種方法是透過 LPB 業務。

In terms of the take rate, what I would say is we're looking at apples and oranges when you're trying to compare this take rate to what you see in the general originate to sell business.

就採用率而言，我想說的是，當您嘗試將此採用率與您在一般起源銷售業務中看到的進行比較時，我們正在考慮蘋果和橙子。

These are loans that are originated on behalf of others and they would not have been originated and less contracted to, given the credit and overall asset characteristics of the loans as well as our own risk appetite and capital allocation strategy.

這些貸款是代表他人發放的，考慮到貸款的信用和整體資產特徵以及我們自己的風險偏好和資本配置策略，這些貸款不會發放，也不會簽訂較少的合約。

What we're receiving is a platform fee for our underwriting capabilities, our marketing capabilities and our overall operational capabilities, and that platform fee will vary depending on the partner.

我們收到的是針對我們的承銷能力、行銷能力和整體營運能力的平台費用，該平台費用將根據合作夥伴的不同而有所不同。

And I think a couple of points just to emphasize.

我想強調幾點。

One is the partners in the loan platform business, many of which are new incremental partners on loans as opposed to the wholesale loan buyers or ABS buyers that we typically have.

一是貸款平台業務的合作夥伴，其中許多是新的增量貸款合作夥伴，而不是我們通常擁有的批發貸款買家或ABS買家。

They're not all incremental, but a large percentage of them are including in the most recent quarter.

它們並不都是增量的，但其中很大一部分是在最近一個季度發生的。

In addition to that, Chris has mentioned a couple of times, these are loans who wouldn't have otherwise originated and we only originate when we actually have a contract.

除此之外，克里斯曾多次提到，這些貸款原本不會發放，而我們只有在實際簽約時才會發放。

So it's not a zero-sum game.

所以這不是一個零和遊戲。

It's incremental, and the outlook for is pretty significant as we go into 2025 in excess of what you articulated.

它是漸進式的，當我們進入 2025 年時，其前景將超出您所闡述的範圍。

The only other thing I would say in terms of -- you had mentioned $375 million of sales done in period.

我要說的唯一另一件事是——您提到在此期間完成了 3.75 億美元的銷售額。

We did over $1 billion across all three products in the quarter billion over the course of the last 12 months and overall loan sales.

在過去 12 個月的 25 億美元中，我們所有三種產品的銷售額和整體貸款銷售額均超過 10 億美元。

Quarter-to-date, in Q4, we've already done close to $1 billion in sales across our products as well.

截至目前，第四季我們的產品銷售額也已接近 10 億美元。

So the demand is certainly there.

所以需求肯定是存在的。

We will continue to fulfill on both ends.

我們將繼續履行兩方面的職責。

But as Anthony mentioned, being able to originate on behalf of others is purely incremental to us.

但正如安東尼所提到的，能夠代表他人發起對我們來說純粹是增量。

Kyle Peterson, Needham & Company.

凱爾彼得森，李約瑟公司。

Great.

偉大的。

Thanks and nice results.

謝謝，結果很好。

I wanted to ask a question on deposits.

我想問一個關於存款的問題。

Some of the trends you guys are seeing there.

你們在那裡看到的一些趨勢。

You guys had really nice growth there, just probably -- I believe you took down the the rate paid on member deposits a bit as rates have gone down.

你們那裡的成長非常好，只是可能 - 我相信隨著利率的下降，你們稍微降低了會員存款的利率。

So just any color on whether you've seen any changes in average balances or customer behavior or things have been pretty receptive to some of the changes you guys have made on deposit rates early on in the rate cut cycle.

因此，無論您是否看到平均餘額或客戶行為發生任何變化，或者事情都非常容易接受您在降息週期早期對存款利率所做的一些變化，任何顏色都可以。

Yeah.

是的。

We're really proud of the way the SoFi Money product continues to resonate in the marketplace despite rates coming down more broadly.

儘管利率普遍下降，但 SoFi Money 產品繼續在市場上引起共鳴，我們對此感到非常自豪。

We've maintained our market share position.

我們保持了市場佔有率地位。

We've maintained our ranking in an API standpoint, of course, we do not charge fees.

我們保持了 API 的排名，當然，我們不收取費用。

We obviously give a number of other benefits, including the high interest rate, not to mention all the functionality need in one place.

顯然，我們還提供了許多其他好處，包括高利率，更不用說將所有功能需要集中在一個地方了。

So we've seen continued strong trends in deposits over $2 billion of member deposit growth in the quarter.

因此，我們看到本季會員存款成長持續強勁，超過 20 億美元。

In addition to that, the spending levels that we're seeing are on par to better to where they have been historically.

除此之外，我們看到的支出水準與歷史水準持平甚至更好。

And so we're continuing to getting positive indicators across the tire business as it relates to SoFi money.

因此，我們在整個輪胎業務中繼續獲得與 SoFi 資金相關的積極指標。

The other thing I would just mention is this is one of the key points where the flywheel starts our direct deposit customers are customers that are more engaged.

我要提到的另一件事是，這是飛輪啟動的關鍵點之一，我們的直接存款客戶是更積極參與的客戶。

They have meaningfully higher number of products per customer compared to the overall average that we report.

與我們報告的總體平均水平相比，他們的每位客戶擁有的產品數量明顯更高。

And when you look at it on a vintage basis, it's even better than the overall average number of products per direct deposit members.

當你從年份的角度來看時，你會發現它甚至比每個直接存款會員的產品平均數量還要好。

So it's been over a year in which we've operated this business as a bank and being able to control our own destiny and having a competitive advantage in being both an origination platform on loans as well as a national bank that can set its own interest rate and its own value proposition.

因此，一年多來，我們作為一家銀行經營這項業務，能夠掌控自己的命運，並在成為貸款發起平台和可以設定自己利率的國家銀行方面擁有競爭優勢。

It's a competitive advantage of one that's continued in the quarter, and we're excited about next year.

這是本季持續的競爭優勢，我們對明年感到興奮。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

I wanted to stay with the Financial Services segment again.

我想再次留在金融服務部門。

And I wanted to just talk about a couple of things there.

我只想談談一些事情。

One is just about monetization segment.

一是關於貨幣化部分。

I think it's up to $81 annually now.

我認為現在每年可達 81 美元。

Any targets you can share on what you think that can look like maybe this time next year or just to achieve your three-year targets that you laid out?

您可以分享一下您認為明年這個時候可能實現的目標嗎？

Like how much monetization can that be?

大概能有多少貨幣化？

And then just related to that, just I guess what is the next growth that you mentioned SMB Protect in your remarks you also launched the credit card more broadly.

與此相關的是，我猜您在演講中提到的 SMB Protect 的下一個增長是什麼，您還更廣泛地推出了信用卡。

So maybe talk to us about where that next growth vector is materializing from.

所以也許可以和我們談談下一個成長向量是從哪裡實現的。

I guess, really what I'm asking is what's the next lending platform business in that sector, right?

我想，我真正要問的是該領域的下一個貸款平台業務是什麼，對嗎？

Like I think it was a pretty big surprise for a lot of people how much that business grew this quarter.

我認為對於許多人來說，本季該業務的成長是一個相當大的驚喜。

So give us a

所以給我們一個

--

--

You've hit the nail in the head.

你已經擊中要害了。

Yes, thank you.

是的，謝謝。

You've hit the nail on the head.

你說得一針見血。

It's an exciting part of our business.

這是我們業務中令人興奮的一部分。

The fact that we're approaching $1 billion annualized business, very profitable while we're still in investment mode.

事實上，我們的年化業務已接近 10 億美元，儘管我們仍處於投資模式，但利潤非常豐厚。

It's pretty amazing to have a business of that size, $23 million of revenue, growing over 100% and profitable despite how fast we are growing the number of members and products and revenue per product.

儘管我們的會員和產品數量以及每個產品的收入增長速度非常快，但擁有這樣規模的企業，收入達到 2300 萬美元，增長超過 100%，並且盈利，這真是太令人驚奇了。

And I think the best way to conceptualize where this business could go is to think about those three variables, member growth, product growth and revenue per product.

我認為，概念化這項業務的發展方向的最佳方法是考慮這三個變數：會員成長、產品成長和每個產品的收入。

The revenue per product that we generate today was up meaningfully in the quarter, as you mentioned, but it's nowhere near where it can be long term.

正如您所提到的，我們今天產生的每種產品的收入在本季度大幅增長，但從長遠來看，還遠遠不夠。

As it relates to our invest business, we're monetizing at about half the rate that we think we can monetize it over time.

由於它與我們的投資業務有關，我們的貨幣化速度大約是我們認為隨著時間的推移可以貨幣化的速度的一半。

In 2025, we'll take a number of steps where we start to monetize that better, of course, by adding incremental value to the invest experience.

到 2025 年，我們將採取一系列措施，透過增加投資體驗的增量價值，開始更好地貨幣化。

Our invest product is unique in that we're trying to be a one-stop shop just within Invest.

我們的投資產品是獨一無二的，因為我們試圖成為投資中的一站式商店。

We pioneered fractional shares.

我們開創了零碎股的先河。

We obviously don't pay -- charge on trades.

顯然我們不支付交易費用。

In addition to that, we created our own ETFs that would better meet the needs of our new and beginning investors that are lower price point but diversified, allowing our members to do dollar cost averaging in a diversified way.

除此之外，我們創建了自己的ETF，可以更好地滿足新投資者和新手投資者的需求，這些投資者的價格較低，但多元化，允許我們的會員以多元化的方式進行美元成本平均。

We have award-winning robo accounts, and we continue to evolve those and you'll see us do more in 2025 behind that to not just grow assets but also to increase monetization.

我們擁有屢獲殊榮的機器人帳戶，並且我們將繼續發展這些帳戶，您將在 2025 年看到我們在這背後做更多的事情，不僅增加資產，而且增加貨幣化。

We do IPOs, which is a direct monetization vehicle.

我們進行首次公開募股，這是一種直接的貨幣化工具。

But again, a unique product remain Street investors get access to IPOs and IPO prices.

但同樣，獨特的產品仍然是街頭投資者可以獲得 IPO 和 IPO 價格的機會。

And then our alternate asset classes and mutual funds that we launched have really been a tailwind for us in terms of driving more engagement.

然後，我們推出的替代資產類別和共同基金在推動更多參與方面確實為我們帶來了推動力。

That's something today that we don't monetize that we will monetize in the future.

這是我們今天不貨幣化的東西，但我們將來會貨幣化。

So just in the Invest business, we have over 100% opportunity to increase the monetization per member not to mention the fact how fast the products and invest are growing.

因此，光是在投資業務中，我們就有超過 100% 的機會增加每位會員的貨幣化，更不用說產品和投資成長的速度有多快了。

And remember, when you do the calculation on invest product growth, you have to normalize it for the lost crypto members or products that we had a year ago that were transferred.

請記住，當您計算投資產品成長時，您必須對遺失的加密貨幣會員或我們一年前轉移的產品進行標準化。

SoFi Money business, we continue to see nice trends in deposits and spending and the monetization there will continue to improve with more deposits and more spending as opposed to a change in rate per se.

SoFi Money 業務方面，我們繼續看到存款和支出的良好趨勢，隨著存款和支出的增加，而不是利率本身的變化，貨幣化將繼續改善。

In addition to that, our credit card business is another source of monetization opportunity.

除此之外，我們的信用卡業務是另一個貨幣化機會的來源。

As balances continue to increase, we'll have more monetization there in addition to the more members that we add the more monetization that we drive because that's a higher interchange revenue than our debit interchange.

隨著餘額的不斷增加，除了我們增加的會員越多，我們也會獲得更多的貨幣化，因為這比我們的借記交換帶來了更高的貨幣化收入。

And so as you see a mix shift, you'll see an improvement in monetization there, not to mention just the absolute increase in monetization.

因此，當您看到混合轉變時，您會看到貨幣化的改善，更不用說貨幣化的絕對增長。

And then as it relates to small medium business, we're just scratching the surface.

至於中小型企業，我們只是觸及了表面。

The biggest initiative we had so far in 2024 was to take the application process and embed it into the SoFi app.

2024 年迄今我們採取的最大舉措是採用申請流程並將其嵌入 SoFi 應用程式中。

So when all the demand that we get for small and medium business comes to SoFi, they can within the native app, apply for a loan and then be referred to a partner as it relates to lending.

因此，當我們對中小型企業的所有需求都來到 SoFi 時，他們可以在本機應用程式中申請貸款，然後在涉及貸款時被轉介給合作夥伴。

We also do that as it relates to banking, you'll continue to see us do that in a much bigger and broader way.

我們也這樣做，因為它與銀行業有關，您將繼續看到我們以更大、更廣泛的方式這樣做。

There is monetization there today, but we could do more products and more services to drive greater monetization not to mention doing it ourselves at some point, which we would like to do over time.

今天已經實現了貨幣化，但我們可以提供更多的產品和更多的服務來推動更大的貨幣化，更不用說在某個時候我們自己也會這樣做，隨著時間的推移，我們希望這樣做。

It is an early-stage business, and we want to crawl before we walk and then ultimately run.

這是一個早期階段的業務，我們希望在行走之前先爬行，然後最終跑步。

So you'll see that in the SMB business.

所以你會在中小企業業務中看到這一點。

On the insurance side, the deals that we're doing in the marketplace, increase our monetization there, but also increases penetration.

在保險方面，我們在市場上進行的交易增加了我們在那裡的貨幣化，同時也提高了滲透率。

So over 100% revenue growth in the quarter driven by the really strong product growth and revenue per product.

因此，本季營收成長超過 100%，是由真正強勁的產品成長和每種產品的收入推動的。

And you just focused on those two measurements, you'll be able to forecast a pretty sizable business with great profitability.

只要關注這兩個衡量標準，您就能夠預測出規模相當大、獲利能力極強的業務。

The last point I make on profitability is we're still losing a large amount of money in the credit card business and invest business because the payback there is is longer.

我關於獲利能力的最後一點是，我們在信用卡業務和投資業務中仍然損失了大量資金，因為投資回收期更長。

And it's not a business that we get return on in one year.

這不是我們可以在一年內獲得回報的業務。

It takes anywhere from 1.5 to 2 to 3 years depending on the J-curve of the credit business.

這需要 1.5 年到 2 到 3 年的時間，具體取決於信貸業務的 J 曲線。

So what's masking the profitability is that investment there.

因此，掩蓋獲利能力的是那裡的投資。

If we actually subtracted added back the losses that we're losing there, the number would be even bigger on the profitability side.

如果我們實際上減去我們在那裡損失的損失，那麼在盈利能力方面的數字會更大。

And that's before we've improved any of the monetization.

那是在我們改善任何貨幣化之前。

Peter Christiansen, Citigroup.

彼得‧克里斯蒂安森，花旗集團。

Nice trends here.

這裡的趨勢不錯。

I was just curious, bigger picture, can we talk about what you're seeing in the alt credit side credit is certainly becoming a theme, some of your marketplace lending peers have also benefited here.

我只是好奇，從更大的角度來看，我們能否談談您在替代信貸中看到的情況，信貸肯定會成為一個主題，您的一些市場借貸同行也從中受益。

In your discussions pipeline, just curious if you think this is emerging as a larger theme over the next 12, 18 months?

在您的討論過程中，只是好奇您是否認為這會在未來 12、18 個月內成為一個更大的主題？

And then finally, as it relates to tech platform performance pipeline, can you talk to the degree of decision delay you're seeing currently versus last quarter?

最後，由於它與技術平台性能管道相關，您能否談談您目前看到的決策延遲與上季度相比的程度？

Yeah.

是的。

In terms of demand for our loans from buyers or investors, similar to other people, the demand has increased quite meaningfully.

就買家或投資者對我們貸款的需求而言，與其他人類似，需求成長相當有意義。

We are better at being able to meet some of that demand by continue to evolve our business from origination platform for our own loans and now the evolution of the loan platform business.

透過持續發展我們的業務，從我們自己的貸款發起平台到現在的貸款平台業務的發展，我們能夠更好地滿足部分需求。

So similar to others, we're seeing an increase of it from existing buyers, but also a number of new partners that we've not been able to meet their needs with before, but we now can.

與其他人類似，我們看到現有買家的需求增加，但也看到一些新合作夥伴的需求增加，我們以前無法滿足他們的需求，但現在可以了。

So really excited about declining rate environment, putting a tailwind behind the loans, not to mention our new initiatives there.

對利率下降的環境感到非常興奮，這為貸款帶來了推動力，更不用說我們在那裡的新舉措了。

As it relates to the tech platform, no decisions have been made by any of the big deals that we've been in process with over the last 12 to 18 months.

由於與技術平台相關，過去 12 到 18 個月我們正在進行的任何重大交易都沒有做出任何決定。

I do think we're coming to the end of some of those decisions being made.

我確實認為我們即將做出一些決定。

And I would just say that we haven't had anything announced, but I would just tell you I'm confident that we will have some wins there, but none of the decisions have been made on any of the large deals.

我只想說，我們還沒有宣布任何消息，但我只想告訴你，我有信心我們會在那裡取得一些勝利，但尚未就任何大型交易做出任何決定。

And I would just give you more color on the types of deals.

我只想為您提供有關交易類型的更多資訊。

There are definitely big financial institutions that have to make some decisions on their technology.

肯定有大型金融機構必須對其技術做出一些決定。

They continue to really struggle with how they budget for that transition.

他們仍然在為如何為這一轉變制定預算而苦苦掙扎。

But without a doubt, there's a technical reason why they have to switch.

但毫無疑問，他們必須切換是有技術原因的。

There's a risk reason why they have to switch and there's a regulatory reason.

他們必須轉換有風險原因，也有監管原因。

And so it's going to be an inevitable change and a tailwind to the demand for technology like we have in our tech platform business and specifically in core and processing.

因此，這將是一個不可避免的變化，也是技術需求的順風車，就像我們在技術平台業務中，特別是在核心和處理方面一樣。

And it's just a question of when, and I think we'll win our fair share of deals there, but none have been decided yet.

這只是一個時間問題，我認為我們將在那裡贏得公平份額的交易，但尚未做出決定。

.

。

The second area that we haven't talked as much about in the past is the opportunity to help large branded companies that have big installed bases, they're in the financial services business already today through a credit card and a white label credit card there's absolutely a significant amount of demand from those types of partners for us to do something very similar on the debit side of the business.

我們過去沒有過多討論的第二個領域是有機會幫助擁有大量安裝基礎的大型品牌公司，他們今天已經通過信用卡和白標信用卡進入了金融服務業務。借方業務方面做一些非常類似的事情。

And we continue to receive RFPs for that type of product.

我們繼續收到此類產品的 RFP。

And then, of course, outside of the direct-to-consumer businesses, there is demand from government agencies, there's demand for B2B companies that continue to surface and some of which we've signed and executed against, some of which will be decided over the coming months.

當然，除了直接面向消費者的業務之外，還有來自政府機構的需求、對 B2B 公司的需求不斷出現，其中一些我們已經簽署並執行，其中一些將被決定在接下來的幾個月裡。

Jill Shea, UBS.

吉爾謝伊，瑞銀集團。

You launched the everyday cash rewards and the essential credit cards while early days.

您在早期就推出了日常現金獎勵和基本信用卡。

Can you just talk about the early indications there and your view of future growth on the card products?

您能否談談早期跡像以及您對卡產品未來成長的看法？

Yeah.

是的。

We really like the card business long term.

從長遠來看，我們真的很喜歡信用卡業務。

It obviously is an expensive endeavor near term.

短期內這顯然是一項昂貴的努力。

There's a J-curve of about three years in that business.

該行業存在大約三年的 J 曲線。

We have a world-class team that's done this before.

我們擁有一支世界一流的團隊，以前就做到過這一點。

That wasn't the case when we first launched.

我們剛推出時並非如此。

The two cards that you mentioned are a direct result of all the work the team -- our second team that came in and run this business has done.

您提到的兩張卡片是團隊所有工作的直接結果——我們的第二個團隊進來並經營這項業務所做的工作。

We did a test with the business.

我們對企業進行了測試。

We saw the type of performance that we were hoping to see.

我們看到了我們希望看到的表演類型。

Our marketing capabilities there have also helped us deliver the type of performance we wanted to see in those cards.

我們的行銷能力也幫助我們實現了我們希望在這些卡片中看到的表現類型。

And that's why we went general availability for those cards as opposed to just testing.

這就是為什麼我們對這些卡進行全面可用性，而不是只是進行測試。

I will say we will take a very methodical approach to the credit card business.

我想說的是，我們將對信用卡業務採取非常有條理的方法。

While it is a great ROE business, it also does have the ability to lose a lot of money and lose money every day.

雖然它是一個ROE很棒的業務，但它也確實有能力虧損很多錢，而且每天都在虧損。

And so we'll continue to make sure that, that card is something that we market to individuals that we think have a high probability of utilizing it in the right way, and we can get a great return on it.

因此，我們將繼續確保，我們將這張卡推銷給我們認為很有可能以正確方式使用它的個人，並且我們可以獲得豐厚的回報。

So we'll start with our members and we'll continue to use the data that we have on them to make decisions.

因此，我們將從我們的會員開始，我們將繼續使用我們擁有的關於他們的數據來做出決策。

We can use that data to model opportunities off of our platform, which we're starting to do as well.

我們可以使用這些數據來模擬我們平台上的機會，我們也開始這樣做。

Inside of the Financial Services business, think about as a couple of different types of segments.

在金融服務業務內部，可以將其視為幾個不同類型的細分市場。

We have businesses that are still growing very fast that are profitable like SoFi Money, we have businesses that are growing very fast and losing money like invest in credit card.

我們有像 SoFi Money 一樣仍然快速成長但獲利的業務，也有像投資信用卡這樣快速成長但虧損的業務。

And then we have businesses that are early stage, and we're planting seeds that will continue to be harvested over time and grown over time.

然後我們有處於早期階段的業務，我們正在播下種子，隨著時間的推移，這些種子將繼續收穫和成長。

And this is a business that's in the middle, one that we feel we're confident in terms of our go-to-market and one that will grow, but we'll do it methodically over time to make sure that we do not push too hard on the investment we have to make and offset the profitability overall business, but it will be a good contributor.

這是一項處於中間的業務，我們認為我們對進入市場充滿信心，並且將會成長，但隨著時間的推移，我們將有條不紊地做到這一點，以確保我們不會推動我們在投資上過於努力，抵消了整體業務的盈利能力，但這將是一個很好的貢獻者。

At this time, I would like to turn the call back over to Anthony Noto for closing remarks.

此時，我想將電話轉回給安東尼·諾托（Anthony Noto），讓其致閉幕詞。

Thank you, operator, and thanks for everyone that's dialed into the call.

謝謝接線員，也謝謝撥通電話的所有人。

I have some closing remarks I want to share.

我想分享一些結束語。

As I mentioned at the end of Q2, I cannot feel better about what we've achieved and where we're headed right here and right now.

正如我在第二季末提到的，我對我們所取得的成就以及我們現在的發展方向感到非常滿意。

The list of achievements is far, too, great to capture every quarter, so let me be succinct and clear.

每季所取得的成就清單也非常出色，因此讓我簡潔明了。

Despite the tumultuous environment over the past seven years, we've delivered durable growth, world-class innovation and brand building and improving returns with 17 quarters of record revenue, consistent 35%-plus growth in members and products, four quarters of GAAP profitability and so many other milestones.

儘管過去七年環境動盪，我們仍然實現了持久增長、世界一流的創新和品牌建設，並改善了回報，連續17 個季度創紀錄的收入、會員和產品持續超過35% 的增長、四個季度的GAAP 盈利能力以及許多其他里程碑。

There is only one reason available emerge stronger from such a tumultuous environment.

從如此混亂的環境中脫穎而出，只有一個理由。

And that reason is that people of SoFi: our employees, our members, and our clients.

這個原因是 SoFi 的人：我們的員工、我們的會員和我們的客戶。

I could not be prouder or more grateful to the people of SoFi.

我對 SoFi 的員工感到非常自豪和感激。

We now face hopefully, the most advantageous environment that we've seen since I joined the company, and we began the relentless march to be a one-stop shop.

我們現在滿懷希望地面臨著自從我加入公司以來我們所見過的最有利的環境，我們開始了向一站式服務的不懈進軍。

Today, we are no longer just a lending company.

今天，我們不再只是一家貸款公司。

Today, we are a force to be reckoned with.

今天，我們是一股不可忽視的力量。

It is truly our time as we have more products, more members, more capital and more diverse revenue streams than ever before.

這確實是我們的時代，因為我們比以往擁有更多的產品、更多的會員、更多的資本和更多樣化的收入來源。

We are undeniably the absolute best patient company to capture the massive opportunities still ahead of us because of the same thing that got us here, our people.

無可否認，我們絕對是最有耐心的公司，能夠抓住我們面前的巨大機遇，因為我們的員工讓我們走到了這一步。

Our people are great at heart.

我們的人民心地偉大。

Thank you, everyone, for your time today, and we hope you have a great end to 2024.

謝謝大家今天抽出時間，我們希望你們 2024 年有個美好的結局。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。