SoFi Technologies Inc (SOFI) 2024 Q4 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 Q4 and full-year 2024 earnings conference call.

此時此刻，我謹歡迎大家參加 SoFi Technologies 第四季和 2024 年全年財報電話會議。

(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 fourth quarter and full-year 2024 earnings conference call.

歡迎參加 SoFi 第四季和 2024 年全年財報電話會議。

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。

Unless otherwise stated, we'll be referring to adjusted results for the fourth quarter and full year of 2024 versus fourth quarter and full year of 2023.

除非另有說明，我們將指的是 2024 年第四季和全年與 2023 年第四季和全年的調整後業績。

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

我們的 GAAP 合併損益表和所有調整表均可在今天的收益發布以及下個月發布的後續 10-K 報表中找到。

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-K.

今天的新聞稿以及我們隨後向 SEC 提交的文件（包括即將發布的 10-K 表格）中描述了可能導致這些結果出現重大差異的因素。

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。

Thank you and good morning, everyone. 2024 was undoubtedly SoFi's best year ever.

謝謝大家，早安。 2024 年無疑是 SoFi 有史以來最好的一年。

Our ability to consistently deliver durable growth and strong returns was once again, the direct result of our relentless focus on innovation and brand building.

我們持續實現持久成長和強勁回報的能力再次成為我們不懈地專注於創新和品牌建立的直接結果。

I'll begin by covering our key results for 2024, which significantly exceed our expectations heading into the year.

我將首先介紹我們 2024 年的主要業績，這些業績大大超出了我們今年的預期。

Starting with our durable growth.

從我們的持久成長開始。

Members and products are leading drivers of our performance and we achieved record growth on both fronts.

會員和產品是我們業績的主要動力，我們在這兩方面都取得了創紀錄的成長。

SoFi has more than 10 million members, that's up 34% year over year and up 10x over the past five years.

SoFi 擁有超過 1000 萬會員，年成長 34%，在過去五年中成長了 10 倍。

We had another record quarter of new member ads in the fourth quarter at 785,000 new members.

第四季我們的新會員廣告數量再創新高，達到 785,000 名新會員。

In Q4, we also had another record quarter of new product adds at 1.1 million new products resulting in 32% year over year growth to over 14.7 million.

第四季度，我們的新產品數量又創歷史新高，達到 110 萬個新產品，年增 32%，達到超過 1,470 萬個。

Financial services products drove over 89% of our total product growth.

金融服務產品帶動了我們總產品成長的 89% 以上。

This reflects the deliberate diversification of our business towards more capital light fee based revenue sources which we expect to continue in 2025.

這反映出我們有意將業務多元化，轉向更多以資本輕收費為基礎的收入來源，我們預計這種趨勢將在 2025 年繼續下去。

Our strong member and product growth powered record revenue growth in 2024.

我們強大的會員和產品成長推動了 2024 年創紀錄的收入成長。

Adjusted net revenue was $2.6 billion, up 26% year over year.

調整後淨收入為 26 億美元，年增 26%。

Together our financial services and technology platform segments generated $1.2 billion of revenue, up 54% year over year.

我們的金融服務和技術平台部門合計創造了 12 億美元的收入，年增 54%。

These two segments accounted for 47% of our adjusted net revenue up from 38% last year.

這兩個部門占我們調整後淨收入的 47%，高於去年的 38%。

It's safe to say SoFi is not just a lender anymore, and we continue to see significant growth opportunity across our financial services and technology platform segments.

可以肯定地說，SoFi 不再只是一家貸款機構，我們繼續在金融服務和科技平台領域看到巨大的成長機會。

In our lending segment, adjusted net revenue grew 11% to nearly $1.5 billion, well ahead of our initial expectations of being flat to down.

在我們的貸款部門，調整後的淨收入成長了 11%，達到近 15 億美元，遠遠超出了我們最初預期的持平或下降。

This strong growth was driven by record originations of over $23 billion, up 33% from the prior year.

這一強勁增長是由創紀錄的超過 230 億美元的創紀錄資金推動的，比上年增長 33%。

Our total fee based revenue across our business was a record $970 million for the year, up 74% from the prior year.

今年我們整個業務的收費總收入達到創紀錄的 9.7 億美元，比上年增長 74%。

This was driven by strong performance from our origination fees, loan platform business, referrals, as well as interchange and brokerage.

這是由我們的發起費、貸款平台業務、推薦以及互換和經紀業務的強勁表現所推動的。

Importantly, improved monetization continues its strong contribution to growth.

重要的是，貨幣化的改善繼續對成長做出強勁貢獻。

Financial services revenue per product increased from $59 in the fourth quarter of '23 to $81 in the fourth quarter of '24.

每個產品的金融服務收入從 23 年第四季的 59 美元增加到 24 年第四季的 81 美元。

That's up 37% and we see continued upside as our newer products mature.

成長了 37%，隨著我們新產品的成熟，我們看到了持續的成長。

In addition to delivering durable growth, we delivered strong returns and profitability.

除了實現持久成長之外，我們還實現了強勁的回報和獲利能力。

In 2024, adjusted EBITDA was a record at over $665 million.

2024 年，調整後 EBITDA 超過 6.65 億美元，創歷史新高。

All three of our segments achieved record contribution profit at strong margins.

我們的所有三個部門都以強勁的利潤率實現了創紀錄的貢獻利潤。

In fact, financial services posted its first full year of profitability and we are still just scratching the surface of the massive opportunity that exists.

事實上，金融服務業首次實現全年獲利，而我們仍然只是觸及了存在的巨大機會的表面。

Our margin for the year was 26% of nearly 500 basis points year over year.

我們今年的利潤率為 26%，年增近 500 個基點。

This improvement was driven by an incremental margin of 44% well above our target of around 30%.

這項改善是由 44% 的增量利潤率推動的，遠高於我們 30% 左右的目標。

Net income was $499 million or $227 million excluding non-recurring benefits related to deferred taxes which Chris will discuss momentarily.

淨利潤為 4.99 億美元，即 2.27 億美元，不包括克里斯將立即討論的與遞延稅款相關的非經常性福利。

Even without these benefits, 2024 was our first full year of GAAP profitability and we have now delivered five consecutive profitable quarters.

即使沒有這些好處，2024 年也是我們第一個以 GAAP 實現盈利的全年，我們現在已經連續五個季度實現盈利。

While we remain focused on achieving our long term aspirations, we continue to deliver strong performance each day in each quarter.

在我們繼續專注於實現長期願望的同時，我們繼續在每個季度每天取得強勁的業績。

Earnings per share were $0.39 or $0.15, when excluding non-recurring benefits related to deferred taxes.

扣除與遞延稅項相關的非經常性福利後，每股收益為 0.39 美元或 0.15 美元。

And tangible book value ended the year at $4.9 billion, a year-over-year increase of nearly $1.4 billion, this includes $271 million from non-recurring benefits related to deferred taxes.

年終有形帳面價值為 49 億美元，年增近 14 億美元，其中包括與遞延稅項相關的非經常性福利 2.71 億美元。

Our strong financial performance is the direct result of our investment in innovation and brand building.

我們強勁的財務表現是我們對創新和品牌建立投資的直接結果。

These investments attract new members and clients into our ecosystem and lead them to adopt more products over time.

這些投資吸引了新成員和客戶進入我們的生態系統，並隨著時間的推移引導他們採用更多產品。

This fuels our growth and ultimately our returns as we scout.

這會促進我們的成長，並最終促進我們的偵察回報。

Looking ahead, our opportunity scale remains massive and it feels like it's day one of our journey.

展望未來，我們的機會規模仍然巨大，感覺就像是我們旅程的第一天。

People want innovative solutions delivered seamlessly and digitally, yet most traditional financial services firms are encumbered by physical locations, internal bureaucracy and outdated technology.

人們希望以數位化方式無縫交付創新解決方案，但大多數傳統金融服務公司都受到實體地點、內部官僚機構和過時技術的阻礙。

They've struggled to evolve.

他們一直在努力發展。

Since day one, technology and innovation have been part of our DNA.

從第一天起，科技和創新就已成為我們 DNA 的一部分。

It's how we built and scaled products more rapidly creating the digital one-stop shop for financial services in just seven years.

這就是我們如何在短短七年內更快速地建立和擴展產品，創建數位化一站式金融服務商店。

Our members often come to us for a specific product then adopt others over time.

我們的會員經常向我們尋求特定產品，然後隨著時間的推移採用其他產品。

As satisfied members do more with us, it creates a flywheel that we call our financial services productivity loop.

當滿意的會員與我們一起做更多事情時，就會形成一個飛輪，我們稱之為金融服務生產力循環。

Here's how we know it's working.

這就是我們如何知道它正在發揮作用。

In 2024, 30% of new products were opened by existing SoFi members and nearly 40% of new members opened a second product in the first 30 days.

2024年，30%的新產品是由現有SoFi會員開設的，近40%的新會員在前30天內開設了第二個產品。

More recent cohorts are taking a second product even faster than what we've seen in the past.

最近的人群使用第二種產品的速度甚至比我們過去看到的還要快。

This performance is a clear indication of our success in getting members to the right product and a validation of our one stop shop model.

這一表現清楚地表明我們成功地為會員提供了正確的產品，並驗證了我們的一站式商店模式。

Bringing new members into our productivity loop starts by having a trusted household brand name.

將新成員帶入我們的生產力循環首先要擁有值得信賴的家喻戶曉的品牌。

A key part of our marketing strategy is working with like-minded partners that help us reach new audiences and build awareness of how we help our members get their money, right.

我們行銷策略的關鍵部分是與志同道合的合作夥伴合作，幫助我們吸引新受眾，並提高我們如何幫助會員正確賺錢的意識。

For example, we recently unveiled a first of its kind partnership where our brand is presented side by side with the sports leagues brand in TGL, presented by SoFi, a new tech driven golf league broadcasted live on ESPN from the new State of the Art SoFi Center in South Florida.

例如，我們最近推出了首個此類合作夥伴關係，我們的品牌與TGL 中的體育聯盟品牌並列展示，由SoFi 呈現，SoFi 是一個新技術驅動的高爾夫聯盟，透過最新的SoFi 在ESPN 上進行現場直播中心位於南佛羅裡達州。

Even SoFi is part of the league's brand, we get millions of impressions everywhere the TGL brand goes, allowing us to reach a broader audience over and over.

即使 SoFi 是聯盟品牌的一部分，TGL 品牌所到之處我們都會獲得數百萬的印象，使我們能夠一次又一次地接觸到更廣泛的受眾。

Overall, our brand building efforts are yielding strong results.

總體而言，我們的品牌建立工作正在取得良好成果。

In 2024, our unaided brand awareness reached its highest ever level at over 7% of nearly 170 basis points from last year.

2024 年，我們的獨立品牌知名度達到了歷史最高水平，比去年提高了近 170 個基點，增幅超過 7%。

We're also innovating to strengthen and diversify our business so we can serve more members with less balance sheet risk supporting both our growth and returns over the long term.

我們也透過創新來加強和多元化我們的業務，以便我們能夠以更低的資產負債表風險為更多會員提供服務，從而支持我們的長期成長和回報。

Our loan platform business or LPB is one example.

我們的貸款平台業務（LPB）就是一個例子。

Over the years, we've built a powerful lending platform with strong member acquisition, underwriting and servicing capabilities.

多年來，我們建立了一個強大的貸款平台，具有強大的會員獲取、承銷和服務能力。

But prior to 2024, we had two options; hold loans on our balance sheet to generate net interest income or to sell loans to manage our balance sheet size risk and capital.

但在 2024 年之前，我們有兩個選擇；在我們的資產負債表上持有貸款以產生淨利息收入或出售貸款以管理我們的資產負債表規模風險和資本。

This past year, we created greater optionality to meet the strong demands from our members and capital markets buyers through LPB.

去年，我們透過 LPB 創造了更多選擇，以滿足會員和資本市場買家的強烈需求。

Here's how it works.

這是它的工作原理。

We partner with buyers like Fortress to originate loans, fitting their predefined criteria and we earn fee income as we fill the orders.

我們與 Fortress 等買家合作發放貸款，符合他們預先設定的標準，並在完成訂單時賺取費用收入。

These loans are originated on the buyer's behalf, so they don't sit on our balance sheet.

這些貸款是代表買方發放的，因此不會出現在我們的資產負債表上。

And importantly, we keep the servicing rights.

重要的是，我們保留服務權利。

This model is a game changer.

該模型改變了遊戲規則。

It allows us to serve more members including people that we might have otherwise declined for a variety of factors without taking on incremental risk or capital.

它使我們能夠為更多會員提供服務，包括我們可能因各種因素而拒絕的會員，而無需承擔增量風險或資本。

It further diversifies our revenue with additional fee based income and because we keep the relationship, we have the opportunity to provide the members with additional products and services.

它透過額外的收費收入進一步使我們的收入多樣化，並且由於我們保持了這種關係，我們有機會為會員提供額外的產品和服務。

In 2024, we originated $2.1 billion of loans through LPB, which brought our total company loan originations to $23 billion.

2024 年，我們透過 LPB 發放了 21 億美元的貸款，這使我們的公司貸款發放總額達到 230 億美元。

Beyond LPB, we've continued to build and enhance products in our financial services segment.

除了 LPB 之外，我們也持續開發和增強金融服務領域的產品。

In just a few weeks, we'll introduce a variety of new benefits across our one stop shop and a new fee based subscription option for SoFi plus.

在短短幾週內，我們將在一站式服務中推出各種新福利以及 SoFi plus 的新收費訂閱選項。

Our premium membership tier SoFi plus has been incredibly popular but only available to members who enroll in direct deposit.

我們的高級會員等級 SoFi plus 非常受歡迎，但僅適用於註冊直接存款的會員。

For the first time members can access our highest APY, a 1% match in recurring invest deposits, extra cash back on SoFi travel, interest rate discounts and more for a low monthly fee.

會員首次可以以低廉的月費獲得我們最高的年化年利率、1% 的定期投資存款匹配、SoFi 旅行的額外現金返還、利率折扣等。

We will provide SoFi plus members with more than $1000 of value annually unlocked by paying a monthly subscription or doing a monthly direct deposit.

我們將為 SoFi plus 會員提供每年超過 1000 美元的價值，透過每月訂閱或每月直接存款解鎖。

In Q4, our investments expanded access to alternative investments through partnerships with three new private market funds including the Templum Cosmos Fund which offers sole exposure to SpaceX; and through our new Robo advisor platform developed in partnership with Blackrock, having access to alternative investments is a top priority for many retail investors, and one way we're helping our members achieve their ambitions.

第四季度，我們的投資透過與三個新的私募市場基金合作，擴大了另類投資的管道，其中包括 Templum Cosmos 基金，該基金獨家投資 SpaceX；透過我們與貝萊德合作開發的新機器人顧問平台，獲得另類投資是許多散戶投資者的首要任務，也是我們幫助會員實現抱負的一種方式。

SoFi has 2.5 million invest products with 70% of the growth coming from existing SoFi members.

SoFi 擁有 250 萬種投資產品，其中 70% 的成長來自現有 SoFi 會員。

We continue to iterate on the value proposition which is driving two dimensions of growth, engagement and monetization, both of which we believe will double in the intermediate term.

我們繼續迭代推動成長、參與度和貨幣化兩個維度的價值主張，我們相信這兩個維度在中期都會翻倍。

In credit card, we continue to thoughtfully position our business for future growth.

在信用卡方面，我們繼續深思熟慮地定位我們的業務，以實現未來的成長。

We improved our underwriting and rolled out two new products tailored to our member's needs.

我們改進了承保，並推出了兩種根據會員需求量身定制的新產品。

The everyday cash rewards and essential credit cards, helping more members earn rewards and build their credit.

每日現金獎勵和必備信用卡，幫助更多會員賺取獎勵並建立信用。

Our financial services segment also operates as a marketplace where we connect members to third parties and collect referral fees.

我們的金融服務部門也作為一個市場運作，我們將會員與第三方聯繫起來並收取推薦費。

For example, we make loan and banking referrals for borrowers.

例如，我們為借款人提供貸款和銀行推薦。

We don't currently serve including small and medium sized businesses.

我們目前不為中小型企業提供服務。

We also refer members to partner insurance carriers through our protect product, while still small in the context of SoFi these referral revenue streams that are high margin grew significantly in 2024.

我們也透過我們的保護產品將會員推薦給合作夥伴保險公司，儘管在 SoFi 的背景下仍然很小，但這些高利潤的建議收入流在 2024 年顯著增長。

That takes me to SoFi Money, our most successful financial services product which serves as an example of what these other businesses can become.

這讓我想到了 SoFi Money，這是我們最成功的金融服務產品，它是其他業務可以發展的一個例子。

Since 2020, money has scaled significantly.

自2020年以來，資金規模大幅增加。

Products grew from 646,000 to 5.1 million products today and increased 51% just this year.

產品從 646,000 種增加到如今的 510 萬種，光是今年就增加了 51%。

Money helped drive nearly a 9x increase in revenue per product for financial services overall.

資金幫助整個金融服務的每個產品收入成長了近 9 倍。

Since acquiring our bank license in 2022, we've grown our deposits to $26 billion by iterating, learning and iterating to make our product, marketing and service better every day.

自 2022 年獲得銀行牌照以來，我們透過迭代、學習和迭代，使我們的產品、行銷和服務每天都變得更好，已將存款增加到 260 億美元。

For example, we know that frictionless money movement is top of mind for our members.

例如，我們知道無摩擦的資金流動是我們會員的首要考慮因素。

So in 2024, we introduced Zelle and improved our self-service wire transfers.

因此，在 2024 年，我們推出了 Zelle 並改進了我們的自助電匯。

We believe invest is the next business to follow the footsteps of money, and we plan to allocate greater resources in 2025 to scale this business.

我們相信投資是緊接著金錢腳步的下一個業務，我們計劃在 2025 年分配更多資源來擴展這項業務。

Turning now to tech platform, another fee-based segment.

現在轉向技術平台，這是另一個收費部分。

Our tech platform gives a broad range of clients from banks to fintechs to consumer brands, the ability to create, launch and run financial products.

我們的技術平台為從銀行到金融科技公司再到消費品牌的廣泛客戶提供了創建、推出和經營金融產品的能力。

In 2024, tech platform reached 168 million total accounts, increasing 15% year over year.

2024年，科技平台總帳戶數達到1.68億，年增15%。

Entering 2025, we are seeing strong demand from new potential partners.

進入 2025 年，我們看到新的潛在合作夥伴的強勁需求。

Let me give a few examples from the few months that demonstrate the diversity of our client base and the strength of our offering.

讓我舉幾個幾個月來的例子，展示我們客戶群的多樣性和我們產品的實力。

First, we recently were selected by the US Department of Treasury for Direct Express, a prepaid debit card program that approximately 3.4 million people use to access their federal benefits.

首先，我們最近被美國財政部選中作為 Direct Express 的預付借記卡計劃，約有 340 萬人使用該計劃來獲取聯邦福利。

This is a testament to our tech platform's differentiated offering as well as our strength and reliability.

這證明了我們技術平台的差異化產品以及我們的實力和可靠性。

We're excited about the integration that will take place in 2025, and the financial impact that we will see in 2026.

我們對 2025 年進行的整合以及 2026 年將看到的財務影響感到興奮。

Second, we just signed a large US based financial service provider that offers short-term consumer loans, card services, check cashing and other financial products.

其次，我們剛簽了一家美國大型金融服務提供商，提供短期消費貸款、卡片服務、支票兌現和其他金融產品。

They've built a large, loyal and highly active debit card portfolio over the past two decades and will now rely on our technology to power existing and new capabilities.

在過去的二十年裡，他們建立了龐大、忠誠且高度活躍的借記卡產品組合，現在將依靠我們的技術來支援現有和新的功能。

Once they fully transition to our platform in early 2026, they will be a TOP10 client on a revenue basis.

一旦他們在 2026 年初完全過渡到我們的平台，他們將成為收入排名前 10 的客戶。

Third, we've signed a partnership with a leading hotel rewards brand for a co-branded debit card program launching in the first half of '25.

第三，我們與一家領先的酒店獎勵品牌簽署了合作夥伴關係，將於 25 年上半年推出聯合品牌借記卡計劃。

This is a new differentiated offering that will expand our footprint among consumer brands.

這是一項新的差異化產品，將擴大我們在消費品牌中的足跡。

These deals represent more predictable revenue from larger established brands with notably higher average deal sizes.

這些交易代表了來自平均交易規模明顯更高的大型知名品牌的更可預測的收入。

We're excited about these wins and would note that the implementation and the integration cycles will be gradual and the revenue impacts will most likely be felt in 2026.

我們對這些勝利感到興奮，並注意到實施和整合週期將是漸進的，收入影響很可能在 2026 年感受到。

As you can see, 2024 was a tremendous year overall.

如您所見，2024 年總體而言是非凡的一年。

Our record revenue, profit, members, products and returns all demonstrate the success of our innovation and brand building and are a testament to the absolute grit of our team.

我們創紀錄的收入、利潤、會員、產品和回報都證明了我們創新和品牌建立的成功，也證明了我們團隊的絕對勇氣。

I have never been prouder of a year-long performance than I am of 2024.

我對 2024 年的一年表現感到無比自豪。

Even with how great 2024 was, the future has never been brighter for SoFi than it is in 2025.

儘管 2024 年多麼美好，但 SoFi 的未來從未像 2025 年那樣光明。

The operating environment is the strongest it has been since I joined with interest rates, strong employment, active capital markets, and we have a vibrant brand and the only digital one-stop shop offering in the US, resulting in a diversified business model that is well positioned to capture the opportunity ahead.

自從我加入以來，經營環境是最強勁的，利率、強勁的就業、活躍的資本市場，我們擁有充滿活力的品牌和美國唯一的數位一站式服務，從而形成了多元化的商業模式，處於有利位置，可以抓住未來的機會。

With that, let me turn the call over to Chris to provide more detail about the quarter and year, and to share our detailed guidance for '25.

接下來，讓我將電話轉給 Chris，以提供有關本季度和年度的更多詳細信息，並分享我們對 25 年的詳細指導。

Thank you, Anthony. 2024 was indeed our best year ever and we finished strong with an exceptional fourth quarter.

謝謝你，安東尼。 2024 年確實是我們有史以來最好的一年，我們以出色的第四季度表現強勁。

Adjusted net revenue for the quarter was a record at $739 million, up 24% year over year and 7% sequentially.

該季度調整後淨收入創歷史新高，達 7.39 億美元，年增 24%，季增 7%。

Adjusted EBITDA was also a record at $198 million with a 27% margin.

調整後 EBITDA 也創下歷史新高，達到 1.98 億美元，利潤率為 27%。

Excluding the non-recurring benefits related to deferred taxes, adjusted net income was $61 million and adjusted EPS was $0.05.

不包括與遞延稅項相關的非經常性福利，調整後淨利為 6,100 萬美元，調整後每股收益為 0.05 美元。

This was our fifth consecutive profitable quarter and first profitable year.

這是我們連續第五個季度獲利，也是第一個獲利年度。

As noted our fourth-quarter GAAP results included non-recurring tax benefits of $271 million.

如前所述，我們第四季的 GAAP 業績包括 2.71 億美元的非經常性稅收優惠。

These were primarily related to the release of the majority of the valuation allowance against our deferred tax assets.

這些主要與釋放我們的遞延所得稅資產的大部分評估備抵有關。

Each quarter, we assess the recoverability of our net deferred assets, most of which are related to net operating loss and tax credit carry forwards from prior years.

每個季度，我們都會評估淨遞延資產的可收回性，其中大部分與淨營業虧損和往年的稅收抵免結轉有關。

The timing of this release was due to our recent strong financial performance and forecast of continued profitability.

發布此消息的時機是由於我們最近強勁的財務業績和對持續盈利的預測。

Moving forward, we expect a normalized effective tax rate of approximately 26% which can be impacted by future discrete tax items and mix of income.

展望未來，我們預計標準化有效稅率約為 26%，這可能會受到未來離散稅項和收入組合的影響。

Turning now to our segment performance starting with our non-lending segments which comprised a record 49% of total adjusted net revenue during the quarter, reflecting the continued diversification of our business.

現在談談我們的分部業績，首先是非貸款分部，該分部佔本季度調整後淨收入總額的創紀錄的 49%，反映了我們業務的持續多元化。

Starting with financial services.

從金融服務開始。

For the fourth quarter, net revenue was $257 million, up 84% year over year.

第四季淨收入為2.57億美元，年增84%。

Contribution profit was $115 million, up 4.6x year over year.

貢獻利潤為1.15億美元，年增4.6倍。

Contribution margin improved significantly to 45%, up from 18% last year.

邊際貢獻率從去年的 18% 大幅提高至 45%。

Net interest income for the segment was $160 million, up 47% year over year, which was primarily driven by growth in consumer deposits.

該部門的淨利息收入為1.6億美元，年增47%，主要受到消費者存款成長的推動。

Importantly, noninterest income grew 3.2x to $96 million in the quarter, which equates to nearly $385 million in annualized revenue.

重要的是，本季非利息收入成長了 3.2 倍，達到 9,600 萬美元，相當於年化收入近 3.85 億美元。

In Q4, our LTV business generated $63 million in fees driven by $1.1 billion of personal loans originated on behalf of third parties as well as referrals.

第四季度，我們的 LTV 業務產生了 6,300 萬美元的費用，這得益於代表第三方和推薦發放的 11 億美元個人貸款。

Additionally, LPB generated $4 million in servicing cash flow, which is recorded in our lending segment.

此外，LPB 還產生了 400 萬美元的服務現金流，這記錄在我們的貸款部門中。

In total, our loan platform business added $67 million to our adjusted net revenue across these two segments.

總的來說，我們的貸款平台業務為這兩個部門的調整後淨收入增加了 6,700 萬美元。

We are off to a strong start in Q1 as well.

我們在第一季也取得了良好的開局。

Our loan platform business recently agreed to initial terms with Blue Owl Capital Funds for up to $5 billion of personal loans over two years.

我們的貸款平台業務最近與 Blue Owl Capital Funds 達成了初步條款，在兩年內提供高達 50 億美元的個人貸款。

Once finalized, this arrangement will represent our largest LPB agreement to date.

一旦最終確定，這項安排將成為我們迄今為止最大的 LPB 協議。

In addition to our LPB revenue, we continued to see healthy growth in interchange, up 63% year over year driven by $14 billion in total annualized spend in the quarter across money and credit card.

除了我們的 LPB 收入之外，我們還看到交換業務繼續健康成長，在本季度貨幣和信用卡年化總支出 140 億美元的推動下，年增 63%。

Shifting to our tech platform.

轉移到我們的技術平台。

For the fourth quarter, we delivered net revenue of $103 million, up 6% year over year.

第四季度，我們實現淨收入 1.03 億美元，年增 6%。

Contribution profit was $32 million at a contribution margin of 31%.

貢獻利潤為 3,200 萬美元，貢獻邊際率為 31%。

Revenue growth was driven by continued monetization of existing clients, along with new deals signed in new client segments.

收入成長是由現有客戶的持續貨幣化以及新客戶群簽署的新交易推動的。

Our recent client wins have been more diverse, including major consumer and commercial brands as well as large enterprise in Latin America.

我們最近贏得的客戶更加多樣化，包括主要的消費者和商業品牌以及拉丁美洲的大型企業。

Turning to our Lending segment.

轉向我們的貸款部門。

For the fourth quarter, adjusted net revenue was $423 million, up 22% from the same period last year.

第四季調整後淨收入為4.23億美元，比去年同期成長22%。

Contribution profit was $246 million with a 58% adjusted margin.

貢獻利潤為 2.46 億美元，調整後利潤率為 58%。

These strong results were primarily driven by growth in net interest income, which increased 31% year over year to $345 million.

這些強勁業績主要是由淨利息收入成長推動的，淨利息收入年增 31%，達到 3.45 億美元。

This included a 23% increase in average interest earning assets and a 68 basis point decrease in cost of funds, which was mostly offset by a 62 basis point decrease in average yields.

其中包括平均生息資產增加 23%，資金成本下降 68 個基點，但大部分被平均收益率下降 62 個基點所抵銷。

During the quarter, we achieved record loan originations of $7.2 billion, up 66% year over year.

本季度，我們發放的貸款達到創紀錄的 72 億美元，年增 66%。

Personal loan originations were a record at $5.3 billion, of which $1.1 billion was originated on behalf of third parties through LPB.

個人貸款發放量創歷史新高，達 53 億美元，其中 11 億美元是透過 LPB 代表第三方發放的。

Collectively, personal loan originations were up 63% year over year.

整體而言，個人貸款發放量年增 63%。

Student and home loan lending both had their best quarter since 2021.

學生貸款和房屋貸款均創下 2021 年以來最好的季度表現。

Student loan originations were $1.3 billion, up 71% from the same period last year.

學生貸款發放額為 13 億美元，比去年同期成長 71%。

Home loan originations were $577 million, an 87% year over year increase.

房屋貸款發放額為 5.77 億美元，年增 87%。

The fourth quarter was our best quarter of capital markets activity since going public.

第四季是我們上市以來資本市場活動最好的一個季度。

Overall, we sold or transferred through LPB over $3.4 billion of personal loans, home loans and secured loans.

總體而言，我們透過 LPB 出售或轉讓了超過 34 億美元的個人貸款、房屋貸款和擔保貸款。

In terms of personal loans, we closed $950 million of sales in [whole] loan form and a blended execution of 105.5%.

在個人貸款方面，我們以[全部]貸款形式完成了 9.5 億美元的銷售，混合執行率為 105.5%。

We also closed a $525 million private ABS transaction that included significantly lower WACC collateral relative to our balance sheet, an execution of 102.3%.

我們還完成了一筆 5.25 億美元的私人 ABS 交易，其中 WACC 抵押品相對於我們的資產負債表顯著降低，執行率為 102.3%。

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

所有交易的結構都與近期其他個人貸款銷售類似，收益達到或接近票面價值，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 have otherwise had 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時所面臨的風險而言並不重要。

In terms of home loan sales, we closed $507 million at a blended execution of 100.7%.

在房屋貸款銷售方面，我們以 100.7% 的混合執行率完成了 5.07 億美元的銷售。

Additionally, we sold $90 million of late-stage delinquent personal loans.

此外，我們還出售了 9,000 萬美元的後期拖欠個人貸款。

By selling these loans, we're able to generate positive incremental value over time versus selling after they charge, both from our improved recovery capabilities and by maintaining servicing.

透過出售這些貸款，與收取費用後出售相比，我們能夠隨著時間的推移產生積極的增量價值，這既得益於我們提高的回收能力，也透過維持服務。

Finally, we sold $243 million of secured loans at a par execution, while also executing $199 million of new secured financing.

最後，我們以平價出售了 2.43 億美元的擔保貸款，同時也執行了 1.99 億美元的新擔保融資。

Net-net, inclusive of all new issuances, paydowns and loans sold in period, our secured loan balance decreased by $189 million sequentially.

淨淨額，包括所有新發行、還款和期內出售的貸款，我們的擔保貸款餘額環比減少了 1.89 億美元。

Turning to credit performance.

轉向信用表現。

The health of our consumer remains strong.

我們消費者的健康狀況依然強勁。

Our personal loan as have a weighted average income of $158,000 and a weighted average FICO score of 744, while our student loan borrowers have a weighted average income of $134,000 with a weighted average FICO score of 765.

我們的個人貸款的加權平均收入為 158,000 美元，加權平均 FICO 分數為 744，而我們的學生貸款借款人的加權平均收入為 134,000 美元，加權平均 FICO 分數為 765。

Our credit trends continue to improve after seeing delinquencies peak in the first quarter of 2024.

在 2024 年第一季拖欠率達到頂峰後，我們的信貸趨勢持續改善。

For personal loans, the on-balance sheet 90-day delinquency rate was 55 basis points in the quarter, a slight decrease from 57 basis points in Q3.

個人貸款方面，本季表內 90 天拖欠率為 55 個基點，較第三季的 57 個基點略有下降。

The annualized charge-off rate declined to 3.37% versus 3.52% in the prior quarter.

年化沖銷率下降至 3.37%，上一季為 3.52%。

And we not sold any late-stage delinquencies, we estimate that including recoveries, we would have had an all-in annualized net charge-off rate for personal loans of approximately 4.9% versus 5.0% last quarter.

我們沒有出售任何後期拖欠貸款，我們估計，如果包括追收款項，我們的個人貸款年化淨沖銷率將約為 4.9%，而上季度為 5.0%。

For student loans, the on-balance sheet 90-day student loan delinquency rate remained flat sequentially at 12 basis points, while our annualized charge-off rate decreased 7 basis points to 62 basis points from 69 basis points last quarter.

對於學生貸款，表內 90 天學生貸款拖欠率環比保持在 12 個基點，而年化沖銷率從上季度的 69 個基點下降 7 個基點至 62 個基點。

The data continues to support our 7% to 8% maximum life alone loss assumptions for personal loans, in line with our underwriting tolerance, although we continue to trend below these levels.

這些數據繼續支持我們對個人貸款 7% 至 8% 的最大單獨壽命損失假設，符合我們的承保容忍度，儘管我們的趨勢繼續低於這些水平。

Our recent vintages originated from Q4 2022 to Q1 2024 have net cumulative losses of 3.8% with 45% unpaid principal balance remaining.

我們最近從 2022 年第四季到 2024 年第一季的年份累計淨虧損為 3.8%，尚有 45% 的未付本金餘額。

This is well below the 5.25% observed at the same point in time for the 2017 vintage, the last vintage that approached our 7% to 8% tolerance.

這遠低於 2017 年同一時間點觀察到的 5.25%，這是最後一個接近我們 7% 至 8% 容忍度的年份。

The gap between newer cohort curve and the 2017 cohort curve widened by 15 basis points, demonstrating continued improvement.

新的隊列曲線與 2017 年隊列曲線之間的差距擴大了 15 個基點，顯示持續改善。

Additionally, looking at our Q1 2020 through Q3 2024 originations, 58% of principal has already been paid down with 6.5% in net cumulative losses.

此外，從我們 2020 年第一季到 2024 年第三季的初始情況來看，58% 的本金已被償還，淨累計損失為 6.5%。

Therefore, for life-of-loan losses on its entire cohort of loans to reach 8%, the charge-off rate on the remaining 42% of unpaid principal would need to exceed 10%.

因此，要使整個貸款群的貸款期限損失達到 8%，剩餘 42% 未付本金的沖銷率需要超過 10%。

This would be well above past levels, further underscoring our confidence in achieving loss rates below our 8% tolerance.

這將遠高於過去的水平，進一步凸顯了我們對損失率控制在 8% 以下的信心。

Turning to our fair value marks and key assumptions.

轉向我們的公允價值標記和關鍵假設。

As a reminder, we mark our loans at fair value each quarter, which considers a number of factors, including, the weighted average coupon, the constant default rate, the conditional prepayment rate and the discount rate comprised of benchmark rates and spreads.

提醒一下，我們每個季度都以公允價值標記我們的貸款，其中考慮了多種因素，包括加權平均息票、固定違約率、有條件提前還款率以及由基準利率和利差組成的貼現率。

At the end of the fourth quarter, our personal loans were marked at 104.9%, down 80 basis points from the end of the prior quarter.

第四季末，個人貸款率為104.9%，較上季末下降80個基點。

This change was a function of the discount rate increasing by 51 basis points to 5.29%, mostly due to the underlying benchmark rate increasing by 63 basis points, partially offset by 12 basis points from spreads tightening.

這項變更是折現率上升 51 個基點至 5.29% 的結果，主要是因為基礎基準利率上升了 63 個基點，部分被利差收緊所抵銷的 12 個基點所致。

As we've previously noted, both of these changes are empirical based on the actual market data, not assumptions.

正如我們之前指出的，這兩項變化都是基於實際市場數據的經驗，而不是假設。

Additionally, any fair value impacts that result from interest rates increasing were offset nearly one for one by hedge gains.

此外，利率上升造成的任何公允價值影響幾乎都被對沖收益一一抵銷。

Furthermore, we saw a 10 basis point decrease in the weighted average coupon.

此外，我們還發現加權平均票息下降了 10 個基點。

Slightly offsetting those negative impacts, we had a slight decrease in our conditional prepayment rate from 26.1% to 26.0%, which has an immaterial impact on the overall change in the mark.

我們的有條件提前還款率從 26.1% 略有下降至 26.0%，略微抵消了這些負面影響，這對馬克的整體變化影響不大。

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

當借款人提前還款時，我們仍在獲取本金，對資產價值的影響僅基於在給定時間點高於面值的溢價，該溢價相對於未償本金非常小。

At the end of the fourth quarter, our student loans are marked at 104.1%, down 133 basis points from the end of the prior quarter.

第四季末，我們的學生貸款率為104.1%，較上季末下降133個基點。

This change was a function of the discount rate increasing by 41 basis points to 4.4%, driven by the underlying benchmark rate increasing by 76 basis points, partially offset by 35 basis points from spreads tightening.

這項變更是折現率上升 41 個基點至 4.4% 的結果，而基礎基準利率上升了 76 個基點，部分抵銷了利差收緊帶來的 35 個基點。

Additionally, we saw a 28 basis point increase in the conditional prepayment rate from 10.7% to 11.0%.

此外，有條件提前還款率從 10.7% 增加到 11.0%，增加了 28 個基點。

There were no material changes to the weighted average coupon rate or the conditional prepayment rate.

加權平均票面利率或有條件提前還款利率未有重大變動。

Turning to our balance sheet, we remain very well capitalized.

談到我們的資產負債表，我們的資本狀況仍然非常良好。

In the fourth quarter, total assets grew by $1.9 billion, driven by approximately $910 million of loan growth, approximately $830 million of growth in other assets and approximately $80 million of growth in cash, cash equivalents and investment securities.

第四季度，總資產成長了 19 億美元，其中貸款成長約 9.1 億美元，其他資產成長約 8.3 億美元，現金、現金等價物和投資證券成長約 8,000 萬美元。

Total liabilities grew by $1.5 billion.

總負債增加了 15 億美元。

This was driven by member deposit growth of $2.6 billion quarter over quarter, while non-member deposits were reduced by $1.2 billion.

這是由於會員存款季增 26 億美元，而非會員存款減少 12 億美元。

Total deposits reached nearly $26 billion in the quarter.

本季存款總額達近 260 億美元。

Over the past year, our strong organic deposit growth has further strengthened our balance sheet.

過去一年，我們強勁的有機存款成長進一步增強了我們的資產負債表。

Currently, there is a 193 basis point difference between the interest we pay on deposits and the interest we pay on warehouse lines, which translates to approximately $500 million in annualized interest expense savings from growing our deposit base over the past year.

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 193 個基點的差異，這意味著過去一年我們存款基礎的增長可節省約 5 億美元的年化利息費用。

We continue to benefit from the mix shift towards deposit funding, along with our ability to sustain healthy deposit versus lending betas.

我們繼續受益於存款融資的混合轉變，以及我們維持健康的存款與貸款貝塔值的能力。

As a result, we reported an average net interest margin of 5.91% for the quarter, up 34 basis points sequentially.

因此，我們報告本季平均淨利差為 5.91%，比上一季上升 34 個基點。

This is a function of maintaining asset yields and reducing our overall cost of deposits.

這是維持資產收益率和降低整體存款成本的功能。

This continues to be in line with our expectation of maintaining NIM above 5% for the foreseeable future.

這仍然符合我們在可預見的未來將淨利差維持在 5% 以上的預期。

In terms of our regulatory capital ratios, our total capital ratio of 16.2% at year-end remains comfortably above the regulatory minimum of 10.5%.

就我們的監理資本比率而言，年末我們的總資本比率為16.2%，仍遠高於10.5%的監理最低水準。

Tangible book value grew $465 million sequentially to $4.9 billion, including the nonrecurring benefits related to deferred taxes.

有形帳面價值連續成長 4.65 億美元，達到 49 億美元，其中包括與遞延稅項相關的非經常性福利。

While these are nonrecurring benefits, it is value retained in the business.

雖然這些是非經常性利益，但它是企業保留的價值。

Tangible book value per share at year-end is $4.47, up from $3.61 a year ago.

年末每股有形帳面價值為 4.47 美元，高於一年前的 3.61 美元。

Looking forward to 2025, after a year of bolstering our capital base, reaching GAAP profitability as well as the scale required to drive continued profitability, we want to better tilt our incremental revenue growth toward investment.

展望 2025 年，經過一年的鞏固資本基礎、達到 GAAP 盈利能力以及推動持續盈利所需的規模，我們希望更好地將增量收入增長轉向投資。

We have significant untapped addressable markets in front of us, and we have proven that the more we invest, the more we produce durable growth and strong returns.

我們面前有大量尚未開發的潛在市場，我們已經證明，投資越多，就越能產生持久的成長和強勁的回報。

In 2025, we plan to manage towards an incremental EBITDA margin of around 30% as we reinvest in the business to drive that durable growth of 25% again in 2025 and, ultimately, strong returns well into the future.

到 2025 年，我們計劃透過對業務進行再投資，實現 EBITDA 利潤率增量約 30%，以在 2025 年再次推動 25% 的持久增長，並最終在未來獲得強勁回報。

Let me finish by providing our outlook for 2025, starting with the macro assumptions that underpin our financial guide.

最後，我先介紹我們對 2025 年的展望，首先是支撐我們財務指南的宏觀假設。

In line with market expectations, our assumptions are as follows; an interest rate outlook consistent with the forward curve and just north of 1.5 rate cuts, GDP expansion of 1% to 2%, normalization of unemployment in the 5% range, and continuation of normalized credit spread across capital markets and stabilization of consumer credit.

與市場預期一致，我們的假設如下：利率前景與遠期曲線一致，降息幅度略高於 1.5 次，GDP 成長 1% 至 2%，失業率正常化在 5% 範圍內，資本市場信貸利差持續正常化，消費信貸穩定。

Now for our specific guidance.

現在我們的具體指導。

For the full-year 2025, we expect to add at least 2.8 million members, which represents at least 28% year-over-year growth.

2025 年全年，我們預計將增加至少 280 萬名會員，年增至少 28%。

We expect adjusted net revenue of $3.20 billion to $3.275 billion, which equates to year-over-year growth of approximately 23% to 26%.

我們預計調整後淨收入為 32.0 億美元至 32.75 億美元，相當於年增約 23% 至 26%。

We expect an adjusted EBITDA of $845 million to $865 million, which equates to an incremental EBITDA margin of approximately $0.30, in line with our investment philosophy that I just outlined.

我們預計調整後的 EBITDA 為 8.45 億至 8.65 億美元，相當於增量 EBITDA 利潤率約為 0.30 美元，這符合我剛才概述的投資理念。

We expect adjusted GAAP net income in the range of $285 million to $305 million, which equates to an incremental margin of 20% when excluding the 2024 net gain of $63 million related to the exchange of a portion of our 2026 convertible notes for equity.

我們預計調整後的GAAP 淨利潤將在2.85 億美元至3.05 億美元之間，這相當於在不包括與2026 年部分可轉換票據交換股權相關的2024 年淨收益6300 萬美元的情況下，利潤率增量為20%。

We expect adjusted GAAP EPS in the range of $0.25 to $0.27 per share.

我們預計調整後的 GAAP 每股收益將在 0.25 美元至 0.27 美元之間。

As I mentioned, this guidance assumes a tax rate of 26%, which we currently believe to be our effective tax rate in 2025.

正如我所提到的，本指南假設稅率為 26%，我們目前認為這是 2025 年的有效稅率。

We expect growth in tangible book value of $550 million to $575 million for the year, and to end the year with a total capital ratio above 15%.

我們預計今年有形帳面價值將成長 5.5 億至 5.75 億美元，年底總資本比率將超過 15%。

For the first quarter of 2025, we expect to deliver adjusted net revenue of $725 million to $745 million, adjusted EBITDA of $175 million to $185 million, GAAP net income of $30 million to $40 million and GAAP EPS of $0.03.

2025 年第一季，我們預計調整後淨收入為7.25 億美元至7.45 億美元，調整後EBITDA 為1.75 億美元至1.85 億美元，GAAP 淨利潤為3000 萬美元至4000 萬美元，GAAP 每股收益為0.03 美元。

It's important to note two items when comparing Q1 2025 to Q4 2024.

在比較 2025 年第一季和 2024 年第四季時，需要注意兩點。

First, we expect to have a 26% effective tax rate versus an immaterial impact from taxes on pretax income prior to releasing our valuation allowance.

首先，我們預期有效稅率為 26%，而在發放估價準備金之前，稅收對稅前收入的影響並不重大。

This translates to approximately $15 million of expected taxes in Q1.

這意味著第一季預計稅收約為 1500 萬美元。

Second, each year we have seasonal payroll taxes during the first 2.5 quarters of the year.

其次，每年我們在前 2.5 個季度徵收季節性工資稅。

This translates to approximately $10 million of incremental operating expenses in each of the first two quarters.

這意味著前兩個季度每季的營運支出增量約為 1000 萬美元。

Looking beyond 2025, we now expect to exceed our medium-term guidance of delivering 20% to 25% compounded annual revenue growth through 2026, and we remain confident in delivering 2026 EPS in the range of $0.55 to $0.80 per share.

展望 2025 年以後，我們現在預計到 2026 年將實現超過 20% 至 25% 複合年收入增長的中期指導，並且我們仍然有信心實現 2026 年每股收益在 0.55 美元至 0.80 美元的範圍內。

Moreover, we are well positioned to deliver 20% to 25% annual EPS growth beyond 2026.

此外，我們有能力在 2026 年之後實現 20% 至 25% 的年度每股收益成長。

Overall, 2024 has been a remarkable year for SoFi.

總體而言，2024 年對 SoFi 來說是非凡的一年。

We are proud of the strong results we delivered and remain confident in our ability to build on this momentum as we move into the year ahead.

我們對我們所取得的強勁成果感到自豪，並對我們在進入新的一年時繼續保持這一勢頭的能力充滿信心。

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

那麼，就讓我們開始問答吧。

(Operator Instructions) Kyle Peterson, Needham and Co.

（操作員說明）Kyle Peterson，Needham and Co.

Great.

偉大的。

Thanks guys.

謝謝你們。

Good morning.

早安.

Appreciate you taking the question.

感謝您提出問題。

Want to start on the funding side of the equation that really helps.

想要從真正有幫助的資金方面開始。

And then this quarter, you guys added quite a few deposits.

然後這個季度，你們增加了相當多的存款。

It looks like you've taken a little more action, the deposit side in terms of lowering AP wise compared to some of your competitors, but they're still, growing at a really nice clip here.

與您的一些競爭對手相比，您似乎在存款方面採取了更多行動，降低了 AP，但他們仍然以非常好的速度成長。

So just wanted to see if you could give any more color on how you guys have been able to drive back the costs a little more than, some peers, despite, perception that we might be in a higher for longer type of environment than it looks like even, three or four months ago.

因此，我只是想看看你們是否可以提供更多信息，說明你們如何能夠比一些同行降低更多的成本，儘管我們認為我們可能處於比看起來更高、更長的環境中甚至，三四個月前。

Yes.

是的。

I'm not sure I understand the question.

我不確定我是否理解這個問題。

So clarify if I get it right.

所以請澄清我是否做對了。

I think the first part of your question was we've lowered interest rates on our APYs for SoFi Money, and what impact does that have and how do we think about our funding costs overall and maintaining them.

我認為你問題的第一部分是我們降低了 SoFi Money 的 APY 利率，這會產生什麼影響，以及我們如何考慮整體融資成本並維持它們。

First, on the APY, we want to have a top-tier APY.

首先，在APY上，我們希望有一個頂級的APY。

It's an important element of value proposition.

這是價值主張的重要元素。

SoFi Money has been a phenomenal product.

SoFi Money 是一款非凡的產品。

It's the [gobal] standard of what we're going to do with each one of our businesses.

這是我們每一項業務的[全球]標準。

When we started, we had negative unit economics, then we got the variable profitability.

當我們開始時，我們的單位經濟效益為負，然後我們得到了可變的獲利能力。

And then from there, we scaled the variable profitability above our contribution, our cost, the positive contribution margin.

然後從那裡開始，我們將可變盈利能力調整到我們的貢獻、成本、正貢獻邊際之上。

And now it's really cranking, and we're acquiring a significant number of customers.

現在它真的開始運轉了，我們正在獲得大量的客戶。

Obviously, the payback period is not instant, so we're funding that within the business and still driving right margin.

顯然，投資回收期不是立竿見影的，因此我們在業務範圍內為其提供資金，並且仍在提高利潤率。

We are seeing really strong trends in growth with our APY changes that we've made, both in terms of members and deposits, and we think we can maintain really strong member growth even if our deposit growth slows as we think about managing our assets and liabilities on the balance sheet and our funding costs.

我們在會員和存款方面做出的年化年利率變化看到了非常強勁的成長趨勢，我們認為，即使我們的存款成長放緩，因為我們考慮管理我們的資產和存款，我們也可以保持非常強勁的會員成長。

I'll let Chris add some additional color on the funding side.

我會讓克里斯在資金方面添加一些額外的色彩。

Yeah, absolutely.

是的，絕對是。

So what I would say is we're now currently at the point where we're close to our long term funding target of 85% to 90%.

所以我想說的是，我們目前正接近 85% 至 90% 的長期融資目標。

That's been a rate that we've talked about consistently over the course of the last few years.

這是我們在過去幾年中一直在談論的一個比率。

So while being eco, we'd like to grow deposits at a similar pace to our overall loans, which we expect to be in the single digit billions in 2025, which will be slightly less than what we did in 2024.

因此，在保持生態的同時，我們希望存款的成長速度與貸款總額的成長速度相似，預計 2025 年貸款總額將達到數十億個位數，略低於 2024 年的水準。

However, as Anthony just noted, if we're seeing exceptionally strong member demand, we can grow a bit faster and deploy that funding through incremental loans or other assets.

然而，正如安東尼剛才指出的，如果我們看到會員需求異常強勁，我們可以成長得更快一些，並透過增量貸款或其他資產來部署資金。

Additionally, we have other ways to obviously manage deposits on the balance sheet through pricing and other means.

此外，我們還有其他方法可以透過定價和其他方式來管理資產負債表上的存款。

Finally, the only other point I would note is that we're still expecting really strong member growth north of 28% and that's going to be a function of the continued momentum that we're seeing in money, but also an acceleration in credit card invest and other financial services products.

最後，我要指出的唯一一點是，我們仍然預期會員成長將非常強勁，超過 28%，這將是我們看到的貨幣持續成長勢頭的函數，也是信用卡成長加速的函數投資和其他金融服務產品。

And I would just make one other point about SoFi Money and its role strategically in our overall strategy.

我只想就 SoFi Money 及其在我們整體策略中的策略角色提出另一點。

It's the tip of the sword, so to speak, in the first product many of our members take and then they gain that trust liability with SoFi and then they take on other products.

可以說，這是劍尖，在我們許多會員採用的第一個產品中，然後他們透過 SoFi 獲得了信任責任，然後他們採用其他產品。

So the lifetime value from a money member grows over time as they use more products and services, which is also a consideration when we think about that product.

因此，隨著金錢會員使用更多產品和服務，他們的終身價值會隨著時間的推移而增長，這也是我們考慮產品時要考慮的因素。

The last thing I'd say is what we've seen is that the value prop of SoFi Money is much more than the APY.

我要說的最後一件事是，我們所看到的是，SoFi Money 的價值支柱遠高於 APY。

Having Zelle was really critical.

擁有澤爾真的很關鍵。

People want a safe, secure way to be able to send money person to person.

人們想要一種安全可靠的方式來進行人與人之間的匯款。

We also provide person-to-person payments via just a phone number or e-mail in addition to bill pay, free overdraft, the two day early paycheck, and we'll add other features and functionalities to make that really valuable.

除了帳單支付、免費透支、提前兩天發薪水之外，我們還透過電話號碼或電子郵件提供個人對個人的支付服務，並且我們將添加其他功能和功能，使其真正有價值。

The reason for SoFi Plus in the subscription is to actually provide more than $1,000 of value annually through subscription of [$999] or through direct deposit.

SoFi Plus 加入訂閱的原因是透過訂閱 [999 美元] 或透過直接存款，每年實際提供超過 1,000 美元的價值。

And so that value prop will just continue to increase because we have lower cost, better margin that we can reinvest in a greater appeal.

因此，價值支柱將繼續增加，因為我們的成本更低，利潤更高，我們可以再投資於更大的吸引力。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hey guys.

嘿夥計們。

Great results here.

這裡的結果很好。

And I was going to ask you a question about the lending platform, but we are getting a lot of questions this morning from investors regarding your medium term EPS guidance.

我本來想問你一個有關貸款平台的問題，但今天早上我們從投資者那裡收到了很多關於你的中期每股收益指導的問題。

So maybe -- I just, it's really great to see you reiterate the guidance.

所以也許——我只是，很高興看到你重申這一指導。

But now given that you're leaning into investments, can you give us some examples of like operating leverage items that you have -- that would you know, maybe increase the confidence on investor side that EPS target can be actually be, that would be great.

但現在考慮到您正在傾向於投資，您能否給我們一些您擁有的經營槓桿項目之類的例子——您知道，也許會增加投資者對每股收益目標實際上的信心，那就是偉大的。

Yeah.

是的。

So I'm going to take a step back and elevate out for a second to give people perspective.

因此，我將退後一步，稍微抬起頭來為人們提供視角。

We think the winning formula is to drive durable growth and strong returns, and we do that by driving innovation and brand building.

我們認為制勝法寶是推動持久成長和強勁回報，我們透過推動創新和品牌建立來做到這一點。

We couldn't be more confident in the long-term margins of the business.

我們對業務的長期利潤充滿信心。

What we said historically is that our EBITDA margin long term will be 30% and our net income margin long term will be 20%, and we believe we can drive to a very high ROE well above other financial institutions with those margins, and our high fee-based business as well as we think about the capital elements of the business.

我們過去所說的是，我們的EBITDA 利潤率長期將為30%，我們的淨利潤率長期將為20%，我們相信，憑藉這些利潤率，我們可以實現遠高於其他金融機構的非常高的ROE，並且我們的高收費業務以及我們考慮業務的資本要素。

In 2023, we had set guidance with a 30% incremental EBITDA margin.

2023 年，我們制定了 EBITDA 利潤率增量 30% 的指導方針。

We said our margins long term will be 30%.

我們說過我們的長期利潤率為 30%。

So in that time period, we wanted to show evidence of that and manage the balance of growth and profitability by delivering a 30% incremental margin.

因此，在那個時期，我們希望展示這一點的證據，並透過提供 30% 的增量利潤來管理成長和獲利能力的平衡。

You do that over time, some topically, your margins recover

隨著時間的推移，你的利潤會恢復

(inaudible)

（聽不清楚）

In 2024, we took a very conservative stance at the same point last year relative to others based on interest rates, the economy, inflation, geopolitical, et cetera, and because we took that very conservative assessment, we drove margin expansion at the expense of revenue growth.

2024 年，我們在去年同一時間點，基於利率、經濟、通貨膨脹、地緣政治等因素，相對於其他國家採取了非常保守的立場，因為我們採取了非常保守的評估，所以我們以犧牲利潤為代價來推動利潤率擴張。

And we grew well more than 30% incremental EBITDA margins which is evidence that we can do that and maintain growth having just grown 25%, which is well above the revenue expectations that we established last year in January.

我們的 EBITDA 利潤率成長了 30% 以上，證明我們可以做到這一點並保持剛剛成長 25% 的成長，這遠高於我們去年 1 月制定的收入預期。

So we couldn't be more confident that our long-term margins are 30% for EBITDA and 20% for net income.

因此，我們對 EBITDA 的長期利潤率為 30%，淨利潤為 20%，對此我們充滿信心。

And in 2025, we're just tilting the balance back to where we were in '23, which is a 30% incremental EBITDA margin, because it allows us to ensure we're investing today to drive durable growth beyond today into the future in revenue, in products and in members.

到 2025 年，我們只是將平衡調整回 23 年的水平，即 EBITDA 利潤率增加 30%，因為它使我們能夠確保今天的投資能夠推動今天之後的持久增長，進入未來收入、產品和會員。

The thing that's most important about our guidance, which we just provided, our revenue expectations are higher in '25 than the Street had and what we had previously had, and our revenue expectations for growth into '26 are now higher as well.

關於我們剛剛提供的指導，最重要的是，我們 25 年的收入預期高於華爾街和我們之前的預期，而且我們對 26 年成長的收入預期現在也更高。

And that's possible because the resource we have to invest in the business and the open opportunity in front of us.

這是可能的，因為我們必須投資於業務的資源以及我們面前的開放機會。

So we couldn't be more confident in long-term outlook for the company from a margin standpoint and want to make sure we're taking a long-term view to drive revenue growth for as long as we can and when it slows, then will drive the margin growth.

因此，從利潤率的角度來看，我們對公司的長期前景充滿信心，並希望確保我們以長遠的眼光來盡可能長時間地推動收入成長，並且當收入成長放緩時，將推動利潤率成長。

Terry Ma, Barclays.

馬特里，巴克萊銀行。

Hey, thank you.

嘿，謝謝你。

Good morning.

早安.

I just want to ask about the lending business overall.

我只是想問一下整個貸款業務的情況。

Your originations in the fourth quarter are quite a bit ahead of our estimates.

你們第四季的創收比我們的預期早得多。

So I'm just curious, how are you thinking about the lending business in 2025 with respect to originations and balance sheet growth.

所以我很好奇，您如何看待 2025 年的貸款業務的起源和資產負債表增長。

And then also what what's kind of contemplated in your guide with respect to the loan platform business?

那麼您的指南中對貸款平台業務有何設想？

Yeah, absolutely.

是的，絕對是。

In terms of the overall revenue growth for our lending business, what we expect for 2025 is that we're going to grow low double digits to teams as we continue to see strong borrower demand across both our personal and student loans, and we start to scale our home loans business in a more meaningful way.

就我們貸款業務的整體收入成長而言，我們預計到 2025 年我們的團隊收入將以兩位數增長，因為我們繼續看到個人和學生貸款方面的借款人需求強勁，並且我們開始以更有意義的方式擴展我們的房屋貸款業務。

We now have our back end fulfillment capabilities in place and we have a full suite of products that we're able to work with.

我們現在擁有後端履行能力，並且擁有一整套可以使用的產品。

And then in terms of our medium term guide for the lending business, we're still on track to hit that mid-teens of compound -- mid-teens growth compounded 2023 to 2026.

然後，就我們的貸款業務中期指南而言，我們仍有望在 2023 年至 2026 年實現 10 位左右的複合成長率。

As I mentioned before, as it relates to our balance sheet, we're expecting to grow the balance sheet modestly in terms of single digit billions.

正如我之前提到的，由於這與我們的資產負債表有關，我們預計資產負債表將小幅增長至數十億個位數。

But that doesn't mean that we won't be able to grow other parts of the business at a more rapid pace through all of our fee based income streams.

但這並不意味著我們無法透過所有基於收費的收入流以更快的速度發展其他業務。

In terms of how we're thinking about the loan platform business going forward, we couldn't be more optimistic about it.

就我們如何看待貸款平台業務的未來發展而言，我們對此非常樂觀。

We believe the business is just getting started today.

我們相信這項業務今天才剛開始。

We have that $2 billion agreement that we signed with fortress last quarter, and that relationship continues to expand and we also agreed to terms for a $5 billion two year deal with Blue Owl capital funds as well as having commitments for the rest of 2025 with other partners including top investment banks as well as private equity funds.

我們上個季度與Fortress 簽署了價值20 億美元的協議，這種關係繼續擴大，我們也同意與Blue Owl 資本基金達成為期50 億美元的兩年協議，並與其他公司做出了2025 年剩餘時間的承諾。

We're obviously one of the very few partners who have the marketing and operational capabilities to deliver assets at scale with the characteristics and return profile that investors are seeking.

顯然，我們是極少數擁有行銷和營運能力的合作夥伴之一，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。

So really good momentum and demand that we're seeing from loan buyers there.

我們從那裡的貸款買家那裡看到了非常好的勢頭和需求。

John Hecht, Jefferies.

約翰‧赫克特，傑弗里斯。

Morning guys.

早安各位。

Thanks very much for taking my question.

非常感謝您提出我的問題。

I guess just a little bit of attack on from the last response, Chris, the loan platform business obviously really strong results, really good growth, but I also pretty supportive capital markets.

我想克里斯上次的回應有點攻擊，貸款平台業務顯然非常強勁，成長非常好，但我也非常支持資本市場。

How do you guys think about that in a more volatile interest rate or a volatile kind of capital markets environment?

在利率波動較大或資本市場環境波動較大的情況下，你們如何看待這一點？

Thanks, John.

謝謝，約翰。

So I would say is we have good visibility into the appetite for our paper as well as loan buyer demand is remaining extremely strong.

所以我想說的是，我們對我們的票據的興趣有很好的了解，而且貸款買家的需求仍然非常強勁。

As I just mentioned, we have commitments for the rest of 2025 from Fortress Blue Owl and some of the others that I mentioned.

正如我剛才提到的，Fortress Blue Owl 和我提到的其他一些公司對 2025 年剩餘時間做出了承諾。

More broadly speaking, though we've built a resilient diversified business with multiple avenues for borrower loan demand, including loans, holding loans on our balance sheet, selling loans either through whole loan format or through ABS structures and referring loans to third parties.

更廣泛地說，儘管我們已經建立了一個有彈性的多元化業務，有多種管道滿足借款人的貸款需求，包括貸款、在我們的資產負債表上持有貸款、透過整個貸款形式或透過資產支持證券結構出售貸款以及將貸款轉介給第三方。

So we're really confident that we'll be able to efficiently monetize the demand that we're seeing from borrowers today.

因此，我們非常有信心能夠有效地將借款人的需求貨幣化。

Additionally, we have other ways that we can drive fee income growth.

此外，我們還有其他方法可以推動費用收入成長。

You'll continue to see strong growth in interchange, which ended up increasing 63% this quarter.

您將繼續看到交換的強勁成長，本季最終成長了 63%。

Also the brokerage business as we continue to improve our monetization with invest, and then fees related to tech platform and fees from our new SoFi Plus offering that Anthony discussed during the prepared remarks.

還有經紀業務，因為我們繼續透過投資改善我們的貨幣化，然後是與技術平台相關的費用以及安東尼在準備好的講話中討論的我們新的 SoFi Plus 產品的費用。

And one of the things that we broke out in the prepared remarks, in case (inaudible) is that, we now providing a perspective on our total fee-based revenue was across all of our businesses.

我們在準備好的發言中強調的一件事是，以防萬一（聽不清楚），我們現在提供了對我們所有業務的總收費收入的看法。

And for the year, it was $970 million, which was up 74%.

今年為 9.7 億美元，成長了 74%。

And again, that's driven by origination fees, loan platform business, referrals as well as interchange and brokerage.

同樣，這是由發起費、貸款平台業務、推薦以及互換和經紀業務驅動的。

And for those that may not be familiar with the accounting, the loan platform business is cash upfront as opposed to gain-on-sale accounting.

對於可能不熟悉會計的人來說，貸款平台業務是預付現金，而不是銷售收益會計。

So it has an additional characteristic to it that's very favorable for us, especially on the credit and capital side.

因此，它還有一個對我們非常有利的附加特徵，特別是在信貸和資本方面。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Good morning.

早安.

Thank you for taking my questions.

感謝您回答我的問題。

I was just wondering if you could provide, as we think about 2025 maybe provide a little bit more on your expectations at a segment level, both from a revenue but also a contribution margin standpoint, particularly curious about the financial services segment where I think Anthony said might be in the invest business, there's going to be some investment there.

我只是想知道您是否可以提供，因為我們認為 2025 年可能會從收入和邊際收益的角度提供更多關於您在細分市場層面的期望，特別是對我認為安東尼的金融服務細分市場感到好奇說可能是在投資業務，那裡會有一些投資。

So just trying to understand how those evolve next year?

那麼只是想了解明年這些將如何演變？

Thank you.

謝謝。

Absolutely.

絕對地。

So, overall, we're expecting 23% to 26% revenue growth this year, we now expect to exceed our medium term guidance that we laid out at the beginning of last year of 20% to 25% compounded annual growth.

因此，總體而言，我們預計今年營收將成長 23% 至 26%，現在預計將超過去年初制定的 20% 至 25% 複合年增長率的中期指導。

So we're really optimistic about the opportunity that we have ahead of us.

因此，我們對擺在我們面前的機會非常樂觀。

In terms of the specific segment level guidance for financial services, we're expecting very strong growth in the range of 60% to 65% as we continue to grow products and overall monetization.

就金融服務的具體細分市場水準指導而言，隨著我們繼續發展產品和整體貨幣化，我們預計將出現 60% 至 65% 的強勁成長。

We're currently trending well ahead of our medium term 23% to 26% guide of 50% annually.

目前，我們的趨勢遠遠領先中期 23% 至 26% 的指導方針（每年 50%）。

And now we expect closer to around 65% over that same period.

現在我們預計同期的比例將接近 65% 左右。

For lending, as I just mentioned, we're expecting to grow 2025 low double digits to teens, as we continue to see good demand both on the personal loans and student loan side and we start scaling home loans in terms of the medium term guide for lending, we're still on track for the mid-teens growth 2023 through 2026.

對於貸款，正如我剛才提到的，我們預計到 2025 年青少年貸款將實現低兩位數增長，因為我們繼續看到個人貸款和學生貸款方面的良好需求，並且我們開始根據中期指南擴大住房貸款規模就貸款而言，2023 年至2026 年我們仍有望實現十幾歲左右的成長。

And then for tech platform, we expect to grow 2025 low double digits to teens and given that lead times and implementation cycles have been longer than expected.

然後對於技術平台，我們預計到 2025 年將成長到兩位數，因為交付週期和實施週期都比預期要長。

We now expect to grow revenue at a mid-teens CAGR from 2023 to 2026.

我們現在預計 2023 年至 2026 年收入複合年增長率將達到 15%左右。

In terms of margin -- the margin profile you can expect financial services, we're at about a 45% margin and $81 of annualized revenue per product.

就利潤率而言——您可以預期金融服務的利潤率，我們的利潤率約為 45%，每個產品的年化收入為 81 美元。

We're still under monetized and invest.

我們的貨幣化和投資仍然不足。

So there's and we're starting to scale our loan platform business which is generating margins around 50% slightly north of that.

因此，我們開始擴大我們的貸款平台業務，其利潤率約為 50%，略高於這一水平。

So you could expect to see continued margin expansion in that business.

因此，您可以預期該業務的利潤率將持續成長。

Within lending, we've been consistently in the mid-50s to mid-60s range.

在貸款方面，我們一直處於 50 年代中期至 60 年代中期的範圍內。

You could expect that trend to persist going forward.

您可以預期這種趨勢將持續下去。

And then from a tech platform perspective, we expect healthy margins in the 30% range in the medium term.

然後從技術平台的角度來看，我們預計中期利潤率將保持在 30% 的健康水準。

And then just elaborating on the investments that we're going to make in the financial services.

然後詳細說明我們將在金融服務領域的投資。

We announced, obviously launching at the end of this month, SoFi Plus, that's going to expand the availability of this great value equation of more than $1,000 in annual value to more people, especially those that may have direct deposit capabilities because they're self-employed, but also other people that are younger and aren't actually in the workforce today.

我們宣布，顯然將於本月底推出 SoFi Plus，這將把這個年價值超過 1,000 美元的超值等式的可用性擴大到更多人，特別是那些可能具有直接存款能力的人，因為他們是自我-就業人員，但也包括其他較年輕且實際上尚未加入勞動力隊伍的人。

It's a great value for the price point on a monthly basis, and you more than recoup your subscription fee for the year.

按月計算的價格非常超值，而且您還可以收回全年的訂閱​​費用。

So that will have a significant amount of investment.

因此，這將有大量的投資。

In addition to that, we really want to accelerate our growth in Invest.

除此之外，我們確實希望加速投資成長。

We think it's the next business like money to follow the same path.

我們認為下一個業務就像金錢一樣，會走同樣的路。

It's well on its way.

一切進展順利。

But it's still really early days.

但現在還為時過早。

We've seen great growth in all the key metrics there in terms of account openings, fundings, average deposits per account, average assets per account and our monetization is also improving there, so we'll continue to get those dual drivers of growth.

我們看到所有關鍵指標在開戶、資金、每個帳戶平均存款、每個帳戶平均資產方面都取得了巨大增長，而且我們的貨幣化也在改善，因此我們將繼續獲得這些增長的雙重驅動力。

In addition to that, we've invested in small, medium business capabilities over -- in 2024.

除此之外，我們也在 2024 年對中小型企業能力進行了投資。

We fully integrated the application process into our app, the SoFi app, and we're using partners to fulfill that demand for loans and that's grown quite nicely.

我們將申請流程完全整合到我們的應用程式 SoFi 應用程式中，我們正在利用合作夥伴來滿足貸款需求，而且這一需求成長得相當不錯。

Similar approach to our insurance business, which we call Protect.

我們的保險業務採用類似的方法，我們稱之為「保護」。

Home, auto and life, also a big contributor where we want to grow much faster than it saw a really good growth in '24.

家居、汽車和生活也是一個很大的貢獻者，我們希望其成長速度比 24 年的成長速度快得多。

Small growth relative to SoFi overall, but a big area for us.

相對於 SoFi 整體而言，成長幅度較小，但對我們來說是一個很大的領域。

And then last, our credit card business we'll be very methodical about our approach there.

最後，我們的信用卡業務將非常有條不紊地採取我們的方法。

We think we have the right formula.

我們認為我們有正確的公式。

But it is a business that you have to really manage methodically given the J-curve investment, and so we'll continue to be losing significant amounts of money in the tens of millions of dollar range.

但鑑於 J 曲線投資，您必須真正有條不紊地管理這項業務，因此我們將繼續損失數千萬美元的大量資金。

So significant investment to make sure we have continuous S curves of growth beyond 2025.

如此巨大的投資是為了確保我們在 2025 年後擁有連續的 S 曲線成長。

And the former is really working on the call that 30% of our products are from existing members and 40% of our members take a second product within 30 days.

前者真正致力於呼籲我們 30% 的產品來自現有會員，40% 的會員在 30 天內購買第二種產品。

So we want that flywheel to keep flying.

所以我們希望飛輪繼續飛行。

Reggie Smith, JP Morgan.

雷吉史密斯，摩根大通。

Hey, good morning.

嘿，早安。

Thanks for taking the question.

感謝您提出問題。

I wanted to dig into the loan platform business a little bit.

我想深入了解貸款平台業務。

I think you guys said that those are primarily loans that did not meet SoFi standards, at least today.

我想你們說過這些主要是不符合 SoFi 標準的貸款，至少在今天是這樣。

Was curious if this could become a channel where you do sell loans that are higher quality to partners?

很好奇這是否可以成為您向合作夥伴出售更高品質貸款的管道？

And then secondarily, do you charge origination fees on those platform loans?

其次，你們對這些平台貸款收取發起費嗎？

Thank you.

謝謝。

Yeah.

是的。

Well, let me answer the first one, and I'll turn it over to Chris.

好吧，讓我回答第一個問題，然後我會把它交給克里斯。

It should be clear to everyone that we are actually selling loans that are high quality, but we're also selling loans that are outside our credit box, and they are also high quality.

每個人都應該清楚，我們實際上是在銷售高品質的貸款，但我們也在銷售信用範圍之外的貸款，而且它們也是高品質的。

So there are two things that caused us to do the loan platform business.

所以有兩件事促使我們做貸款平台業務。

One, someone wants a credit profile that's actually within our credit box, but it's at volumes that we wouldn't otherwise produce.

第一，有人想要一份實際上在我們信用箱內的信用檔案，但數量是我們無法生產的。

And so once we have them for them, we'll go out and originate that volume, leveraging our origination platform, our underwriting platform, marketing and servicing platform and get paid a fee for that.

因此，一旦我們為他們提供了這些內容，我們就會利用我們的原創平台、承銷平台、行銷和服務平台來創作該卷，並為此支付費用。

So there's two things that drive it.

所以有兩件事驅動它。

One, someone will want above what we would actually produce ourselves and look to sell, that's within our credit box.

第一，有人想要的東西超出了我們實際生產並希望出售的東西，這在我們的信用箱內。

And two, things are outside of credit box.

第二，事情超出了信用範圍。

So it's both of those criteria.

所以這是這兩個標準。

And in our view, they're all high quality.

在我們看來，它們都是高品質的。

Some of them are more high quality, i.e., prime profile which is, what our profile is.

其中一些質量更高，即主要配置文件，即我們的配置文件。

I'll turn to Chris on the fee side.

我會向克里斯詢問費用方面的問題。

Yeah.

是的。

In terms of how we think about structuring these deals, all the deals where we're doing originations on behalf of third parties consists of two components.

就我們如何考慮建立這些交易而言，我們代表第三方發起的所有交易都包含兩個組成部分。

We have the flat fee per loan that we receive up front at time of transfer.

我們在轉帳時預先收到每筆貸款的固定費用。

We not only get the flat fee from the -- those that we're originating on behalf of, but we also charge origination fees for a portion of the loans that we're originating.

我們不僅向我們代表的貸款人收取固定費用，而且還對我們所發放的部分貸款收取發放費。

And then we also get a modest servicing fee that gets capitalized at the time of transfer.

然後我們還可以獲得一筆適度的服務費，該費用在轉帳時資本化。

Both of those are recognized under non-interest income.

兩者均計入非利息收入。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Hi.

你好。

Good morning.

早安.

I appreciate you taking the question.

我很感謝你提出這個問題。

Anthony, great to see the mix shift in revenue and the rise in fees as a percent of the total.

安東尼，很高興看到收入的混合變化和費用佔總收入百分比的上升。

Can you sort of looking longer term talk about perhaps where you'd like to see fees as a percent of the total, given your long term ROE aspirations and what the composition of that fee based business might look like, say, either in an intermediate term time frame or even a little longer time frame?

考慮到您的長期 ROE 願望以及基於費用的業務的組成可能會是什麼樣子（例如，在中間階段），您是否可以從長遠來看，談談您希望將費用佔總費用的百分比在哪裡？甚至更長一點的時間範圍？

Yeah.

是的。

It's really hard to give you a specific number, given it's being driven by five different sources of revenue.

考慮到它是由五種不同的收入來源驅動的，很難給你一個具體的數字。

We would want it to be very significant.

我們希望它非常重要。

We recognize that it's capital light, it's less credit risk obviously, and it's cash up front, so it's also a high ROE.

我們體認到它的資本輕，信用風險明顯較小，而且是預付現金，所以它的淨資產收益率也很高。

We want to grow it as large as we can.

我們希望將其發展得盡可能大。

One of the things that we contemplate is could we push all of our lending into the loan platform business over time.

我們考慮的事情之一是，隨著時間的推移，我們是否可以將所有貸款推向貸款平台業務。

And I'm not opposed to that at all.

我一點也不反對。

The economics are very attractive.

經濟效益非常有吸引力。

The velocity is much higher, that capitals lower, you have a lighter balance sheet it would really support high ROE.

速度要高得多，資本要低，資產負債表要輕，這確實可以支持高股本回報率。

Listen, we're students of the industry, and we see -- what drives high multiples, whether it's revenue or earnings or book value, whatever they multiple would be, it's high ROE.

聽著，我們是這個行業的學生，我們看到——是什麼推動了高市盈率，無論是收入、利潤還是賬面價值，無論它們的市盈率是多少，都是高股本回報率。

So we have, I think, a great mix of businesses that we've told you will have a high ROE.

因此，我認為，我們擁有多種業務組合，我們已經告訴您這些業務將具有很高的股本回報率。

The more we can drive fee revenue, the more visible that will be come to you.

我們越能推動費用收入，您就會越明顯。

So it was [$975 million] in the year.

所以當年的金額是 [9.75 億美元]。

I hope it continues to increase as a percent of the mix, which I think it will, based on our outlook.

我希望它在混合中所佔的百分比繼續增加，根據我們的前景，我認為它會增加。

So you'll continue to see it increase and the benefit that I just mentioned.

因此，您將繼續看到它的增加以及我剛才提到的好處。

Jeff Adelson, Morgan Stanley.

傑夫·阿德爾森，摩根士丹利。

Hey Good morning, Anthony and Chris, you've talked a lot already about the opportunity in SoFi invest to follow in the footsteps of SoFi Money.

嘿，早安，安東尼和克里斯，你們已經談論了很多關於 SoFi 投資追隨 SoFi Money 腳步的機會。

And it sounds like the SoFi Plus enhancements are a key part of that strategy.

聽起來 SoFi Plus 增強功能是該策略的關鍵部分。

But any other specifics into your plans to really ramp up that business, like, is it really just about allocating more marketing and generating more awareness or are there any other features there we should be expecting?

但是，您計劃中真正擴大業務的任何其他細節，例如，它真的只是分配更多的行銷和產生更多的意識，還是有我們應該期待的任何其他功能？

And maybe just talk a little bit about, sizing the monetization, like I think you're only doing on a quarterly basis about $6 million of brokerage revenues there.

也許只是談論一下貨幣化的規模，就像我認為你們每季只做大約 600 萬美元的經紀收入一樣。

And then just sort of related to that, does that include any potential plans for maybe a re-entry into crypto?

與此相關的是，這是否包括重新進入加密貨幣領域的任何潛在計劃？

Just given the current administration's thinking around that?

考慮到現任政府對此的想法？

Thank you.

謝謝。

So first, I would say the same thing about investors to the rest of our business, the biggest gate to our growth is awareness and becoming a household trusted brand name.

首先，我想對我們其他業務的投資者說同樣的話，我們成長的最大大門是知名度並成為家喻戶曉的品牌。

And so we're super focused on driving unaided brand awareness of the business overall and for each one of the products.

因此，我們非常專注於提高整體業務和每種產品的獨立品牌知名度。

And SoFi Invest itself. 70% of SoFi Invest products -- growth in the quarter are coming from existing members.

還有 SoFi Invest 本身。本季 70% 的 SoFi Invest 產品成長來自現有會員。

So the biggest driver for SoFi Invest is investing in broader awareness to our existing members but also outside the platform.

因此，SoFi Invest 的最大推動力是投資於提高我們現有會員以及平台之外的更廣泛的認識。

And so it's a great value proposition.

所以這是一個很好的價值主張。

We're differentiating them fast on selection, on content and convenience, and we'll keep iterating on those four variables, as well as products working better together.

我們在選擇、內容和便利性方面快速區分它們，我們將不斷迭代這四個變量，以及更好地協同工作的產品。

But the biggest driver of growth, given we do have a really attractive value prop, is driving more awareness of the product to members and non-members.

但鑑於我們確實擁有真正有吸引力的價值支柱，成長的最大動力是提高會員和非會員對產品的認識。

We have over 10 million members now.

我們現在擁有超過 1000 萬會員。

You can see how many products we have in Invest.

您可以在 Invest 中看到我們有多少產品。

We haven't even penetrated our member base the way that I think we can in addition to going outside the walls.

除了走出圍牆之外，我們甚至還沒有像我認為的那樣滲透到我們的會員基礎中。

But we will continue to add more and more selection.

但我們將繼續添加越來越多的選擇。

This quarter, we added more alternative assets.

本季度，我們增加了更多另類資產。

Alternative assets were originally launched at the beginning of '24.

另類資產最初於 2024 年初推出。

It had a pretty big impact on the growth of both accounts, funded accounts and AUM.

它對帳戶、資金帳戶和資產管理規模的成長產生了相當大的影響。

Because like a grocery store, people come in for the milk and they see everything else that's there, and so it has an indirect benefit that's really paid dividends.

因為就像雜貨店一樣，人們進來買牛奶，他們看到那裡的其他一切，所以它有一個間接的好處，真正帶來了紅利。

And so we'll continue to invest in that business, both directly as well as part of SoFi Plus.

因此，我們將繼續直接投資該業務以及作為 SoFi Plus 的一部分投資該業務。

And there's a lot of features and functional that we don't offer today that will continue to add value and differentiation.

我們現在還沒有提供許多特性和功能，但它們將繼續增加價值和差異化。

And then on your point on your question, on crypto, listen when we architected SoFi invest one of our differentiators was we wanted to SoFi invest to be a one stop shop on its own.

然後，關於您關於加密貨幣的問題的觀點，請聽我們設計 SoFi 投資時，我們的差異化因素之一是我們希望 SoFi 投資本身成為一站式服務。

So, we launched with no commission equities.

因此，我們推出了無佣金股票。

We pioneered fractional shares.

我們首創了分數股。

We created ETF at a $10 price point because we wanted our members to have a diverse portfolio.

我們以 10 美元的價格創建 ETF，因為我們希望我們的會員擁有多元化的投資組合。

They can invest in the dollar cost way and $10 was a great price point to do that in S&P 500 types of index and ETFs.

他們可以以美元成本方式進行投資，而 10 美元是標準普爾 500 指數和 ETF 類型的一個很好的價格點。

In addition to that, we have our Robo accounts.

除此之外，我們還有 Robo 帳號。

We pioneered IPOs in a turnkey way.

我們開創了以統包方式進行首次公開發行（IPO）的先河。

We've added alternative assets when we launched, we really debated, do we need crypto?

我們在推出時添加了另類資產，我們真的爭論過，我們需要加密貨幣嗎？

Do we not need crypto?

我們不需要加密貨幣嗎？

We went out to our member base back in 2018 to the survey member base and they absolutely wanted crypto and we provided it in a safe and sound way in a responsible way.

早在 2018 年，我們就對我們的會員群進行了調查，他們絕對想要加密貨幣，而我們以負責任的方式以安全可靠的方式提供了加密貨幣。

As the regulation change changes we will be incred aggressive tied to crypto and being as many businesses that we can be across the entire platform.

隨著法規的變化，我們將更加積極地與加密貨幣聯繫在一起，並在整個平台上開展盡可能多的業務。

Previously, we're just doing trading.

以前，我們只是做交易。

You can see us go well beyond that, depending on the regulation, including costing and clearing, trading platforms, asset backed lending and so many other areas.

您可以看到我們遠遠超出了這一範圍，具體取決於法規，包括成本計算和清算、交易平台、資產抵押貸款和許多其他領域。

So we hope the administration and the regulators come up with clarity on what the outlook will be, but we'll move as aggressively as anyone else once that is determined.

因此，我們希望政府和監管機構能夠明確前景，但一旦確定，我們將像其他人一樣積極採取行動。

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, and thank you for everyone for joining the call today.

謝謝大家，也謝謝大家今天加入電話會議。

Over the past seven years, we faced challenge after challenge in the internal environment impacting our business, our members and our team.

在過去的七年裡，我們面臨著影響我們的業務、我們的成員和我們的團隊的內部環境的挑戰。

In each time, through our innovation and (inaudible) we'll be able to run to daily and come out even stronger than before.

每次，透過我們的創新（聽不清楚），我們將能夠每天跑步並變得比以前更強大。

The result is a more diversified, resilient, battle-tested business and most importantly a gritty team that finds a way to win.

結果是一個更加多元化、更有彈性、經過戰鬥考驗的業務，最重要的是一支堅韌不拔的團隊能夠找到獲勝之道。

As I've said before, we love hard.

正如我之前所說，我們用力去愛。

Hard is the path to durability.

艱難是通往持久的道路。

Hard is the path to differentiation.

差異化之路是艱難的。

And hard is the path of being the absolute best.

成為絕對最佳的道路是艱難的。

We entered 2025, with the best business environment we've had in my time at SoFi.

我們進入了 2025 年，迎來了我在 SoFi 以來最好的商業環境。

But regardless of that outlook, rest assured, we are battle ready.

但無論前景如何，請放心，我們已做好戰鬥準備。

And while I'm confident our best days are yet to come, you should rest assured we will work harder and smarter than ever before to be the best in everything we do and to continue to build the SoFi way.

雖然我相信我們最好的日子尚未到來，但您應該放心，我們將比以往任何時候都更努力、更聰明地工作，在我們所做的一切事情上做到最好，並繼續建立 SoFi 方式。

Thank you for your interest and support in our great company.

感謝您對我們偉大公司的興趣和支持。

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。