SoFi Technologies Inc (SOFI) 2025 Q1 法說會逐字稿

Good morning. My name is Adam, and I will be your conference operator today. At this time, I would like to welcome everyone to the SoFi Technologies Q1 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. (Operator Instructions). And with that, you may begin your conference.

早安.我叫亞當，今天我將擔任您的會議主持人。現在，我歡迎大家參加 SoFi Technologies 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。（操作員指令）。這樣，您就可以開始您的會議了。

Thank you and good morning. Welcome to SoFi's first quarter 2025 earnings conference call. Joining me today to talk about our results in recent events are Anthony Noto, CEO, and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.

謝謝，早安。歡迎參加 SoFi 2025 年第一季財報電話會議。今天，執行長 Anthony Noto 和財務長 Chris Lapointe 將與我一起討論我們近期活動的成果。您可以在我們網站的投資者關係部分找到隨收益報告發布的簡報。

Unless otherwise stated, we'll be referring to adjusted results for the first quarter of 2025 versus the first quarter of 2024. Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties.

除非另有說明，我們將參考 2025 年第一季相對於 2024 年第一季的調整後結果。我們今天的評論將包括基於我們當前預期和預測的前瞻性陳述，涉及風險和不確定性。

These statements include but are not limited to our competitive advantage in 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策略競爭優勢、宏觀經濟條件和前景、未來產品和服務以及未來業務和財務表現。

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. Our actual results may differ materially from those contemplated by these forward-looking statements.

我們的 GAAP 合併損益表和所有對帳表可在今天的收益報告和隨後的 10-Q 文件中找到，該文件將於下個月發布。我們的實際結果可能與這些前瞻性陳述所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. Any forward-looking statements that we make on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events. And now I'd like to turn the call over to Anthony.

今天的新聞稿和我們隨後向美國證券交易委員會提交的文件（包括即將提交的 10-Q 表）中描述了可能導致這些結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。現在我想把電話轉給安東尼。

Thank you and good morning, everyone. We're off to a tremendous start in 2025 as we continue to drive durable growth and strong returns through our product innovation and brand building. Our battle-tested strategy and diverse business were instrumental in driving an acceleration in revenue growth to 33% and a 3x year-over-year increase in earnings.

謝謝大家，早安。2025 年，我們將迎來一個良好的開端，繼續透過產品創新和品牌建立推動持久成長和強勁回報。我們久經考驗的策略和多元化業務有助於推動收入成長加速至 33%，並使收益年增 3 倍。

I'll begin by covering our key results for the first quarter, starting with our durable growth, which continues to be driven by exceptional growth in members and products. We added a record 800,000 new members in Q1, driving 34% year-over-year growth, reaching 10.9 million SoFi members. We also added 1.2 million new products, representing 35% year-over-year growth to over 15.9 million products.

我將首先介紹我們第一季的主要業績，首先是我們的持久成長，這繼續受到會員和產品的顯著增長的推動。我們在第一季新增了 80 萬名新會員，創下了歷史新高，年增 34%，SoFi 會員總數達到 1,090 萬。我們也增加了 120 萬種新產品，年增 35%，達到 1,590 多萬種產品。

Our strong member and product growth powered great revenue growth in the first quarter. Adjusted net revenue was a record at $771 million, up 33% year-over-year. This is our highest growth rate in five quarters.

我們強勁的會員和產品成長推動了第一季營收的大幅成長。調整後淨收入創歷史新高，達到 7.71 億美元，年增 33%。這是我們五個季度以來的最高成長率。

Together, our financial services and technology platform segments generated $407 million of revenue, up 66% year-over-year. In our lending segment, adjusted net revenue grew 27% year-over-year to $412 million driven by strong originations in the segment of $5.7 billion, up 30% from the prior year.

我們的金融服務和技術平台部門共創造了 4.07 億美元的收入，年增 66%。在我們的貸款部門，調整後的淨收入年增 27%，達到 4.12 億美元，這得益於該部門 57 億美元的強勁發放量，比上年增長 30%。

Combined with $1.6 billion of origination in the loan platform business in Q1, originations reached a record of $7.2 billion. Total fee-based revenue across our business was also a quarterly record at $315 million, up 67% from the prior year.

加上第一季貸款平台業務發放的 16 億美元，發放金額達到了創紀錄的 72 億美元。我們整個業務的總收費收入也創下了季度記錄，達到 3.15 億美元，比上年增長 67%。

This was driven by strong performance from our loan platform business, origination revenue fees, referral revenue, interchange revenue, and brokerage fee revenue. On an annualized basis, we are now generating nearly $1.3 billion of fee-based revenue, reflecting the deliberate diversification of our business towards more capital light revenue streams.

這是由於我們的貸款平台業務、發起收入費用、推薦收入、交換收入和經紀費收入的強勁表現所推動的。以年率計算，我們現在的收費收入接近 13 億美元，這反映了我們業務朝著更輕資本收入來源的方向刻意多元化。

In addition to delivering strong durable growth, we delivered strong returns and profitability. In the first quarter, all three segments delivered strong contribution profit at attractive margins. Adjusted EBITDA for the quarter was a record $210 million, up 46% year-over-year. Our adjusted EBITDA margin for the quarter was 27%.

除了實現強勁持久的成長之外，我們還實現了強勁的回報和獲利能力。第一季度，三大部門均實現了強勁的利潤貢獻，利潤率也頗具吸引力。本季調整後的 EBITDA 達到創紀錄的 2.1 億美元，年增 46%。本季我們的調整後 EBITDA 利潤率為 27%。

Our incremental EBITDA margin was 35% as we continue to reinvest in the business to drive long-term growth and profitability. Net income was $71 million at the margin of 9%. Earnings per share was $0.06. Finally, our tangible book value ended the quarter at $5.1 billion, a year-over-year increase of $946 million.

由於我們繼續對業務進行再投資以推動長期成長和獲利能力，我們的增量 EBITDA 利潤率為 35%。淨收入為 7,100 萬美元，利潤率為 9%。每股收益為0.06美元。最後，本季末我們的有形帳面價值為 51 億美元，年增 9.46 億美元。

Our strong financial performance is the direct result of our continued investments in brand building and product innovation. These investments attract new members and clients into our digital one-stop shop ecosystem and lead them to adopt more products over time. This virtual cycle, which we call our Financial Services Productivity Loop or FSPL, fuels our growth and ultimately our returns as we scale.

我們強勁的財務表現直接得益於我們對品牌建立和產品創新的持續投資。這些投資吸引了新成員和客戶加入我們的數位一站式商店生態系統，並促使他們隨著時間的推移採用更多產品。這個虛擬循環，我們稱之為金融服務生產力循環或 FSPL，它推動著我們的成長，並最終隨著我們的規模擴大而帶來回報。

In addition to product growth, we also measure the effectiveness of our productivity loop and the success of our strategy based on cross-buy. And cross-buy continues to be very strong. In the first quarter, 32% of new products were opened by existing SoFi members.

除了產品成長之外，我們還根據交叉購買來衡量生產力循環的有效性和策略的成功性。交叉購買持續保持強勁。第一季度，32%的新產品是由現有SoFi會員開設的。

Let me take a moment to discuss some of our recent investments in brand building and product innovation across our businesses. A significant amount of our marketing investment goes towards building the SoFi brand name via broad scale, high reach branded marketing. This investment is centered on building SoFi into a trusted household brand name which we measure based on unaided brand awareness.

請容許我花點時間討論我們最近在品牌建立和產品創新方面的一些投資。我們的行銷投資很大一部分用於透過大規模、高覆蓋率的品牌行銷來打造 SoFi 品牌。這項投資的核心是將 SoFi 打造為值得信賴的家喻戶曉的品牌，我們根據獨立的品牌知名度來衡量它。

Having a strong brand creates a halo effect that makes our performance marketing of each product more efficient. Our unaided brand awareness continued to be very strong through the quarter at 7%. During the first quarter, we completed the inaugural season of TGL presented by SoFi, a new tech-driven stadium golf league with 14 of the top 25 golfers in the world, including Rory McIlroy and Tiger Woods.

擁有強大的品牌會產生光環效應，使我們對每種產品的績效行銷更有效率。本季度，我們的無輔助品牌知名度持續保持強勁，達到 7%。在第一季度，我們完成了由 SoFi 主辦的 TGL 首屆賽季，這是一個全新的科技驅動型體育場高爾夫聯賽，擁有世界排名前 25 位的高爾夫球手中的 14 位，其中包括羅裡·麥克羅伊和泰格·伍茲。

TGL presented by SoFi attracted over 20 million total viewers on ESPN in its inaugural season.

SoFi 主辦的 TGL 在 ESPN 首播季共吸引了超過 2000 萬觀眾。

Since the SoFi brand goes everywhere the TGL brand goes, we capitalize on not just the broadcast audience reach that exceeded our expectations, but also the massive social presence as well as the exciting gameplay.

由於 SoFi 品牌與 TGL 品牌無處不在，我們不僅可以利用超出我們預期的廣播觀眾覆蓋範圍，還可以利用巨大的社交影響力以及令人興奮的遊戲玩法。

We launched a promotion for SoFi Invest tied to players' performance during the playoffs. This on-air and online integrated marketing effort helped drive record engagement levels for Sofi Invest. We also continue to benefit from SoFi Stadium as well as the continuity of our branding with the NBA and key sports ambassadors in Wyndham Clark, Cameron Brink, Jayson Tatum and of course, the OG SoFi partner athlete, Justin Herbert.

我們針對 SoFi Invest 推出了一項與季後賽期間球員表現掛鉤的促銷活動。這次廣播和線上整合行銷活動幫助 Sofi Invest 創下了參與度的新高。我們也繼續受益於 SoFi 體育場以及我們與 NBA 和主要體育大使溫德姆·克拉克、卡梅隆·布林克、傑森·塔圖姆以及 OG SoFi 合作運動員賈斯汀·赫伯特的品牌合作的連續性。

Additionally, we became the presenting partner of the Country Music Association's, CMA Fest. This is our first-ever music partnership, and is an incredible platform to introduce more people to SoFi through the live event broadcast and social media channels. This partnership will also allow us to enhance the fan experience for SoFi Plus members through exclusive perks.

此外，我們也成為了鄉村音樂協會 CMA Fest 的主辦合作夥伴。這是我們首次的音樂合作，也是一個透過現場直播和社群媒體管道向更多人介紹 SoFi 的絕佳平台。此次合作也將使我們能夠透過獨家特權提升 SoFi Plus 會員的粉絲體驗。

Turning now to product innovation in our segments. Financial Services is our fastest-growing segment, doubling its revenue year-over-year to over $300 million. I'll touch on a few of the most significant contributions to this growth, starting with our SoFi Money business.

現在來談談我們各領域的產品創新。金融服務是我們成長最快的部門，其營收年增一倍，達到 3 億多美元。我將談談對這一成長做出最重大貢獻的幾個方面，首先是我們的 SoFi Money 業務。

To scale this business as rapidly as we have, we've invested significant capital to build the strong operational and regulatory capabilities that are required to have a nationally regulated bank with insured deposits as well as earn the trust of our members.

為了盡可能快速地擴大業務規模，我們投入了大量資金來建立強大的營運和監管能力，這是成為一家受國家監管、存款有保障的銀行以及贏得會員信任所必需的。

The investment, while not always obvious externally, has been transformational for our business. We have grown annualized debit spending to over $14 billion, just one of our high-margin fee-based revenue streams. We've also grown our total deposits to $27.3 billion, lowering our funding expense by an estimated $515 million per year.

儘管這項投資並不總是顯而易見的，但它卻對我們的業務產生了變革性的影響。我們的年度借記支出已成長至 140 多億美元，這只是我們高利潤收費收入來源之一。我們的總存款額也增加到了 273 億美元，每年的融資費用減少了約 5.15 億美元。

Along the way, we've more than tripled our money products since the end of 2021 to nearly $5.5 million today by offering an unmatched value proposition with a high APY, P2P Payments, Bill Pay, Autopilot, Vaults, Zelle, 2-day Early Paycheck, $3 million of FDIC insurance and unmatched rewards for checking and savings accounts and so much more.

在此過程中，我們透過提供無與倫比的價值主張，包括高 APY、P2P 支付、帳單支付、自動駕駛儀、Vaults、Zelle、2 天提前發薪、300 萬美元的 FDIC 保險和無與倫比的支票和儲蓄帳戶獎勵等等，自 2021 年底以來，我們的貨幣產品增加了近 50 萬美元，達到今天的兩倍 50 萬美元。

Even with the success of SoFi Money, we are continuously finding ways to improve the member experience. For example, this quarter, we completed the rollout of self-service wires, which gives members another frictionless way to move money.

即使 SoFi Money 取得了成功，我們仍在不斷尋找改善會員體驗的方法。例如，本季度，我們完成了自助電匯服務的推出，為會員提供了另一種順暢的資金轉帳方式。

We are now the only company that offers digital person-to-person payments via phone number or e-mail address and the ability to send money via Zelle, ACH or self-serve wires. Given the performance of SoFi Money, we expect it to become our second $1 billion revenue business.

我們現在是唯一一家透過電話號碼或電子郵件地址提供數位個人對個人支付以及透過 Zelle、ACH 或自助電匯匯款的公司。鑑於 SoFi Money 的表現，我們預計它將成為我們第二個收入達 10 億美元的業務。

Another key contributor to growth in Financial Services is our loan platform business, where we produce loans on behalf of third parties. In less than a year, we've grown the business to an annualized run rate of over $6 billion of originations and more than $380 million of additional high-margin, high-return fee-based revenue. And we continue to see strong demand for these loans.

金融服務成長的另一個關鍵貢獻者是我們的貸款平台業務，我們代表第三方發放貸款。在不到一年的時間裡，我們的業務已發展到年化營運超過 60 億美元，並額外獲得了 3.8 億美元的高利潤、高回報的收費收入。我們繼續看到對這些貸款的強勁需求。

This year, we finalized a $5 billion deal with Blue Owl, a $2 billion extension with Fortress, and a $1.2 billion joint venture between Fortress and Edge Focus. These additional deals will accelerate the quarterly originations well above the current level of $1.6 billion.

今年，我們與 Blue Owl 達成了 50 億美元的交易，與 Fortress 達成了 20 億美元的延期交易，並與 Edge Focus 達成了 12 億美元的合資企業。這些額外的交易將加速季度交易額的發放，使其遠高於目前 16 億美元的水平。

Importantly, the LPB loans do not present any ongoing credit risk and contribute to member growth as we hold the relationship and can benefit from cross-buying to other SoFi products. So far, the vast majority of our LPB loans have been within our prime credit box, but over and above the volume we want to put on our balance sheet.

重要的是，LPB 貸款不會帶來任何持續的信用風險，並有助於會員成長，因為我們保持這種關係，並且可以從交叉購買其他 SoFi 產品中獲益。到目前為止，我們的絕大多數 LPB 貸款都處於我們的優質信貸範圍內，但超出了我們希望在資產負債表上列示的數額。

However, we have the ability to also meet demand from buyers who want near-prime loans with higher WACC. We can even extend this program to other loan types in the future. We are incredibly optimistic about the depth and breadth of the growth opportunities in the loan platform business, and we see it becoming our third $1 billion revenue business.

然而，我們也有能力滿足那些想要獲得更高加權平均資本成本的近優質貸款的買家的需求。我們將來甚至可以將該計劃擴展到其他貸款類型。我們對貸款平台業務的成長機會的深度和廣度非常樂觀，我們認為它將成為我們第三個收入達到 10 億美元的業務。

Turning to SoFi Invest. In January, we shared that we are accelerating our investment in SoFi Invest, and that decision is already bearing fruit. Q1 2025 marked an acceleration in product growth to 2.7 million products, up 21% year-over-year, and we expect further acceleration in Invest product growth throughout the year. The first quarter also marked our best quarter ever of member engagement even compared to when we offered cryptocurrency or launched IPOs and alternative assets.

轉向 SoFi Invest。今年 1 月，我們表示正在加快對 SoFi Invest 的投資，這項決定已初見成效。2025 年第一季度，產品數量成長加速，達到 270 萬種，年增 21%，我們預計全年投資產品成長將進一步加速。與我們提供加密貨幣或推出 IPO 和另類資產時相比，第一季也是我們會員參與度最高的季度。

In the first quarter, we made significant improvements to our single stock presentations, which provide members with insights to help make more informed investment decisions. Our new experience is clearer, easier to navigate and more informative, driving positive feedback and importantly, an increase in engagement.

在第一季度，我們對單一股票介紹進行了重大改進，為會員提供了見解，幫助他們做出更明智的投資決策。我們的新體驗更加清晰、更易於導航且資訊量更大，從而帶來了正面的回饋，更重要的是，提高了參與度。

We also made it easier to roll over 401(k) assets with a more intuitive design and stronger back-end engineering, which improves completion rates and provides another great way to build long-term durable relationships with members.

我們也透過更直觀的設計和更強大的後端工程使 401(k) 資產的轉移變得更加容易，這提高了完成率並提供了另一種與會員建立長期持久關係的好方法。

We continue to expand on our unmatched selection, including investment opportunities that have been typically reserved for the high net wealth segment. Following our highly successful SPV for SpaceX last year, we've expanded our partnership with Templum, so members can invest in another privately held company, Anthropic.

我們繼續擴大我們無與倫比的選擇，包括通常為高淨值財富階層保留的投資機會。繼去年我們為 SpaceX 設立 SPV 取得巨大成功之後，我們擴大了與 Templum 的合作夥伴關係，因此會員可以投資另一家私人控股公司 Anthropic。

We're also accelerating our product investment to improve the invest user experience and drive more personalization as well as better discovery of our Invest product offerings within our app. We want to ensure that members are aware of all we have to offer and are getting valuable insights and information that are tailored to their specific needs. The more we service our great investment selection, the more engagement we see.

我們也正在加快產品投資，以改善投資用戶體驗、推動更多個人化以及在我們的應用程式內更好地發現我們的投資產品。我們希望確保會員了解我們提供的所有服務，並獲得針對其特定需求的寶貴見解和資訊。我們為精選的投資項目提供的服務越多，我們看到的參與度就越高。

So Invest stands alone in the breadth of our offering, including the ability to buy and sell single stocks without commissions or fees. Our award-winning Robo Advisory product that offers three different themes with a total of 15 unique strategies, four SoFi branded ETFs that are specifically towered to our members' needs, IPOs and Level 2 options.

因此，Invest 在我們提供的服務範圍方面獨樹一幟，包括無需佣金或費用即可買賣單檔股票的能力。我們屢獲殊榮的 Robo Advisory 產品提供三個不同的主題，總共 15 種獨特的策略、四種專門滿足我們會員需求的 SoFi 品牌 ETF、IPO 和 2 級選擇權。

We are also providing access to alternative assets, including private equity, private credit, private real estate, venture capital, long short hedge funds and private individual company investments. We continue to add more selection, and by the end of the year, if all goes as planned, we will add both Level 1 options and certain crypto or blockchain offerings.

我們也提供另類資產，包括私募股權、私人信貸、私人房地產、創投、多空對沖基金和私人公司投資。我們將繼續增加更多選擇，到今年年底，如果一切按計劃進行，我們將添加 1 級選項和某些加密或區塊鏈產品。

Given the evolving regulatory landscape, we see an opportunity to reenter the crypto and blockchain business more comprehensively.

鑑於不斷變化的監管環境，我們看到了更全面地重新進入加密和區塊鏈業務的機會。

In addition to enabling members to invest in crypto coins, we will enter other areas over the next 6- to 24 months, but potentially much sooner via acquisition or if the changing regulatory landscape allows. Our aspirations over time are as broad and deep as they are for our existing SoFi business, including developing crypto and blockchain offerings across borrowing, investing, paying, saving in our Technology Platform services for third parties.

除了允許會員投資加密貨幣之外，我們還將在未來 6 到 24 個月內進入其他領域，但可能透過收購或監管環境的變化而更快進入。我們對現有 SoFi 業務的長期期望是廣泛而深刻的，包括在我們的技術平台服務中為第三方開發涉及借貸、投資、支付和儲蓄的加密和區塊鏈產品。

Turning to our Tech Platform segment. Here are the market for digitally native financial product platform is significant and continues to evolve. Recognizing the longer lead times associated with large-scale core banking conversions and consolidation among smaller fintech clients, we found innovative ways to broaden our client base.

轉向我們的技術平台部分。這裡的數位原生金融產品平台市場規模龐大，並且還在持續發展中。我們意識到小型金融科技客戶大規模核心銀行業務轉換和整合所需的較長準備時間，找到了創新的方法來擴大我們的客戶群。

For example, this quarter, we launched a first-of-its-kind reward debit program with Wyndham Hotels & Resorts. Later this year, we expect to launch similar co-brand debit card programs with other travel and hospitality companies, further expanding our footprint among consumer brands.

例如，本季度，我們與溫德姆酒店及度假村合作推出了首個獎勵借記計劃。今年晚些時候，我們預計將與其他旅遊和酒店公司推出類似的聯合品牌借記卡計劃，進一步擴大我們在消費品牌中的影響力。

And we recently signed a deal with Mercantil Banco, which offers personal and business banking services in Panama, and will use our SoFi Bank digital banking platform. We are pleased with the demand from new client opportunities for the Tech Platform business and expect these wins and others in the RFP process to have an impact on our revenue in 2026 and beyond.

我們最近與在巴拿馬提供個人和商業銀行服務的 Mercantil Banco 簽署了一項協議，並將使用我們的 SoFi Bank 數位銀行平台。我們對科技平台業務的新客戶機會需求感到高興，並預計這些勝利以及 RFP 流程中的其他勝利將對我們 2026 年及以後的收入產生影響。

Now turning to our Lending segment, starting with our home loans business. Our 2023 acquisition of Wyndham Mortgage strengthened our technology and fulfillment capabilities, creating significant capacity for growth. In Q1, this helped us grow home loan originations by 54%.

現在轉向我們的貸款部門，從我們的房屋貸款業務開始。我們於 2023 年收購了 Wyndham Mortgage，增強了我們的技術和履行能力，創造了巨大的成長潛力。在第一季度，這幫助我們將房屋貸款發放量提高了 54%。

At the same time, we've expanded to offer home equity loans, a great value to members given the fact that they are sitting on low rate mortgages that they do not want to touch in a higher rate environment. This product, which we didn't have a year ago, accounted for more than one-third of our home lending volume during the first quarter. It was our best quarter ever for home equity originations and should only go higher from here.

同時，我們也擴大了房屋淨值貸款的提供範圍，這對會員來說非常有價值，因為他們持有低利率抵押貸款，在高利率環境下不願意動用這些貸款。該產品在我們一年前還沒有推出，但今年第一季度，它佔了我們房屋貸款總額的三分之一以上。這是我們有史以來房屋淨值發放最好的一個季度，並且今後只會繼續走高。

As interest rates come down, we expect and are planning for a significant acceleration in the demand for home loans for both home purchase and refinance. We are also launching new personal loan and student loan refinancing products. The new personal loan product launching next month will be for prime credit card customers that carry a revolving balance and are making mostly interest-only payments. These are commonly referred to as revolvers.

隨著利率下降，我們預計併計劃購屋和再融資的房屋貸款需求將大幅加速。我們也推出了新的個人貸款和學生貸款再融資產品。下個月推出的新個人貸款產品將針對擁有循環餘額且主要只支付利息的優質信用卡客戶。這些通常被稱為左輪手槍。

Members will now get a fairly priced deal instead of being gauged by credit card companies and big banks who charge 20-plus percent interest to earn an ROE of 50% on some of these prime credit revolvers. We will meaningfully cut the cost of debt for this prime borrower, reducing monthly payments by as much as 40%, while generating an attractive target ROE in line with the 30% that we generate on our broader personal loan portfolio.

會員現在可以享受價格合理的優惠，而不必受制於信用卡公司和大銀行，後者收取 20% 以上的利息，以便從一些優質循環信貸中獲得 50% 的淨資產收益率。我們將大幅削減該優質借款人的債務成本，將每月還款額減少 40%，同時產生與我們更廣泛的個人貸款組合產生的 30% 相符的有吸引力的目標 ROE。

So all you premium credit card holders out there that somehow found yourself with $10,000 to $30,000 or more of debt on your credit card, that you're now only making minimum payments on, we are here to help get rid of that debt and get your money right.

因此，各位優先信用卡持有者，如果您發現自己的信用卡上有 10,000 至 30,000 美元或更多的債務，而您現在只需支付最低還款額，我們會幫助您擺脫債務並理清您的財務狀況。

In the midst of uncertainty around still [no] options in the market, we just launched an innovative member-centric refinancing solution known as SmartStart. This allows for lower payments in the early part of the loan and steps up into paying regular payments after this introductory period, helping members find their footing and build long-term savings. Yet another way we innovate to help our members spend less than they make and invest the rest.

在市場仍缺乏選擇的不確定性中，我們剛剛推出了以會員為中心的創新再融資解決方案，稱為 SmartStart。這使得貸款初期的還款額較低，並在此介紹期之後逐步支付定期還款，幫助會員找到立足點並建立長期儲蓄。我們創新的另一種方式是幫助我們的會員減少支出，並將剩餘部分用於投資。

Let me wrap up the discussion on our results, branding and product innovation with a perspective on SoFi Relay and SoFi Plus. Both products make their footprint bigger than their foot and are critical elements of our Financial Services productivity loop. SoFi Relay allows members to easily track and manage all their SoFi and non-SoFi financial products and accounts on our digital platform through an easy-to-use dashboard.

讓我從 SoFi Relay 和 SoFi Plus 的角度來總結我們的成果、品牌和產品創新的討論。這兩種產品的足跡都比腳大，也是我們金融服務生產力循環的關鍵要素。SoFi Relay 讓會員透過易於使用的儀表板在我們的數位平台上輕鬆追蹤和管理他們所有的 SoFi 和非 SoFi 金融產品和帳戶。

Relay is our second largest product at $5 million, which is up 41% year-over-year. Although Relay doesn't generate revenue directly, it is a lightweight starting point and serves as the tip of the sword with very attractive cross-buy patterns into other SoFi products. As an example of Relay's impact, one-third of the Relay first members that cross-buy adopt at least three products, with the most common sequence being Relay to money to invest.

Relay 是我們的第二大產品，價值 500 萬美元，較去年同期成長 41%。儘管 Relay 不會直接產生收入，但它是一個輕量級的起點，並且可以透過極具吸引力的交叉購買模式，作為劍尖延伸到其他 SoFi 產品。作為 Relay 影響力的一個例子，三分之一的 Relay 首批交叉購買成員採用了至少三種產品，其中最常見的順序是從 Relay 到資金投資。

Turning to SoFi Plus, our premium membership tier that brings together the best of all we have to offer through America's most rewarding financial membership, unlocking over $1,000 in value each year. Previously, members needed a direct deposit with us to be a SoFi Plus member, but during the first quarter, we added a fee-based subscription option as well.

談到 SoFi Plus，我們的高級會員等級透過美國最有價值的金融會員資格匯集了我們所能提供的所有最佳服務，每年可解鎖超過 1,000 美元的價值。以前，會員需要直接向我們存款才能成為 SoFi Plus 會員，但在第一季度，我們也增加了收費訂閱選項。

While this option is new, we are already seeing some promising behaviors among early subscribers. Nearly 90% of the new Plus members were already existing members, demonstrating the validation of making this product more accessible be a pay option, not just via direct deposit. The product has also been a catalyst for our FSPL, driving the second order effects of cross-buy among these members, with nearly 30% adopting an additional product within 30 days of enrollment.

雖然這個選項很新，但我們已經在早期訂閱者中看到一些有希望的行為。近 90% 的新 Plus 會員都是現有會員，這表明讓該產品成為一種更易於訪問的支付方式（而不僅僅是透過直接存款）是可行的。該產品也成為我們 FSPL 的催化劑，推動了這些會員交叉購買的二階效應，近 30% 的會員在註冊後 30 天內採用了其他產品。

Among SoFi Plus subscribers who are completely new to SoFi, over 75% adopt at least a second product and over 40% adopt a third product within 30 days of enrollment. Importantly, these members are adopting products across our platform beyond just SoFi Money. This data demonstrates that members truly value the one-stop shop model. And by exposing members to our complete offering, we can accelerate cross-buying.

在完全加入 SoFi 的 SoFi Plus 用戶中，超過 75% 的用戶在註冊後 30 天內採用了至少第二種產品，超過 40% 的用戶採用了第三種產品。重要的是，這些會員在我們的平台上採用的產品不僅僅是 SoFi Money。這些數據顯示會員真正重視一站式購物模式。透過向會員展示我們完整的產品，我們可以加速交叉購買。

Hopefully, it is as clear to you as it is to me that our strategy continues to deliver great results. That is why we have decided to further accelerate our rate of innovation while still being able to increase our full year guidance.

希望您和我一樣清楚，我們的策略將繼續取得豐碩成果。這就是為什麼我們決定進一步加快創新速度，同時仍然能夠提高全年指導。

Our value proposition has never been more relevant to the members and clients we serve. We are stepping on the gas to launch new products faster and iterate to improve our existing products at an even more rapid pace. The opportunity in front of us is too massive to risk underinvesting to capture it.

我們的價值主張對我們服務的會員和客戶來說從未如此重要。我們正在加強力，以更快的速度推出新產品，並以更快的速度迭代改進現有產品。我們面前的機會太大了，不能為了抓住它而冒險投資不足。

I'll be back after Chris covers the detailed financial results and guidance to spend a few more minutes talking about this important topic and the strength of our competitive position.

在克里斯介紹完詳細的財務結果和指導後，我會回來花幾分鐘時間討論這個重要主題以及我們競爭地位的優勢。

Thank you, Anthony. It has been a strong start to the year as we continue to drive durable growth and strong returns. We exceeded each metric that we guided to during our last call on the way to delivering accelerating revenue growth in our sixth consecutive profitable quarter.

謝謝你，安東尼。今年我們開局強勁，持續推動持久成長和強勁回報。在連續第六個獲利季度實現加速收入成長的過程中，我們超越了上次電話會議中指導的每一個指標。

For the quarter, revenue grew 33% year-over-year to a record $771 million. Adjusted EBITDA was also a record at $210 million and a margin of 27%. Net income was $71 million at a margin of 9%, and earnings per share was $0.06. This included a small benefit of about $0.01 related to a lower-than-expected effective tax rate.

本季營收年增 33%，達到創紀錄的 7.71 億美元。調整後的 EBITDA 也創下新高，達到 2.1 億美元，利潤率為 27%。淨收入為 7,100 萬美元，利潤率為 9%，每股收益為 0.06 美元。其中包括與低於預期的有效稅率相關的約 0.01 美元的小額收益。

An important driver of the acceleration of growth was the increased contribution from capital-light non-lending as well as fee-based revenue sources. Our non-lending businesses generated $407 million of revenue, up 66% year-over-year, and we also generated record fee-based revenue across all businesses of $315 million, up 67% year-over-year.

成長加速的一個重要驅動力是輕資本非貸款以及收費收入來源的貢獻增加。我們的非貸款業務創造了 4.07 億美元的收入，年增 66%，同時我們也創造了所有業務的創紀錄的 3.15 億美元的收費收入，同比增長 67%。

Turning now to our segment performance. In terms of Financial Services, for the first quarter, net revenue was $303 million, more than double that of Q1 2024. Contribution profit was $148 million, up 4x from last year. Contribution margin was 49%, almost double what it was last year.

現在來談談我們的分部表現。金融服務方面，第一季淨收入為 3.03 億美元，較 2024 年第一季成長一倍以上。貢獻利潤為 1.48 億美元，比去年增長 4 倍。貢獻利潤率為49%，幾乎是去年的兩倍。

Net interest income for this segment was $173 million, up 45% year-over-year, which was primarily driven by growth in member deposits. Non-interest income grew 3.2x to $130 million in the quarter, which equates to over $0.5 billion in high-quality fee-based income on an annualized basis.

該部門的淨利息收入為 1.73 億美元，年增 45%，主要得益於會員存款的成長。本季非利息收入成長 3.2 倍，達到 1.3 億美元，以年率計算，相當於超過 5 億美元的高品質收費收入。

Importantly, improved monetization continues its strong contribution to revenue growth. Financial Services revenue per product increased from $59 in the first quarter of '24 to $88 in the first quarter of '25. That's up nearly 50%, and we see continued upside as newer products mature.

重要的是，貨幣化的提高繼續對收入成長做出強勁貢獻。每件產品的金融服務收入從 24 年第一季的 59 美元增加到 25 年第一季的 88 美元。這一數字上漲了近 50%，隨著新產品的成熟，我們預計這一數字還將持續上漲。

In Q1, our Loan Platform business generated $96 million in adjusted net revenue, up 44% from just last quarter. Of this, $93 million was driven by the $1.6 billion of personal loans originated on behalf of third parties as well as referrals. I would note that these originations were up 41% quarter-over-quarter, while the associated platform fees increased approximately 50%, reflecting stronger monetization within this business.

第一季度，我們的貸款平台業務實現了 9,600 萬美元的調整後淨收入，較上一季成長 44%。其中，9,300 萬美元來自代表第三方以及推薦發放的 16 億美元個人貸款。我要指出的是，這些發起量較上季成長了 41%，而相關平台費用成長了約 50%，反映出該業務的貨幣化程度有所提高。

Additionally, LPB generated $3 million from servicing cash flow, which is recorded in our lending segment. The growth opportunity for this business continues to be strong. On the heels of launching our $5 billion partnership with Blue Owl Capital in Q1, we are pleased to have recently secured an additional $3.2 billion through a one-year $2 billion extension with Fortress, and a two-year $1.2 billion agreement with a joint venture between Fortress and Edge Focus. These partnerships continue to demonstrate the attractiveness of our loan production to investors.

此外，LPB 從服務現金流中產生了 300 萬美元，這筆錢記錄在我們的貸款部門。該業務的成長機會依然強勁。繼第一季與 Blue Owl Capital 建立 50 億美元合作夥伴關係之後，我們很高興最近透過與 Fortress 簽訂為期一年的 20 億美元延期協議，以及與 Fortress 和 Edge Focus 的合資企業簽訂為期兩年的 12 億美元協議，獲得了額外的 32 億美元。這些合作關係繼續證明了我們的貸款產品對投資者的吸引力。

In addition to our LPB revenue, we continue to see healthy growth in interchange, up 90% year-over-year, driven by close to $16 billion in total annualized spend in the quarter across money and credit card.

除了我們的 LPB 收入外，我們還看到交換業務繼續健康成長，年增 90%，這得益於本季貨幣和信用卡的年度總支出接近 160 億美元。

Shifting to our Tech Platform. For the first quarter, we delivered net revenue of $103 million, up 10% year-over-year. Contribution profit was $31 million at a contribution margin of 30%. Revenue growth was driven by continued monetization of existing clients, along with new deals signed in new client segments.

轉向我們的技術平台。第一季度，我們的淨收入為 1.03 億美元，年增 10%。貢獻利潤為 3,100 萬美元，貢獻利潤率為 30%。收入成長主要得益於現有客戶的持續貨幣化以及新客戶群簽署的新交易。

We saw a slight decrease in accounts to $158 million or 6% year-over-year, while revenue still grew 10% year-over-year, with similar growth in potential acceleration in Q2. This was driven by a large client's decision last year to diversify their processing providers, which was factored into our outlook for 2025. We continue to diversify our client base by winning new business, and we expect these wins to drive financial performance and an offset in 2026.

我們看到帳戶金額較去年同期略有下降，為 1.58 億美元，降幅為 6%，但營收仍年增 10%，第二季的潛在加速度也出現了類似的成長。這是由於去年一家大客戶決定多元化其加工供應商所致，這也被納入了我們對 2025 年的展望中。我們繼續透過贏得新業務來豐富我們的客戶群，我們預計這些勝利將推動財務表現並在 2026 年實現抵消。

Turning now to our Lending segment. For the first quarter, adjusted net revenue was $412 million, up 27% from the same period last year. Contribution profit was $239 million, with a 58% contribution margin. These strong results were primarily driven by growth in net interest income, which increased 35% year-over-year to $361 million.

現在轉向我們的貸款部門。第一季度，調整後淨營收為4.12億美元，較去年同期成長27%。貢獻利潤為2.39億美元，貢獻利潤率為58%。這些強勁的業績主要得益於淨利息收入的成長，淨利息收入年增 35% 至 3.61 億美元。

During the last quarter, we had record total loan originations of $7.2 billion, up 66% year-over-year. Personal loan originations were a record at $5.5 billion, of which $1.6 billion was originated on behalf of third parties through LPB. In total, personal loan originations were up 69% year-over-year. Student loan originations were $1.2 billion, up 59% from the same period last year. Home loan originations were $518 million, a 54% year-over-year increase.

上個季度，我們的貸款發放總額創歷史新高，達到 72 億美元，年增 66%。個人貸款發放額創歷史新高，達到 55 億美元，其中 16 億美元是透過 LPB 代表第三方發放的。整體而言，個人貸款發放量年增 69%。學生貸款發放額為 12 億美元，比去年同期成長 59%。房屋貸款發放額為 5.18 億美元，年增 54%。

Capital markets activity was very strong in the first quarter. We sold and transferred to our Loan Platform Business, $3.1 billion of personal and home loans. In terms of personal loans, we closed $1.1 billion of sales in whole loan form at a blended execution of 106.2%. All deals 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.

第一季資本市場活動非常強勁。我們將 31 億美元的個人和房屋貸款出售並轉讓給我們的貸款平台業務。在個人貸款方面，我們以全額貸款形式完成了 11 億美元的銷售額，混合執行率為 106.2%。所有交易的結構都與其他近期個人貸款銷售類似，現金收益等於或接近票面價值，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 had held on to the loans.

這些銷售包括一筆小額的損失分擔準備金，該準備金高於我們的基本損失假設，並且與我們如果持有貸款本來可能面臨的風險相比，並不重要。

Additionally, we sold $90 million of late-stage delinquent personal loans. By selling these loans, we're able to generate positive incremental value over time versus selling after the charge-off, both from our improved recovery capabilities and by maintaining servicing.

此外，我們還出售了 9,000 萬美元的後期拖欠個人貸款。透過出售這些貸款，與沖銷後出售相比，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，也得益於維持服務。

In terms of home loan sales, we closed $322 million at a blended execution of 102.1%. In addition to our personal and home loan sales, we executed a $698 million securitization of loans originated through our Loan Platform Business. This was the first securitization of new collateral in our SoFi Consumer Loan Program, or SCLP, since 2021 and the first using collateral originated in the loan platform business.

在房屋貸款銷售方面，我們完成了 3.22 億美元的銷售，綜合執行率為 102.1%。除了個人和房屋貸款銷售外，我們還透過貸款平台業務實施了 6.98 億美元的貸款證券化。這是自 2021 年以來我們的 SoFi 消費者貸款計劃 (SCLP) 中首次對新抵押品進行證券化，也是首次使用源自貸款平台業務的抵押品。

Importantly, this channel provides our partners with meaningful liquidity to support their ongoing investment in the Loan Platform Business. The transaction priced at an industry-leading cost of funds levels with a weighted average spread of 87 basis points and an all-in yield of 5.10%.

重要的是，該管道為我們的合作夥伴提供了有意義的流動性，以支持他們對貸款平台業務的持續投資。該交易的資金成本處於行業領先水平，加權平均利差為 87 個基點，全收益率為 5.10%。

Turning to credit performance. The health of our consumer remains strong. Despite the market volatility, we are not seeing signs of weakness. Our personal loan borrowers have a weighted average income of $158,000 and a weighted average FICO score of 743, while our student loan borrowers have a weighted average income of $134,000 with a weighted average FICO score of 769. Our credit trends continue to be strong after seeing delinquencies peak one year ago in the first quarter of 2024.

轉向信用表現。我們的消費者的健康狀況依然良好。儘管市場波動，但我們並未看到疲軟跡象。我們的個人貸款借款人的加權平均收入為 158,000 美元，加權平均 FICO 分數為 743，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 769。在一年前的 2024 年第一季拖欠率達到頂峰之後，我們的信貸趨勢持續保持強勁。

For personal loans, the on-balance sheet 90-day delinquency rate was 46 basis points in the quarter, a decrease of 9 basis points sequentially. The annualized charge-off rate also declined to 3.31% versus 3.37% in the prior quarter. Had we not sold any late-stage delinquencies, we estimate that including recoveries between 90 days and 120 days delinquent, we would have had an all-in annualized net charge-off rate for personal loans of approximately 4.8% versus 4.9% last quarter.

對於個人貸款，本季表內 90 天拖欠率為 46 個基點，比上一季下降 9 個基點。年度沖銷率也從上一季的 3.37% 下降至 3.31%。如果我們沒有出售任何後期拖欠貸款，我們估計，包括拖欠 90 天至 120 天之間的追償貸款，我們的個人貸款年化淨沖銷率約為 4.8%，而上一季為 4.9%。

For student loans, the on-balance sheet 90-day delinquency rate was in line with last quarter at 13 basis points, while our annualized charge-off rate decreased 15 basis points to 47 basis points. The data continues to support our 7% to 8% maximum life of loan loss assumption for personal loans, in line with our underwriting tolerance, although we continue to trend below these levels.

對於學生貸款，資產負債表內的 90 天拖欠率與上一季持平，為 13 個基點，而我們的年化沖銷率下降了 15 個基點，至 47 個基點。數據繼續支持我們對個人貸款 7% 至 8% 的最大貸款損失期限假設，符合我們的承保容忍度，儘管我們繼續趨於低於這些水平。

Our recent vintages originated from Q4 2022 to Q2 2024 have net cumulative losses of 4.09% with 43% unpaid principal balance remaining. This is well below the 5.53% observed at the same point in time for the 2017 vintage, the last vintage that approached our 7% to 8% tolerance. The gap between the newer cohort curve and the 2017 cohort curve widened by a more favorable 16 basis points after widening improvements of 15 basis points in Q4.

我們最近從 2022 年第四季到 2024 年第二季的債券累計淨虧損為 4.09%，剩餘 43% 的本金未償還。這遠低於 2017 年份同一時間點的 5.53%，2017 年份是上一個接近我們 7% 至 8% 容忍度的年份。繼第四季擴大 15 個基點之後，較新的群組曲線與 2017 年群組曲線之間的差距又擴大了 16 個基點。

Additionally, looking at our Q1 2020 through Q4 2024 originations, 59% of principal has already been paid down, with 6.7% in net cumulative losses. Therefore, for life of loan losses on this entire cohort of loans to reach 8%, the charge-off rate on the remaining 41% of unpaid principal would need to be approximately 10%. This would be well above past levels, further underscoring our confidence in achieving loss rates below our 8% tolerance.

此外，從我們 2020 年第一季到 2024 年第四季的貸款發放情況來看，59% 的本金已償還，淨累計損失為 6.7%。因此，要使這筆貸款的貸款損失率達到 8%，剩餘 41% 未償還本金的沖銷率就需要達到 10% 左右。這將遠高於過去的水平，進一步強調了我們對實現低於 8% 容忍度的損失率的信心。

Turning to our fair value marks and key assumptions. 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.

轉向我們的公允價值標記和關鍵假設。提醒一下，我們每季都會以公允價值標記我們的貸款，其中考慮了許多因素，包括加權平均票面利率、恆定違約率、有條件提前還款率以及由基準利率和利差組成的折現率。

At the end of the first quarter, our personal loans were marked at 105.5%, up 55 basis points from the end of the prior quarter. This change was primarily a function of the discount rate decreasing by 42 basis points to 4.87% due to the underlying benchmark rate decreasing by 34 basis points and spreads tightening by 8 basis points.

一季末，個人貸款餘額105.5%，較上季末上升55個基點。這項變更主要是由於基準利率下降 34 個基點、利差收窄 8 個基點，導致折現率下降 42 個基點至 4.87%。

As we've previously noted, both of these changes are empirical based on actual market data, not assumptions. Additionally, any fair value impacts that resulted from interest rates increasing were offset nearly one-for-one by hedge losses. Additionally, the annual default rate decreased by 18 basis points.

正如我們之前所指出的，這兩項變化都是基於實際市場數據而非假設的經驗性變化。此外，利率上升造成的任何公允價值影響幾乎都被對沖損失一一抵銷。此外，年度違約率下降了18個基點。

Slightly offsetting these impacts was a 14 basis point decrease in the weighted average coupon and a 52 basis point increase in our conditional prepayment rate. 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.

稍微抵銷這些影響的是加權平均票面利率下降了 14 個基點，而我們的有條件提前還款率上升了 52 個基點。當借款人提前還款時，我們仍在獲取本金，而對資產價值的影響僅基於特定時間點的票面溢價，相對於未償還的本金而言，該溢價非常小。

At the end of the first quarter, our student loans were marked at 105.2%, up 107 basis points from the end of the prior quarter. This change was a function of the discount rate decreasing by 18 basis points to 4.22%, driven by the underlying benchmark rate decreasing by 38 basis points, partially offset by 20 basis points of spread widening, and a 10 basis point increase in the weighted average coupon. There were no material changes to the annual default rate or the conditional prepayment rate.

第一季末，我們的學生貸款利率為105.2%，比上一季末上升了107個基點。這項變更是由於基準利率下降 18 個基點至 4.22% 所致，這是由於基準利率下降 38 個基點，但利差擴大 20 個基點以及加權平均票面利率增加 10 個基點所部分抵銷。年度違約率或有條件提前還款率並沒有重大變動。

Turning to our balance sheet. In the first quarter, total assets grew by $1.5 billion, driven by $1.6 billion of loan growth and approximately $265 million of growth in cash, cash equivalents and investment securities, partially offset by a reduction in other assets. Total company-wide cash at quarter end was $2.7 billion.

轉向我們的資產負債表。第一季度，總資產成長了 15 億美元，主要得益於 16 億美元的貸款成長以及約 2.65 億美元的現金、現金等價物和投資證券的成長，但其他資產的減少部分抵消了這一成長。季末全公司現金總額為 27 億美元。

On the liability side, member deposits grew by $2.2 billion for the quarter, bringing total deposits to over $27 billion. Net interest margin was 6.01% for the quarter, up 10 basis points sequentially, reflecting our ability to sustain healthy deposit versus lending betas. This included a 27 basis point decrease in cost of funds, which was partially offset by a 13 basis point decrease in average yields. We continue to expect a healthy net interest margin above 5% for the foreseeable future.

在負債方面，本季會員存款增加了 22 億美元，總存款達到 270 多億美元。本季淨利差為 6.01%，比上一季上升 10 個基點，反映出我們能夠維持健康的存款與貸款貝塔係數。其中包括資金成本下降 27 個基點，但平均收益率下降 13 個基點，部分抵消了下降。我們預計在可預見的未來，淨利差將繼續維持在 5% 以上的健康水準。

In terms of our regulatory capital ratios, we remain very well capitalized. Our total capital ratio of 15.5% at quarter end remains comfortably above the regulatory minimum of 10.5%. Tangible book value grew more than $167 million sequentially to $5.1 billion and tangible book value per share at quarter end was $4.58, up from $3.90 a year ago.

就我們的監理資本比率而言，我們的資本仍然非常充足。本季末我們的總資本比率為 15.5%，仍遠高於 10.5% 的監管最低標準。有形帳面價值季增超過 1.67 億美元，達到 51 億美元，季末每股有形帳面價值為 4.58 美元，高於去年同期的 3.90 美元。

Let me finish by providing our revised outlook for 2025. Given our strong start to the year, we continue to expect to add over 2.8 million members, which represents at least 28% year-over-year growth. We now expect adjusted net revenue of $3.235 billion to $3.310 billion, above our prior guidance of $3.2 billion to $3.275 billion. This equates to year-over-year growth of approximately 24% to 27%, an increase from our prior guide of 23% to 26%.

最後，我想提供我們對 2025 年的修訂展望。鑑於我們今年的強勁開局，我們預計會員數將繼續增加 280 多萬，年增至少 28%。我們現在預計調整後的淨收入為 32.35 億美元至 33.10 億美元，高於我們先前預測的 32 億美元至 32.75 億美元。這相當於年成長約 24% 至 27%，高於我們先前預測的 23% 至 26%。

We now expect an adjusted EBITDA of $875 million to $895 million, above our prior guidance of $845 million to $865 million. This represents a 27% margin. We now expect adjusted net income in the range of $320 million to $330 million, above our prior guidance of $285 million to $305 million, and adjusted EPS of $0.27 to $0.28, above our prior guidance of $0.25 to $0.27.

我們現在預計調整後的 EBITDA 為 8.75 億美元至 8.95 億美元，高於我們先前預測的 8.45 億美元至 8.65 億美元。這代表著 27% 的利潤率。我們現在預計調整後的淨收入將在 3.2 億美元至 3.3 億美元之間，高於我們先前預測的 2.85 億美元至 3.05 億美元，調整後的每股收益將在 0.27 美元至 0.28 美元之間，高於我們先前預測的 0.25 美元至 0.27 美元。

We now expect growth in tangible book value of $585 million to $600 million for the year, above our prior guidance of $550 million to $575 million. For the second quarter of 2025, assuming credit spreads are in line with the range we've observed year-to-date, we expect to deliver adjusted net revenue of $785 million to $805 million, adjusted EBITDA of $200 million to $210 million, adjusted net income of $60 million to $70 million and adjusted EPS of $0.05 to $0.06.

我們現在預計今年有形帳面價值將成長 5.85 億美元至 6 億美元，高於我們先前預測的 5.5 億美元至 5.75 億美元。對於 2025 年第二季度，假設信用利差與我們今年迄今觀察到的範圍一致，我們預計調整後淨收入為 7.85 億美元至 8.05 億美元，調整後 EBITDA 為 2 億美元至 2.1 億美元，調整後淨收入為 6000 萬美元至 7000 萬美元，調整後每股收益為 0.050.000 萬美元。

Overall, it's been a strong start to 2025, and we're looking forward to a great year overall. I'll hand it back to Anthony to wrap this up and kick off the Q&A.

整體而言，2025 年開局強勁，我們期待今年圓滿成功。我將把它交還給安東尼來結束討論並開始問答環節。

Thank you, Chris. As I mentioned, our strategy and execution continued to deliver excellent results. The opportunity in front of us remains massive, and we are accelerating our investment in new product launches. We are building from a position of strength as the only digital company to successfully scale members and revenue across five lending businesses, a world-class SoFi Money offering with $27 billion in total deposits and Invest and Credit Card offerings with 2.7 million products and over 300,000 cardholders, respectively.

謝謝你，克里斯。正如我所提到的，我們的策略和執行繼續帶來出色的成果。我們面前的機會仍然巨大，我們正在加快對新產品發布的投資。我們正以強大的實力為基礎，作為唯一一家成功擴大會員和收入的數位公司，業務涵蓋五大貸款業務、世界一流的 SoFi Money 產品（總存款額達 270 億美元）以及投資和信用卡產品（分別擁有 270 萬種產品和超過 30 萬名持卡人）。

At the same time, we're incubating and beginning to scale our SoFi Protect offering across home, auto and life insurance, lending and checking products for small and medium businesses and, of course, our recently launched SoFi Plus product with the best value in a financial services subscription offering.

同時，我們正在孵化並開始擴大我們的 SoFi Protect 產品，涵蓋家庭、汽車和人壽保險、針對中小企業的貸款和支票產品，當然還有我們最近推出的在金融服務訂閱產品中具有最佳價值的 SoFi Plus 產品。

Additionally, we have seen tremendous scale and indirect value creation from SoFi Relay with over 5.1 million products. Despite all of that success, we've built an entirely new loan platform business in less than 12 months, generating a $380 million annualized high-margin fee revenue stream. And of course, our Technology Platform business serving over 158 million accounts and over $8 billion annualized transactions while helping power the SoFi products.

此外，我們已經看到 SoFi Relay 擁有超過 510 萬種產品，創造了巨大的規模和間接價值。儘管取得了所有這些成功，我們還是在不到 12 個月的時間內建立了一個全新的貸款平台業務，產生了 3.8 億美元的年化高利潤費用收入流。當然，我們的技術平台業務服務超過 1.58 億個帳戶和超過 80 億美元的年交易額，同時為 SoFi 產品提供支援。

Make no mistake with each business. We have or will have superior speed, capabilities and services when compared side-by-side to alternative offerings as product quality is critical to being a member-centric company.

每項業務都不要犯錯。與其他產品相比，我們擁有或將擁有更優越的速度、能力和服務，因為產品品質對於以會員為中心的公司至關重要。

But having great products is not enough. We must also have a sustainable competitive advantage. In that regard, we believe our unique strategy, the combination of our businesses and how we have architected our products results in building a sustainable competitive advantage and having the highest lifetime value per member.

但僅有優秀的產品還不夠。我們還必須擁有可持續的競爭優勢。在這方面，我們相信我們獨特的策略、業務組合以及產品設計方式將帶來可持續的競爭優勢，並讓每位會員擁有最高的終身價值。

Our highest lifetime value is built on the back of striving to have superior unit economics on a per product basis combined with significantly lower cost and more products and revenue per member, such that we can provide more value in each product and more value when they are used together, and we can do this better than anyone else.

我們最高的終身價值建立在努力實現每件產品的卓越單位經濟效益，同時顯著降低成本，增加每位會員的產品和收入的基礎上，這樣我們就能在每件產品中提供更多價值，並在它們一起使用時提供更多價值，而且我們能比任何人都做得更好。

Specifically, our competitive advantage allows us to offer superior and even one day unmatchable value to our members and the broadest selection of loans with the best interest rates. Superior APY and deposits, the best value in a financial service subscription product in SoFi Plus, the broadest selection in Invest products and competitive matches on Invest rollovers, a fully comprehensive suite of products all on one device, which is necessary to get your money right.

具體來說，我們的競爭優勢使我們能夠為會員提供卓越的、甚至有一天無與倫比的價值，以及最廣泛的貸款選擇和最優惠的利率。卓越的 APY 和存款、SoFi Plus 中金融服務訂閱產品的最佳價值、最廣泛的投資產品選擇和投資展期的競爭性匹配、一套完整的產品集中在一個設備上，這些都是讓您的資金正確運作所必需的。

As well as SoFi rewards across all of our products and services, free financial planning with the CFP, discounted travel offerings and other spend better offers. Additionally, we provide free services like Relay, Autopilot, Vault, Zelle and P2P.

以及我們所有產品和服務的 SoFi 獎勵、CFP 的免費財務規劃、折扣旅遊優惠和其他更優惠的消費優惠。此外，我們還提供 Relay、Autopilot、Vault、Zelle 和 P2P 等免費服務。

And finally, several new AI-driven products in development that will specifically show our members how to get their money right by spending less than they make and invest in the rest, like the SoFi Expense and SoFi Cash Codes, just to name a few.

最後，我們正在開發幾款新的人工智慧產品，它們將專門向我們的會員展示如何透過少花錢多賺錢並投資於剩餘部分來正確理財，例如 SoFi Expense 和 SoFi Cash Codes，僅舉幾例。

In total, SoFi's unmatched value across its products and services make it the best place to help members achieve their most critical factors in their financial life, which is how to spend less than they make and invest the rest in order to get their money right and realize their ambitions. All that we do must serve this simple but hard to achieve equation better than anyone else.

總體而言，SoFi 在其產品和服務方面擁有無與倫比的價值，使其成為幫助會員實現其財務生活中最關鍵因素的最佳場所，即如何少花錢多賺錢，並將剩餘的錢進行投資，以便正確理財並實現他們的抱負。我們所做的一切都必須比任何人更好地服務於這個簡單卻難以實現的等式。

Hopefully, our leadership position as a one-stop shop in our competitive advantage with the highest lifetime value is clear as well as why we want to accelerate our rate of investment and innovation to take advantage of the incredible competitive position we have built.

希望我們作為具有最高終身價值的競爭優勢的一站式商店的領導地位是明確的，以及為什麼我們要加快投資和創新的速度，以利用我們已經建立的令人難以置信的競爭地位。

In my mind, our path to our ambition is simple. Given the superior competitive position we occupy, the only thing that stands in the way of us and our aspiration is [robust] and our ability to maintain a founder's mentality culture to further strengthen our competitive sustainable advantage.

在我看來，我們實現抱負的道路很簡單。鑑於我們所佔據的優勢競爭地位，唯一阻礙我們和我們願望的就是[強大]以及我們保持創始人心態文化的能力，以進一步增強我們的競爭可持續優勢。

With that, let's begin the Q&A

接下來，我們開始問答環節

(Operator Instructions)

（操作員指示）

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Terrific results here. Anthony, I know it might be a little bit of a difficult question to answer. But as I look at the very impressive performance of the Loan Platform Business, can you envision a time where SoFi is just materially a fee-based business? And what are the implications for that for deposit (technical difficulty) different interest rate environments. I just wonder, do you wind up with excess funding? And do you grow loans faster primarily on that (technical difficulty)?

這裡的結果非常棒。安東尼，我知道這個問題可能有點難回答。但是，當我看到貸款平台業務令人印象深刻的表現時，你能想像有一天 SoFi 會只成為一項收費業務嗎？這對於存款（技術難度）不同的利率環境有何影響。我只是想知道，您是否最終獲得了過多的資金？你們的貸款成長速度主要靠這個嗎？（技術難度）？

Yes. And you're a little broken up there. I think I got the bulk of your questions. I think the question was, do you see a time where we transition to a largely fee-based business. I think you'll see us increasingly change the next to greater fee-based than we are today. 41% on an annualized basis is the percent of our revenue from fee-based revenue today. It's broad-based. So it's not just the Loan Platform Business.

是的。你有點心碎了。我想我已了解你的大部分問題。我認為問題是，你是否認為我們有一天會轉型為主要以收費為基礎的業務。我想你會看到我們逐漸改變收費方式，使其比現在更收費。以年率計算，41% 是我們目前來自收費收入的收入百分比。它具有廣泛的基礎。所以這不僅僅是貸款平台業務。

Interchange is becoming a bigger part in addition to referral revenue, in addition to our ability to drive fees in other smaller businesses that aren't as visible like our insurance business and our small medium business, which is both loan, referral fees as well as checking and savings fees. So I do think it will continue to increase quite meaningfully, but not just because of the loan platform business.

除了推薦收入之外，交換正在成為一個更重要的部分，此外，我們還能向其他不太明顯的小型企業（如我們的保險業務和中小型企業）收取費用，這些費用包括貸款、推薦費以及支票和儲蓄費。因此我確實認為它將繼續大幅成長，但不僅僅是因為貸款平台業務。

I think the thing that would drive it even higher than we anticipate, which we do imagine it's going above 50%, is if we can do the loan platform business meaningfully outside of our credit box. Today, the bulk of our Loan Platform Business is in and about our credit box, just volume that we wouldn't otherwise want to originate on our own balance sheet, both from a credit and risk standpoint.

我認為，如果我們能夠在信貸領域之外開展有意義的貸款平台業務，那麼這一比例將比我們預期的更高，我們確實認為它將超過 50%。今天，我們的貸款平台業務的大部分都在我們的信貸範圍內，從信貸和風險的角度來看，這些業務量我們都不希望出現在我們自己的資產負債表上。

If we can actually deliver a loan to the Loan Platform Business that are meaningfully outside the credit box, say, 600 to 680, then the revenue stream there is going to be even much, much larger than it is today. We are working on that. I'm optimistic we can get some of those deals done. We announced a piece of that today with Edge Focus, but there's a couple of other deals that are quite large that could be pretty meaningful. That would drive that higher.

如果我們實際上可以向貸款平台業務提供超出信用額度範圍的貸款，例如 600 到 680，那麼那裡的收入流將比現在大得多。我們正在努力。我樂觀地認為我們能夠完成其中一些交易。我們今天與 Edge Focus 宣布了其中的一部分，但還有其他幾筆規模相當大且可能非常有意義的交易。這將會推動這一數字進一步上升。

The other thing I'd say about the Invest business is that our outlook and what we're contributing today does not include crypto, which will also be a fee-based business in the Invest product itself, but also that we could have a stable coin pay product with high yield that could drive fees as well, in addition to doing things that I mentioned earlier in the call outside of Invest or Stablecoins.

關於投資業務，我想說的另一件事是，我們的前景和我們今天的貢獻不包括加密貨幣，加密貨幣也將是投資產品本身的收費業務，但除了在投資或穩定幣之外，我們還可以擁有高收益的穩定幣支付產品，這也可以推動費用。

The thing I'd say more broadly about this business and our desire to own loans. We do want to put loans in the balance sheet and sell those loans and hold them for sale. Our student loan financing business is an important product for us to have. We have that held for investment on a big piece of it, but we'll manage to the best ROE. And that's what will be our guiding light.

我想更廣泛地談談這項業務以及我們擁有貸款的願望。我們確實希望將貸款放入資產負債表並出售這些貸款並持有以待出售。我們的學生貸款融資業務是我們的重要產品。我們已經對其中很大一部分進行了投資，但我們會努力實現最佳的 ROE。這就是我們的指路明燈。

We want to have an ROE that's in the 20% to 30% range. And so we have to have the right mix of products, so it can't all be fee-based, but we'd like it to be more than 50% for sure.

我們希望 ROE 處於 20% 至 30% 的範圍內。因此，我們必須有正確的產品組合，所以不能全部都是收費的，但我們希望收費比例肯定超過 50%。

Kyle Peterson, Needham & Co.

凱爾彼得森（Kyle Peterson），Needham & Co.

I wanted to touch a little bit on specifically the Tech Platform and pipeline. I know you guys have a lot of wins that are kind of coming live later this year. But I just wanted to see if, given some of the recent market volatility and kind of macro uncertainty, has there been any change, whether it's in client appetite or decision-making or any slowing or change in activity that we should be mindful of, given the volatility over the last few weeks?

我想具體談談科技平台和通路。我知道你們已經取得了很多勝利，這些勝利將在今年晚些時候實現。但我只是想看看，考慮到最近的一些市場波動和宏觀不確定性，是否有任何變化，無論是客戶需求還是決策，還是任何我們應該注意的活動放緩或變化，考慮到過去幾週的波動？

No change in our outlook for the Tech Platform business. Long term, we still have a very strong conviction that is important for the SoFi businesses and helping us deliver our sustainable competitive advantage in the highest lifetime value. Owing that tech allows us to not just have lower cost, but it allows us to have superior unit economics and allows us to innovate at a much faster rate.

我們對技術平台業務的展望沒有改變。從長遠來看，我們仍然堅信這對 SoFi 業務至關重要，並有助於我們以最高的終身價值實現可持續的競爭優勢。這項技術不僅讓我們降低了成本，還讓我們擁有了卓越的單位經濟效益，並讓我們能夠以更快的速度進行創新。

And so it is -- a part of owning it is for the SoFi business. But the other piece is providing the rest of the world technology services. And our outlook for that is unchanged, even with the more recent volatility around tariffs in the economy and other concerns. We've signed a number of partners that will be integrated this year, and they'll contribute to revenue in 2026. Our outlook for this year is unchanged in terms of revenue guidance as well as longer term.

事實確實如此——擁有它的一部分是為了 SoFi 業務。但另一部分是向世界其他地區提供技術服務。儘管近期圍繞關稅和其他問題的經濟波動較大，但我們對此的展望仍未改變。我們已經簽約了一些合作夥伴，這些合作夥伴將於今年整合，並將在 2026 年為我們帶來收入。我們對今年的收入預期以及長期前景的展望保持不變。

I do think there could be an acceleration in 2026 relative to 2025 in terms of the number of new deals won and the impact they could have because of the fact that people are starting to move more aggressively into innovative areas and they can no longer compete from an innovative standpoint.

我確實認為，就贏得的新交易數量及其可能產生的影響而言，2026 年相對於 2025 年可能會加速，因為人們開始更積極地進入創新領域，而且他們不再能夠從創新的角度進行競爭。

If you're a traditional financial institution or you're a big consumer brand that has financial services products, you really have gotten away the last three years without innovating. And the reason we've gotten away with it is because of the regulatory environment, because of the backdrop of the economy and interest rates going higher.

如果您是傳統金融機構，或者您是擁有金融服務產品的大型消費品牌，那麼過去三年您確實沒有進行創新。我們之所以能夠逃脫懲罰，是因為監管環境、經濟背景和利率不斷上升。

But in an environment where interest rates stay stable where we're at, and we have a stable economy, these functional institutions need to start to compete or they're going to keep losing share.

但在利率維持穩定、經濟穩定的環境下，這些功能性機構需要開始競爭，否則它們將繼續失去份額。

You can see the rate of innovation happening in the private markets. We have more inbound calls than we've ever had for acquisitions and more inbound calls for partnerships than we've had in three years. And it's because of the fact that capital is coming back to the fintech sector, it's because the interest rates are now stabilizing and people can start to reinvest.

您可以看到私人市場中創新的速度。我們接到的有關收購的來電數量比以往任何時候都多，接到的有關合作的來電數量也比三年前多了。這是因為資本正在回流到金融科技領域，這是因為利率現在正在穩定，人們可以開始再投資。

So that's the opportunity set for us. It's up to us to deliver, and we feel confident we'll be able to deliver our share against the Tech Platform business and for SoFi more broadly for that matter.

這就是為我們設定的機會。這取決於我們能否實現這一目標，我們有信心能夠在技術平台業務以及更廣泛的 SoFi 領域中佔有一席之地。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Team, Chris, Anthony, really, really nice results. Great to see that. Can I ask you guys about the strength of the capital markets in this market given the high volatility looks really strong. I would like to get some perspective on that.

團隊、克里斯、安東尼，結果真的非常棒。很高興看到這一點。我可以問一下你們，鑑於這個市場波動性很大，其資本市場的實力看起來真的很強嗎？我想了解這一點。

I'll let Chris add in more holistically, but I'll tell you when the tariff and volatility stuff happened, I thought some of our deals will get delayed in investment committee or other factors. And we've seen that happen in the past when you had shelter in place for COVID, things came to a screeching hall and other things have happened in the last seven years related to dislocations and liquidity, et cetera.

我會讓克里斯更全面地補充，但我會告訴你，當關稅和波動性事件發生時，我認為我們的一些交易會因投資委員會或其他因素而被推遲。我們過去也看到過這種情況，當時人們為應對新冠疫情而設立了庇護所，但情況卻變得非常糟糕，過去七年裡還發生了一些與混亂、流動性等有關的事情。

We didn't see any slowdown. When the tariff and volatility stuff happened, there was no [Svam]. In fact, people are moving just as fast and it was a pleasant surprise. So that's in the near term. I'll let Chris talk about more holistically, the appetite for our assets and the general secular trend that we're seeing.

我們沒有看到任何放緩。當關稅和波動性事件發生時，沒有[斯瓦姆]。事實上，人們的行動也同樣迅速，這是一個令人驚訝的發現。這是短期內的事。我會讓克里斯更全面地談談對我們的資產的興趣以及我們所看到的整體長期趨勢。

Yes. So overall, the strength of the capital markets remains extremely strong, including the Loan Platform Business this quarter, we ended up selling or transferring over $3 billion of personal and home loans at really strong execution levels. That's over $12 billion of annualized demand in Q1 alone. And then as we mentioned in our prepared remarks, we also signed over $8 billion of LPB partnerships between Blue Owl, Fortress and Edge Focus.

是的。因此，總體而言，資本市場的實力仍然非常強勁，包括本季的貸款平台業務，我們最終以非常強勁的執行水平出售或轉讓了超過 30 億美元的個人和房屋貸款。光是第一季的年需求就超過 120 億美元。正如我們在準備好的演講中提到的那樣，我們還與 Blue Owl、Fortress 和 Edge Focus 簽署了價值超過 80 億美元的 LPB 合作協議。

These recently announced partnerships and other deals are going to drive an acceleration in LPB volume in Q2. So overall, really pleased with how the LPB business has developed, and we're feeling good about the demand, both from capital markets investors as well as from our members.

這些最近宣布的合作夥伴關係和其他交易將推動第二季 LPB 交易量的成長。總體而言，我們對 LPB 業務的發展感到非常滿意，並且對來自資本市場投資者和我們會員的需求感到滿意。

And I don't think people truly appreciate the stat. We underwrite around $20 billion of loan originations, give or take. That's not meant to be guide, just a round number. We declined $100 billion of loan applicants, $100 billion. That means we've done all the work of building our brand, of driving the demand, of going through an application process to tell $100 billion -- more than $100 billion, no. That is a huge opportunity for us, and it's going to be high margin, no capital required, low credit risk.

我不認為人們真正欣賞這個統計數據。我們承保了大約 200 億美元的貸款發放，大約如此。這不是一個指導，只是一個大概的數字。我們拒絕了 1000 億美元的貸款申請，1000 億美元。這意味著我們已經完成了所有工作，包括建立品牌、推動需求、完成申請流程，以告訴 1,000 億美元——超過 1,000 億美元，不是嗎？這對我們來說是一個巨大的機會，而且利潤率高，無需資本，信用風險低。

Obviously, those loans are being taken away a couple of days after they're underwritten. So it is a big, big opportunity. So don't sleep on the Loan Platform Business holistically.

顯然，這些貸款在承保幾天後就被收回了。所以這是一個巨大的機會。因此，不要忽視貸款平台業務的整體發展。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Just a couple of questions for me. Can you talk a little bit more about how you might position the student loan business if Congress ultimately decides to cap some of the programs out there in Grad Plus, Parent Plus. I know historically, that's been more of a source for your refi business over time. Would you be looking to do a little bit more in the in-school graduate side if that happened?

我只想問幾個問題。如果國會最終決定限制 Grad Plus 和 Parent Plus 中的一些項目，您能否進一步談談您將如何定位學生貸款業務？我知道，從歷史上看，隨著時間的推移，這已經成為了您的再融資業務的更多來源。如果發生這種情況，您是否希望在校研究生方面做更多的事情？

And Chris, if you could also just maybe touch on the take rate in the Loan Platform Business. It looked like it increased on the non-referral side this quarter, up to about 4.7% as a percent of those originations. So should we be thinking about that as kind of like the sustainable run rate from here? Or should -- was there anything sort of one-off in that number?

克里斯，你是否可以談談貸款平台業務的利率？本季非推薦方面的業務似乎有所增加，佔這些業務發起的百分比高達 4.7% 左右。那麼，我們是否應該將其視為可持續的運作率？或者應該——這個數字中是否存在某種一次性的東西？

So Jeff, on your first question as it relates to student loans, you're really referring to the in-school student loan market. That's a product that we launched six years ago. It's an important product in terms of our mission being there for all the major financial decisions in our members' lives and the days in between. So if the government backs away from providing in-school loans, Grad Plus, et cetera, et cetera, we'll absolutely capture that opportunity.

傑夫，關於你的第一個問題，由於它與學生貸款有關，你實際上指的是校內學生貸款市場。這是我們六年前推出的產品。就我們的使命而言，它是一款重要的產品，可以幫助我們的會員在一生中以及其間做出所有重大的財務決策。因此，如果政府不再提供校內貸款、Grad Plus 等，我們絕對會抓住這個機會。

By the way, those loans are a lot more attractive than our refinance student loans. They come at a higher WACC, and they're also typically backed by a co-borrower and a parent. And so they are great ROE products, and we would love to do as much as we can in that market, and we'd be very happy to step in for the government.

順便說一句，這些貸款比我們的再融資學生貸款更有吸引力。它們的加權平均資本成本較高，而且通常還有共同借款人和父母的支持。所以它們是很棒的 ROE 產品，我們很樂意在該市場上盡我們所能，我們也非常樂意為政府提供協助。

In addition to the fact that we would not only underwrite the in-school loans. When those students graduate and go get jobs and drive great credit scores, we'll refinance those loans. So it will be a double bottom line from the standpoint that it's a revenue stream sort of day 1, but it's also a member that becomes part of the ecosystem of SoFi. And there's going to be a high lifetime value to someone that takes out an in-school loan from us relative to some of that refinances from us.

除此之外，我們不僅承保校內貸款。當這些學生畢業並找到工作並擁有良好的信用評分時，我們將為這些貸款再融資。因此，從這個角度來看，這將是一個雙重底線：它是第一天的收入來源，但它也是成為 SoFi 生態系統一部分的成員。相對於從我們這裡獲得的部分再融資，從我們這裡獲得校內貸款的人將具有很高的終身價值。

Yes. And then on your second question as it relates to the Loan Platform Business take rate. We are really excited about the momentum that we have there and our improved monetization. You saw that quarter-over-quarter. I think part of it is as a result of the excess demand that we're seeing from loan investors, which is enabling us to create some pricing tension in some of these partnerships.

是的。然後關於您的第二個問題，它與貸款平台業務的利率有關。我們對於我們在那裡所取得的進展和改善的貨幣化感到非常興奮。您會看到，每個季度的情況都是如此。我認為部分原因是我們看到貸款投資者的需求過剩，這使我們能夠在一些合作夥伴關係中創造一些價格張力。

In terms of the long-term guide on the take rate, what I would think about is each deal is structured a little bit differently. And the majority of the deals that we've done have been within our credit box or stuff that we would otherwise hold on the balance sheet, but we haven't because we're happy with the size of our balance sheet.

就長期的接受率指導而言，我認為每筆交易的結構都略有不同。我們所做的大部分交易都屬於我們的信用範圍或我們原本會在資產負債表上記錄的內容，但我們並沒有這樣做，因為我們對資產負債表的規模感到滿意。

As we start addressing the large TAM that Anthony mentioned, of the $100 billion that we're currently declining right now on an annual basis, you'll see that take rate fluctuate.

當我們開始解決安東尼提到的巨大 TAM 問題時，我們目前每年減少的 1000 億美元中，你會看到接受率會波動。

Yes. Sorry, before you go, Devin, the only other thing I would say is that overall, the economics remain extremely healthy. These are high, high-margin unit economics for the LPB business.

是的。抱歉，德文，在你離開之前，我唯一想說的是，總體而言，經濟仍然非常健康。對 LPB 業務來說，這些都是高利潤的單位經濟效益。

Devin.

德文。

Okay. Chris, Anthony, just a question on -- so a question on just kind of volatility in the market kind of post quarter end. Obviously, a lot of moving parts here. But one piece of Ford Fed fund expectations have come down quite a bit over the past month. And just curious kind of how we should think about implications on deposit costs, what type of betas you guys are estimating? And then also, what are the implications on deposit growth as short-term rates follow market expectations?

好的。克里斯、安東尼，我有一個問題想問──關於季度末之後市場波動的問題。顯然，這裡有很多活動部件。但福特聯邦基金預期中的一項在過去一個月下降了不少。我只是好奇我們該如何看待存款成本的影響，你們估計的貝塔係數類型是什麼？那麼，短期利率遵循市場預期會對存款成長產生什麼影響？

Yes. Chris and I will tag team this. In the quarter, you saw that our members within SoFi Money grew 41%. Our deposits grew 52%. So we're seeing positive deposit trends, not just from new SoFi Money members, but from existing deposit members.

是的。克里斯和我將組隊參加這個活動。在本季度，您會發現 SoFi Money 的會員數量增加了 41%。我們的存款增加了52%。因此，我們看到了積極的存款趨勢，不僅來自新的 SoFi Money 會員，也來自現有的存款會員。

What I'd say is this. We have a competitive advantage. And that competitive advantage is that we have an insured depository entity in a SoFi Bank and we have four loan products. Most companies that are not banks that are providing an interest rate on deposits are doing it on the back of a sponsor bank. And those deals are limited in terms of what the APY they can offer. They're typically Fed funds plus 20 basis points. It can't be more than that.

我想說的是這個。我們具有競爭優勢。我們的競爭優勢在於，我們在 SoFi 銀行擁有受保險的存款實體，並且擁有四種貸款產品。大多數提供存款利率的非銀行公司都是在贊助銀行的支持下這樣做的。而且這些交易在所能提供的 APY 方面是有限的。它們通常是聯邦基金利率加 20 個基點。不可能超過這個數。

And if it is, it's marginally more, maybe Fed funds plus 30 basis points. It is limited. And so it's a really tough strategy to try to live in a world that you want to be a holistic one-stop shop and have a limit on what you could do in any product, whether it's interest rate on loans or interest rates on deposits. We have an unencumbered capability to compete on APY if we need to. And we will because we have such a strong ROE business from our lending business that can fund those deposits.

如果是的話，可能會稍微多一點，可能是聯邦基金利率加上 30 個基點。它是有限的。因此，試著生活在一個你想要成為一個全面的一站式商店的世界裡，並且對你在任何產品上所能做的事情有所限制，無論是貸款利率還是存款利率，這是一個非常艱難的策略。如果需要的話，我們擁有不受阻礙的 APY 競爭能力。我們會這樣做，因為我們的貸款業務擁有如此強勁的 ROE 業務，可以為這些存款提供資金。

And so on the margin, I don't know anyone that can outcompete us on the APY. Now you may say, geez, Anthony, and there's banks with $1 trillion of assets that can do it. They are not going to do it. They could if they chose to, but they're not going to do it. They have a deposit base that is a super low cost of funds, and they have no interest in raising the APY to have more deposits because they just don't need it to lend.

因此，就利潤率而言，我不知道有誰能在 APY 上勝過我們。現在你可能會說，天哪，安東尼，有擁有 1 兆美元資產的銀行可以做到這一點。他們不會這麼做。如果他們選擇的話他們可以這麼做，但他們不會這麼做。他們的存款基礎資金成本極低，而且他們沒有興趣提高年利率來獲得更多存款，因為他們不需要存款來放款。

But the people that want to get into the business and compete with us with primary accounts, they're not going to be able to compete with us unless they become a bank and they have the lending business to fund that APY. So I couldn't feel better about our position there and how competitive we can be.

但是那些想進入這個行業並透過主要帳戶與我們競爭的人，除非他們成為一家銀行並且擁有貸款業務來為 APY 提供資金，否則他們將無法與我們競爭。因此，我對我們的地位和競爭力感到非常滿意。

And again, it will just drive that viral capabilities of all of our products and cross-sell and cross-buy. But I do think APYs are largely going to come down the industry, but ours is going to be in that top tier and maintain that top tier.

再次強調，它將推動我們所有產品的病毒式傳播能力以及交叉銷售和交叉購買。但我確實認為 APY 在很大程度上會低於行業水平，但我們的 APY 將處於並保持這一水平。

We've never gone to the state of where we needed to be at the very top and to maybe even use it as a loss leader. I don't think we have to get there, but we actually have the capability to do it and make it up on the lending side. So I couldn't be more enthusiastic about our competitive positioning. There's a lot of noise people are making out there that they want to compete with us in that area, and I welcome it.

我們從來沒有達到我們需要達到的最高點，甚至可能將其用作虧本銷售。我認為我們不必達到這個程度，但我們實際上有能力做到這一點，並在貸款方面彌補這一點。因此，我對我們的競爭定位充滿熱情。很多人大聲疾呼想要在該領域與我們競爭，我對此表示歡迎。

The only other thing I would add because Anthony kind of hit on the betas, but to put some more specifics. Historically, we've been operating in the 65% to 70% deposit beta range. In terms of overall outlook and what's baked into our guidance, we're at the point -- we're at our long-term funding target of about 85% to 90% of being member deposit funded.

我唯一想補充的是，因為安東尼對測試版有點不滿，但我要補充一些更具體的內容。從歷史上看，我們的存款測試範圍一直在 65% 至 70% 之間。就整體前景和我們的指導方針而言，我們目前正處於這一階段——我們的長期融資目標約為 85% 至 90% 由會員存款資助。

So all else being equal, we'd like to grow total deposits at a similar pace to overall loans, which we've said in the last earnings call of single-digit billions. However, if we're continuing to see exceptionally strong member demand, we can grow a bit faster and deploy that funding incremental into funding incremental loans or other assets.

因此，在其他條件相同的情況下，我們希望總存款的成長速度與總貸款的成長速度相似，我們在上次收益電話會議上已經提到過，總存款將達到個位數的數十億美元。然而，如果我們繼續看到異常強勁的會員需求，我們可以成長得更快一些，並將增量資金部署到增量貸款或其他資產的融資中。

And then we also have other ways that we can manage deposits on the balance sheet. So we're not going to [stimy] member growth at all costs.

我們還有其他方法來管理資產負債表上的存款。因此，我們不會不惜一切代價抑制會員成長。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

Sorry about that. Congrats on the quarter. A lot of questions about kind of macro uncertainty. And this is -- these times are very unique in the sense that I can't think of another period where we had a free signaled potential shock.

很抱歉。恭喜本季取得佳績。有很多關於宏觀不確定性的問題。這是——這些時期非常獨特，因為我想不出還有哪個時期我們經歷過自由訊號電位衝擊。

Usually, things happen and we ought to know they're going to happen. I guess my question, Anthony, is how -- and it sounds like your funding partners have not linked at all. But I'm curious how you guys underwrite or approach underwriting in this type of environment where you've got essentially a binary outcome. Have you made any changes? Or like how are you guys approaching that specific to your Personal Loan Business?

通常，事情發生了，我們就應該知道它們將會發生。安東尼，我想我的問題是──聽起來你的資助夥伴根本沒有聯絡。但我很好奇，在這種基本上只有二元結果的環境下，你們是如何承保或進行承保的。你做了什麼改變嗎？或是你們如何處理個人貸款業務的具體問題？

Yes. So from a credit policy standpoint, we have an early warning dashboard across a number of external, internal, macro and microeconomic factors that kind of dictate how we approach credit. In the past, when those indicators have become red, we cut back on credit and we tightened our credit box. We can underwrite across 8 different tiers.

是的。因此，從信貸政策的角度來看，我們有一個預警儀表板，涵蓋許多外部、內部、宏觀和微觀經濟因素，這些因素決定了我們如何處理信貸。過去，當這些指標變成紅色時，我們就會削減信貸，並收緊信貸限制。我們可以承保 8 個不同層級。

There is a period in the last three years when we cut back Tier A, Tier 7 and Tier 6 and just underwrote through Tier 5. Where as Chris has talked about multiple times, we're managing to a life alone, lifetime loss of 8%.

過去三年中，我們一度削減 A 級、7 級和 6 級保險，只承保 5 級保險。正如克里斯多次談到的，我們一生中損失的金額高達 8%。

While in a recession, like the loan losses go up, the way you maintain an 8% life-of-loan loss when losses go up because of a recession or dislocation, is you stop underwriting those higher tiers that have higher losses. So that's philosophically how we approach it and from a credit policy standpoint.

在經濟衰退時期，貸款損失會增加，當經濟衰退或混亂導致貸款損失增加時，維持 8% 的貸款期限損失的方法就是停止承保那些損失較高的較高層級的貸款。這就是我們從哲學和信貸政策角度來處理這個問題的方法。

The economic indicators, they're definitely volatile right now, but not to the point that we need to change our underwriting standards. And our credit performance has remained really strong. We look at entry rates, we look at 90-day delinquencies. And obviously, we look at NCLs, all of which have continued to improve and remain very steady.

目前經濟指標肯定不穩定，但還沒有達到需要我們改變承保標準的程度。我們的信用表現依然強勁。我們關注進入率，關注 90 天拖欠率。顯然，我們看一下 NCL，它們都在持續改善並且保持非常穩定。

I'd say the American consumer is actually doing quite well, and we haven't seen signs that caused us to get a bit concerned. We're 100% willing and able to change on a dime if we need to. But so far, no issues.

我想說，美國消費者實際上表現得相當不錯，我們還沒有看到讓我們感到擔憂的跡象。如果需要，我們 100% 願意並且能夠立即做出改變。但到目前為止，還沒有問題。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

I just wanted to follow up on the Parent Plus and the Grad Plus opportunity. I guess the question is, can you have that kind of in scoop grad product to exist with your current refinance business? Because on one hand, I get that entire WACC, higher ROE, but then you're also a big consolidator of those loans.

我只是想跟進 Parent Plus 和 Grad Plus 的機會。我想問題是，您是否可以在當前的再融資業務中提供這種獨家產品？因為一方面，我獲得了整個 WACC 和更高的 ROE，但另一方面你也是這些貸款的大型整合者。

Yes, it absolutely can coexist. There's nothing wrong with prepayments. You just have to factor that into how you value the loan. So if someone was in school, and they've taken out four years of loans from us, they have a great relationship with us. Hopefully, they have a SoFi Money account and maybe even a SoFi Credit Card and maybe a small Invest account as well.

是的，絕對可以共存。預付款沒有什麼問題。您只需將其納入貸款估值中即可。因此，如果有人在學校，並且他們從我們這裡獲得了四年的貸款，那麼他們與我們的關係就很好。希望他們有一個 SoFi Money 帳戶，甚至可能有一個 SoFi 信用卡，甚至可能有一個小型 Invest 帳戶。

As they get out of school and their credit improves and they can refinance at a lower rate, because they have a credit rating that warrants it, we'd love to do that loan. We just have to make sure that as we think about the in-school loans and as we value them, we have the right type of prepayment levels. We have a great history in in-school loans and a great history in refinance loans to know what those prepayment rates are and how to have them coexist.

當他們畢業後，他們的信用得到改善，他們可以以較低的利率進行再融資，因為他們的信用評級值得信賴，所以我們很樂意為他們提供這筆貸款。我們只是要確保，當我們考慮校內貸款並對其進行評估時，我們有正確的預付款水準。我們在校內貸款和再融資貸款方面有著豐富的經驗，了解這些預付利率是多少以及如何讓它們共存。

But our goal is to get people out of debt. Our goal is to help them reduce their debt so they spend less than they make. Spending less than they make involves debt. It's not just their entertainment spending and their household expenses and their transportation expenses and everything else they spend money on, it's also debt.

但我們的目標是讓人們擺脫債務。我們的目標是幫助他們減少債務，使他們的支出少於收入。入不敷出就會產生債務。他們不僅在娛樂支出、家庭支出、交通支出和其他一切方面花錢，而且還要負債。

So our objective is to help people spend less than they make and invest the rest. So we can lower their cost of debt, we would love to do that. That's our mission.

因此，我們的目標是幫助人們減少支出，並將剩餘部分用於投資。因此我們可以降低他們的債務成本，我們很樂意這樣做。這就是我們的使命。

Refinancing our own loans, I have no issue with that. Even on the Personal Loan Business. If we underwrite somebody at a 14% WACC and we help them improve their credit score from 680 to 810, we should absolutely help them refinance that loan.

對我們自己的貸款進行再融資，我對此沒有異議。甚至個人貸款業務。如果我們以 14% 的加權平均資本成本為某人承保，並幫助他們將信用評分從 680 提高到 810，我們絕對應該幫助他們為該貸款進行再融資。

And by the way, we'll make more money in refinancing that loan than we would have if they just kept their current loan. It's just we can't overvalue the current loan, and that's why we look at prepayment speeds all the time just like we do on servicing assets and how we approach things holistically. The members at the center of what we're doing, not our financial model.

順便說一句，如果他們繼續維持現有貸款，我們透過再融資賺的錢會比他們維持現有貸款賺的錢還多。我們只是不能高估目前的貸款，這就是為什麼我們始終專注於預付速度，就像我們專注於服務資產以及我們如何整體處理事情一樣。我們所做的一切都以會員為中心，而不是以財務模式為中心。

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

現在，我想將電話轉回給安東尼·諾托 (Anthony Noto) 做最後發言。

Thank you all for dialing in. We have clearly demonstrated an ability to identify opportunities, lean into those areas that will have the greatest impact and execute and execute with excellence. And that's because we have a company of great people, a company of people that are focused on building the best culture in the world. And that is the asset that we will ultimately continue to leverage on top of the opportunity that sits in front of us.

感謝大家撥入電話。我們清楚地展示了發現機會、傾向於那些將產生最大影響的領域並出色地執行的能力。這是因為我們的公司擁有許多優秀人才，致力於打造世界上最好的文化。這是我們最終將利用擺在我們面前的機會繼續利用的資產。

Our results, in my mind, continue to show that we have a diversified resilient business that has delivered and will continue to deliver strong growth through a variety of environments, including dynamic environments like we see today.

在我看來，我們的業績繼續表明，我們擁有多元化、有彈性的業務，在各種環境中，包括我們今天看到的動態環境，已經實現並將繼續實現強勁增長。

We remain focused on the path to our aspirational long-term goals by executing day to day and fighting the battle rate in front of us. As we look ahead, we're confident that the investments we are making today will generate the results that we need to achieve our ambitions.

我們將繼續專注於實現我們理想的長期目標，透過每天的執行和眼前的戰鬥來奮鬥。展望未來，我們相信，我們今天所做的投資將產生實現我們目標所需的成果。

With that, thank you for your interest, and we look forward to talking to you next quarter.

最後，感謝您的關注，我們期待下個季度與您交談。

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

今天的電話會議到此結束。您現在可以斷開連線。