SoFi Technologies Inc (SOFI) 2025 Q2 法說會逐字稿

Good morning or good afternoon all, and welcome to the SoFi Technologies Q2 2025 earnings conference call. (Operator Instructions)

各位早安/下午好，歡迎參加 SoFi Technologies 2025 年第二季財報電話會議。（操作說明）

Thank you. And with that, you may begin your conference.

謝謝。至此，會議可以開始了。

Thank you, and good morning. Welcome to SoFi's second quarter 2025 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Chris Lapointe, CFO. You can see the presentation accompanying our earnings release in the Investor Relations section of our website. Unless otherwise stated, we'll be referring to the adjusted results for the second quarter of 2025 versus the second quarter of 2024.

謝謝，早安。歡迎參加 SoFi 2025 年第二季財報電話會議。今天和我一起討論公司業績和近期活動的是執行長 Anthony Noto 和財務長 Chris Lapointe。您可以在我們網站的投資者關係版塊查看隨附的獲利報告簡報。除非另有說明，否則我們將指的是 2025 年第二季與 2024 年第二季相比的調整後業績。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to, our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services and future business and financial performance. Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and the subsequent 10-Q filing, which will be made available next month.

我們今天的演講將包含基於我們當前預期和預測的前瞻性陳述，這些陳述涉及風險和不確定性。這些聲明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、未來產品和服務以及未來的業務和財務表現。我們的 GAAP 合併損益表和所有調整表都可以在今天的收益公告和隨後的 10-Q 文件中找到，該文件將於下個月發布。

Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and our subsequent filings made with the SEC, including our upcoming Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events.

我們的實際結果可能與這些前瞻性聲明中所設想的結果有重大差異。可能導致這些結果與預期存在重大差異的因素已在今天的新聞稿以及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 表格）中進行了描述。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今日的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

And now I'd like to turn the call over to Anthony.

現在我想把電話交給安東尼。

Thank you, and good morning, everyone. We had an excellent second quarter as we continue to drive durable growth and strong returns through our relentless focus on product innovation and brand building. Our one-stop shop strategy is stronger than ever, further accelerating our year over year growth in adjusted net revenue to 44%, the highest growth rate in over two years, and driving a 5.6 times year over year increase in earnings.

謝謝大家，大家早安。我們第二季業績出色，這得益於我們持續專注於產品創新和品牌建設，從而推動了永續成長和強勁回報。我們的一站式服務策略比以往任何時候都更加強勁，進一步加快了我們調整後淨收入的同比增長，達到 44%，這是兩年多來的最高增長率，並推動收益同比增長 5.6 倍。

I'll begin by covering our key results for the quarter, starting with our durable growth, which continues to be driven by the growth of members and products. We added a record 850,000 new members in Q2, increasing total members by 34% year over year to 11.7 million SoFi members. We also added a record 1.3 million new products, representing 34% year over year growth to over 7 million products. Cross-buy remained strong in the second quarter, with 35% of new products opened by existing SoFi members. We have proven once again that our strategy is successful in driving new members to SoFi and getting existing members to do more with us.

首先，我將介紹我們本季的主要業績，首先是我們的持續成長，這主要得益於會員和產品的成長。第二季度，我們新增會員人數創下紀錄，達到 85 萬，SoFi 會員總數較去年同期成長 34%，達到 1,170 萬。我們也新增了創紀錄的 130 萬種產品，年增 34%，產品總數超過 700 萬種。第二季交叉購買依然強勁，35% 的新產品是由 SoFi 現有會員開通的。我們再次證明，我們的策略能夠成功地為 SoFi 吸引新會員，並讓現有會員與我們進行更多互動。

Our strong member and product growth powered our revenue growth in the second quarter. Adjusted net revenue was a record of $858 million, up 44% year over year. Together, our Financial Services and Technology Platform segments generated $472 million of revenue, up 74% year over year and now representing 55% of total revenue. In our Lending segment, adjusted net revenue grew 32% year over year to $447 million driven by strong originations in the segment of $6.3 billion, up 18% from the prior year.

第二季度，我們強勁的會員成長和產品成長推動了營收成長。經調整後的淨收入達到創紀錄的 8.58 億美元，年增 44%。我們的金融服務和技術平台部門合計創造了 4.72 億美元的收入，年增 74%，目前佔總收入的 55%。在我們的貸款業務板塊，經調整後的淨收入同比增長 32% 至 4.47 億美元，這主要得益於該板塊強勁的貸款發放，貸款發放額達 63 億美元，比上年增長 18%。

Combined with the very strong $2.4 billion of originations in the Loan Platform Business, total originations reached a record of $8.8 billion for the second quarter. This is an increase of $1.5 billion from just last quarter. Total fee-based revenue across our business was also a quarterly record of $378 million, up 72% from the prior year. This was driven by strong performance from our Loan Platform Business, origination fees, referral fees, interchange revenue and brokerage fee revenue. On an annualized basis, we are now generating over $1.5 billion of fee-based revenue, reflecting the deliberate diversification of our business towards more capital-light revenue streams.

加上貸款平台業務強勁的 24 億美元貸款發放額，第二季貸款發放總額達到創紀錄的 88 億美元。這比上一季增加了15億美元。我們業務的總費用收入也創下季度新高，達到 3.78 億美元，比上年增長 72%。這主要得益於我們貸款平台業務的強勁表現、貸款發放費、推薦費、交易費收入和經紀費收入。按年計算，我們現在產生的費用收入超過 15 億美元，這反映了我們業務向資本投入較少的收入來源進行刻意多元化的趨勢。

In addition to delivering durable growth, we delivered strong returns and profitability. In the second quarter, all three segments delivered record contribution profit at attractive margins. Adjusted EBITDA for the quarter was a record of $249 million, up 81% year over year. Our adjusted EBITDA margin for the quarter was 29%. Our incremental EBITDA margin was 43% as we continue to balance reinvesting in the business to drive long-term growth and profitability.

除了實現永續成長外，我們還實現了強勁的回報和獲利能力。第二季度，所有三個業務部門均實現了創紀錄的利潤貢獻，且利潤率令人滿意。本季調整後 EBITDA 達到創紀錄的 2.49 億美元，年增 81%。本季調整後的 EBITDA 利潤率為 29%。我們的增量 EBITDA 利潤率為 43%，我們將繼續平衡對業務的再投資，以推動長期成長和獲利能力。

Net income for the quarter was $97 million at a margin of 11%. Earnings per share were $0.08. Finally, our tangible book value ended the quarter at $5.3 billion, a year over year increase of over $1 billion and a quarter-over-quarter increase of nearly $200 million. This strong financial performance is driven by our consistent, disciplined investment across our diverse portfolio of businesses focused on building a trusted brand name, continuously enhancing existing products and developing new products to help our members get their money right.

本季淨利潤為 9,700 萬美元，利潤率為 11%。每股收益為 0.08 美元。最後，本季末我們的有形帳面價值為 53 億美元，年成長超過 10 億美元，季增近 2 億美元。這一強勁的財務表現得益於我們對多元化業務組合的持續、嚴謹的投資，我們致力於打造值得信賴的品牌，不斷改進現有產品，並開發新產品，以幫助我們的會員更好地管理資金。

As the only one-stop shop for digital financial services, our investments can drive greater long-term growth because we have more ways to attract members to our platform and more ways to grow with them once they're here. Let me give an example of how this works. A member may come to us through SoFi Relay, a free product that analyze a member's finances and provides tangible options for how they can spend less than they earn so they can invest the rest. For perspective, it costs less than $15 to acquire a SoFi Relay member. Based on the ease of use and the quality of the insights, this member decides to move their checking and savings accounts from a big bank to our SoFi Money product.

作為唯一的一站式數位金融服務平台，我們的投資能夠推動更大的長期成長，因為我們有更多方法吸引會員加入我們的平台，也有更多方法在他們加入後與他們共同成長。我舉個例子來說明它是如何運作的。會員可以透過 SoFi Relay 加入我們，這是一款免費產品，可以分析會員的財務狀況，並提供切實可行的方案，幫助他們減少支出，從而將剩餘的錢用於投資。從這個角度來看，獲得一個 SoFi Relay 會員的成本不到 15 美元。基於易用性和洞察力，這位會員決定將其支票帳戶和儲蓄帳戶從一家大銀行轉移到我們的 SoFi Money 產品。

To get our best APY, the member enrolls in direct deposit, instantly making them a SoFi Plus member with access to our best benefits, included unlimited access to financial planners, loan discounts, more rewards and unique experiences. This member instantly goes from earning just 2 basis points of interest at the big bank to earning 3.8% at SoFi. So on $10,000 of saving deposits, they earn about $380 in annual interest compared to just $2 at the big bank. With this extra cash in hand, the member opens a SoFi Invest account, taking advantage of the 1% match on recurring investment deposits paid in reward points, another benefit of their SoFi Plus membership.

為了獲得我們最佳的年利率，會員註冊直接存款後，即可立即成為 SoFi Plus 會員，享受我們最好的福利，包括無限次諮詢理財規劃師、貸款折扣、更多獎勵和獨特體驗。這位會員的利率瞬間從大銀行的 2 個基點躍升至 SoFi 的 3.8%。因此，10,000 美元的儲蓄存款，他們每年可獲得約 380 美元的利息，而大銀行每年僅能獲得 2 美元的利息。有了這筆額外的現金，會員開設了一個 SoFi Invest 帳戶，享受 SoFi Plus 會員的另一項福利——定期投資存款可獲得 1% 的獎勵積分匹配。

Later, the same member sees a recommendation in their home feed to consolidate credit card debt where they are paying north of 20% interest into a SoFi personal loan at a rate in the low teens, resulting in more savings. The member puts the money they save on a lower cost loan in a SoFi Vault to save for a down payment on a home and take advantage of our home lending product. Every day, stories like this unfold as members turn to SoFi products for every major decision in their financial lives and every day in between. Along the way, we're creating lifelong relationships that deliver real financial value to our members and to our business.

後來，該會員在其主頁資訊流中看到一條建議，建議將其信用卡債務（利率超過 20%）合併為 SoFi 個人貸款（利率在 10% 左右），從而節省更多資金。會員將節省的低成本貸款資金存入 SoFi Vault，用於支付房屋首付，並享受我們的房屋貸款產品。每天都有這樣的故事上演，會員們在財務生活中所做的每一個重大決定以及日常生活中的每一件事，都會選擇 SoFi 產品。在此過程中，我們正在建立終身關係，為我們的會員和我們的業務帶來真正的經濟價值。

Because these relationships often stem from just one initial product with one acquisition cost, we generate significantly more favorable unit economics. In the example above, we would generate a variable profit of about $1,800 on the personal loan before even considering the opportunity to grow the relationship with the home loan or other products. As we do more with each member, we drive a higher lifetime value, which is our sustainable competitive advantage, and allows us to continuously reinvest in our business to provide better products, lower interest rates on loans, higher rates on savings accounts, boost on recurring investments and even more free financial services and, in turn, driving the power of our virtuous cycle.

因為這些合作關係通常源自於單一的初始產品和單一的購買成本，所以我們能夠獲得更有利的單位經濟效益。在上面的例子中，即使不考慮發展房屋貸款或其他產品關係的機會，我們僅憑個人貸款就能獲得約 1800 美元的可變利潤。我們為每位會員提供的服務越多，會員的終身價值就越高，這是我們可持續的競爭優勢，使我們能夠不斷地將資金再投資於我們的業務，從而提供更好的產品、更低的貸款利率、更高的儲蓄帳戶利率、更多的定期投資以及更多的免費金融服務，進而推動我們的良性循環。

The concrete result of this virtuous cycle is superior compounded growth over the last five years including nearly 50% revenue growth, member growth of 58% and product growth of 60%. Despite the significant growth we have achieved to date, we are just getting started. The existing opportunity in front of us is massive, and the opportunity is growing through our own innovations to expand our addressable markets and by rapidly advancing technology. In fact, we are at an unprecedented point in time with two technology super cycles taking place. Crypto and blockchain as well as AI have the power to completely reinvent the future of financial services.

這個良性循環的具體結果是，過去五年實現了優異的複合成長，包括近 50% 的收入成長、58% 的會員成長和 60% 的產品成長。儘管我們迄今為止取得了顯著的成長，但這只是個開始。我們面前的機會巨大，而且隨著我們自身創新以擴大目標市場和技術的快速發展，機會還在不斷增長。事實上，我們正​​處於一個前所未有的時代，兩個科技超級週期正在同時發生。加密貨幣、區塊鏈以及人工智慧有能力徹底重塑金融服務的未來。

As a tech forward digital one-stop shop, we are uniquely positioned to capture the opportunities presented. Let me take a moment to discuss some of our recent investments in these areas as well as our ongoing investments in brand building and product innovation across our platform. Starting with crypto and blockchain. I am very excited that during the second quarter, we announced the first two of many planned crypto and blockchain innovations across our products and services.

作為一家技術領先的數位化一站式服務公司，我們擁有獨特的優勢來掌握機會。請容許我花一點時間來討論我們最近在這些領域的投資，以及我們在整個平台上持續進行的品牌建立和產品創新方面的投資。從加密貨幣和區塊鏈開始。我非常興奮地宣布，在第二季度，我們發布了計劃中的眾多加密貨幣和區塊鏈創新中的前兩項，這些創新將應用於我們的產品和服務。

First is self-serve international money transfers, which will allow SoFi Money members to seamlessly and securely transfer money to people in dozens of countries, whether it's to support family abroad or make purchases outside the US or manage their money across borders. These transfers will be fully automated in the SoFi app at significantly faster speeds and lower costs compared to traditional services, putting more money in people's pockets faster. And these transfers can also be done by businesses.

首先是自助式國際匯款，這將使 SoFi Money 會員能夠無縫、安全地向數十個國家的人匯款，無論是為了支持海外的家人、在美國境外購物還是跨境管理資金。這些轉帳將在 SoFi 應用程式中完全自動化，速度比傳統服務快得多，成本也更低，讓人們更快獲得更多資金。企業也可以進行此類轉帳。

Here's how it works. A member deposits funds in their SoFi Money account. Through to the SoFi app, they initiate a transfer by entering the recipient and the amount to send in US dollars. Funds are automatically transmitted on a secure, well-known blockchain network and convert into local currency at the destination then rapidly deposited into the recipients account in the Fiat currency of choice.

運作方式如下。會員將資金存入其 SoFi Money 帳戶。用戶透過 SoFi 應用程序，輸入收款人和要以美元匯款的金額，即可發起轉帳。資金透過安全、知名的區塊鏈網路自動傳輸，並在目的地兌換成當地貨幣，然後迅速存入收款人選擇的法定貨幣帳戶。

This process is fast and easy. It can take under a minute and it will be done with full transparency with exchange rates and fees upfront, and it will be available 24/7 on the SoFi app. And you can imagine the day when the SoFi app is deployed internationally for payments coming from non-US countries to the US. The ability to leverage blockchain technology to send money internationally is yet another enhancement of SoFi's unprecedented money movement offering.

這個過程快速簡單。整個過程只需不到一分鐘，匯率和費用將完全透明地提前告知，並且可透過 SoFi 應用程式 24/7 全天候使用。你可以想像一下，當 SoFi 應用程式在全球部署，用於從美國以外的國家向美國進行支付時，將會是怎樣一番景象。利用區塊鏈技術進行國際匯款的能力，是 SoFi 前所未有的資金轉移服務的另一個增強功能。

The second crypto-related innovation is our return to crypto investing. We are excited to once again be able to provide members with the ability to buy, sell and hold a selection of cryptocurrencies like Bitcoin and Ethereum. In a recent survey of our members who invest in crypto, we found that 60% would prefer to work with a nationally licensed bank like SoFi over their current primary crypto exchange. This is another benefit of having a bank license and yet another way we are providing our members options to invest for their future.

第二項與加密貨幣相關的創新是我們重返加密貨幣投資領域。我們很高興能夠再次為會員提供購買、出售和持有比特幣和以太幣等多種加密貨幣的服務。在最近對我們投資加密貨幣的會員進行的一項調查中，我們發現 60% 的人更願意與像 SoFi 這樣獲得國家許可的銀行合作，而不是與他們目前的主要加密貨幣交易所合作。這是擁有銀行執照的另一個好處，也是我們為會員提供未來投資選擇的另一種方式。

We now offer members the ability to buy and sell single stocks without commissions or fees, our award-winning robo advisory products, SoFi-branded ETFs, IPOs and IPO prices, alternative investments including new private market funds from asset management firms including Cashmere, Fundrise and Liberty Street Advisors which we added this month and, soon, crypto. Both self-serve international money transfers and crypto investing are expected to launch later this year with more innovations to come. Crypto is a key area of focus for our management team and we have brought onboard significant expertise including substantial engineering talent to advance these new initiatives.

我們現在為會員提供免佣金或免手續費買賣個股、屢獲殊榮的智能投顧產品、SoFi 品牌的 ETF、IPO 和 IPO 價格、另類投資（包括本月新增的 Cashmere、Fundrise 和 Liberty Street Advisors 等資產管理公司的新私募市場基金）以及即將推出的加密貨幣。自助式國際匯款和加密貨幣投資預計今年稍後推出，未來也將推出更多創新功能。加密貨幣是我們管理團隊重點關注的領域，我們引進了包括大量工程人才在內的重要專業知識，以推動這些新措施。

The cost, speed and security of paying, buying and spending are worse today than they will ever be in the future. Faster, safer and cheaper options will only get better and better every year. Over time, we see opportunities across our entire platform including offering stablecoins, providing members the ability to borrow against their crypto assets, expanding payment options and introducing new staking features as well as blockchain and digital asset infrastructure capabilities for other companies offered by our technology platform. Blockchain and crypto have the potential to be a game changer for SoFi and our members.

如今的支付、購物和消費的成本、速度和安全性都比未來任何時候都要差。更快、更安全、更便宜的選擇只會逐年變得更好。隨著時間的推移，我們看到了整個平台的發展機遇，包括提供穩定幣、讓會員能夠以加密資產為抵押進行借貸、擴展支付選項、引入新的質押功能，以及為我們的科技平台提供的其他公司提供區塊鍊和數位資產基礎設施能力。區塊鏈和加密貨幣有可能徹底改變 SoFi 及其會員的命運。

Turning now to AI. We're implementing and testing AI applications across our business from enhancing back-office processes like dispute resolution and filing suspicious activity reports to improving how we interact with our members to help them get their money right, and we have brought on teams of engineers to drive these efforts forward.

接下來我們來談談人工智慧。我們正在整個業務範圍內實施和測試人工智慧應用，從增強後台流程（如爭議解決和提交可疑活動報告）到改善我們與會員的互動方式，以幫助他們正確管理資金，我們還聘請了工程師團隊來推動這些工作向前發展。

One specific member-facing application that I'm particularly excited about is Cash Coach. Cash Coach will be a part of our Relay product and will look across your cash held at SoFi and elsewhere and tell you how much you actually have, how little you might be earning at other institutions and how you can optimize your cash to drive a better return. Cash Coach is just the beginning. In the future, we plan to roll out coaches across our platform to help members understand what they must do, what they should do and what they can do across their financial lives every day.

我特別興奮的一個會員導向的應用程式是 Cash Coach。Cash Coach 將成為我們 Relay 產品的一部分，它會查看您在 SoFi 和其他地方持有的現金，並告訴您您實際擁有多少現金，您在其他機構可能獲得的收益有多低，以及如何優化您的現金以獲得更好的回報。Cash Coach 只是個開始。未來，我們計劃在我們的平台上推出教練，幫助會員了解他們在日常財務生活中必須做什麼、應該做什麼以及可以做什麼。

Let me now shift to our brand-building efforts, which are key to establishing SoFi as a trusted household name. These investments increase the overall awareness of SoFi and have a halo effect that makes our performance marketing of each product more efficient. During the second quarter, we unveiled our first ever music partnership as the presenting partner of the Country Music Association's CMA Fest, the world's largest and longest-running country music festival.

現在讓我來談談我們的品牌建立工作，這對於將 SoFi 打造成一個值得信賴的家喻戶曉的品牌至關重要。這些投資提高了 SoFi 的整體知名度，並產生了光環效應，使我們對每款產品的績效行銷更加有效。在第二季度，我們推出了我們有史以來的第一個音樂合作夥伴關係，成為鄉村音樂協會 CMA 音樂節的冠名合作夥伴，該音樂節是世界上規模最大、舉辦時間最長的鄉村音樂節。

Beyond the exposure of having our name appear everywhere the CMA Fest brand goes at the festival and on broadcast, we also offered exclusive perks to SoFi Plus members, enriching the value of our premium membership offering. We've also partnered with award-winning artist, Kelsea Ballerini, across our marketing channels to inspire others about the importance of reaching financial independence. Together, our marketing efforts drove unaided brand awareness to an all-time high this quarter, reaching 8.5%, up from 7% last quarter.

除了讓我們的名字在 CMA Fest 音樂節和電視轉播等 CMA Fest 品牌出現的各個地方獲得曝光外，我們還為 SoFi Plus 會員提供了專屬福利，豐富了我們高級會員服務的價值。我們也與屢獲殊榮的藝術家 Kelsea Ballerini 合作，透過我們的行銷管道激勵其他人了解財務獨立的重要性。本季度，我們的行銷努力使品牌知名度（未經任何宣傳）達到了歷史新高，達到 8.5%，高於上一季的 7%。

Turning now to product innovation within our segments, starting with the Financial Services segment and the Loan Platform Business, which is having a profound impact on our business overall. As a reminder, LPB leverages our customer acquisition, operations and service capabilities to originate customized loan portfolios on behalf of third parties. We typically move these loans through our balance sheet in a matter of days so they don't require additional capital and we do not retain any credit risk after transfer. With LPB, we collect a fee for each loan transferred, supporting our strong growth in fee-based revenue.

現在讓我們來看看我們各個業務板塊的產品創新，首先是金融服務板塊和貸款平台業務，它們對我們的整體業務產生了深遠的影響。再次提醒，LPB 利用我們的客戶獲取、營運和服務能力，代表第三方發起客製化的貸款組合。我們通常會在幾天內將這些貸款從我們的資產負債表中轉移出去，因此它們不需要額外的資金，而且轉移後我們也不會保留任何信用風險。透過 LPB，我們對每筆轉讓的貸款收取費用，從而支持我們基於費用的收入的強勁增長。

Prior to the second quarter, the vast majority of our LPB volume consisted of loans within our prime credit box but over and above the volume we want to put on our balance sheet. However, during the second quarter, we meaningfully increased the proportion of loans that are near prime with higher WACC, effectively monetizing more of the roughly $100 billion of loan applications that we are not able to meet each year. This expansion, along with the large agreements that were previously announced, helped drive record LPB origination volume of $2.4 billion, an increase of 57% from just last quarter.

在第二季之前，我們 LPB 業務量的絕大部分都屬於我們的優質信貸範圍，但超出了我們希望列入資產負債表的業務量。然而，在第二季度，我們大幅提高了接近優質貸款（WACC較高）的比例，有效地將我們每年無法滿足的約1000億美元貸款申請貨幣化。此次擴張，加上先前宣布的大額協議，推動了LPB貸款發放量創下24億美元的紀錄，比上一季成長了57%。

On an annualized basis, after just one year, this business is running at a pace of over $9.5 billion of originations and over $0.5 billion of high-margin, high-return fee-based revenue. It is now bigger than our student loan refinancing business, our first business, and we see further upside still. We remain incredibly optimistic about the Loan Platform Business, which continues to move closer to becoming a $1 billion revenue business. As we look further down the road, we see the potential to tokenize SoFi loans to make them more widely available in liquid markets and increments of dollars rather than tens of thousands of dollars such that anyone can invest in loans just like they do equities.

按年計算，僅一年後，該業務的貸款發放就超過了 95 億美元，高利潤、高回報的手續費收入超過了 5 億美元。現在它的規模已經超過了我們的第一項業務——學生貸款再融資業務，而且我們看到了更大的成長空間。我們對貸款平台業務仍充滿信心，該業務正朝著10億美元的營收目標穩步邁進。展望未來，我們看到了將 SoFi 貸款代幣化的潛力，使其能夠在流動性更強的市場中更廣泛地獲得，並以美元為單位進行交易，而不是以數萬美元為單位，這樣任何人都可以像投資股票一樣投資貸款。

Turning to our Tech Platform segment. This business has been instrumental in our ability to innovate across the SoFi platform. It allows us to more rapidly develop, test and roll out new products while also providing significant cost savings versus relying solely on third parties. For example, SoFi used the Tech Platform's Cyberbank Konecta, an AI-powered virtual personal banking assistant, to provide seamless support to members across digital channels and reduce operational costs. This adoption has led to a 65% faster average response times and cut our chat abandonment in half.

接下來我們來看看技術平台部分。這項業務對我們在 SoFi 平台上進行創新起到了至關重要的作用。它使我們能夠更快地開發、測試和推出新產品，同時與僅依賴第三方相比，還能大幅節省成本。例如，SoFi 使用了 Tech Platform 的 Cyber​​bank Konecta（一款由人工智慧驅動的虛擬個人銀行助理），為會員提供跨數位管道的無縫支持，並降低了營運成本。採用這種方法後，平均回應時間提高了 65%，聊天放棄率降低了一半。

Tech Platform innovation is not only helping SoFi, but our clients overall. Banco Nacion, one of Argentina's largest financial institutions, selected our Cyberbank Digital platform to modernize their digital banking infrastructure. The implementation which started with corporate banking has already resulted in a 25% increase in organic client growth and reduced inflammation time from months to just four business days. They've now positioned themselves to unify mobile and desktop banking systems for over 10 million consumer banking customers as well.

技術平台創新不僅對 SoFi 有幫助，而且對我們所有的客戶都有好處。阿根廷最大的金融機構之一 Banco Nacion 選擇我們的 Cyber​​bank Digital 平台來實現其數位銀行基礎設施的現代化。這項始於企業銀行的實施已經使客戶的自然成長提高了 25%，並將發炎反應時間從數月縮短至僅 4 個工作天。他們現在已做好準備，將行動和桌面銀行系統統一起來，為超過 1000 萬個人銀行客戶提供服務。

We also continue to make strong progress diversifying our client base beyond traditional financial service firms and fintechs. Earlier this year, Tech Platform launched a first-of-its-kind reward debit program with Wyndham Hotels & Resorts, and we've signed two additional travel and hospitality companies that are expected to launch before the end of this year. In total, we anticipate having approximately 10 new clients that contribute revenue in Q1 2026 that did not contribute revenue in Q1 2025.

我們在拓展客戶群方面也取得了顯著進展，客戶群不再局限於傳統的金融服務公司和金融科技公司。今年早些時候，Tech Platform 與溫德姆酒店集團合作推出了首個獎勵借記卡計劃，我們還與另外兩家旅遊和酒店公司簽署了協議，預計將在今年年底前推出。我們預計，到 2026 年第一季度，將有大約 10 個新客戶帶來收入，而這些客戶在 2025 年第一季沒有帶來收入。

Now turning to our Lending segment, where we had another fantastic quarter of originations. Despite this being our longest-standing business, we see significant growth opportunities across our loan types and are enhancing our product offering to capture them. For example, we are already leaders in the personal loan market with roughly 15% of the prime segment. However, we know that the top use of a personal loan is to refinance expensive credit card debt, which makes the real addressable market much larger.

現在來看我們的貸款業務，我們又迎來了一個非常棒的貸款發放季度。儘管這是我們歷史最悠久的業務，但我們看到各類貸款都有巨大的成長機會，因此我們正在改進產品供應以抓住這些機會。例如，我們在個人貸款市場已經處於領先地位，佔據了優質貸款市場約 15% 的份額。然而，我們知道個人貸款最主要的用途是為高成本的信用卡債務進行再融資，這使得實際的潛在市場要大得多。

Americans in the prime credit category have over $700 billion of outstanding credit card debt, which means that the true opportunity is a large multiple of the volume that we are currently originating. This is one reason why in the second quarter, we launched a new personal loan product for prime credit card customers that carry a revolving balance and are making mostly interest-only payments. While it's very early days, we are pleased with the interest in this product and to be generating awareness among members that SoFi can help them get their money right instead of being gouged by our competitors.

信用良好的美國人未償還的信用卡債務超過 7000 億美元，這意味著真正的機會是我們目前發放的貸款量的數倍。這也是為什麼我們在第二季推出了新的個人貸款產品，針對那些擁有循環餘額且主要只支付利息的優質信用卡客戶。雖然現在還處於非常早期的階段，但我們很高興看到大家對這款產品感興趣，並且正在提高會員的意識，讓他們知道 SoFi 可以幫助他們正確管理資金，而不是被競爭對手宰割。

In student loan lending, we had another strong quarter with nearly $1 billion of originations, up 35% from a year ago. Given the evolving student lending landscape, in the second quarter, we launched a refinancing solution, which allows for lower payments in the early part of the loan and steps up into paying regular payments after this introductory period. This allows members to find their footing and build long-term savings, and it's another innovative way we are targeting the estimated $280 billion of student loans that can currently be refinanced at a more attractive rate.

在學生貸款方面，我們又迎來了一個強勁的季度，貸款發放額接近 10 億美元，比去年同期成長了 35%。鑑於學生貸款市場格局不斷變化，我們在第二季度推出了再融資解決方案，允許在貸款初期支付較低的款項，並在該介紹期結束後逐步增加支付定期款項。這可以幫助會員站穩腳跟並建立長期儲蓄，這也是我們針對目前可以以更具吸引力的利率進行再融資的約 2800 億美元學生貸款的另一種創新方法。

With the elimination of the government's Grad PLUS program and the capping of the parent PLUS program, we see further opportunities for in-school lending and student loan refinance.

隨著政府取消研究生助學貸款計劃和限製家長助學貸款計劃，我們看到了更多在校貸款和學生貸款再融資的機會。

Turning to home lending. Total home loan originations reached nearly $800 million in the second quarter. This is an increase of more than 90% year over year despite the elevated rate environment. One key driver of this growth has been our home equity loan offering, a particularly attractive product in this high rate environment. In the second quarter, we had our best quarter of home equity originations surpassing last quarter's record. This product, which we didn't have a year ago, accounted for nearly one-third of our home lending volume.

轉向房屋貸款。第二季房屋貸款發放總額接近8億美元。儘管利率環境高企，但與去年同期相比仍成長了90%以上。推動這一成長的關鍵因素之一是我們的房屋淨值貸款產品，在當前高利率環境下，該產品尤其具有吸引力。第二季度，我們的房屋淨值貸款發放量創歷史新高，超過了上一季的紀錄。一年前我們還沒有推出的這款產品，如今已占到我們房屋貸款總額的近三分之一。

As interest rates come down, we are planning for an acceleration in demand for both home purchase and refinance. To put the opportunity in perspective, we have nearly 3 million members with a home loan held at another institution, and we believe we are well positioned to capture a significant portion of the refinance volume as the rate environment improves.

隨著利率下降，我們預計房屋購買和再融資的需求都將加速成長。為了更好地理解這一機遇，我們有近 300 萬會員在其他機構持有房屋貸款，我們相信，隨著利率環境的改善，我們有能力抓住很大一部分再融資業務。

Our success in the second quarter is a clear validation of our strategy and execution. And as you can see, we are just scratching the surface of the tremendous opportunities for growth that exist across each of our products and segments. Furthermore, the opportunities are growing driven by both our ability to expand our addressable markets through our innovation and the rapidly advancing technology, including blockchain and AI.

第二季的成功充分驗證了我們的策略和執行力。正如你所看到的，我們目前僅僅觸及了我們每個產品和細分市場所蘊藏的巨大成長機會的冰山一角。此外，隨著我們不斷創新以擴大目標市場，以及區塊鏈和人工智慧等技術的快速發展，機會也在不斷增長。

As the only digitally native one-stop shop for financial services, we are uniquely positioned to capture the increasing opportunities on our way to becoming a top 10 financial institution. I assure you that our team is working tirelessly to add even more value to members and to seize the opportunity in front of us.

作為唯一提供一站式金融服務的數位化原生企業，我們擁有獨特的優勢，能夠抓住不斷湧現的機遇，朝著成為十大金融機構的目標邁進。我向您保證，我們的團隊正在不懈地努力，為會員創造更多價值，並抓住擺在我們面前的機會。

With that, let me turn the call over to Chris.

那麼，我把電話交給克里斯吧。

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 on our last call on the way to delivering accelerating revenue growth in our seventh consecutive profitable quarter.

謝謝你，安東尼。今年開局強勁，我們持續維持永續成長並取得豐碩回報。我們超額完成了上次電話會議上設定的各項指標，實現了連續第七個獲利季度的營收加速成長。

For the quarter, revenue accelerated and grew 44% year over year to a record $858 million. Adjusted EBITDA was also a record at $249 million and a margin of 29%. Net income was $97 million at a margin of 11% and earnings per share was $0.08. This included a small benefit of about $0.01 related to a lower-than-expected effective tax rate. An important driver of the acceleration of growth was the increased contribution from capital-light nonlending as well as fee-based revenue sources. Our nonlending businesses generated $472 million of revenue, up 74% year over year, and we also generated record fee-based revenue across all businesses of $378 million, up 72% year over year.

本季營收加速成長，年增 44%，達到創紀錄的 8.58 億美元。調整後 EBITDA 也創下歷史新高，達到 2.49 億美元，利潤率為 29%。淨利潤為 9,700 萬美元，利潤率為 11%，每股收益為 0.08 美元。這其中包含了約 0.01 美元的小幅收益，該收益與低於預期的實際稅率有關。推動成長加速的重要因素是資本輕型非貸款業務以及手續費收入來源的貢獻增加。我們的非貸款業務創造了 4.72 億美元的收入，年增 74%；所有業務的手續費收入也創下歷史新高，達到 3.78 億美元，年增 72%。

Turning now to our segment performance. In terms of Financial Services, for the second quarter, net revenue was $363 million, more than double that of Q2 2024. Contribution profit was $188 million, up nearly 3.4 times from last year. And contribution margin was 52%, up from 31% last year. Net interest income for this segment was $193 million, up 39% year over year, which was primarily driven by growth in member deposits.

現在來看我們各業務板塊的表現。就金融服務而言，第二季淨收入為 3.63 億美元，是 2024 年第二季的兩倍多。貢獻利潤為 1.88 億美元，比去年增長近 3.4 倍。貢獻毛利率為 52%，高於去年的 31%。該業務板塊的淨利息收入為 1.93 億美元，年增 39%，主要得益於會員存款的成長。

Noninterest income grew nearly 4.6 times to $169 million in the quarter, which equates to over $650 million in high-quality fee-based income on an annualized basis. Importantly, improved monetization continues its strong contribution to revenue growth. Financial Services revenue per product increased from $64 in the second quarter of '24 to $98 in the second quarter of '25. That's up over 50%, and we see continued upside as newer products mature.

本季非利息收入成長近 4.6 倍，達到 1.69 億美元，以年計算，高品質的收費收入超過 6.5 億美元。重要的是，貨幣化能力的提高繼續為收入成長做出強勁貢獻。2024 年第二季金融服務產品營收為 64 美元，2025 年第二季為 98 美元。這已經上漲了超過 50%，隨著新產品的成熟，我們預計還會繼續上漲。

In Q2, our Loan Platform Business generated $131 million in adjusted net revenue, up 36% from just last quarter. Of this, $127 million was driven by the $2.4 billion of personal loans originated on behalf of third parties as well as referrals. Additionally, LPB generated $3 million from servicing cash flows, which is recorded in our Lending segment. The growth opportunity for this business continues to be very strong. In addition to our LPB revenue, we continue to see healthy growth in interchange, up 83% year over year, driven by close to $18 billion in total annualized spend in the quarter across money and credit card.

第二季度，我們的貸款平台業務實現了 1.31 億美元的調整後淨收入，比上一季成長了 36%。其中，1.27 億美元來自代表第三方發放的 24 億美元個人貸款以及推薦貸款。此外，LPB 透過服務現金流產生了 300 萬美元，這筆款項已計入我們的貸款業務板塊。該業務的成長機會依然非常強勁。除了我們的 LPB 收入外，我們還看到交換費持續保持健康成長，年增 83%，這主要得益於本季現金和信用卡消費總額接近 180 億美元。

Shifting to our Tech Platform. For the second quarter, we delivered net revenue of $110 million, up 15% year over year. Contribution profit was $33 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。第二季度，我們實現淨收入 1.1 億美元，年增 15%。貢獻利潤為 3,300 萬美元，貢獻毛利率為 30%。收入成長主要得益於現有客戶的持續獲利以及在新客戶群中籤署的新合約。

Turning now to our Lending segment. For the second quarter, adjusted net revenue was $447 million, up 32% from the same period last year. Contribution profit was $245 million with a 55% contribution margin. These strong results were primarily driven by growth in net interest income, which increased 33% year over year to $373 million. During the quarter, we had record total loan originations of $8.8 billion, up 64% year over year.

現在我們來看看貸款業務部門。第二季調整後淨收入為 4.47 億美元，比去年同期成長 32%。貢獻利潤為 2.45 億美元，貢獻毛利率為 55%。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 33% 至 3.73 億美元。本季度，我們的貸款發放總額創下歷史新高，達到 88 億美元，年增 64%。

Personal loan originations were a record at $7 billion, of which $2.4 billion was originated on behalf of third parties through LPB. In total, personal loan originations were up 66% year over year. Student loan originations were $993 million, up 35% from the same period last year. And home loan originations were $799 million, a year over year increase of more than 90%.

個人貸款發放額創下 70 億美元的紀錄，其中 24 億美元是透過 LPB 代表第三方發放的。個人貸款發放總量年增 66%。學生貸款發放額為 9.93 億美元，比去年同期成長 35%。房屋貸款發放額為 7.99 億美元，年增超過 90%。

Capital markets activity was very strong in the second quarter. We sold and transferred through our Loan Platform Business over $3.4 billion of personal and home loans. In terms of personal loans, we closed $201 million of sales in whole loan form at a blended execution of 105.8%. 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. 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 had otherwise had if we held onto the loans.

第二季資本市場活動非常強勁。我們透過貸款平台業務售出和轉讓了超過 34 億美元的個人貸款和房屋貸款。在個人貸款方面，我們以整體貸款形式完成了 2.01 億美元的銷售額，綜合執行率為 105.8%。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面值，溢價的大部分由資本化的合約服務費構成。這些銷售中包含一筆小額損失分攤準備金，高於我們對損失的基本假設，並且相對於我們如果繼續持有這些貸款將會面臨的風險而言，這筆準備金微不足道。

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 they charge off both from our improved recovery capabilities and by maintaining servicing. In terms of home loan sales, we closed $779 million at a blended execution of 102.2%.

此外，我們還出售了價值 9,000 萬美元的後期逾期個人貸款。透過出售這些貸款，我們能夠隨著時間的推移產生正的增量價值，而如果等到貸款被註銷後再出售，則無法實現這一目標，這得益於我們提高的回收能力和維持服務水平。在房屋貸款銷售方面，我們完成了 7.79 億美元的交易，綜合執行率為 102.2%。

In addition to our personal loan and home loan sales, we executed a $690 million securitization of loans originated through our LPB business, our second securitization of collateral originated through LPB. 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 101 basis points.

除了個人貸款和房屋貸款銷售外，我們還完成了 6.9 億美元的貸款證券化，這些貸款是透過我們的 LPB 業務發放的，這是我們第二次對透過 LPB 發放的抵押品進行證券化。重要的是，該管道為我們的合作夥伴提供了充足的流動資金，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 101 個基點。

Turning to credit performance. The health of our consumer remains strong and we're not seeing any signs of weakness. Our personal loan borrowers have a weighted average income of $161,000 and a weighted average FICO score of 743, while our student loan borrowers have a weighted average income of $136,000 with a weighted average FICO score of 768. Our credit trends continue to be strong after seeing delinquencies peak early last year.

接下來關注信用表現。我們的消費者群體健康狀況依然強勁，我們沒有看到任何疲軟跡象。我們的個人貸款借款人加權平均收入為 161,000 美元，加權平均 FICO 信用評分為 743 分；而我們的學生貸款借款人加權平均收入為 136,000 美元，加權平均 FICO 信用評分為 768 分。去年年初違約率達到高峰後，我們的信貸趨勢依然強勁。

For personal loans, the on-balance sheet 90-day delinquency rate was 42 basis points in the quarter, a decrease of 4 basis points sequentially. The annualized charge-off rate also declined to 2.83% versus 3.31% in the prior quarter. Had we not sold any late-stage delinquencies, we estimate that including recoveries between 90 and 120 days delinquent, we would have had an all-in annualized net charge-off rate for personal loans of approximately 4.5% versus 4.8% last quarter.

就個人貸款而言，本季資產負債表上的 90 天逾期率為 42 個基點，較上季下降 4 個基點。年化沖銷率也從上一季的 3.31% 下降至 2.83%。如果我們沒有出售任何後期逾期貸款，我們估計，包括逾期 90 至 120 天的貸款回收在內，我們的個人貸款綜合年化淨核銷率約為 4.5%，而上一季為 4.8%。

For student loans, the on-balance sheet 90-day delinquency rate was in line with last quarter at 13 basis points. The annualized charge-off rate for student loans increased 47 basis points to 94 basis points. This was primarily due to a few discrete items. First, we switched servicers for our student loans, which resulted in some charge-offs being delayed from Q1 to Q2 as well as some customer payment disruptions in the second quarter. Second, we purchased a portfolio of student loans at the end of Q1 that have had a higher charge-off rate in line with our expectations at the time of purchase and reflective of the price we paid for those assets.

學生貸款方面，資產負債表上的 90 天逾期比率與上一季持平，為 13 個基點。學生貸款的年化核銷率上升了 47 個基點，達到 94 個基點。這主要是由於少數幾個獨立項目造成的。首先，我們更換了學生貸款服務商，導致一些貸款核銷從第一季推遲到第二季度，並且在第二季度也出現了一些客戶付款中斷的情況。第二，我們在第一季末購買了一批學生貸款，這些貸款的核銷率較高，這符合我們購買時的預期，也反映了我們為這些資產支付的價格。

Excluding those items, normalized charge-offs across the first and second quarters would be approximately 64 basis points in Q1 and 68 basis points in Q2, in line with previous quarters, and we expect normalized levels going forward.

在剔除這些項目後，第一季和第二季的正常化沖銷額分別為第一季約 64 個基點和第二季約 68 個基點，與前幾季一致，我們預計未來將維持正常水準。

The data continues to support our 7% to 8% maximum LIFO loan loss assumption for personal loans, in line with our underwriting tolerance, although we continue to trend below these levels. Our recent vintages originated from Q4 2022 to Q3 2024 have net cumulative losses of 4.23% with 41% unpaid principal balance remaining. This is well below the 5.75% observed at the same point in time for the 2017 vintage, the last vintage that approached our 7% to 8% tolerance.

數據繼續支持我們對個人貸款採用 7% 至 8% 的 LIFO 貸款損失率假設，這與我們的承保容忍度一致，儘管我們目前的趨勢仍然低於這些水平。我們最近的年份（2022 年第四季至 2024 年第三季）累計淨虧損為 4.23%，剩餘未償還本金餘額為 41%。這遠低於 2017 年同期觀察到的 5.75%，而 2017 年是最後一個接近我們 7% 至 8% 容忍度的年份。

The gap between the newer cohort curve and the 2017 cohort curve widened by a more favorable 19 basis points after a widening improvement of 16 basis points in Q1. Additionally, looking at our Q1 2020 through Q1 2025 originations, 60% 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 40% 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.

在第一季改善 16 個基點之後，新隊列曲線與 2017 年隊列曲線之間的差距擴大了 19 個基點，情況更加有利。此外，從 2020 年第一季到 2025 年第一季的貸款發放情況來看，60% 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 40% 未償還本金的核銷率需要達到約 10%。這將遠高於以往的水平，進一步凸顯了我們對實現低於 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. At the end of the second quarter, our personal loans were marked at 105.7%, up 28 basis points from the end of the prior quarter. This change was primarily a function of the discount rate decreasing by 20 basis points to 4.67% due to the underlying benchmark rate decrease by 25 basis points and spreads widening by 5 basis points.

接下來，我們來看看公允價值評估和關鍵假設。再次提醒，我們每季都會以公允價值對貸款進行估值，其中考慮了多種因素，包括加權平均票息、固定違約率、有條件提前還款率以及由基準利率和利差構成的折現率。在第二季末，我們的個人貸款利率為 105.7%，比上一季末上升了 28 個基點。這項變更主要是因為折現率下降了 20 個基點至 4.67%，這是因為基準利率下降了 25 個基點，利差擴大了 5 個基點。

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 rate changes were offset nearly 1:1 by hedges. Additionally, the annual default rate decreased by 9 basis points and the conditional prepayment rate decreased by 8 basis points. Slightly offsetting these impacts was a 13 basis points decrease in the weighted average coupon.

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性結論，而不是假設。此外，利率變動造成的任何公允價值影響幾乎都被對沖措施1:1抵銷了。此外，年度違約率下降了 9 個基點，有條件提前還款率下降了 8 個基點。加權平均票息下降 13 個基點，略微抵消了這些影響。

At the end of the second quarter, our student loans were marked at 105.8%, up 61 basis points from the end of the prior quarter. This change was a function of the discount rate decreasing by 25 basis points to 3.97% driven by the underlying benchmark rate decreasing by 27 basis points, partially offset by 2 basis points of spread widening. Slightly offsetting this impact was a 35 basis points increase in the conditional prepayment rate and a 3 basis points decrease in the weighted average coupon. There was no material change to the annual default rate.

第二季末，我們的學生貸款利率為 105.8%，比上一季末上漲了 61 個基點。這項變更是由於折現率下降 25 個基點至 3.97% 所致，而折現率下降 25 個基點是由於基準利率下降 27 個基點所致，但部分被利差擴大 2 個基點所抵銷。條件性提前還款率上升 35 個基點，加權平均票息下降 3 個基點，這在一定程度上抵消了上述影響。年度違約率沒有實質變化。

Turning to our balance sheet. In the second quarter, total assets grew by $3.4 billion, driven by $3.1 billion of loan growth and approximately $220 million of growth in cash, cash equivalents and investment securities. Total company-wide cash at quarter end was $2.7 billion. On the liability side, total deposits grew by $2.3 billion to $29.5 billion, primarily driven by growth in member deposits.

接下來來看看我們的資產負債表。第二季度，總資產成長了 34 億美元，其中貸款成長了 31 億美元，現金、現金等價物和投資證券增加了約 2.2 億美元。截至季末，公司整體現金餘額為27億美元。在負債方面，總存款成長了 23 億美元，達到 295 億美元，主要原因是會員存款的成長。

Net interest margin was 5.86% for the quarter, down 15 basis points sequentially. This included a 24 basis points decrease in average yield as we saw a modest mix shift from personal loans to student loans, which was partially offset by an 11 basis points decrease in cost of funds. We continue to expect a healthy net interest margin above 5% for the foreseeable future.

本季淨利差為5.86%，季減15個基點。這其中包括平均收益率下降 24 個基點，因為我們看到貸款結構從個人貸款略微轉向學生貸款，但這部分被資金成本下降 11 個基點所抵消。我們預計在可預見的未來，淨利差將維持在 5% 以上。

In terms of our regulatory capital ratios, we remain very well capitalized. Our total capital ratio of 14.4% at quarter end remains comfortably above the regulatory minimum of 10.5% as well as our additional internal stress buffer. The quarter over quarter change in capital was driven by the strong loan growth during the quarter. Tangible book value grew $194 million sequentially to $5.3 billion. Intangible book value per share at quarter end is $4.72, up from $3.94 a year ago.

就我們的監理資本充足率而言，我們仍然擁有非常充足的資本。截至季末，我們的總資本適足率為 14.4%，遠高於 10.5% 的監管最低標準以及我們額外的內部壓力緩衝。本季資本環比變化主要受本季強勁的貸款成長推動。有形帳面價值季增 1.94 億美元，達到 53 億美元。截至季末，每股無形帳面價值為 4.72 美元，高於一年前的 3.94 美元。

Let me now finish by providing our revised outlook for 2025. Given our strong first half of the year, for 2025, we now expect to add over 3 million members, which represents approximately 30% year over year growth. We now expect adjusted net revenue of approximately $3.375 billion, above our prior guidance of $3.235 billion to $3.310 billion. This equates to year over year growth of approximately 30%, an increase from our prior guide of 24% to 27%.

最後，讓我給出我們對 ​​2025 年的修訂展望。鑑於我們上半年的強勁表現，我們預計 2025 年會員人數將增加 300 多萬，年增約 30%。我們現在預計調整後淨收入約為 33.75 億美元，高於我們先前預測的 32.35 億美元至 33.1 億美元。這意味著同比增長約 30%，高於我們先前預測的 24% 至 27%。

We now expect an adjusted EBITDA of approximately $960 million, above our prior guidance of $875 million to $895 million. This represents a 28% margin. We now expect adjusted net income of approximately $370 million, above our prior guidance of $320 million to $330 million; and adjusted EPS of approximately $0.31, above our prior guidance of $0.27 to $0.28. We now expect growth in tangible book value of approximately $640 million for the year, above our prior guidance of $585 million to $600 million. Overall, it's been a strong first half of 2025 and we're looking forward to a great second half.

我們現在預計調整後的 EBITDA 約為 9.6 億美元，高於我們之前 8.75 億美元至 8.95 億美元的預期。這相當於28%的利潤率。我們現在預計調整後淨利潤約為3.7億美元，高於先前預期的3.2億美元至3.3億美元；調整後每股收益約為0.31美元，高於先前預期的0.27美元至0.28美元。我們現在預計全年有形帳面價值成長約為6.4億美元，高於先前預期的5.85億美元至6億美元。整體而言，2025 年上半年表現強勁，我們期待下半年取得更大的成功。

Let's now begin the Q&A.

現在開始問答環節。

(Operator Instructions)

（操作說明）

John Hecht from Jefferies.

傑富瑞集團的約翰·赫克特。

Congratulations on another good quarter, guys. On just -- maybe a broad question about guidance. You've given full year guidance, but I'm wondering if there's anything you could share about the cadence from the third and the fourth quarter, maybe all the way to the segment level, if there's any changes there in terms of the contribution. And then you've given medium-term guidance. I'm wondering maybe you can give an update on that or your confidence around achieving that.

恭喜各位，又一個季度業績出色！或許可以就指導問題提出一個比較廣泛的問題。您已經給出了全年的業績指引，但我很想知道您能否分享一下第三季度和第四季度的業績節奏，甚至細化到各個業務板塊，看看在業績貢獻方面是否有任何變化。然後，您給出了中期指導意見。我想知道您能否就此提供一些最新進展，或談談您對實現這一目標的信心。

Yeah. Thanks, John. So overall, we're really pleased to be able to raise our 2025 guidance. In terms of some of the segment-level specifics, for Financial Services, what we had previously guided to was 60% to 65% year over year growth. we're obviously pacing well above that and we expect that to continue in the back half of the year.

是的。謝謝你，約翰。總的來說，我們非常高興能夠提高2025年的業績預期。就一些細分市場的具體情況而言，金融服務業此前預計將同比增長60%至65%，而目前我們的增長速度顯然遠超預期，並且我們預計下半年將繼續保持這一增長勢頭。

For both Tech Platform and Lending, what we had originally guided to was low double-digit to teens year over year growth in 2025, and we remain confident in that. And then in aggregate, what you should expect is for Q4 to be higher than Q3 across all of our metrics, revenue, EBITDA, net income and EPS.

對於科技平台和貸款業務，我們最初預測到 2025 年將實現兩位數到十幾的年增長率，我們對此仍然充滿信心。總體而言，預計第四季度所有指標（收入、EBITDA、淨收入和每股盈餘）都將高於第三季。

In terms of our medium-term guidance, what I would say is we feel really good about it. We continue to expect to exceed 25% compounded annual revenue growth from '23 to '26, and we really remain confident in delivering our EPS target of $0.55 to $0.80 in 2026. What I would say is that the mix of our business continues to change meaningfully and, as such, our outlook for each respective revenue segment is going to change.

就其中期業績指引而言，我想說的是，我們對此感到非常樂觀。我們仍然預計 2023 年至 2026 年的複合年收入成長率將超過 25%，並且我們仍然非常有信心在 2026 年實現每股收益 0.55 美元至 0.80 美元的目標。我想說的是，我們業務的組合正在發生顯著變化，因此，我們對各個收入部分的展望也將隨之改變。

And we're going to update our outlook when we give our detailed 2026 guidance. But at a high level, our mix and growth expectations are changing given the real-time opportunities that have presented themselves, including faster-than-expected adoption of our LPB business. And what's even more significant than that is participation by LPB investors outside of our credit box.

我們將在發布 2026 年詳細指導時更新我們的展望。但從宏觀層面來看，鑑於即時出現的機會，包括我們的 LPB 業務比預期更快被採用，我們的產品組合和成長預期正在改變。更重要的是，LPB 投資者也參與其中，而這些投資者並非來自我們的信貸範圍。

In addition to that, some of the news that we got on the OCC that certain crypto activities are permissible, and the implications for large banks and their tech decisions based on recent regulatory climate both also impact our outlook. So suffice it to say, these opportunities and dynamics have changed our priorities and how we've allocated resources thus far in 2025 and how we're thinking about allocating resources in the second half of this year and into 2026. So overall, the mix and drivers are likely to change, but we remain even more confident in the aggregate outlook of 25% or more, of compounded annual revenue growth from '23 to '26 and EPS in the range of $0.55 to $0.80 in '26.

除此之外，我們從美國貨幣監理署（OCC）獲得的一些消息，即某些加密貨幣活動是允許的，以及基於近期監管環境對大型銀行及其技術決策的影響，也都影響了我們的展望。綜上所述，這些機會和動態已經改變了我們的優先事項，以及我們在 2025 年迄今的資源分配方式，也改變了我們對今年下半年和 2026 年資源分配的思考。因此，總體而言，產品組合和驅動因素可能會發生變化，但我們對 2023 年至 2026 年複合年收入增長 25% 或以上的總體前景以及 2026 年每股收益在 0.55 美元至 0.80 美元之間的前景仍然充滿信心。

And John, I would just add, we feel great about the business. It's operating in all cylinders. The results show that our outlook shows that for 2025, I think our biggest challenge beyond 2025, quite frankly, is deciding what not to do. There are more opportunities on the table for us than ever before. It feels like we're just getting started, even though we've been at this for 8 years and delivering good, consistent growth over that time period.

約翰，我還要補充一點，我們對公司的發展前景非常滿意。它運轉一切正常。結果表明，我們的展望表明，到 2025 年，坦白說，我認為我們面臨的最大挑戰是決定不做什麼。我們現在面臨的機會比以往任何時候都多。感覺我們才剛起步，儘管我們已經從事這項工作 8 年了，並且在這段時間裡取得了良好、穩定的成長。

Our goal and prioritization will be to allocate resources to those segments and those businesses that can drive the best compounded growth over decades as opposed to just a couple of years with the overall goal of an ROE that's 20% to 30%.

我們的目標和優先事項是將資源分配給那些能夠在未來幾十年內實現最佳複合成長的行業和業務，而不是僅僅幾年，總體目標是實現 20% 到 30% 的 ROE。

So as Chris mentioned, there's a few things that turned out to be a lot bigger opportunity sooner than we thought, and we're going to allocate resources to those. We hope to be able to allocate research to everything, but that's unlikely, but feel great about the outlook.

正如克里斯所提到的，有些事情比我們預想的更早展現出更大的機遇，我們將把資源分配給這些事情。我們希望能夠將研究成果應用於所有領域，但這不太可能，但我們對前景感到非常樂觀。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Anthony and Chris, so epic results here. Congrats on our end. Can we quickly discuss the Tech Platform and the Chime migration? That's been a topic that we've been getting a lot of questions on. So specifically, is the migration complete? And what is the impact on the overall accounts?

安東尼和克里斯，你們取得了非常棒的成績。我們這邊也恭喜你。我們能否快速討論一下技術平台和Chime遷移的問題？我們收到了很多關於這個主題的提問。那麼具體來說，遷移完成了嗎？對整體帳戶有何影響？

Sure. I can take that, Dan. So we don't give guidance on Tech Platform accounts. What we have guided to is low double digits to teens revenue growth for the Tech Platform in 2025. And as I just mentioned, that expectation has not changed up until this point. While migration is not complete, we have made really good progress on signing up new partners that are going to contribute in 2026.

當然。丹，我能接受。因此，我們不提供關於技術平台帳戶的指導。我們預計，到 2025 年，科技平台的收入成長率將達到兩位數到十幾的水平。正如我剛才提到的，這種預期至今都沒有改變。雖然遷移工作尚未完成，但我們在招募將於 2026 年做出貢獻的新合作夥伴方面取得了非常好的進展。

And the exact give and take of those new partners coming on board and the loss of any existing partners will be firmed up by year-end, and we'll give a new update on guidance for all the in and outs after our Q4 2025 earnings call. We do anticipate, as we've mentioned previously, having approximately 10 new clients that are going to contribute revenue in Q1 2026 that did not contribute revenue in Q1 of 2025.

到年底，新合作夥伴的加入和現有合作夥伴的流失的具體情況將確定下來，我們將在 2025 年第四季度財報電話會議後，對所有人員變動情況給出新的指導意見。正如我們之前提到的，我們預計在 2026 年第一季將有大約 10 個新客戶帶來收入，而這些客戶在 2025 年第一季沒有帶來收入。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Chris and/or Anthony, whoever wants to take it, can you talk a little bit about the anticipated funding mix going forward? This was a very strong origination quarter obviously across the board, and the Loan Platform Business is ramping really nicely. You also had excellent deposit growth. So I just wonder if you can help us a little bit, recognizing the very high like sort of basically infinite returns on capital from the platform business versus the balance sheet and sort of how you think you're going to use each going forward to sustain your growth.

克里斯和/或安東尼，無論誰願意回答，能否談談未來預期的資金組合？顯然，本季貸款發放業務整體表現非常強勁，貸款平台業務也發展得非常順利。您的存款成長也非常出色。所以我想請您幫我們分析一下，平台業務的資本回報率非常高，幾乎是無限的，這與資產負債表之間的關係，以及您認為未來將如何利用這兩者來維持成長。

Yeah. Chris and I will tag team. The first thing I'd say is we really want to balance the different business lines to drive an optimized return on equity. We clearly are in a unique spot now on the origination platform where we're not just selling our technology capabilities and originations based on loans that are in our credit box but now outside our credit box for the first time. And that's a whole new frontier for us. And so the opportunity set there really is open-ended because it's capital light, and capital-light businesses, as you mentioned, drive better ROE.

是的。克里斯和我將搭檔合作。首先我想說的是，我們真的希望平衡不同的業務線，以實現最佳的股本回報率。顯然，我們現在在貸款發起平台上處於一個獨特的地位，我們不僅銷售我們的技術能力和基於我們信貸範圍內的貸款的發起服務，而且現在還首次銷售我們信貸範圍之外的貸款。那對我們來說是一個全新的領域。因此，那裡的機會確實是無限的，因為它的資本要求不高，而正如您所提到的，資本要求低的企業能夠帶來更高的淨資產收益率。

That said, we want to make sure we serve our members well and don't just focus on the absolute percent -- sorry, the percentage of ROE but the absolute dollars as well. And having balance sheet at some of our loans for sale at a later point in time and generating the NIM is also contributing to our profitability and visibility both. So it's a balancing act on both. I'll turn it to Chris to talk about specific funding mix.

也就是說，我們希望確保為我們的會員提供良好的服務，而不只是關注絕對百分比——抱歉，是 ROE 百分比，還有絕對金額。此外，我們還有一些貸款待售，並計劃在未來某個時間點出售這些貸款，從而產生淨息差，這也有助於提高我們的盈利能力和市場可見性。所以這需要在兩者之間找到平衡。接下來請克里斯談談具體的資金組合。

Yeah. In terms of the specific funding mix, what I would say as it relates to deposits, right now we're about 85% to 90% deposit funded. That's our long-term target. So you could expect deposits to grow roughly in line with loan growth on the balance sheet. The one thing I would add -- and we continue to have ample warehouse capacity as well.

是的。就具體的資金組成而言，就存款而言，目前我們的資金大約有 85% 到 90% 來自存款。那是我們的長期目標。因此，您可以預期存款成長將與資產負債表上的貸款成長大致同步。我還要補充一點——而且我們仍然擁有充足的倉儲能力。

The one thing I would add to what Anthony was saying is we have opened up a new frontier by originating on behalf of others outside of our credit box. In an ideal world and going forward, the plan is to expand even beyond that and include other asset types like our student loan refinancing in school loans, mortgages, et cetera. So there's ample opportunity, a ton of headroom, and we won't be constrained by the overall growth in deposits.

我只想補充安東尼所說的一點，那就是我們已經開闢了一個新的領域，即在自身信用範圍之外為他人提供貸款。在理想情況下，未來我們的計劃是進一步擴大規模，並將其他資產類型納入其中，例如我們的學生貸款再融資、抵押貸款等。因此，機會很多，發展空間巨大，我們不會受到存款總額成長的限制。

Kyle Peterson, Needham &Co.

Kyle Peterson，Needham &Co.

Nice results. Wanted to ask about in the Loan Platform Business, really impressive results this quarter, great to hear about some of the near prime ramp here. I wanted to think about, could we see another leg up in 3Q as some of this near prime stuff continues to ramp? Or is 2Q kind of a pretty good run rate that we should use moving forward? Just want to get a sense of your appetite as to like what the growth opportunity is here versus like what the implied second quarter run rate is.

結果不錯。想問一下貸款平台業務的情況，本季業績非常亮眼，很高興聽到一些接近優質貸款的進展。我想思考一下，隨著一些接近黃金地段的產品繼續增產，我們是否會在第三季看到另一波上漲行情？或者說，2Q 的運行率是一個相當不錯的水平，我們應該繼續沿用下去嗎？我只是想了解您對這裡的成長機會有何看法，以及您對第二季隱含成長率的看法。

Sure. I can take that. So overall, momentum is really strong. We just did $2.4 billion of originations on behalf of others. That was up from $1.6 billion last quarter. We did expand outside of our credit box. What I would say is we aren't guiding specifically to LPB originations in the back half of this year, but we do expect continued growth in momentum in both Q3 and Q4.

當然。我可以接受。總的來說，發展勢頭非常強勁。我們剛剛代表其他公司完成了 24 億美元的貸款發放。這一數字高於上一季的16億美元。我們的確突破了信用額度的限制。我想說的是，我們並沒有特別關註今年下半年的LPB貸款發放情況，但我們預計第三季和第四季的貸款發放動能將持續成長。

Moshe Orenbuch, TD Securities.

Moshe Orenbuch，TD Securities。

Maybe to kind of follow up on the Loan Platform Business. Could you just talk a little bit about the scope of kind of the partner agreements that you've got? Like how much capacity is there? How long do they last? That type of thing. And maybe just to add on the comment about loan tokenization, is that to use as a funding vehicle? Or is that a loan sale vehicle or both?

或許是為了跟進貸款平台業務。您能否簡要談談您目前達成的合作協議的範圍？比如，產能是多少？它們能持續多久？就是那種事。關於貸款代幣化，我想補充一點，它是要用來當融資工具嗎？或者說，這是一種貸款出售工具，還是兩者兼具？

Yeah. The first thing I'd say is that the demand for the loan platform business is pretty broad-based and deep. Asset managers have capital that's coming in every day that they need to deploy against adequate ROE. We are very unique in our origination capabilities across the credit spectrum, but also we have great history and reliability and our underwriting capabilities from a technology standpoint, our marketing servicing capabilities and our servicing.

是的。首先我想說的是，市場對貸款平台業務的需求非常廣泛且深入。資產管理公司每天都有資金流入，他們需要將這些資金用於實現足夠的淨資產收益率。我們在信貸領域的貸款發起能力非常獨特，而且我們在技術承銷能力、行銷服務能力和服務方面也擁有良好的歷史和可靠性。

And so those with assets can more easily access originations through our platform than their own or others, and it's also going to be a steady stream of volume given how well capitalized we are and that we are -- we have a bank license. Those things really matter. Some of the other fintech lenders that can participate in these sales and forward flows, they don't have deposit funding. They're not a bank. They have different regulatory regimes covering them. We have the most stringent regulatory regime and the most visible and stable funding which factors into this as well, especially when you think about other things like fair lending and disparate treatment.

因此，擁有資產的人可以透過我們的平台比透過自己的平台或其他平台更容易獲得貸款，而且鑑於我們資本充足，並且我們擁有銀行牌照，貸款量也將保持穩定增長。這些事情真的很重要。其他一些可以參與這些銷售和前期資金流動的金融科技貸款機構，並沒有存款資金。他們不是銀行。它們受不同的監管制度約束。我們擁有最嚴格的監管制度和最透明、最穩定的資金來源，這也有助於提高貸款效率，尤其是在考慮公平貸款和差別待遇等其他因素時。

The other thing I'd say about the Loan Platform Business is that we are not going to be able to serve everyone. And we want to pick partners that are focused on the long term, not the near term so we're trying not to do deals that could be a flash in the pan, gone here one day and gone to next. We want durability in our relationships. We've learned that well over the last 8 years from our Technology Platform business that this is very similar to. We want to make an investment in the long-term players that really see the value of our originations and our Technology Platform more broadly.

關於貸款平台業務，我還想說的是，我們不可能服務到所有人。我們希望選擇著眼於長期發展而不是短期利益的合作夥伴，所以我們盡量避免進行可能曇花一現的交易，今天在這裡，明天就消失了。我們希望人際關係能夠長久穩定。過去 8 年，我們從技術平台業務中了解到，這與此非常相似。我們希望投資那些真正看到我們業務和更廣泛的技術平台價值的長期參與者。

Yeah. And just a follow on to that, the only thing I would add just to remind folks of the LPB agreements that we have in place and that we've announced. So we had an initial $2 billion deal with Fortress that started in Q3 2024, and then that deal extended for another $2 billion over the next year starting in Q3 of 2025. We also announced a $5 billion deal with Blue Owl, which was a two-year deal starting in Q1 of 2025. And then we also announced a combination deal with Fortress and Edge Focus.

是的。最後補充一點，我只想提醒大家，我們已經制定並宣布了 LPB 協議。因此，我們最初與 Fortress 達成了一項價值 20 億美元的協議，該協議於 2024 年第三季開始生效，然後該協議又延長了一年，從 2025 年第三季開始，金額再增加 20 億美元。我們也宣布與 Blue Owl 達成一項價值 50 億美元的協議，這是一項為期兩年的協議，從 2025 年第一季開始生效。然後，我們也宣布與 Fortress 和 Edge Focus 達成合併協議。

That's $1.2 billion over two years which started to scale in Q1 of this year. What's important to note, as Anthony alluded to, is that we have other partnerships with impressive firms, including investment banks and other investment managers that are also representing meaningful value for us today.

兩年內累計金額達 12 億美元，從今年第一季開始規模化成長。正如安東尼所暗示的那樣，值得注意的是，我們也與其他一些優秀的公司建立了合作關係，包括投資銀行和其他投資管理公司，這些公司如今也為我們帶來了重要的價值。

Peter Christiansen, Citigroup.

彼得‧克里斯蒂安森，花旗集團。

Great results here. Anthony, I was wondering if you could just talk about discretionary spend. You're clearly punching above the incremental margin target for this year. How do you think about spending for the remainder of the year on a discretionary basis towards things like member acquisition? Or is it accelerating certain product development? And then as the Loan Platform Business actually becomes a larger piece of the overall business, do you think SoFi still maintains that 30% incremental margin kind of target?

結果非常棒。安東尼，我想請你談談可自由支配支出。顯然，你今年的增量利潤率目標已經超額完成。您如何考慮在今年剩餘時間裡，將可自由支配的資金用於會員招募等方面？或者，它是否正在加速某些產品的開發？隨著貸款平台業務在整體業務中所佔比例越來越大，你認為 SoFi 還能維持 30% 的增量利潤目標嗎？

So I think you're starting to recognize we clearly have a lot of operating leverage in the model and our margins could be well in excess of 30% on the EBITDA line. I've been a student of the evolution of direct-to-consumer technology companies starting back in 1999, and I think it's really critical that we invest for the future. We want to compound 25% revenue growth for decades, not just for a couple of years. So we don't want to underinvest in the business. In the quarter, if we start to outperform relative to expectations on the revenue line, we're going to have a hard time spending that money back in the quarter.

所以我認為你開始意識到，我們的模型中顯然有很多經營槓桿，我們的 EBITDA 利潤率可能遠遠超過 30%。從 1999 年開始，我就一直在研究直接面向消費者的科技公司的發展歷程，我認為為未來進行投資至關重要。我們希望在未來幾十年內保持 25% 的複合營收成長，而不僅僅是幾年。所以我們不想對這項業務投入不足。本季度，如果我們的收入開始超出預期，那麼我們將很難在本季把這筆錢花出去。

And so if you see us above the 30% incremental EBITDA margin in a quarter, it's because we outperformed relative to what we thought and we couldn't spend the money fast enough. But we are going to make sure that we keep putting $0.70 of every incremental revenue dollar back into the business.

因此，如果您看到我們某個季度的增量 EBITDA 利潤率超過 30%，那是因為我們的業績超出了預期，我們無法及時花掉這筆錢。但我們將確保將每增加一美元的收入中的 0.70 美元重新投入業務。

In terms of where we're spending it, the greatest increase in the spending in the back half of the year is in our engineering product and design areas. Specifically, we're investing in some new products that complement the SoFi Money product. We're investing in level 1 options as it relates to the Invest business. We're investing more and hiring more people in the user experience in Invest. Our Invest business is starting to gain really nice traction and momentum as we continue to see greater awareness of the broad selection we have.

就支出方向而言，下半年支出增幅最大的領域是工程產品和設計領域。具體來說，我們正在投資一些與 SoFi Money 產品互補的新產品。我們正在投資與投資業務相關的 1 級選擇權。我們正在增加對 Invest 使用者體驗的投入，並招募更多人員。隨著人們對我們廣泛的投資選擇越來越了解，我們的投資業務開始獲得非常好的發展動能。

We're really unique. We're the only digital provider that's providing individual stocks without commissions, fractional shares, which I'd note we pioneered our own SoFi ETFs, one of which is award-winning and outperforming its pure class, quite significantly a symbol -- a share of Foxtrot Yankee.

我們真的很獨特。我們是唯一一家提供無佣金個股和零碎股的數位供應商，值得一提的是，我們率先推出了自己的 SoFi ETF，其中一隻屢獲殊榮，並且表現優於其純粹的同類產品，其股票代碼為 Foxtrot Yankee 的股份。

We also offer IPOs. We're currently offering the Figma IPO. We also have robo accounts that have been award winning. And we've introduced private investing through our partnership with Templum, We had an offering with SpaceX recently as well as a couple of others and more to come. And then alternative assets were launched a year ago.

我們也提供首次公開發行（IPO）服務。我們目前正在進行 Figma 的 IPO。我們也擁有屢獲殊榮的智能投顧帳戶。我們透過與 Templum 的合作引入了私募投資，最近也與 SpaceX 以及其他幾家公司進行了合作，未來還會有更多合作。然後，另類資產在一年前推出。

And within alternative assets, we're providing opportunities to invest in venture capital funds, venture fund to funds, private credit, private real estate, private long-short -- I'm sorry, public long-short hedge funds in addition to private growth equity. So the Invest business is getting incremental investment as well.

在另類資產方面，我們提供投資創投基金、創投基金、私募信貸、私募房地產、私募多空對沖基金（抱歉，應該是公開的多空對沖基金）以及私募成長型股權的機會。因此，投資業務也獲得了增量投資。

In addition to that, we're hiring significantly in crypto to relaunch buy, sell and hold by the end of the year. We'd like to also introduce a stablecoin. We're really happy that The Genius Act was passed into a bill. It's going to take about 12 months to 18 months for all the different regulatory bodies that come out with rulemaking as it relates to The Genius Act. So all those potential competitors in stablecoin, they won't be able to really apply and get a license approved by the OCC until the back end of that time period.

除此之外，我們正在大量招募加密貨幣領域的人才，以便在年底前重新推出買入、賣出和持有策略。我們還想推出一種穩定幣。我們非常高興《天才法案》最終獲得通過。所有不同的監管機構制定與《天才法案》相關的規則，大約需要 12 到 18 個月的時間。因此，所有那些潛在的穩定幣競爭者，都無法真正申請並獲得OCC批准的許可證，直到該時間段的後期。

Because we are already a bank and because the OCC put out an interpretive letter that allows and it's permissible for stablecoins at banks to be launched, we can launch sooner than other people. We want to be very thoughtful about how we launched that product and what -- how it's differentiated in the marketplace so we're not going to rush to get there, but we definitely have a head start because we already have the bank license. So we've allocated a lot of capital to crypto.

因為我們本身就是一家銀行，而且美國貨幣監理署 (OCC) 發布了一份解釋性文件，允許銀行發行穩定幣，所以我們可以比其他人更早推出穩定幣。我們希望認真考慮如何推出該產品以及如何使其在市場上脫穎而出，所以我們不會急於求成，但我們肯定有先發優勢，因為我們已經獲得了銀行牌照。所以我們投入了大量資金到加密貨幣領域。

In addition to that, we're spending a lot incrementally on AI. It's a great efficiency driver. We're right now investing in things like account takeover and getting resolution of those in a very short period of time as well as dispute resolution. We mentioned Cash Coach on the call. In addition to that, we're using AI to file SAR, suspicious activity reports.

除此之外，我們也正在人工智慧領域逐步投入大量資金。它能大大提高效率。我們目前正在投資解決帳戶接管等問題，並在很短的時間內解決這些問題以及爭議。我們在電話會議中提到了 Cash Coach。除此之外，我們也利用人工智慧來提交可疑活動報告（SAR）。

So it's a significant amount of incremental investment. It's going to drive growth in years to come, not in quarters to come. But in the near term, we're able to also invest in marketing and to keep the really strong member growth that's driving product growth that then is driving revenue growth.

所以這是一筆數額可觀的增量投資。它將在未來幾年推動成長，而不是在未來幾個季度。但就近期而言，我們也能投資於行銷，並維持強勁的會員成長，進而推動產品成長，進而推動營收成長。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

Just wanted to -- taking a look at the Lending segment. I know it's hard to do in isolation these days, but you had strong growth in ANR and then the contribution margin profit had been fairly stable. Obviously, there are some things in that business that you can't control like interest rates. But with the success of the home equity product you guys talked about and some of the student lending -- or some of the changes on the student lending side of the business, just how are you thinking about kind of growth opportunities and profit margins in that segment?

我只是想看看貸款業務板塊。我知道現在要單獨做到這一點很難，但是你們的 ANR 成長強勁，而且貢獻毛利利潤也相當穩定。顯然，在這個行業裡有些事情是你無法控制的，例如利率。但是，鑑於你們提到的房屋淨值貸款產品的成功，以及學生貸款業務的一些變化——或者說學生貸款業務方面的一些變化，你們是如何看待該領域的成長機會和利潤率的呢？

Yeah, I'd say the margins in that segment will -- in the Lending segment will stay fairly consistent. It's a business that we have great visibility on. It's a business we own the technology sort of end to end with some partner additional overlays in there. So we feel great about the business. Our home equity business, we didn't have a year ago.

是的，我認為貸款業務的利潤率將保持相當穩定。我們非常了解這項業務。這是一個我們擁有端到端技術的業務，其中還包含一些合作夥伴的額外功能。所以我們對這項業務感到非常滿意。一年前，我們還沒有房屋淨值貸款業務。

It's obviously benefiting from rates being high, and that is really closing down the mortgage refinancing market and making the purchase market more difficult. So people are taking out home equity loans to do remodels instead of purchases.

顯然，高利率對它有利，而高利率實際上正在關閉抵押貸款再融資市場，並使購房市場更加困難。所以人們選擇利用房屋淨值貸款進行房屋翻修，而不是購買新房。

We've never been in a position that we're in right now as it relates to home loans more broadly. What do I mean by that? We have a team that's fully staffed. We have an end-to-end operation that we can control from the front end to the back end, and we are ready and poised and able to capture the opportunity when rates come down. I couldn't be more excited about what will happen in the home loan business as rates come down given the capacity we have and the technology advances we have and the leadership of our team there. So if we're doing quite well in this high rate environment, it will only be magnitudes better when rates come down.

就房屋貸款而言，我們從未像現在這樣處境艱難。我這話是什麼意思？我們的團隊人員配備齊全。我們擁有從前端到後端都能掌控的端到端營運模式，我們已做好充分準備，隨時抓住利率下降的機會。鑑於我們擁有的實力、技術進步以及我們團隊的領導能力，我對利率下降後房屋貸款業務的發展前景感到無比興奮。因此，如果我們在高利率環境下表現相當不錯，那麼當利率下降時，情況只會好得多。

And then as it relates to the student loan business, we are seeing a pickup in student loan refinancing. It feels like a light has gone on in the last month or so. We've seen a pickup in the amount of refinancing and the interest in the product overall. I'd like to remind everybody, that was our first and biggest business. It's now smaller than our LPB business, which tells you our diversification strategy moving towards fee-based revenue and capital-light revenues really working. But it's still going to contribute, and we're excited about what we're seeing and the underlying trends there for the first time in a while.

至於學生貸款業務，我們看到學生貸款再融資業務正在回升。感覺最近一個月左右，好像突然開訣竅了一樣。我們看到再融資的數量和人們對該產品的整體興趣都有所增加。我想提醒大家，那是我們第一家也是規模最大的企業。現在它比我們的 LPB 業務規模還要小，這說明我們向基於費用的收入和輕資本收入轉型的多元化策略確實奏效了。但它仍然會做出貢獻，而且我們對目前所看到的以及其中蘊含的潛在趨勢感到興奮，這是很久以來的第一次。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Lots to talk about here. But I was curious, you mentioned all the investment in your Invest segment. Where are you guys on your monetization journey for that product? I know you attract different users than Robinhood, but just curious what the unit economics look like there today and kind of longer term.

這裡有很多值得討論的地方。但我很好奇，你在投資板塊提到了所有的投資。你們的產品獲利計畫進行到什麼階段了？我知道你們吸引的用戶群體與 Robinhood 不同，但我只是好奇你們目前的單位經濟效益如何，以及從長遠來看會如何。

And then I guess more broadly, and I don't expect you to give me the actual KPI figures, but how do you guys manage or look at that business from a KPI perspective? I'm not sure if assets under management is an important factor, engagement. Like what are the KPIs you look at internally to assess that business?

然後，我想更廣泛地問一下，我並不指望你們提供具體的KPI數據，但是你們是如何從KPI的角度來管理或看待這項業務的呢？我不確定管理資產規模和參與度是否是一個重要因素。例如，你們內部會關注哪些關鍵績效指標（KPI）來評估業務？

Thank you, Reggie. We're excited about the invest business. The monetization is slowly starting to improve as we get more assets we drive more monetization through a number of back-end revenue streams, as we do IPOs and we get greater AUM into products like our robo product as well as the private alternative asset investments and private companies. They all have revenue generation that are integrated into the product experience. Obviously, we don't charge commissions on single stocks or fractional shares and some of our ETFs are also without fees.

謝謝你，雷吉。我們對投資業務充滿熱情。隨著我們獲得更多資產，變現情況開始緩慢改善。我們透過多種後端收入來源推動更多變現，例如進行 IPO，以及將更多資產管理規模 (AUM) 投入到我們的智能投顧產品、私人另類資產投資和私人公司等產品中。它們都擁有融入產品體驗的創收模式。顯然，我們不收取單檔股票或零碎股票的佣金，我們的部分ETF也不收取費用。

But we are seeing a nice pickup in monetization there. We are profitable on a variable profit basis in the Lending business, but the variable profit dollars is not greater than the fixed costs. So we're not contribution profit positive yet but we'll get there in the very short order.

但我們看到那裡的盈利能力正在穩步提升。我們在貸款業務中以可變利潤計算是獲利的，但可變利潤金額並不大於固定成本。所以，我們目前還沒有獲利為正，但我們很快就能實現這個目標。

Our goal there is to continue to give the best selection, the best service and the best information and we'll continue to roll out new products. Level 1 options will be a revenue contributor that -- because it's a really well monetized product. In addition to that, we haven't really focused on margin lending. It's a secured form of lending. Our rate there is sort of off market.

我們的目標是繼續提供最好的選擇、最好的服務和最好的訊息，我們將繼續推出新產品。一級選擇權將成為收入來源，因為它是一個非常成功的獲利產品。除此之外，我們還沒有真正專注於保證金貸款。這是一種有擔保的貸款方式。我們那裡的價格算是非市價。

We need to bring it down and make it more attractive, which we have plans to do. This product also benefits significantly from members coming into SoFi someplace else and then cross-buying in to invest. But we're going to spend even more marketing dollars on acquiring Invest-first members as opposed to just cross-bought members. So there's a lot of upside in the business.

我們需要降低它的價格，讓它更具吸引力，我們也有相應的計劃。如果會員先在其他地方加入 SoFi，然後再交叉購買該產品進行投資，那麼該產品也會從中受益匪淺。但我們將投入更多行銷資金來獲取 Invest-first 會員，而不是僅僅獲取交叉購買的會員。所以這個行業有很多發展空間。

We don't talk about international that frequently, but we do have an invest business in Hong Kong. And they just received approval for cryptocurrency offering in Hong Kong. So we're excited about that opportunity as well. So we'll continue to invest in acquisition organically and driving the cross-buy in addition to improved monetization in that product and that service. Then let's add on top of that cryptocurrency, which is a great monetization vehicle as well.

我們不常談論國際業務，但我們在香港確實有投資業務。他們剛剛獲得了在香港發行加密貨幣的批准。所以我們也對這個機會感到興奮。因此，我們將繼續加大對客戶的有機成長投入，並推動交叉購買，同時提高該產品和服務的獲利能力。然後，我們再加上加密貨幣，它也是一個很好的獲利工具。

And so you could see our monetization start to approach industry standards. We're about 50% of the benchmark. But all the things I just mentioned will improve the monetization quite meaningfully and get us to where everyone else is.

因此，您可以看到我們的獲利模式開始接近行業標準。我們大約達到了基準值的50%。但我剛才提到的所有因素都將顯著改善獲利能力，使我們達到與其他所有人相同的水平。

In terms of the metrics we focus on, we focus on total number of products within Invest. We look at the different mix of products within Invest. What are the first -- what of the members in Invest that are first to SoFi versus cross-bought. We obviously look at AUM and net flows, and all those metrics have been really positive.

就我們關注的指標而言，我們關注的是 Invest 中的產品總數。我們來看看 Invest 旗下不同的產品組合。首先，在 Invest 會員中，哪些人是第一批投資 SoFi 的，哪些人是第一批透過交叉購買方式投資的。我們當然會關注資產管理規模和淨流入，所有這些指標都表現得非常積極。

At this time, I would like to turn the call back to Anthony.

此時，我想把電話轉回安東尼。

Great. With that, thank you, operator, and thank you all for joining today. I'm going to spend probably 2 to 3 minutes on a closing a little bit longer than we normally have done. We're really excited about something that we rolled out at our company recently as we think about trying to become the best culture in the world. I've talked about publicly since I got here nearly 8 years ago that we want to have the best culture in the world.

偉大的。那麼，謝謝接線生，也謝謝各位今天參與。我可能會花2到3分鐘的時間來完成收尾工作，比我們平常花的時間稍微長。我們對公司最近推出的一項舉措感到非常興奮，因為我們正在努力成為世界上最好的企業文化。自從我八年前來到這裡以來，我就一直公開談論過，我們希望擁有世界上最好的文化。

And that may sound like hyperbole, but it's not when you really think about the critical success factors having the best culture in the world. It really comes down to leadership, alignment and accountability. It doesn't require capital. It doesn't require IP. It doesn't require big capabilities or licenses. It requires leadership, alignment and accountability.

這聽起來可能有些誇張，但當你真正思考擁有世界上最好的企業文化這一關鍵成功因素時，你會發現並非如此。歸根究底，關鍵在於領導力、協調性和責任感。它不需要資金。它不需要IP位址。它不需要強大的功能或許可證。這需要領導力、協調一致和責任擔當。

And we are sticking to that goal regardless of how audacious it may sound because we think those three things we can control and do them better than anyone else. I could not be more excited about our future. We're more proud of our team. And I'm really excited about rolling out publicly the SoFi Way, which will be available in social media after the call.

無論這個目標聽起來多麼大膽，我們都會堅持下去，因為我們認為這三件事我們可以控制，而且我們可以比任何人都做得更好。我對我們的未來感到無比興奮。我們為我們的團隊感到更加自豪。我非常興奮地向公眾推出 SoFi Way，通話結束後，它將在社交媒體上發布。

But let me spend a few minutes talking about it. Over the last 8 years, we have always charted our own course, not just a technology company, not just a bank, but a team that stayed true to our mission, our members, our strategy and our core values despite the changes in what's most popular for the day. Redefining an entire industry wasn't bound to be easy work and it's not for the faint of heart.

但請容許我花幾分鐘時間談談這件事。在過去的 8 年裡，我們始終堅持自己的發展道路，我們不僅僅是一家科技公司，也不僅僅是一家銀行，而是一個始終忠於我們的使命、我們的成員、我們的策略和我們的核心價值的團隊，儘管當下最流行的事物發生了變化。重新定義整個產業絕非易事，也絕非膽小者所能勝任。

It takes a certain group of people with diverse perspectives and expertise but with a common sense of purpose, willing to challenge assumptions but to always do the right thing, proving that innovation and responsibility don't have to compete but can combine to create something truly unconventional in the world. That's the SoFi Way. And now more than ever, we're doubling down on our culture and on the behaviors that make SoFi what it is so we can serve our members and clients better than ever before.

這需要一群擁有不同視角和專業知識，但目標一致，願意挑戰固有觀念，但始終堅持做正確事情的人，證明創新和責任不必相互競爭，而是可以結合起來，在世界上創造出真正非同尋常的事物。這就是SoFi之道。現在，我們比以往任何時候都更加重視我們的企業文化和行為準則，正是這些使 SoFi 成為今天的我們，以便我們能夠比以往任何時候都更好地服務我們的會員和客戶。

First, we must all act as founders. Great companies are often born from great founders with a bold vision and tenacity for making it succeed. But when everyone in the organization has the same mentality as the person who started it, that's a secret weapon. At SoFi, we all act as founders of the business, acting with urgency, doing the right thing, always taking ownership, making our footprint bigger than our foot. We all act as problem solvers. It doesn't take too long to realize that running after problems is in SoFi DNA.

首先，我們都必須以創始人的身份行事。偉大的公司往往誕生於偉大的創辦人，他們擁有遠大的願景和堅持不懈的精神，最終使公司走向成功。但是，當組織中的每個人都和創始人擁有相同的心態時，那就是一種秘密武器。在 SoFi，我們都像企業的創辦人一樣行事，行動迅速，做正確的事，始終承擔責任，讓我們的影響力遠大於我們自身的影響力。我們都是問題解決者。很快地人們就會發現，追逐問題是 SoFi 的基因。

That's because we're doing something that's never been done before. So we iterate, learn and innovate to fix what's broken for our members, clients and colleagues. We want to understand how things work, to get to the truth with all the right data and perspectives and to iterate, learn and improve on everything we do. We take pride in being gritty, liking hard challenges, setting ambitious goals and taking accountability for results. And we all act as partners.

那是因為我們正在做一件前所未有的事。因此，我們不斷迭代、學習和創新，以解決我們的會員、客戶和同事遇到的問題。我們希望了解事物的運作方式，透過所有正確的數據和視角來探索真相，並在我們所做的每一件事上不斷迭代、學習和改進。我們以堅韌不拔、喜歡迎接挑戰、設定遠大目標並對結果負責而自豪。我們都是合作夥伴。

It all starts with our members and clients. We obsess over their needs and helping them realize their ambitions. We seek to wind on their behalf together as missionaries for SoFi. It's why we take care of each other, especially those in the front line who are closest to those we serve. We embrace our differences and help each other grow, and we never forget to smile. Thank you for your interest in SoFi. Thank you for your support. Fresh horses we ride.

一切都始於我們的會員和客戶。我們非常關注他們的需求，並幫助他們實現抱負。我們願以 SoFi 傳教士的身份，共同為他們奔走呼籲。這就是為什麼我們要互相照顧，尤其是那些在前線與我們所服務對象接觸最密切的人。我們尊重彼此的差異，互相幫助成長，我們永遠不會忘記微笑。感謝您對SoFi的關注。感謝您的支持。我們騎的是生馬。

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

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。