SoFi Technologies Inc (SOFI) 2025 Q3 法說會逐字稿

Good morning or good afternoon. 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 Q3 2025 earnings conference call. (Operator Instructions)

早安或下午好。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 年第三季財報電話會議。（操作員指示）

With that, you may begin your conference.

這樣，您就可以開始會議了。

Thank you, and good morning. Welcome to SoFi's third-quarter 2025 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Chris Lapointe, CFO.

謝謝，早安。歡迎參加 SoFi 2025 年第三季財報電話會議。今天與我一起討論我們的業績和近期活動的有執行長 Anthony Noto 和財務長 Chris Lapointe。

You can find the presentation accompanying our earnings release on the Investor Relations section of our website. Unless otherwise stated, we'll be referring to adjusted results for the third quarter of 2025 versus the third quarter of 2024.

您可以在我們網站的投資者關係部分找到隨我們的收益報告一起發布的簡報。除非另有說明，我們將參考 2025 年第三季與 2024 年第三季的調整後結果。

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 in 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。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。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，這些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 may 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陳述所預期的結果有重大差異。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）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。

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

現在，我想把電話轉給安東尼。

Thank you. And good morning, everyone. We had an excellent third quarter. Our one-stop-shop strategy is firing on all cylinders as we continue to deliver exceptional financial performance while also investing in our business to drive durable growth and strong returns over the long term. In fact, our focus on product innovation and brand building has never been stronger.

謝謝。大家早安。我們的第三季表現非常出色。我們的一站式服務策略正在全力推進，我們繼續提供卓越的財務業績，同時投資於我們的業務以推動長期持久成長和強勁回報。事實上，我們對產品創新和品牌建立的關注從未如此強烈。

There's more happening at SoFi today than at any other time in my eight years with the company. We are stepping on the gas to accelerate the investment in our existing businesses and entering new areas like crypto and blockchain, AI, SoFi Pay, providing fiat and crypto banking services and so much more. I'll discuss some of these efforts momentarily. But first, let me cover our key results for the quarter.

今天 SoFi 發生的事情比我在該公司工作八年來的任何時候都要多。我們正在加大力度，加速對現有業務的投資，並進入加密和區塊鏈、人工智慧、SoFi Pay 等新領域，提供法定和加密銀行服務等等。我稍後會討論其中的一些努力。但首先，讓我介紹一下本季的主要業績。

Starting with the drivers of our durable growth. We added a record 905,000 new members in Q3, increasing total members by 35% year-over-year, a slight acceleration to 12.6 million SoFi members. We also added a record 1.4 million new products, also representing an acceleration of growth to 36% year-over-year and over 18.6 million products.

從我們持久成長的動力開始。我們在第三季新增了創紀錄的 905,000 名新會員，總會員數量年增 35%，略微加速至 1,260 萬 SoFi 會員。我們也新增了創紀錄的 140 萬種新產品，年增 36%，產品數量超過 1,860 萬種。

Cross-buy reached its highest level since 2022, with 40% of new products opened by existing SoFi members. Our cross-buy rate has increased in each of the past four quarters demonstrating the effectiveness of our one-stop-shop strategy. Our strong member and product growth powered our revenue growth in the third quarter. Adjusted net revenue was a record at $950 million, up 38% year-over-year.

交叉購買達到 2022 年以來的最高水平，40% 的新產品由現有 SoFi 會員開設。過去四個季度，我們的交叉購買率均有所提高，證明了我們的一站式購物策略的有效性。我們強勁的會員和產品成長推動了第三季的營收成長。調整後淨收入創歷史新高，達到 9.5 億美元，年增 38%。

Together, our Financial Services and Technology Platform segments generated revenue of $534 million, which is up 57% year-over-year and now represents 56% of total revenue. This is the first time these segments have generated more than $500 million of quarterly revenue.

我們的金融服務和技術平台部門共創造了 5.34 億美元的收入，年增 57%，目前佔總收入的 56%。這是這些部門首次實現超過 5 億美元的季度收入。

In our Lending segment, adjusted net revenue grew 23% year-over-year to $481 million, driven by strong originations in this segment of $6.6 billion, up 23% from the prior year. Combined with a very strong $3.4 billion of originations in the loan platform business, total originations reached a record of $9.9 billion for the third quarter. This is an increase of $1.2 billion from our prior record.

在我們的貸款部門，調整後的淨收入年增 23% 至 4.81 億美元，這得益於該部門 66 億美元的強勁貸款發放量，比上年增長 23%。加上貸款平台業務 34 億美元的強勁發放量，第三季總發放量達到了創紀錄的 99 億美元。這比我們之前的記錄增加了 12 億美元。

I'm also proud to report that total fee-based revenue across our business was also a quarterly record at $409 million, up 50% from the prior year, driven by strong performance from our loan platform business, origination fees, referral fees, interchange revenue, and brokerage fee revenue. On an annualized basis, we're now generating over $1.6 billion of fee-based revenue, reflecting the deliberate diversification of our business towards more capital-light revenue streams.

我還自豪地報告，我們整個業務的總費用收入也創下了季度記錄，達到 4.09 億美元，比上年增長 50%，這得益於我們的貸款平台業務、發起費、推薦費、交換收入和經紀費收入的強勁表現。以年率計算，我們現在的收費收入超過 16 億美元，這反映了我們業務朝向輕資本收入來源的多元化發展。

In addition to delivering durable growth, we delivered strong returns and profitability. In the third quarter, adjusted EBITDA was a record at $277 million, up nearly 50% year-over-year. Our adjusted EBITDA margin for the quarter was 29%. Our incremental EBITDA margin was 35% as we continue to balance reinvesting in the business to deliver long-term growth and delivering profitability. Net income for the quarter was $139 million at a margin of 14%. Earnings per share were $0.11. Finally, our tangible book value ended the quarter at $7.2 billion, which includes the benefit from a successful opportunistic capital raise during the quarter. Over the past two years, we have more than doubled our tangible book value.

除了實現持久的成長之外，我們還實現了強勁的回報和獲利能力。第三季度，調整後的EBITDA達到創紀錄的2.77億美元，年增近50%。本季我們的調整後 EBITDA 利潤率為 29%。我們的增量 EBITDA 利潤率為 35%，因為我們繼續平衡對業務的再投資以實現長期成長和獲利能力。本季淨收入為 1.39 億美元，利潤率為 14%。每股收益為0.11美元。最終，本季末我們的有形帳面價值為72億美元，其中包括本季成功的機會性融資帶來的收益。在過去的兩年裡，我們的有形帳面價值增加了一倍以上。

Our diversified business is uniquely built to deliver a winning combination of growth and returns. One way to measure this success is the Rule of 40 calculation, which is revenue growth plus EBITDA margin. We've beaten the Rule of 40 benchmark every quarter since going public. That's 17 straight quarters. Over that time, our average Rule of 40 score is 58, making us a top performer among fintechs and technology companies more broadly. And this quarter, we hit 67%.

我們獨特的多元化業務旨在實現成長與回報的成功組合。衡量這一成功的一種方法是採用 40 規則計算，即收入成長加上 EBITDA 利潤率。自上市以來，我們每個季度都超過了 40 個規則基準。這已經是連續 17 個季度了。在此期間，我們的平均 40 規則得分為 58，這使我們在金融科技和科技公司中表現優異。本季度，我們達到了 67%。

Despite these exceptionally strong results, I know that we are just getting started. The addressable markets across each of our products are massive in the United States, let alone in addition to international markets. In 2026 and beyond, we will uniquely start to benefit from both of the technology super cycles in AI and blockchain where almost every other industry only benefits from one. And with nearly 13 million members, the unmatched capabilities of our technology and the business scale of $38 billion in annualized revenue and a $45 billion balance sheet, we have a rock-solid foundation to build on.

儘管取得了這些異常強勁的成果，但我知道我們才剛開始。我們每種產品的潛在市場在美國都是巨大的，更不用說國際市場了。2026 年及以後，我們將開始從人工智慧和區塊鏈這兩個技術超級週期中受益，而幾乎所有其他產業都只能從其中一個中受益。我們擁有近 1,300 萬會員、無與倫比的技術能力、380 億美元的年收入和 450 億美元的資產負債表，擁有堅如磐石的基礎。

Given these dynamics, I've never been more optimistic about our prospects than I am today. This is why we are further accelerating our level of investment to make our existing products even better by providing the best speed, selection, and experience to build new products to help our members get their money right and to further strengthen our trusted brand name. Our investments will power our durable growth and drive stronger returns as we continue to scale.

鑑於這些動態，我對我們的前景從未像今天這樣樂觀。這就是為什麼我們要進一步加快投資水平，透過提供最佳的速度、選擇和體驗來打造新產品，使我們現有的產品變得更好，以幫助我們的會員正確理財，並進一步加強我們值得信賴的品牌名稱。隨著我們不斷擴大規模，我們的投資將推動我們的持久成長並帶來更強勁的回報。

Let me now spend a moment discussing our brand building efforts, which are key to driving new members to SoFi and create a halo effect across our entire offering. During the third quarter, we launched an exciting new partnership with the NFL's most valuable player, Josh Allen, to promote the most valuable product in financial services, SoFi Plus.

現在，請允許我花點時間討論我們的品牌建立工作，這對於吸引新會員加入 SoFi 並在我們的整個產品中產生光環效應至關重要。在第三季度，我們與 NFL 最有價值球員 Josh Allen 建立了令人興奮的新合作夥伴關係，以推廣金融服務領域最有價值的產品 SoFi Plus。

Our partnership with Josh is resonating with NFL fans, driving a 35% increase in unaided brand awareness among that target audience. Along with our broader marketing efforts, we drove unaided brand awareness to an all-time high of 9.1% during the quarter, up from last quarter's record of 8.5% and more than 4 times higher than it was when we went public.

我們與 Josh 的合作引起了 NFL 球迷的共鳴，使目標受眾的無提示品牌知名度提高了 35%。結合我們更廣泛的行銷努力，我們在本季度將獨立品牌知名度推高至 9.1% 的歷史新高，高於上一季 8.5% 的記錄，並且比我們上市時高出 4 倍多。

Turning now to our product innovation. Last quarter, I spoke about how we are an unprecedented point in time with two technology super cycles taking place in crypto, blockchain, and AI. These super cycles have the power to completely reinvent the future of financial services, and we have moved fast to take advantage of these opportunities. I'm pleased to report that this week, we launched our first payment product that leverages blockchain technology to provide fast, seamless, low cost, and safe international payments with the launch of SoFi Pay.

現在來談談我們的產品創新。上個季度，我談到我們正處於一個前所未有的時期，加密、區塊鏈和人工智慧領域正在發生兩大技術超級週期。這些超級週期有能力徹底重塑金融服務的未來，我們已經迅速採取行動來利用這些機會。我很高興地報告，本週，我們推出了第一款利用區塊鏈技術的支付產品，即 SoFi Pay，提供快速、無縫、低成本和安全的國際支付。

SoFi Pay gives members the ability to seamlessly send money in local fiat abroad by leveraging a layer two blockchain network and delivering local fiat into the account of the recipient. It's fully automated in the SoFi app at significantly faster speeds and lower costs compared to traditional services. Members will first be able to send money to Mexico with planned stage rollouts in Europe and South America in the near future. The SoFi Pay wallet will over time integrate SoFi USD stablecoin that we hope to launch in 2026.

SoFi Pay 利用第二層區塊鏈網絡，將當地法定貨幣轉入收款人的帳戶，使會員能夠無縫地將當地法定貨幣匯往國外匯款。與傳統服務相比，它在 SoFi 應用程式中完全自動化，速度明顯更快，成本更低。會員首先可以向墨西哥匯款，並計劃在不久的將來逐步推廣到歐洲和南美洲。SoFi Pay 錢包將隨著時間的推移整合我們希望在 2026 年推出的 SoFi USD 穩定幣。

We also have plans to offer the SoFi Pay app natively in the international markets for foreign citizens to send money to the US and many other international markets. This is another addition to our unprecedented money movement offering, which allows members to seamlessly send money through person-to-person payments with a phone number, e-mail address as well as Zelle, ACH, self-serve wires, and now the ability to send money International with SoFi Pay.

我們還計劃在國際市場上提供 SoFi Pay 應用程序，以便外國公民向美國和許多其他國際市場匯款。這是我們前所未有的資金流動服務的另一個補充，它允許會員透過電話號碼、電子郵件地址以及 Zelle、ACH、自助電匯等方式透過個人對個人支付無縫匯款，現在還可以使用 SoFi Pay 進行國際匯款。

I am also excited to share that this quarter, we'll be launching -- actually relaunching the ability to buy, sell, and hold crypto assets, which will give members access to dozens of tokens directly in our SoFi app. Beyond offering the best selection, we will also be providing the best speed and convenience. Members can instantly fund buying cryptocurrencies from their FDIC-insured SoFi Money account, all within the integrated SoFi app.

我也很高興地告訴大家，本季我們將推出——實際上是重新推出購買、出售和持有加密資產的功能，這將使會員能夠直接在我們的 SoFi 應用程式中存取數十種代幣。除了提供最佳選擇之外，我們還將提供最佳的速度和便利性。會員可以透過整合的 SoFi 應用程式立即從其 FDIC 承保的 SoFi Money 帳戶中為購買加密貨幣提供資金。

Members will also have the ability to transfer the crypto assets to SoFi and benefit from our broad range of products that are seamlessly integrated with our SoFi North American bank. And because many of our members may be new to crypto investing, we will support them with the best content to help them understand crypto investing and provide them with a peace of mind that comes from working with a regulated bank.

會員還可以將加密資產轉移到 SoFi，並從我們與 SoFi 北美銀行無縫整合的廣泛產品中受益。由於我們的許多會員可能對加密貨幣投資還不熟悉，我們將為他們提供最好的內容，幫助他們了解加密貨幣投資，並讓他們安心地與受監管的銀行合作。

But this is just the beginning of our ambitious crypto and blockchain product road map that will continue to come to life in 2026. I could not be more excited about the product road map and the multitude of use cases we have for our planned stablecoin, SoFi USD, and our ability to differentiate a stablecoin, like no other company, given our unique bank license, technology capabilities, portfolio products, and technology platform services.

但這只是我們雄心勃勃的加密和區塊鏈產品路線圖的開始，該路線圖將在 2026 年繼續實現。我對我們計劃的穩定幣 SoFi USD 的產品路線圖和眾多用例感到無比興奮，而且憑藉我們獨特的銀行牌照、技術能力、投資組合產品和技術平台服務，我們能夠以其他公司無法比擬的方式區分穩定幣。

Turning now to the other super cycle AI. We continue to test and implement a number of AI applications across our business. Behind the scenes, AI technology has been key to streamlining our operations to better serve our members. This has included using AI higher-quality engagement and giving our frontline member service team AI-driven tools to more quickly identify and resolve member issues.

現在轉向另一個超級循環 AI。我們將繼續在我們的業務中測試和實施許多人工智慧應用程式。在幕後，人工智慧技術一直是簡化我們的營運以更好地服務我們的會員的關鍵。這包括使用人工智慧實現更高品質的參與，並為我們的第一線會員服務團隊提供人工智慧驅動的工具，以更快地識別和解決會員問題。

AI is also now being used to directly support members. Our AI support chat is helping members resolve questions in an efficient way, driving a noticeable impact on member satisfaction. It's currently integrated with our money and card products and will be rolled out across the entire SoFi platform this quarter.

人工智慧現在也被用來直接支援會員。我們的人工智慧支援聊天正在幫助會員以有效的方式解決問題，對會員滿意度產生顯著影響。它目前已與我們的貨幣和卡產品集成，並將於本季在整個 SoFi 平台上推出。

We have also launched the AI-driven Cash Coach to qualifying members. Here's how it works. From the home screen, members see a button saying cash to optimize. By tapping that button, the Cash Coach will look across both their SoFi and external accounts to see where cash utilization is suboptimal and provide them with personalized financial suggestions.

我們也向符合資格的會員推出了人工智慧驅動的現金教練。它的工作原理如下。在主畫面上，會員會看到一個按鈕，上面寫著「現金優化」。透過點擊該按鈕，現金教練將查看他們的 SoFi 和外部帳戶，以了解哪些現金利用率不理想，並為他們提供個人化的財務建議。

For example, if a member is earning just lousy 2 basis points of interest on deposits with a big bank, it may suggest moving that cash to a SoFi account earning 3.8%. Paying down a big bank credit card balance from a big bank that has a 25% interest rate.

例如，如果某位會員在大銀行存款只獲得可憐的 2 個基點的利息，那麼可能建議將該筆現金轉移到可獲得 3.8% 利息的 SoFi 帳戶。償還一家大銀行的信用卡欠款，利率為 25%。

Cash Coach is just the beginning. Next year, we will launch a more comprehensive SoFi Coach that incorporates insights across all areas of financial activity, not just cash, which will be able to help members understand how to spend less than they make and invest the rest by breaking down what they must do, what they should do, and what they can do every day across their entire financial lives.

Cash Coach 只是一個開始。明年，我們將推出更全面的 SoFi Coach，它涵蓋了金融活動所有領域（而不僅僅是現金）的見解，透過分解會員在整個財務生活中每天必須做的事情、應該做的事情和可以做的事情，它將能夠幫助會員了解如何少花錢多賺錢，並將剩餘的錢進行投資。

For example, they could ask the SoFi Coach questions like, how has my credit score changed? How can I reduce my cost of debt? How much do I spend on subscriptions? How diversified is my portfolio? How is my investment compared to others of my age?

例如，他們可以向 SoFi Coach 詢問諸如「我的信用評分有何變化？」之類的問題。我怎樣才能降低債務成本？我在訂閱上花了多少錢？我的投資組合有多多元？我的投資與同儕相比如何？

Over time, SoFi Coach will be able to do even more like provide investment and lending options to choose from, helps set up and track goals, and simplify processes like canceling subscriptions and optimizing reward points. We are so excited about how this AI-driven tool will help engage members and help them spend less than they make so they can invest the rest. Ultimately, SoFi Coach will supercharge our financial services productivity loop and lead to a deeper relationship that drives a higher lifetime value.

隨著時間的推移，SoFi Coach 將能夠做更多的事情，例如提供可供選擇的投資和貸款選項，幫助設定和追蹤目標，並簡化取消訂閱和優化獎勵積分等流程。我們非常興奮，這個人工智慧工具將如何幫助吸引會員，並幫助他們減少支出，以便他們可以將剩餘的錢用於投資。最終，SoFi Coach 將增強我們的金融服務生產力循環，並建立更深層的關係，從而實現更高的終身價值。

Turning now to product innovation within our segments, starting with the Financial Services segment and the loan platform business. LPB has been a game changer for SoFi, diversifying our lending activity in a capital-light, low-risk way. It's a prime example of how we can leverage our unique tech customer acquisition and operations capabilities to build a differentiated platform at scale.

現在轉向我們各部門內的產品創新，先從金融服務部門和貸款平台業務開始。LPB 改變了 SoFi 的格局，以輕資本、低風險的方式實現了貸款業務的多樣化。這是我們如何利用獨特的技術客戶獲取和營運能力來大規模建立差異化平台的典型例子。

During the third quarter, we originated $3.4 billion of loans through our loan platform business, an increase of over $900 million from just last quarter. On an annualized basis, after just one year, this business is now running at a pace of over $13 billion of originations and $660 million of high-margin, high-return fee-based revenue. Importantly, we continue to increase the loan platform business near-term volume that is outside of our traditional credit box effectively monetizing more of the roughly $100 billion of loan applications that we were not able to meet each year.

第三季度，我們透過貸款平台業務發放了 34 億美元的貸款，比上一季增加了 9 億多美元。以年率計算，僅僅一年後，這項業務的營運速度就已超過 130 億美元，高利潤、高回報的收費收入達到 6.6 億美元。重要的是，我們繼續增加傳統信貸範圍之外的貸款平台業務的短期交易量，有效地將每年我們無法滿足的約 1000 億美元貸款申請中的更多金額貨幣化。

Looking ahead, the opportunity for this business remain significant and demand from our partners continues to increase. Recently, as some concerns have emerged within the private credit markets, we've actually seen our LPB partners lean in to do more with SoFi, not less, reflecting a flight to quality and durability through interest rate and economic cycles. We have worked hard over the last eight years to develop unique skills in underwriting, marketing, pricing, insights, and data. And as such, we are benefiting from this flight to quality.

展望未來，這項業務的機會仍然很大，我們合作夥伴的需求也不斷增加。最近，由於私人信貸市場出現了一些擔憂，我們實際上看到我們的 LPB 合作夥伴傾向於與 SoFi 合作做更多而不是更少的事情，這反映了在利率和經濟週期中對品質和耐用性的追求。過去八年來，我們一直努力開發核保、行銷、定價、洞察和數據方面的獨特技能。因此，我們從這種追求品質的追求中受益。

Turning to Invest. Earlier this month, we launched Level 1 options, which has been consistently a requested feature by our members. Options are another way we are providing access to our members that they otherwise wouldn't have so they can build portfolios that align with their financial goals. As part of this rollout, we also provide educational resources explaining how options work, the risks involved, and how to integrate them responsibly into a diversified investment strategy. Beyond options, we're also expanding our unmatched selection in the third quarter by providing access to IPOs like StubHub, Klarna, and Figma and by launching the SoFi Agentic AI ETF.

轉向投資。本月初，我們推出了 1 級選項，這一直是我們會員所要求的功能。選擇權是我們為會員提供的另一種途徑，否則他們將無法獲得這些途徑，因此他們可以建立符合其財務目標的投資組合。作為此次推廣的一部分，我們還提供教育資源，解釋選擇權的運作方式、所涉及的風險以及如何將其負責任地整合到多元化投資策略中。除了選擇權之外，我們還在第三季度透過提供 StubHub、Klarna 和 Figma 等 IPO 存取權以及推出 SoFi Agentic AI ETF 來擴大我們無與倫比的選擇。

During the quarter, we also improved our features to make our invest products more intuitive and engaging. For example, we launched 24/7 instant transfers between invest and money, and we launched embedded rollovers and an enhanced rollover tracker given members full visibility and control over their 401(k)-rollover process. In the fourth quarter, we'll be making a number of additional enhancements. We are very excited about the progress made to build an investment platform that provides our members with way more options than what they would typically have access to.

在本季度，我們還改進了我們的功能，使我們的投資產品更加直觀和引人入勝。例如，我們推出了投資和資金之間的全天候即時轉帳服務，並推出了嵌入式展期和增強型展期追蹤器，讓會員能夠完全了解和控制他們的 401(k) 展期流程。在第四季度，我們將做出一些額外的改進。我們對建立投資平台所取得的進展感到非常興奮，該平台為我們的會員提供了比他們通常能夠獲得的更多的選擇。

Turning now to SoFi Money, which has been a core part of our financial services productivity loop. In three years after acquiring our banking license, we have 6.3 million products and $33 billion of deposits. Our attractive API is a compelling reason for members to make us their primary financial institution, but members also come to us for our best-in-class products and continued innovation.

現在來談談 SoFi Money，它一直是我們金融服務生產力循環的核心部分。在獲得銀行牌照後的三年內，我們擁有 630 萬種產品和 330 億美元的存款。我們有吸引力的 API 是吸引會員選擇我們作為主要金融機構的有力理由，但會員選擇我們也是因為我們擁有一流的產品和持續的創新。

For example, we will soon be launching the SoFi Smart Card, a new card that brings together the best features to help our members spend, save, and pay better. It will be part of our SoFi Plus offering, and it will serve as a platform for continuous innovation. The card will offer 5% back on food, our highest interest rate on deposits, credit builder capabilities, borrowing capabilities, and so much more. This is yet another way in which we are pushing the limits on what is possible with banking products.

例如，我們即將推出 SoFi 智慧卡，這是一張匯集了最佳功能的新卡，可幫助我們的會員更好地消費、儲蓄和支付。它將成為我們 SoFi Plus 產品的一部分，並將作為持續創新的平台。該卡將提供 5% 的食品返還、最高的存款利率、信用建立能力、借貸能力等等。這是我們突破銀行產品極限的另一種方式。

Turning now to our Lending segment. Lending is the most tenured core capability of SoFi and is how our business got its start. Since that time, we have made significant progress strengthening both our member acquisition and our underwriting capabilities. For loans that we hold on our balance sheet, we focus exclusively on high prime and super prime borrowers with strong cash flow and FICO scores.

現在轉向我們的貸款部分。借貸是 SoFi 最持久的核心能力，也是我們業務的起步之道。自那時起，我們在加強會員取得和承保能力方面取得了重大進展。對於我們資產負債表上持有的貸款，我們只關注擁有強勁現金流和 FICO 分數的高品質和超質借款人。

In fact, the average FICO score of our personal loan borrower is 745, and our student loan borrower is 773, but we don't stop at credit scores. We use tried-and-true underwriting techniques to assess each individual borrowers' cash flow and their ability to repay the loan. We are able to do this effectively at scale because of our innovative originations platform that leverages advanced technology and digitally enabled processes.

事實上，我們的個人貸款借款人的平均 FICO 分數為 745，我們的學生貸款借款人的平均 FICO 分數為 773，但我們並不止於信用評分。我們使用久經考驗的承保技術來評估每個借款人的現金流量及其償還貸款的能力。由於我們的創新發起平台利用了先進的技術和數位化流程，我們能夠大規模有效地做到這一點。

The result is excellent credit performance that continues today. In fact, during the third quarter, we saw our net charge-off rates improved even as there has been moderate signs of stress showing up for some other companies. For both personal loans and student loans, net charge-offs were down more than 20 basis points in the third quarter.

結果是，優異的信用表現一直延續至今。事實上，在第三季度，儘管其他一些公司出現了中等程度的壓力跡象，但我們的淨沖銷率卻有所改善。對於個人貸款和學生貸款而言，第三季的淨沖銷額均下降了 20 個基點以上。

We also have a strong track record of building great lending products that help our members create a better future. For example, our innovative personal loan product allows members to refinance observably expensive credit card debt held at other institutions to save their hard-earned money. No longer will overachievers be suckered into chasing rewards only to realize they are paying over 20% interest on unpaid principal balances while earning essentially no interest on that same bank's deposit account. We've recently made this product even more attractive to our members by rolling out an interest-only period to raise awareness of the personal loan product and help ease the transition from making credit card payments to making personal loan payments.

我們在打造優質貸款產品方面也擁有良好的業績記錄，可以幫助我們的會員創造更美好的未來。例如，我們創新的個人貸款產品允許會員對在其他機構持有的明顯昂貴的信用卡債務進行再融資，以節省他們辛苦賺來的錢。那些追求回報的超級成功人士將不再被欺騙，最終發現他們為未付本金餘額支付了 20% 以上的利息，而在同一家銀行的存款帳戶上卻幾乎沒有賺取任何利息。我們最近推出了只付利息期，以提高人們對個人貸款產品的認識，並幫助簡化從信用卡還款到個人貸款還款的過渡，從而使該產品對我們的會員更具吸引力。

Similarly, in student lending, we have completely changed the game, becoming the preeminent company for refinancing student debt at more affordable rates. Our student loan refinance product can reduce some member's interest rate by a couple of hundred basis points, which will have a meaningful impact with a $40,000 loan balance. In fact, we estimate that we will save our members over $100 million in interest expense just on the student loans we refinanced during the third quarter.

同樣，在學生貸款方面，我們徹底改變了遊戲規則，成為以更實惠的利率為學生債務再融資的卓越公司。我們的學生貸款再融資產品可以將一些會員的利率降低數百個基點，這將對 40,000 美元的貸款餘額產生重大影響。事實上，我們估計，光是在第三季再融資的學生貸款上，我們就可以為會員節省超過 1 億美元的利息支出。

This is why we've made our product even more attractive by rolling out a feature that allows for the gradual step-up in payments to help members find their footing. We look forward to helping even more members refinance their student loans as interest rates come down in the future.

這就是為什麼我們推出一項功能，允許逐步增加付款以幫助會員找到立足點，從而使我們的產品更具吸引力。隨著未來利率下降，我們期待幫助更多會員重新融資他們的學生貸款。

Turning now to Home Lending, where we are seeing very strong results. In the midst of the higher rate environment, we built and launched a home equity loan product to help members take advantage of their equity that has been built up in their homes particularly over the last few years. In the third quarter, just one year after launch, we originated over $350 million of home equity loans, helping us set a record of $945 million of originations for all of home lending. In fact, Q4 will likely be the first quarter where we generate more revenue from home loans than from student loan refinance, which was our first product and the largest product prior to COVID.

現在談談房屋貸款，我們看到了非常強勁的業績。在利率較高的環境下，我們建立並推出了房屋淨值貸款產品，幫助會員充分利用他們在過去幾年中累積的房屋淨值。在推出僅一年後的第三季度，我們發放了超過 3.5 億美元的房屋淨值貸款，創下了所有房屋貸款發放量 9.45 億美元的紀錄。事實上，第四季度很可能是我們從房屋貸款中獲得的收入超過從學生貸款再融資中獲得的收入的第一個季度，而學生貸款再融資是我們的第一個產品，也是 COVID 之前最大的產品。

At the same time, we are preparing for lower rates to further accelerate our home loans business in 2026. We've not only strengthened our operations, but we have also enhanced our product to make them very attractive to estimated 3 million members who currently have mortgages elsewhere and to those who may be first-time homebuyers. We believe our offering will drive strong growth as the market opens up.

同時，我們正在為降低利率做準備，以便在 2026 年進一步加速我們的房屋貸款業務。我們不僅加強了運營，還改進了產品，使產品對目前在其他地方擁有抵押貸款的約 300 萬會員以及首次購房者俱有很大的吸引力。我們相信，隨著市場開放，我們的產品將推動強勁成長。

Turning to our Tech Platform segment. This business has been instrumental in our ability to innovate across the SoFi platform, and it's now allowing a broader range of companies to bring innovative programs that drive greater loyalty and engagement to their customers. In fact, today, we are incredibly excited to announce our newest partnership with one of the largest airlines in North America, Southwest Airlines, to power their Rapid Rewards debit card, which combines the convenience of debit payments while earning points on everyday purchases.

轉向我們的技術平台部分。這項業務對我們在 SoFi 平台上進行創新的能力起到了重要作用，現在它允許更廣泛的公司推出創新計劃，從而提高客戶的忠誠度和參與度。事實上，今天，我們非常高興地宣布與北美最大的航空公司之一西南航空建立最新合作夥伴關係，為其快速獎勵借記卡提供支持，該卡結合了借記支付的便利性和日常購物賺取積分的功能。

We have also signed on two major consumer brands, our largest set, which will be announced in due course. These partnerships are a reflection of the strong and growing demand for our market-leading technology to power embedded financial products at scale for some of the most well-known brands around the world.

我們還簽了兩個主要的消費品牌，這是我們最大的品牌，我們將適時公佈。這些合作關係反映了我們市場領先技術的強勁且不斷增長的需求，這些技術旨在為全球一些最知名品牌的嵌入式金融產品提供大規模支援。

As you can see, it was an eventful third quarter at SoFi. And we are as energized as ever as we wrap up the year and head into 2026.

如您所見，SoFi 第三季度發生了許多大事。當我們結束這一年並邁向 2026 年時，我們仍然充滿活力。

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

說完這些，現在讓我把電話轉給克里斯。

Thank you, Anthony. We've delivered another strong quarter as we continue to drive durable growth and strong returns on the way to delivering record revenue in our eighth consecutive profitable quarter.

謝謝你，安東尼。我們又取得了一個強勁的季度業績，繼續推動持久增長和強勁回報，並連續第八個季度實現創紀錄的盈利。

For the quarter, revenue grew 38% year-over-year to a record $950 million. Adjusted EBITDA was also a record at $277 million and a margin of 29%. Net income was $139 million at a margin of 14% and earnings per share was $0.11. Similar to the last two quarters, this included a small benefit related to a lower tax rate.

本季營收年增 38%，達到創紀錄的 9.5 億美元。調整後的 EBITDA 也創下 2.77 億美元的新高，利潤率為 29%。淨利為1.39億美元，利潤率為14%，每股收益為0.11美元。與前兩季類似，這部分收益也包含與較低稅率相關的小幅收益。

An important driver of our growth was the increased contribution from capital-light non-lending as well as fee-based revenue sources. Our nonlending businesses generated $534 million of revenue, up 57% year-over-year and we also generated record fee-based revenue across all segments of $409 million, up 50% year-over-year.

我們成長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 5.34 億美元的收入，年增 57%，同時，我們所有部門的收費收入也創下了 4.09 億美元的新高，年增 50%。

Turning now to our segment performance. In terms of Financial Services, for the third quarter, net revenue was $420 million, up 76% year-over-year. Contribution profit was $226 million, up nearly 2.3x from last year. Contribution margin was 54%, up from 42% last year.

現在來談談我們的分部表現。金融服務方面，第三季淨營收為4.2億美元，年增76%。貢獻利潤為 2.26 億美元，比去年增長近 2.3 倍。貢獻利潤率為54%，高於去年的42%。

Net interest income for the segment was $204 million, up 32% year-over-year, which was primarily driven by growth in member deposits. Noninterest income grew nearly 2.6x to $216 million for the quarter, which equates to over $860 million in high-quality fee-based income on an annualized basis.

該部門的淨利息收入為 2.04 億美元，年增 32%，主要得益於會員存款的成長。本季非利息收入成長近 2.6 倍，達到 2.16 億美元，以年率計算，相當於超過 8.6 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 surpassed $100 for the first time, reaching a record $104 in the third quarter. That's up over 28% year-over-year, and we see continued upside as newer products mature.

重要的是，貨幣化的改善繼續對收入成長做出強勁貢獻。金融服務每件產品收入首次超過 100 美元，第三季達到創紀錄的 104 美元。這比去年同期增長了 28% 以上，隨著新產品的成熟，我們預計這一數字還將持續上升。

In Q3, our loan platform business generated $168 million in adjusted net revenue, up 29% from just last quarter. Of this, $165 million was driven by the $3.4 billion of personal loans originated on behalf of third parties as well as referrals.

第三季度，我們的貸款平台業務實現了 1.68 億美元的調整後淨收入，較上一季成長 29%。其中，1.65 億美元來自代表第三方和推薦發放的 34 億美元個人貸款。

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. Beyond our LPB revenue, we continue to see healthy growth in interchange, up 55% year-over-year, driven by close to $20 billion in total annualized spend in the quarter across money and credit card.

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中。該業務的成長機會仍然非常強勁。除了我們的 LPB 收入之外，我們還看到交換業務繼續健康成長，年增 55%，這得益於本季貨幣和信用卡的年度總支出接近 200 億美元。

Shifting to our Tech Platform. For the third quarter, we delivered net revenue of $115 million, up 12% year-over-year. Contribution profit was $32 million at a contribution margin of 28%. 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。第三季度，我們的淨收入為 1.15 億美元，年增 12%。貢獻利潤為 3,200 萬美元，貢獻利潤率為 28%。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。

Turning now to our Lending segment. For the third quarter, adjusted net revenue was $481 million, up 23% from the same period last year. Contribution profit was $262 million with a 54% contribution margin. These strong results were primarily driven by growth in net interest income, which increased 35% year-over-year to $428 million.

現在轉向我們的貸款部門。第三季度，調整後淨營收為4.81億美元，較去年同期成長23%。貢獻利潤為 2.62 億美元，貢獻利潤率為 54%。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 4.28 億美元。

During the quarter, we had record total loan originations of $9.9 billion up 57% year-over-year. Personal loan originations were a record at $7.5 billion, of which $3.4 billion was originated on behalf of third parties through LPB. In total, personal loan originations were up 53% year-over-year. Student loan originations were $1.5 billion, up 58% from the same period last year. And home loan originations were a record $945 million, a year-over-year increase of nearly 2x.

本季度，我們的貸款發放總額創歷史新高，達到 99 億美元，年增 57%。個人貸款發放達到創紀錄的 75 億美元，其中 34 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 53%。學生貸款發放額為 15 億美元，比去年同期成長 58%。房屋貸款發放達到創紀錄的 9.45 億美元，年增近 2 倍。

Capital markets activity was very strong in the third quarter. We sold and transferred through our loan platform business, a record $4.6 billion of personal, home, and student loans. In terms of personal loans, we closed $175 million of sales in the whole loan form at a blended execution of 106.4%. 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 if we held on to the loans.

第三季資本市場活動非常強勁。我們透過貸款平台業務出售和轉讓了創紀錄的 46 億美元的個人、住房和學生貸款。在個人貸款方面，我們以 106.4% 的混合執行率完成了 1.75 億美元的全額貸款銷售額。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。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 they 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，我們能夠隨著時間的推移產生積極的增量價值，而不是在貸款沖銷後再出售，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 $585 million at a blended execution of 102.9%. And in terms of student loan sales, we closed $377 million at a blended execution of 105.9%. In addition to our loan sales, we executed a $466 million securitization of loans originated through our loan platform business. This channel provides our partners with meaningful liquidity to support their ongoing investment in the loan platform business. The transaction priced at industry-leading cost of funds levels with a weighted average spread of 98 basis points.

在房屋貸款銷售方面，我們完成了 5.85 億美元的銷售，綜合執行率為 102.9%。在學生貸款銷售方面，我們完成了 3.77 億美元的銷售，綜合執行率為 105.9%。除了貸款銷售外，我們還對透過貸款平台業務發放的 4.66 億美元貸款進行了證券化。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。該交易的資金成本定價處於行業領先水平，加權平均利差為 98 個基點。

Turning to credit performance. The health of our consumer remains strong, and our credit continues to improve. Our personal loan borrowers have a weighted average income of $157,000 and a weighted average FICO score of 745 while our student loan borrowers also have a weighted average income of $157,000 with a weighted average FICO score of 773.

轉向信用表現。我們的消費者健康狀況依然良好，我們的信譽持續改善。我們的個人貸款借款人的加權平均收入為 157,000 美元，加權平均 FICO 分數為 745，而我們的學生貸款借款人的加權平均收入也為 157,000 美元，加權平均 FICO 分數為 773。

For personal loans, the annualized charge-off rate declined by more than 20 basis points to 2.6% from 2.83% 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 4.2% versus 4.5% last quarter. The on-balance sheet 90-day delinquency rate was 43 basis points, consistent with the prior quarter.

對於個人貸款，年化沖銷率從上一季的 2.83% 下降至 2.6%，下降了 20 多個基點。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 至 120 天的追償貸款在內，我們的個人貸款年化淨沖銷率將約為 4.2%，而上一季為 4.5%。資產負債表內 90 天拖欠率為 43 個基點，與上一季一致。

For student loans, the annualized charge-off rate also declined more than 20 basis points to 69 basis points from 94 basis points in the prior quarter. The on-balance sheet 90-day delinquency rate was 14 basis points, consistent with the prior quarter.

對於學生貸款，年化沖銷率也從上一季的 94 個基點下降了 20 多個基點至 69 個基點。資產負債表內 90 天拖欠率為 14 個基點，與上一季一致。

The data continues to support our 7% to 8% net cumulative 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 Q4 2024 have net cumulative losses of 4.4% with 39% unpaid principal balance remaining. This is well below the 6.08% 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 29 basis points after a widening improvement of 19 basis points in Q2.

數據繼續支持我們對個人貸款 7% 至 8% 的淨累計損失假設，符合我們的承保容忍度，儘管我們繼續趨於低於這些水準。我們最近從 2022 年第四季到 2024 年第四季的貸款累計淨虧損為 4.4%，剩餘 39% 的本金未償還。這遠低於 2017 年份同一時間點的 6.08%，而 2017 年份是上一個接近我們 7% 至 8% 容忍度的年份。較新的群組曲線與 2017 年群組曲線之間的差距在第二季擴大 19 個基點之後，又擴大了更有利的 29 個基點。

Additionally, looking at our Q1 2020 through Q2 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.

此外，從我們 2020 年第一季到 2025 年第二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，要使這批貸款的整個貸款期限損失達到 8%，剩餘 40% 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 third quarter, our personal loans were marked at 105.7%, in line with the prior quarter. This was primarily a function of a lower benchmark rate, which was mostly offset by higher prepayments and a modest change to the weighted average coupon as well as a modest change to the annual default rate, which was driven by loan vintage seasoning, not changes to the individual loan loss assumptions.

截至第三季末，個人貸款餘額為105.7%，與上一季持平。這主要是由於基準利率較低，但大部分被預付款增加、加權平均票面利率的適度變化以及年度違約率的適度變化所抵消，而年度違約率的適度變化是由貸款年份變化而非個人貸款損失假設的變化所驅動。

At the end of the third quarter, our student loans were also marked at 105.7%, down 9 basis points from the prior quarter. This was a function of a modest decrease in the weighted average coupon, partially offset by a lower benchmark rate.

第三季末，我們的學生貸款利率也達到105.7%，比上一季下降了9個基點。這是由於加權平均票面利率適度下降，但被基準利率下降部分抵銷。

Turning to our balance sheet. In July, we raised $1.7 billion of new capital in the form of common equity. This opportunistic raise significantly increased our capital levels and allowed us to reduce our higher cost debt by $1.2 billion, making our balance sheet even stronger and giving us great flexibility to pursue growth opportunities. In the third quarter, including this new capital, total assets grew by $4.2 billion. This was driven by $2.7 billion of loan growth and approximately $1.2 billion of growth in cash, cash equivalents, and investment securities. Total company-wide cash at quarter end was $3.7 billion.

轉向我們的資產負債表。7月份，我們以普通股形式籌集了17億美元的新資本。這次機會性融資大大提高了我們的資本水平，使我們能夠減少 12 億美元的高成本債務，使我們的資產負債表更加強勁，並為我們尋求成長機會提供了極大的靈活性。第三季度，包括這筆新資本在內，總資產增加了 42 億美元。這是由 27 億美元的貸款成長和約 12 億美元的現金、現金等價物和投資證券的成長所推動的。季末全公司現金總額為 37 億美元。

On the liability side, total deposits grew by $3.4 billion to $32.9 billion primarily driven by growth in member deposits. Net interest margin was 5.84% for the quarter, down 2 basis points sequentially. This included a 7-basis-point decrease in average yields as we saw a modest mix shift from personal loans to home and student loans and a 3-basis-point increase in cost of funds, which was mostly offset by strong growth in interest-earning assets. We continue to expect healthy net interest margins above 5% for the foreseeable future.

負債方面，總存款成長 34 億美元，達到 329 億美元，主要受會員存款成長的推動。本季淨利差為5.84%，季減2個基點。其中包括平均收益率下降 7 個基點，因為我們看到組合從個人貸款向住房和學生貸款的適度轉變，以及資金成本增加 3 個基點，但這大部分被生息資產的強勁增長所抵消。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 20.2% at quarter end is well above the regulatory minimum of 10.5% as well as our additional internal stress buffer. Tangible book value grew $1.9 billion sequentially to $7.2 billion, including the benefit from the new capital raised. Intangible book value per share at quarter end is $5.97, up from $4.08 a year ago, a 46% increase.

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 20.2%，遠高於監管最低標準 10.5% 以及額外的內部壓力緩衝。有形帳面價值較上季成長 19 億美元，達到 72 億美元，其中包括新籌集資本帶來的收益。季末每股無形資產帳面價值為 5.97 美元，高於去年同期的 4.08 美元，增幅為 46%。

Let me now finish by providing our revised outlook for 2025. As we head into fourth quarter, for the full year 2025, we now expect to add approximately 3.5 million members, which represents approximately 34% year-over-year growth, above our prior guidance of 3 million members and 30% growth.

最後，請容許我提供我們對 2025 年的修訂展望。隨著我們進入第四季度，即 2025 年全年，我們預計新增會員約 350 萬，年成長約 34%，高於我們先前預測的 300 萬會員和 30% 的成長率。

We now expect adjusted net revenue of approximately $3.54 billion, above our prior guidance of $3.375 billion. This equates to year-over-year growth of approximately 36%, an increase from our prior guide of 30%. We now expect an adjusted EBITDA of approximately $1.035 billion, above our prior guidance of $960 million. This represents a 29% margin.

我們現在預計調整後的淨收入約為 35.4 億美元，高於我們先前預測的 33.75 億美元。這相當於年成長約 36%，高於我們先前預測的 30%。我們現在預計調整後的 EBITDA 約為 10.35 億美元，高於我們先前預測的 9.6 億美元。這代表著 29% 的利潤率。

We now expect adjusted net income of approximately $455 million, above our prior guidance of $370 million. And adjusted EPS of approximately $0.37 above our prior guidance of $0.31. This equates to fourth quarter adjusted EPS of approximately $0.12, which assumes a Q4 tax rate of approximately 10%. We now expect growth in tangible book value of approximately $2.5 billion for the year, above our prior guidance of around $640 million.

我們現在預計調整後的淨收入約為 4.55 億美元，高於我們先前預測的 3.7 億美元。調整後每股收益約為 0.37 美元，高於我們先前預期的 0.31 美元。假設第四季稅率約為 10%，則第四季調整後每股盈餘約為 0.12 美元。我們現在預計今年有形帳面價值將成長約 25 億美元，高於我們先前預測的約 6.4 億美元。

We've had a great year thus far and look forward to a strong finish. Let's now begin the Q&A.

到目前為止，我們度過了美好的一年，並期待有一個圓滿的結局。現在我們開始問答環節。

(Operator Instructions) Dan Dolev, Mizuho.

（操作員說明）Dan Dolev，Mizuho。

Hey, Chris, Anthony, amazing job. Very, very proud of you guys. Wanted to know, I mean, the question we're getting from investors for the past like month or so is consumer credit. I mean you guys have done incredibly well looking at NCOs coming down. But can you give us an overview of what's going on, maybe there's a FICO sort of differentiated thing here that helps SoFi. Just maybe an overall view of like how the health of the consumer credit across the different FICO trenches would be great. And congrats, again.

嘿，克里斯，安東尼，幹得太棒了。我為你們感到非常非常驕傲。我想知道，我的意思是，過去一個月左右我們從投資者那裡得到的問題是關於消費信貸。我的意思是，你們在觀察士官的下落方面做得非常好。但是您能否向我們概述一下正在發生的事情，也許這裡有一個 FICO 類型的差異化的東西可以幫助 SoFi。也許只是從整體來看，不同 FICO 管道的消費者信用狀況會很好。再次恭喜你。

Sure. Thank you, Dan. The first message is our credit is performing very well. We have very strong performance by our members across each of the products, not just the performance of credit, but the spending that we see in SoFi Money, the engagement that we see in SoFi Invest, and general behavior overall.

當然。謝謝你，丹。第一個訊息是我們的信用表現非常好。我們的會員在每款產品上都表現非常出色，不僅是信貸方面的表現，還有我們在 SoFi Money 中看到的支出、我們在 SoFi Invest 中看到的參與度以及整體行為。

We've been in the lending business for a pretty long period of time. When I joined in 2018, one of our key priorities is focused on quality of our loans over quantity and to make sure that those loans are durable through an economic cycle and through an interest rate cycle and any liquidity dislocations. And so we're constantly making changes to what marketing channels we're in. The trade-up between pricing and credit approvals, the unit economics of a loan, we focus on having a 40% to 50% variable profit margin on our loans.

我們從事貸款業務已有相當長一段時間了。當我於 2018 年加入時，我們的首要任務之一是專注於貸款品質而非數量，並確保這些貸款能夠經受住經濟週期、利率週期和任何流動性錯位的考驗。因此，我們不斷改變我們所採用的行銷管道。定價和信貸審批之間的權衡，貸款的單位經濟，我們專注於使貸款的可變利潤率達到 40% 到 50%。

And so sometimes we can drive more volume. Sometimes we can drive higher margin. But it's a constant data science opportunity for us to perfect our loans. And the strength of the consumer loan's performance speaks for itself; it's in the numbers. You can see our net charge-offs declined i.e., improved versus last quarter.

因此有時我們可以提高銷量。有時我們可以提高利潤率。但這對我們來說是一個持續的數據科學機會，可以幫助我們完善貸款。消費貸款的強勁表現不言而喻，它體現在數字上。您可以看到我們的淨沖銷額下降了，即與上一季相比有所改善。

If you go back over the last couple of years, you'll see that we made a lot of credit changes to ensure that performance stayed high quality when we went through a 500-basis-point interest increase and now we're seeing rates come down. So we're seeing really strong trends in the channels and great demand from high-quality borrowers. And we feel really confident if anything changes, we'll make the adjustments accordingly.

如果回顧過去幾年，您會發現，當我們經歷了 500 個基點的利率上調時，我們進行了許多信貸改革以確保業績保持高質量，而現在我們看到利率下降了。因此，我們看到通路趨勢非常強勁，高品質借款人的需求也很大。我們非常有信心，如果發生任何變化，我們都會做出相應的調整。

To remind everyone, we focus on a life loan loss between 7% and 8%, and all indications are that we're below that, as Chris has mentioned in the past.

提醒大家，我們關注的是 7% 到 8% 之間的人壽貸款損失，所有跡像都表明我們低於這個數字，正如克里斯過去提到的那樣。

Yeah. And the only other thing I would add to Anthony's point is that we're also seeing really good demand from capital markets partners, which we view as a flight to quality. So all in all, we remain vigilant as always, but our balance sheet is strong with high-quality loans, excess capital, and solid liquidity, and our partners are active and looking to expand their relationships with us, and that's a true testament to the credit that we're underwriting.

是的。對於安東尼的觀點，我唯一想補充的是，我們也看到資本市場合作夥伴的需求確實很好，我們認為這是對品質的追求。總而言之，我們一如既往地保持警惕，但我們的資產負債表強勁，擁有高品質的貸款、過剩資本和穩健的流動性，我們的合作夥伴積極主動地尋求擴大與我們的關係，這真實地證明了我們承保的信貸。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Congratulations on a good quarter. I guess my question is predominantly around the rate environment -- decreasing rates if you think about the forward curve. I'm wondering if you guys could talk about how the lower rate environment will affect the volume mix on the lending side. And, particularly, at what point do you think that could be a pretty big spike in student loan refinance activity?

恭喜本季業績良好。我想我的問題主要與利率環境有關——如果你考慮遠期曲線的話，利率就會下降。我想知道你們是否可以談談低利率環境將如何影響貸款方面的交易量組合。特別是，您認為什麼時候學生貸款再融資活動會大幅增加？

And then second, unrelated is maybe talk about what you guys expect in terms of deposit beta and what that means for NIM over the next few quarters?

其次，無關的一點是，也許可以談談你們對存款貝塔的期望以及這對未來幾季的 NIM 意味著什麼？

Thank you, John. We've said this in the past, our business is diverse, not because we woke up and said we should make our business diverse because of our strategy of being a one-stop shop. We've scaled our businesses across the portfolio of products that we offer being a one-stop-shop to a level that in environments, we can drive different businesses based on the characteristics of that environment. When rates were high, we took a specific strategy. As rates are coming down, we're taking alternative strategy and it's working.

謝謝你，約翰。我們過去曾說過，我們的業務是多樣化的，並不是因為我們醒來後說我們應該因為我們的一站式服務策略而使我們的業務多樣化。我們已將業務擴展到我們提供的一站式產品組合，以便在不同的環境中，我們可以根據該環境的特徵推動不同的業務。當利率較高時，我們採取了特定的策略。隨著利率下降，我們採取了替代策略，而且效果顯著。

If rates stay exactly where they are, I think our business continues to operate incredibly well. I couldn't be more optimistic about our near-term trends and what we'll do in 2026 relative to our prior long-term guidance. So I do worry about things like credit. I do worry about things like heightened inflation. We look at asset flows, et cetera. So it's not like we're not worried about things. We just feel really good about the positive things versus the things that could cause a problem.

如果利率維持現狀，我認為我們的業務將繼續運作得非常好。我對我們的近期趨勢以及相對於我們之前的長期指導，我們在 2026 年將要做的事情非常樂觀。所以我確實擔心信用之類的事情。我確實擔心通貨膨脹加劇之類的問題。我們關注資產流動等等。所以，我們並不是不擔心事情。我們只是對正面的事情感覺很好，而不是對可能造成問題的事情感覺不好。

As rates come down, I think our business only gets better. If we stay with unemployment below 5% to 5.5% and inflation is at 3%, I think we're in a really great environment. I'm not a student of believing inflation should be 2%. I think 3% is perfectly fine. I think we have global stability that will also be important. I think about things that could disrupt us as, one, economic, i.e., unemployment; two, financial liquidity. Rates are coming down, not going up. And then three, is the macroeconomic factors that are at our control and exogenous events.

隨著利率下降，我認為我們的業務只會變得更好。如果失業率保持在 5% 至 5.5% 以下，通貨膨脹率保持在 3%，我認為我們將處於一個非常好的環境。我並不認為通貨膨脹率應該是 2%。我認為 3% 完全沒問題。我認為全球穩定也很重要。我認為可能擾亂我們生活的因素有：一是經濟因素，即失業；二是金融流動性。利率正在下降，而不是上升。第三，是我們能控制的宏觀經濟因素和外生事件。

As rates go down, our student loan business will benefit meaningfully. Rates have been very high for the last three years. Federal student rates are high, and we can give them a significant savings on a $70,000 balance. So we'll benefit from lower rates in student loan refinancing, for sure.

隨著利率下降，我們的學生貸款業務將受益匪淺。過去三年利率一直很高。聯邦學生的學費很高，我們可以為他們節省 70,000 美元的餘額。因此，我們肯定會從學生貸款再融資的較低利率中受益。

The home equity market, the home loan market, the real estate market more broadly, will benefit from lower rates, both in refinancing as well as purchase. As it relates to refinancing, less than 5% of our members that have mortgages have been with us. So if you take everyone that's on our platform that's using SoFi and you look at the number of those people that have home loans or mortgages, only 5% of those with mortgages are with us.

房屋淨值市場、房屋貸款市場以及更廣泛的房地產市場都將受益於較低的利率，無論是再融資還是購買。就再融資而言，只有不到 5% 的擁有抵押貸款的會員與我們合作過。因此，如果你把我們平台上所有使用 SoFi 的人都算進去，看看那些擁有房屋貸款或抵押貸款的人的數量，你會發現只有 5% 的抵押貸款人與我們合作。

It's a huge opportunity for us to market a lower cost of a mortgage to them. And we have the technology to know where the rates are to deliver personalized messages to them, and we've built the back end and operational capabilities to deliver reliable mortgage in a specific period of time. So we feel really great about that.

對我們來說，這是一個向他們推銷較低成本抵押貸款的巨大機會。我們擁有了解利率水平並向他們提供個人化資訊的技術，並且我們已經建立了後端和營運能力，可以在特定時間段內提供可靠的抵押貸款。所以我們對此感到非常高興。

As it relates to SoFi Money, I've said this in the past, I'll say it again, it's starting to show itself now. In a high-rate environment, nonbanks can compete with us on interest rate. Many choose not to because they're trying to make more money with NIM, but it's easy when rates are high when Fed funds are high. When Fed funds is low, it's going to be really hard for nonbank and nonlending companies to compete with us.

至於與 SoFi Money 有關，我過去曾說過這一點，現在我再說一遍，它開始顯現出來。在高利率環境下，非銀行機構可以在利率上與我們競爭。許多人選擇不這樣做，因為他們想透過 NIM 賺更多的錢，但當利率高、聯邦基金利率高時，這很容易。當聯邦基金利率較低時，非銀行和非貸款公司將很難與我們競爭。

Our competitive advantage will come through and show the world that we have the highest lifetime value and a broad based portfolio of products allows us to give a superior yield when others are struggling to provide that yield because of the fact that we have both lending and we're insured deposit institution and we have a broad-based membership that we can market to efficiently for cross-buy. In the most recent quarter, 40% of our product growth came from cross-buy, that's with our members growing 35%.

我們的競爭優勢將得到充分體現，並向世界展示我們擁有最高的終身價值，而廣泛的產品組合使我們能夠在其他人難以提供收益時提供更高的收益，因為我們既有貸款業務，又是受保的存款機構，並且我們擁有廣泛的會員資格，我們可以有效地進行交叉購買營銷。最近一個季度，我們產品成長的 40% 來自交叉購買，會員數量增加了 35%。

Chris, would you add anything?

克里斯，你還有什麼要補充嗎？

Yeah. The only other thing I would add, John, to your comments on deposit betas and NIM over the next few quarters. There's been really successful in maintaining healthy NIM margins. This last quarter, we were at 5.84%. Maintaining these strong margins has been a function of the loan pricing betas that we have as well as obviously, our cost of funds.

是的。約翰，關於你對未來幾季存款測試版和 NIM 的評論，我唯一想補充的是。在維持健康的淨利差方面確實取得了成功。上個季度，我們的比率為 5.84%。維持這些強勁的利潤率取決於我們的貸款定價貝塔係數以及我們的資金成本。

What we've demonstrated on the loan pricing beta front is in rising rate environments, we've been able to outpace rates and maintain really strong pricing. In down rate environments, we've been able to maintain solid pricing above where rates have gone.

我們在貸款定價測試方面所證明的是，在利率上升的環境中，我們能夠超越利率並維持真正強勁的定價。在利率下行的環境下，我們能夠維持高於利率水準的穩定定價。

And then from an asset yield perspective, we've been able to maintain strong asset yields and reduce our overall cost of deposits, all while maintaining healthy growth in member deposits last quarter. Historically, we've been at about a 65% to 70% deposit beta. We would expect that to continue going forward.

從資產收益率的角度來看，我們能夠保持強勁的資產收益率並降低存款的整體成本，同時保持上個季度會員存款的健康成長。從歷史上看，我們的存款測試版約為 65% 至 70%。我們預計這種情況將持續下去。

Kyle Joseph, Stephens.

凱爾·約瑟夫，史蒂芬斯。

I just wanted to get your thoughts on the competitive environment. Obviously, we saw your guidance for membership growth go up, which is obviously a positive. Is that a function of just kind of internal marketing efforts and brand awareness? Or can we step back and think about things potentially getting less competitive out there? I think you talked about capital providers and the flight to quality you're seeing. So I just want to get your commentary there?

我只是想了解您對競爭環境的看法。顯然，我們看到您對會員成長的預期有所上升，這顯然是正面的。這僅僅是內部行銷努力和品牌知名度的作用嗎？或者我們可以退一步思考一下，外面的競爭可能會變得不那麼激烈？我認為您談到了資本提供者和您所看到的對品質的追求。所以我只是想聽聽你的評論？

It's a function of many factors, first, unaided brand awareness. Our goal is to drive unaided brand awareness higher. It provides productivity across our digital marketing capabilities and performance marketing. And so we talked about the 9.1% unaided burn awareness that we achieved in Q3 that we expect to continue into Q4.

它是由多種因素決定的，首先是無輔助的品牌知名度。我們的目標是提高無輔助品牌知名度。它提高了我們的數位行銷能力和績效行銷的生產力。因此，我們談到了我們在第三季度實現的 9.1% 的無輔助燒傷意識，我們預計這一數字將持續到第四季度。

We have a number of new product launches that will also contribute that will not just contribute directly because they're new products, but they'll also contribute indirectly after raising awareness that we're a one-stop-shop. Specifically, our goal is to launch buy sell and hold crypto by the end of the year. We'll continue to roll out SoFi Pay to other international markets. And so the second bucket is new products.

我們推出了一系列新產品，這些新產品不僅會因為它們是新產品而直接做出貢獻，而且在提高了人們對我們是一站式商店的認識後，它們還會間接做出貢獻。具體來說，我們的目標是在今年年底前推出買賣和持有加密貨幣的功能。我們將繼續向其他國際市場推出 SoFi Pay。第二個桶子是新產品。

And then the third, we have a pretty good understanding of what channels to market what product is in and have a good read on customer acquisition costs by channel. And so we're just ensuring that we continue to add more marketing at an efficient rate, focused on profitability and growth, and it's our confidence in being able to do that in a bigger way in Q4 than we did in Q3 in addition to the new product launches that we'll have, and the benefit from a brand awareness. So that's driving our confidence.

第三，我們對透過什麼管道行銷什麼產品有很好的了解，並且對透過管道獲得客戶的成本有很好的了解。因此，我們只是確保繼續以高效的速度增加行銷，專注於盈利能力和成長，我們有信心在第四季度比第三季度更大規模地做到這一點，此外，我們還將推出新產品，並從品牌知名度中受益。這增強了我們的信心。

I will tell you our goal is to continue to move along a linear curve to make sure that we're not falling off that efficient frontier of marketing and brand awareness and spending. But there's a lot of upside from spending at efficient rates if we chose to grow even faster.

我會告訴你，我們的目標是繼續沿著線性曲線移動，以確保我們不會脫離行銷、品牌知名度和支出的有效前沿。但如果我們選擇更快的成長，那麼以有效的速度支出將帶來許多好處。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Anthony, as you see faster growth in the non-personal loans business, which I think is really encouraging from a diversification standpoint, does that change your thought on how you fund that growth on balance sheet deposit driven versus the loan platform business? And are there opportunities in the loan platform business for nonpersonal loans? Just trying to think about what the funding mix looks like as the origination mix shifts a little bit?

安東尼，您看到非個人貸款業務增長更快，我認為這從多元化的角度來看確實令人鼓舞，這是否會改變您對如何通過資產負債表存款驅動而不是貸款平台業務來為這種增長提供資金的想法？那麼，貸款平台業務對於非個人貸款來說是否存在機會？只是想想想，當發起組合發生一點變化時，資金組合會是什麼樣子？

Sure. There are definitely opportunities in the loan platform business from nonpersonal loans, and Chris and the capital markets team is working on that. Funding off of deposits is definitely an element that drives our durability and our confidence in lending. The dependency on deposits will likely reduce over time and our cost of funds will also likely come down over time based on a bunch of decisions that we make as it relates to how to spend our capital.

當然。非個人貸款在貸款平台業務中肯定存在機會，克里斯和資本市場團隊正在努力實現這一目標。存款融資無疑是推動我們持久力和貸款信心的因素。隨著時間的推移，對存款的依賴可能會減少，而我們的資金成本也可能會隨著時間的推移而下降，這取決於我們在如何使用資本方面做出的一系列決定。

I do think you'll continue to see us drive revenue streams that are not connected to capital. 56% of our revenue is now coming from our tech platform and financial services business, and that's up pretty meaningfully over time. And you can see the benefit to our profitability line and our ROE, and our tangible book value growth related to that. So there's a number of initiatives that we have, that we haven't talked about publicly that will also help as we leverage blockchain technologies in the lending space specifically that will help drive strong diversification of funding for our balance sheet.

我確實認為你會繼續看到我們推動與資本無關的收入流。我們現在 56% 的收入來自我們的科技平台和金融服務業務，隨著時間的推移，這一比例相當顯著。您可以看到我們的獲利能力、ROE 以及與此相關的有形帳面價值成長所帶來的好處。因此，我們有一些尚未公開談論的舉措，這些舉措也將有助於我們在藉貸領域利用區塊鏈技術，這將有助於推動我們資產負債表的資金多元化。

Kyle Peterson, Needham & Company.

凱爾彼得森，Needham & Company。

Nice results. I wanted to drill down in the loan platform business, in particular. I know there's at least another fintech lender that kind of recently said that at least some of the loan -- buyers and such on -- from institutional investors, we're kind of consolidating purchases to kind of fewer platforms. I guess was the strength this quarter was it broad-based in terms of you guys adding participants on the platform, on the funding side? Or was it fairly concentrated with existing partners? Just any color there? And if you guys are seeing anything similar would be really helpful?

效果不錯。我特別想深入研究貸款平台業務。我知道至少有另一家金融科技貸款機構最近表示，至少有一部分貸款（買家等）來自機構投資者，我們正在將購買整合到更少的平台上。我想，就你們在平台上增加參與者和資金方面而言，本季的優勢是否有廣泛的基礎？或者說它是否相當集中於現有的合作夥伴？那裡有任意顏色嗎？如果你們看到類似的事情會很有幫助嗎？

Yeah. Thanks, Kyle. So we saw growth across both new partners as well as existing partners who have partnerships with us. What we actually saw is a bit of a flight to quality where existing partners -- a number of existing partners came to us and asked to upsize their commitments, not only in Q3 but Q4. So we expect continued momentum to occur in the last quarter of the year. And then we also saw some growth in new partners as well as expanded credit. So net-net, it was growth across the board.

是的。謝謝，凱爾。因此，我們看到新合作夥伴以及與我們有合作關係的現有合作夥伴都在成長。我們實際上看到的是現有合作夥伴的品質有所提升——許多現有合作夥伴找到我們並要求增加他們的承諾，不僅在第三季度，而且在第四季度。因此，我們預計今年最後一個季度將繼續保持這種勢頭。然後，我們也看到新合作夥伴的成長以及信貸的擴大。因此，總體而言，這是全面成長。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

Great quarter. I guess I had a follow-up on the loan platform business as well. Is there a way to kind of frame the number of buyers on the platform and kind of what your mixed full quarter capacity looks like? And then also talk about the process, I think you mentioned [second quest] about how companies upsize their commitment?

很棒的一個季度。我想我也對貸款平台業務進行了追蹤。有沒有辦法可以大致了解平台上的買家數量以及整個季度的混合容量是什麼樣的？然後還要談談這個過程，我想您提到了[第二個任務]關於公司如何擴大他們的承諾？

At the end, Reggie, but I think you asked about the process for how companies upsize their commitments. In terms of your first question about the number of buyers on the platform and what the next quarter's capacity looks like, we aren't going to disclose the number of buyers that we have. We have disclosed a few publicly with Fortress and Blue Owl, but we have a number of partners on the platform. What capacity looks like next quarter, we did $3.4 billion of originations on behalf of others this past quarter in Q3. We expect that to continue to grow heading into Q4.

最後，雷吉，但我認為你問的是公司如何擴大承諾的過程。關於您第一個問題，即平台上的買家數量以及下一季的容量情況，我們不會透露我們擁有的買家數量。我們已經與 Fortress 和 Blue Owl 公開披露了一些合作，但我們在該平台上還有許多合作夥伴。下個季度的產能情況如何？上個季度（第三季），我們代表其他公司完成了 34 億美元的貸款發放。我們預計第四季度這一數字將繼續增長。

In terms of how companies upsize their commitments they typically come to us intra-quarter if they have excess capacity or demand for incremental loans. And if we're able to fulfill by the end of the quarter, we'll do so.

就企業如何增加承諾而言，如果企業擁有過剩產能或需要增量貸款，他們通常會在季度內來找我們。如果我們能夠在本季末完成，我們就會這樣做。

The behavior we're seeing of consolidation down to higher quality that you mentioned, we think we're benefiting from that based on the activity we've seen from those partners.

正如您所提到的，我們看到了整合到更高品質的行為，根據我們從這些合作夥伴那裡看到的活動，我們認為我們從中受益。

Peter Christiansen, Citigroup.

花旗集團的彼得‧克里斯蒂安森。

Nice trends here for sure. Anthony, I was just wondering, can you remind us where we are in your investment cycle, perhaps not just like the marketing or performance marketing, branding, those sorts of things, but maybe more so on capabilities. I know you're going to be onboarding some new clients on the tech platform pretty soon and now building out crypto, whether that's partnered or native. Just if you could frame for us where we are in the investment cycle.

這裡的趨勢確實不錯。安東尼，我只是想知道，您能否提醒我們您目前處於投資週期的哪個階段，也許不僅僅是營銷或績效營銷、品牌推廣之類的事情，而可能更多地關注能力。我知道您很快就會在技術平台上接納一些新客戶，現在正在建立加密貨幣，無論是合作夥伴還是本地的。如果您能為我們描述一下我們目前處於投資週期的哪個階段呢？

Yeah. I would like to invest a lot more than we're investing, but we're trying to balance both growth and being responsible for delivering profitability and good returns. We don't want to go after penny less growth.

是的。我希望投資比我們現在投資的更多，但我們正努力在成長和實現盈利及良好回報的責任之間取得平衡。我們不想追求毫無意義的成長。

And so the gating factor that we've put on and talked about publicly is to have at least a 30% incremental EBITDA margin. And I say the word at least because if the business does well relative to expectations, it's hard to spend back in a quarter. We may accelerate some hiring, but that really doesn't impact the near-term quarter. It impacts the next quarter. And we've hired a lot more people in 2025 than we set out at the beginning of the year because we've been driving both strong top line growth and really strong incremental profitability.

因此，我們公開提出並討論的限制因素是至少有 30% 的增量 EBITDA 利潤率。我之所以說這個詞，至少是因為如果業務表現優於預期，那麼很難在一個季度內收回成本。我們可能會加快一些招聘，但這實際上不會影響近期季度。這會影響下一季。我們在 2025 年僱用的員工數量比年初設定的要多得多，因為我們一直在推動強勁的收入成長和真正強勁的增量獲利能力。

I would love to spend every dollar we cut down to that 30% incremental EBITDA margin. It's not always possible to do that. That 30% incremental EBITDA margin will be the standard until we see our growth drop below, call it, 15%. I think as long as we're growing above that, we should invest in the business to make the top line as large as it can be. And then over time, we can slow down our spending and drive margin expansion, but we're definitely not in the mode of driving margin expansion unless we outperform compared to the 30% incremental EBITDA margin.

我很樂意花掉我們削減的每一美元來實現 30% 的增量 EBITDA 利潤率。但並不總是能夠做到這一點。在我們的成長率降至 15% 以下之前，30% 的增量 EBITDA 利潤率將成為標準。我認為，只要我們的成長速度超過這個水平，我們就應該對業務進行投資，使營業額盡可能地大。然後隨著時間的推移，我們可以放慢支出並推動利潤率擴張，但除非我們的表現優於 30% 的增量 EBITDA 利潤率，否則我們絕對不會處於推動利潤率擴張的模式。

The areas we're investing is we'll continue to iterate our existing products. We're focused every day on five things of our existing products, fast, selection, content, and convenience and then make them better together. There are some products that are new that will increase the investment in such as SoFi Plus. We're really pleased with the progress we've made there.

我們投資的領域是我們將繼續迭代我們現有的產品。我們每天都專注於現有產品的五個面向：快速、選擇、內容和便利，然後共同使它們變得更好。有一些新產品會增加投資，例如 SoFi Plus。我們對在那裡取得的進展感到非常高興。

There will be additional things that we add into SoFi Plus as it relates to value, one of which is the Smart Card. We think it's the best of any card. It will have high rewards, 5% on food. They'll also have high interest or highest API. In addition to that, you can also build your credit score, and you'll be able to use that relationship with us to potentially borrow both ahead of time and post transactions. And that will be an evolving feature set after we launched that will continue based on how we learn our members want to use the product, but focusing on the smart things that they want, and making it half the best of everything.

我們會在 SoFi Plus 中加入一些與價值相關的附加功能，其中之一就是智慧卡。我們認為它是最好的卡。回報很高，食物佔5%。他們還會有很高的興趣或最高的 API。除此之外，您還可以建立自己的信用評分，並且可以利用與我們的關係來提前借款或事後借款。在我們推出之後，這將是一個不斷發展的功能集，它將根據我們如何了解我們的會員想要使用該產品而繼續發展，但重點關注他們想要的智慧功能，並使其成為所有功能中最好的一半。

We talked about Cash Coach on the call. There's a number of AI initiatives to help people spend less than they make and invest the rest. It is a unique formula that we can deliver on in addition to the investing piece.

我們在電話中談到了 Cash Coach。有許多人工智慧計畫可以幫助人們減少支出，並將剩餘的錢用於投資。這是我們除了投資部分之外還可以提供的獨特方案。

One of the things that's interesting about our buy, sell, and hold for crypto is that the way we'll launch this product is going to be pretty novel. Someone will open up the SoFi Money account. If they don't have a SoFi Money account, they'll fund that SoFi Money account and then all their purchases are drawn from that SoFi Money account.

關於我們購買、出售和持有加密貨幣的有趣之處之一是，我們推出該產品的方式將非常新穎。有人會開設 SoFi Money 帳戶。如果他們沒有 SoFi Money 帳戶，他們會向該 SoFi Money 帳戶注資，然後他們所有的購買都從該 SoFi Money 帳戶中提取。

What's the benefit of that? Well, that SoFi Money account has FDIC insurance. and we've added additional insurance for our members if they opt in, up to $2 million, not just $250,000. So someone can have an FDIC-insured bank account where they keep their funds and seamlessly be able to buy cryptocurrency and the money moves from one entity to the next seamlessly behind the scenes. A very efficient process that I think will be very differentiated, and we'll be the first bank to offer buy, sell, and hold crypto.

那有什麼好處呢？嗯，SoFi Money 帳戶有 FDIC 保險。如果我們的會員選擇加入，我們會為他們增加額外的保險，最高可達 200 萬美元，而不僅僅是 25 萬美元。因此，人們可以擁有一個 FDIC 承保的銀行帳戶來保存資金，並能夠無縫地購買加密貨幣，並且資金可以在後台無縫地從一個實體轉移到另一個實體。我認為這是一個非常有效率的流程，並且將具有很大的差異性，我們將成為第一家提供購買、出售和持有加密貨幣服務的銀行。

We've mentioned stablecoin on the call. I can just tell you, every day, there's a new opportunity for us to leverage the SoFi USD stablecoin that we'll plan to launch. And we have some unique advantages that we're already a Tier 1 bank.

我們在電話會議中提到了穩定幣。我可以告訴你，每天我們都有新的機會利用我們計劃推出的 SoFi USD 穩定幣。我們擁有一些獨特的優勢，我們已經是一家一級銀行。

What do I mean by that? Because we are a Tier 1 insurer deposit institution, we could take the reserves of our stable point and put them at the Fed and earned Fed funds. What does that mean? Zero credit risk, zero liquidity risk. There's not a stablecoin provider in the United States that can make that claim. Very differentiated, super excited about it, and there's a number of other applications there.

我這樣說是什麼意思？因為我們是一級保險存款機構，所以我們可以把穩定點的儲備金存入聯準會，賺取聯邦基金。這意味著什麼？零信用風險，零流動性風險。美國沒有一家穩定幣提供者可以做出這樣的聲明。非常有差異化，對此非常興奮，並且還有許多其他應用程式。

You can imagine that Fed funds that we earn on those reserves, they can be given back to the consumer. They can be given to businesses to accept our payment at point of sale, and it can provide a lot of different benefits to other ecosystem partners because them to want to partner with us as opposed to a non-Tier 1 nationally licensed brand. So we're going to invest as much as we can to that 30% incremental EBITDA margin and sustain high levels of growth until it slows down and then will drive profitability.

你可以想像，我們從這些儲備中賺取的聯邦基金可以回饋給消費者。它們可以提供給企業在銷售點接受我們的付款，並且可以為其他生態系統合作夥伴提供許多不同的好處，因為他們願意與我們合作，而不是與非一級國家授權品牌合作。因此，我們將盡可能多地投資，以實現 30% 的增量 EBITDA 利潤率，並維持高水準的成長，直到成長放緩，然後才會提高獲利能力。

Moshe Orenbuch, TD Securities.

Moshe Orenbuch，道明證券。

Maybe a little bit about the competitive dynamic in the personal loan business. I saw one of your close competitors got acquired by a large bank. Do you think -- first, do you think that makes the business kind of a better competitive dynamic if that happens? Or maybe just talk about that a little bit?

也許可以稍微談談個人貸款業務的競爭動態。我看到你們的一個競爭對手被一家大銀行收購了。您認為—首先，如果發生這種情況，您是否認為這會使企業更具競爭力？或者只是稍微談論一下這個？

And if you could also just address, you talked about becoming more capital light. How much of that do you think comes out of the personal loan business in terms of doing less for your balance sheet or proportionately more in the loan platform side?

如果您能簡單談談您談到的如何減輕資本負擔。您認為其中有多少來自個人貸款業務，即對資產負債表的影響較小，還是對貸款平台方面的影響較大？

In terms of competition for PL, I'd say it's generally been a competitive environment. But from entities that are not large national banks are the top 10 banks in our country; they just don't offer this product.

就 PL 的競爭而言，我認為這總體上是一個競爭激烈的環境。但不是大型國家銀行的實體，也不是我們國家排名前十的銀行，他們只是不提供這種產品。

I think there's a lot of reasons for why they don't offer this product. It's a gap in their portfolio that allows us to really gain, I think, more members at efficient costs. I think the reason why they probably don't offer their product is because they [gallop] people so about on credit cards, and it's such a great ROE product that they don't want to cannibalize the credit card.

我認為他們不提供該產品的原因有很多。我認為，這是他們產品組合中的一個空白，它讓我們能夠以有效的成本獲得更多的會員。我認為他們不提供其產品的原因是，他們大量使用信用卡，而這是一款非常棒的 ROE 產品，因此他們不想蠶食信用卡市場。

The way you make money in the credit card business is to revolving balances. Well, credit cards average in the United States over 20% interest on those revolving balances. If you actually had a prime member or super prime member and told them they're going to charge 20%. They wouldn't sign up for that any day.

信用卡業務的賺錢方式是循環餘額。嗯，在美國，信用卡循環餘額的平均利息超過 20%。如果您確實有 Prime 會員或超級 Prime 會員並告訴他們，他們將收取 20% 的費用。他們絕對不會同意這種事。

But if you put that behind a fancy name of the card and all these benefits and high rewards, no one sees the high interest rate that they get. And they chase those reward points. I'm thinking they're getting some benefits from it. Then they end up with a balance that they can't pay off after one month. And then they said they'll do it after two months. And before you know, it's been six months. They now have a $10,000, $15,000 balance, they're paying 20% to 30% interest on it.

但是如果你把它放在信用卡的花哨名稱和所有這些好處和高額獎勵的背後，沒有人會看到他們獲得的高利率。他們追逐那些獎勵積分。我認為他們從中得到了一些好處。最終，他們欠下的債務在一個月後仍無法償還。然後他們說兩個月後就會做。不知不覺，六個月就已經過去了。他們現在有 10,000 美元、15,000 美元的餘額，他們支付 20% 到 30% 的利息。

Would you refinance them with a personal loan at 12%? Probably not. So I think this is a product that we're going to own from a leadership standpoint. We'll continue to fight away at these huge balances where people are paying over 20% interest when they can come to us and pay 12%, again, prime and super prime customers.

您會以 12% 的利率為他們提供個人貸款再融資嗎？可能不是。因此我認為從領導的角度來看這是我們將要擁有的產品。我們將繼續努力解決這些巨額債務問題，人們支付的利息超過 20%，但他們可以來找我們支付 12% 的利息，同樣，他們是優質客戶和超級優質客戶。

Yeah. And then what I would say on your point about being capital light and how much of it comes out of the PL business, what I would say is total personal loan originations were up 53% this past quarter -- year-over-year and 7% sequentially to a record of $7.5 billion. So we don't see much in terms of overall cannibalization given our current market share, which is about 15% of total unsecured loans. Out there within our credit box and that doesn't even scratch the surface of all of the outstanding credit card debt, as Anthony mentioned.

是的。然後，關於您提到的輕資本以及其中有多少來自 PL 業務，我想說的是，上個季度個人貸款總額同比增長 53%，環比增長 7%，達到創紀錄的 75 億美元。因此，考慮到我們目前的市場份額（約佔無擔保貸款總額的 15%），我們預計整體蠶食現像不會發生。正如安東尼所提到的那樣，在我們的信用箱中，這甚至沒有觸及所有未償還信用卡債務的表面。

So we're seeing really good momentum on the LTV side, and we're adding loans to the balance sheet at a pace that we are comfortable and happy with. This past quarter, we added about $2.7 billion of personal loans -- to the balance sheet, which is a good healthy [clip] for us.

因此，我們看到 LTV 方面的勢頭非常好，並且我們正在以我們感到舒適和滿意的速度向資產負債表中添加貸款。上個季度，我們在資產負債表上增加了約 27 億美元的個人貸款，這對我們來說是一個很好的健康成長。

Devin Ryan, Citizens Financial Group.

德文·瑞安（Devin Ryan），公民金融集團。

I want to come back to the student loan opportunity. Obviously, you talked about kind of the outlook moving into a better place there with the rate environment. Can you talk a little bit about how you see some of the actions of this administration driving kind of a better environment, whether it's the Big Beautiful Bill.

我想再談談學生貸款機會。顯然，您談到了利率環境下前景的改善。您能否稍微談談您如何看待本屆政府採取的一些行動來推動更好的環境，無論是《美麗大法案》還是《美麗大法案》。

And then a few weeks ago, there was obviously headlines around the government exploring, selling some of its $1.7 trillion in balances, which would seem pretty interesting for you guys. So love to get some thoughts on that. I'm not sure if you can speak to it directly, but just more broadly, if you can, just what you think that means for the market and kind of the direction of travel?

幾週前，有頭條新聞報道政府正在探索出售其 1.7 兆美元餘額中的一部分，這對你們來說似乎非常有趣。我很想聽聽大家對此的看法。我不確定您是否可以直接談論它，但如果可以的話，更廣泛地說，您認為這對市場和旅行方向意味著什麼？

Yeah. I think it's all very positive for SoFi. I think we benefit from all of those decisions as they get made. We look at assets from time to time that are for sale. If the government decides to sell their student loan portfolio, we'll absolutely dig into it. It'd be a great customer acquisition tool not to mention the fact that we can make a significant profit on that portfolio of assets.

是的。我認為這對 SoFi 來說都是非常積極的。我認為，我們會從這些決定中受益。我們會不時查看待售的資產。如果政府決定出售其學生貸款組合，我們絕對會深入研究。這將是一個很好的客戶獲取工具，更不用說我們可以從該資產組合中獲得可觀的利潤。

As it relates to potentially reducing the amount, someone can borrow in order to go to college or grad school or business school or medical school or a law school, we'll be there to fill the hole. We want to help our members achieve the financial independence so they can live their ambitions.

因為這涉及潛在地減少金額，有人可以藉錢去上大學、研究所、商學院、醫學院或法學院，我們會填補這個缺口。我們希望幫助我們的會員實現財務獨立，以便他們能夠實現自己的抱負。

Paying for college, paying for a home is absolutely a critical decision they make. And we have to be there for all those major decisions they make. So we'll absolutely be there if they need a solution that the federal government is not providing. And that will also be a great business.

支付大學學費、支付住房費用絕對是他們做出的關鍵決定。我們必須支持他們做出所有重大決定。因此，如果他們需要聯邦政府未提供的解決方案，我們絕對會提供協助。這也將是一筆偉大的生意。

Our in-school business for loans is a very profitable business that's very attractive and doing more of that would be even better than the student loan refinancing. At higher rates, it's backed by credit of another person and people really do want to pay back the benefit that they receive from getting a college education. So that would also be an opportunity.

我們的校內貸款業務是一項非常有利可圖且非常有吸引力的業務，如果能更多地開展此類業務，效果會比學生貸款再融資更好。在更高的利率下，它由另一個人的信用支持，人們確實想償還他們從大學教育中獲得的利益。所以這也是一個機會。

I would say more broadly, as we think about our educational system and think about the changing needs from a technology standpoint, AI, there may be new types of loans that we could get into from a student loan perspective that's outside of a four-year type of experience that's more suited for the professional environment new graduates will enter into. So I think we'll actually see some innovation because of what the government is doing and because of the impact technology is having on hiring undergrounds.

我想更廣泛地說，當我們思考我們的教育體系並從技術角度思考不斷變化的需求時，人工智慧，從學生貸款的角度來看，我們可能會獲得新的貸款類型，這種貸款超出了四年制的經驗類型，更適合新畢業生將進入的專業環境。因此，我認為我們實際上會看到一些創新，這是由於政府的行動以及科技對地下招募的影響。

Back to you.

回到你身邊。

As you can see, it was an eventful quarter at SoFi and we are energized as we wrap up 2025 and headed 2026. Today's results reflect the durability of the foundation our team has been tirelessly building over the last eight years. It was not clear before today.

如您所見，這是 SoFi 豐富多彩的一個季度，我們充滿活力，即將結束 2025 年，邁向 2026 年。今天的成果體現了我們的團隊在過去八年中不懈努力建立的基礎的持久性。今天之前還不清楚。

I think it's safe to say that our results demonstrate that we truly have become a one-stop-shop for your financial needs all in one digital platform. Many others have talked about achieving this strategy, but to date, no one else has come close to the breadth of products or complexity of operations that we have, not to mention the revenue scale we have, the profitability we're generating and the durability and broad diversification of revenue across our portfolio of products.

我認為可以肯定地說，我們的結果表明，我們確實已經成為一個透過數位平台滿足您財務需求的一站式商店。許多其他公司都談到實現這一策略，但到目前為止，還沒有人能夠接近我們所擁有的產品廣度或營運複雜性，更不用說我們的收入規模、我們所創造的獲利能力以及我們產品組合收入的持久性和廣泛多樣化。

This success positions us the best to benefit from the two-tech super cycle unfolding and the continued strong sector transition globally from traditional finance companies to fintech companies. Suffice it to say, I'm more confident than ever that our strategy and our execution will continue to deliver our sustainable competitive advantage with the highest lifetime value and we'll accelerate our investment to ensure we maintain our lead.

這項成功使我們最能從兩大科技超級週期的展開以及全球範圍內從傳統金融公司向金融科技公司的持續強勁行業轉型中獲益。可以說，我比以往任何時候都更有信心，我們的策略和執行將繼續為我們帶來具有最高終身價值的可持續競爭優勢，並且我們將加快投資以確保我們保持領先地位。

Along the way, we will remain guided by the SoFi Way. We are all operating as founders, problem solvers, and partners to bring the best products and services to our members so we can have a meaningful impact on their lives, and lead them to a better, more secure financial feature. By acting in the best interest of our members, we will build deeper relationships across our one-stop-shop platform that will lead to durable growth and strong returns for our shareholders for decades to come.

一路走來，我們將繼續以 SoFi Way 為指導。我們都以創辦人、問題解決者和合作夥伴的身份為我們的會員提供最好的產品和服務，以便我們能夠對他們的生活產生有意義的影響，並引導他們獲得更好、更安全的財務功能。透過為會員的最大利益行事，我們將在我們的一站式平台上建立更深的關係，從而在未來幾十年為我們的股東帶來持久的成長和強勁的回報。

Thank you for joining our call, and we look forward to talking to you next quarter.

感謝您參加我們的電話會議，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。