SoFi Technologies Inc (SOFI) 2022 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's SoFi First Quarter 2022 results. My name is Jason, and I'll be the moderator for today's call. Management is here to discuss the results.

下午好。感謝您參加今天的 SoFi 2022 年第一季度業績。我叫傑森，我將擔任今天電話會議的主持人。管理層在這裡討論結果。

Thank you, operator, and thank you all for joining us today for SoFi's first quarter 2022 Earnings Call. Joining me today are Anthony Noto, SoFi's CEO; and Chris Lapointe, SoFi's CFO. They will share prepared remarks regarding the quarter's results and then take your questions at the end. Our discussion is complementary to the press release we issued today announcing SoFi's first quarter results. You can find it on the Investor Relations page of our website investors.sofi.com. This conference call is being webcast live and will be available as a replay for 30 days beginning about 1 hour after the call ends. There's also an accompanying investor presentation on our IR page.

感謝運營商，感謝大家今天加入我們參加 SoFi 的 2022 年第一季度財報電話會議。今天加入我的還有 SoFi 的 CEO Anthony Noto；和 SoFi 的首席財務官 Chris Lapointe。他們將分享有關本季度業績的準備好的評論，然後在最後回答您的問題。我們的討論是對我們今天發布的宣布 SoFi 第一季度業績的新聞稿的補充。您可以在我們網站investors.sofi.com 的投資者關係頁面上找到它。本次電話會議正在進行網絡直播，並將在電話會議結束後約 1 小時開始播放 30 天。我們的 IR 頁面上還有一份隨附的投資者介紹。

During the course of this conference call, we may make forward-looking statements based on current expectations, forecasts, and projections as of today's date. Any forward-looking statements that we make are subject to various risks and uncertainties, and there are important factors that could cause actual outcomes to differ materially from those indicated in the statements. We discuss these factors in our SEC filings, including our first quarter 2022 Form 10-Q, which can soon be found on the IR page of our website and on the SEC filings website, sec.gov/edgar. As a reminder, we are not required to update our forward-looking statements.

在本次電話會議期間，我們可能會根據截至今天的當前預期、預測和預測做出前瞻性陳述。我們做出的任何前瞻性陳述都受到各種風險和不確定性的影響，並且有一些重要因素可能導致實際結果與陳述中的結果存在重大差異。我們在向 SEC 提交的文件中討論了這些因素，包括我們的 2022 年第一季度 10-Q 表格，該表格很快就會在我們網站的 IR 頁面和 SEC 文件網站 sec.gov/edgar 上找到。提醒一下，我們不需要更新我們的前瞻性陳述。

In our presentation today, unless otherwise noted, we will be discussing adjusted financial measures, which are non-GAAP measures that we believe are meaningful when evaluating the company's performance. For detailed disclosures on these measures and the GAAP reconciliation, you should refer to the financial data contained within our press release, which is also posted to the IR page of our website. Today's discussion will focus on first quarter 2022 results. As always, we encourage you to evaluate SoFi's performance on an annual basis as quarterly results can be affected by unexpected events that are outside our control.

在我們今天的演講中，除非另有說明，否則我們將討論調整後的財務指標，這是我們認為在評估公司業績時有意義的非公認會計準則指標。有關這些措施和 GAAP 調節的詳細披露，您應該參考我們新聞稿中包含的財務數據，該新聞稿也發佈在我們網站的 IR 頁面上。今天的討論將集中在 2022 年第一季度的業績上。與往常一樣，我們鼓勵您每年評估 SoFi 的業績，因為季度業績可能會受到我們無法控制的意外事件的影響。

Now I'll turn the call over to Anthony.

現在我將把電話轉給安東尼。

Thank you, Andrea, and good afternoon, everyone. I'm incredibly proud of our first quarter performance, given the resilience we demonstrated to deliver the strong results we're reporting today and are positive trends thus far in the second quarter. A few of the key achievements in the quarter include another quarter of record adjusted net revenue with 49% year-over-year growth, our seventh consecutive quarter of positive EBITDA, continued strong growth in members, products and cross buying. The successful launch of SoFi Bank and our new SoFi checking and saves account offering, both of which are already contributing to our results. In announcing and closing the acquisition of Technisys, to accelerate our innovation while also serving as a critical platform that accelerates our progress in building the AWS of fintech.

謝謝你，安德里亞，大家下午好。鑑於我們展示了我們今天報告的強勁業績以及迄今為止第二季度的積極趨勢，我為我們第一季度的表現感到無比自豪。本季度的一些主要成就包括另一個季度的調整後淨收入創紀錄，同比增長 49%，我們連續第七個季度實現 EBITDA 正，會員、產品和交叉購買持續強勁增長。 SoFi Bank 的成功推出和我們新的 SoFi 支票和儲蓄賬戶產品的推出，這兩者都已經為我們的業績做出了貢獻。在宣布和完成對 Technisys 的收購中，以加速我們的創新，同時作為一個關鍵平台，加速我們在構建金融科技 AWS 方面的進展。

The strength of our results achieved despite volatile markets and the changing political, fiscal and economic landscape also demonstrate how our strategy of building a full suite of differentiated products and services has actually created a uniquely diversified business that cannot only endure but outperform across market cycles. Because of the depth and breadth of our offering, we're able to make swift and critical adjustments in priorities and spend as conditions evolve in order to capitalize on growth opportunities and exceed our performance targets. I'm proud of how our team has successfully navigated each new challenge and opportunity. And in doing so, not only position SoFi for long-term sustainable success, but to be the company best positioned to be the winner that takes most in consumer fintech.

儘管市場動盪，政治、財政和經濟形勢不斷變化，我們取得的業績也證明了我們建立一整套差異化產品和服務的戰略實際上是如何創造了一個獨特的多元化業務，該業務不僅能夠在市場週期中持續存在，而且表現優於市場週期。由於我們產品的深度和廣度，我們能夠根據情況的發展對優先事項和支出進行快速和關鍵的調整，以利用增長機會並超越我們的績效目標。我為我們的團隊如何成功應對每一個新的挑戰和機遇感到自豪。這樣做不僅可以讓 SoFi 獲得長期可持續的成功，而且還可以成為最有能力成為消費金融科技領域最大贏家的公司。

Now I'll run through the highlights of the financial results for the quarter. We achieved record total adjusted net revenue of $322 million, up 49% year-over-year and 15% higher than the prior record set in Q4 2021. Strong growth in all 3 business segments drove these record results. Lending adjusted net revenue of $244 million increased 45% year-over-year and 17% sequentially despite the sixth extension of the moratorium on federal student loan payments, which has kept our student loan origination volumes at less than half of pre-pandemic levels.

現在我將介紹本季度財務業績的亮點。我們實現了創紀錄的調整後淨收入總額 3.22 億美元，同比增長 49%，比 2021 年第四季度創下的紀錄高出 15%。所有 3 個業務部門的強勁增長推動了這些創紀錄的業績。儘管聯邦學生貸款支付暫停第六次延長，貸款調整後的淨收入為 2.44 億美元，同比增長 45%，環比增長 17%，這使我們的學生貸款發放量保持在大流行前水平的一半以下。

Financial Services adjusted net revenue of nearly $24 million, increased 264% year-over-year with the largest contributions coming from record SoFi Money revenues and continued strength in SoFi Credit Card, SoFi Invest and Lending-as-a-Service. Technology platform adjusted net revenue of nearly $61 million increased 32% with record Galileo revenues and a small contribution from our new Technisys multi-core technology business.

金融服務調整後的淨收入接近 2400 萬美元，同比增長 264%，其中最大的貢獻來自創紀錄的 SoFi Money 收入以及 SoFi 信用卡、SoFi 投資和貸款即服務的持續增長。技術平台調整後的淨收入接近 6100 萬美元，增長了 32%，其中 Galileo 收入創紀錄，而我們新的 Technisys 多核技術業務的貢獻很小。

Adjusted EBITDA of nearly $9 million increased 110% year-over-year and 89% sequentially. We are also very pleased with the member and product growth we achieved in the first quarter. We added 408,000 new members in Q1 '22, our third highest quarter of new member adds, ending with nearly 3.9 million total members, up 70% year-over-year. Notably, maintaining this growth momentum while opening a new bank was no small feat for our team.

調整後的 EBITDA 接近 900 萬美元，同比增長 110%，環比增長 89%。我們也對第一季度實現的會員和產品增長感到非常滿意。我們在 22 年第一季度增加了 408,000 名新會員，這是我們新增會員人數第三高的季度，最終會員總數接近 390 萬，同比增長 70%。值得注意的是，在開設新銀行的同時保持這種增長勢頭對我們的團隊來說是一項不小的壯舉。

At a moment's notice, we had to navigate the operating and technological complexity of transitioning SoFi Money CMA accounts to the new SoFi checking and savings offering, which also required changes to our affiliate partners as well as our marketing and advertising campaigns creative and collateral. We added 689,000 new products in Q1 '22, our second highest quarter of new product adds ending with nearly 5.9 million total products and 84% annual increase.

在接到通知後，我們不得不應對將 SoFi Money CMA 賬戶轉換為新的 SoFi 支票和儲蓄產品的運營和技術複雜性，這還需要對我們的附屬合作夥伴以及我們的營銷和廣告活動進行創意和抵押品進行更改。我們在 22 年第一季度增加了 689,000 種新產品，這是我們第二高的新產品增加季度，總產品接近 590 萬種，年增長率為 84%。

Financial Services products of $4.7 million at quarter end grew 155% year-over-year, while lending products of more than 1.1 million were up 20%. The significant scale that we now have in our SoFi Money, SoFi Invest, SoFi Credit card and relay member bases is driving even greater cross-buying. Our number of total cross-brought products in the quarter increased 22% year-over-year, demonstrating the continued success of our financial services productivity loop strategy.

季度末 470 萬美元的金融服務產品同比增長 155%，而超過 110 萬美元的貸款產品增長 20%。我們現在在 SoFi Money、SoFi Invest、SoFi 信用卡和中繼會員基礎上擁有的巨大規模正在推動更大的交叉購買。本季度我們交叉帶來的產品總數同比增長 22%，表明我們的金融服務生產力循環戰略的持續成功。

Our strong momentum in member, product and cross-buy growth also reflects the success we have achieved in building the SoFi brand over the last year. We committed to investing more in product and brand marketing once we reach the appropriate scale and unit economics last year. That investment is already paying off well beyond our expectations, and we're just getting started. We took a giant step forward in achieving our goal of becoming a household brand name via our SoFi Stadium affiliation, the success of our integrated multimedia campaigns and the virality of the influencers we partner with.

我們在會員、產品和交叉購買方面的強勁增長勢頭也反映了我們去年在打造 SoFi 品牌方面取得的成功。一旦我們去年達到適當的規模和單位經濟，我們承諾將在產品和品牌營銷上進行更多投資。這項投資的回報已經遠遠超出我們的預期，而我們才剛剛開始。通過我們的 SoFi Stadium 聯盟、我們綜合多媒體活動的成功以及與我們合作的影響者的病毒式傳播，我們朝著成為家喻戶曉的品牌目標邁出了一大步。

Our marketing team worked with 30 content creators across TikTok, Instagram, Twitter and YouTube, with a combined reach of more than 300 million throughout the NFL season and the post season. Their efforts amplified the branding of SoFi and SoFi Stadium and together drove more than 270 million impressions. Our unaided brand awareness, which had already increased more than 70% throughout 2021 more than doubled on Super Bowl weekend to an all-time high. We generated the highest SoFi related search by an all time on game day with nearly 230,000 and the most new visitors to our site since the mean stock raise in January of '21.

我們的營銷團隊與 TikTok、Instagram、Twitter 和 YouTube 上的 30 位內容創作者合作，在整個 NFL 賽季和季后賽的總覆蓋面超過 3 億。他們的努力擴大了 SoFi 和 SoFi Stadium 的品牌形象，共同推動了超過 2.7 億次的展示。我們的品牌知名度在整個 2021 年已經增長了 70% 以上，在超級碗週末翻了一番多，達到歷史最高水平。自 21 年 1 月平均股票上漲以來，我們在比賽日產生了有史以來最高的 SoFi 相關搜索，有近 230,000 人次訪問我們網站的新訪客。

And even without an ad, SoFi had nearly 5x more online searches than the top-performing Super Bowl ad that aired. Now I'd like to discuss how our strategy to build the only vertically integrated one-stop shop for digital financial services has resulted in a uniquely diversified business model.

即使沒有廣告，SoFi 的在線搜索量也比播放的表現最好的超級碗廣告高出近 5 倍。現在，我想討論一下我們建立唯一一家垂直整合的數字金融服務一站式商店的戰略是如何產生獨特的多元化商業模式的。

In lending, we originated a record of more than $2 billion in personal loans in Q1 2022, up from $1.6 billion in the fourth quarter of 2021 and $1.3 billion in Q1 of 2021. Our results reflect years of investing to maintain an attractive credit profile and increasing our ability to capture more share of the $1 trillion market. Our personal loan performance more than offset the continued lack of demand in student loan refinancing and the underperformance of home loans as we transition and onboard new fulfillment partners.

在貸款方面，我們在 2022 年第一季度創造了超過 20 億美元的個人貸款，高於 2021 年第四季度的 16 億美元和 2021 年第一季度的 13 億美元。我們的業績反映了多年來為保持有吸引力的信用狀況和提高我們在 1 萬億美元市場中獲得更多份額的能力。隨著我們過渡和加入新的履行合作夥伴，我們的個人貸款表現遠遠抵消了學生貸款再融資需求持續不足和住房貸款表現不佳的影響。

We're also seeing the benefit of our ongoing investment to build and maintain a robust risk management framework in the current rising rate environment. We are constantly iterating, learning and iterating some more while using data that goes well beyond traditional industry-specific underwriting data to drive the innovation in our credit underwriting models. We're also increasingly leveraging machine learning tools to improve the member experience throughout the funnel from application to income verification to approval.

我們還看到了我們在當前利率上升的環境中建立和維護穩健的風險管理框架的持續投資的好處。我們不斷迭代、學習和迭代，同時使用遠遠超出傳統行業特定承保數據的數據來推動我們的信用承保模型的創新。我們還越來越多地利用機器學習工具來改善從申請到收入驗證再到批准的整個渠道的會員體驗。

Because of these disciplines, our personal loan delinquencies and life of loan losses remain at record lows, even as we hit new origination records, while demand to buy SoFi's personal loans has remained robust. The profile of our borrower is very attractive to loan buyers. Our personal loan borrowers weighted average income is $160,000 with a weighted average FICO score of 746. While our student loan borrowers weighted average income is $170,000 with a weighted average FICO score of 775. Let me say those numbers again, given how impressive they are.

由於這些紀律，我們的個人貸款拖欠和貸款損失期限仍處於創紀錄的低點，即使我們創下了新的發放記錄，而購買 SoFi 個人貸款的需求仍然強勁。我們藉款人的資料對貸款購買者非常有吸引力。我們的個人貸款借款人加權平均收入為 160,000 美元，加權平均 FICO 得分為 746。而我們的學生貸款借款人加權平均收入為 170,000 美元，加權平均 FICO 得分為 775。讓我再說一遍這些數字，因為它們令人印象深刻。

Our personal loan borrowers weighted average income is $160,000 with a weighted average FICO score of 746. While our student loan borrowers weighted average income is $170,000 and weighted average FICO score of 775. We are also differentiated in lending by the strength of our balance sheet and the diversification of our funding sources.

我們的個人貸款借款人加權平均收入為 160,000 美元，加權平均 FICO 得分為 746。而我們的學生貸款借款人加權平均收入為 170,000 美元，加權平均 FICO 得分為 775。我們還通過資產負債表的實力和我們的資金來源多樣化。

Today, we have $5.5 billion of book equity on our balance sheet and about $7 billion in warehouse facilities we can access to fund loans. Not to mention the more than $1.5 billion currently and SoFi's checking and saving deposits we've raised so far at SoFi's Bank, which are growing by $100 million weekly. As we scale the bank, we are gaining even more flexibility in lending. We are already achieving savings by using our own deposits rather than warehouse facilities to fund loans. We've just started moving towards holding loans 6 months on average versus 3, which allows us to collect more net interest income.

今天，我們的資產負債表上有 55 億美元的賬面權益和大約 70 億美元的倉庫設施，我們可以獲得資金貸款。更不用說目前已經超過 15 億美元，以及迄今為止我們在 SoFi 銀行籌集的 SoFi 支票和儲蓄存款，這些存款每週增長 1 億美元。隨著我們擴大銀行規模，我們在貸款方面獲得了更大的靈活性。我們已經通過使用我們自己的存款而不是倉庫設施來為貸款提供資金來實現儲蓄。我們剛剛開始轉向平均持有貸款 6 個月而不是 3 個月，這使我們能夠收集更多的淨利息收入。

This also creates a more rational pricing environment for our paper as we leverage our ability to hold loans for longer, should pricing not be acceptable. And we can now introduce new loan types and pricing models that improve our competitive positioning.

這也為我們的票據創造了一個更合理的定價環境，因為如果定價不可接受，我們可以利用我們持有更長貸款的能力。我們現在可以引入新的貸款類型和定價模型來提高我們的競爭地位。

In Financial Services, we've continued to achieve strong member and product growth by iterating on our products to ensure they are differentiated by 4 key factors: fast, selection, content and convenience, and continuing to invest to make them work better when they're used together. We finished the first quarter with 4.7 million total financial services products, a 111% annual increase and more than 4x our total lending products of 1.1 million.

在金融服務方面，我們通過迭代我們的產品以確保它們在 4 個關鍵因素上脫穎而出，從而繼續實現強勁的會員和產品增長：快速、選擇性、內容和便利性，並繼續投資以使它們在使用時更好地工作。再一起使用。我們在第一季度完成了 470 萬種金融服務產品，同比增長 111%，是我們總貸款產品 110 萬種的 4 倍多。

The more scale in financial services products creates even more scale and cross-buying and thus, large marketing efficiencies. Just 1 year ago, that ratio was 2.4:1, and 2 years ago, lending products actually outnumbered financial services products by a factor of 1.6:1.

金融服務產品的規模越大，規模越大，交叉購買越多，因此營銷效率也越高。就在 1 年前，這個比率是 2.4:1，而 2 年前，借貸產品的數量實際上超過了金融服務產品的 1.6:1。

Members have embraced the product launches and financial services introduced in the first quarter. We launched margin lending and SoFi Invest, which is one of the most common member requests. Another common request is extended hours trading, which we will launch in the coming weeks and options, which we are targeting introducing by year-end. We introduced no fee crypto transactions for SoFi Money members that do direct deposit, and we are assessing other possible crypto products to provide even more value to our members.

會員已經接受了第一季度推出的產品發布和金融服務。我們推出了保證金借貸和 SoFi Invest，這是最常見的會員請求之一。另一個常見的要求是延長時間交易，我們將在未來幾週內推出，我們的目標是在年底推出期權。我們為直接存款的 SoFi Money 會員推出了免費加密交易，我們正在評估其他可能的加密產品，以為我們的會員提供更多價值。

Last, but certainly not least, SoFi's Checking and Savings provides an unmatched value proposition through an industry-leading API of up to 1.25%, a host of free features and a unique rewards program. The strategy is paying off as we've seen strong growth in direct deposit accounts and spending, while deposits have accelerated further since we announced the API increase of 25 basis points last month.

最後但同樣重要的是，SoFi 的 Checking and Savings 通過行業領先的高達 1.25% 的 API、大量免費功能和獨特的獎勵計劃提供了無與倫比的價值主張。該策略正在取得成效，因為我們看到直接存款賬戶和支出的強勁增長，而自我們上個月宣布 API 增加 25 個基點以來，存款進一步加速。

Transitioning now to our technology platform, which remains a critical element of SoFi's strategy, allowing us to innovate at a rapid pace while providing diversified high-return revenue streams and an efficient cost structure, already a market leader among U.S.-based neobanks. Galileo continues to expand its client base to include B2B and enterprise clients as adoption of modern cloud-based digital payments and banking has opened up new verticals and client types, use cases and opportunities.

現在過渡到我們的技術平台，這仍然是 SoFi 戰略的關鍵要素，使我們能夠快速創新，同時提供多樣化的高回報收入流和有效的成本結構，在美國新銀行中已經是市場領導者。 Galileo 繼續擴大其客戶群，包括 B2B 和企業客戶，因為採用基於雲的現代數字支付和銀行業務開闢了新的垂直領域和客戶類型、用例和機會。

For example, we launched 2 new clients in the first quarter that offer innovative working capital models for B2B and small- to medium-sized businesses. Technology platform enabled clients accounts increased 58% year-over-year in the first quarter to $110 million through new client acquisition and growth from existing clients. The large installed customer bases of Galileo clients also provide unique growth opportunities for existing capabilities like instant provisioning, dynamic fraud engine and 2-day early paycheck. As well as financial and engagement products in our pipeline that can drive greater customer activity like instant funding and direct deposit switching.

例如，我們在第一季度推出了 2 個新客戶，為 B2B 和中小型企業提供創新的營運資金模式。通過新客戶的獲取和現有客戶的增長，支持技術平台的客戶賬戶在第一季度同比增長 58% 至 1.1 億美元。 Galileo 客戶的龐大安裝客戶群還為即時配置、動態欺詐引擎和 2 天提前支付等現有功能提供了獨特的增長機會。以及我們管道中的金融和參與產品，可以推動更大的客戶活動，如即時資金和直接存款轉換。

Our March acquisition of Technisys further differentiates our technology platform by allowing us to incorporate a next-generation multiproduct core banking technology into our lending and financial services platforms and it enhances our value proposition for Galileo clients. This type of vertical integration enables faster innovation and growth as well as greater operating efficiencies.

我們在 3 月份收購 Technisys，使我們能夠將下一代多產品核心銀行技術整合到我們的貸款和金融服務平台中，從而進一步使我們的技術平台與眾不同，並增強了我們對 Galileo 客戶的價值主張。這種類型的垂直整合可以實現更快的創新和增長以及更高的運營效率。

Technisys also brings a complementary footprint of established banks, digital banks and fintechs in Latin America, adding to the robust growth opportunity of Galileo's existing presence in Mexico and Colombia. Galileo and Technisys are already going to market together to offer new products and services to the Galileo clients looking to expand their lineup. Early reception among existing Galileo and Technisys clients in the U.S. and LatAm has been very positive.

Technisys 還為拉丁美洲的老牌銀行、數字銀行和金融科技公司帶來了互補的足跡，增加了 Galileo 在墨西哥和哥倫比亞現有業務的強勁增長機會。 Galileo 和 Technisys 已經開始共同推向市場，為希望擴大產品陣容的 Galileo 客戶提供新產品和服務。美國和拉美現有 Galileo 和 Technisys 客戶的早期反應非常積極。

I'll finish here by saying that we have been in an all-out sprint over the last 4 years to build out our digital product suite to meet our members' needs for every major financial decision in their lives and all the days in between. The benefits of our strategy to build a uniquely diversified business, combined with the national banking license, not only positions SoFi to be the winner takes most in the sector transition of financial services to digital but also provide greater durability through a market cycle. I'm excited about where we are today and where we can go from here.

最後，我要說的是，在過去的 4 年裡，我們一直在全力衝刺，以構建我們的數字產品套件，以滿足我們的會員對他們生活中的每一個重大財務決策以及其間所有日子的需求。我們建立獨特的多元化業務戰略的好處，再加上國家銀行牌照，不僅使 SoFi 在金融服務向數字化轉型的行業中成為贏家通吃，而且在整個市場週期中提供更大的耐久性。我對我們今天所處的位置以及我們可以從這裡走向何方感到興奮。

With that, let me turn it over to Chris for a review of the financials for the quarter.

有了這個，讓我把它交給克里斯審查本季度的財務狀況。

Thanks, Anthony. Overall, we had a great quarter with strong growth trends across the entire business. We exceeded our financial guidance while achieving record revenue and our seventh consecutive quarter of positive EBITDA, despite operating in a rapidly evolving macro environment. I'm going to walk you through some key financial highlights for the quarter and then share some color on our financial outlook. Unless otherwise stated, I'll be referring to adjusted results for the first quarter of 2022 versus first quarter of 2021.

謝謝，安東尼。總體而言，我們有一個很棒的季度，整個業務的增長趨勢強勁。儘管在快速發展的宏觀環境中運營，但我們在實現創紀錄收入和連續第七個季度的正 EBITDA 的同時超出了我們的財務指導。我將向您介紹本季度的一些關鍵財務亮點，然後分享我們的財務前景。除非另有說明，否則我將指的是 2022 年第一季度與 2021 年第一季度的調整後業績。

Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and 10-Q filings. For the quarter, we delivered record adjusted net revenue of $322 million, up 49% year-over-year and up 15% sequentially from the prior quarter's record of $280 million and $37 million above the high end of our guidance of $280 million to $285 million. We also delivered $9 million of adjusted EBITDA, which came in $4 million above the high end of our guidance of $0 to $5 million.

我們的 GAAP 合併損益表和所有對賬可以在今天的收益發布和 10-Q 文件中找到。本季度，我們實現了創紀錄的調整後淨收入 3.22 億美元，同比增長 49%，環比增長 15%，比上一季度創紀錄的 2.8 億美元和 2.8 億美元至 285 美元的指導上限高出 3700 萬美元百萬。我們還交付了 900 萬美元的調整後 EBITDA，比我們指導的 0 至 500 萬美元的高端高出 400 萬美元。

Looking at some of the annual trends. We've generated $1.1 billion of adjusted net revenue over the last 12 months, a 49% increase from the same prior year period. In addition, our Q1 annualized run rate was nearly $1.3 billion of revenue. We also generated $35 million of positive EBITDA over the last 12 months.

看看一些年度趨勢。在過去 12 個月中，我們產生了 11 億美元的調整後淨收入，比去年同期增長了 49%。此外，我們第一季度的年化營業收入接近 13 億美元。在過去 12 個月中，我們還產生了 3500 萬美元的正 EBITDA。

Now on to the segment level performance, where we saw strong growth in record revenue across all 3 segments. In lending, first quarter adjusted net revenue accelerated for the second quarter in a row and grew 45% year-over-year to $244 million versus 30% in Q4 '21 and 21% in Q3 '21. Growth in lending was driven by the 82% year-over-year growth in net interest income and 29% growth in noninterest income. Growth in net interest income was driven by improvements in NIM, both build and cost of capital, an increase in loan balances, which grew to $7 billion, predominantly as a result of holding loans for a longer period of time, a very early benefit of having the bank as well as 30% growth in funded volume.

現在談談細分市場的表現，我們看到所有 3 個細分市場的收入都出現了創紀錄的強勁增長。在貸款方面，第一季度調整後的淨收入連續第二季度加速增長，同比增長 45% 至 2.44 億美元，而 21 年第四季度和 21 年第三季度分別增長 30% 和 21%。貸款增長是由淨利息收入同比增長 82% 和非利息收入增長 29% 推動的。淨利息收入的增長是由於淨息差的改善，包括建設和資本成本，貸款餘額增加，增長到 70 億美元，主要是由於持有貸款的時間更長，這是很早的收益擁有銀行以及資金量增長 30%。

The largest contributor of funded volume growth was our personal loans business, which grew 151% or $1.2 billion year-over-year to $2 billion in originations for the quarter, a new high for us and up 23% sequentially. This origination number is more than double our quarterly pre-pandemic average of $933 million in 2019. We were able to achieve this growth while maintaining our stringent credit standards and disciplined focus on quality.

資金量增長的最大貢獻者是我們的個人貸款業務，該業務本季度同比增長 151% 或 12 億美元，達到 20 億美元，對我們來說是新高，環比增長 23%。這一發起數字是我們在 2019 年大流行前季度平均水平 9.33 億美元的兩倍多。我們能夠實現這一增長，同時保持我們嚴格的信用標準和對質量的嚴格關注。

Our personal loan delinquency rates and charge-off rates have improved year-over-year. In Q1, 90-day personal loan delinquencies as a percentage of loans on the balance sheet improved to 14 basis points in Q1 '22, while our annualized personal loan charge-off rate was 1.0%. Both 90-day delinquency and the annualized charge-off rates in our student loan refinancing business also remained extremely healthy at 5 basis points and 27 basis points, respectively.

我們的個人貸款拖欠率和沖銷率逐年提高。在第一季度，90 天個人貸款拖欠率佔資產負債表上貸款的百分比在 22 年第一季度提高到 14 個基點，而我們的年化個人貸款沖銷率為 1.0%。我們的學生貸款再融資業務的 90 天拖欠率和年化沖銷率也分別保持在 5 個基點和 27 個基點，非常健康。

The increase in noninterest income was driven by growth in originations, strong sales execution and prudent hedging. The lending business delivered $133 million of contribution profit at a 54% margin, up from $88 million a year ago and a 52% margin. This improvement was driven by ops efficiencies and fixed cost leverage.

非利息收入的增長是由發起的增長、強勁的銷售執行和審慎的對沖推動的。貸款業務以 54% 的利潤率貢獻了 1.33 億美元的利潤，高於一年前的 8800 萬美元和 52% 的利潤率。這種改進是由運營效率和固定成本槓桿推動的。

Shifting to our tech platform, where we delivered net revenue of $61 million in the quarter, up 32% year-over-year versus a tough comparison driven by stimulus benefits and a rapid evolution from cash to digital payments in the same prior year period.

轉向我們的技術平台，我們在本季度實現了 6100 萬美元的淨收入，同比增長 32%，而去年同期由於刺激福利和從現金支付到數字支付的快速演變，這一艱難的比較。

Galileo contributed record revenue while Technisys contributed a small amount following the close of the transaction in March. Overall, revenue growth was driven by 58% year-over-year Galileo account growth to $110 million in total. We also signed 10 new clients 2 of which are in the B2B space, further diversifying our partner base.

Galileo 貢獻了創紀錄的收入，而 Technisys 在 3 月份交易結束後貢獻了少量收入。總體而言，Galileo 賬戶總額同比增長 58%，達到 1.1 億美元，推動了收入增長。我們還簽署了 10 個新客戶，其中 2 個在 B2B 領域，進一步豐富了我們的合作夥伴基礎。

Contribution profit of $18 million represented a 30% margin, which is in line with the 20% to 30% margin range we have guided to in the near term, given the opportunities for growth. As discussed previously, we remain committed to investing in the platform to ensure that our tech platform is well positioned to capitalize on the secular shift from physical to digital payments and rising overall demand for more fintech services.

考慮到增長機會，1800 萬美元的貢獻利潤代表 30% 的利潤率，這與我們在短期內指導的 20% 至 30% 的利潤率範圍一致。如前所述，我們仍然致力於投資該平台，以確保我們的技術平台能夠充分利用從實體支付到數字支付的長期轉變以及對更多金融科技服務的整體需求不斷增長。

Moving on to Financial Services, where adjusted net revenue of $24 million increased 264% year-over-year with new all-time high revenues for SoFi Money, which is now transitioning to SoFi Checking and Savings and continued strong contributions from SoFi Credit Card, SoFi Invest and Lending-as-a-Service. Improved monetization and exponential growth in financial services products drove our performance.

轉向金融服務，調整後的淨收入為 2400 萬美元，同比增長 264%，SoFi Money 的收入創下歷史新高，現在正在過渡到 SoFi Checking 和 Savings，SoFi 信用卡的持續強勁貢獻， SoFi 投資和貸款即服務。金融服務產品的貨幣化改善和指數增長推動了我們的業績。

Annualized revenue per financial services product increased 73% year-over-year and the number of products grew 2.2x year-over-year to 4.7 million in Q1 '22. All products were up approximately 100% year-over-year and SoFi Credit card was up 500% year-over-year. We hit 1.6 million products in SoFi money, $1.8 million in SoFi Invest and $1.1 million in Relay.

22 年第一季度，每種金融服務產品的年化收入同比增長 73%，產品數量同比增長 2.2 倍至 470 萬件。所有產品同比增長約 100%，SoFi 信用卡同比增長 500%。我們在 SoFi 資金中達到了 160 萬個產品，在 SoFi Invest 中達到了 180 萬美元，在 Relay 中達到了 110 萬美元。

Contribution losses were $50 million for the quarter, which increased year-over-year, predominantly as a result of now having a credit card business and needing to build our CECL reserves, which is expected as we continue to grow in scale. As of the end of Q1, the reserves are in line with industry peers. Excluding these reserves, contribution losses were $36.5 million or up $1 million year-over-year.

本季度的貢獻損失為 5,000 萬美元，同比增加，主要是由於現在擁有信用卡業務並需要建立我們的 CECL 儲備，隨著我們的規模繼續增長，預計這一點。截至一季度末，儲量與行業同行持平。不包括這些準備金，供款損失為 3650 萬美元，同比增長 100 萬美元。

The next thing I want to address is our balance sheet. Overall, we are very well capitalized with ample cash and excess liquidity. The recent opening of SoFi Bank only reinforces the strength of our balance sheet and provides us with more flexibility and the ability to further lower our cost of capital. In Q1, our balance sheet grew by approximately $3 billion, and that was driven by 3 factors: first, cash, cash equivalents and restricted cash increased by approximately $900 million, primarily as a result of an increase in pledge activity to capitalize the bank as well as increases in deposits at SoFi Bank, which totaled $1.2 billion at the end of the quarter.

我要解決的下一件事是我們的資產負債表。總體而言，我們資本充足，現金充裕，流動性過剩。 SoFi Bank 最近的開業只會增強我們資產負債表的實力，並為我們提供更大的靈活性和進一步降低資本成本的能力。在第一季度，我們的資產負債表增長了約 30 億美元，這由三個因素推動：首先，現金、現金等價物和受限制的現金增加了約 9 億美元，這主要是由於增加了將銀行資本化的質押活動SoFi 銀行的存款增加，截至本季度末總計 12 億美元。

Second, loan balances grew approximately $1.2 billion as a result of holding loans for a slightly longer period of time. And third, we had a $900 million increase in goodwill and intangibles related to our acquisition of Technisys. We exited the quarter with $2.8 billion drawn on our warehouse facilities, which is approximately 40% of our overall $7 billion of capacity. Our current book value is $5.5 billion and our capital and leverage ratios are extremely strong, both at the bank and at the bank holding company level.

其次，由於持有貸款的時間稍長，貸款餘額增加了約 12 億美元。第三，與收購 Technisys 相關的商譽和無形資產增加了 9 億美元。本季度末，我們的倉庫設施動用了 28 億美元，約占我們 70 億美元總產能的 40%。我們目前的賬面價值為 55 億美元，我們的資本和槓桿比率在銀行和銀行控股公司層面都非常強勁。

All right. I'll finish up with guidance. Throughout the last 12 months, we have demonstrated the benefit of having a diversified set of revenue streams and a keen focus on continuing to underwrite high-quality credit. We expect those benefits to persist going forward, particularly in light of the existing macro backdrop. For Q2, we expect another strong quarter of growth with $330 million to $340 million of adjusted net revenue, up 39% to 43% year-over-year and expect $5 million to $15 million of adjusted EBITDA.

好的。我會在指導下完成。在過去的 12 個月中，我們已經證明了擁有多元化收入來源和專注於繼續承保高質量信貸的好處。我們預計這些好處將持續下去，特別是在現有的宏觀背景下。對於第二季度，我們預計將出現另一個強勁的季度增長，調整後的淨收入為 3.3 億美元至 3.4 億美元，同比增長 39% 至 43%，預計調整後的 EBITDA 為 500 萬美元至 1500 萬美元。

For the full year of 2022, we are raising guidance and now expect to deliver $1.505 billion to $1.510 billion in adjusted net revenue, exceeding our recently provided full year guidance of $1.47 billion, and expect to deliver adjusted EBITDA of $100 million to $105 million above our recently provided guidance of $100 million.

對於 2022 年全年，我們正在提高指引，現在預計調整後的淨收入將達到 15.05 億美元至 15.10 億美元，超過我們最近提供的 14.7 億美元的全年指引，並預計調整後的 EBITDA 將超過 1 億美元至 1.05 億美元我們最近提供了 1 億美元的指導。

Overall, we couldn't be more proud of our Q1 results and continued progress. Having delivered nearly $1.3 billion of annualized revenue and our seventh consecutive quarter of positive EBITDA, we continue to make great progress against our long-term growth objectives in Q1 '22 and remain very well capitalized to continue pursuing our ultimate goal of making SoFi a top financial institution.

總體而言，我們對第一季度的業績和持續的進步感到無比自豪。在實現了近 13 億美元的年化收入和連續第七個季度的正 EBITDA 之後，我們繼續在實現 22 年第一季度的長期增長目標方面取得巨大進展，並保持充足的資本繼續追求我們使 SoFi 成為頂級公司的最終目標金融機構。

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

有了這個，讓我們開始問答吧。

(Operator Instructions)

（操作員說明）

Our first question comes from Dan Dolev with Mizuho.

我們的第一個問題來自瑞穗的丹·多列夫。

Great quarter here. I have sort of like maybe a longer-term question. And I think I was actually surprised to see the stock trade down today so much. And I think a lot of it had to do because he reported after upstart. And I think there's a lot of confusion out there in the market from the calls that we're getting from investors about the nuances and the differences between the quality of SoFi and some of your competitors. Can you maybe talk to what people are misunderstanding here and what they're missing when they're sort of putting you in that group?

這裡很棒的季度。我有點像一個長期的問題。而且我想我真的很驚訝今天看到股票交易如此下跌。而且我認為很多事情都是因為他在暴發戶之後報導的。而且我認為，我們從投資者那裡得到的關於 SoFi 質量與您的一些競爭對手之間的細微差別和差異的電話引起了市場上的很多困惑。你能談談人們在這裡誤解了什麼，當他們把你放在那個群體中時他們錯過了什麼？

Thanks, Dan. I'll start and hand it over to Chris to talk about the demographics and the credit profile of our members. I would say the biggest difference between SoFi and all the other, call it, FinTech 2.0 companies, moving Square and PayPal out of that equation. So more recently public companies. The biggest difference is, we're building a one-stop shop with a broad suite of digital financial products for our members.

謝謝，丹。我將開始並把它交給克里斯來談談我們會員的人口統計和信用狀況。我想說的是 SoFi 和所有其他公司之間的最大區別，稱之為 FinTech 2.0 公司，將 Square 和 PayPal 移出這個等式。所以最近是上市公司。最大的不同是，我們正在為我們的會員建立一個擁有廣泛數字金融產品套件的一站式商店。

We're trying to build a lifetime relationship with them to be there for every one of the major financial decision their lives and all the days in between. And we're doing that through a vertical integrated model so that we have best-of-breed products from a consumer standpoint, but also best-of-breed unit economics, and that will allow us to have a competitive advantage. And as we build that vertical integration, we're building technologies that we're turning into businesses as we have with Galileo and Technisys, and that results from a financial standpoint with a highly diversified business.

我們正在努力與他們建立終生的關係，以便在他們生活中的每一個重大財務決定以及其間的所有日子裡都在那裡。我們正在通過垂直整合模式做到這一點，以便從消費者的角度來看，我們擁有同類最佳的產品，同時也擁有同類最佳的單位經濟學，這將使我們擁有競爭優勢。當我們建立垂直整合時，我們正在構建技術，我們正在將其轉變為業務，就像我們在 Galileo 和 Technisys 中所做的那樣，這是從財務角度來看具有高度多元化業務的結果。

Within our Lending segment, we have 4 different types of loans. We're not just in personal loans. We're also in student loans refinancing or in school loans and in mortgages. Within the technology platform, there's 2 primary businesses there, but there's more to be additive Technisys and Galileo, and they're incredibly complementary. It's a very high-margin business, accelerates our rate of innovation, giving us a low-cost advantage and giving us a return on our own technology development and lifting the, all boast for the industry.

在我們的貸款部門，我們有 4 種不同類型的貸款。我們不只是個人貸款。我們還提供學生貸款再融資或學校貸款和抵押貸款。在技術平台中，有 2 個主要業務，但還有更多是增材技術 Technisys 和 Galileo，它們具有難以置信的互補性。這是一個非常高利潤的業務，加快了我們的創新速度，給了我們低成本的優勢，給了我們自己的技術開發和提升的回報，這一切都為行業而自豪。

And in our third segment, the Financial Services segment is highly diversified with SoFi Checking and Savings, SoFi Invest, even within SoFi Invest, we're not just in crypto, we're not just in single stocks, we're also ETFs are also in Ruble accounts, and then we have a credit card, which, over time, will build out that portfolio. We have 1 today. We also do insurance as a regeneration business. We have the Lantern and Relay businesses. So we're very diversified.

在我們的第三部分中，金融服務部分高度多樣化，包括 SoFi Checking and Savings、SoFi Invest，甚至在 SoFi Invest 中，我們不僅僅是加密貨幣，我們不僅僅是單一股票，我們也是 ETF也在盧布賬戶中，然後我們有一張信用卡，隨著時間的推移，它將建立該投資組合。我們今天有 1 個。我們還將保險作為再生業務。我們有燈籠和繼電器業務。所以我們非常多元化。

And one of the biggest reasons why we've been able to navigate the challenges of the last 4 years, and there have been multiple of challenges every year, whether it's economic or industry-related or credit related is because we have that diversification and can reallocate our resources toward the best growth opportunities are, and that's why we continue to deliver record revenues despite the negative impact on the student loan moratorium.

我們能夠應對過去 4 年的挑戰的最大原因之一是，每年都有很多挑戰，無論是經濟、行業相關還是信貸相關的，是因為我們擁有多元化並且可以將我們的資源重新分配給最佳增長機會，這就是為什麼我們繼續提供創紀錄的收入，儘管對學生貸款暫停產生了負面影響。

The last big thing I'd mention, and Chris will give you the details is we're going after a high-end customer, mass-affluent, high net wealth individuals to have a great credit profile, high income, and they need the products and services that we develop and most of the big banks have walked away from that price we have products. They don't offer mortgages. They're not in brokerage or they don't have personal financial management where they don't have (inaudible) advice.

我要提到的最後一件大事，克里斯會告訴你細節是我們正在追求一個高端客戶，大眾富裕，高淨值個人擁有良好的信用狀況，高收入，他們需要我們開發的產品和服務以及大多數大銀行已經放棄了我們產品的價格。他們不提供抵押貸款。他們不在經紀行業，或者他們沒有個人財務管理，沒有（聽不清）建議。

And so that results in us having a pretty diversified business. We've been GAAP profitable -- EBITDA profitable for the last 7 quarters, and we're on our way to being GAAP profitable and we're generating positive cash flow reporting EBITDA less CapEx and building our book value and we have substantial book value. But that's been sort of the biggest way to describe how we're positioned. I'll have Chris give you the details on our income and our credit profile.

因此，這導致我們擁有相當多元化的業務。我們一直在 GAAP 盈利——過去 7 個季度的 EBITDA 盈利，我們正在朝著 GAAP 盈利的方向前進，我們正在產生正現金流，報告 EBITDA 減去資本支出，並建立我們的賬面價值，我們擁有可觀的賬面價值.但這是描述我們如何定位的最大方式。我會讓克里斯告訴你我們的收入和信用狀況的詳細信息。

Yes. Thanks, Dan. What I would say is just echoing what Anthony said, our demographic credit profile of our member base is extremely strong, and we see that playing into our results. The weighted average income of our student loan refinancing borrowers is $170,000 with an average FICO of 775. The average income of our personal loan borrowers is $160,000 with an average FICO of 746.

是的。謝謝，丹。我要說的只是呼應安東尼所說的話，我們會員群的人口信用狀況非常強大，我們看到這對我們的結果產生了影響。我們學生貸款再融資借款人的加權平均收入為 170,000 美元，平均 FICO 為 775。我們個人貸款借款人的平均收入為 160,000 美元，平均 FICO 為 746。

And then our overall credit profile and risk metrics are trending really well, both on a year-over-year and sequential basis. In terms of 90-day delinquencies, our PL 90-day delinquencies are at 14 basis points which is down year-over-year and sequentially. And our student loan refinancing delinquencies remained really healthy at just 5 basis points.

然後，我們的整體信用狀況和風險指標趨勢非常好，無論是同比還是環比。在 90 天拖欠方面，我們的 PL 90 天拖欠為 14 個基點，同比和環比下降。我們的學生貸款再融資拖欠率仍然非常健康，僅為 5 個基點。

And then from a charge-off perspective, those remain really healthy as well and are trending in the right direction with our personal loans annualized charge-offs at 1.04%. And student loan at 27 basis points. And the last thing I'd add is we have the most unique funding strategy and distribution strategy that makes a low-cost operator in lending. We built the business end-to-end from metal to glass, but we've also built out diversified distribution of our loans.

然後從沖銷的角度來看，這些仍然非常健康，並且正朝著正確的方向發展，我們的個人貸款年化沖銷率為 1.04%。學生貸款為 27 個基點。我要補充的最後一件事是，我們擁有最獨特的融資策略和分銷策略，這使得貸款運營商成為低成本運營商。我們建立了從金屬到玻璃的端到端業務，但我們也建立了貸款的多元化分佈。

We can sell and hold loans, which is a great diversified market for us. We can hold loans because we're a bank, who use deposits to fund them at a low cost, and we can access the ABS market if and when we think it's appropriate. And so we have a great competitive advantage in low cost but also an ability to get really strong premiums for the credit that Chris just described due to broad distribution now from our capital markets.

我們可以出售和持有貸款，這對我們來說是一個非常多元化的市場。我們可以持有貸款，因為我們是一家銀行，使用存款以低成本為其提供資金，我們可以在我們認為合適的時候進入 ABS 市場。因此，我們在低成本方面擁有巨大的競爭優勢，但也有能力為克里斯剛剛描述的信貸獲得非常強勁的溢價，因為現在我們的資本市場分佈廣泛。

Got it. Super helpful. And can I ask one quick follow-up here. We're getting some questions today post that on the EBITDA for the second half. I know -- I mean, we've done the work. We know it has to do with the longer duration in deposits. But maybe can you quickly bridge for investors like sort of the bridge from where we are in the first and the second quarter to that $40 million-ish ramp in the second half, that would be helpful?

知道了。超級有幫助。我可以在這裡問一個快速跟進嗎？我們今天收到了一些關於下半年 EBITDA 的問題。我知道——我的意思是，我們已經完成了工作。我們知道這與存款期限較長有關。但也許你能快速為投資者搭建橋樑，比如從我們在第一季度和第二季度的情況到下半年的 4000 萬美元左右的增長，這會有所幫助嗎？

Yes, absolutely. So we aren't providing specific segment level or product level detail, but to at least how folks think about the bridge from where we are to the $100 million and $105 million guide. I would think about it in 2 buckets. First, the bank is going to start contributing much more meaningfully in the back half of this year.

是的，一點沒錯。因此，我們不會提供特定的細分級別或產品級別的詳細信息，而是至少提供人們如何看待從我們所在的位置到 1 億美元和 1.05 億美元指南的橋樑。我會在2個桶中考慮它。首先，該銀行將在今年下半年開始做出更有意義的貢獻。

But we're really proud to say that all new applications for our lending products are going through the bank end of a few weeks ago. Deposit growth is going extremely well. And as a result, we're going to start benefiting from a lower cost of capital, and we're going to start seeing the benefits play out of being able to hold loans for a longer period of time at scale in the back half of the year.

但我們真的很自豪地說，我們貸款產品的所有新應用程序都在幾週前通過銀行結束。存款增長非常順利。因此，我們將開始受益於較低的資本成本，並且我們將開始看到能夠在後半段大規模持有貸款所帶來的好處那一年。

And then the second thing, the second bucket is related to growth in some of our higher-margin businesses, specifically our personal loans business in Galileo. So collectively, those are the main things that we bridge us from where we are today to the guide.

然後第二件事，第二個桶與我們一些利潤率較高的業務的增長有關，特別是我們在伽利略的個人貸款業務。因此，總的來說，這些是我們將我們從今天的位置連接到指南的主要內容。

Our next question comes from John Hecht with Jefferies.

我們的下一個問題來自 Jefferies 的 John Hecht。

Yes, echo those congratulations on good numbers in a choppy environment. So my first question is just I know it's very early on, but maybe can you give us kind of your perspective on early progress within the bank and kind of what KPIs you're looking for and what we should look out for over time?

是的，在波濤洶湧的環境中回應那些對良好數字的祝賀。所以我的第一個問題是我知道現在還很早，但也許你能告訴我們你對銀行早期進展的看法，你正在尋找什麼 KPI 以及隨著時間的推移我們應該注意什麼？

Yes, thank you, John. One of the key strategies of having the bank license is being able to offer a super differentiated checking and saving accounts. When we originally launched SoFi Money, we were not a bank back in 2019, and we were sort of holding the interest rate that we could get from suite partners. But now as a bank, we could provide -- we can offer the interest rate that we think is most attractive.

是的，謝謝你，約翰。獲得銀行執照的關鍵策略之一是能夠提供超級差異化的支票和儲蓄賬戶。當我們最初推出 SoFi Money 時，我們在 2019 年還不是一家銀行，我們在某種程度上持有可以從套件合作夥伴那裡獲得的利率。但現在作為一家銀行，我們可以提供——我們可以提供我們認為最有吸引力的利率。

And currently, we're offering up to 1.25% on checking if you do direct deposit with us and get a host of other benefits as a member and other benefits in that account be charging the fees. We do free roundups, you have overdraft protection, you get a free certified financial planner, our relationship in addition to all other breakthrough, get on other loans, et cetera.

目前，我們提供高達 1.25% 的支票，用於檢查您是否直接向我們存款並作為會員獲得許多其他福利，並且該賬戶中的其他福利收取費用。我們做免費綜述，你有透支保護，你得到一個免費的認證理財規劃師，我們的關係除了所有其他突破，獲得其他貸款等等。

We've seen tremendous uptake of that product since we launched it. I will say, and as it is in my prepared remarks, it is incredibly challenging waiting for the Federal Reserve and OCC to give us the final approval, if it wasn't clear when they're going to do it or if they were going to do it given the political environment we're in. And so we were sitting ready with marketing and collateral and plans and technology and operations, ready to flip the switch.

自從我們推出該產品以來，我們已經看到了該產品的巨大吸收。我會說，正如我在準備好的講話中所說，等待美聯儲和 OCC 給我們最終批准是非常具有挑戰性的，如果不清楚他們何時會這樣做或他們是否會這樣做考慮到我們所處的政治環境，這樣做。所以我們準備好營銷和抵押品、計劃、技術和運營，準備好翻轉開關。

But once we did that, it took a while to get things rolling in Q1, and we came out of Q1 and Q2 really seeing the benefits. Our direct deposit uptake is up 60% on a conversion basis and the number of direct deposit accounts added per week has doubled in Q2 versus Q1. And as Chris mentioned, we're up to over $1.5 billion of deposits, and it's growing about $100 million of deposits per week, and the feedback from an NPS for basis is really strong.

但是一旦我們這樣做了，就需要一段時間才能在第一季度取得進展，我們從第一季度和第二季度真正看到了好處。我們的直接存款吸收率在轉換的基礎上增加了 60%，並且每週增加的直接存款賬戶數量在第二季度比第一季度翻了一番。正如克里斯所提到的，我們的存款超過 15 億美元，而且每週增加約 1 億美元的存款，來自 NPS 的基數反饋非常強勁。

So we couldn't be happier with that competitive advantage that we now have. As we bring people into the top of this funnel, it increased the amount of cross-buying we have, and as you know like a personal loan product, we double our variable profit per loan and then we cross-buys from there or invest into that. And money is really one of the products that they start with as it is fast and Relay.

因此，我們對我們現在擁有的競爭優勢感到非常高興。當我們把人們帶到這個漏斗的頂端時，它增加了我們的交叉購買量，正如你所知的個人貸款產品，我們將每筆貸款的可變利潤翻倍，然後我們從那裡交叉購買或投資那。金錢確實是他們開始使用的產品之一，因為它既快速又接力。

And our customer addition costs, they are very attractive and we're actually leading and even more because the LTV is putting out to be even higher than we thought based on our early indications. So really happy with our product. The second thing I'd say is it took a mild hit in the bank, at the bank and go through the process and there are plans that we have specifically like the checking and savings account and funding our new loans in the bank.

我們的客戶增加成本非常有吸引力，我們實際上處於領先地位，甚至更多，因為根據我們的早期跡象，LTV 比我們想像的還要高。對我們的產品非常滿意。我要說的第二件事是它在銀行受到了輕微的打擊，在銀行並經歷了整個過程，我們有特別喜歡支票和儲蓄賬戶的計劃，並為我們在銀行的新貸款提供資金。

But there are other opportunities that are now coming to life, such as having a sponsored (inaudible) business that we can partner with Galileo on. They have B2B partners out there adding. There's a lot of demand in the B2B channel. Well, we can be a sponsor bank in B2B. And so that's the new revenue stream that we're working on with the regulators to launch and with our partners there. So there's a number of other things that will come down the pipeline as a result of having the bank that weren't contemplated until we actually got the license.

但是現在還有其他機會正在實現，例如我們可以與伽利略合作的讚助（聽不清）業務。他們有 B2B 合作夥伴。 B2B 渠道有很多需求。好吧，我們可以成為 B2B 的讚助銀行。這就是我們正在與監管機構以及我們的合作夥伴合作推出的新收入來源。因此，由於在我們實際獲得許可證之前沒有考慮過銀行，因此還有許多其他事情將會出現。

That's very helpful. I appreciate all that detail. A follow-up question. Maybe just because it's been a volatile market. I think credit spreads are drifting around, and obviously, interest rates are moving upward. Or maybe talk about the components of the gain on sale? And is there any kind of different trends you're observing on your different asset types and kind of the outlook for that?

這很有幫助。我很欣賞所有這些細節。一個後續問題。也許只是因為它是一個動蕩的市場。我認為信用利差正在四處飄蕩，顯然，利率正在上升。或者也許談談銷售收益的組成部分？您在不同的資產類型和前景方面是否有任何不同的趨勢？

Yes, I can take that one, John. So what I would say is that there are a few important things to know when thinking about the overall trends in gain on sale margins, especially on a quarter-to-quarter basis. And there are a number of factors that's been playing to that, most predominantly rates, spreads, and then obviously, the price that we're charging on the loans that we sell. In addition to those factors, it's really important to incorporate the impact of hedge gains and losses, which are critical, particularly in an environment that we're in right now.

是的，我可以拿那個，約翰。所以我想說的是，在考慮銷售利潤率收益的總體趨勢時，有一些重要的事情需要了解，尤其是在季度之間。有許多因素在起作用，主要是利率、利差，然後顯然是我們對出售的貸款收取的價格。除了這些因素之外，納入對沖損益的影響也非常重要，這很關鍵，尤其是在我們現在所處的環境中。

So in Q1, our gain on sale margins, excluding hedge gains, were 4.2% and they were north of 4.5% once you include hedges associated with loans sold in period. Our student loan refinancing business had gain on sale margin of 1.5%, excluding the hedge and north of 4% once you include the hedges. And then our home loans business was negative 60 basis points, excluding the hedge and north of 2%, once you include that. So they've been relatively consistent on a hedge adjusted basis over the course of the last several quarters, and we expect them to be able to maintain that.

因此，在第一季度，我們的銷售利潤率收益（不包括對沖收益）為 4.2%，如果將與當期出售的貸款相關的對沖計算在內，則高於 4.5%。我們的學生貸款再融資業務的銷售利潤率為 1.5%，不包括對沖，如果包括對沖，則為 4% 以上。然後我們的房屋貸款業務為負 60 個基點，不包括對沖和 2% 以上，一旦你把它包括在內。因此，在過去幾個季度中，它們在對沖調整的基礎上相對一致，我們預計它們能夠保持這一點。

The only other thing I would say as it relates to our lending business is that we obviously seek to maximize profit dollars in our lending business and stay within a 40% to 50% contribution margin range, and we obviously have a number of levers to do that. Despite the rapidly rising rate environment that we've been going through over the course of the last quarter plus, we were still able to deliver $133 billion of contribution dollars at a 54% margin across our entire portfolio, even as rates went up 80 to 150 basis points across the curve.

我要說的與我們的貸款業務有關的唯一另一件事是，我們顯然尋求在我們的貸款業務中實現利潤最大化，並保持在 40% 到 50% 的邊際貢獻範圍內，而且我們顯然有很多槓桿要做那。儘管我們在上個季度經歷了快速上升的利率環境，但我們仍然能夠在整個投資組合中以 54% 的利潤率提供 1,330 億美元的捐款，即使利率上升了 80 至曲線上 150 個基點。

And one of the other things I would just add, John, the benefit of those that weren't that close to closing the company back in '18 and '19. When we joined in 2018, [Michelle] and I were looking at 4 to 5 rate increases throughout '18 and '19. And we rapidly developed a strategy of being able to test 6 different 6x6 grid simultaneous in the marketplace.

我要補充的另一件事是，約翰，那些在 18 和 19 年還沒有接近關閉公司的人的好處。當我們在 2018 年加入時，[Michelle] 和我正在考慮在 18 年和 19 年期間加息 4 到 5 次。我們迅速制定了能夠在市場上同時測試 6 個不同的 6x6 網格的策略。

And at that time, the company really only had the ability to test 2 prices. We spent the better part of 2018 not just testing all these different prices of building that capability, but also understanding the unit economics by marketing channel and just backing that over time. So the level of sophistication we have in marketing, pricing and credit is really built over the last 4 years.

而那個時候，公司真的只有測試2個價格的能力。我們在 2018 年的大部分時間裡，不僅測試了構建這種能力的所有這些不同的價格，而且還通過營銷渠道了解了單位經濟學，並隨著時間的推移對其進行支持。因此，我們在營銷、定價和信用方面的成熟度確實是在過去 4 年中建立起來的。

So as rates are going up, even though our funding costs are going down, we are being prudent about making sure we have the right price for the right credit through constantly testing and also leveraging different channels that we know have certain types of loan losses and quality performance.

因此，隨著利率上升，即使我們的融資成本在下降，我們也會謹慎行事，通過不斷測試並利用我們知道存在某些類型的貸款損失和品質表現。

In addition to that, we have an early warning framework that our risk team has built out that we actually executed at the beginning of 2020 to be in a pandemic to make sure that we're in a position to be able to pull back as economic conditions start to provide leaving indicators that are at risk. So we're playing on both ends of the spectrum offensively with pricing and channels and then if the market turns over in some way, that's not what was predicted. We can also put it back the other way.

除此之外，我們還有一個預警框架，我們的風險團隊已經建立了這個框架，我們實際上是在 2020 年初執行的，以確保我們能夠在經濟大流行中撤退條件開始提供有風險的離開指標。因此，我們在定價和渠道方面都在進攻性地發揮作用，然後如果市場以某種方式發生轉變，那不是預期的。我們也可以反過來說。

Our next question comes from Dominick Gabriele with Oppenheimer.

我們的下一個問題來自 Dominick Gabriele 和 Oppenheimer。

Great results. If you just think about your investment initiatives. How many of the -- how may have those changed since the end of the year '21 versus today since the market seems to be signaling a change in consumer environment? Have you changed any of your kind of investment dollar targets for your various business mix? And then I just have a follow-up.

偉大的結果。如果您只考慮您的投資計劃。自 21 年年底以來，與今天相比，有多少——因為市場似乎正在發出消費者環境發生變化的信號？您是否針對各種業務組合更改了任何類型的投資美元目標？然後我有一個跟進。

The answer is, yes. And it's been like that every quarter since we launched the business. We do an annual planning process that starts in the fall or sets the priorities for the company for the following year. We did that in September and October when we had our 6 priorities. The team then does their bottoms up financial plans against those 6 priorities and then we start the year. Around mid-February, we start what's called a large-revised forecast, which will be a revision of the plan based on everything we've learned.

答案是，是的。自從我們開展業務以來，每個季度都是這樣。我們從秋季開始製定年度計劃流程，或為公司設定下一年的優先事項。我們在 9 月和 10 月做了這件事，當時我們有 6 個優先事項。然後團隊根據這 6 個優先事項製定自下而上的財務計劃，然後我們開始新的一年。大約在 2 月中旬，我們開始進行所謂的大修正預測，這將基於我們所了解的一切對計劃進行修正。

And so all the market conditions that change from December, January, February and the performance of our business get factored into that realized forecast. We put through that same process every quarter. That's what allows us to assess where are things going well, there are things more challenging than we thought, how do we reallocate our resources against that umbrellas priorities to deliver the results.

因此，從 12 月、1 月、2 月開始發生變化的所有市場狀況以及我們的業務表現都會被納入已實現的預測中。我們每個季度都會進行同樣的流程。這就是讓我們能夠評估事情進展順利的原因，有些事情比我們想像的更具挑戰性，我們如何根據保護傘的優先事項重新分配我們的資源以交付結果。

So -- and we do a weekly latest call process as well, evaluating all the integrated details across all our funnels and our products and our financial performance so that we go into that revised forecast. We're not starting from scratch. We've built it on the back of 7 or 8 weeks of actual results in the quarter and what we're seeing in forward curves and the competitive environment, et cetera. So it's a constant process. And when you have the diverse set of (inaudible) that we have, it gives you a lot of advantages and they're not stuck in one silo.

所以 - 我們每週都會進行一次最新的電話會議，評估我們所有渠道、產品和財務業績的所有綜合細節，以便我們進行修訂後的預測。我們不是從頭開始。我們是在本季度 7 或 8 週的實際結果以及我們在前向曲線和競爭環境等方面看到的結果的基礎上構建的。所以這是一個持續的過程。當您擁有我們擁有的各種（聽不清）時，它會給您帶來很多優勢，而且它們不會被困在一個孤島中。

I'm not going to give you the specifics because it's multi-faceted. But obviously, the personal loan business did much better. We saw that opportunity, and we leaned into it. Student loan business got negatively impacted by the President's unexpected extensive work frame. We pulled back significantly in the marketing there and reallocate it. In fact, they're starting to reallocate more aggressively to things like checking and savings because we're seeing the flow-through to the loans and higher LTV justifying more investment there. So it's a constant data-driven process.

我不會給你具體的，因為它是多方面的。但顯然，個人貸款業務的表現要好得多。我們看到了這個機會，我們抓住了它。學生貸款業務受到總統出人意料的廣泛工作框架的負面影響。我們在那里大幅縮減營銷並重新分配。事實上，他們開始更積極地重新分配諸如支票和儲蓄之類的事情，因為我們看到流向貸款和更高的 LTV 證明在那裡進行更多投資是合理的。所以這是一個持續的數據驅動過程。

Great. And then just for my follow-up, if we just think about the moratorium versus the floating idea of perhaps even $10,000 of debt relief within student lending. How does that impact the business versus the moratorium? And I really do appreciate the early remarks on the high-income customers. I would assume those folks maybe took out larger loans on average than just the average loan within student there. So any color you could provide on how that might affect your business and how you're thinking about that dynamic between the moratorium and the $10,000 per person debt forgiveness?

偉大的。然後只是為了我的後續行動，如果我們只考慮暫停與浮動想法，甚至可能在學生貸款中減免 10,000 美元的債務。這對業務與暫停有何影響？我真的很欣賞早期對高收入客戶的評論。我會假設這些人平均獲得的貸款可能比那裡學生的平均貸款還多。因此，您可以提供任何顏色來說明這可能會如何影響您的業務以及您如何考慮暫停和每人 10,000 美元的債務減免之間的動態？

Yes. No, absolutely. I'll try to take a broader perspective on this to educate those that may not be aware. So prior to the pandemic, our student loan refinancing business had an average loan size of about $70,000. So the average loan that was being refinanced was $70,000. And we are doing over $2 billion of quarterly refinancings. Since then, we've operated at 50% or below other than the fourth quarter when people thought that moratorium was going to end in January, and we saw a big surge in late November and December. So about $70,000, the demographics, Chris mentioned have generally been the same.

是的。不，絕對。我將嘗試對此採取更廣泛的視角來教育那些可能不知道的人。因此，在大流行之前，我們的學生貸款再融資業務的平均貸款規模約為 70,000 美元。因此，再融資的平均貸款為 70,000 美元。我們正在進行超過 20 億美元的季度再融資。從那以後，除了第四季度人們認為暫停將在 1 月結束時，我們的運營率一直保持在 50% 或以下，而我們在 11 月下旬和 12 月看到了大幅增長。因此，克里斯提到的人口統計數據大致相同，約為 70,000 美元。

What people should understand is anyone who's already refinanced with us would not be eligible for a federal student loan forgiveness because they now have private loans. The federal student loan forgiveness that's been talked about has ranged from $10,000 for everybody. The $10,000 for those that weren't economically below a certain income class to $50,000 for everybody, with the presence by the campaign behind was $10,000 of forgiveness for those that had a need, hit and quantify it.

人們應該理解的是，任何已經向我們再融資的人都沒有資格獲得聯邦學生貸款減免，因為他們現在有私人貸款。被談論的聯邦學生貸款減免範圍從每個人的 10,000 美元不等。經濟上不低於某個收入階層的人的 10,000 美元到每個人的 50,000 美元，在競選活動的支持下，為有需要、打擊和量化的人提供了 10,000 美元的寬恕。

What's been talked about more recently, the President said I'm not interested in $50,000 of forgiveness per person and his point and his advisers are pointing more towards $10,000 of forgiveness below a certain economic level. There's a lot of debates on an economic level for everything, for $75,000 of income to $125,000 of income. The best thing for SoFi and for SoFi shareholders in our business is if he announces -- the best thing is he hands the moratorium than we just move on, but that's unlike. What's more likely is some level of forgiveness.

最近談論的內容是，總統說我對每人 50,000 美元的寬恕不感興趣，他的觀點和他的顧問們更多地指向低於一定經濟水平的 10,000 美元的寬恕。從 75,000 美元的收入到 125,000 美元的收入，所有事物的經濟水平都有很多爭論。對於 SoFi 和我們業務中的 SoFi 股東來說，最好的事情是如果他宣布 - 最好的事情是他會暫停，而不是我們繼續前進，但這不同。更有可能的是某種程度的寬恕。

If there is some level of forgiveness, $10,000 and below, I think it would be great for our business. Now you may say, even if that applies to everybody, even if that applies to everybody. There's a cohort of people that have been waiting and waiting and waiting for student loan forgiveness and they have not refinanced. And that's in our demographic as well. Once there actually is forgiveness, there's nothing to wait for anymore. You now know what the plan is, and you have to make a decision.

如果有一定程度的寬恕，10,000 美元及以下，我認為這對我們的業務來說會很棒。現在你可能會說，即使這適用於每個人，即使這適用於每個人。有一群人一直在等待和等待學生貸款的寬恕，但他們還沒有再融資。這也在我們的人口統計中。一旦真正得到寬恕，就沒有什麼可等待的了。您現在知道計劃是什麼，您必須做出決定。

Well, if you had 70,000 loans, which is our target market, and you get $10,000 of forgiveness, you're still refinancing $60,000, but the number of people that we'll be refinancing will be magnitudes greater than it was in the past because there's really no reason to wait any longer, especially with rates going up, I mean, there's likely not going to be a second wave of forgiveness. This area where there's $10,000 of forgiveness for people, the $125,000 (inaudible) is really advantageous to us given the demographics that we set at a weighted average income of $170,000.

好吧，如果您有 70,000 筆貸款，這是我們的目標市場，並且您獲得 10,000 美元的寬恕，那麼您仍在再融資 60,000 美元，但是我們將再融資的人數將比過去多很多，因為真的沒有理由再等下去了，尤其是在利率上升的情況下，我的意思是，可能不會出現第二波寬恕。考慮到我們設定的加權平均收入為 170,000 美元的人口統計數據，這個為人們提供 10,000 美元寬恕的區域，125,000 美元（聽不清）對我們來說確實是有利的。

And so that's the way I would think about it. In terms of our financial guidance, we've assumed that the moratorium will extend all the way through 2022. So our guidance that Chris mentioned of $1.505 billion to $1.510 billion is an assumption that the student loan business does not recover. In fact, it continues to be relatively depressed and exceeding even more.

這就是我的想法。在我們的財務指導方面，我們假設暫停將一直持續到 2022 年。因此，克里斯提到的 15.05 億美元至 15.10 億美元的指導是假設學生貸款業務沒有恢復。事實上，它繼續相對低迷，甚至超過。

Our next question comes from Mike Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Mike Ng。

I just wanted to ask about the origination outlook for home loans specifically. I know you called out some fulfillment partner issues. Can you just talk a little bit about whether you see that easing in the back half and could home loan originations accelerate? And then could you also just talk about the backdrop of competition and the softening refinance environment, how does that affect how you think about home loan originations for this year and next?

我只是想具體詢問一下住房貸款的起源前景。我知道您提出了一些履行合作夥伴的問題。您能否簡單談談您是否看到後半部分的寬鬆政策以及住房貸款發放是否會加速？然後你能否談談競爭的背景和疲軟的再融資環境，這將如何影響你對今年和明年房屋貸款發放的看法？

Yes. We do have an opportunity to significantly improve the value proposition to our members at home loans and our execution on the operational side. The execution on the operational side is what's holding us back. We are -- we have moved from the existing partner to one entirely new partner. In doing that move, things haven't preceded as fast as we'd have liked, which is a great highlight for how the diversification of our business allows us to overcome something that's underperformed.

是的。我們確實有機會顯著改善我們的會員在住房貸款方面的價值主張以及我們在運營方面的執行。運營方面的執行是阻礙我們前進的原因。我們 - 我們已經從現有的合作夥伴轉移到一個全新的合作夥伴。在採取這一舉措時，事情並沒有像我們希望的那樣快，這是我們業務多元化如何讓我們克服表現不佳的事情的一大亮點。

And so 2 things have happened in the home loan business: one, we've moved to that new partner and there's growing pains and execution pains there. At the same time, the team has had the additional challenge of the mix of home loans moving from refinancing more towards purchase, purchases a different operational process, as you could imagine.

因此，房屋貸款業務發生了兩件事：第一，我們已經搬到了新的合作夥伴那裡，那裡有成長的痛苦和執行的痛苦。與此同時，該團隊還面臨額外的挑戰，即住房貸款組合從再融資轉向購買，購買不同的操作流程，正如您可以想像的那樣。

And it's really critical in those scenarios that you hit closing dates, et cetera. And so we're erring on the side of trying to provide the best level of service we can. And so we really haven't stepped on the gas pedal as it relates to driving top of the funnel demand because we want to make sure we can get the backlog of loans that we have in the system, especially in purchase through the system successfully.

在您達到截止日期等的情況下，這真的很重要。因此，我們在盡力提供最好的服務方面犯了錯誤。因此，我們真的沒有踩油門，因為這與推動漏斗需求的頂部有關，因為我們希望確保我們能夠獲得系統中積壓的貸款，特別是通過系統成功購買。

There are definitely challenges there, and we underperformed in the quarter. I'm confident the team has the right plan and will work its way out throughout the course of the year. It's a product that our members were still at 60% of the home loans we do or more from existing members.

那里肯定存在挑戰，我們在本季度表現不佳。我相信團隊有正確的計劃，並將在整個一年中努力解決問題。這是一種產品，我們的會員仍然是我們從現有會員那裡獲得的住房貸款的 60% 或更多。

It's one of the most important financial decisions they'll make. It's 1 of the probably biggest emotional decision that they'll make, and we need to be there for them to give them a great product and a great service and it's still a huge opportunity for us given how few loans we've done for our members and the magnitude of the probably bigger base that we now have, not to mention stealing share from as the first product.

這是他們將做出的最重要的財務決策之一。這可能是他們將做出的最大的情感決定之一，我們需要為他們提供優質的產品和優質的服務，鑑於我們為我們所做的貸款很少，這對我們來說仍然是一個巨大的機會成員和我們現在擁有的可能更大的基礎的規模，更不用說從第一個產品中竊取份額。

Our next question comes from Mihir Bhatia from Bank of America.

我們的下一個問題來自美國銀行的 Mihir Bhatia。

Maybe just to start, can you just talk about your macro expectations for the rest of the year?

也許只是開始，你能談談你對今年剩餘時間的宏觀預期嗎？

Yes, absolutely. So in terms of the overall macro expectations, we are assuming that rates will continue to increase what we've baked into our forward guidance is that we would have 7 additional rate hikes between now and the end of the year.

是的，一點沒錯。因此，就整體宏觀預期而言，我們假設利率將繼續上漲，我們在前瞻指引中的預測是，從現在到年底，我們將再加息 7 次。

Got it. And then anything -- and then the rest of it, any other color you can provide beyond just the rate hike, just what are you assuming for, I guess, unemployment, consumer health, those kinds of things, anything at all you can provide there?

知道了。然後是任何東西——然後是其餘的東西，除了加息之外，你可以提供的任何其他顏色，我猜你的假設是什麼，失業，消費者健康，諸如此類的東西，你可以提供的任何東西那裡？

Yes. We're assuming that the inflationary environment space so much toward it is today. We are not assuming a recession. We do have early warning frameworks that will allow us to get in front of some type of deterioration in the economy that's of the magnitude that would have an impact on life of loan losses.

是的。我們假設今天的通脹環境空間如此之大。我們沒有假設經濟衰退。我們確實有預警框架，可以讓我們提前應對經濟中某種類型的惡化，這種惡化程度會影響貸款損失的壽命。

We've been doing this for a couple of years and (inaudible) through this cycle (inaudible) forward. And so we'll be vigilant on that front. But right now, those indicators are showing relatively strong demand and a relatively stable economic environment. And as Chris mentioned, the performance of our credit has been quite positive.

我們已經這樣做了幾年，並且（聽不清）通過這個循環（聽不清）向前推進。所以我們會在這方面保持警惕。但目前，這些指標顯示出需求相對強勁，經濟環境相對穩定。正如克里斯所說，我們的信用表現非常積極。

Great. That's helpful. And that's quite consistent with what we've heard from others too. So I think that's good. I think 1 other question I just had, it's a follow-up in terms of -- I think, John, asked about KPIs within the bank earlier, and I apologize if I missed this. But did you give the direct deposit penetration rate maybe with your members and just the amount of cross-sell you're seeing between bank deposit holders and your other loans?

偉大的。這很有幫助。這也與我們從其他人那裡聽到的非常一致。所以我認為這很好。我想我剛才還有一個問題，這是一個後續問題——我想，John，早些時候問過銀行內部的 KPI，如果我錯過了這個問題，我深表歉意。但是您是否給出了您的會員的直接存款滲透率，以及您在銀行存款持有人和您的其他貸款之間看到的交叉銷售量？

We have not given the specific numbers and specific KPIs. These are something we'll evaluate over time. The only thing I said was that the weekly adds have doubled since we -- repayment to Q2 versus Q1. And on prior calls, we have seen a good ramp increase based on our strategic focus in the area by adding critical elements of value to the equation. But the checking and savings conversion in the highest rate of 1.25% have really taken to the next level. As I mentioned, it's up 2.7x in Q2 versus Q1. And we see an increasing conversion of account funded to direct deposit of 60% with (inaudible).

我們沒有給出具體的數字和具體的 KPI。這些是我們將隨著時間的推移進行評估的東西。我說的唯一一件事是，自我們以來，每週增加一倍 - 與 Q1 相比，Q2 還款。在之前的電話會議中，我們已經看到基於我們在該領域的戰略重點，通過將關鍵的價值要素添加到等式中，實現了良好的增長。但最高 1.25% 的支票和儲蓄轉換率確實更上一層樓。正如我所提到的，第二季度與第一季度相比上漲了 2.7 倍。而且我們看到資金賬戶轉換為 60% 的直接存款（聽不清）。

Understand. And good execution, again, for the quarter.

理解。本季度再次獲得良好的執行。

Our next question comes from Tim Chiodo with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Tim Chiodo。

I wanted to dig into the Financial Services segment for the noninterest income. So strong growth year-over-year, absolutely. But when we looked at it on a quarter-over-quarter basis, maybe there's just some seasonality there. Maybe you could just help us in the modeling of how we should think about the noninterest income for that segment into Q2, Q3 and really for the rest of the year?

我想深入研究金融服務部門的非利息收入。絕對如此強勁的同比增長。但是，當我們按季度進行查看時，可能只是存在一些季節性因素。也許您可以幫助我們建模我們應該如何考慮該部分在第二季度、第三季度以及今年剩餘時間的非利息收入？

Yes, I can take that one, Tim. So what I would say is we saw really good momentum year-over-year, as you alluded to. Quarter-over-quarter, we saw a sequential growth in products of about 15%. Money and Credit Card combined delivered $10 million of revenue in the quarter that was up $2 million or 22% sequentially. That was primarily driven by interchange as well as some NIM. Our Lantern and Galileo businesses combined, or Lending-as-a-Service delivered $8 million on the quarter. That was up $2 million sequentially or 30%.

是的，我可以拿那個，蒂姆。所以我想說的是，正如你所提到的，我們看到了同比非常好的勢頭。與上一季度相比，我們看到產品環比增長約 15%。貨幣和信用卡在本季度的總收入為 1000 萬美元，環比增長 200 萬美元或 22%。這主要是由交換以及一些 NIM 驅動的。我們的 Lantern 和 Galileo 業務相結合，即貸款即服務在本季度交付了 800 萬美元。這比上一季度增加了 200 萬美元或 30%。

And then our Invest business delivered $5 million of revenue. What I would say in terms of the forward outlook, again, we don't provide it at the product level, but we do expect to see continued strong momentum in growth in product count across all of the products as well as improvement in monetization. If you look at our annualized revenue per product in the financial services business, that was up 73% year-over-year.

然後我們的投資業務帶來了 500 萬美元的收入。關於前瞻展望，我想說的是，我們不會在產品層面提供它，但我們確實希望看到所有產品的產品數量持續強勁增長以及貨幣化的改善。如果您查看我們在金融服務業務中每種產品的年化收入，則同比增長 73%。

So we've made really good improvements over the last several quarters and continuing to monetize those products and numbers, and we expect that to continue going forward. And the way that that's going to increase is through continuing to drive AUM, continuing to drive spend. We're seeing really good trends in that right now, especially opening the bank. And then obviously, launching new products and features like options that we expect to do by the end of this year. And there's 1 thing to remember, I think people know the just in case, we'll have the bank for a full quarter in Q2, which will benefit that segment versus only 1 month in Q1.

因此，我們在過去幾個季度中取得了非常好的改進，並繼續將這些產品和數字貨幣化，我們預計這種情況會繼續向前發展。增加的方式是繼續推動 AUM，繼續推動支出。我們現在看到了非常好的趨勢，尤其是開設銀行。然後很明顯，推出新產品和功能，比如我們預計在今年年底之前推出的選項。還有一件事要記住，我認為人們知道以防萬一，我們將在第二季度擁有整個季度的銀行，這將使該部門受益，而第一季度只有 1 個月。

Yes. Excellent. Great. Chris, appreciate that. other 1 was just a quick follow-up. Just so you made a comment that kind of caught my attention in the prepared remarks around strong new accounts at Galileo, for sure. But then also, you mentioned in terms of new customers, a couple that were in the B2B area. If you could just put some additional context around that, that would be greatly appreciated?

是的。優秀的。偉大的。克里斯，很感激。其他 1 只是一個快速跟進。就這樣，你在準備好的關於伽利略強大新賬戶的評論中發表的評論引起了我的注意，當然。但是，您還提到了新客戶，即 B2B 領域的一對。如果您可以為此添加一些額外的上下文，那將不勝感激？

So our product at Galileo, the platform lends itself not just to consumer-driven business. And Galileo has been a leader in the B2C space and neobanks since its inception. Since we bought it, we've seen an increasingly amount of demand in enterprise space. The #2 partner within Galileo, which has been #2 for years, is actually enterprise customer and not a consumer customer.

因此，我們在 Galileo 的產品，該平台不僅適用於消費者驅動的業務。伽利略自成立以來一直是 B2C 領域和新銀行的領導者。自從我們購買它以來，我們已經看到企業領域的需求越來越大。多年來一直排名第二的 Galileo 中排名第二的合作夥伴實際上是企業客戶，而不是消費者客戶。

So it has that flexibility. And so we've signed a number of enterprise partners, some of which that is for accounts payable, accounts receivable payments and working capital in addition to other types of businesses that are in the giga economy. So we're not naming specific names.

所以它具有這種靈活性。因此，我們已經簽署了許多企業合作夥伴，其中一些是用於應付賬款、應收賬款支付和營運資金，以及千兆經濟中的其他類型的業務。所以我們沒有命名具體的名字。

We'll announce those in conjunction with our partners as opposed to during our earnings call, but that's increasingly a big channel for us, and we have a product pipeline to better serve the enterprise and SMB space holistically based on the demand we're seeing.

我們將與我們的合作夥伴一起宣布這些，而不是在我們的財報電話會議上，但這對我們來說越來越重要，我們有一個產品管道，可以根據我們看到的需求更好地為企業和 SMB 空間提供整體服務.

Our next question comes from Jeff Adelson with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Jeff Adelson。

I just wanted to understand the trajectory of personal loan growth here in your assumptions, a really nice quarter for that line. What kind of growth maybe are you assuming in your guidance for the rest of the year? And then just as you kind of look under the hood there, are you seeing more demand from your customers for that product? Or I mean, if I understood, Anthony, just comments correctly earlier, it sounds like you're putting more marketing dollars out of that area.

我只是想在你的假設中了解個人貸款增長的軌跡，這對這條線來說是一個非常好的季度。您在今年剩餘時間的指導中假設什麼樣的增長？然後，就像您深入了解那裡一樣，您是否看到客戶對該產品的更多需求？或者我的意思是，如果我理解的話，安東尼，剛才評論正確，聽起來你在那個領域投入了更多的營銷資金。

And could you also kind of help us understand how your ability to pass through interest rates is going there? It looks like from the queue, you were able to increase the rate there, about 40 bps Q-on-Q and you've got the 2-year rate going up 160 bps roughly. So I just want to understand all those little drivers there?

您是否也可以幫助我們了解您通過利率的能力如何？從隊列中看，您可以在那裡提高利率，大約 40 個基點 Q-on-Q，並且您的 2 年利率大約上升了 160 個基點。所以我只想了解那裡所有的小司機？

Yes. On the personal loan side, I'll let Chris talk about the outlook. In terms of driving demand, I know a couple of macro things and the things that we're doing on the micro side. As interest rates go higher, we saw this in '18 and '19, we see people refinancing at a variable rate debt, why credit card debt and other high-rate variable debt into fixed rate term loan debt.

是的。在個人貸款方面，我會讓克里斯談談前景。在推動需求方面，我知道一些宏觀的事情以及我們在微觀方面正在做的事情。隨著利率走高，我們在 18 年和 19 年看到了這一點，我們看到人們以浮動利率債務進行再融資，為什麼信用卡債務和其他高利率可變債務變成了固定利率定期貸款債務。

And so our product is really conducive to doing that, and we capture that demand. Additionally, as rates go higher, if you go back and look at our advertising in 2018 and '19, you will see we had a use case advertising behind home improvement. So as interest rates go higher and individuals look to remodel their homes instead of buying new homes on that product also benefits. One of the things that we can do now that we weren't that able to do in 2018 and '19 as we can market the product to our existing customers.

所以我們的產品真的有利於做到這一點，我們抓住了這種需求。此外，隨著費率的上漲，如果您回頭查看我們在 2018 年和 19 年的廣告，您會發現我們在家居裝修背後有一個用例廣告。因此，隨著利率走高，個人希望改造房屋而不是購買該產品的新房屋，也會受益。我們現在可以做的一件事是我們在 2018 年和 19 年無法做到，因為我們可以將產品推銷給現有客戶。

And when we were going public, we provided a presentation that showed you the percent of our loans that were cross bought, and it's averaging the 20% to 30% range. And so as the business has grown, it stayed in that range, and that's a really efficient way for us to market to our customers. And so we will be leveraging that through this environment as well. In terms of the trajectory of it in the outer quarters, I'll let Chris talk to that.

當我們上市時，我們提供了一份演示文稿，向您展示了我們交叉購買的貸款的百分比，平均在 20% 到 30% 的範圍內。因此，隨著業務的增長，它一直保持在這個範圍內，這對我們向客戶進行營銷來說是一種非常有效的方式。因此，我們也將在這個環境中利用這一點。至於它在外圍的軌跡，我會讓克里斯談談。

Yes. So in terms of the trajectory, we are providing forward guidance on originations. But as you know, we saw a really good growth at 151% year-over-year, and we ended up exiting the quarter with about 5.5% market share when you look at the overall TAM of our credit bonds, and that's in comparison to about 4% in Q1 of 2021. So we do expect to be able to continue gaining share over the course of 2022. And if rates continue to increase, we do expect the market to continue to expand.

是的。因此，就軌跡而言，我們正在提供關於起源的前瞻性指導。但如您所知，我們看到了非常好的同比增長 151%，當您查看我們信用債券的整體 TAM 時，我們最終以約 5.5% 的市場份額退出了本季度，這與2021 年第一季度約為 4%。因此，我們確實預計能夠在 2022 年繼續獲得份額。如果利率繼續上漲，我們確實預計市場將繼續擴大。

And the other thing I'd just mention on the marketing side, we can afford to be a little bit more aggressive on the marketing front and open the (inaudible) a little bit because of our decline monetization strategy. This is a product where we're proving 30% of the applicants. Previously, the other 70% were sort of off until we launched Lantern and now Lending-as-a-Service that we have in our own application process. And so we can be a little bit more aggressive on marketing and drive return against that because our declines could be monetized in those 2 ways.

我剛剛在營銷方面提到的另一件事是，由於我們的拒絕貨幣化策略，我們可以在營銷方面更加激進一點，並開放一點（聽不清）。這是一個產品，我們證明了 30% 的申請人。以前，在我們推出 Lantern 和現在的 Lending-as-a-Service 之前，其他 70% 的貸款都在我們自己的申請流程中。因此，我們可以在營銷方面更加積極一些，並推動回報，因為我們的下降可以通過這兩種方式貨幣化。

Yes. And then the one last thing to address. Your final question about passing rate increases through WAC, especially in the PL business, we've made really good progress on software increasing. Pricing and demand has remained extremely robust as you saw in the quarter. Overall, on the balance sheet and through our originations in the quarter, we were successfully able to raise WAC both NPL and SLR. So making really good progress there and it's showing up in the results.

是的。然後是最後一件事要解決。關於通過 WAC 提高通過率的最後一個問題，特別是在 PL 業務中，我們在軟件增加方面取得了非常好的進展。正如您在本季度看到的那樣，定價和需求仍然非常強勁。總體而言，在資產負債表上以及通過我們在本季度的發起，我們成功地提高了 NPL 和 SLR 的 WAC。因此，在那裡取得了非常好的進展，並顯示在結果中。

And then if I could just have a follow-up on the student loan side. Assuming that the student loan moratorium does go away at year-end or even before then, is a reasonable way of thinking about your guidance here going forward, maybe that the original 2023 or -- I'm sorry, the original 2022 number for EBITDA of around $250 million is potentially the right way to think about 2023?

然後，如果我可以在學生貸款方面進行跟進。假設學生貸款暫停確實在年底甚至在此之前消失，這是一種合理的方式來考慮您在此處的指導，也許是原來的 2023 年，或者 - 對不起，原來的 2022 年 EBITDA 數字大約 2.5 億美元可能是考慮 2023 年的正確方式嗎？

Yes, we're not providing specific guidance around 2023. At this point, we shared the quarterly impact on the SLR business and the result of -- and the impact from the extension. But at this point, we're not prepared to talk about 2023.

是的，我們沒有在 2023 年左右提供具體指導。此時，我們分享了對 SLR 業務的季度影響以及擴展的結果——以及擴展的影響。但在這一點上，我們還沒有準備好談論 2023 年。

So the 1 thing I will say is, as the student loan business comes back or if it doesn't, as we exit 2022, we will go back towards the percent incremental EBITDA margin philosophy. And the reason why I'm emphasizing that is there's a lot of different ways to think about shareholder value creation. We believe return on invested capital is the most highly correlated metric with shareholder value creation. I think it's better than ROE.

因此，我要說的一件事是，隨著學生貸款業務的恢復，或者如果沒有，當我們退出 2022 年時，我們將回到 EBITDA 利潤率增量百分比的理念。我之所以強調這一點，是因為有很多不同的方式來思考股東價值創造。我們認為投資資本回報率是與股東價值創造最相關的指標。我覺得比ROE好。

We'll look at both for us to get to the return invested capital that we think we can achieve in our mix of businesses that's in the 30-plus range. We have to have a 30% EBITDA margin and grow capital utilization, as we have played on the CapEx side of the equation, which generates great closure from EBITDA to free cash flow, which is then to build our book value. And so as exit turning to with or without student loans, we'll be back to a 30% incremental EBITDA margin. If we have the benefit of the student loan business, that would just be more incremental revenue and more incremental EBITDA at the 30% rate.

我們將著眼於兩者，以獲得我們認為可以在 30 多個範圍內的業務組合中實現的投資資本回報。我們必須擁有 30% 的 EBITDA 利潤率並提高資本利用率，正如我們在等式的資本支出方面所發揮的那樣，這使得 EBITDA 與自由現金流之間產生了很大的關係，然後建立了我們的賬面價值。因此，隨著退出轉向有或沒有學生貸款，我們將回到 30% 的增量 EBITDA 利潤率。如果我們從學生貸款業務中受益，那將是更多的增量收入和更多的增量 EBITDA（以 30% 的比率）。

That is the end of our Q&A session. Now I'll turn the call over to SoFi, CEO, Anthony Noto, for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉給 SoFi 首席執行官 Anthony Noto 來做閉幕詞。

Thank you, all. Thank you for everyone for joining us this afternoon or evening where you are. Before we wrap, I wanted to share some final thoughts. At SoFi, we are no stranger to adversity. As we near the halfway point of 2022, there is no shortage of challenges ahead, but there has been no shortage of challenges every year since we joined back in February of 2018.

謝謝你們。感謝大家今天下午或晚上加入我們。在我們結束之前，我想分享一些最後的想法。在 SoFi，我們對逆境並不陌生。 2022年已過半，前方不乏挑戰，但自2018年2月回歸以來，每年的挑戰都不乏挑戰。

And with each set of unique challenges, we have written to the occasion each time. I cannot predict the future, but I can assure you that we have the best strategy in the most diversified set of businesses that have delivered superior consistent financial performance that generating both high growth in revenue and strong profits as measured by EBITDA.

對於每一組獨特的挑戰，我們每次都寫信給這個場合。我無法預測未來，但我可以向您保證，我們在最多元化的業務中擁有最佳戰略，這些業務提供了卓越的一致財務業績，以 EBITDA 衡量，收入和利潤均實現高增長。

We also have significant financial resources with more than $5 billion in capital and a battle-tested team. Most importantly, I can assure you that we will work tirelessly to be prepared as best we can wherever we face ahead, just as we have over the last 4 years. I love our team. I love our strategy. I love our company, and I love where I work. I wake up every day, trying to be a better leader than the day before and reminding myself that those who dare, win. Until we talk next time, thank you for your interest in SoFi, and thank you for your support.

我們還擁有超過 50 億美元的資金和久經考驗的團隊，擁有大量的財務資源。最重要的是，我可以向您保證，我們將不知疲倦地努力做好準備，無論我們面對什麼未來，就像我們在過去 4 年所做的那樣。我愛我們的團隊。我喜歡我們的策略。我愛我們的公司，我愛我工作的地方。我每天醒來，努力成為比前一天更好的領導者，並提醒自己，那些敢於挑戰的人，就是贏家。直到我們下次再談，感謝您對 SoFi 的關注，感謝您的支持。

That concludes the SoFi Q1 2022 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

SoFi 2022 年第一季度收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。