SoFi Technologies Inc (SOFI) 2021 Q2 法說會逐字稿

Welcome to today's SoFi Q2 2021 Earnings Conference Call. My name is Jordan, and I'll be coordinating your call today. (Operator Instructions) I'm now going to hand over to Andrea Prochniak, Vice President of Investor Relations, to begin. Andrea, please go ahead.

歡迎來到今天的 SoFi 2021 年第二季度收益電話會議。我的名字是喬丹，今天我會協調你的電話。 （操作員說明）我現在將由投資者關係副總裁 Andrea Prochniak 開始。安德里亞，請繼續。

Thank you, operator, and thank you all for joining us today for SoFi's Second Quarter of 2021 Earnings Call. I'm Andrea Prochniak, SoFi's VP of Investor Relations, and I'm thrilled to be here kicking off SoFi's quarterly reporting process as a public company. 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. Just after market closed today, we issued a press release announcing SoFi's second quarter 2021 financial results. Our discussion of our results today is complementary to the press release, which is available on the Investor Relations page of our website, investors.sofi.com. This conference call is being webcast live with accompanying slides on our IR page as well, and will be available for a replay for 30 days beginning about 1 hour after the conclusion of this call.

感謝運營商，感謝大家今天加入我們參加 SoFi 的 2021 年第二季度財報電話會議。我是 SoFi 投資者關係副總裁 Andrea Prochniak，我很高興能在這裡啟動 SoFi 作為上市公司的季度報告流程。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。就在今天收市後，我們發布了一份新聞稿，宣布了 SoFi 2021 年第二季度的財務業績。我們今天對業績的討論是對新聞稿的補充，該新聞稿可在我們網站investors.sofi.com 的投資者關係頁面上找到。本次電話會議正在網絡直播，並在我們的 IR 頁面上附有幻燈片，並將在本次電話會議結束後約 1 小時開始重播 30 天。

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 these statements. We discuss these factors in our filings with the SEC, including our upcoming Form 10-Q, which can be found on the IR page of our website or 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這些陳述中的結果存在重大差異。我們在提交給 SEC 的文件中討論了這些因素，包括我們即將發布的 10-Q 表格，該表格可在我們網站的 IR 頁面或 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 reconciliations, you should refer to the financial data contained within our press release, which is also posted to the IR page of our website. While today's discussion will focus primarily on the second quarter results, 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 對賬的詳細披露，您應該參考我們的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。雖然今天的討論將主要集中在第二季度業績上，但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. Welcome all to SoFi's first earnings conference call as a public company. We're excited to speak with you today about our second quarter results. I want to start by providing you with a short overview of our mission, our strategy, our job to be done, which is more commonly referred to as our value proposition, and our points of differentiation.

謝謝你，安德里亞。歡迎大家參加 SoFi 作為上市公司的第一次收益電話會議。我們很高興今天與您討論我們的第二季度業績。首先，我想簡要介紹一下我們的使命、戰略、我們要完成的工作，這通常被稱為我們的價值主張，以及我們的差異化點。

Our mission is to help our members predominantly made up of what we call high earners not well served, achieve financial independence to realize their ambitions. Our strategy is to offer a comprehensive suite of products and services so that we are there for every major financial decision in our members' lives and all the days in between.

我們的使命是幫助我們的成員主要由我們所謂的高收入者組成，他們沒有得到很好的服務，實現財務獨立以實現他們的抱負。我們的戰略是提供一整套產品和服務，以便我們為會員生活中的每一個重大財務決策以及其間的所有日子提供服務。

My passion for SoFi increases every day. Driven by the impact that we have in our members' lives. That impact is driven by our focus on a unique value prop; one job to be done, which is helping our members get their money right by giving them a one-stop shop to borrow better, save better, spend better, invest better and protect better. Financial decisions are uniquely both rational and emotional. That's why earning the confidence and trust of our members by building lifetime relationship with them is so important.

我對 SoFi 的熱情每天都在增加。受到我們對會員生活的影響的推動。這種影響是由我們專注於獨特的價值支柱推動的；有一項工作要做，那就是幫助我們的會員通過一站式服務更好地借貸、更好地儲蓄、更好地消費、更好地投資和更好地保護他們的錢。財務決策是獨一無二的，既理性又感性。這就是為什麼通過與他們建立終生關係來贏得我們會員的信心和信任如此重要的原因。

We do this in 2 ways: one, we constantly strive to create best-of-breed offerings in terms of speed, selection, content and convenience by using member feedback to drive continuous iteration and learning, which drives compounding innovation over time that should make each product great on its own. And second, not only do we strive to make each of these products best-in-class, we also obsess over how to make them work better when they're used together. When we do both of these things right, we not only deliver unique SoFi experience to our members that improves with each new product they choose, but we can also create the best unit economics across our business.

我們通過兩種方式做到這一點：第一，我們通過使用會員反饋來推動持續迭代和學習，不斷努力在速度、選擇、內容和便利性方面創造最佳產品，隨著時間的推移推動複合創新，這應該使每個產品都很棒。其次，我們不僅努力使這些產品中的每一種都成為同類產品中的佼佼者，而且我們還著迷於如何使它們一起使用時更好地工作。當我們把這兩件事都做好時，我們不僅可以為我們的會員提供獨特的 SoFi 體驗，他們選擇的每一種新產品都會得到改進，而且我們還可以在我們的業務中創造最佳的單位經濟效益。

As we get more efficient in serving our members, we can invest that savings in offering members the best rates, no fees, the best prices, terms and selection. This, in turn, drives more engagement, more data and our ability to help our members use more products to get their money right. We call this the financial services productivity loop, and it's working. We see it in the numbers. Accelerating year-over-year growth in members and products, increasing member lifetime values, declining member acquisition costs, superior revenue growth and improving margins. Today, to the best of our knowledge, SoFi is the only company providing a comprehensive solution set and one easy-to-use mobile-first digital platform. Many companies have talked about it, but only SoFi has done it.

隨著我們在為會員提供服務方面變得更有效率，我們可以將節省下來的錢用於為會員提供最優惠的價格、免費的、最優惠的價格、條款和選擇。這反過來又推動了更多的參與、更多的數據以及我們幫助會員使用更多產品來賺錢的能力。我們稱之為金融服務生產力循環，它正在發揮作用。我們在數字中看到了這一點。加速會員和產品的同比增長，提高會員終身價值，降低會員獲取成本，實現卓越的收入增長和提高利潤率。今天，據我們所知，SoFi 是唯一一家提供全面解決方案集和一個易於使用的移動優先數字平台的公司。很多公司都在談論它，但只有 SoFi 做到了。

Now let's get into the quarter. I'll take you through a few high-level takeaways, and then Chris will take you through the results in more detail. The second quarter proved to be a very strong quarter full of milestones. We want to highlight 4 key points from the results: First, our strategy and execution are driving record results; second, we are constantly striving to iterate, learn and iterate some more in order to compound innovation and differentiate our products; third, we are hitting an inflection point in our financial services productivity strategy with a number of funds and services products used by our members reaching nearly 3x the number of lending products during the quarter versus about equal 1 year ago; and fourth, we continue to invest aggressively to ensure we are driving compounding growth while still delivering profitability.

現在讓我們進入這個季度。我將帶您了解一些高級別的內容，然後 Chris 將帶您更詳細地了解結果。第二季度被證明是一個非常強勁的季度，充滿了里程碑。我們想從結果中強調 4 個關鍵點：首先，我們的戰略和執行力正在推動創紀錄的結果；第二，我們不斷地努力迭代、學習和迭代，以復合創新和差異化我們的產品；第三，我們的金融服務生產力戰略正達到一個拐點，我們的會員使用的許多基金和服務產品在本季度達到了近 3 倍於一年前的貸款產品數量；第四，我們繼續積極投資，以確保我們在推動複合增長的同時仍能實現盈利。

Let's take these one by one, starting with our strategy and execution are driving record results. Specifically, we achieved record adjusted net revenue of $237 million, despite our student loan refinancing business operating at less than 50% of pre-COVID levels due to CARES Act, which is a great testament to the diversity of our business. Total members grew 113% year-over-year, which is our eighth consecutive quarter of accelerating year-over-year growth. Total products held by our members increased 123%, our fourth consecutive quarter of year-over-year growth of more than 100%. We've demonstrated a continued strong cross-buying trend with cross-bought products up 1.7x versus a year ago. Galileo, our technology platform business, more than doubled its total client accounts to 79 million and just crossed $100 billion of annualized payment volume in July.

讓我們一一進行，從我們的戰略和執行開始，推動創紀錄的結果。具體來說，儘管由於 CARES 法案，我們的學生貸款再融資業務的運營水平低於疫情前水平的 50%，但我們仍實現了創紀錄的 2.37 億美元的調整後淨收入，這很好地證明了我們業務的多樣性。會員總數同比增長 113%，這是我們連續第八個季度加速同比增長。我們會員持有的產品總量增長了 123%，我們連續第四個季度同比增長超過 100%。我們展示了持續強勁的交叉購買趨勢，交叉購買的產品比一年前增加了 1.7 倍。我們的技術平台業務 Galileo 的總客戶賬戶增加了一倍多，達到 7900 萬，7 月份的年化支付額剛剛超過 1000 億美元。

We delivered our fourth consecutive quarter of positive EBITDA, and our financial services segment revenue had a breakout quarter of 2.5x versus Q1 2021. This brings me to the second key takeaway. In the quarter, we demonstrated our commitment to constantly iterate across 4 factors: fast, selection, content, convenience to drive compounding innovation.

我們連續第四個季度實現了正的 EBITDA，我們的金融服務部門收入與 2021 年第一季度相比突破了 2.5 倍。這讓我想到了第二個關鍵點。在本季度，我們展示了我們不斷迭代四個因素的承諾：快速、選擇、內容、便利，以推動複合創新。

Here are just a few examples of what we did in the quarter. Our products are 100% digital, and there are infinite ways to power them to specific members' needs. To ensure our members get the right loan for them, we launched a next-gen credit model and reengineered our fraud and income verification processes. This drove a 30% higher approval rate with the same credit box, leading to a 60% increase in funnel conversion and improved Net Promoter Score, all with 0 negative impact on credit quality. Across lending, we continue to invest in automation to make the loan application process easier, faster and lower touch. In Q2, more than 50% of personal loans processed were 100% automated. That compares with less than 30% 1 year ago, which drove lower cost per loan and shortened time to fund to 2 days from 4 days last year in nearly a week a few years ago.

以下是我們在本季度所做的一些示例。我們的產品是 100% 數字化的，並且有無數種方法可以滿足特定成員的需求。為確保我們的會員獲得合適的貸款，我們推出了下一代信用模型，並重新設計了我們的欺詐和收入驗證流程。這使相同信用框的批准率提高了 30%，導致漏斗轉化率提高了 60%，淨推薦值也提高了，對信用質量的負面影響均為 0。在整個貸款領域，我們繼續投資於自動化，以使貸款申請流程更輕鬆、更快捷、更輕鬆。在第二季度，處理的個人貸款中超過 50% 是 100% 自動化的。相比之下，一年前這一比例還不到 30%，這推動了每筆貸款的成本降低，並將融資時間從去年的 4 天縮短至 2 天，而一年前的時間接近一周。

In student loans, we work to align with members' individual needs throughout the pandemic, specifically by introducing a snooze feature. The snooze feature allows borrowers to lock in a low rate on a student loan today, but delay the start of payments until the CARES Act loan deferral program ends in January 2022. In SoFi Money, we enhanced our direct deposit offering by adding 2-day early paycheck to earlier enhancements like free overdraft protection, autosave and roundup features. In SoFi Invest, members ask for more cryptocurrency selection, so we added 16 coins to the offering. We also had the ability to redeem SoFi Reward Points earned on all of SoFi products into cryptocurrency. And we wanted to first offer -- via our new IPO investment center. Also in Invest, we added to our already strong SoFi ETF offering by launching SoFi Weekly, the first ever equity ETF that pays weekly dividends. This joined SoFi TGIF, our fixed income ETF, which pays a dividend every Friday.

在學生貸款中，我們致力於在整個大流行期間滿足會員的個人需求，特別是通過引入貪睡功能。貪睡功能允許借款人今天鎖定學生貸款的低利率，但延遲付款開始，直到 CARES 法案貸款延期計劃於 2022 年 1 月結束。在 SoFi Money 中，我們通過增加 2 天來增強我們的直接存款服務免費透支保護、自動保存和匯總功能等早期增強功能的早期支付。在 SoFi Invest 中，會員要求更多的加密貨幣選擇，因此我們在產品中添加了 16 個硬幣。我們還能夠將在所有 SoFi 產品上獲得的 SoFi 獎勵積分兌換成加密貨幣。我們想首先通過我們新的 IPO 投資中心提供。同樣在投資方面，我們通過推出 SoFi Weekly 來增加我們已經強大的 SoFi ETF 產品，這是有史以來第一個每週支付股息的股票 ETF。這加入了我們的固定收益 ETF SoFi TGIF，它每週五支付股息。

At Galileo, we near completion on a 15-month project to build out a new cloud computing environment to replace the on-premises environment, and are now in Q3 focused on the migration of existing clients to the cloud, which will be filed by onboarding new clients straight to the cloud. We also continued to grow the Galileo partner base, signing up 22 new partners in the first half of '21 with 12 of those in Q2, including some focused on enterprise and cryptocurrency. Finally, we continue to iterate and innovate on our unique rewards program by adding additional reward triggers when members set up recurring purchases or recurring deposits in SoFi Invest or direct deposit in SoFi Money or when members use the app to take actions that make their future life better. Since launch, Rewards has contributed meaningfully to cross-buy and engagement. Already members have earned 450 million points with new ways to earn in the works. This is just a sample of all the innovation introduced this quarter, and we have much more in the pipeline, so stay tuned.

在 Galileo，我們即將完成一個為期 15 個月的項目，該項目旨在構建一個新的雲計算環境以取代本地環境，現在在第三季度專注於將現有客戶遷移到雲，這將通過入職提交新客戶直接上雲。我們還繼續擴大 Galileo 合作夥伴基礎，在 21 年上半年簽約了 22 個新合作夥伴，其中 12 個在第二季度簽約，其中包括一些專注於企業和加密貨幣的合作夥伴。最後，我們繼續迭代和創新我們獨特的獎勵計劃，當會員在 SoFi Invest 中設置定期購買或定期存款或直接在 SoFi Money 中存款時，或者當會員使用該應用程序採取行動來創造他們未來的生活時，我們會添加額外的獎勵觸發器更好的。自推出以來，Rewards 為交叉購買和參與做出了有意義的貢獻。會員已經通過新的賺錢方式獲得了 4.5 億積分。這只是本季度推出的所有創新的一個示例，我們還有更多正在籌備中，敬請期待。

The third message I want to hit on today is the inflection point we have reached with the financial services productivity strategy. We worked hard to scale our financial services offering, which includes products like SoFi Money, SoFi Invest, SoFi Relay and SoFi Credit Card. As these products have a much broader appeal, lower customer execution costs and greater daily engagement compared to lending products, which have significantly higher LTV who are used less frequently and buy fewer people. Driving greater scale in the popular member funnel with financial services products drives 2 crucial benefits: First, it results in more members, more usage and more data across a set of products with extremely attractive standalone characteristics. And second, this drives greater volume of cross-bought products at lower overall acquisition costs, leading to superior economics and lifetime value. We are seeing our efforts pay off.

我今天要傳達的第三條信息是我們在金融服務生產力戰略方面達到的拐點。我們努力擴展我們的金融服務產品，其中包括 SoFi Money、SoFi Invest、SoFi Relay 和 SoFi 信用卡等產品。與借貸產品相比，這些產品具有更廣泛的吸引力、更低的客戶執行成本和更高的日常參與度，後者的 LTV 顯著更高，使用頻率更低，購買的人更少。通過金融服務產品在流行的會員漏斗中擴大規模帶來了兩個關鍵好處：首先，它可以在一組具有極具吸引力的獨立特徵的產品中帶來更多的會員、更多的使用和更多的數據。其次，這以較低的總體購置成本推動了更大數量的交叉購買產品，從而帶來了卓越的經濟性和生命週期價值。我們看到我們的努力得到了回報。

In Q2, we reached a critical inflection point with a number of financial services products held by SoFi members at nearly 2.7 million, is now nearly 3x the number of SoFi lending products at almost 1 million. A year ago, they were about equal a number. The 3x greater scale is helping drive a 1.7x increase in the number of products that were cross bought in the quarter versus Q2 2020. The profitability of our lending products is already at industry highs, and it increases dramatically when loans are cross bought because there is no additional cost from acquisition. This further solidifies our superior lifetime values leading to our ability to offer unmatched value to our members.

在第二季度，我們達到了一個關鍵拐點，SoFi 會員持有的金融服務產品數量接近 270 萬，現在是 SoFi 借貸產品數量近 100 萬的近 3 倍。一年前，它們的數量差不多。與 2020 年第二季度相比，擴大 3 倍的規模有助於推動本季度交叉購買的產品數量增加 1.7 倍。我們的貸款產品的盈利能力已經處於行業高位，當交叉購買貸款時，它會急劇增加，因為有沒有額外的購置成本。這進一步鞏固了我們卓越的終生價值，從而使我們能夠為會員提供無與倫比的價值。

The last point I'd like to drive home today is that we continue to invest aggressively in our business to fuel compounding growth while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvesting the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross-buying and better gaining utilization and targeting, we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.

我今天要強調的最後一點是，我們繼續積極投資於我們的業務，以推動複合增長，同時仍為我們的股東帶來盈利。這種組合併不容易，但我們致力於為利潤貢獻大約 30% 的增量收入，並將剩餘的 70% 再投資於支持我們的產品創新，以推動數十年的複合增長。即使我們在技術、營銷和人員方面大舉投資，我們仍在繼續實現成本效益，這開始推動真正的運營槓桿。通過利用交叉購買和更好地獲得利用率和目標，我們已經顯著降低了銷售和營銷佔收入和客戶獲取成本的百分比。

We have also improved our member services capabilities, reduced onboarding friction points via implementation of more streamlined processes, including leveraging data and improved communications, all to drive down operating expenses and improve efficiencies. All the while, we've worked to drive improved product NPS with better products and greater automation, which in turn reduces contacts and frees up research to play offense.

我們還提高了會員服務能力，通過實施更簡化的流程（包括利用數據和改進通信）減少了入職摩擦點，所有這些都是為了降低運營費用並提高效率。一直以來，我們一直致力於通過更好的產品和更高的自動化來推動改進的產品 NPS，這反過來又減少了接觸並釋放了研究來進行進攻。

In summary, we had record results with accelerating growth and a lot of milestones we're proud of as we head into the second half of the year. But rest assured, we are committed to running faster, reaching higher and achieving more every day.

總而言之，隨著我們進入下半年，我們取得了創紀錄的業績，加速增長和許多我們引以為豪的里程碑。但請放心，我們致力於每天跑得更快、達到更高並取得更多成就。

With that, let me turn it over to Chris to run through the results in detail.

有了這個，讓我把它交給 Chris 來詳細介紹結果。

Thanks, Anthony, and good afternoon, everyone. We had a great quarter with strong growth trends across all of our businesses. We exceeded our financial outlook while achieving record revenue in our fourth consecutive quarter of positive EBITDA. We're excited about these trends and are focused on building on this momentum as we move into the back half of the year.

謝謝，安東尼，大家下午好。我們有一個很棒的季度，我們所有的業務都呈現強勁的增長趨勢。我們在連續第四個季度實現正 EBITDA 的同時實現了創紀錄的收入，超出了我們的財務前景。我們對這些趨勢感到興奮，並在進入下半年時專注於鞏固這一勢頭。

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 and all period-to-period comparisons referred to our second quarter of 2021 versus second quarter of 2020. Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and in our upcoming 10-Q filing.

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，否則我將指的是調整後的結果和所有期間的比較，指的是我們的 2021 年第二季度與 2020 年第二季度。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我們即將提交的 10-Q 文件。

For the quarter, our adjusted net revenue grew 74% year-over-year to $237 million, a new record. That exceeded the midpoint of our $215 million to $220 million of guidance by 9%. We also delivered $11 million of adjusted EBITDA, which is up $35 million year-over-year. That exceeded the midpoint of our negative $8 million to positive $2 million of guidance by $14 million.

本季度，我們調整後的淨收入同比增長 74% 至 2.37 億美元，創下新紀錄。這超出了我們 2.15 億美元至 2.2 億美元指導的中點 9%。我們還交付了 1100 萬美元的調整後 EBITDA，同比增長 3500 萬美元。這超出了我們負 800 萬美元至正 200 萬美元指導的中點 1400 萬美元。

Our incremental EBITDA margin, which is the change in EBITDA versus the year ago period divided by the change in the revenue for a given period and a good indicator of our long-term margin potential, was in the 30% range year-over-year. As we've discussed, overtime, we intend to reinvest 70% of incremental revenue back into the business in order to drive sustainable growth for years to come.

我們的增量 EBITDA 利潤率，即 EBITDA 與去年同期的變化除以特定時期的收入變化，是我們長期利潤率潛力的一個很好的指標，同比在 30% 範圍內.正如我們所討論的，加班時，我們打算將 70% 的增量收入重新投資於業務，以推動未來幾年的可持續增長。

We continue to make great strides on an annual basis as well despite the ongoing environment of significant uncertainty and macro volatility. Over the last 12 months, we generated $852 million of adjusted net revenue, and that includes the negative impact of interest on corporate debt as well as a small charge we took related to our prior investment in Apex. Excluding these 2 nonrecurring items, last 12 months adjusted revenue is closer to $885 million or 89% higher than in 2019, our last full year of pre-COVID results.

儘管存在重大不確定性和宏觀波動的環境，我們每年也繼續取得長足進步。在過去 12 個月中，我們產生了 8.52 億美元的調整後淨收入，其中包括利息對公司債務的負面影響，以及我們之前對 Apex 的投資所收取的小額費用。排除這兩個非經常性項目，過去 12 個月調整後的收入接近 8.85 億美元，比 2019 年高出 89%，這是我們在 COVID 之前的最後一個全年業績。

From a profitability perspective, we generated $61 million of positive EBITDA over the last 12 months, a significant improvement from the $149 million of losses we took in 2019.

從盈利能力的角度來看，我們在過去 12 個月中產生了 6100 萬美元的正 EBITDA，與 2019 年的 1.49 億美元虧損相比有了顯著改善。

Before I get into the details of our performance in the quarter, I want to quickly remind everyone that we look at and manage our business across 3 segments: First, our lending segment includes student loan refinancing, personal loans, home loans and in-school loans. This segment is primarily a gain on sale model, whereby we originate loans and recognize a gain when we sell them via our whole loan or securitization channels. We also generate net interest income by holding these loans on the balance sheet prior to sale. Second, our technology platform includes Galileo, and we generate revenue on a per transaction basis when customers swipe their cards, make deposits and withdrawals or when API calls are made. And then finally, our financial services segment includes Money, Invest, Credit Card, Lantern, Protect, Relay, At Work and our new equity capital markets and advisory business. These revenue streams are dependent on business activity, but primarily driven by member assets on the platform and engagement.

在詳細介紹本季度業績之前，我想快速提醒大家，我們從 3 個領域看待和管理我們的業務：首先，我們的貸款領域包括學生貸款再融資、個人貸款、住房貸款和校內貸款貸款。該分部主要是銷售收益模式，我們通過整個貸款或證券化渠道發放貸款並在出售貸款時確認收益。我們還通過在出售前將這些貸款保留在資產負債表上來產生淨利息收入。其次，我們的技術平台包括伽利略，當客戶刷卡、存款和取款或進行 API 調用時，我們會在每筆交易的基礎上產生收入。最後，我們的金融服務部門包括貨幣、投資、信用卡、Lantern、Protect、Relay、At Work 以及我們新的股權資本市場和諮詢業務。這些收入流取決於業務活動，但主要由平台上的成員資產和參與度驅動。

Now on to the segment level performance. Our lending businesses grew 47% to $172 million in adjusted net revenue driven by 66% growth in funded volume across all products to $2.9 billion in total. The largest contributor of that growth in funded volume was our personal loans business, which grew 188% to $1.3 billion. We also saw material growth in gain on sale revenue across both our student loan refinancing and personal loans businesses, which speaks to the quality of the loans that we're underwriting. It's worth noting that we achieved this revenue growth despite significant headwinds in our student loans business, where the $859 million in origination volume in the quarter was less than half of pre-CARES levels.

現在談談細分市場的表現。在所有產品的融資總額增長 66% 達到 29 億美元的推動下，我們的貸款業務調整後的淨收入增長了 47% 至 1.72 億美元。融資額增長的最大貢獻者是我們的個人貸款業務，增長 188% 至 13 億美元。我們還看到我們的學生貸款再融資和個人貸款業務的銷售收入大幅增長，這說明了我們正在承保的貸款的質量。值得注意的是，儘管我們的學生貸款業務面臨重大阻力，但我們實現了這一收入增長，該季度的 8.59 億美元的發起量不到 CARES 之前水平的一半。

The lending business delivered $89 million of contribution profit at a 52% margin. That's up from $49 million a year ago and a 42% margin. Margin improvement was driven by efficiencies in marketing and operations that have brought cost per funded loan down meaningfully across both our personal loans and student loan refinancing businesses as well as success in executing against our financial services productivity loop strategy.

貸款業務以 52% 的利潤率實現了 8900 萬美元的貢獻利潤。這高於一年前的 4900 萬美元和 42% 的利潤率。利潤率的提高是由營銷和運營效率推動的，這些效率使我們的個人貸款和學生貸款再融資業務的每筆融資成本顯著下降，並成功執行了我們的金融服務生產力循環戰略。

Switching to our tech platform, which delivered net revenue of $45 million in the quarter. This was driven by 119% year-on-year Galileo account growth to $79 million in total. The tech platform delivered $13 million of profit at a 29% margin. And margins are down year-over-year due to our significant investments in technology capabilities overall, our migration from on-premise to the cloud as well as ongoing investments in new products and geographies, something that we highlighted during our roadshow.

切換到我們的技術平台，該平台在本季度實現了 4500 萬美元的淨收入。這得益於 Galileo 賬戶總額同比增長 119% 至 7900 萬美元。該技術平台以 29% 的利潤率實現了 1300 萬美元的利潤。由於我們對整體技術能力的重大投資、我們從本地到雲的遷移以及對新產品和地區的持續投資，利潤率同比下降，這是我們在路演中強調的。

I'll also remind you that our Q2 2020 contribution included our equity investment in Apex, which was 100% margin revenue stream. That contribution ended in January of this year. Overall, we believe the appropriate long-term margin for this business is around 30%, but we will continue operating in the 20% to 30% range to set the stage for compounding growth for years to come.

我還要提醒您，我們 2020 年第二季度的貢獻包括我們對 Apex 的股權投資，這是 100% 的保證金收入流。該捐款於今年 1 月結束。總體而言，我們認為該業務的適當長期利潤率約為 30%，但我們將繼續在 20% 至 30% 的範圍內運營，為未來幾年的複合增長奠定基礎。

On to our financial services business, which really hit an inflection point in the second quarter with revenues of $17 million, up 7x versus the prior year quarter and 2.6x sequentially. That growth was driven by exponential growth in products, which more than tripled year-over-year to 2.7 million from the 780,000 in Q2 of 2020. Every one of our financial services products grew by triple digits year-over-year. We hit the $1 million product market in Invest, surpassed $950,000 in Money and $600,000 in Relay. We also launched a new equity capital markets and advisory business in the second quarter. Excluding this new initiative, revenue was still up 5x year-over-year and 2x sequentially. Financial services generated $25 million in contribution losses during Q2, an improvement of $6 million from a loss of $31 million a year ago, and an improvement of nearly $10 million if you exclude acquisition marketing.

我們的金融服務業務在第二季度真正達到了拐點，收入為 1700 萬美元，比去年同期增長 7 倍，環比增長 2.6 倍。這種增長是由產品的指數增長推動的，從 2020 年第二季度的 780,000 件，同比增長了兩倍多，達到 270 萬件。我們的每一個金融服務產品都以三位數的速度同比增長。我們在 Invest 中打入了 100 萬美元的產品市場，在 Money 中超過了 950,000 美元，在 Relay 中超過了 600,000 美元。我們還在第二季度推出了新的股權資本市場和諮詢業務。不包括這項新舉措，收入仍同比增長 5 倍，環比增長 2 倍。金融服務在第二季度產生了 2500 萬美元的貢獻損失，比一年前的 3100 萬美元減少了 600 萬美元，如果不包括收購營銷，則減少了近 1000 萬美元。

As in our lending segment, this margin improvement was driven by efficiencies across both marketing and operations. The next thing I want to address is our balance sheet. Overall, we're very well capitalized after receiving the $2 billion of proceeds in June. Our current book value is $4.5 billion, and our capital and leverage ratios are extremely strong. We also have access to nearly $6 billion of warehouse capacity to help fund the operations of our lending businesses. We're excited about the strength of our balance sheet, and we'll continue to make choices that ensure the most efficient cost and use of capital.

與我們的貸款部門一樣，這種利潤率的提高是由營銷和運營的效率推動的。我要解決的下一件事是我們的資產負債表。總體而言，在 6 月份收到 20 億美元的收益後，我們資本充足。我們目前的賬面價值為 45 億美元，我們的資本和槓桿比率非常高。我們還可以獲得近 60 億美元的倉庫容量，以幫助為我們的貸款業務的運營提供資金。我們對我們的資產負債表的實力感到興奮，我們將繼續做出確保最有效的成本和資本使用的選擇。

All right. I'll finish up with guidance. Looking ahead, we are encouraged by how our various growth initiatives are driving the momentum of our business as we head into the back half of the year. For Q3, we expect continued strong growth with $245 million to $255 million of adjusted net revenue, up from $237 million we just reported in Q2, despite the fact we no longer expect a rebound in our student loan refinancing business in September of 2021. Specifically, we had factored that CARES Act would end on September 30 into our original guidance. But with last Friday's announcement that CARES will definitively expire on January 31, 2022, we have shifted our planning stance. Despite this shift, we believe the ongoing momentum in our other businesses will offset the absence of the previously expected growth in SLR demand to drive quarter-over-quarter growth to the $245 million to $255 million range.

好的。我會在指導下完成。展望未來，隨著我們進入下半年，我們的各種增長計劃如何推動我們的業務發展勢頭令我們感到鼓舞。對於第三季度，我們預計調整後淨收入將持續強勁增長，從我們剛剛在第二季度報告的 2.37 億美元增長到 2.45 億美元至 2.55 億美元，儘管我們不再預計 2021 年 9 月學生貸款再融資業務會反彈。具體而言，我們已將 CARES 法案將於 9 月 30 日結束納入我們最初的指導。但隨著上週五宣布 CARES 將於 2022 年 1 月 31 日最終到期，我們已經改變了我們的計劃立場。儘管發生了這種轉變，我們相信我們其他業務的持續發展勢頭將抵消之前預期的單反需求增長的缺乏，從而推動季度環比增長達到 2.45 億美元至 2.55 億美元的範圍。

Our expected adjusted EBITDA range is negative $7 million to positive $3 million. For the full year, we're maintaining our original guidance of $980 million in adjusted net revenue and $27 million of adjusted EBITDA despite the negative impact of the following unanticipated factors: First, I just covered the CARES Act extension, which has an estimated $40 million negative revenue impact to our original guidance; second, we originally included $12 million of 2021 revenue in our guidance from our equity investment in Apex. As I mentioned earlier, contribution from that investment ended in January, and we will not have the $12 million in 2021.

我們預期的調整後 EBITDA 範圍為負 700 萬美元至正 300 萬美元。儘管受到以下意外因素的負面影響，我們全年仍維持 9.8 億美元的調整後淨收入和 2700 萬美元的調整後 EBITDA 的原始指導：首先，我剛剛涵蓋了 CARES 法案的延期，估計為 40 美元百萬對我們最初的指導的負面收入影響；其次，我們最初將 2021 年 1200 萬美元的收入納入我們對 Apex 股權投資的指導。正如我之前提到的，該投資的貢獻在 1 月份結束，到 2021 年我們將沒有 1200 萬美元。

In summary, we expect to be able to offset this $52 million in previously unanticipated revenue headwinds through the strong momentum we're seeing across the business. Overall, we're thrilled with our Q2 results. We've made a ton of progress and are very well capitalized to continue pursuing our longer-term objective of being a leading financial institution serving every one of our members' needs throughout their lives.

總而言之，我們希望能夠通過我們在整個業務中看到的強勁勢頭來抵消這 5200 萬美元的先前未預料到的收入逆風。總體而言，我們對第二季度的業績感到興奮。我們已經取得了很大的進步，並且資本充足，可以繼續追求我們的長期目標，即成為一家領先的金融機構，為每一位會員的一生提供服務。

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

有了這個，讓我們開始問答吧。

(Operator Instructions) Our first question comes from Sean Horgan of Rosenblatt Securities. Sean, the line is yours.

（操作員說明）我們的第一個問題來自 Rosenblatt Securities 的 Sean Horgan。肖恩，這條線是你的。

Thanks. Hey, guys, thanks for taking my question. I wanted to start on the financial services. It was a clear high point, I think, for the quarter. So can you talk about the behavior we're seeing there, maybe cross buy rates at the product level for incremental financial services products? And also, I'm just wondering on the lending side, personal loan originations saw strong uptick. So can you talk about the drivers there? And then just touch on your thoughts on the BNPL as a potential future product offering?

謝謝。嘿，伙計們，謝謝你提出我的問題。我想從金融服務開始。我認為，對於本季度來說，這是一個明顯的高點。那麼您能否談談我們在那裡看到的行為，也許是增量金融服務產品在產品級別的交叉購買率？而且，我只是想知道在貸款方面，個人貸款發放強勁增長。那你能談談那裡的司機嗎？然後談談您對 BNPL 作為未來潛在產品的看法？

Great. Thank you for the questions. In terms of financial services segment, we're seeing really strong growth, as Chris mentioned, across all the products there with triple-digit growth in SoFi Money, SoFi Invest as well as our recently launched SoFi Credit Card. We're also seeing nice contributions from our product comparison property called Lantern, in addition to great leverage from our distribution and platform capabilities in the enterprise channel, which is called At Work.

偉大的。謝謝你的提問。正如 Chris 所說，在金融服務領域，我們看到所有產品的增長非常強勁，SoFi Money、SoFi Invest 以及我們最近推出的 SoFi 信用卡均實現了三位數的增長。除了我們在企業渠道（稱為 At Work）中的分銷和平台功能的巨大影響之外，我們還看到了來自我們的產品比較屬性 Lantern 的出色貢獻。

So we're really pleased with the way we're executing across the board. As we mentioned on the call, the business really saw a key inflection point in the quarter with revenue up 2.5x in Q2 versus Q1 as we're now starting to monetize all that activity. It's a critical element of our overall strategy because these products are much lower customer acquisition cost products. They do provide great lifetime value, but it pails in in comparison to lending products. And so we leverage them at the top of our funnel. So the bigger these products get, the bigger the top of our funnel gets and it feeds to the bottom of our funnel where we make really, really high LTV on the loan products, which have great variable profit margins.

因此，我們對全面執行的方式感到非常滿意。正如我們在電話會議上提到的那樣，該業務確實在本季度出現了一個關鍵拐點，第二季度的收入比第一季度增長了 2.5 倍，因為我們現在開始將所有這些活動貨幣化。這是我們整體戰略的一個關鍵要素，因為這些產品是低得多的客戶獲取成本產品。它們確實提供了巨大的終身價值，但與借貸產品相比，它更有價值。因此，我們在漏斗頂部利用它們。所以這些產品越大，我們漏斗的頂部就越大，它就會進入漏斗的底部，在那裡我們在貸款產品上獲得非常非常高的 LTV，這些產品具有很大的可變利潤率。

And so we're starting to see that continue. We've seen really strong cross-buying rates, both from the top of the funnel to the bottom as well as within the funnel across the products. We've shared when we were going through the public process that our cross-buy rates were -- continuing to increase and we're in the mid-20 range and they continue to be very strong.

所以我們開始看到這種情況繼續下去。我們已經看到了非常強勁的交叉購買率，無論是從漏斗頂部到底部，還是在整個產品的漏斗內。當我們經歷公開流程時，我們分享了我們的交叉購買率 - 繼續增加，我們處於 20 的中間範圍，並且它們繼續非常強勁。

So we're really happy with the overall strategy, and the key inflection point now at the top of the funnel is meaningfully greater than the bottom of the funnel, and we see those trends continuing.

因此，我們對整體策略非常滿意，現在位於漏斗頂部的關鍵拐點明顯大於漏斗底部，我們看到這些趨勢仍在繼續。

As it relates to the overall environment for personal loans, I'm going to turn it over to Chris to give you some perspective on how our business operates in different rate environments, and what we saw in the quarter.

由於它與個人貸款的整體環境有關，我將把它交給克里斯，讓您了解我們的業務如何在不同的利率環境下運作，以及我們在本季度看到的情況。

Yes. Thanks, Anthony, and thanks, Sean, for the questions. In terms of our overall lending business, one of the things that we're really excited about is that it benefits across the different macro environments and interest rate environments. In high interest rates, our personal loans business does really well. In a low interest rate environment, our student loan refinancing and home loans business do better with higher demand.

是的。謝謝安東尼，謝謝肖恩的問題。就我們的整體貸款業務而言，我們真正感到興奮的一件事是它在不同的宏觀環境和利率環境中受益。在高利率下，我們的個人貸款業務表現非常好。在低利率環境下，我們的學生貸款再融資和住房貸款業務在需求增加的情況下表現更好。

What you saw coming out of the end of Q2 was a rising rate environment, and our personal loans business did extremely well. We ended up originating about $1.3 billion in originations, which is up 188% year-over-year and significantly up from pre-COVID levels when we're originating between $800 million to $1 billion. So we're really enthusiastic about the trend lines that we're seeing in personal loans.

您看到第二季度末出現的是利率上升的環境，我們的個人貸款業務表現非常出色。我們最終發起了約 13 億美元的發起，同比增長 188%，顯著高於 COVID 之前的水平，當時我們發起的發起額在 8 億美元到 10 億美元之間。因此，我們對我們在個人貸款中看到的趨勢線非常感興趣。

And then as it relates to Buy Now Pay Later, for those that aren't familiar, we have 4 different lending products today. We have in-school loans for those going off to undergrad college. We refinance student loans. We also have a home loan, which is primarily refinanced today. And then in addition to that, we have student loan refinancing.

然後，由於它與“先買後付”有關，對於那些不熟悉的人，我們今天有 4 種不同的貸款產品。我們為即將上本科的學生提供校內貸款。我們為學生貸款再融資。我們也有房屋貸款，今天主要是再融資。除此之外，我們還有學生貸款再融資。

We also have revolving credit with the Credit Card, and we'll continue to look at new loan products to provide to our members. There's a lot of enthusiasm in the marketplace right now for Buy Now, Pay Later. We do think we participate at retail with a number of different products, and we'll continue to find ways to innovate across the range of lending products that we have.

我們的信用卡也有循環信用，我們將繼續尋找新的貸款產品以提供給我們的會員。現在市場上對“立即購買，以後付款”充滿熱情。我們確實認為我們以多種不同的產品參與零售業，我們將繼續尋找在我們擁有的各種貸款產品範圍內進行創新的方法。

The great thing is we've vertically integrated loans from top to bottom, which makes us a low-cost operator and give us a great platform to add other products onto without a lot of incremental fixed costs.

最棒的是我們從上到下垂直整合了貸款，這使我們成為低成本運營商，並為我們提供了一個很好的平台來添加其他產品，而無需大量增加固定成本。

Great, thanks for the answers, guys. Sothe next one I wanted to see if we could get an update on the bank charter process. I'm curious, has it been a cooperative process? Or have there been any pain points? And do you still expect the process to conclude before year-end? And then lastly, just I've been getting some questions on Gemini and the involvement there. I think there was a release by the Fed that -- has Gemini in the release along with you guys. So if you could just touch on that and clear that, that would be great. Thanks.

太好了，謝謝大家的回答。所以下一個我想看看我們是否可以獲得有關銀行特許流程的更新。我很好奇，這是一個合作過程嗎？還是有什麼痛點？您是否仍然希望該過程在年底前結束？最後，我收到了一些關於雙子座及其參與的問題。我認為美聯儲發布了 - 雙子座和你們一起發布的版本。因此，如果您可以觸及並明確這一點，那就太好了。謝謝。

So I may ask you to clarify the Gemini question, I don't know -- I'm not sure what that's about. But on the bank charter, yes, we've been really encouraged. And just to give people some history, I'll walk back in time and where we've been with the bank application process and where we are now.

所以我可能會要求你澄清雙子座的問題，我不知道——我不確定那是關於什麼的。但是在銀行章程上，是的，我們確實受到了鼓舞。只是為了給人們一些歷史，我會回到過去，我們在銀行申請流程中的經歷以及我們現在所處的位置。

But to answer your question up front, we've been really encouraged by the process. It's been great to work with the Federal Reserve Bank and the OCC. They've been incredibly constructive and it's been a really good process for us. They've been really clear in what they expect. We've been able to provide them that feedback and that information and give them access to our team and our processes. And in the cases where there are things they've had additional questions, we've been able to respond in a way that's been also constructive.

但是為了提前回答您的問題，我們對這個過程感到非常鼓舞。與聯邦儲備銀行和 OCC 合作真是太好了。他們非常有建設性，這對我們來說是一個非常好的過程。他們非常清楚自己的期望。我們已經能夠向他們提供反饋和信息，並讓他們訪問我們的團隊和我們的流程。在他們有其他問題的情況下，我們能夠以同樣具有建設性的方式做出回應。

But to give you a perspective, for those that aren't familiar, we applied for a national bank charter license in July of 2020 with the OCC. We were really encouraged and we received preliminary conditional approval in October of 2020.

但為了讓您了解一下，對於那些不熟悉的人，我們於 2020 年 7 月向 OCC 申請了國家銀行特許執照。我們深受鼓舞，並於 2020 年 10 月獲得初步有條件批准。

We hadn't applied at that point to the other regulatory bodies because we needed to convert our capital structure from our preferred equity capital structure to a common equity capital structure, and we were able to accomplish that by going public. In addition to going public to make that transition, we announced a proposed acquisition of a small existing bank called Golden Pacific. And at that time, we refiled with the Federal Reserve and the OCC in March of 2021, in a change of control application process versus our original application in July of 2020. That was the de novo process.

那時我們還沒有向其他監管機構提出申請，因為我們需要將我們的資本結構從優先股本結構轉換為普通股本結構，而我們能夠通過上市來實現這一目標。除了上市以實現這一轉變之外，我們還宣布了一項收購一家名為 Golden Pacific 的現有小型銀行的提議。當時，我們在 2021 年 3 月向美聯儲和 OCC 重新提交了控制權變更申請流程，而不是我們在 2020 年 7 月的原始申請。這是從頭流程。

Since that time, we've been going through exams and reviews with both the OCC as well as the Federal Reserve. And as I mentioned, it's been a very constructive process. We've enjoyed working with both regulatory bodies. There's not a definitive timeline to the process itself. We keep going through each step in the process with them, and we're encouraged about the outlook. We think we have the right type of company to be a national bank. And it's a matter of -- continue working with them through the process, and we'll give you updates as we have them, but we remain encouraged about the process and where we'll end up.

從那時起，我們一直在接受 OCC 和美聯儲的考試和審查。正如我所提到的，這是一個非常有建設性的過程。我們很高興與這兩個監管機構合作。該過程本身沒有明確的時間表。我們不斷與他們一起完成這個過程中的每一步，我們對前景感到鼓舞。我們認為我們有合適的公司類型成為國家銀行。這是一個問題 - 在整個過程中繼續與他們合作，我們會在我們擁有它們時向您提供更新，但我們仍然對這個過程以及我們將在哪裡結束感到鼓舞。

And then as it relates to Gemini, could you just clarify for me, our crypto business is one that we partner with a couple of partners on, mostly Coinbase, so I'm not sure you're referring to as it relates to Gemini.

然後，由於它與雙子座有關，您能否為我澄清一下，我們的加密業務是我們與幾個合作夥伴合作的一項業務，主要是 Coinbase，所以我不確定您指的是與雙子座有關的事情。

Yes. So there's a release from the Federal Reserve Bank of San Francisco. It says to SoFi and Gemini Merger Sub Inc. plan to become bank holding companies by acquiring Golden Pacific.

是的。因此，舊金山聯邦儲備銀行發布了一份聲明。它對 SoFi 和 Gemini Merger Sub Inc. 表示，計劃通過收購 Golden Pacific 成為銀行控股公司。

Yes, that Gemini reference is actually Golden Pacific.

是的，雙子座的參考實際上是金太平洋。

Got it. Okay, thank you. I'll get back in the queue, and thanks for taking the question.

知道了。好的謝謝你。我會回到隊列中，感謝您提出問題。

Our next question comes from Dominick Gabriele of Oppenheimer. Dominick, the line is yours.

我們的下一個問題來自奧本海默的 Dominick Gabriele。多米尼克，這條線是你的。

Congrats on your first conference call, and thanks so much for the updated disclosures in the press release and slides.

祝賀你的第一次電話會議，非常感謝新聞稿和幻燈片中的更新披露。

Thank you.

謝謝你。

Obviously, in the quarter, there was really good member growth. There was really good revenue growth across the lending segment as well as the financial segment. I guess if we think about the technology platform, and the revenue growth there and how your original expectations are across -- through basically 25. Is there anything that's changed in that platform as far as where you think your ultimately -- your ultimate revenue mix may hash out in '21 and kind of walk me through your original expectations?

顯然，在本季度，會員增長非常好。貸款部門和金融部門的收入增長非常好。我想如果我們考慮一下技術平台，那裡的收入增長以及你最初的預期是如何跨越的——基本上到 25 歲。就你認為你最終的地方——你的最終收入組合而言，該平台是否有任何改變可能會在 21 年結束，讓我了解你最初的期望嗎？

Thank you. To answer your question right up front, we couldn't be more encouraged by the acquisition of Galileo technology platform. The progress that we've made with the business and the integration to our overall company, we're seeing really strong growth. And let me give you a few highlights while I talk through your question in more detail.

謝謝你。為了提前回答您的問題，我們對收購 Galileo 技術平台感到非常鼓舞。我們在業務方面取得的進展以及與我們整個公司的整合，我們看到了非常強勁的增長。在我更詳細地討論你的問題時，讓我給你一些亮點。

We saw 119% growth year-over-year in the partner accounts that we have, reaching 79 million accounts enabled by the Galileo platform. That's up from 36 million accounts when we closed the deal in Q2 of 2020. So really strong growth in accounts.

我們的合作夥伴賬戶同比增長 119%，Galileo 平台支持的賬戶達到 7900 萬個。這比我們在 2020 年第二季度完成交易時的 3600 萬個賬戶有所增加。賬戶增長非常強勁。

We've also continued to grow the partnership base. We added 22 new partners on Galileo in the first half of 2021. We added 10 in Q1, and we're adding 12 in Q2. Those are announced deals that take a while to implement. And so we've added 22 new partners to our partner list so far in 2021, and that compares to really strong growth of 41 new partners in 2020 with 7 in the fourth quarter. So our expectations for the business, its ability to capture the sacred transition of physical payment to digital payments has only been reinforced by the last 15 months of owning the business. The financial results have also been very positive.

我們還繼續擴大合作夥伴基礎。 2021 年上半年，我們在 Galileo 上增加了 22 個新合作夥伴。我們在第一季度增加了 10 個，我們在第二季度增加了 12 個。這些是宣布的交易，需要一段時間才能實施。因此，到目前為止，我們在 2021 年的合作夥伴名單中增加了 22 家新合作夥伴，相比之下，2020 年有 41 家新合作夥伴增長非常強勁，第四季度有 7 家。因此，我們對這項業務的期望，即它捕捉實體支付向數字支付的神聖過渡的能力，在擁有該業務的最後 15 個月中得到了加強。財務結果也非常積極。

Last thing I'd mentioned about Galileo and where we're headed is we've made a significant investment in the technology over the last year. Our first priority was to ensure that we developed stability, reliability and responsiveness in the current on-premises platform for the current partners. And at the same time, build out an entire cloud environment over the last 15 months. That cloud environment is now built, and we've begun transitioning partners over. Once we complete that transition to the cloud from on-prem, we'll have a significant cost savings that we can reinvest back in the business. We'll also be more agile in our ability to develop new products and deploy them to our partners and we have a really robust product pipeline on top of the products that Galileo has historically offered. And that will not only increase the revenue and partnerships with our existing partners, but it will also allow us to reach a broader swathe of new partners and continue on that partner list that I mentioned.

關於伽利略，我提到的最後一件事是我們在過去一年中對這項技術進行了大量投資。我們的首要任務是確保我們在當前的本地平台中為當前合作夥伴開發穩定性、可靠性和響應能力。同時，在過去 15 個月中構建了一個完整的雲環境。該雲環境現已構建，我們已經開始過渡合作夥伴。一旦我們完成從本地到雲的過渡，我們將節省大量成本，我們可以將其重新投資於業務。我們還將更加靈活地開發新產品並將其部署給我們的合作夥伴，並且在 Galileo 歷來提供的產品之上，我們擁有非常強大的產品管道。這不僅會增加我們與現有合作夥伴的收入和合作夥伴關係，而且還將使我們能夠接觸到更廣泛的新合作夥伴，並繼續在我提到的合作夥伴名單上。

That transition will take place over the next 6 months. And in addition to that, we'll be onboarding our new partners that we've announced straight into the cloud as opposed to on prem. Let me turn it over to Chris to talk about the specifics on the revenue in the quarter and then our outlook for Q3 as it relates to revenue. And then I'll come back about the longer-term outlook.

這種轉變將在未來 6 個月內進行。除此之外，我們還將讓我們宣布的新合作夥伴直接進入雲端，而不是在本地。讓我把它交給克里斯，談談本季度收入的具體情況，然後是我們對與收入相關的第三季度的展望。然後我會回來談談長期前景。

Thanks, Dominick, for the question. So in terms of the overall revenue for the quarter, obviously, we're really excited about the trends that we're seeing that Anthony mentioned. From the transaction perspective, we saw strong revenue growth year-over-year. The $45 million of revenue that we had in the quarter was impacted by an intentional delay of our migration to the cloud by one quarter, which ended up resulting in a one-time lower-than-normal payment from one of our clients, which negatively impacted revenue for Q2.

謝謝，多米尼克，這個問題。因此，就本季度的總收入而言，顯然，我們對安東尼提到的趨勢感到非常興奮。從交易的角度來看，我們看到了強勁的收入同比增長。我們在本季度獲得的 4500 萬美元收入受到我們有意延遲遷移到雲的四分之一的影響，這最終導致我們的一個客戶的一次性付款低於正常水平，這對我們造成了負面影響影響第二季度的收入。

If you were to exclude the impact of that item, you would have seen good solid sequential growth in revenue. Then the only other thing I would note as it relates to tech platform revenue is that in Q1, we benefited meaningfully from the 2 stimulus checks that were issued by the U.S. government, which also made it a pretty tough comp. Overall, while we're not guiding at the segment level from a revenue perspective through the rest of the year, I would say that we are expecting to see stronger quarter-over-quarter growth into Q3. And specifically, we expect to be in the mid-to-high single-digit percentage growth range compared to Q2 of '21.

如果您排除該項目的影響，您將看到收入的良好穩健連續增長。然後，與技術平台收入相關的唯一另一件事是，在第一季度，我們從美國政府發布的兩項刺激檢查中受益匪淺，這也使其成為一個相當艱難的競爭。總體而言，雖然我們在今年剩餘時間裡沒有從收入的角度指導細分市場，但我想說的是，我們預計到第三季度會看到更強勁的季度環比增長。具體來說，與 21 年第二季度相比，我們預計將處於中高個位數百分比增長范圍內。

And then the only other thing I would note as it relates to, has guidance changed for the segment overall and our long-term outlook, I would say that our original 5-year model and guidance that we had given included the impact of our equity investment in Apex, which was about $12 million of revenue that was embedded in our original 2021 plan. Apex called their investment back at the beginning of the year, and we're no longer going to see that $12 million embedded in revenue for 2021. That was in the tech platform.

然後，我唯一要注意的另一件事是，對整個細分市場和我們的長期前景的指導發生了變化，我想說的是，我們最初給出的 5 年模型和指導包括了我們股權的影響對 Apex 的投資，大約 1200 萬美元的收入包含在我們最初的 2021 年計劃中。 Apex 在年初收回了他們的投資，我們將不再看到 2021 年的收入中包含 1200 萬美元。那是在技術平台上。

But separate from that, our outlook for Galileo, there's no change for what it was before.

但除此之外，我們對伽利略的展望與以前沒有任何變化。

Excellent. That's great. And then the numbers in the member acquisition, the revenue per product and the cross-sell that you're seeing is obviously -- it's much better than we were expecting this soon. Can you just talk to the mix of your products and how that can translate into better revenue curve product over time? And then maybe you can talk about, on average, how many products over your horizon here through 2025, if you may. How many products on average your clients are expecting them to have? That'd be really great. Thanks so much.

優秀。那太棒了。然後，您看到的會員獲取數量、每件產品的收入和交叉銷售顯然比我們預期的要好得多。您能否談談您的產品組合以及隨著時間的推移如何轉化為更好的收入曲線產品？然後，如果可以的話，也許你可以談論到 2025 年平均有多少產品在你的視野中。您的客戶平均期望他們擁有多少產品？那真是太好了。非常感謝。

Yes, in terms of the monetization of the products, in the financial services segment, monetizations are very early. I'll talk through some of the drivers and how that will continue to improve over time. But we've obviously benchmarked each of these businesses versus industry standards, and we see ourselves at or better than what others have seen at similar points in time. So for the SoFi Invest business, we uniquely have single stocks, fractional shares, ETFs. We also have robo accounts and cryptocurrency.

是的，就產品的貨幣化而言，在金融服務領域，貨幣化還很早。我將討論一些驅動因素，以及隨著時間的推移如何繼續改進。但我們顯然已經將這些業務中的每一個與行業標准進行了基準比較，我們認為自己處於或優於其他人在類似時間點所看到的水平。因此，對於 SoFi Invest 業務，我們擁有獨一無二的單一股票、零碎股票、ETF。我們也有機器人賬戶和加密貨幣。

Each one of them generate revenue in a variety of different ways, but it is largely tied to some level of assets under management and the activity against those assets under management. And as you bring on a new account and that account funds, the AUM for that account starts to grow over time. And so today, we're continuing to see really strong cohort trends in AUM driving to those long-term benchmarks, but we're still very early because we're growing so fast at triple digits. So we're not at the AUM levels per account that others would be at a steady state because we're adding so many new accounts that have to go through that transition of funding and building assets, et cetera.

它們中的每一個都以各種不同的方式產生收入，但它在很大程度上與某種程度的管理資產以及針對這些管理資產的活動相關。當您開設一個新賬戶和該賬戶資金時，該賬戶的資產管理規模開始隨著時間的推移而增長。因此，今天，我們繼續看到 AUM 推動這些長期基準的真正強勁的隊列趨勢，但我們還為時過早，因為我們以三位數的速度增長如此之快。因此，我們並沒有達到每個賬戶的 AUM 水平，其他賬戶將處於穩定狀態，因為我們正在添加如此多的新賬戶，這些賬戶必須經歷資金和建設資產等的過渡。

In addition to the AUM build, we're not monetizing all the AUM the way others have. And we will, over time. For example, we currently don't have margin, nor do we have options in the single stock area. The ETF business, 2 of our ETFs are no-load ETFs, the rest do generate fees, and we're seeing nice trends in our AUM there as well. And our robo accounts have a very similar profile to that. In Cryptocurrency, we do actually generate commissions or fees off of cryptocurrency based on trading activity. And so it's still very early days in AUM per account in addition to new revenue streams against those AUM in Invest. So we are seeing obviously a big acceleration there, 2.5x versus Q2 in total revenue, but there's a lot of room to go per account.

除了 AUM 構建之外，我們並沒有像其他人那樣將所有 AUM 貨幣化。我們會的，隨著時間的推移。比如我們目前沒有保證金，也沒有單股區的期權。 ETF 業務，我們的 2 只 ETF 是空載 ETF，其餘的確實產生費用，而且我們在那裡的 AUM 也看到了不錯的趨勢。我們的機器人帳戶的配置文件與此非常相似。在加密貨幣中，我們確實會根據交易活動從加密貨幣中產生佣金或費用。因此，除了針對投資中的 AUM 的新收入流之外，每個賬戶的 AUM 仍處於早期階段。因此，我們顯然看到那裡有很大的加速，總收入是第二季度的 2.5 倍，但每個賬戶還有很大的發展空間。

For SoFi Money, today, we primarily generate revenue as interchange. There's not much NIM in that business today given where rates are. As we become a bank, there will be a big opportunity in SoFi Money to generate, not just interchange, but even in this rate environment, a pretty healthy type of NIM margin based on the ability of using insured deposits to fund our lending business, and that would be attributed to the bank and to the SoFi Money business. And so we're very early days in that product as well as it relates to deposits per account and spending levels, but seeing the nice trends that you would see over time.

今天，對於 SoFi Money，我們主要通過交換產生收入。鑑於利率在哪裡，今天該業務中的 NIM 並不多。隨著我們成為一家銀行，SoFi Money 將有一個巨大的機會來產生，不僅僅是交換，甚至在這種利率環境下，基於使用保險存款為我們的貸款業務提供資金的能力，一種相當健康的 NIM 保證金，這將歸功於銀行和 SoFi Money 業務。因此，我們在該產品方面還處於早期階段，它與每個賬戶的存款和支出水平有關，但隨著時間的推移，您會看到良好的趨勢。

And then the other element of SoFi Money that's really important is driving direct deposit growth. And we're seeing triple-digit growth year-over-year in direct deposits, and that's accelerated for the last few quarters.

SoFi Money 的另一個真正重要的因素是推動直接存款增長。我們看到直接存款同比增長三位數，而且在過去幾個季度中加速增長。

But as we drive a higher percentage of direct deposits, it drives more deposits into the account, drives more spending and drive the overall economics of the business directly in revenue, but also has a big indirect benefit. And the indirect benefit is that when we have a primary account through direct deposits, we see what bills are being paid, especially loans like student loans or mortgages and we can use that information to provide compelling offers to our members.

但是，隨著我們推動更高比例的直接存款，它會推動更多的存款進入賬戶，推動更多的支出，並直接在收入中推動企業的整體經濟，但也有很大的間接收益。間接的好處是，當我們通過直接存款擁有一個主要賬戶時，我們可以看到正在支付的賬單，尤其是學生貸款或抵押貸款等貸款，我們可以利用這些信息向我們的會員提供有吸引力的優惠。

In addition to that information, we also can see how much they're spending, whether they're able to save money and then they're investing that money or they're overspending and they run to a deficit, and we can help them potentially refinance some of the revolving [door] (corrected by company after the call) debt.

除了這些信息，我們還可以看到他們花了多少錢，他們是否能夠存錢，然後他們正在投資這些錢，或者他們超支而陷入赤字，我們可以幫助他們可能為一些循環[門]（由公司在電話會議後更正）債務再融資。

And so that's how we think about the SoFi Money business, And SoFi Credit Card, we launched in the fall last year, it's off to a really strong start. It's a very unique value proposition. We towered it specifically for our members and they get twice the reward points if they redeem into cryptocurrency, if they redeem with their stocks or to invest generally, hey get double the reward points than if they redeem into money or into our lending products. And so we're really encouraged there.

這就是我們對 SoFi Money 業務和 SoFi 信用卡的看法，我們於去年秋季推出，這是一個非常強勁的開端。這是一個非常獨特的價值主張。我們專門為我們的會員打造了它，如果他們兌換成加密貨幣，如果他們用股票贖回或進行一般投資，他們將獲得兩倍的獎勵積分，他們將獲得雙倍的獎勵積分，而不是他們兌換成貨幣或我們的借貸產品。所以我們真的很受鼓舞。

And then Lantern, which is a price comparison platform, benefits in a couple of ways. It benefits from the demand that we get to SoFi for loans. And if SoFi applicant gets turned down by our credit model, then they're open to an affiliate offer, we can monetize that offer through our platform and Lantern partnerships there. And same with other types of products as it relates to applicants at SoFi or just those looking for different financial services products that we don't have at SoFi, but we do have at Lantern, like small and medium business, we're seeing a nice ramp in that as well. So really good trend across all the businesses, but it's super early days in terms of monetization.

然後，作為價格比較平台的 Lantern 在幾個方面受益。它受益於我們向 SoFi 尋求貸款的需求。如果 SoFi 申請人被我們的信用模式拒絕，那麼他們就可以接受聯屬網絡營銷服務，我們可以通過我們的平台和 Lantern 合作夥伴關係將這些服務貨幣化。與其他類型的產品相同，因為它與 SoFi 的申請人有關，或者只是那些尋找我們在 SoFi 沒有的不同金融服務產品的人，但我們在 Lantern 有，比如中小型企業，我們看到了那個坡道也不錯。所有業務的趨勢都非常好，但在貨幣化方面還處於早期階段。

Excellent. And maybe just one last one on the competitive landscape. Maybe you could talk to how the competitive landscape for the various products within the financial services segment has perhaps changed over the last year? And how SoFi continues to position themselves against some of the peers in the market as some other companies have come public, some M&A has happened. When you think about the long-term positioning of the company, maybe you could talk to your competitive advantages when you go to market. I really appreciate it.

優秀。也許只是競爭格局中的最後一個。也許您可以談談金融服務領域內各種產品的競爭格局在過去一年中可能發生了怎樣的變化？隨著其他一些公司上市，SoFi 如何繼續將自己定位於市場上的一些同行，一些併購已經發生。當您考慮公司的長期定位時，也許您可以在進入市場時談論您的競爭優勢。對此，我真的非常感激。

Yes. The biggest competitive advantage we have is that we have a superior lifetime value. We have that superior lifetime value for a couple of factors. First and foremost, we're a one-stop shop. So we're building best-of-breed products. So when someone needs a product, we're there for them, whether that's a big financial decision or something that they're going to do on a daily basis. And when they use that first product, we build trust and reliability with them so they want to use a second product, we're there for them.

是的。我們最大的競爭優勢是我們擁有卓越的生命週期價值。對於幾個因素，我們擁有卓越的生命週期價值。首先，我們是一站式商店。因此，我們正在打造一流的產品。因此，當有人需要產品時，我們隨時為他們服務，無論是重大財務決策還是他們每天要做的事情。當他們使用第一個產品時，我們會與他們建立信任和可靠性，因此他們想使用第二個產品，我們會為他們服務。

When that happens, not only do we generate more revenue from that relationship but we have compounding profitability benefits because we're not paying a second customer acquisition cost. So in our loan business, as an example, we've had variable profit in the range of $800. When that product gets cross bought, that $800 doubles, which we outlined in our management presentation during the road show, because we're not incurring a second acquisition cost. That lifetime value is really unmatched by any of our competitive set because, one, they don't have the range of products that we have; and two, many are not in the lending business.

當這種情況發生時，我們不僅可以從這種關係中獲得更多收入，而且我們還可以獲得複合盈利能力，因為我們不需要支付第二次客戶獲取成本。例如，在我們的貸款業務中，我們的可變利潤在 800 美元左右。當該產品被交叉購買時，800 美元翻了一番，我們在路演期間的管理演示中概述了這一點，因為我們不會產生第二次採購成本。這種終生價值確實是我們的任何競爭對手都無法比擬的，因為，第一，他們沒有我們擁有的產品範圍；第二，許多人不從事借貸業務。

And because we have that superior lifetime value, we can then reinvest the excess profit compared to our competitors in better rates, better prices, no fees, better service better selection, and it just drives the overall flywheel of our business. And when we say we're seeing an inflection point there, we are seeing the benefits of it across lower customer acquisition costs, lower sales and marketing as a percent of revenue overall. And as you saw, a significant acceleration in the number of products we have and the number of members that we have.

由於我們擁有卓越的生命週期價值，因此與競爭對手相比，我們可以將超額利潤再投資於更優惠的價格、更優惠的價格、更優惠的服務、更好的選擇，這只是推動我們業務的整體飛輪。當我們說我們在那裡看到了一個拐點時，我們看到了它的好處是降低了客戶獲取成本，降低了銷售和營銷佔整體收入的百分比。正如你所看到的，我們擁有的產品數量和成員數量顯著增加。

In terms of the competitive landscape, no one else is really doing it. Everyone has talked about it. I arrived in January 2018, we talked about our strategy. I always just talked about trying to become a one-stop shop and no one's gotten there. And there's a lot of reasons for it, but our team has really executed and scaled our way to the fact that we have this one-stop shop with this range of products and we'll continue to add to it. Our biggest competitive concern continues to focus on the 500 million accounts that are tied to legacy FDIC banks. We see that as the huge opportunity, and that's what we're going after. We want to tie the digital frontier companies that continue to rise and all the boats that rise with us, but we see the market share coming from the legacy players.

就競爭格局而言，沒有其他人真正做到這一點。每個人都談論過它。我於 2018 年 1 月抵達，我們討論了我們的戰略。我總是說要努力成為一站式商店，但沒有人成功。這有很多原因，但我們的團隊確實執行並擴展了我們的方式，即我們擁有擁有這一系列產品的一站式商店，我們將繼續增加它。我們最大的競爭問題繼續關注與傳統 FDIC 銀行相關的 5 億個賬戶。我們認為這是一個巨大的機會，這就是我們所追求的。我們希望將繼續崛起的數字前沿公司和所有與我們一起崛起的船隻聯繫起來，但我們看到市場份額來自傳統參與者。

Thanks.

謝謝。

Our next question comes from Robert Napoli of William Blair. Robert, the line is yours.

我們的下一個問題來自威廉布萊爾的羅伯特那不勒斯。羅伯特，這條線是你的。

Thank you. I'd like to dig in a little bit more into Galileo. The 36 million to 79 million accounts. What is the mix of that business? I know you have a big bank, Neobank business, if you would. But what is the mix of those accounts? And is there any concern with your strategy or your banking strategy, you essentially could be competing with some of those customers in Galileo?

謝謝你。我想深入研究一下伽利略。 3600萬到7900萬個賬戶。該業務的組合是什麼？我知道你有一家大銀行，Neobank 業務，如果你願意的話。但是這些帳戶的組合是什麼？你的策略或銀行策略有什麼顧慮嗎，你基本上可以與伽利略的一些客戶競爭？

Yes. The vast majority of the partnerships are what we would call business-to-consumer relationships. There is business-to-business relationships we're providing payment capabilities to nonconsumer-facing businesses. And increasingly, we have more what we call enterprises coming to us looking for digital payment capabilities, both in the U.S. as well as LatAm. And we've really had great success in Mexico. We'll expand into other LatAm countries. In the LatAm market, there is an opportunity not just in B2C, but it's pretty wide open as it relates to enterprise and different areas like Buy Now, Pay Later and supplier payments, et cetera.

是的。絕大多數的合作夥伴關係是我們所說的企業對消費者的關係。我們正在為非面向消費者的企業提供支付功能，建立企業對企業的關係。越來越多的企業在美國和拉丁美洲向我們尋求數字支付功能。我們在墨西哥確實取得了巨大的成功。我們將擴展到其他拉丁美洲國家。在拉丁美洲市場，不僅在 B2C 中存在機會，而且在與企業和不同領域（例如“立即購買”、“以後付款”和供應商付款等）相關的情況下，它的機會也相當廣泛。

Increasingly, this year, we have seen more of that activity in the U.S. as well. Of the accounts that I mentioned that we've signed so far in the second quarter, we had signed 22 in the first half of the year. 5 of them in the second quarter were non-B2C. They were focused on the enterprise or on different types of currency payments.

今年，我們在美國也越來越多地看到這種活動。在我提到的第二季度到目前為止我們已經簽署的賬戶中，我們在今年上半年簽署了 22 個。第二季度有5個是非B2C。他們專注於企業或不同類型的貨幣支付。

As it relates to the longer-term growth of the business, there's an opportunity for us to continue to expand products beyond just debit and ACH payments in addition to other functionalities. So we're not going to share our pipeline publicly, but there's a fair amount of additional products we can add to our existing partnerships in addition to bringing on new partners.

由於它關係到業務的長期增長，我們有機會繼續擴展產品，而不僅僅是藉記卡和 ACH 支付以及其他功能。因此，我們不會公開分享我們的管道，但除了引入新的合作夥伴之外，我們還可以添加相當多的額外產品到我們現有的合作夥伴關係中。

In terms of the competitive environment, we haven't lost any of our major partners. There was one partner that announced it will be moving off Galileo well before we acquired the company several years ago. That's the only large player that has transitioned off the platform, and that was happening over the last 1.5 years and really hasn't had any impact on anything that we've talked about.

在競爭環境方面，我們沒有失去任何主要合作夥伴。早在幾年前我們收購這家公司之前，就有一位合作夥伴宣布將離開伽利略。那是唯一一個從平台過渡的大玩家，這發生在過去的 1.5 年裡，對我們談論的任何事情都沒有任何影響。

So, we've been able to maintain all of our partnerships and the relationships are pretty sticky. And as long as we continue to build more value for our partners and they can build on their own with someone else, we'll maintain those partners. And our focus is on making sure our partners have the best NPS score with their customers they could possibly have because they do want to continue to partner with us.

所以，我們已經能夠維持我們所有的合作夥伴關係，而且這種關係非常粘。只要我們繼續為我們的合作夥伴創造更多價值，並且他們可以與其他人一起建立自己的價值，我們就會保留這些合作夥伴。我們的重點是確保我們的合作夥伴在他們可能擁有的客戶中獲得最佳 NPS 分數，因為他們確實希望繼續與我們合作。

Thank you. And then just a follow-up on, is M&A an important part of your strategy going forward? I mean you have a decent amount of capital. And if so, what areas would you look to add, geographically or different products or technology?

謝謝你。然後只是跟進，併購是您未來戰略的重要組成部分嗎？我的意思是你有相當數量的資本。如果是這樣，您希望添加哪些領域，地理上或不同的產品或技術？

We're going to be, first and foremost, great stewards of capital and be very prudent in how we deploy it, whether it's against funding our businesses or reinvesting in growth or in M&A. So I want to make that point upfront. M&A has been incredibly valuable and strategic for the direct-to-consumer technology business for the last 2 decades. We've seen tremendous value generated through M&A. If you look at eBay's purchase of PayPal, Google's purchase of Android or DoubleClick or YouTube, Expedia's purchase of TripAdvisor, Priceline's purchase of Bookings.com. I can give you an example after example of how tens of billions of dollars of value were created from acquisitions in the $100 million to $1 billion range. And I think our acquisition of Galileo will prove out to be that similar type of huge strategic value.

首先，我們將成為偉大的資本管家，並且在我們如何部署它時非常謹慎，無論是反對為我們的業務提供資金，還是對增長或併購進行再投資。所以我想提前說明這一點。在過去的 20 年裡，併購對於直接面向消費者的技術業務而言具有難以置信的價值和戰略意義。我們已經看到通過併購產生的巨大價值。如果你看看 eBay 收購 PayPal，Google 收購 Android 或 DoubleClick 或 YouTube，Expedia 收購 TripAdvisor，Priceline 收購 Bookings.com。我可以舉一個又一個例子，說明如何通過 1 億到 10 億美元的收購創造了數百億美元的價值。而且我認為我們對伽利略的收購將被證明具有類似的巨大戰略價值。

The way we think about M&A prioritization is we're a big believer of vertical integration. It makes us -- and it gives us the ability to be agile and deploy technology innovation faster than anyone else and makes us a low-cost operator. In addition to that, it allows us to create ancillary additional revenue streams that help fund the technology investments for the industry and make the industry better. We are vertically integrating loans. It's proven to be a great competitive advantage with really high variable profit margins that we disclosed to you that have been 40% to 50% since 2018 as we focused on quality and really driving the per unit Economics.

我們考慮併購優先級的方式是我們非常相信垂直整合。它使我們——它使我們能夠比其他人更敏捷地部署技術創新，並使我們成為低成本的運營商。除此之外，它還使我們能夠創造輔助的額外收入來源，幫助為行業的技術投資提供資金，並使行業變得更好。我們正在垂直整合貸款。事實證明，這是一個巨大的競爭優勢，具有非常高的可變利潤率，我們向您披露自 2018 年以來一直為 40% 至 50%，因為我們專注於質量並真正推動單位經濟。

Within our financial services businesses, the acquisition of Galileo allows us to vertically integrate with SoFi Money, and that provides us all the advantages of being able to innovate faster at lower cost and help the whole industry become more reliable, more stable, more trustworthy, which will accelerate the transition from traditional banks to new digital frontier banks. Our Credit Card business will be vertically integrated as well because of the acquisition of Galileo and our plans there. It would be in our interest to further integrate some of our other businesses, and so we're prioritizing that and looking at those opportunities.

在我們的金融服務業務中，收購 Galileo 使我們能夠與 SoFi Money 垂直整合，這為我們提供了能夠以更低的成本更快地創新並幫助整個行業變得更可靠、更穩定、更值得信賴的所有優勢，這將加速從傳統銀行向新的數字前沿銀行的轉變。由於收購 Galileo 和我們在那裡的計劃，我們的信用卡業務也將垂直整合。進一步整合我們的其他一些業務將符合我們的利益，因此我們正在優先考慮這些業務並尋找這些機會。

From a horizontal standpoint, we largely would look outside the United States for horizontal opportunities. One example of that is in SoFi Hong Kong. We bought a small company -- well, we bought a company in Hong Kong. We had a great management team that has deployed in Invest product globally previously. They had a really strong technology team. They had licenses. We paid a small dollar amount. We've been able to move the AUM of our SoFi Hong Kong in the sense, then we used that to land and expand with invest through other areas within Asia. And then internationally, for Galileo, we're primarily focused on LatAm. The competitive environment there is really one that is where we're taking to blind share of the opportunities. And we see a huge amount of opportunity, not just what we've achieved in Mexico but in other markets there. But there could be opportunities to accelerate that through M&A also.

從橫向的角度來看，我們主要會在美國以外尋找橫向的機會。 SoFi Hong Kong就是一個例子。我們買了一家小公司——嗯，我們在香港買了一家公司。我們擁有一支優秀的管理團隊，之前已經在全球範圍內部署了 Invest 產品。他們有一個非常強大的技術團隊。他們有執照。我們付了一小筆錢。從某種意義上說，我們已經能夠移動 SoFi Hong Kong 的 AUM，然後我們用它來登陸並通過亞洲其他地區的投資進行擴張。然後在國際上，對於伽利略，我們主要關注拉丁美洲。那裡的競爭環境確實是我們盲目分享機會的地方。我們看到了巨大的機會，不僅是我們在墨西哥取得的成就，還有其他市場。但也有機會通過併購來加速這一進程。

Our next question is a follow-up from Sean Horgan of Rosenblatt Securities. Sean, the line is yours.

我們的下一個問題是 Rosenblatt Securities 的 Sean Horgan 的後續問題。肖恩，這條線是你的。

Hey guys, thanks for taking my follow-up. So I wanted to ask a couple on crypto. Some of your peers have seen a lot of success monetizing and driving engagement with crypto trading, but particularly interested in the crypto rewards. We're starting to see it pop up more and more, but it's something that I think intuitively would drive a lot of the same kind of behavior. So if you could talk about any of the early feedback there? And then any aspirations to move into a [decentralized] (corrected by company after the call) product like earning yield on a crypto balance?

嘿伙計們，感謝您接受我的跟進。所以我想問一對夫婦關於加密的問題。您的一些同行已經看到很多成功的貨幣化和推動參與加密交易，但對加密獎勵特別感興趣。我們開始看到它越來越多地出現，但我認為直覺上它會驅動很多相同的行為。所以，如果你能談談那裡的任何早期反饋？然後有任何願望進入[去中心化]（在電話會議後由公司更正）產品，比如通過加密餘額賺取收益？

Thank you, Sean. The way we drive our innovation, which I alluded to in my opening remarks, is we really listen to our members, and we try to -- our product development is member-centric, not product-centric. And when we were designing the SoFi Invest product, we asked our members what assets they wanted. We want to differentiate on selection. And one of the most requested assets was cryptocurrency. And there was a solid debate at SoFi whether or not that was appropriate for members and whether it should be on the platform. And our view is that we want to educate our members about the volatility of cryptocurrency, about the risk of cryptocurrency, which we do every time they put in a buy order, but it's clearly an asset that they want and we are providing and that's why we added continued selection in cryptocurrency.

謝謝你，肖恩。我們推動創新的方式，正如我在開場白中提到的那樣，我們真正傾聽我們的成員，並且我們嘗試——我們的產品開發是以成員為中心，而不是以產品為中心。當我們設計 SoFi Invest 產品時，我們詢問了我們的成員他們想要什麼資產。我們想區分選擇。最受歡迎的資產之一是加密貨幣。在 SoFi 上，這是否適合會員以及是否應該在平台上進行了激烈的辯論。我們的觀點是，我們希望讓我們的會員了解加密貨幣的波動性、加密貨幣的風險，每次他們下訂單時我們都會這樣做，但這顯然是他們想要的資產，我們正在提供，這就是為什麼我們在加密貨幣中添加了持續選擇。

The concept of our rewards program is a great example of how -- Not only do we have a one-stop shop or an example of how we can make our products work better when you use them together. And so our rewards platform, for those who are not familiar, it's not just rewards when we launched Credit Card. We built a platform that allows us to trigger rewards off of any activity you do on SoFi. Whatever our general managers, our product team, our marketing team want to trigger rewards off of that they can fund, they can trigger rewards.

我們的獎勵計劃的概念是一個很好的例子——我們不僅有一個一站式的商店，或者我們如何讓我們的產品在您一起使用時更好地工作的例子。所以我們的獎勵平台，對於那些不熟悉的人來說，它不僅僅是我們推出信用卡時的獎勵。我們建立了一個平台，允許我們從您在 SoFi 上進行的任何活動中觸發獎勵。無論我們的總經理、我們的產品團隊、我們的營銷團隊想要從他們可以資助的資金中觸發什麼獎勵，他們都可以觸發獎勵。

So today, we do get rewards when you use your credit card, but we allow you to redeem them into other products. And so one idea we had was, let's not just redeem it to cash, lets double the rewards and then redeem in the SoFi Money out of the Credit Card or double them when they redeem into their loan, make principal payments or double them when they go into Invest.

所以今天，當您使用信用卡時，我們確實會獲得獎勵，但我們允許您將它們兌換成其他產品。所以我們的一個想法是，讓我們不只是將其兌換成現金，讓獎勵加倍，然後從信用卡中贖回 SoFi 資金，或者在他們贖回貸款時將其加倍，或在他們償還本金時將其加倍進入投資。

And when we first did it for Invest, we didn't include cryptocurrency and our members wanted in cryptocurrency. So we let them redeem their points into cryptocurrency. And after doing that, it quickly became the top 3 most popular redemption option of all of our products. And a great example of how our products can be better when they're used together.

當我們第一次為 Invest 做這件事時，我們沒有包括加密貨幣，我們的成員想要加密貨幣。所以我們讓他們將積分兌換成加密貨幣。之後，它迅速成為我們所有產品中最受歡迎的前 3 名兌換選項。一個很好的例子，說明我們的產品在一起使用時如何變得更好。

Another example of that is we just launched in personal loans when you apply, you'll get an interest rate if you get approved, that's x. But if you're willing to do direct deposit with us, that interest rate will be lower than x. And that helps the person that's getting the loan get a better price. It helps us build a primary relationship with them because there's more data to help them get their money right. And so you'll continue to see the steam play itself out. We're not just going to build best in-need products by themselves. We're going to make them better when we use together, which will be really hard for others to replicate, and cryptocurrency is a first example of that.

另一個例子是我們剛剛在您申請時推出了個人貸款，如果您獲得批准，您將獲得利率，即x。但如果你願意直接存款，利率會低於x。這有助於獲得貸款的人獲得更好的價格。它有助於我們與他們建立主要關係，因為有更多數據可以幫助他們正確賺錢。因此，您將繼續看到蒸汽發揮作用。我們不只是要自己製造最需要的產品。當我們一起使用時，我們會讓它們變得更好，這對於其他人來說真的很難復制，而加密貨幣就是其中的第一個例子。

In terms of defi products, we're constant -- in terms of defi products, just to answer that question, we're constantly challenging ourselves to add selection and it's all the ways that you can think of. So it's absolutely something we'll continue to evaluate.

在defi產品方面，我們是不變的——在defi產品方面，為了回答這個問題，我們不斷挑戰自己，增加選擇，這是你能想到的所有方式。所以這絕對是我們將繼續評估的事情。

Okay. Great. And maybe one modeling question for Chris. Can you just walk us through the EPS numbers and clarify how to get there?

好的。偉大的。也許是克里斯的一個建模問題。你能告訴我們EPS數字並澄清如何到達那裡嗎？

Yes. Sure. Happy to, Sean, and thanks for the question. So in terms of our overall net income, we had losses of about $165 million. What's important to call out, though, is that embedded in that number are noncash items related to stock-based compensation as well as the fair market value changes to warrants attributable to our business combination with Social Capital. In addition to those noncash items, there are onetime transaction expenses related to the business combination with Social Capital as well.

是的。當然。很高興，肖恩，謝謝你的問題。因此，就我們的整體淨收入而言，我們損失了約 1.65 億美元。不過，需要指出的是，該數字中包含與股票薪酬相關的非現金項目，以及由於我們與社會資本的業務合併而導致的認股權證的公平市場價值變化。除了這些非現金項目外，還有與社會資本的業務合併相關的一次性交易費用。

In total, those 3 numbers total about $144 million of noncash and onetime expenses. If you were to exclude those numbers from our net income losses, net income losses would have been closer to $21 million and the EPS would have been closer to $0.058 of losses per share.

總的來說，這三個數字總計約 1.44 億美元的非現金和一次性費用。如果將這些數字從我們的淨收入損失中排除，淨收入損失將接近 2100 萬美元，每股收益接近 0.058 美元。

Operator, I think we have time for one last question.

接線員，我想我們還有時間回答最後一個問題。

Our next question comes from Moshe Orenbuch of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

Great, thanks for getting me under the wire. I was wondering if you could talk a little bit, given particularly the growth and success, both in mortgage and personal lending, how to think about the efficiency of your marketing spend? Is it getting better? Is it getting worse? And kind of what's implied in the forecast over time? And what have you seen in the recent results as we look towards that?

太好了，謝謝你讓我知道。我想知道您是否可以談談，特別是考慮到抵押貸款和個人貸款的增長和成功，如何考慮營銷支出的效率？好轉了嗎？是不是越來越差了？隨著時間的推移，預測中暗示了什麼？當我們對此進行展望時，您在最近的結果中看到了什麼？

Yes. We've definitely seen efficiency in the overall company and marketing spend. We saw a meaningful year-over-year decline in sales and marketing as a percent of revenue, which is obviously in our reported results that's at the aggregate level. Within the personal loan business, our marketing expense per new loan also came down meaningfully on a sequential basis benefiting from cross-buying and benefiting from better data utilization and better pricing, but we saw a meaningful step down in the marketing on a per loan basis for personal loans. Home loans has been the gold standard of cross-buying. As we shared in our roadshow documents in our earlier disclosures, we've been in the mid-60 to high 60% to 70% range each quarter for the percentage of our home loans bought by our existing members, and that hasn't changed.

是的。我們肯定已經看到整個公司和營銷支出的效率。我們看到銷售和營銷佔收入的百分比顯著同比下降，這顯然在我們報告的總體結果中。在個人貸款業務中，我們每筆新貸款的營銷費用也因交叉購買以及更好的數據利用率和更好的定價而連續顯著下降，但我們看到每筆貸款的營銷費用顯著下降用於個人貸款。房屋貸款一直是交叉購買的黃金標準。正如我們在之前披露的路演文件中所分享的那樣，我們現有成員購買的住房貸款的百分比每個季度都處於 60% 到 60% 到 70% 的中間區間，並且沒有改變.

When you have that high of a percentage, 2/3 of the home loans bought by the existing members, there's great marketing efficiencies relative to other products that don't have that level of cross-buying. So it's been a huge benefit. The home loan business will go through a cycle, personal loans will go through the cycle, but we've had great efficiencies in home loans and improving efficiencies in personal loans. And we're really encouraged about our long-term cash relative to our long-term margins of 38%, and we're on track to deliver that.

當您擁有如此高的百分比時，即現有會員購買的住房貸款的 2/3，相對於其他沒有這種交叉購買水平的產品而言，營銷效率很高。所以這是一個巨大的好處。房貸業務會經歷一個週期，個人貸款也會經歷一個週期，但是我們在房貸方面的效率很高，在個人貸款方面的效率也有所提高。相對於我們 38% 的長期利潤率，我們對我們的長期現金感到非常鼓舞，我們有望實現這一目標。

Great. Well, operator, we -- I'd like to end the call with a few closing remarks and thank everyone for joining us on our first conference call as a public company. I'll close now by emphasizing how critical our team is to our success and the importance of building a durable culture of diversity and a place people love to work. At SoFi, our products and service is digital. There's no storefront to walk into or counter window to meet. Without technology, our service does not exist, but more critically important is our people.

偉大的。好吧，接線員，我們——我想以幾句話結束電話會議，並感謝大家加入我們作為上市公司的第一次電話會議。最後，我將強調我們的團隊對我們的成功至關重要，以及建立持久的多元化文化和人們喜歡工作的地方的重要性。在 SoFi，我們的產品和服務是數字化的。沒有店面可以走進或櫃檯窗口見面。沒有技術，我們的服務就不存在，但更重要的是我們的員工。

There is a saying I heard 30-plus years ago that I'd love to repeat, "The tanks don't roll, the planes don't fly and the ships don't sail without the people." Our people are our #1 critical success factor because they build the technology and our services, key stroke by key stroke, data point by data point, iteration by iteration, step-by-step that turns our vision into a real impact that our members' lives. I could not be more thankful for the people of SoFi for their resilience their grit and most importantly, their passion to impact our members' lives in profound ways. Until we chat again Q3, take care and be safe. Thank you for joining us.

30 多年前我聽過一句話，我很想重複一遍：“沒有人，坦克不滾動，飛機不飛，船不航行。”我們的員工是我們的第一關鍵成功因素，因為他們構建了技術和我們的服務，一個接一個的按鍵，一個接一個的數據點，一個接一個的迭代，一步一步地把我們的願景變成對我們成員的真正影響'生活。我非常感謝 SoFi 的人們，感謝他們堅韌不拔的毅力，最重要的是，他們對深刻影響我們會員生活的熱情。在我們再次聊天 Q3 之前，請注意安全。感謝您加入我們。

Thank you for joining. You may now disconnect your lines.

感謝您的加入。您現在可以斷開線路。