SoFi Technologies Inc (SOFI) 2021 Q4 法說會逐字稿

Good afternoon, and thank you for attending today's SoFi Q4 2021 Earnings Conference Call. My name is Sam, and I will be your moderator for today's call. (Operator Instructions)

下午好，感謝您參加今天的 SoFi 2021 年第四季度收益電話會議。我的名字是山姆，我將擔任今天電話會議的主持人。 （操作員說明）

At this time, I would now like to turn the conference over to our host, Andrea Prochniak, VP of Investor Relations. Andrea, please proceed.

在這個時候，我現在想把會議交給我們的主持人，投資者關係副總裁 Andrea Prochniak。安德里亞，請繼續。

Thank you, operator, and thank you all for joining us today for SoFi's Fourth Quarter 2021 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.

感謝運營商，感謝大家今天加入我們參加 SoFi 的 2021 年第四季度財報電話會議。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。

Just after market closed today, we issued a press release announcing SoFi's fourth quarter and full year 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.

就在今天收市後，我們發布了一份新聞稿，宣布了 SoFi 的第四季度和 2021 年全年財務業績。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。

This conference call is being webcast live and will be available as a replay for 30 days, beginning about 1 hour after the conclusion of this call. There's also an accompanying investor presentation on our IR page.

本次電話會議正在進行網絡直播，並將在本次電話會議結束後約 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 included in the statements. We discuss these factors in our SEC filings, including our 2021 Form 10-K, which can soon be found on the IR page of our website and 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，並且存在可能導致實際結果與陳述中包含的結果大不相同的重要因素。我們在 SEC 提交的文件中討論了這些因素，包括我們的 2021 年 10-K 表格，該表格很快就會在我們網站的 IR 頁面和 SEC 文件的網站 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.

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。

Today's discussion will focus on both the fourth quarter and full year 2021 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.

今天的討論將重點關注 2021 年第四季度和全年的業績。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. Before beginning my prepared remarks, I want to take a moment to recognize the unacceptable tragedy that is currently taking place in Ukraine. It's been truly difficult to watch the series of events unfold over these past few weeks and escalate in recent days. No one should have to live in fear or under the threat of violence, which has now become a reality. Our hearts go out to everyone directly or indirectly affected by this tragic situation.

謝謝你，安德里亞，大家下午好。在開始我準備好的發言之前，我想花一點時間來認識一下烏克蘭目前正在發生的不可接受的悲劇。在過去幾週內看到一系列事件發生並在最近幾天升級真的很難。任何人都不應該生活在恐懼或暴力威脅下，這已經成為現實。我們對所有直接或間接受到這一悲慘局勢影響的人表示同情。

Now on to our results. We had another strong quarter, hitting new highs across our key financial and operating metrics and finishing 2021 with record annual results. Today, we are in our best position ever to achieve our long-term strategic goal: to be the digital one-stop shop for the major financial decisions in our members' lives and all of the moments in between.

現在來看我們的結果。我們又迎來了一個強勁的季度，我們的關鍵財務和運營指標創下新高，並以創紀錄的年度業績結束了 2021 年。今天，我們處於實現長期戰略目標的最佳位置：成為會員生活中的重大財務決策以及其間所有時刻的數字一站式商店。

Here are some of the highlights. Record fourth quarter adjusted net revenue of $280 million was up 54% year-over-year and increased sequentially from a very strong third quarter despite the unexpected federal student loan moratorium extension at quarter end. All 3 of our business segments achieved higher year-over-year growth.

這兒是一些精彩片段。第四季度調整後淨收入創紀錄的 2.8 億美元，同比增長 54%，儘管在季度末意外延長聯邦學生貸款延期，但與非常強勁的第三季度相比環比增長。我們所有三個業務部門均實現了較高的同比增長。

We delivered record full year revenue of just over $1 billion, at the high end of our guidance, which we increased on our third quarter earnings call. We achieved our sixth consecutive quarter of positive adjusted EBITDA at $5 million and delivered on our goal of positive full year EBITDA. We had an amazing quarter for member growth. We added 523,000 new members in the fourth quarter, a record in absolute number terms and impressively up 39% versus the amount added in the third quarter. As a result, we ended 2021 with 3.5 million members, an increase of 1.6 million, up 87% year-over-year and well above the 3 million member target set in January '21.

我們實現了創紀錄的超過 10 億美元的全年收入，處於我們指導的高端，我們在第三季度財報電話會議上增加了這一數字。我們連續第六個季度實現了 500 萬美元的調整後 EBITDA 正數，並實現了全年正數 EBITDA 的目標。我們有一個驚人的會員增長季度。我們在第四季度增加了 523,000 名新會員，絕對數量創歷史新高，與第三季度的增加量相比，增長了 39%。因此，我們在 2021 年結束時擁有 350 萬會員，增加了 160 萬，同比增長 87%，遠高於 21 年 1 月設定的 300 萬會員目標。

We also set another record with new product adds of 906,000 in the fourth quarter, up an incredible 51% versus the number of third quarter adds. We finished 2021 at 5.2 million total products, more than double the 2.5 million we had at year-end 2020. And at Galileo, we grew enabled accounts 67% year-over-year to 100 million.

我們還創下了第四季度新增產品 906,000 個的新紀錄，與第三季度新增產品的數量相比增長了 51%，令人難以置信。到 2021 年，我們的產品總數為 520 萬件，是 2020 年底的 250 萬件的兩倍多。在伽利略，我們啟用的帳戶同比增長 67%，達到 1 億。

We were able to achieve these milestones in 2021 and get to such a position of strength today for 3 main reasons. First, we continue to drive strong growth through great execution across our 3 diverse businesses, which reflects our ability to capitalize on changing macro conditions. Second, the success of SoFi's unique Financial Services Productivity Loop strategy accelerated as we scaled our business in '21, which allowed us to exceed our original 2021 member growth target by 40% and, importantly, still hit our EBITDA target. And third, we took a giant step forward in 2021 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 partnered with.

我們能夠在 2021 年實現這些里程碑並在今天取得如此強大的地位，主要有 3 個原因。首先，我們通過對 3 個不同業務的出色執行繼續推動強勁增長，這反映了我們利用不斷變化的宏觀條件的能力。其次，隨著我們在 21 年擴大業務規模，SoFi 獨特的金融服務生產力循環戰略的成功加速了，這使我們能夠超過我們最初的 2021 年會員增長目標 40%，重要的是，仍然達到了我們的 EBITDA 目標。第三，我們在 2021 年向前邁出了一大步，通過我們的 SoFi 體育場附屬機構、我們的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，實現了成為家喻戶曉的品牌的目標。

I'll take these points one by one. Starting with number one, how we drove strong growth through great execution across our 3 diverse businesses. In Lending, we grew segment revenues by 30% year-over-year in the fourth quarter and 42% for the full year even with the unexpected extension of the federal student loan payment moratorium in late December. Fourth quarter personal loan originations were a record of $1.7 billion, up 168% year-over-year, and more than double fourth quarter 2019's pre-pandemic total. Full year originations were more than $5.3 billion versus $2.6 billion in 2020 and $3.7 billion in 2019. Personal Loans outperformed as a result of our improved execution, enhancements to our technology and credit models and the quality of our loans. And through our lending as a service partnership with Pagaya, we added nearly 7,700 referred loans across a broader audience while maintaining our credit criteria.

我將一一列舉這些要點。從第一開始，我們如何通過對 3 個不同業務的出色執行來推動強勁增長。在貸款方面，即使在 12 月下旬聯邦學生貸款暫停支付意外延長的情況下，我們第四季度的部門收入同比增長 30%，全年增長 42%。第四季度個人貸款發放達到創紀錄的 17 億美元，同比增長 168%，是 2019 年第四季度疫情前總額的兩倍多。全年發放金額超過 53 億美元，而 2020 年和 2019 年分別為 26 億美元和 37 億美元。個人貸款表現出色，這是由於我們改進了執行、改進了我們的技術和信貸模型以及貸款質量。通過我們與 Pagaya 的貸款即服務合作夥伴關係，我們在保持信用標準的同時，在更廣泛的受眾中增加了近 7,700 筆推薦貸款。

In home loans, we met our 2021 goals to diversify into purchase loans from predominantly refinanced loans and to reenter the jumbo loan market. By the fourth quarter, we had increased purchased home loans from low single digits to low double digits as a percentage of SoFi's total home loan volume. And we relaunched jumbo loans in the second half of the year. This diversification will help drive continued growth in a rising rate environment.

在住房貸款方面，我們實現了 2021 年的目標，即從以再融資為主的貸款轉向購買貸款，並重新進入巨額貸款市場。到第四季度，我們已將購買的住房貸款從低個位數增加到低兩位數，佔 SoFi 總住房貸款量的百分比。我們在下半年重新推出了巨額貸款。這種多樣化將有助於在利率上升的環境中推動持續增長。

In student loans, we saw accelerating demand in the fourth quarter ahead of the January federal student loan payment moratorium deadline and anticipated rate increases in 2022. We originated nearly $1.5 billion in loans, up more than 50% sequentially, even with the surprise late December extension to May '22, which caused a reduction in demand during the final week of the quarter.

在學生貸款方面，我們看到在 1 月聯邦學生貸款暫停支付截止日期之前的第四季度需求加速，預計 2022 年的利率會增加。我們發放了近 15 億美元的貸款，環比增長超過 50%，即使在 12 月下旬出現意外情況延長至 22 年 5 月，導致本季度最後一周的需求減少。

Looking ahead, we expect continued strong growth in Lending driven by our ongoing momentum in personal loans, the end of the student loan payment moratorium, better positioning in home loans and the many opportunities our new bank license presents.

展望未來，我們預計，在我們個人貸款的持續增長勢頭、學生貸款暫停支付的結束、住房貸款的更好定位以及我們的新銀行牌照帶來的許多機會的推動下，貸款將繼續強勁增長。

In financial services, we achieved record growth in products adopted in the fourth quarter and, importantly, a large step-up in monetization that drove record revenue up nearly 2x sequentially. We added 857,000 new financial services products in the fourth quarter, up 56% from the number of third quarter adds. For the year, we added nearly 2.5 million new financial services products, more than double the 1.2 million we added in 2020. Through better monetization, we produced a 5x year-over-year increase in our fourth quarter total finance services revenue of $22 million as well as our full year revenue of $58 million.

在金融服務方面，我們在第四季度採用的產品實現了創紀錄的增長，重要的是，貨幣化的大幅提升推動了創紀錄的收入環比增長近 2 倍。我們在第四季度新增了 857,000 種金融服務產品，比第三季度增加了 56%。這一年，我們增加了近 250 萬種新的金融服務產品，是 2020 年增加的 120 萬種的兩倍多。通過更好的貨幣化，我們的第四季度金融服務總收入達到 2200 萬美元，同比增長 5 倍以及我們全年 5800 萬美元的收入。

Product improvements that drove the year's phenomenal growth include the following. In SoFi Invest, we gave members more selection and new features. We added 25 new cryptocurrencies, making SoFi a selection leader with 30 at year-end. We offered 2 regular way IPOs to retail investors in the fourth quarter. The first was Rivian, the largest IPO since Facebook in 2012. And the second was Nubank, a leading fintech company in Brazil. We introduced stop limit trade orders in the fourth quarter and margin trading earlier this year.

推動這一年驚人增長的產品改進包括以下內容。在 SoFi Invest 中，我們為會員提供了更多選擇和新功能。我們添加了 25 種新的加密貨幣，使 SoFi 在年底以 30 種成為選擇領導者。我們在第四季度向散戶投資者提供了 2 次常規方式的 IPO。第一個是 Rivian，這是自 2012 年 Facebook 以來最大的 IPO。第二個是巴西領先的金融科技公司 Nubank。我們在今年早些時候推出了第四季度的止損限價交易指令和保證金交易。

At SoFi Money, we introduced 2-day early paycheck, autosave, cashback and no-fee overdraft protection. And with our launch of SoFi Checking and Savings, we now offer members 1% APY, 33x the national average, plus no account fees or minimum balance, plus many of the free features members already enjoy.

在 SoFi Money，我們推出了 2 天提前發薪、自動儲蓄、現金返還和免費透支保護。隨著我們推出 SoFi Checking and Savings，我們現在為會員提供 1% 的 APY，是全國平均水平的 33 倍，而且沒有賬戶費用或最低餘額，以及會員已經享受的許多免費功能。

Our SoFi Credit Card, which includes the only rewards platform that gives points for both transactions and smart financial behaviors, really took off in its first full year. Quarterly spend balances and accounts grew at high double-digit rates, and we finished 2021 with 91,000 products and a debut NPS score in the mid-50s.

我們的 SoFi 信用卡包括唯一一個為交易和智能金融行為提供積分的獎勵平台，在其第一年真正起飛。季度支出餘額和賬戶以兩位數的高速度增長，我們在 2021 年結束時擁有 91,000 種產品，並在 50 年代中期首次獲得 NPS 得分。

Finishing with our tech platform, Galileo benefited throughout 2021 from growth in enabled accounts, transactions per account and adoption of new products by existing partners as well as the addition of diverse new partners. Fourth quarter segment revenues of $53 million was up 42% year-over-year, an acceleration versus the year-over-year growth in Q3 at 29%. And with the inclusion of a full year of Galileo results, 2021 revenue more than doubled to $195 million.

借助我們的技術平台，Galileo 在 2021 年全年受益於啟用賬戶、每個賬戶交易量的增長、現有合作夥伴對新產品的採用以及各種新合作夥伴的增加。第四季度部門收入為 5300 萬美元，同比增長 42%，與第三季度 29% 的同比增長相比有所加快。加上伽利略全年的業績，2021 年的收入翻了一番多，達到 1.95 億美元。

Galileo added 11 million new end-user accounts in the quarter, a 67% year-over-year increase to $100 million at year-end, up from 60 million enabled accounts at the start of 2021. Galileo launched some clients and signed 9 new ones in the fourth quarter, bringing total full year adds to 44. We also grew Galileo's total B2B client base by 40% in 2021. We launched Toast last year and signed T.Rowe Price in the fourth quarter to service its future emergency savings program. And H&R Block just chose Galileo to power its new mobile banking app, Spruce.

伽利略在本季度新增了 1100 萬個新的最終用戶賬戶，同比增長 67%，至年底的 1 億美元，高於 2021 年初啟用的 6000 萬個賬戶。伽利略推出了一些客戶並簽署了 9 個新客戶第四季度增加了 44 家公司。我們還將 Galileo 的 B2B 客戶群總數在 2021 年增長了 40%。我們去年推出了 Toast，並在第四季度簽署了 T.Rowe Price 以服務於其未來的緊急儲蓄計劃. H&R Block 剛剛選擇 Galileo 為其新的移動銀行應用程序 Spruce 提供支持。

We acquired Galileo to leverage an owned and operated platform to drive rapid innovation with the benefit of a great business that further diversified our revenue. Now as we announced last week, we're filing the same playbook by acquiring Technisys, a leading cloud-native multiproduct core banking platform. Adding Technisys is the next step in vertically integrating SoFi's businesses to further accelerate the pace of innovation of our best-of-breed financial products. We expect Technisys to be a growth multiplier for both SoFi and Galileo, in addition to realizing its own enormous growth opportunities, which are further strengthened in partnership with Galileo. We are well on our way to building the AWS of fintech.

我們收購 Galileo 是為了利用自有和運營的平台來推動快速創新，同時受益於一項使我們的收入進一步多元化的偉大業務。現在，正如我們上周宣布的那樣，我們正在通過收購領先的雲原生多產品核心銀行平台 Technisys 來提交相同的劇本。添加 Technisys 是垂直整合 SoFi 業務的下一步，以進一步加快我們同類最佳金融產品的創新步伐。除了實現自身巨大的增長機會外，我們預計 Technisys 將成為 SoFi 和 Galileo 的增長倍增器，與 Galileo 的合作將進一步加強這些機會。我們在構建金融科技 AWS 的道路上進展順利。

Now let's talk about point number two, the success of SoFi's unique Financial Services Productivity Loop strategy. Critical to the FSPL is creating best-of-breed products that build trust and reliability with members which increases the likelihood they choose SoFi for a second or third product. When they do, we benefit from increased LTV per member by generating more revenue at little to no incremental customer acquisition cost. As a result, our higher LTV allows us to invest in more differentiated products and services which, in turn, drives more demand and higher LTVs. It's a true competitive advantage.

現在讓我們談談第二點，SoFi 獨特的金融服務生產力循環戰略的成功。 FSPL 的關鍵是創建同類最佳的產品，與成員建立信任和可靠性，從而增加他們選擇 SoFi 作為第二個或第三個產品的可能性。當他們這樣做時，我們會從增加的每位會員的 LTV 中受益，因為我們會以很少或沒有增加的客戶獲取成本產生更多的收入。因此，我們更高的 LTV 使我們能夠投資於更具差異化的產品和服務，進而推動更多的需求和更高的 LTV。這是真正的競爭優勢。

The FSPL has had its biggest impact yet on 2021 results. The scale of our top-of-the-funnel products is now large enough that at the same cross-buy rates, fourth quarter cross-buy volume more than tripled year-over-year to more than 380,000 products. And more than 1/3 of our new products were adopted by existing members in the quarter, contributing to the 17% decline in our customer acquisition costs in 2021. I mentioned that our total year-end members of 3.5 million exceeded our 2021 goal by 500,000. Our unique FSPL advantage not only helped us exceed this goal, we did so without notable associated marketing costs. Instead, these FSPL efficiencies allowed us to significantly exceed our member and product goals, yet still achieve our EBITDA targets.

FSPL 對 2021 年的業績產生了迄今為止最大的影響。我們的頂級產品的規模現在已經足夠大，以至於在相同的交叉購買率下，第四季度的交叉購買量同比增長了兩倍多，達到 380,000 多種產品。我們超過 1/3 的新產品在本季度被現有會員採用，導致 2021 年我們的客戶獲取成本下降了 17%。我提到我們的年終會員總數為 350 萬，超出了我們 2021 年的目標500,000。我們獨特的 FSPL 優勢不僅幫助我們實現了這一目標，而且我們在沒有顯著相關營銷成本的情況下實現了這一目標。相反，這些 FSPL 效率使我們能夠大大超出我們的會員和產品目標，但仍能實現我們的 EBITDA 目標。

This brings me to my third key success factor for 2021, our ability to drive a dramatic increase in SoFi's unaided brand awareness, via the unmatched reach of SoFi Stadium nationally televised games, the success of our various integrated multimedia campaigns and the reality of the influencers we partner with. Here are a few remarkable stats. The 5 nationally televised regular season games at SoFi Stadium were seen by an average of more than 22 million households per game, resulting in a household reach of 110 million-plus households in total. This visibility helped increase SoFi's unaided brand awareness by nearly 70% in 2021 to a new record in the fourth quarter. And that was before an estimated 106 million people tuned in to watch the Rams win the Super Bowl at SoFi Stadium.

這讓我想到了 2021 年的第三個關鍵成功因素，我們有能力通過 SoFi 體育場全國電視轉播的無與倫比的覆蓋範圍、我們各種綜合多媒體活動的成功以及影響者的現實，推動 SoFi 的獨立品牌知名度大幅提升我們合作。這裡有一些非凡的統計數據。在 SoFi 體育場舉行的 5 場全國電視轉播的常規賽每場比賽平均有超過 2200 萬個家庭觀看，家庭總覆蓋面達到 1.1 億多個家庭。這種知名度幫助 SoFi 的獨立品牌知名度在 2021 年提高了近 70%，在第四季度創下新紀錄。那是在估計有 1.06 億人收看公羊隊在 SoFi 體育場贏得超級碗之前。

Before turning it over to Chris to talk through the results, I wanted to share a few additional thoughts. In February, I celebrated my fourth anniversary as the CEO of SoFi. While I could not be more proud of all we've accomplished in such a short period of time, I am even more excited about what's ahead of us. We are just starting to reap the benefits from the enormous progress we have made on our strategic position, the breadth of our differentiated and diversified product suite, our tech platform that helps us serve the industry as we build the AWS of fintech, our balance sheet of $4.7 billion in equity value, the exponential growth for our brand awareness and, of course, most importantly, our team.

在把它交給 Chris 討論結果之前，我想分享一些額外的想法。 2 月，我慶祝了我擔任 SoFi 首席執行官的四周年。雖然我為我們在如此短的時間內所取得的成就感到無比自豪，但我對我們面前的事情更加興奮。我們剛剛開始從我們在戰略地位、差異化和多元化產品套件的廣度、在構建金融科技 AWS 時幫助我們為行業服務的技術平台、我們的資產負債表方面取得的巨大進步中獲益47 億美元的股權價值，我們的品牌知名度呈指數級增長，當然，最重要的是我們的團隊。

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

有了這個，讓我把它交給克里斯，以審查本季度和年度的財務狀況。

Thanks, Anthony, and good afternoon. We finished off a remarkable year by delivering record quarterly revenue and our sixth consecutive quarter of positive EBITDA. Importantly, we achieved this despite facing new and existing challenges in the quarter, proving once again that our diversified and differentiated business model drive SoFi's durability and long-term growth potential.

謝謝，安東尼，下午好。我們以創紀錄的季度收入和連續第六個季度的正 EBITDA 結束了非凡的一年。重要的是，儘管本季度面臨新的和現有的挑戰，我們還是實現了這一目標，再次證明我們多元化和差異化的商業模式推動了 SoFi 的持久性和長期增長潛力。

I'm going to walk you through some key financial highlights for the quarter and year and then share color on our financial outlook. Unless otherwise stated, I'll be referring to adjusted results for the fourth quarter of 2021 versus fourth quarter of 2020. Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release and our 10-K filing.

我將向您介紹本季度和年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 2021 年第四季度與 2020 年第四季度的調整後業績。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的 10-K 文件中找到。

For the quarter, top line growth accelerated as we delivered record adjusted net revenue of $280 million, up 54% year-over-year from the same prior year period and at the high end of our guidance of $272 million to $282 million. Adjusted EBITDA of $5 million was also at the high end of our guidance of $2 million to $5 million.

本季度，隨著我們實現創紀錄的 2.8 億美元的調整後淨收入，同比增長 54%，達到我們 2.72 億美元至 2.82 億美元的指導值的高端，營收增長加速。 500 萬美元的調整後 EBITDA 也處於我們 200 萬美元至 500 萬美元指導值的高端。

For the full year, we delivered $1.01 billion of adjusted net revenue, up 63% year-over-year. Our original 2021 plan and what we guided to during the IPO process was $980 million in adjusted net revenue. That assumed that federal student loan payment moratorium would expire on September 30, 2021, and also included a full year of revenue recognition from our equity investment in Apex, which was called last January. Despite the $50 million plus of revenue headwinds created by those 2 factors alone, we still exceeded our original revenue plan by $30 million. From an adjusted EBITDA perspective, we delivered $30 million in profits, above our original full year guidance of $27 million and up $75 million from the $45 million of losses incurred in 2020.

全年，我們實現了 10.1 億美元的調整後淨收入，同比增長 63%。我們最初的 2021 年計劃以及我們在 IPO 過程中的指導是 9.8 億美元的調整後淨收入。假設聯邦學生貸款暫停支付將於 2021 年 9 月 30 日到期，並且還包括我們在去年 1 月稱為 Apex 的股權投資的全年收入確認。儘管僅這兩個因素就產生了超過 5000 萬美元的收入逆風，但我們仍然超出了我們最初的收入計劃 3000 萬美元。從調整後的 EBITDA 角度來看，我們實現了 3000 萬美元的利潤，高於我們最初的 2700 萬美元全年指導，比 2020 年的 4500 萬美元虧損增加了 7500 萬美元。

Now on to the segment level performance where growth accelerated across all 3 segments. In lending, fourth quarter adjusted net revenue grew 30% year-over-year to $208 million versus 21% in Q3 of 2021 driven by a 67% increase in funded volume to $3.8 billion in total, a new high for us. The largest contributors to funded volume growth were our personal loans business which grew 168% or $1 billion year-over-year to $1.6 billion in originations for the quarter; and our student loans business, which saw more than 50% year-over-year growth to $1.5 billion.

現在進入細分市場級別的表現，所有三個細分市場的增長都在加速。在貸款方面，第四季度調整後的淨收入同比增長 30% 至 2.08 億美元，而 2021 年第三季度為 21%，這得益於融資總額增長 67% 至 38 億美元，這對我們來說是新高。資金量增長的最大貢獻者是我們的個人貸款業務，該業務同比增長 168% 或 10 億美元，至本季度的 16 億美元；我們的學生貸款業務同比增長 50% 以上，達到 15 億美元。

In personal loans, we captured increased demand from borrowers remodeling their homes and refinancing variable rate debt into attractive fixed rate products as interest rates increased. Additionally, we continue to improve conversion as we iterated throughout our funnel.

在個人貸款方面，隨著利率上升，我們捕捉到借款人對房屋進行改造並將浮動利率債務再融資為有吸引力的固定利率產品的需求增加。此外，隨著我們在整個漏斗中進行迭代，我們將繼續提高轉化率。

In student loans, we benefited from increased demand from federal student loan borrowers looking to refinance prior to the anticipated January 2022 expiry of the federal student loan payment moratorium. In addition, increased net interest margins and strong gain on sale margins, inclusive of hedge gains, drove material year-over-year growth in net interest income and loan sales revenue.

在學生貸款方面，我們受益於希望在 2022 年 1 月聯邦學生貸款暫停付款預期到期之前再融資的聯邦學生貸款借款人的需求增加。此外，淨息差的增加和銷售利潤率的強勁增長（包括對沖收益）推動了淨利息收入和貸款銷售收入的同比大幅增長。

The Lending business delivered $105 million of contribution profit at a 51% margin. Overall contribution dollars were up 23% versus the same prior year period but margins were down from 53% in Q4 2020. The slight year-over-year decline in margins was caused by lower home loans throughput with our third-party fulfillment partner, resulting in lower home loans revenue and margins.

貸款業務以 51% 的利潤率實現了 1.05 億美元的貢獻利潤。與去年同期相比，總體貢獻美元增長了 23%，但利潤率低於 2020 年第四季度的 53%。利潤率同比略有下降是由於我們的第三方履行合作夥伴的住房貸款吞吐量下降，導致較低的住房貸款收入和利潤率。

I'm pleased to say demand remained robust throughout the quarter. And were it not for these partner issues, we would have had strong quarterly performance. These issues have since been resolved by onboarding another third-party fulfillment partner.

我很高興地說，整個季度的需求依然強勁。如果不是因為這些合作夥伴問題，我們將有強勁的季度業績。此後，這些問題已通過加入另一個第三方履行合作夥伴得到解決。

In addition, expenses were higher in the student loan refinancing business where we increased marketing to capitalize on elevated demand in the lead up to the January 2022 federal student loan payment moratorium expiration. When the moratorium was unexpectedly extended to May 2022 at the end of December, we lost a week of revenue from anticipated federal student loan funding and had already spent the marketing dollars. For the full year, lending adjusted net revenue grew 42% to $764 million, and the segment delivered $400 million of contribution profit at a 52% margin.

此外，學生貸款再融資業務的費用較高，在 2022 年 1 月聯邦學生貸款暫停支付到期之前，我們增加了營銷以利用需求增加。當暫停期在 12 月底意外延長至 2022 年 5 月時，我們從預期的聯邦學生貸款資金中損失了一周的收入，並且已經花費了營銷資金。全年，貸款調整後的淨收入增長 42% 至 7.64 億美元，該部門以 52% 的利潤率貢獻了 4 億美元的利潤。

Shifting to our tech platform where we delivered net revenue of $53 million in the quarter, up 42% from the same prior year period. Overall segment growth was driven by 67% year-over-year Galileo account growth to 100 million in total. As a reminder, it is normal to see a lag between the addition of new accounts and the engagement and monetization of those accounts. We are encouraged by this leading indicator of Galileo's growth.

轉向我們的技術平台，我們在本季度實現了 5300 萬美元的淨收入，比去年同期增長 42%。整體細分市場的增長是由伽利略帳戶同比增長 67% 推動，總計達到 1 億。提醒一下，添加新帳戶與這些帳戶的參與度和貨幣化之間存在滯後是正常的。我們對伽利略增長的這一領先指標感到鼓舞。

Q4 contribution profit was $20 million at a 38% margin, which is down year-over-year given the investments we have made in technology capabilities overall and the migration to the cloud but up sequentially from 31% in Q3 2021 due to fixed cost leverage we were able to achieve in the quarter. This 1 quarter does mark the beginning of a trend, and as discussed previously, we plan to operate the business in the 20% to 30% contribution margin range for the foreseeable future as we continue investing to take advantage of the opportunity ahead of us. For the full year, the tech platform segment grew revenue 102% to $195 million and delivered $64 million of contribution profit at a 33% margin.

第四季度貢獻利潤為 2000 萬美元，利潤率為 38%，考慮到我們在整體技術能力和遷移到雲方面的投資，同比下降，但由於固定成本槓桿，從 2021 年第三季度的 31% 環比上升我們能夠在本季度實現。這 1 個季度確實標誌著一個趨勢的開始，如前所述，我們計劃在可預見的未來以 20% 至 30% 的利潤率範圍經營業務，因為我們將繼續投資以利用我們面前的機會。全年，科技平台部門收入增長 102% 至 1.95 億美元，貢獻利潤 6400 萬美元，利潤率為 33%。

On to our financial services segment, which continues to benefit from strong growth across all products and our improved ability to monetize that growth. This segment delivered revenue of $22 million in Q4, more than 5x the prior year quarter at $4 million and up 74% sequentially. Within the segment, year-over-year revenue growth was particularly strong in SoFi Invest, Lantern, SoFi Credit Card and SoFi Money. As important, our year-over-year revenue growth was twice our exceptional product growth of 2.5x, demonstrating our continued progress in monetization. Invest added 362,000 accounts and reached 1.6 billion in total. Money added 276,000 accounts and reached 1.4 million in total. And Relay added 180,000 accounts and hit 930,000 in total.

繼續我們的金融服務部門，該部門繼續受益於所有產品的強勁增長以及我們提高將這種增長貨幣化的能力。該部門在第四季度實現了 2200 萬美元的收入，是去年同期 400 萬美元的 5 倍多，環比增長 74%。在該細分市場中，SoFi Invest、Lantern、SoFi Credit Card 和 SoFi Money 的收入同比增長尤為強勁。同樣重要的是，我們的收入同比增長是我們出色的產品增長 2.5 倍的兩倍，這表明我們在貨幣化方面的持續進步。 Invest新增賬戶36.2萬個，總數達到16億。 Money 新增賬戶 276,000 個，總數達到 140 萬個。 Relay 增加了 18 萬個賬戶，總數達到了 93 萬個。

Contribution losses were $35 million for the quarter. While this is a slight improvement year-over-year, we remain in investment mode, focused on creating the right unit economics for each business to drive long-term sustainable growth. For the full year, segment revenue of $58 million was nearly 5x the $12 million we delivered in 2020, and our $135 million contribution loss was essentially flat year-over-year.

本季度的貢獻損失為 3500 萬美元。雖然這比去年略有改善，但我們仍處於投資模式，專注於為每項業務創造合適的單位經濟，以推動長期可持續增長。全年，5800 萬美元的分部收入幾乎是我們在 2020 年交付的 1200 萬美元的 5 倍，我們 1.35 億美元的貢獻損失與去年同期基本持平。

Quickly switching to our balance sheet, which grew by approximately $600 million year-over-year to $9.2 billion in total primarily as a result of growth in originations that accelerated in the back half of the year. In addition, we exited the year with $1.6 billion drawn on our warehouse facilities, less than 25% of our overall $7 billion of capacity. That low reliance on warehouse capacity allowed us to significantly reduce our cost of funds, and we ended the year very well capitalized, having raised a total of $3.6 billion of new capital. Our total book value is $4.7 billion, and our capital and leverage ratios are extremely strong.

迅速轉向我們的資產負債表，該資產負債表同比增長約 6 億美元，總額達到 92 億美元，這主要是由於今年下半年發起的增長加速。此外，今年我們的倉庫設施動用了 16 億美元，不到我們 70 億美元總容量的 25%。對倉庫容量的低依賴使我們能夠顯著降低資金成本，並且我們在這一年結束時資本充足，總共籌集了 36 億美元的新資本。我們的總賬面價值為 47 億美元，我們的資本和槓桿比率非常強勁。

Finally, on December 6, we redeemed all of the outstanding SoFi Technologies' private and public warrants which removed a significant source of P&L volatility for SoFi. We are 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.

最後，在 12 月 6 日，我們贖回了所有未償付的 SoFi Technologies 的私人和公共認股權證，這消除了 SoFi 損益波動的一個重要來源。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。

The last thing I want to discuss is Q1 and full year 2022 guidance. It's important to note before getting into the details that the incremental net interest income from SoFi Bank will only contribute nominally to Q1 results and prior to fully originating loans in the bank, which we expect in May 2022. That's because when we opened the bank in February, we did not contribute any existing SoFi loans to the bank as we initially capitalized the bank with cash. We are still transitioning our operations to have loan originations occur from the bank, and that transition will not be fully complete until the end of May.

我想討論的最後一件事是第一季度和 2022 年全年指導。在詳細說明之前，重要的是要注意，SoFi 銀行的淨利息收入增量只會在名義上對第一季度業績做出貢獻，並且在我們預計在 2022 年 5 月完全發放貸款之前。這是因為當我們在2 月，我們沒有向銀行提供任何現有的 SoFi 貸款，因為我們最初用現金為銀行注資。我們仍在過渡我們的業務，以便從銀行獲得貸款，而這種過渡要到 5 月底才能完全完成。

Over the last several quarters, our unique diversified business model has proven to be an increasingly powerful competitive advantage. Even as we continue to invest in scale, we expect that strength and momentum to continue. Our Q1 guidance incorporates the negative impact of the unexpected extension of the federal student loan payment moratorium to May 2022. We estimate that negative impact to be approximately $30 million to $35 million of revenue and $20 million to $25 million of contribution profit in Q1, with loan origination levels for the entire quarter to be consistent with those of the first 3 quarters of 2021.

在過去幾個季度中，我們獨特的多元化業務模式已被證明是一種日益強大的競爭優勢。即使我們繼續在規模上進行投資，我們預計這種實力和勢頭將繼續下去。我們的第一季度指導包含了聯邦學生貸款暫停支付意外延長至 2022 年 5 月的負面影響。我們估計第一季度的負面影響約為 3000 萬美元至 3500 萬美元的收入和 2000 萬美元至 2500 萬美元的貢獻利潤，其中整個季度的貸款發放水平與 2021 年前三個季度的水平保持一致。

For Q1, we expect $280 million to $285 million of adjusted net revenue, up 30% to 32% year-over-year and $0 to $5 million of adjusted EBITDA. Had the moratorium expired in January, we estimate that Q1 revenue would have been $310 million to $320 million, and EBITDA would have been $20 million to $30 million. For illustrative purposes, we've included this alternative scenario in our investor presentation.

對於第一季度，我們預計調整後的淨收入為 2.8 億美元至 2.85 億美元，同比增長 30% 至 32%，調整後的 EBITDA 為 0 至 500 萬美元。如果暫停在 1 月份到期，我們估計第一季度的收入將在 3.1 億美元至 3.2 億美元之間，EBITDA 將在 2000 萬美元至 3000 萬美元之間。出於說明目的，我們在投資者介紹中包含了這種替代方案。

For the full year 2022, we expect to grow adjusted net revenue 55% year-over-year to $1.57 billion and deliver adjusted EBITDA of $180 million. There are several recent developments that factor into our full year guidance. First, we assume the moratorium on federal student loan payments expires as currently contemplated on May 1, 2022, and student loan refinancing origination volume will normalize at pre-COVID levels partway through Q2, and remain at those levels from that point through the remainder of the year.

對於 2022 年全年，我們預計調整後的淨收入將同比增長 55% 至 15.7 億美元，調整後的 EBITDA 為 1.8 億美元。有幾項最近的發展影響了我們的全年指導。首先，我們假設暫停聯邦學生貸款支付的期限按照目前的設想，將於 2022 年 5 月 1 日到期，並且學生貸款再融資發起量將在第二季度中途恢復到 COVID 之前的水平，並從那時起一直保持在這些水平。那一年。

Second, we assume the SoFi Bank will begin contributing to SoFi's results more meaningfully in Q2 rather than in Q1 when we opened the bank. That's because, as I just mentioned, we opened the bank with no loans and initially capitalized it with cash from our balance sheet. This is an important distinction because we won't begin to realize the lower cost of capital benefits of the bank until we can originate and fund loans in the bank. And we believe it will take until Q2 to build the appropriate loan balances to see more than a nominal impact.

其次，我們假設 SoFi 銀行將在第二季度開始對 SoFi 的業績做出更有意義的貢獻，而不是在我們開設銀行時的第一季度。那是因為，正如我剛才提到的，我們在沒有貸款的情況下開設了銀行，並最初用資產負債表中的現金將其資本化。這是一個重要的區別，因為在我們可以在銀行發起貸款並為貸款提供資金之前，我們不會開始意識到銀行的較低資本收益成本。我們認為，要到第二季度才能建立適當的貸款餘額，才能看到超過名義上的影響。

Third, we assume that Technisys revenue growth will be 20% to 25% for the full year and start contributing to our business following the close of the transaction. And fourth, as discussed previously, we expect our core SoFi business, excluding the impact of Technisys, to deliver incremental EBITDA margins of 30% in 2022 as we continue investing to drive sustainable growth for years to come.

第三，我們假設 Technisys 全年收入增長將在 20% 至 25% 之間，並在交易完成後開始為我們的業務做出貢獻。第四，如前所述，我們預計我們的核心 SoFi 業務（不包括 Technisys 的影響）將在 2022 年實現 30% 的增量 EBITDA 利潤率，因為我們將繼續投資以推動未來幾年的可持續增長。

Technisys will contribute a small amount of EBITDA in 2022. But as we mentioned last week, 2021 was a year of significant investment for Technisys. Over time, we expect this business to be additive to consolidated incremental EBITDA margins.

Technisys 將在 2022 年貢獻少量 EBITDA。但正如我們上週提到的，2021 年是 Technisys 重大投資的一年。隨著時間的推移，我們預計這項業務將增加合併的 EBITDA 利潤率。

The last thing to cover on guidance is our stock-based compensation expense which we currently forecast to be between $80 million and $85 million in Q1 and $340 million for the full year.

關於指導的最後一件事是我們基於股票的薪酬費用，我們目前預計第一季度的費用在 8000 萬美元至 8500 萬美元之間，全年為 3.4 億美元。

In summary, we could not be more proud of the results SoFi delivered in 2021. We exceeded $1 billion in annual revenue and delivered a full year of positive EBITDA. We continue to be extremely well capitalized and are excited about the opportunities in front of us. We look forward to another strong year in 2022.

總而言之，我們對 SoFi 在 2021 年取得的成果感到無比自豪。我們的年收入超過 10 億美元，全年實現了正的 EBITDA。我們繼續資本充足，並對擺在我們面前的機會感到興奮。我們期待 2022 年再創佳績。

With that, let's open it up to questions.

有了這個，讓我們提出問題。

(Operator Instructions) We will now take our first question from the line of John Hecht of Jefferies.

（操作員說明）我們現在從 Jefferies 的 John Hecht 提出我們的第一個問題。

Nice quarter, guys, and thanks for the detailed guidance. Very good member and product numbers for the fourth quarter. Maybe can you give us color on what drove that in terms of customer acquisition channels, customer acquisition costs. Any change there? And what are you seeing opportunities and so forth?

不錯的季度，伙計們，感謝您的詳細指導。第四季度的會員和產品數量非常好。也許你能告訴我們在客戶獲取渠道、客戶獲取成本方面是什麼推動了這一點。那裡有什麼變化嗎？你看到了什麼機會等等？

Thank you, John. So it was an extraordinary quarter for member and product growth, and it's the culmination of a lot of hard work that's gone into the company over the last 4 years. Everything from the member home feed in the app to developing use of data to make recommendations to our members based on their information and other members' information in a personalized way, our reporting program, our rewards program and then, of course, just differentiating the products individually themselves.

謝謝你，約翰。因此，對於會員和產品增長而言，這是一個非凡的季度，它是過去 4 年公司大量辛勤工作的結晶。從應用程序中的會員主頁提要到開發使用數據以根據他們的信息和其他會員信息以個性化的方式向我們的會員推薦，我們的報告計劃，我們的獎勵計劃，當然，只是區分產品本身。

And then layered on top of all that is just the hard drive that we've made to increase unaided brand awareness. The financial services companies, our members need to trust us. We need to become a household brand name. And the ability to leverage the broad reach that we talked about in our prepared remarks of SoFi Stadium throughout October, November, December, really gave us a nice slip in unaided brand awareness which makes all of our marketing more efficient.

然後，最重要的是我們為提高獨立品牌知名度而製造的硬盤驅動器。金融服務公司，我們的成員需要信任我們。我們需要成為家喻戶曉的品牌。並且能夠利用我們在整個 10 月、11 月、12 月在 SoFi 體育場準備好的評論中談到的廣泛影響力，確實讓我們在獨立的品牌知名度方面有了一個很好的滑落，這使我們所有的營銷都更有效率。

The combination of that and the product differentiation that we've added as it relates to products like SoFi Money and SoFi Invest, which I talked during the quarter, really drove a really strong growth rate across both members and products but, importantly, at a decreasing customer acquisition cost. I'll let Chris talk to the specifics of the decline in customer acquisition cost on a per member and per product basis, but it was really the culmination of product, marketing, operations and just a really strong integrated campaign across traditional media, digital and social influencers.

這與我們在本季度談到的與 SoFi Money 和 SoFi Invest 等產品相關的產品差異化相結合，確實推動了成員和產品的強勁增長，但重要的是，在降低獲客成本。我會讓克里斯談談每個成員和每個產品的客戶獲取成本下降的具體情況，但這確實是產品、營銷、運營以及跨傳統媒體、數字和社會影響者。

Yes. Thanks, John. So if you look at Q4 2021, total sales and marketing divided by new members, you'll see that our overall sales and marketing per new member was down nearly 20% sequentially. And if you look at this on a full year basis, it was down about 18% when comparing it to full year 2020.

是的。謝謝，約翰。因此，如果您查看 2021 年第四季度的總銷售額和營銷總額除以新會員，您會發現我們每位新會員的整體銷售額和營銷總額環比下降了近 20%。如果從全年來看，與 2020 年全年相比，它下降了約 18%。

Okay. That's great. And then second question, and I know, Chris, you talked about the contribution from the bank over the course of the year. But maybe can you give us kind of an idea, as rates moved during the year, what that does to the kind of context of the revenues and expenses coming out of the bank, just assuming we'll go through a rate hike cycle?

好的。那太棒了。然後是第二個問題，我知道，克里斯，你談到了銀行在這一年中的貢獻。但也許你能給我們一個想法，當利率在一年中發生變化時，假設我們將經歷一個加息週期，這對銀行收入和支出的背景有什麼影響？

Yes, absolutely. I can address the overall question on rates. But what I would say is that our current guidance contemplates 5 rate hikes in 2022. That's roughly in line with what's implied by the forward curves today. And as a reminder, at a high level for the Lending business overall, we seek to maximize profit dollars in our lending business while staying within the 40% to 50% contribution margin range that we've talked about historically. In Q4, we delivered $105 million of contribution dollars at a 51% margin across our entire portfolio, even as rates increase. And we expect to maintain this type of approach going forward, even with the bank.

是的，一點沒錯。我可以解決有關費率的總體問題。但我要說的是，我們目前的指導考慮到 2022 年加息 5 次。這與今天的遠期曲線所暗示的大致一致。提醒一下，在整體貸款業務的高水平上，我們尋求最大化我們的貸款業務的利潤，同時保持在我們歷史上討論過的 40% 到 50% 的邊際貢獻範圍內。在第四季度，我們在整個投資組合中以 51% 的利潤率交付了 1.05 億美元的捐款，即使利率上升。我們希望在未來保持這種類型的方法，即使與銀行合作也是如此。

As you know, you can't really look at rate volatility in isolation as we have a number of levers that we can pull to moderate the impact of interest rate movements such as pricing, the structure of our loan sale agreements and hedging. From a pricing perspective, we've worked really hard over the course of the last several years to build the muscle and pricing capabilities to react really quickly to changes in rates and achieve our overall margin objectives. In Q1, we've started to increase our weighted average coupon in order to keep pace with rate moves and offset the impact of margin compression that's expected. And demand has remained fairly robust, specifically in our personal loans business.

如您所知，您不能真正孤立地看待利率波動，因為我們可以利用許多槓桿來緩和利率變動的影響，例如定價、我們的貸款銷售協議的結構和對沖。從定價的角度來看，在過去幾年中，我們一直在努力建立實力和定價能力，以便對利率變化做出真正快速的反應並實現我們的整體利潤率目標。在第一季度，我們已經開始增加我們的加權平均票息，以跟上利率走勢並抵消預期的保證金壓縮的影響。需求仍然相當強勁，特別是在我們的個人貸款業務中。

From a sales construct perspective, some of our forward flow deals are structured with fixed prices wherein we don't take interest rate or credit risk. And we also, as you know, have an incredibly diversified exit mix wherein we don't need to overly depend on securitization markets as an outlet, and therefore, we're a bit more insulated in market dislocation situations.

從銷售結構的角度來看，我們的一些遠期流量交易採用固定價格結構，我們不承擔利率或信用風險。而且，如您所知，我們還擁有非常多樣化的退出組合，我們不需要過度依賴證券化市場作為出口，因此，我們在市場錯位的情況下更加絕緣。

From a hedging perspective, we currently hedge loans on the balance sheet, subject to rate volatility in order to eliminate that impact of rates on future gain on sale. And then the last thing I would note as it relates to rates is, and this is what we discussed previously, we benefit from the fact that we have a diversified portfolio of lending products that do well in different rate environments.

從對沖的角度來看，我們目前在資產負債表上對沖貸款，但會受到利率波動的影響，以消除利率對未來銷售收益的影響。然後我要注意的與利率有關的最後一件事是，這就是我們之前討論的內容，我們受益於我們擁有在不同利率環境中表現良好的多元化貸款產品組合這一事實。

In rising rate environments, our personal loans business does really well, and we're seeing that right now. And in lower rate environments, our student loan refinancing and home loan refinancing businesses do well. Overall, our diversified model allows us to adjust in real time and allocate capital to businesses and opportunities that we do well in -- do well in specific market and macro backdrops.

在利率上升的環境中，我們的個人貸款業務做得非常好，我們現在就看到了。在利率較低的環境中，我們的學生貸款再融資和住房貸款再融資業務表現良好。總體而言，我們的多元化模式使我們能夠實時調整併將資金分配給我們擅長的業務和機會——在特定市場和宏觀背景下表現良好。

The additional thing I'd add to that, just for everyone's benefit, is if you go back to 2018 and track interest rates throughout that year, then into 2019 and 2020, we've sort of navigated an environment of rates going up meaningfully. I think at one point in '18, we were expecting 4 to 5 rate increases. In 2019, we were geared up for that. We spent the whole year really putting in place the right marketing channels, the right distribution channels for our loans from a home loan standpoint and ADS standpoint, in addition to our funding costs and our pricing capabilities prepared for that.

為了每個人的利益，我還要補充一點，如果你回到 2018 年並跟踪那一年的利率，然後到 2019 年和 2020 年，我們在某種程度上已經駕馭了利率大幅上升的環境。我認為在 18 年的某一時刻，我們預計會加息 4 到 5 次。 2019 年，我們為此做好了準備。除了我們為此準備的資金成本和定價能力外，我們整整一年都在為我們的貸款建立正確的營銷渠道，從住房貸款和 ADS 的角度來看，正確的分銷渠道。

When we got into 2019, I think there was maybe 1 or 2 rate increases, then the market completely switched, not unlike we started hearing about today, and we're able to pivot our business to go to those areas that benefited from a flat rate environment. And then again, during COVID, when rates went from -- I think Fed funds was at 1.5% rate to 0, we pivoted again. So we're not always going to be perfect. We'll make our mistakes, but having navigated through that bottle environment in the past gives us great sort of playbook to navigate in the future.

當我們進入 2019 年時，我認為可能會加息 1 或 2 次，然後市場完全轉變，與我們今天開始聽到的情況不同，我們能夠將業務轉向那些受益於公寓的領域率環境。再說一次，在 COVID 期間，當利率從 - 我認為聯邦基金的利率從 1.5% 下降到 0 時，我們再次轉向。所以我們並不總是完美的。我們會犯錯誤，但過去在那個瓶子環境中導航給了我們很好的未來導航手冊。

Our next question comes from Ashwin Shirvaikar of Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I was wondering if you could kind of walk through the guidance assumptions by segment and the cadence on that.

我想知道您是否可以按部分和節奏來介紹指導假設。

Yes, absolutely. I can take that one, Ashwin. So we aren't providing specific segment- or product-level guidance or quarterly progression guidance at this point. But in order to help bridge you from where we are from a current run rate perspective to our full year guide at the revenue level, there are a few things that I would call out.

是的，一點沒錯。我可以拿那個，阿什溫。因此，我們目前不提供特定的細分或產品級指導或季度進展指導。但是，為了幫助您從當前運行率的角度與我們在收入水平上的全年指南之間架起一座橋樑，我要指出一些事情。

First, there are several businesses or factors that are not in our current run rate but will have much more of a meaningful impact beginning in Q2 and beyond this year. That bucket includes, first, a return to normalized pre-COVID student loan refinancing originations once the moratorium ends. And we've quantified that Q1 loss revenue and contribution impact for you as part of our guide. Second, we expect to be fully originating loans in the bank and benefiting from a lower cost of capital by May this year and the extended hold period benefit a few months thereafter. And then third, we'll have contribution from Technisys following the close of the transaction.

首先，有幾項業務或因素不在我們目前的運行速度之內，但將從今年第二季度及以後開始產生更有意義的影響。該桶首先包括在暫停期結束後恢復正常的 COVID 前學生貸款再融資起源。作為我們指南的一部分，我們已經量化了第一季度虧損收入和貢獻對您的影響。其次，我們預計到今年 5 月將完全從銀行貸款並受益於較低的資本成本，而延長持有期將在此後幾個月受益。第三，我們將在交易結束後獲得 Technisys 的貢獻。

The second bucket to consider is continued growth across all of our segments. Within Lending, I just mentioned the student loan refinancing business, but we also expect to see continued momentum in our personal loans business as rates rise and folks look to refinance at a variable rate debt into attractive fixed rate loans. And we continue to improve our overall funnel conversion, which has had a really strong impact on growth in the last several quarters for us. We also expect to see strong growth in our home loans business as we move beyond third-party throughput issues that I talked about in my prepared remarks and continue to scale our overall purchase and jumbo programs as well as continue to capture large opportunities that we have with our existing member base.

第二個要考慮的因素是我們所有細分市場的持續增長。在貸款方面，我剛剛提到了學生貸款再融資業務，但我們也預計隨著利率上升以及人們希望將浮動利率債務再融資為有吸引力的固定利率貸款，我們的個人貸款業務將繼續保持增長勢頭。我們繼續改進我們的整體漏斗轉換，這對我們過去幾個季度的增長產生了非常大的影響。我們還希望看到我們的住房貸款業務強勁增長，因為我們超越了我在準備好的講話中談到的第三方吞吐量問題，並繼續擴大我們的整體購買和大型計劃，並繼續抓住我們擁有的巨大機會與我們現有的會員群。

Within financial services, we're expecting to see continued growth in products and monetization. And the things that are going to drive that monetization are increased assets under management in our Invest business, increased spend on our Money and Credit Card businesses as well as new product releases, premium services and scaling our ETFs.

在金融服務領域，我們預計產品和貨幣化將持續增長。推動貨幣化的因素是我們投資業務管理的資產增加、貨幣和信用卡業務支出增加、新產品發布、優質服務和擴大我們的 ETF 規模。

Just quickly hitting on some of the higher growth drivers within financial services, in Money, we generate revenue, as you know, from net interest income and interchange. Given the spend behaviors that we've seen over the course of the last several quarters as well as the expected growth in accounts that we're going to get now that we can offer a competitive interest rate, we're really optimistic about being able to further drive monetization here.

如您所知，只要快速觸及金融服務領域的一些較高增長動力，我們就會從淨利息收入和交換中產生收入。鑑於我們在過去幾個季度中看到的支出行為以及我們現在可以提供具有競爭力的利率所獲得的預期賬戶增長，我們非常樂觀地能夠進一步推動這裡的貨幣化。

In Invest, we generate revenue from a number of sources: net interest income, share lending, payment for order flow, digital assets. More recently, we launched margin and soon-to-be options. And all of those are driven by assets under management, and we expect continued growth here as our AUM per product trends continues to do really well and our member base grows.

在 Invest，我們從多個來源產生收入：淨利息收入、股票借貸、訂單流支付、數字資產。最近，我們推出了保證金和準期權。所有這些都是由管理的資產推動的，我們預計隨著我們每個產品趨勢的 AUM 繼續表現良好並且我們的會員群增長，這裡將繼續增長。

And then in Credit Card, we generate revenue from interchange and balances and are really optimistic about recent trends that we've been seeing here, particularly around spending. Collectively, the reference trends that I just talked about are really helping drive growth in monetization, and you can start seeing that play out in the actual numbers. In Q4 alone, our overall revenue per financial services product was up more than 2x year-over-year and nearly 40% sequentially.

然後在信用卡方面，我們通過交換和余額產生收入，並且對我們在這裡看到的最近趨勢非常樂觀，特別是在支出方面。總的來說，我剛才談到的參考趨勢確實有助於推動貨幣化的增長，你可以開始看到實際數字的表現。僅在第四季度，我們每項金融服務產品的總收入同比增長超過 2 倍，環比增長近 40%。

And then the last thing I'd call out as it relates to the segment forecast is within the tech platform, we expect continued growth in accounts, transactions per account, growth in new partners and, obviously, the combination with Technisys to really help drive growth there in a high-margin segment.

然後我要說的與細分市場預測相關的最後一件事是在技術平台內，我們預計賬戶、每個賬戶的交易量、新合作夥伴的增長以及與 Technisys 的結合將真正有助於推動在高利潤領域實現增長。

Got it. Got it. Okay. And just a clarification, are the Pagaya loans included in the personal loan originations number? And perhaps you could use that as a stepping off to talk about future partnerships such as this that might be in the pipeline.

知道了。知道了。好的。澄清一下，Pagaya 貸款是否包含在個人貸款發放編號中？也許您可以以此為契機，談論未來的合作夥伴關係，例如可能正在籌備中的合作夥伴關係。

Yes. For the benefit of others, Pagaya is a partnership that we entered in as it relates to people outside of the credit box that SoFi underwrites. We only approve about 30% of our personal loan applications because we're focused on prime borrowers, not near prime or sub-prime. When we first arrived here 4 years ago, we've built a strategy, which we call the decline monetization strategy, which was a way of taking applicants to SoFi and sending them to other underwriters. And we get a lead generation fee, and we do that through Lantern. We want to build on that success as a contribution to our business and help satisfy even more people that are applying for loans.

是的。為了他人的利益，Pagaya 是我們加入的合作夥伴關係，因為它與 SoFi 承保的信用額度之外的人有關。我們只批准大約 30% 的個人貸款申請，因為我們專注於優質借款人，而不是靠近優質或次貸的借款人。當我們 4 年前第一次來到這裡時，我們制定了一個策略，我們稱之為拒絕貨幣化策略，這是一種將申請人帶到 SoFi 並將其發送給其他承銷商的方式。我們獲得了潛在客戶生成費，我們通過 Lantern 做到這一點。我們希望在這一成功的基礎上為我們的業務做出貢獻，並幫助滿足更多申請貸款的人。

And our Pagaya partnership, think of it as a lending as a service. It's completely integrated with our application process. The credit and approval pricing models are run simultaneously. The loan is underwritten by Pagaya and a partner. We do not take the credit risk on that paper, but we do the servicing on that member and offer them other products and services. This was our first quarter where it contributed to the financial services revenue number because it is a referral revenue fee and a lending of the service fee.

我們的 Pagaya 合作夥伴關係，將其視為一種貸款即服務。它與我們的申請流程完全集成。信貸和批准定價模型同時運行。這筆貸款由 Pagaya 和一位合夥人承銷。我們不承擔該票據的信用風險，但我們為該會員提供服務並為他們提供其他產品和服務。這是我們的第一季度，它為金融服務收入做出了貢獻，因為它是轉介收入費和服務費的借貸。

Chris, I don't think if you want to talk about the loan volume, but it's not included, correct?

克里斯，我不認為你想談論貸款量，但它不包括在內，對嗎？

No, we don't disclose the actual loan volume. What you'll see in the disclosures is the number of members that are attributable to Pagaya and you can see that in our financial services segment, but we outline that in actual disclosures.

不，我們不會透露實際的貸款量。您將在披露中看到的是歸屬於 Pagaya 的成員數量，您可以在我們的金融服務部門看到這一點，但我們在實際披露中概述了這一點。

Our next question comes from Betsy Graseck of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Betsy Graseck。

Our next question is from Moshe Orenbuch of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

Great. So Anthony, you talked a lot about -- and Chris, both of you -- about the marketing efficiency that you're seeing, lower CAC. And you spent maybe $15 million more in marketing. Could you talk a little bit about how you're thinking about the '22 plan in terms of both marketing efficiency, how much you'll be spending, what it means for the growth rate on the incremental margins?

偉大的。所以安東尼，你談了很多——還有克里斯，你們兩個——關於你所看到的營銷效率，降低 CAC。而且你在營銷上多花了 1500 萬美元。您能否談談您如何看待 '22 計劃在營銷效率、您將花費多少、對增量利潤率的增長率意味著什麼？

Yes, I can take that, Moshe. So like I said, we have made really different progress in terms of overall efficiencies. What I would say in terms of the overall outlook, we're not going to provide it at the segment level or spend level detail. But what I would say is we're at the level that we currently need to be at in order to support our longer-term 30% margin target at a consolidated level. As you know, we're right now at the right unit economics within our financial services segment, and we're seeing really strong cross-buy trends, as we alluded to, where we're starting to feel comfortable about shifting more marketing dollars towards those lower CAC products.

是的，我可以接受，Moshe。所以就像我說的，我們在整體效率方面取得了非常不同的進展。就整體前景而言，我想說的是，我們不會在細分級別或支出級別提供詳細信息。但我要說的是，我們處於目前需要達到的水平，以支持我們在綜合水平上實現 30% 的長期利潤率目標。如您所知，我們現在在金融服務領域處於正確的單位經濟狀態，並且我們看到了非常強勁的交叉購買趨勢，正如我們所暗示的那樣，我們開始對轉移更多營銷資金感到放心對那些 CAC 較低的產品。

Got it. One of the things that we've talked about over the last couple of months, as you've gotten the bank closed and up and running, is the ability to use that as a tool to get direct deposit customers. I know that you just launched the deposit suite of products relatively recently. But could you talk about any progress there in terms of getting into direct deposit for the SoFi Money customers and what that means for engagement?

知道了。在過去幾個月中，我們討論過的一件事是，當您讓銀行關閉並開始運營時，您可以將其用作獲得直接存款客戶的工具。我知道您最近才推出存款套件產品。但是，您能否談談在為 SoFi Money 客戶直接存款方面取得的任何進展，以及這對參與意味著什麼？

Yes. It's still early days, and I would also just emphasize, it's not something we're just starting on now. It's really something that we started to emphasize throughout 2021, and we're starting to see the benefit of more and more each quarter. The numbers are small, they're increasing very nicely. The number of direct deposit accounts that we've signed up per week increased 50% from Q3 to Q4 and another 50% from Q4 into Q1 already. And we obviously just started to introduce the interest rate and the marketing. One of the things that I'd say about the direct deposit activity is that, once it does begin, you do see the pickup in spending, which Chris alluded to. So the increases we're seeing are steady and positive and to the right. But we're really just getting started.

是的。現在還為時尚早，我也想強調一下，這不是我們現在才剛剛開始的事情。這確實是我們在整個 2021 年開始強調的事情，我們開始看到每個季度越來越多的好處。數字很小，而且增長得非常好。從第三季度到第四季度，我們每週註冊的直接存款賬戶數量增加了 50%，從第四季度到第一季度已經增加了 50%。我們顯然剛剛開始介紹利率和營銷。關於直接存款活動，我想說的一件事是，一旦它開始，你確實會看到支出的增加，克里斯提到了這一點。所以我們看到的增長是穩定的、積極的、向右的。但我們真的才剛剛開始。

One of the things that may not be obvious from the outside looking in is that when the Federal Reserve approved our bank license in January, we had to go through a whole product launch. We had to switch the technology. We had to switch the reporting. We had to change all the marketing collateral. We had to change all the relationships with affiliates. And that process is still ongoing. So it's not like you just flip a switch and, all of a sudden, all the things that was driving your business before can now drive this new product in a service called SoFi Checking. It really was sort of a close down SoFi Money and stand up SoFi Checking and Savings. And since we have over 1 million accounts as it relates to our money product, which we disclosed, we had to do that process in a very coordinated fashion.

從外部看可能不明顯的一件事是，當美聯儲在 1 月份批准我們的銀行牌照時，我們必須完成整個產品的發布。我們不得不改變技術。我們不得不切換報告。我們不得不改變所有的營銷材料。我們不得不改變與附屬公司的所有關係。這個過程仍在進行中。因此，這不像您只是按下開關，突然之間，以前推動您業務的所有事物現在都可以在名為 SoFi Checking 的服務中推動這個新產品。這確實是一種關閉 SoFi Money 並支持 SoFi Checking and Savings。由於我們有超過 100 萬個與我們披露的貨幣產品相關的賬戶，因此我們必須以非常協調的方式進行該過程。

I will give the team a ton of credit. It's been executing incredibly well, knock on wood, so far. But we went through a product rollout as if it was an entirely new product, launching it first to our existing members and then slowly rolling it out to new members. And we're just now actually switching over a lot of the marketing collateral with affiliates, et cetera.

我會給團隊很多榮譽。到目前為止，它執行得非常好，敲木頭。但是我們進行了產品推廣，就好像它是一個全新的產品一樣，首先向我們現有的成員推出，然後慢慢地向新成員推出。而且我們現在實際上正在與附屬公司等交換大量營銷資料。

But in terms of the direct deposit initiative, it just didn't start in February. It started when we launched 2-day early paycheck. It started when we launched overdraft protection. It started when we launched autosave. And it's been a continuous process. So really strong growth in Q3 to Q4, 50% higher direct deposit adds per week in Q4 versus Q3. And right now, we're up another 50%. The numbers are small, but it's contributing as you see in the financial services revenue line.

但就直接存款計劃而言，它只是沒有在二月份開始。它始於我們推出提前 2 天的工資單。它始於我們推出透支保護。當我們啟動自動保存時，它就開始了。這是一個持續的過程。因此，第三季度到第四季度的增長非常強勁，第四季度每週增加的直接存款比第三季度高出 50%。而現在，我們又上漲了 50%。這些數字很小，但正如您在金融服務收入線中看到的那樣，它做出了貢獻。

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

我們的下一個問題來自美國銀行的 Mihir Bhatia。

I wanted to ask about Galileo, specifically maybe in the technology platform. I appreciate that you're not giving guidance by product. But maybe you can just talk about a couple of things within that platform? Just overall from a growth perspective, maybe just give us some expectations on account growth in that platform. And specifically, the 2 things that I'm hoping you can address have to do with stimulus, the impact of stimulus on account growth at Nubank, if you're seeing any impact from that and just the competitive backdrop and any major contract renewals that you may have coming up.

我想問一下伽利略，特別是可能在技術平台上。我很感激您沒有按產品提供指導。但也許你可以在那個平台上談論幾件事？總體而言，從增長的角度來看，也許只是給我們一些對該平台帳戶增長的期望。具體來說，我希望你能解決的兩件事與刺激有關，刺激對 Nubank 賬戶增長的影響，如果你看到任何影響，只是競爭背景和任何重大合同續簽你可能要上來了。

Yes, I think it's important to contextualize for everybody. The Galileo business is probably not that well understood in terms of how the business drives growth and what the growth opportunities are. So let me just frame that at a high level first. We're absolutely benefiting from the secular transition of physical payment to digital payments, and that's impacting the entire business, and that's a [secret] trend behind it, whether that's B2B payments or consumer payments or B2C activity.

是的，我認為為每個人提供背景信息很重要。就業務如何推動增長以及增長機會是什麼而言，伽利略業務可能不太了解。因此，讓我先在高層次上框架一下。我們絕對受益於實物支付向數字支付的長期過渡，這正在影響整個業務，這是其背後的[秘密]趨勢，無論是 B2B 支付、消費者支付還是 B2C 活動。

Here are the growth drivers. First is the growth of accounts of our existing partners. So that's the 100 million that we reported this quarter of enabled accounts. That continues to grow from existing partners. That 100 million accounts that are enabled, we can provide new products and services to that installed base of Galileo's partners. And we have a very robust pipeline to add new products and services through the existing accounts, things like secured debit, dynamic fraud protection and a number of other products that you'll see us introduce throughout the year. So the first driver is big growth in those accounts.

以下是增長動力。首先是我們現有合作夥伴賬戶的增長。這就是我們本季度報告的啟用帳戶的 1 億。從現有合作夥伴那裡繼續增長。啟用的 1 億個帳戶，我們可以為伽利略合作夥伴的安裝基礎提供新產品和服務。我們有一個非常強大的渠道，可以通過現有賬戶添加新產品和服務，例如安全借記、動態欺詐保護以及您將看到我們全年推出的許多其他產品。因此，第一個驅動因素是這些賬戶的大幅增長。

The second driver on top of that is new products against those accounts. And then, of course, underlying all of that is just the increased activity within each one of those accounts. The second sort of bucket of drivers is growth of new partners. Some of the new partners we announced there are a good example. H&R Block with the consumer app called Spruce is an example of a new partner, and we added 44 new partners, entirely new partners in 2021. The third growth driver is international. We have 4 of the largest neobanks as partners in Mexico. We're expanding into Colombia. And now on the back of the acquisition of Technisys, we can enter another 12 markets that they're already in and operating in. So international expansion is another bucket. And within that bucket are the first 2 buckets as well.

最重要的第二個驅動因素是針對這些帳戶的新產品。然後，當然，所有這一切的基礎只是這些賬戶中每個賬戶的活動增加。第二類驅動因素是新合作夥伴的增長。我們宣布的一些新合作夥伴就是一個很好的例子。帶有名為 Spruce 的消費者應用程序的 H&R Block 就是一個新合作夥伴的例子，我們在 2021 年增加了 44 個新合作夥伴，全新的合作夥伴。第三個增長動力是國際化。我們在墨西哥擁有 4 家最大的新銀行作為合作夥伴。我們正在向哥倫比亞擴張。現在，在收購 Technisys 之後，我們可以進入另外 12 個他們已經進入並運營的市場。因此，國際擴張是另一個目標。在該存儲桶中還有前 2 個存儲桶。

And the last thing I'd say is that we continue to diversify our relationships. The business was built on the back of B2C or consumer neobanks. But increasingly, we are much more attracted to enterprise businesses. And we'll have a competitive advantage in some of these cases. Enterprise businesses use commercial events, while SoFi also has a bank. So SoFi Bank could be the sponsor bank to commercial partners, enterprise partners and have a 10 to 12 basis points advantage because we are the sponsor bank on top of the fact that we're also a payment processor.

我要說的最後一件事是我們繼續使我們的關係多樣化。該業務建立在 B2C 或消費者新銀行的基礎上。但是，我們越來越被企業業務所吸引。在某些情況下，我們將擁有競爭優勢。企業業務使用商業活動，而 SoFi 也有一家銀行。因此，SoFi 銀行可以成為商業合作夥伴、企業合作夥伴的讚助銀行，並擁有 10 到 12 個基點的優勢，因為我們是讚助銀行，而且我們也是支付處理商。

So we're really excited about the organic growth opportunities at Galileo. Without a doubt, some of the same-store customers will face stimulus tough comps, et cetera. And our goal is to overcome that through all these other growth drivers, and that's what we're focused on and our outlook reflects it. So we absolutely understand the headwind that may be there for some of the existing partners, but we have a bunch of other tailwinds to continue to drive strong growth there, not to mention the increased growth opportunities from the partnership with Technisys and vice versa.

所以我們對伽利略的有機增長機會感到非常興奮。毫無疑問，一些同店顧客將面臨刺激性強的競爭，等等。我們的目標是通過所有其他增長動力來克服這一點，這就是我們關注的重點，我們的前景也反映了這一點。因此，我們完全理解一些現有合作夥伴可能面臨的不利因素，但我們還有許多其他有利因素可以繼續推動那裡的強勁增長，更不用說與 Technisys 的合作增加了增長機會，反之亦然。

Got it. That was quite comprehensive. Maybe just switching gears a little bit. I was curious about your guide. Your EBITDA effectively are going from $5 million to $60 million ramp. I understand some of that is clearly the student loans coming back and we saw the Q1 impact of that. So maybe just talk about some of the other factors driving it. Is it just scale? How much -- maybe is there a way to break out how much benefit you get from the bank charter versus just revenue growth at scale driving that?

知道了。那是相當全面的。也許只是稍微切換一下。我很好奇你的導遊。您的 EBITDA 有效地從 500 萬美元上升到 6000 萬美元。我知道其中一些顯然是學生貸款的回歸，我們看到了第一季度的影響。所以也許只是談談推動它的其他一些因素。只是規模嗎？多少——也許有辦法區分你從銀行章程中獲得多少好處，而不是僅僅推動收入增長的規模？

Yes, absolutely. In terms of your overall question on how to bridge from where we are today in terms of $0 to $5 million of EBITDA and $180 million for the year, there are a few things I'd call out. Similar to what I said on the revenue guide, there are things that will start contributing more, as you pointed out, the student loan refinancing moratorium. The bank will also start contributing more at scale towards the end of Q2 and thereafter. And then you're also going to see good growth across our higher-margin businesses, specifically our personal loans and Galileo.

是的，一點沒錯。關於您如何從 EBITDA 0 美元到 500 萬美元以及今年 1.8 億美元的情況下如何從我們今天的位置過渡的總體問題，我要指出一些事情。與我在收入指南中所說的類似，正如您所指出的，學生貸款再融資暫停會開始做出更多貢獻。該銀行還將在第二季度末及之後開始大規模貢獻更多資金。然後您還將看到我們利潤率較高的業務的良好增長，特別是我們的個人貸款和伽利略。

What I would say in terms of quantifying the overall impact of the bank, I want to reiterate again that we just opened it a few weeks ago in February, and we capitalized it with cash, not loans. The reason that's really important is because that there were 0 loans in the bank as of day 1, and we just started originating loans within the bank. We expect to be fully originating those loans by the end of May this year.

在量化銀行的整體影響方面，我想說的是，我想再次重申，我們在幾週前的 2 月才開設了它，我們用現金而不是貸款將其資本化。真正重要的原因是，截至第 1 天，銀行中的貸款為 0，而我們剛剛開始在銀行內部發起貸款。我們預計將在今年 5 月底之前完全發放這些貸款。

As a result, the cost of capital benefits will start occurring in Q2 and the extended hold benefits will start 4 to 5 months thereafter because we're already holding loans on the balance sheet for 3 to 4 months. If you were to assume normalized pre-COVID student loan refinancing originations and continued growth in our personal loans business as well as an extended 3-month hold period and relatively conservative cost of capital savings assumptions, the impact would be about $70 million to $75 million of revenue for the year and $20 million to $25 million of adjusted EBITDA. That's what's currently embedded in our guide today.

因此，資本收益成本將在第二季度開始出現，延期持有收益將在此後 4 到 5 個月開始，因為我們已經在資產負債表上持有 3 到 4 個月的貸款。如果您假設 COVID 之前的學生貸款再融資正常化和我們的個人貸款業務持續增長，以及延長 3 個月的持有期和相對保守的資本儲蓄成本假設，則影響將在 7000 萬至 7500 萬美元之間今年的收入和調整後的 EBITDA 為 2000 萬至 2500 萬美元。這就是我們今天的指南中目前嵌入的內容。

Our next question is from Dominick Gabriele of Oppenheimer.

我們的下一個問題來自奧本海默的 Dominick Gabriele。

Great. I just want to go back to actually -- and you covered this a little bit, but I want to go back to the average revenue per product in the financial segment, which was much better than I was modeling and really shone. Maybe you could just go back and talk about the mix of financial products within the segments and how that mix really changed in the quarter and which products you think are getting adopted perhaps faster than you would have expected or a little slower by your customer base on a cross-sell. Any color around those metrics would be really, really helpful.

偉大的。我只是想回到實際——你已經稍微介紹了這一點，但我想回到金融領域每個產品的平均收入，這比我建模時要好得多，而且真的很出色。也許您可以回過頭來談談細分市場內的金融產品組合以及該組合在本季度的真正變化以及您認為哪些產品被採用的速度可能比您預期的要快，或者您的客戶群的採用速度要慢一些交叉銷售。這些指標周圍的任何顏色都會非常非常有用。

Yes. I'll hit on the financial component, and then I'll turn it over to Anthony. But overall, really good traction in the financial services segment. We ended up driving $22 million of revenue in the quarter. That was up 5x year-over-year from the $4 million that we did last Q4, so an $18 million improvement. Where that growth ended up coming from was in our Invest business, which contributed about 32% of that growth. Our Money and Credit Card businesses combined delivered $8 million on the quarter and contributed about 42% of the growth. And our Lantern and Pagaya businesses delivered about $6 million of Q4 revenue and contributed to about 22% of the growth.

是的。我會談到財務部分，然後我會把它交給安東尼。但總體而言，金融服務領域的吸引力非常大。我們最終在本季度創造了 2200 萬美元的收入。這比我們去年第四季度的 400 萬美元同比增長了 5 倍，因此增加了 1800 萬美元。最終增長來自我們的投資業務，該業務貢獻了約 32% 的增長。我們的貨幣和信用卡業務在本季度合計交付了 800 萬美元，貢獻了約 42% 的增長。我們的 Lantern 和 Pagaya 業務在第四季度實現了約 600 萬美元的收入，貢獻了約 22% 的增長。

In terms of the performance of each of the products, I'm looking at the net adds across each of the products. And I would say, at a high level, it was a strong quarter across all the products. It would be hard to pick out 1 product and say it was not growing as fast as we'd like. These are all disclosed, and you'll see them in the 10-K. We had a really strong growth in the Money product and, on an absolute basis, on a relative basis, really strong in brokerage and in crypto as well as robo. I think of those products, the one I think we can differentiate a lot more, they all have opportunities.

就每種產品的性能而言，我正在查看每種產品的淨增加值。我會說，在高水平上，這是所有產品的強勁季度。很難挑選出一種產品並說它的增長速度沒有我們想要的那麼快。這些都是公開的，你會在 10-K 中看到它們。我們在貨幣產品方面實現了非常強勁的增長，並且在絕對基礎上，在相對基礎上，在經紀業務、加密貨幣和機器人方面非常強勁。我想到了那些產品，我認為我們可以區分更多的產品，它們都有機會。

We're focused on fast selection, content and convenience as well as making the products work better together. But of those 4 that I just mentioned, robo is the oldest of the 4 products and one the team is interested in differentiating more and so we think there is a big opportunity there to do so. That doesn't mean we're not going to differentiate on brokerage and launch options, which is down the road or do other things on Money as it relates to high-yield savings, et cetera. There are still opportunities in every one of the products. That's the one we've probably invested the least in that's still a big opportunity.

我們專注於快速選擇、內容和便利，以及使產品更好地協同工作。但在我剛剛提到的這 4 種產品中，robo 是 4 種產品中最古老的產品，並且團隊有興趣進一步區分，因此我們認為這樣做的機會很大。這並不意味著我們不會區分經紀和啟動選項，這是在路上或在貨幣上做其他事情，因為它與高收益儲蓄等有關。每一款產品都有機會。那是我們可能投入最少的一個，這仍然是一個很大的機會。

I think about credit card and our at work product and international. And I would tell you, credit card, I think, is a huge opportunity for us. The team has done a phenomenal job. I talked about the trends you've already achieved. But we've really just scratched the surface. We have 1 card. It's not segmented by different types of clients -- members. You have spenders. You also have revolvers. There's a lot more personalization we could do with the credit card. And there's also an opportunity to make the credit card to work better with all the rest of our products. So we're excited about the opportunity in financial services products. The trends are really strong in the fourth quarter, and it would be hard to pick out one or another underperforming, but I do think that what I characterize are some of the opportunities to take some of the products to the next level.

我想到信用卡和我們的工作產品和國際。我會告訴你，我認為信用卡對我們來說是一個巨大的機會。該團隊完成了一項了不起的工作。我談到了你已經實現的趨勢。但我們真的只是觸及了表面。我們有 1 張卡。它沒有按不同類型的客戶（成員）進行細分。你有花錢的人。你也有左輪手槍。我們可以用信用卡做更多的個性化。還有機會讓信用卡更好地與我們所有其他產品一起使用。因此，我們對金融服務產品的機會感到興奮。第四季度的趨勢非常強勁，很難挑出一個或另一個表現不佳的，但我確實認為我所描述的是將一些產品提升到一個新水平的一些機會。

Great. You kind of led me straight into it with credit card. That is a huge opportunity. It can really drive the ARPU significantly higher compared to some of the other products just by its nature. And so I was just curious about what is the target audience when you think about the average FICO score? You mentioned prime on some of the other products, in particular. And just how you think about the life of loan loss rates that you would be targeting for these products as you ramp it up?

偉大的。你用信用卡直接把我帶進去了。這是一個巨大的機會。與其他一些產品相比，它的本質確實可以顯著提高 ARPU。因此，當您考慮平均 FICO 分數時，我只是好奇目標受眾是什麼？你在其他一些產品上特別提到了prime。您如何看待這些產品的貸款損失率壽命？

Yes. The credit card product is still a prime product with very high FICO score of over 700. We think there's a lot of opportunity to play in that segment with differentiation within it. Over time, we can explore different opportunities for a broader member base. But we sort of have all these cylinders going at the same time, and it's constantly debate between are we doing enough, are we doing too much, are we doing enough, are we doing too much. And I think we have the right balance as it relates to credit card. We want to build a high-quality card base, we want to drive strong engagement and we want to make sure we have great product market fit before we step out of our comfort zone. So there's still a lot of room within the prime customer that we have and no reason to change. We can differentiate within that still.

是的。信用卡產品仍然是 FICO 得分超過 700 的主要產品。我們認為在該領域有很多機會在其中發揮差異化。隨著時間的推移，我們可以為更廣泛的會員群探索不同的機會。但是我們有點讓所有這些氣缸同時運轉，並且不斷爭論我們是否做得足夠，我們是否做得太多，我們做得是否足夠，我們是否做得太多。我認為我們在信用卡方面有適當的平衡。我們想要建立一個高質量的卡片基礎，我們想要推動強大的參與度，我們想要確保在我們走出舒適區之前，我們有很好的產品市場契合度。因此，我們在主要客戶中仍有很大的空間，沒有理由改變。我們仍然可以在其中進行區分。

And in terms of CECL reserves, Dominick, you can see in our filing that we're running at about a 5.5% loss rate right now, which is relatively consistent with our personal loans business, so really healthy.

就 CECL 準備金而言，Dominick，您可以在我們的文件中看到，我們目前的損失率約為 5.5%，這與我們的個人貸款業務相對一致，非常健康。

We are currently at the top of the hour, so we do not have time for any additional questions. So I'll pass the conference back over to Anthony for any closing remarks.

我們目前正處於最高峰，所以我們沒有時間提出任何其他問題。因此，我將把會議轉回給 Anthony 進行任何閉幕詞。

Thank you. Thank you all for tuning in today. Before we wrap up, I wanted to share some final thoughts. The road to this point at SoFi has had its share of unexpected twist and turns. And every single time, our team has shown the grit, the perseverance and cohesion to navigate through the fog of uncertainty, to achieve our goals and come out stronger. Not only have we managed to exceed our already ambitious goals, we've accomplished more in 1 year than most companies achieve in their lifetime.

謝謝你。感謝大家今天收看。在我們結束之前，我想分享一些最後的想法。 SoFi 通往這一點的道路有其意想不到的曲折。每一次，我們的團隊都表現出勇氣、毅力和凝聚力，在不確定的迷霧中航行，實現我們的目標並變得更強大。我們不僅成功地超越了我們已經雄心勃勃的目標，而且我們在 1 年內取得的成就超過了大多數公司在其一生中所取得的成就。

As we've turned the page on 2021, 2022 has started off with an even more volatile environment with greater uncertainty. The fog of uncertainty excites me. It creates the greatest opportunities for those who dare to win. It's when leadership matters most because when the winners who will take the most are decided. 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 who dares wins. For the first time in 4 years, I also wake up every day knowing the only thing between us and realizing our ambitions is us. I would take that setup any day of the week and twice on Sundays.

隨著我們在 2021 年翻頁，2022 年開始時環境更加動盪，不確定性更大。不確定的迷霧讓我興奮。它為那些敢於獲勝的人創造了最大的機會。這是領導力最重要的時候，因為決定了誰將獲得最多的贏家。我愛我們的團隊。我喜歡我們的策略。我愛我們的公司。我喜歡我工作的地方。我每天醒來都想成為一個比前一天更好的領導者，並提醒自己誰敢贏。四年來第一次，我也每天醒來，知道我們之間唯一的東西，實現我們的抱負就是我們。我會在一周中的任何一天採用這種設置，週日兩次。

Thank you for your time today, and we look forward to addressing you next quarter when we report Q1 results.

感謝您今天的寶貴時間，我們期待在下個季度報告第一季度業績時與您聯繫。

That concludes the SoFi Q4 2021 Earnings Conference Call. Thank you all for your participation. You may now disconnect your lines.

SoFi 2021 年第四季度收益電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。