SoFi Technologies, Inc. Reports Second Quarter 2022 Results
SoFi Technologies (NASDAQ: SOFI) reported record financial results for Q2 2022, with GAAP net revenue hitting $363 million, up 57% year-over-year, and adjusted net revenue at $356 million, increasing 50%. The company achieved an adjusted EBITDA of $20 million, an 81% year-over-year growth. New memberships surged by over 450,000 to a total of 4.3 million, while product offerings grew by 702,000 to nearly 6.6 million. SoFi's bank charter has led to increased deposits, growing 135% in the quarter, thus enhancing its funding flexibility and profitability prospects.
- GAAP net revenue rose to $363 million, a 57% increase from the previous year.
- Adjusted net revenue reached $356 million, up 50% year-over-year.
- Adjusted EBITDA of $20 million was reported, an 81% increase compared to the same quarter last year.
- Total members increased by over 450,000, totaling 4.3 million, which is a 69% year-over-year growth.
- Total products surged by 702,000 to nearly 6.6 million, marking a 79% annual increase.
- Deposits grew by 135% to $2.7 billion, enhancing funding flexibility and net interest margins.
- SoFi Bank generated approximately $25 million in positive GAAP net income.
- Despite revenue growth, SoFi reported a GAAP net loss of $95.8 million for Q2 2022, though this is an improvement from a $165.3 million loss in Q2 2021.
- Financial Services segment contribution loss increased to $53.7 million, up from $24.7 million in the prior year.
Record GAAP and Adjusted Net Revenue for Second Quarter 2022
GAAP Net Revenue of
Adjusted EBITDA of
New Member Adds of Over 450,000; Quarter-End Total Members Up
New Product Adds of Over 702,000; Quarter-End Total Products Up
Management Raises Full-Year 2022 Guidance
(Graphic: Business Wire)
“We delivered another quarter of great results with robust growth in members, products, and cross-buy. We generated record adjusted net revenue, which was up
Consolidated Results Summary
|
|
Three Months Ended |
|
% Change |
|||||||
($ in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
||
Consolidated – GAAP |
|
|
|
|
|
|
|||||
Total net revenue |
|
$ |
362,527 |
|
|
$ |
231,274 |
|
|
57 |
% |
Net loss |
|
|
(95,835 |
) |
|
|
(165,314 |
) |
|
n/m |
|
Loss per share – basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.48 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|||||
Consolidated – Non-GAAP |
|
|
|
|
|
|
|||||
Adjusted net revenue(1) |
|
$ |
356,091 |
|
|
$ |
237,215 |
|
|
50 |
% |
Adjusted EBITDA(1) |
|
|
20,304 |
|
|
|
11,240 |
|
|
81 |
% |
___________________
(1) |
Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For more information and reconciliations to the most comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein. |
Noto continued: “Our strong momentum in member, product and cross-buy growth reflects the benefits of our broad product suite and unique
Noto concluded: “Our bank charter is enabling new flexibility that has proven even more valuable in light of the current macro environment, and the economic benefits are already starting to materialize and positively impact our operating and financial results. Deposits grew
Consolidated Results
Second quarter total GAAP net revenue of increased
SoFi recorded a GAAP net loss of
Member and Product Growth
SoFi achieved its second-highest member growth and second-highest product growth ever in the second quarter of 2022. New member additions of over 450,000 brought total members to 4.3 million by quarter-end, up nearly 1.8 million, or
New product additions of over 702,000 in the second quarter were SoFi's second highest quarterly result. Total products of nearly 6.6 million at quarter-end were up
In the Financial Services segment, total products increased by
Lending products rose
Technology Platform enabled accounts increased by
Lending Segment Results
Lending segment GAAP and adjusted net revenues were
Lending segment second quarter contribution profit of
Lending – Segment Results of Operations |
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
|
|||||||
($ in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
Total net revenue – Lending |
|
$ |
257,117 |
|
|
$ |
166,291 |
|
|
55 |
% |
Servicing rights – change in valuation inputs or assumptions |
|
|
(9,098 |
) |
|
|
224 |
|
|
n/m |
|
Residual interests classified as debt – change in valuation inputs or assumptions |
|
|
2,662 |
|
|
|
5,717 |
|
|
(53 |
) % |
Directly attributable expenses |
|
|
(108,690 |
) |
|
|
(83,044 |
) |
|
31 |
% |
Contribution Profit |
|
$ |
141,991 |
|
|
$ |
89,188 |
|
|
59 |
% |
|
|
|
|
|
|
|
|||||
Adjusted net revenue – Lending(1) |
|
$ |
250,681 |
|
|
$ |
172,232 |
|
|
46 |
% |
___________________
(1) |
Adjusted net revenue – Lending represents a non-GAAP financial measure. For more information and a reconciliation to the most comparable GAAP measure, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein. |
Second quarter Lending segment total origination volume increased
Record personal loan originations of nearly
Lending – Originations and Average Balances |
|
|
|
|
|||||
|
|
Three Months Ended |
|
% Change |
|||||
|
|
|
2022 |
|
|
2021 |
|
||
Origination volume ($ in thousands, during period) |
|
|
|
|
|
|
|||
Home loans |
|
$ |
332,047 |
|
$ |
792,228 |
|
(58 |
) % |
Personal loans |
|
|
2,471,849 |
|
|
1,294,384 |
|
91 |
% |
Student loans |
|
|
398,722 |
|
|
859,497 |
|
(54 |
) % |
Total |
|
$ |
3,202,618 |
|
$ |
2,946,109 |
|
9 |
% |
|
|
|
|
|
|
|
|||
Average loan balance ($, as of period end)(1) |
|
|
|
|
|
|
|||
Home loans |
|
$ |
287,205 |
|
$ |
286,200 |
|
— |
% |
Personal loans |
|
|
24,421 |
|
|
21,691 |
|
13 |
% |
Student loans |
|
|
48,474 |
|
|
51,320 |
|
(6 |
) % |
_________________
(1) |
Within each loan product category, average loan balance is defined as the total unpaid principal balance of the loans divided by the number of loans that have a balance greater than zero dollars as of the reporting date. Average loan balance includes loans on the balance sheet and transferred loans with which SoFi has a continuing involvement through its servicing agreements. |
|
|
Three Months Ended |
|
|
||
Lending – Products |
|
2022 |
|
2021 |
|
% Change |
Home loans |
|
25,128 |
|
18,102 |
|
39 % |
Personal loans |
|
714,735 |
|
544,068 |
|
31 % |
Student loans |
|
462,164 |
|
419,270 |
|
10 % |
Total lending products |
|
1,202,027 |
|
981,440 |
|
22 % |
Technology Platform Segment Results
Technology Platform segment net revenue of
Technology Platform – Segment Results of Operations |
|||||||||||
|
|
Three Months Ended |
|
|
|||||||
($ in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
Total net revenue |
|
$ |
83,899 |
|
|
$ |
45,297 |
|
|
85 |
% |
Directly attributable expenses |
|
|
(62,058 |
) |
|
|
(32,284 |
) |
|
92 |
% |
Contribution Profit |
|
$ |
21,841 |
|
|
$ |
13,013 |
|
|
68 |
% |
Technology Platform total enabled client accounts increased
|
|
Three Months Ended |
|
|
||
Technology Platform |
|
2022 |
|
2021 |
|
% Change |
Total accounts |
|
116,570,038 |
|
78,902,156 |
|
48 % |
Financial Services Segment Results
Financial Services segment net revenue increased
The Financial Services segment contribution loss of
Financial Services – Segment Results of Operations |
|||||||||||
|
|
Three Months Ended |
|
|
|||||||
($ in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
% Change |
|
Total net revenue |
|
$ |
30,363 |
|
|
$ |
17,039 |
|
|
78 |
% |
Directly attributable expenses |
|
|
(84,063 |
) |
|
|
(41,784 |
) |
|
101 |
% |
Contribution loss |
|
$ |
(53,700 |
) |
|
$ |
(24,745 |
) |
|
117 |
% |
By continuously innovating for members with new and relevant offerings, features and rewards, SoFi grew total Financial Services products by approximately 2.7 million, or
Most notably, upon securing a bank charter in the first quarter of 2022, SoFi launched a new Checking and Savings offering, which today has an APY of up to
|
|
|
|
|
||
Financial Services – Products |
|
2022 |
|
2021 |
|
% Change |
|
|
1,837,138 |
|
954,519 |
|
92 % |
Invest |
|
1,961,425 |
|
1,038,570 |
|
89 % |
Credit Card |
|
139,781 |
|
42,744 |
|
227 % |
Referred loans |
|
28,037 |
|
— |
|
n/m |
Relay |
|
1,344,538 |
|
626,195 |
|
115 % |
At Work |
|
51,228 |
|
23,653 |
|
117 % |
Total financial services products |
|
5,362,147 |
|
2,685,681 |
|
100 % |
___________________
| (1) |
This product category includes SoFi Checking and Savings accounts held at |
Guidance and Outlook
Second quarter 2022 adjusted net revenue of
Management expects a continuation of strong growth in the second half of the year, with expected adjusted net revenue of
Management now expects full-year 2022 adjusted net revenue of
Earnings Webcast
SoFi’s executive management team will host a live audio webcast beginning at
Cautionary Statement Regarding Forward-Looking Statements
Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for third and fourth quarter and full year adjusted net revenue and adjusted EBITDA, our expectations regarding our ability to continue to grow our business, our ability to navigate the macroeconomic environment and the financial position, business strategy and plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate”, “believe”, “continue”, “could”, “expect”, “intend”, “may”, "opportunity", "future", "strategy", “might”, “plan”, “possible”, “potential”, “project”, “should”, “suggests”, “would”, “will be”, “will continue”, “will likely result” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the effect of and uncertainties related to the ongoing COVID-19 pandemic (including any government responses thereto) and macroeconomic factors such as inflation and rising interest rates; (ii) our ability to achieve profitability and continued growth across our three businesses in the future; (iii) the impact on our business of the regulatory environment and complexities with compliance related to such environment, including any further extension of the student loan payment moratorium or loan forgiveness, and our expectations regarding the return to pre-pandemic student loan demand levels; (iv) our ability to realize the benefits of being a bank holding company and operating
These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.
Non-GAAP Financial Measures
This press release presents information about our adjusted net revenue and adjusted EBITDA, which are non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in
Forward-looking non-GAAP financial measures are presented without reconciliations of such forward-looking non-GAAP measures because the GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on historical experience, could be material.
About SoFi
SoFi's mission is to help our members achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over four million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of
Availability of Other Information About SoFi
Investors and others should note that we communicate with our investors and the public using our website (www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets,
FINANCIAL TABLES
1. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
2. Reconciliation of GAAP to Non-GAAP Financial Measures
3. Unaudited Condensed Consolidated Balance Sheets
4. Unaudited Condensed Consolidated Statements of Cash Flows
5. Company Metrics
6. Segment Financials
Table 1
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (In Thousands, Except for Share and Per Share Data) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Interest income |
|
|
|
|
|
|
|
||||||||
Loans |
$ |
145,337 |
|
|
$ |
79,678 |
|
|
$ |
259,722 |
|
|
$ |
156,899 |
|
Securitizations |
|
2,567 |
|
|
|
3,794 |
|
|
|
5,325 |
|
|
|
8,261 |
|
Related party notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
211 |
|
Other |
|
1,608 |
|
|
|
636 |
|
|
|
2,877 |
|
|
|
1,265 |
|
Total interest income |
|
149,512 |
|
|
|
84,108 |
|
|
|
267,924 |
|
|
|
166,636 |
|
Interest expense |
|
|
|
|
|
|
|
||||||||
Securitizations and warehouses |
|
18,599 |
|
|
|
26,250 |
|
|
|
38,505 |
|
|
|
56,058 |
|
Deposits |
|
4,543 |
|
|
|
— |
|
|
|
4,974 |
|
|
|
— |
|
Corporate borrowings |
|
3,450 |
|
|
|
1,378 |
|
|
|
6,099 |
|
|
|
6,386 |
|
Other |
|
191 |
|
|
|
468 |
|
|
|
684 |
|
|
|
900 |
|
Total interest expense |
|
26,783 |
|
|
|
28,096 |
|
|
|
50,262 |
|
|
|
63,344 |
|
Net interest income |
|
122,729 |
|
|
|
56,012 |
|
|
|
217,662 |
|
|
|
103,292 |
|
Noninterest income |
|
|
|
|
|
|
|
||||||||
Loan origination and sales |
|
144,414 |
|
|
|
109,719 |
|
|
|
302,118 |
|
|
|
220,064 |
|
Securitizations |
|
(11,737 |
) |
|
|
(26 |
) |
|
|
(23,018 |
) |
|
|
(2,062 |
) |
Servicing |
|
10,471 |
|
|
|
(224 |
) |
|
|
22,707 |
|
|
|
(12,333 |
) |
Technology products and solutions |
|
81,670 |
|
|
|
44,950 |
|
|
|
141,527 |
|
|
|
90,609 |
|
Other |
|
14,980 |
|
|
|
20,843 |
|
|
|
31,875 |
|
|
|
27,688 |
|
Total noninterest income |
|
239,798 |
|
|
|
175,262 |
|
|
|
475,209 |
|
|
|
323,966 |
|
Total net revenue |
|
362,527 |
|
|
|
231,274 |
|
|
|
692,871 |
|
|
|
427,258 |
|
Noninterest expense |
|
|
|
|
|
|
|
||||||||
Technology and product development |
|
99,366 |
|
|
|
69,389 |
|
|
|
181,274 |
|
|
|
135,337 |
|
Sales and marketing |
|
143,854 |
|
|
|
94,951 |
|
|
|
281,992 |
|
|
|
182,185 |
|
Cost of operations |
|
79,091 |
|
|
|
60,624 |
|
|
|
149,528 |
|
|
|
118,194 |
|
General and administrative |
|
125,829 |
|
|
|
171,216 |
|
|
|
262,334 |
|
|
|
332,913 |
|
Provision for credit losses |
|
10,103 |
|
|
|
486 |
|
|
|
23,064 |
|
|
|
486 |
|
Total noninterest expense |
|
458,243 |
|
|
|
396,666 |
|
|
|
898,192 |
|
|
|
769,115 |
|
Loss before income taxes |
|
(95,716 |
) |
|
|
(165,392 |
) |
|
|
(205,321 |
) |
|
|
(341,857 |
) |
Income tax (expense) benefit |
|
(119 |
) |
|
|
78 |
|
|
|
(871 |
) |
|
|
(1,021 |
) |
Net loss |
$ |
(95,835 |
) |
|
$ |
(165,314 |
) |
|
$ |
(206,192 |
) |
|
$ |
(342,878 |
) |
Other comprehensive loss |
|
|
|
|
|
|
|
||||||||
Unrealized losses on available-for-sale securities, net |
|
(1,991 |
) |
|
|
— |
|
|
|
(6,446 |
) |
|
|
— |
|
Foreign currency translation adjustments, net |
|
(56 |
) |
|
|
(266 |
) |
|
|
(94 |
) |
|
|
(346 |
) |
Total other comprehensive loss |
|
(2,047 |
) |
|
|
(266 |
) |
|
|
(6,540 |
) |
|
|
(346 |
) |
Comprehensive loss |
$ |
(97,882 |
) |
|
$ |
(165,580 |
) |
|
$ |
(212,732 |
) |
|
$ |
(343,224 |
) |
Loss per share |
|
|
|
|
|
|
|
||||||||
Loss per share – basic |
$ |
(0.12 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.26 |
) |
|
$ |
(1.50 |
) |
Loss per share – diluted |
$ |
(0.12 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.26 |
) |
|
$ |
(1.50 |
) |
Weighted average common stock outstanding – basic |
|
910,046,750 |
|
|
|
365,036,365 |
|
|
|
881,608,165 |
|
|
|
241,282,003 |
|
Weighted average common stock outstanding – diluted |
|
910,046,750 |
|
|
|
365,036,365 |
|
|
|
881,608,165 |
|
|
|
241,282,003 |
|
Table 2
Non-GAAP Financial Measures
Reconciliation of Adjusted Net Revenue
Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment. For our consolidated results and for the Lending segment, we reconcile adjusted net revenue to total net revenue, the most directly comparable GAAP measure, as presented for the periods indicated below:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||
($ in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
Total net revenue |
|
$ |
362,527 |
|
|
$ |
231,274 |
|
$ |
692,871 |
|
|
$ |
427,258 |
Servicing rights – change in valuation inputs or assumptions(1) |
|
|
(9,098 |
) |
|
|
224 |
|
|
(20,678 |
) |
|
|
12,333 |
Residual interests classified as debt – change in valuation inputs or assumptions(2) |
|
|
2,662 |
|
|
|
5,717 |
|
|
5,625 |
|
|
|
13,668 |
Adjusted net revenue |
|
$ |
356,091 |
|
|
$ |
237,215 |
|
$ |
677,818 |
|
|
$ |
453,259 |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||
($ in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
Total net revenue – Lending |
|
$ |
257,117 |
|
|
$ |
166,291 |
|
$ |
510,106 |
|
|
$ |
314,268 |
Servicing rights – change in valuation inputs or assumptions(1) |
|
|
(9,098 |
) |
|
|
224 |
|
|
(20,678 |
) |
|
|
12,333 |
Residual interests classified as debt – change in valuation inputs or assumptions(2) |
|
|
2,662 |
|
|
|
5,717 |
|
|
5,625 |
|
|
|
13,668 |
Adjusted net revenue – Lending |
|
$ |
250,681 |
|
|
$ |
172,232 |
|
$ |
495,053 |
|
|
$ |
340,269 |
___________________
(1) |
Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment and default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations. As such, these positive and negative changes are adjusted out of total net revenue to provide management and financial users with better visibility into the net revenue available to finance our operations and our overall performance. |
(2) |
Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment and default rates and discount rates. When third parties finance our consolidated securitization variable interest entities (“VIEs”) by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of total net revenue to provide management and financial users with better visibility into the net revenue available to finance our operations. |
Reconciliation of Adjusted EBITDA
Adjusted EBITDA is defined as net income (loss), adjusted to exclude: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as discussed further below), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) transaction-related expenses, (vi) fair value changes in warrant liabilities, and (vii) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions. We reconcile adjusted EBITDA to net loss, the most directly comparable GAAP measure, for the periods indicated below:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
($ in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
|
$ |
(95,835 |
) |
|
$ |
(165,314 |
) |
|
$ |
(206,192 |
) |
|
$ |
(342,878 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Interest expense – corporate borrowings(1) |
|
|
3,450 |
|
|
|
1,378 |
|
|
|
6,099 |
|
|
|
6,386 |
|
Income tax expense (benefit) (2) |
|
|
119 |
|
|
|
(78 |
) |
|
|
871 |
|
|
|
1,021 |
|
Depreciation and amortization(3) |
|
|
38,056 |
|
|
|
24,989 |
|
|
|
68,754 |
|
|
|
50,966 |
|
Share-based expense |
|
|
80,142 |
|
|
|
52,154 |
|
|
|
157,163 |
|
|
|
89,608 |
|
Transaction-related expense(4) |
|
|
808 |
|
|
|
21,181 |
|
|
|
17,346 |
|
|
|
23,359 |
|
Fair value changes in warrant liabilities(5) |
|
|
— |
|
|
|
70,989 |
|
|
|
— |
|
|
|
160,909 |
|
Servicing rights – change in valuation inputs or assumptions(6) |
|
|
(9,098 |
) |
|
|
224 |
|
|
|
(20,678 |
) |
|
|
12,333 |
|
Residual interests classified as debt – change in valuation inputs or assumptions(7) |
|
|
2,662 |
|
|
|
5,717 |
|
|
|
5,625 |
|
|
|
13,668 |
|
Total adjustments |
|
|
116,139 |
|
|
|
176,554 |
|
|
|
235,180 |
|
|
|
358,250 |
|
Adjusted EBITDA |
|
$ |
20,304 |
|
|
$ |
11,240 |
|
|
$ |
28,988 |
|
|
$ |
15,372 |
|
___________________
| (1) |
Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense primarily included (i) interest on our revolving credit facility, (ii) for the 2022 periods, the amortization of debt discount and debt issuance costs on our convertible notes, and (iii) for the six-month 2021 period, interest on the seller note issued in connection with our acquisition of Galileo. Our adjusted EBITDA measure does not adjust for interest expense on warehouse facilities and securitization debt, which are recorded within interest expense—securitizations and warehouses in the unaudited condensed consolidated statements of operations and comprehensive income (loss), as these interest expenses are direct operating expenses driven by loan origination and sales activity. Additionally, our adjusted EBITDA measure does not adjust for interest expense on deposits or interest expense on our finance lease liability in connection with |
| (2) |
Our income tax expense positions were primarily a function of |
| (3) | Depreciation and amortization expense for the three- and six-month 2022 periods increased compared to the comparable 2021 periods primarily in connection with our recent acquisitions and growth in our software balance, partially offset by the acceleration of core banking infrastructure amortization during the 2021 periods. |
| (4) |
Transaction-related expenses in the three- and six-month 2022 periods primarily included financial advisory and professional services costs associated with our acquisition of Technisys. Transaction-related expenses in the three-month 2021 period included the special payment to the holders of Series 1 Redeemable Preferred Stock in conjunction with the merger with |
| (5) |
Our adjusted EBITDA measure excludes the non-cash fair value changes in warrants accounted for as liabilities, which were measured at fair value through earnings. The amounts in the 2021 periods related to changes in the fair value of Series H warrants issued by Social Finance in 2019 in connection with certain redeemable preferred stock issuances. We did not measure the Series H warrants at fair value subsequent to |
| (6) | Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment and default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net loss to provide management and financial users with better visibility into the earnings available to finance our operations. |
| (7) | Reflects changes in fair value inputs and assumptions, including conditional prepayment and default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net loss to provide management and financial users with better visibility into the earnings available to finance our operations. |
Table 3
Unaudited Condensed Consolidated Balance Sheets (In Thousands, Except for Share Data) |
|||||||
|
|
|
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
707,302 |
|
|
$ |
494,711 |
|
Restricted cash and restricted cash equivalents |
|
291,631 |
|
|
|
273,726 |
|
Investments in available-for-sale securities (amortized cost of |
|
197,933 |
|
|
|
194,907 |
|
Loans, less allowance for credit losses on loans at amortized cost of |
|
8,212,494 |
|
|
|
6,068,884 |
|
Servicing rights |
|
176,964 |
|
|
|
168,259 |
|
Securitization investments |
|
288,717 |
|
|
|
374,688 |
|
Equity method investments |
|
— |
|
|
|
19,739 |
|
Property, equipment and software |
|
148,744 |
|
|
|
111,873 |
|
|
|
1,625,375 |
|
|
|
898,527 |
|
Intangible assets |
|
481,124 |
|
|
|
284,579 |
|
Operating lease right-of-use assets |
|
108,736 |
|
|
|
115,191 |
|
Other assets, less allowance for credit losses of |
|
431,866 |
|
|
|
171,242 |
|
Total assets |
$ |
12,670,886 |
|
|
$ |
9,176,326 |
|
Liabilities, temporary equity and permanent equity |
|
|
|
||||
Liabilities: |
|
|
|
||||
Deposits: |
|
|
|
||||
Noninterest-bearing deposits |
$ |
82,801 |
|
|
$ |
— |
|
Interest-bearing deposits |
|
2,629,463 |
|
|
|
— |
|
Total deposits |
|
2,712,264 |
|
|
|
— |
|
Accounts payable, accruals and other liabilities |
|
542,336 |
|
|
|
298,164 |
|
Operating lease liabilities |
|
131,735 |
|
|
|
138,794 |
|
Debt |
|
3,723,561 |
|
|
|
3,947,983 |
|
Residual interests classified as debt |
|
54,436 |
|
|
|
93,682 |
|
Total liabilities |
|
7,164,332 |
|
|
|
4,478,623 |
|
Commitments, guarantees, concentrations and contingencies |
|
|
|
||||
Temporary equity: |
|
|
|
||||
Redeemable preferred stock, |
|
320,374 |
|
|
|
320,374 |
|
Permanent equity: |
|
|
|
||||
Common stock, |
|
92 |
|
|
|
83 |
|
Additional paid-in capital |
|
6,583,405 |
|
|
|
5,561,831 |
|
Accumulated other comprehensive loss |
|
(8,011 |
) |
|
|
(1,471 |
) |
Accumulated deficit |
|
(1,389,306 |
) |
|
|
(1,183,114 |
) |
Total permanent equity |
|
5,186,180 |
|
|
|
4,377,329 |
|
Total liabilities, temporary equity and permanent equity |
$ |
12,670,886 |
|
|
$ |
9,176,326 |
|
Table 4
Unaudited Condensed Consolidated Statements of Cash Flows (In Thousands) |
|||||||
|
Six Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Operating activities |
|
|
|
||||
Net loss |
$ |
(206,192 |
) |
|
$ |
(342,878 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
68,754 |
|
|
|
50,966 |
|
Deferred debt issuance and discount expense |
|
8,118 |
|
|
|
11,450 |
|
Share-based compensation expense |
|
157,163 |
|
|
|
89,608 |
|
Deferred income taxes |
|
(2,319 |
) |
|
|
637 |
|
Fair value changes in residual interests classified as debt |
|
5,625 |
|
|
|
13,668 |
|
Fair value changes in securitization investments |
|
9,981 |
|
|
|
(5,502 |
) |
Fair value changes in warrant liabilities |
|
— |
|
|
|
160,909 |
|
Fair value adjustment to related party notes receivable |
|
— |
|
|
|
(169 |
) |
Other |
|
29,929 |
|
|
|
(3,937 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Originations and purchases of loans |
|
(6,875,281 |
) |
|
|
(5,749,363 |
) |
Proceeds from sales and repayments of loans |
|
4,846,705 |
|
|
|
5,848,655 |
|
Other changes in loans |
|
22,166 |
|
|
|
5,231 |
|
Servicing assets |
|
(8,705 |
) |
|
|
(10,170 |
) |
Related party notes receivable interest income |
|
— |
|
|
|
1,399 |
|
Other assets |
|
(49,569 |
) |
|
|
(21,752 |
) |
Accounts payable, accruals and other liabilities |
|
36,902 |
|
|
|
33,856 |
|
Net cash provided by (used in) operating activities |
$ |
(1,956,723 |
) |
|
$ |
82,608 |
|
Investing activities |
|
|
|
||||
Purchases of property, equipment, software and intangible assets |
$ |
(50,028 |
) |
|
$ |
(26,808 |
) |
Purchases of available-for-sale investments |
|
(44,974 |
) |
|
|
— |
|
Proceeds from sales of available-for-sale investments |
|
23,497 |
|
|
|
— |
|
Proceeds from maturities and paydowns of available-for-sale investments |
|
13,906 |
|
|
|
— |
|
Changes in loans, net |
|
(81,850 |
) |
|
|
— |
|
Proceeds from non-securitization investments |
|
— |
|
|
|
107,534 |
|
Proceeds from securitization investments |
|
75,991 |
|
|
|
141,920 |
|
Acquisition of businesses, net of cash acquired |
|
58,540 |
|
|
|
— |
|
Proceeds from repayment of related party notes receivable |
|
— |
|
|
|
16,693 |
|
Net cash provided by (used in) investing activities |
$ |
(4,918 |
) |
|
$ |
239,339 |
|
Unaudited Condensed Consolidated Statements of Cash Flows (Continued) (In Thousands) |
|||||||
|
|
||||||
|
Six Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Financing activities |
|
|
|
||||
Proceeds from debt issuances |
$ |
4,710,980 |
|
|
$ |
3,849,645 |
|
Repayment of debt |
|
(4,986,952 |
) |
|
|
(6,355,653 |
) |
Payment of debt issuance costs |
|
(3,976 |
) |
|
|
(4,520 |
) |
Net change in deposits |
|
2,496,253 |
|
|
|
— |
|
Taxes paid related to net share settlement of share-based awards |
|
(5,846 |
) |
|
|
(28,603 |
) |
Proceeds from stock option exercises |
|
2,060 |
|
|
|
3,365 |
|
Payment of redeemable preferred stock dividends |
|
(20,047 |
) |
|
|
(20,047 |
) |
Finance lease principal payments |
|
(241 |
) |
|
|
(278 |
) |
Purchases of common stock |
|
— |
|
|
|
(526 |
) |
Redemptions of redeemable common and preferred stock |
|
— |
|
|
|
(282,859 |
) |
Proceeds from Business Combination and |
|
— |
|
|
|
1,989,851 |
|
Payment of costs directly attributable to the issuance of common stock in connection with Business Combination and |
|
— |
|
|
|
(26,951 |
) |
Net cash provided by (used in) financing activities |
$ |
2,192,231 |
|
|
$ |
(876,576 |
) |
Effect of exchange rates on cash and cash equivalents |
|
(94 |
) |
|
|
(346 |
) |
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents |
$ |
230,496 |
|
|
$ |
(554,975 |
) |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period |
|
768,437 |
|
|
|
1,323,428 |
|
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period |
$ |
998,933 |
|
|
$ |
768,453 |
|
|
|
|
|
||||
Reconciliation to amounts on unaudited condensed consolidated balance sheets (as of period end) |
|
|
|
||||
Cash and cash equivalents |
$ |
707,302 |
|
|
$ |
461,920 |
|
Restricted cash and restricted cash equivalents |
|
291,631 |
|
|
|
306,533 |
|
Total cash, cash equivalents, restricted cash and restricted cash equivalents |
$ |
998,933 |
|
|
$ |
768,453 |
|
|
|
|
|
||||
Unaudited Condensed Consolidated Statements of Cash Flows (Continued) (In Thousands) |
|||||
|
Six Months Ended |
||||
|
|
2022 |
|
|
2021 |
Supplemental non-cash investing and financing activities |
|
|
|
||
Issuance of common stock in acquisition |
$ |
875,042 |
|
$ |
— |
Vested awards assumed in acquisition |
|
2,855 |
|
|
— |
Loans received in acquisition |
|
84,485 |
|
|
— |
Debt assumed in acquisition |
|
2,000 |
|
|
— |
Deposits assumed in acquisition |
|
158,016 |
|
|
— |
Deposits credited but not yet received in cash |
|
57,995 |
|
|
— |
Available-for-sale securities received in acquisition |
|
10,014 |
|
|
— |
Property, equipment and software received in acquisition |
|
3,192 |
|
|
— |
Non-cash loan reduction |
|
886 |
|
|
— |
Share-based compensation capitalized related to internally-developed software |
|
10,356 |
|
|
— |
Non-cash property, equipment, software and intangible asset additions |
|
191 |
|
|
896 |
Deferred debt issuance costs accrued but unpaid |
|
163 |
|
|
550 |
Securitization investments acquired via loan transfers |
|
— |
|
|
47,265 |
Costs directly attributable to the issuance of common stock paid in 2020 |
|
— |
|
|
588 |
Reduction to temporary equity associated with purchase price adjustments |
|
— |
|
|
743 |
Warrant liabilities recognized in conjunction with the Business Combination |
|
— |
|
|
200,250 |
Series H warrant liabilities conversion to common stock warrants |
|
— |
|
|
39,959 |
Conversion of temporary equity into permanent equity in conjunction with the Business Combination |
|
— |
|
|
2,702,569 |
Table 5
Company Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Members |
4,318,705 |
|
3,868,334 |
|
3,460,298 |
|
2,937,379 |
|
2,560,492 |
|
2,281,092 |
|
1,850,871 |
|
1,500,576 |
|
1,204,475 |
Total Products |
6,564,174 |
|
5,862,137 |
|
5,173,197 |
|
4,267,665 |
|
3,667,121 |
|
3,184,554 |
|
2,523,555 |
|
2,052,933 |
|
1,645,044 |
Total Products — Lending segment |
1,202,027 |
|
1,138,566 |
|
1,078,952 |
|
1,030,882 |
|
981,440 |
|
945,227 |
|
917,645 |
|
892,934 |
|
861,970 |
Total Products — Financial Services segment |
5,362,147 |
|
4,723,571 |
|
4,094,245 |
|
3,236,783 |
|
2,685,681 |
|
2,239,327 |
|
1,605,910 |
|
1,159,999 |
|
783,074 |
Total Accounts — Technology Platform segment(1) |
116,570,038 |
|
109,687,014 |
|
99,660,657 |
|
88,811,022 |
|
78,902,156 |
|
69,572,680 |
|
59,735,210 |
|
49,276,594 |
|
35,988,090 |
___________________
(1) |
Beginning in the fourth quarter of 2021, the Company included SoFi accounts on the Galileo platform-as-a-service in its total Technology Platform accounts metric to better align with presentation of Technology Platform segment revenue. Quarterly amounts for the earlier quarters in 2021 and 2020 were determined to be immaterial, and as such were not recast. |
Members
We refer to our customers as “members”. We define a member as someone who has had a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Once someone becomes a member, they are always considered a member unless they violate our terms of service. Our members have continuous access to our certified financial planners, our career advice services, our member events, our content, educational material, news, tools and calculators, which are provided at no cost to the member. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time.
Total Products
Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. In our Lending segment, total products refers to the number of home loans, personal loans and student loans that have been originated through our platform through the reporting date, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. In our Financial Services segment, total products refers to the number of
Technology Platform Total Accounts
In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. Beginning in the fourth quarter of 2021, we included SoFi accounts on the Galileo platform-as-a-service in our total accounts metric to better align with the Technology Platform segment revenue, which includes intercompany revenue from SoFi. We recast the accounts in the fourth quarters of 2021 and 2020, but did not recast the accounts for the earlier quarters in 2021 and 2020, as the impact was determined to be immaterial. Total accounts is a primary indicator of the accounts dependent upon Galileo’s technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for the Technisys products and solutions, as the revenue model is not dependent upon being a fully integrated, stand-ready service.
Table 6
Segment Financials
|
|
Quarter Ended |
||||||||||||||||||||||||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
2021 |
|
2021 |
|
2020 |
|
|
|
2020 |
||||||||||||||||||
Lending |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income |
|
$ |
114,003 |
|
|
$ |
94,354 |
|
|
$ |
77,246 |
|
|
$ |
72,257 |
|
|
$ |
56,822 |
|
|
$ |
51,777 |
|
|
$ |
57,127 |
|
|
$ |
52,222 |
|
|
$ |
44,335 |
|
Total noninterest income |
|
|
143,114 |
|
|
|
158,635 |
|
|
|
136,518 |
|
|
|
138,034 |
|
|
|
109,469 |
|
|
|
96,200 |
|
|
|
91,865 |
|
|
|
109,890 |
|
|
|
51,549 |
|
Total net revenue |
|
|
257,117 |
|
|
|
252,989 |
|
|
|
213,764 |
|
|
|
210,291 |
|
|
|
166,291 |
|
|
|
147,977 |
|
|
|
148,992 |
|
|
|
162,112 |
|
|
|
95,884 |
|
Adjusted net revenue(1) |
|
|
250,681 |
|
|
|
244,372 |
|
|
|
208,032 |
|
|
|
215,475 |
|
|
|
172,232 |
|
|
|
168,037 |
|
|
|
159,520 |
|
|
|
178,084 |
|
|
|
117,182 |
|
Contribution profit |
|
|
141,991 |
|
|
|
132,651 |
|
|
|
105,065 |
|
|
|
117,668 |
|
|
|
89,188 |
|
|
|
87,686 |
|
|
|
85,204 |
|
|
|
103,011 |
|
|
|
49,419 |
|
Technology Platform |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income (expense) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
39 |
|
|
$ |
(32 |
) |
|
$ |
(36 |
) |
|
$ |
(42 |
) |
|
$ |
(47 |
) |
|
$ |
(18 |
) |
Total noninterest income |
|
|
83,899 |
|
|
|
60,805 |
|
|
|
53,299 |
|
|
|
50,186 |
|
|
|
45,329 |
|
|
|
46,101 |
|
|
|
37,524 |
|
|
|
38,865 |
|
|
|
19,037 |
|
Total net revenue(2) |
|
|
83,899 |
|
|
|
60,805 |
|
|
|
53,299 |
|
|
|
50,225 |
|
|
|
45,297 |
|
|
|
46,065 |
|
|
|
37,482 |
|
|
|
38,818 |
|
|
|
19,019 |
|
Contribution profit |
|
|
21,841 |
|
|
|
18,255 |
|
|
|
20,008 |
|
|
|
15,741 |
|
|
|
13,013 |
|
|
|
15,685 |
|
|
|
16,806 |
|
|
|
23,986 |
|
|
|
12,100 |
|
Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income |
|
$ |
12,925 |
|
|
$ |
5,882 |
|
|
$ |
1,785 |
|
|
$ |
1,209 |
|
|
$ |
542 |
|
|
$ |
229 |
|
|
$ |
88 |
|
|
$ |
98 |
|
|
$ |
83 |
|
Total noninterest income |
|
|
17,438 |
|
|
|
17,661 |
|
|
|
20,171 |
|
|
|
11,411 |
|
|
|
16,497 |
|
|
|
6,234 |
|
|
|
3,963 |
|
|
|
3,139 |
|
|
|
2,345 |
|
Total net revenue |
|
|
30,363 |
|
|
|
23,543 |
|
|
|
21,956 |
|
|
|
12,620 |
|
|
|
17,039 |
|
|
|
6,463 |
|
|
|
4,051 |
|
|
|
3,237 |
|
|
|
2,428 |
|
Contribution loss(2) |
|
|
(53,700 |
) |
|
|
(49,515 |
) |
|
|
(35,189 |
) |
|
|
(39,465 |
) |
|
|
(24,745 |
) |
|
|
(35,519 |
) |
|
|
(36,753 |
) |
|
|
(37,467 |
) |
|
|
(30,893 |
) |
Corporate/Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest expense |
|
$ |
(4,199 |
) |
|
$ |
(5,303 |
) |
|
$ |
(2,454 |
) |
|
$ |
(1,130 |
) |
|
$ |
(1,320 |
) |
|
$ |
(4,690 |
) |
|
$ |
(18,350 |
) |
|
$ |
(3,061 |
) |
|
$ |
(1,653 |
) |
Total noninterest income (loss) |
|
|
(4,653 |
) |
|
|
(1,690 |
) |
|
|
(957 |
) |
|
|
— |
|
|
|
3,967 |
|
|
|
169 |
|
|
|
(684 |
) |
|
|
(319 |
) |
|
|
(726 |
) |
Total net revenue (loss)(2) |
|
|
(8,852 |
) |
|
|
(6,993 |
) |
|
|
(3,411 |
) |
|
|
(1,130 |
) |
|
|
2,647 |
|
|
|
(4,521 |
) |
|
|
(19,034 |
) |
|
|
(3,380 |
) |
|
|
(2,379 |
) |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net interest income |
|
$ |
122,729 |
|
|
$ |
94,933 |
|
|
$ |
76,577 |
|
|
$ |
72,375 |
|
|
$ |
56,012 |
|
|
$ |
47,280 |
|
|
$ |
38,823 |
|
|
$ |
49,212 |
|
|
$ |
42,747 |
|
Total noninterest income |
|
|
239,798 |
|
|
|
235,411 |
|
|
|
209,031 |
|
|
|
199,631 |
|
|
|
175,262 |
|
|
|
148,704 |
|
|
|
132,668 |
|
|
|
151,575 |
|
|
|
72,205 |
|
Total net revenue |
|
|
362,527 |
|
|
|
330,344 |
|
|
|
285,608 |
|
|
|
272,006 |
|
|
|
231,274 |
|
|
|
195,984 |
|
|
|
171,491 |
|
|
|
200,787 |
|
|
|
114,952 |
|
Adjusted net revenue(1) |
|
|
356,091 |
|
|
|
321,727 |
|
|
|
279,876 |
|
|
|
277,190 |
|
|
|
237,215 |
|
|
|
216,044 |
|
|
|
182,019 |
|
|
|
216,759 |
|
|
|
136,250 |
|
Net loss |
|
|
(95,835 |
) |
|
|
(110,357 |
) |
|
|
(111,012 |
) |
|
|
(30,047 |
) |
|
|
(165,314 |
) |
|
|
(177,564 |
) |
|
|
(82,616 |
) |
|
|
(42,878 |
) |
|
|
7,808 |
|
Adjusted EBITDA(1) |
|
|
20,304 |
|
|
|
8,684 |
|
|
|
4,593 |
|
|
|
10,256 |
|
|
|
11,240 |
|
|
|
4,132 |
|
|
|
11,817 |
|
|
|
33,509 |
|
|
|
(23,750 |
) |
___________________
(1) |
Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For additional information on these measures and reconciliations to the most directly comparable GAAP measures, see “Non-GAAP Financial Measures” and Table 2 to the “Financial Tables” herein. |
(2) |
Technology Platform segment total net revenue includes intercompany fees earned by Galileo from SoFi, which is a Galileo client. There is an equal and offsetting expense reflected within the Financial Services segment contribution loss representing the intercompany fees incurred to Galileo. The intercompany revenue and expense are eliminated in consolidation. The revenue is eliminated within “Corporate/Other” and the expense represents a reconciling item of segment contribution profit (loss) to consolidated loss before income taxes. For the year ended |
SOFI-F
View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005987/en/
Investors:
SoFi Investor Relations
IR@sofi.com
Media:
SoFi Media Relations
PR@sofi.com
Source:
FAQ
What was SoFi's GAAP net revenue for Q2 2022?
How many new members did SoFi add in Q2 2022?
What is SoFi's adjusted EBITDA for Q2 2022?
How did SoFi's deposit growth perform in Q2 2022?
What is the forecast for SoFi's adjusted net revenue for the full year 2022?
