Business
SoFi Technologies, Inc. Reports First Quarter 2022 Results
Record GAAP and Adjusted Net Revenue for First Quarter 2022 GAAP Net Revenue of $330 Million Up 69%; $322 Million Record Adjusted Net Revenue Up 49%
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nRecord GAAP and Adjusted Net Revenue for First Quarter 2022\nGAAP Net Revenue of $330 Million Up 69%; $322 Million Record Adjusted Net Revenue Up 49% Year-over-Year\nAdjusted EBITDA of $9 Million Positive for Seventh Straight Quarter\nNew Member Adds of 408,000; Quarter-End Total Members Up 70% Year-over-Year to Nearly 3.9 Million\nNew Product Adds of 689,000; Quarter-End Total Products Up 84% Year-over-Year to Nearly 5.9 Million\nManagement Raises Full-Year 2022 Guidance\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its first quarter ended March 31, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220510006202/en/Note: For additional information on our company metrics, see Table 5 in the “Financial Tables” herein. (Graphic: Business Wire)\n“We delivered another quarter of great results, with record adjusted net revenue up 49% year-over-year, a seventh consecutive quarter of positive adjusted EBITDA and continued robust growth in members, products and cross-buy. These strong results, which we achieved despite volatile markets and the changing political, fiscal and economic landscape, demonstrate how our strategy of building a full suite of differentiated products and services has created a uniquely diversified business that can not only endure, but outperform across market cycles,” said Anthony Noto, CEO of SoFi Technologies, Inc. “Because of the depth and breadth of our offerings, we were able to make swift and critical adjustments in priorities and spend as conditions evolved quickly, to capitalize on growth opportunities and exceed our performance targets. Strength across all three of our business segments — Lending, Technology Platform and Financial Services — drove our record first quarter adjusted net revenue of $322 million, and adjusted EBITDA of nearly $9 million.”\n\nConsolidated Results Summary\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\n($ in thousands)\n\n\n\n \n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n\n\nConsolidated – GAAP\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n ...