SoFi Updates 2022 Annual Guidance to Reflect Latest Extension of Federal Student Loan Payment Moratorium

About this update from Sofi Technologies, Inc.

[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI) today announced updated guidance for its anticipated full-year 2022 financial results following President Biden’s directive to extend the federal student loan payment moratorium from May 1, 2022 until August 31, 2022. Management now expects that a number of factors including the impending fall midterm elections will precipitate a likely seventh extension beyond August 2022 by the Administration. Accordingly, Management’s updated 2022 guidance assumes that the student loan moratorium will not in fact end during the course of 2022.\n\nSoFi’s updated Adjusted Net Revenue and Adjusted EBITDA guidance for full-year 2022 is $1.47 billion and $100 million, respectively, a reduction from previous guidance of $1.57 billion and $180 million, respectively.\n\nSoFi maintains its original guidance of $280-285 million Adjusted Net Revenue and $0-5 million Adjusted EBITDA for the first quarter of 2022.\n\n“SoFi remains incredibly well positioned to drive continued strong growth in revenue, members and products, along with continued and improving profitability, despite the fact that our student loan refinancing business has operated at less than 50% of pre-COVID levels for the last two years,” said Anthony Noto, CEO of SoFi. \"Even with the assumption of no end to the moratorium in 2022, our new full year 2022 financial guidance represents approximately 45% year-over-year Adjusted Net Revenue growth to $1.47 billion, a tripling of Adjusted EBITDA to $100 million, and a doubling of margins. SoFi has done an outstanding job achieving record financial results, member and product growth and consistent profitability, despite the negative impact of the extended student loan payment moratorium. We will work diligently to continue that trend in 2022.”\n\nCautionary Statement Forward-Looking Statements\n\nThis Press Release contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for first quarter 2022 and full year 2022 Adjusted Net Revenue and Adjusted EBITDA, our expectations regarding the expiration of the federal student loan payment moratorium and the impact on our business of the extension of the moratorium. These statements constitute projections, forecasts and forward-lookin...

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