Sofi Technologies, Inc. · NASDAQ:SOFI
Sofi Technologies — Q1 2022 Earnings Presentation
23 slides from Sofi Technologies's earnings presentation, May 2022
Slide 1: Q1 2022 Summary Results
Q1 2022 Summary Results May 2022
Slide 2: Disclaimer
Disclaimer Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted Net Revenue, Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP measures are in addition to, and not a substitute for or superi
Slide 3: Members
Members Third-Highest Quarter for new Members (+408K QoQ) to 3.9M (+70% YoY) (1) Members in thousands New Members (000s) 118 296 350 430 279 377 523 408 YoY Growth 59% 74% 90% 110% 113% 96% 87% 70% Note: See “Footnotes” section for detailed explanations and definitions © 2022 Social Finance, Inc. Ad
Slide 4: Products
Products Second-Highest Quarter for Product New Adds (+689K QoQ) to 5.9M (+84% YoY) Products (2) in thousands New Products (000s) 203 408 471 661 483 601 906 689 YoY Growth 89% 101% 113% 121% 123% 108% 105% 84% Note: See “Footnotes” section for detailed explanations and definitions © 2022 Social Fin
Slide 5: Galileo Accounts
Galileo Accounts Reached 110M accounts Galileo Accounts (3) in millions YoY Growth 23% 30% 62% 76% 80% 133% 139% 132% 119% 81% 67% 58% Note: See “Footnotes” section for detailed explanations and definitions © 2022 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi Money® is
Slide 6: Lending and Financial Services Products
Lending and Financial Services Products Growth in products and members driven by Financial Services Products, which reached 4.7M (+111% or ~2X YoY) Lending Products (000s): +20% YoY to 1.1M Financial Services Products (000s): 111% YoY Growth YoY Growth 25% 21% 19% 15% 12% 14% 15% 18% 20% YoY Growth
Slide 7: Financial Services Productivity Loop
Financial Services Productivity Loop FSPL has reached an inflection point, which creates marketing efficiencies and improves xBuy Ratio of Financial Services to Lending Products Q1’22 Total: 5,862K Invest: 1,807K 4.1x Money: 1,625K Q1’21 Total: 3,184K Relay: 1,116K Invest: 854K CC: 117K Money: 823K
Slide 8: Q1 2022 Financial Review
Q1 2022 Financial Review 8
Slide 9: Quarterly Performance
Quarterly Performance Record Adjusted Net Revenue of $322M (49% YoY Growth) and Adjusted EBITDA of $9M (110% YoY Growth), representing 7th consecutive quarter of positive Adjusted EBITDA (4) (6) Quarterly Adjusted Net Revenue ($M) Quarterly Adjusted EBITDA ($M) Note: See “Footnotes” section for deta
Slide 10: Annual Performance
Annual Performance LTM Adjusted Net Revenue of over $1.1B and Adjusted EBITDA of $35M (3) (4) (6) Annual Adjusted Net Revenue ($M) Annual Adjusted EBITDA ($M) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts ind
Slide 11: Q1'22 Non-GAAP Results vs. Guidance
Q1’22 Non-GAAP Results vs. Guidance Exceeded High End of Adj. Net Revenue and Adj. EBITDA Q1’22 guidance Q1’22 Adj Net Revenue was $322M vs. guidance of $280-285M, representing a $37M beat at the high end Adjusted EBITDA was $9M vs. guidance of $0M to $5M, representing a $4M beat at the high end Q1'
Slide 12: Q2'22 Non-GAAP Guidance
Q2‘22 Non-GAAP Guidance For Q2’22, we expect $330-340M of adjusted net revenue, up 39-43% YoY and $5-15M of adjusted EBITDA. $ in millions Q2'22 Low Q2'22 High (4) Adjusted Net Revenue $330 $340 Implied YoY Growth 39% 43% (6) Adjusted EBITDA $5 $15 Adjusted EBITDA Margin 2% 4% Note: See “Footnotes”
Slide 13: FY 2022 Non-GAAP Guidance
FY 2022 Non-GAAP Guidance We expect to deliver $1.505-1.510B in Adjusted Net Revenue, $35-40M above prior guidance and Adjusted EBITDA of $100-105M Prior 2022 2019 Actual 2020 Actual 2021 Actual 2022 Guidance $ in millions Guidance (4) Adjusted Net Revenue $451 $621 $1,010 $1,505-1,510 $1,470 Annual
Slide 14: Financial Supplement
Financial Supplement 14
Slide 15: Company Metrics
Company Metrics (1) (2) (2) (2) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding. © 2022 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi Money® is offered t
Slide 16: Segment Financials
Segment Financials (2) (4) (10) (5) (3) (10) (5) (2) (10) (5) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding. © 2022 Social Finance, Inc. Advisory services offered through SoFi Wealth
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures (7) (8) (4) (9) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding. © 2022 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi Money®
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations (7) (8) (9) (12) (11) (8) (13) (7) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal total amounts indicated due to rounding. © 2022 Social Finance, Inc. Advisory services offered through SoFi Wealth L
Slide 19: Select Balance Sheet Information
Select Balance Sheet Information Note: The sum of individual metrics may not always equal total amounts indicated due to rounding. © 2021 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi Money® is offered through SoFi Securities LLC. SoFi Lending Corp., CFL #6054612. NMLS
Slide 20: Footnotes to Financial Statements
Footnotes to Financial Statements 20
Slide 21: Footnotes
Footnotes (1) We define a member as someone who has a lending relationship with us through origination and/or 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 alwa
Slide 22: Footnotes
Footnotes (5) The measure of contribution profit (loss) is the primary measure of segment profit and loss reviewed by SoFi in accordance with ASC 280 and is, therefore, only measured and presented herein for total reportable segments. SoFi does not evaluate contribution profit (loss) at the consolid
Slide 23: Footnotes
Footnotes (10) In our determination of the contribution profit (loss) for our Lending, Technology Platform and Financial Services segments, we allocate certain expenses that are directly attributable to the corresponding segment. Directly attributable expenses primarily include compensation and bene