Sofi Technologies, Inc. · NASDAQ:SOFI
Sofi Technologies — Q1 2021 Earnings Presentation
20 slides from Sofi Technologies's earnings presentation, May 2021
Slide 1: Q1'21 Summary Results
Q1’21 Summary Results May 2021
Slide 2: Disclaimer
Disclaimer Additional Information and Where to Find It This document relates to a proposed transaction between SCH and SoFi. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities i
Slide 3: Members
Members Members (1) in thousands 7 Consecutive Quarters of Accelerating YoY Growth YoY Growth 37% 50% 54% 59% 74% 90% 110% Note: See “Footnotes” section for detailed footnotes and definitions © 2021 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi Money® is offered throug
Slide 4: Products
Products Accelerating product growth driven by growth in Financial Services products. Reached 3.2M total products and 2.2M Financial Services products in Q1’21 (2) (2) Total Products (000s) Financial Services Products (000s) 121% YoY 273% YoY YoY Growth 71% 85% 89% 101% 113% 121% Note: See “Footnote
Slide 5: Galileo Accounts
Galileo Accounts Reached 70M accounts (+130% YoY Growth) Galileo Accounts (3) in millions 100% YoY growth last three quarters YoY Growth 23% 30% 62% 75% 83% 130% 135% 130% Note: See “Footnotes” section for detailed footnotes and definitions © 2021 Social Finance, Inc. Advisory services offered throu
Slide 6: Q1'21 Non-GAAP Results vs. Investor Guidance
Q1’21 Non-GAAP Results vs. Investor Guidance Q1’21 Adj net revenue was $216M vs. Investor guidance of $190-195M, representing a $21-26M OR 11-14% beat. This included the negative impact to Q1’21 revenue of $5M due to corporate interest expense (primarily related to the Galileo seller note which was
Slide 7: Adjusted Net Revenue
Adjusted Net Revenue $216M of Q1’21 & $752M of LTM Adj. Net Revenue which includes the Q1’21 negative impact of $5M and the LTM negative impact of $32M related to interest on corporate debt (4) (4) Quarterly Adjusted Net Revenue ($000s) Annual Adjusted Net Revenue ($000s) Q1’21 adjusted net revenue
Slide 8: Adjusted EBITDA
Adjusted EBITDA 3rd consecutive quarter of positive EBITDA and $70M improvement YoY (6) (6) Quarterly Adjusted EBITDA ($000s) Annual Adjusted EBITDA ($000s) +$70M YoY Note: See “Footnotes” section for detailed footnotes and definitions. The sum of individual metrics may not always equal total amount
Slide 9: Reiterating 2021 Non-GAAP Guidance
Reiterating 2021 Non-GAAP Guidance Despite not having $12M of previously anticipated FY 2021 revenue from Apex ($3M per quarter) as well as the additional negative impact of $5M from corporate interest expense primarily related to the Galileo seller note in Q1’21, we reiterate our 2021 guidance (4)
Slide 10: Q2 2021 Non-GAAP Guidance
Q2 2021 Non-GAAP Guidance Expect to grow 58-61% YoY and deliver $215-220M of Adjusted Net Revenue and $(8) - 2M of Adjusted EBITDA. Adjusted net revenue guidance includes $0 in revenue from Apex vs. original 2021 expectations of $3M per quarter from Apex (4) (6) Note: See “Footnotes” section for det
Slide 11: Financial Supplement
Financial Supplement 11
Slide 12: Company Metrics
Company Metrics (1) (2) (2) (2) Note: See “Footnotes” section for detailed footnotes and definitions. 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 thro
Slide 13: Segment Financials
Segment Financials (2) (4) (10) (5) (10) (5) (2) (10) (5) Note: See “Footnotes” section for detailed footnotes and definitions. 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. S
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures (7) (8) (9) $216M of Q1’21 Adjusted Net Revenue, which includes the negative impact of $5M related to interest on corporate debt (seller note was repaid in February 2021) Note: See “Footnotes” section for detailed footnotes and definitions. The sum of individual metrics m
Slide 15: Non-GAAP Financial Measure Reconciliations
Non-GAAP Financial Measure Reconciliations 15
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations (7) (8) (9) (11) (12) (13) (7) (8) Note: See “Footnotes” section for detailed footnotes and definitions. 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.
Slide 17: Footnotes
Footnotes 17
Slide 18: Footnotes
Footnotes (1) We define a member as someone who has a lending relationship with us through origination 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 always c
Slide 19: Footnotes
Footnotes (7) 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 pos
Slide 20: Footnotes
Footnotes (11) Impairment expense includes primarily software abandonment and fixed asset abandonment. (12) Transaction-related expenses include certain costs, such as financial advisory and professional services costs, associated with our acquisitions of Galileo and 8 Limited for full year 2020 and