Sofi Technologies, Inc. · NASDAQ:SOFI
Sofi Technologies — Q3 2021 Earnings Presentation
22 slides from Sofi Technologies's earnings presentation, November 2021
Slide 1: Q3 2021 Summary Results
Q3 2021 Summary Results November 2021
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 Added 377,000 New Members, Second-Highest Quarterly Increase in History Members (1) in thousands YoY Growth 37% 50% 54% 59% 74% 90% 110% 113% 96% Note: See “Footnotes” section for detailed explanations and definitions © 2021 Social Finance, Inc. Advisory services offered through SoFi Wealth
Slide 4: Products
Products Continued momentum with 108% YoY growth in Products to 4.3M products (+2.2M YoY) Products(2) in thousands YoY Growth 71% 85% 89% 101% 113% 121% 123% 108% Note: See “Footnotes” section for detailed explanations and definitions © 2021 Social Finance, Inc. Advisory services offered through SoF
Slide 5: Galileo Accounts
Galileo Accounts Reached 89M accounts (+80% YoY Growth) Galileo Accounts (3) in millions YoY Growth 23% 30% 62% 75% 83% 130% 135% 130% 119% 80% Note: See “Footnotes” section for detailed explanations and definitions © 2021 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi
Slide 6: Lending and Financial Services Products
Lending and Financial Services Products Growth in products and members driven by Financial Services Products, which reached 3.2M (+179% or +2M YoY) Lending Products (000s): +15% YoY to 1M Financial Services Products (000s): 179% YoY Growth YoY Growth 25% 25% 21% 19% 15% 12% 14% 15% YoY Growth 661% 4
Slide 7: Q3 2021 Financial Review
Q3 2021 Financial Review 7
Slide 8: Quarterly Performance
Quarterly Performance Record Adjusted Net Revenue of $277M (28% YoY Growth) and 5th consecutive quarter of positive Adjusted EBITDA of $10M (4) (6) Quarterly Adjusted Net Revenue ($M) Quarterly Adjusted EBITDA ($M) Note: See “Footnotes” section for detailed explanations and definitions. The sum of i
Slide 9: Annual Performance
Annual Performance LTM Adjusted Net Revenue of $912M and Adjusted EBITDA of $37M (3) (4) (6) Annual Adjusted Net Revenue ($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 indicate
Slide 10: Q3'21 Non-GAAP Results vs. Guidance
Q3’21 Non-GAAP Results vs. Guidance Exceeded Adj. Net Revenue and Adj. EBITDA Q3 2021 guidance Q3’21 Adj net revenue was $277M vs. guidance of $245-255M, representing a $22-32M OR 9-13% beat Adjusted EBITDA was $10M vs. Investor guidance of -$7M to +$3M, representing a $17M beat to the low end of th
Slide 11: Q4'21 Guidance
Q4’21 Guidance For Q4 we expect an acceleration in growth, with $272 to $282M of adjusted net revenue up 49-55% YoY and $2 - $5M of adjusted EBITDA as we continue to invest to drive growth (4) (6) (13) Note: See “Footnotes” section for detailed explanations and definitions © 2021 Social Finance, Inc
Slide 12: Raising 2021 Guidance
Raising 2021 Guidance We now expect to deliver $1.002-$1.012B in adjusted net revenue, exceeding our original 2021 full year guidance of $980M, and Adjusted EBITDA of $28-31M, above our original full year guidance of $27M. This is despite facing previously discussed headwinds estimated to be $52M of
Slide 13: Financial Supplement
Financial Supplement 13
Slide 14: 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. © 2021 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi Money® is offered t
Slide 15: Segment Financials
Segment Financials (2) (4) (10) (5) (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. © 2021 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures (7) (8) (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. © 2021 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC. SoFi Money® is o
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations (7) (8) (9) (11) (12) (13) (7) (8) Note: See “Footnotes” section for detailed explanations 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 L
Slide 18: 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 19: Footnotes to Financial Statements
Footnotes to Financial Statements 19
Slide 20: Footnotes
Footnotes (1) We define a member as someone who has a lending relationship with us through origination and 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
Slide 21: 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 22: 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 an exploratory acquisition process and our pending purchase of G