Slide 1: Q1 2024 Summary Results
Q1 2024 Summary Results April 2024
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 New Member Additions of 622K in Q1, bringing total to over 8M Members (+44% YoY) (20) (1) Members in thousands YoY Growth 110% 113% 96% 87% 70% 69% 61% 51% 46% 44% 47% 44% 44% New Members (000s) 430 279 377 523 408 450 424 480 433 584 717 585 622 (20) Note: See “Footnotes” section for detail
Slide 4: Products
Products New Product Additions of 989K in Q1, Bringing Total to 11.8M (+38% YoY) (20) (2) Products in thousands YoY Growth 121% 123% 108% 105% 84% 79% 69% 53% 46% 43% 45% 41% 38% New Products (000s) 661 482 601 905 689 702 635 695 660 847 1,047 695 989 (20) Note: See “Footnotes” section for detailed
Slide 5: Galileo Accounts
Galileo Accounts Accounts Total 151M (+20% YoY) Galileo Accounts (3)(15) in millions YoY Growth 132% 119% 81% 67% 58% 48% 40% 31% 15% 11% 10% 11% 20% Note: See “Footnotes” section for detailed explanations and definitions © 2022 Social Finance, Inc. Advisory services offered through SoFi Wealth LLC.
Slide 6: Lending and Financial Services Products
Lending and Financial Services Products Growth in products & members driven by Financial Services products, which reached 10.1M (+42% YoY) Lending Products(2) (000s): +20% YoY to 1.7M Financial Services Products(2) (000s): +42% YoY to 10.1M YoY Growth 20% 23% 24% 24% 24% 25% 24% 24% 20% YoY Growth 1
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 Q1’24 Total Fin Serv Products Total Lending Products Total: 11,830K Money: 3,880K Q1’23 5.9x Relay: 3,614K Total: 8,554K I
Slide 8: Q1 2024 Financial Review
Q1 2024 Financial Review 8
Slide 9: Quarterly Performance
Quarterly Performance Adjusted Net Revenue of $581M (26% YoY Growth) and Adjusted EBITDA of $144M (at 25% Margin) (4) (6) Quarterly Adjusted Net Revenue ($M) Quarterly Adjusted EBITDA ($M) YoY Growth 51% 58% 43% 37% 27% 34% 26% EBITDA Margin 11% 16% 16% 16% 18% 30% 25% Note: See “Footnotes” section
Slide 10: Q1 2024 Non-GAAP Results vs Guidance
Q1 2024 Non-GAAP Results vs Guidance Q1 Adj. Net Revenue was $581M vs guidance of $550-560M, representing a $21M beat at the high end Adj. EBITDA was $144M vs. guidance of $110-120M, representing a $24M beat at the high end Q1'24 GUIDANCE VARIANCE TO GUIDANCE $ in millions Q1'24 Low High Low High Ad
Slide 11: Q2 2024 Non-GAAP Guidance
Q2 2024 Non-GAAP Guidance We expect to deliver $555-565M in Adjusted Net Revenue, $115-125M in Adjusted EBITDA and $5-10M in Net Income Q2'24 Low Q2'24 High $ in millions (4) Adjusted Net Revenue $555 $565 YoY Growth 14% 16% Adjusted EBITDA (6) $115 $125 Adjusted EBITDA Margin 21% 22% GAAP Net Incom
Slide 12: FY 2024 Guidance
FY 2024 Guidance We expect to deliver: ● Financial Services net revenue growth of more than 75% versus 2023 levels ● Tech Platform net revenue growth of 20% versus 2023 levels ● Lending adjusted net revenue at 92-95% of 2023 levels ● GAAP Net Income of $165 - $175 million* (6) ● Adjusted EBITDA of $
Slide 13: FY 2024 Guidance
FY 2024 Guidance We now expect to deliver $2.39-2.43B in Adjusted Net Revenue, $590-600M in Adjusted EBITDA, $165-175M in Net Income and $0.08-0.09 cents in EPS Prior 2024 $ in millions 2021 Actual 2022 Actual 2023 Actual 2024 Guidance Guidance Adjusted Net Revenue(4) $1,010 $1,540 $2,074 $2,390-2,4
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) (15) (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 W
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures (7) (8) (17) (4) (4) (4) (4) (9) (6)(18) 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
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations (7) (8) (17) (4) (9) (11) (13) (12) (14) (7) (8) (17) (18) (6) 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 o
Slide 19: Net Interest Margin Components
Net Interest Margin Components 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 th
Slide 20: Fair Value of Loans
Fair Value of Loans 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 through SoFi
Slide 21: 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 22: Footnotes to Financial Statements
Footnotes to Financial Statements 22
Slide 23: Footnotes
Footnotes (1) We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring servi
Slide 24: Footnotes
Footnotes (8) Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization variable interest entities through purchasing residual interests, we receive proceeds at the time of the