EPS of $0.02 (Double the Estimated $0.01)

2024 Earning guidance Upward Revision of $0.08 to $0.09 (Previous quarter had 2024 Earning guided for $0.07 to $0.08)

This better than expected positive earnings, elevated revenue and raised guidance sure going to Catch the Eyes of Institutional Investors.

SoFi's Q1 Earnings and Member Growth benefit nicely from member migration magnitized by SoFi's APY which is up to 460X higher than the big banks.

• SoFi Technologies Reports Q1 2024 Net Revenue of $645 Million and Net Income of $88 Million, Marking Second Consecutive Quarter of GAAP Profitability
• 54% Combined Revenue Growth in Tech Platform and Financial Services Segments Drove
• 26% Growth in Total Adjusted Net Revenue
• Management Raises FY 24 Guidance
• 2024 remains a transitional year for SoFi as the Tech Platform and Financial Services segments together are expected to drive growth and increase from 38% of total adjusted net revenue in 2023 to approximately 50% for the full year of 2024. For the full year 2024, management expects to deliver adjusted net revenue of $2.39 to $2.43 billion, which is $25 million higher than the implied prior guidance range of $2.365 to $2.405 billion. This guidance assumes Lending revenue will be 92% to 95% of 2023 levels, which is unchanged from prior guidance, Tech Platform will grow approximately 20% year over year, which is also unchanged, and Financial Services revenue is expected to grow more than 75% year over year.
• Additionally, management now expects to deliver adjusted EBITDA of $590 to $600 million, above prior guidance of $580 to $590 million. This represents 15 to 17% adjusted net revenue growth and a 25% Adjusted EBITDA margin. Management now expects full-year GAAP net income of $165 to $175 million, above prior guidance of $95 to $105 million, and GAAP EPS of $0.08 to $0.09, above prior guidance of $0.07 to $0.08.
• Management now expects growth in tangible book value of approximately $800 million to $1 billion for the year versus previous guidance of $300 to $500 million, given the benefits of the recent convertible debt exchange along with the effects of new convertible issuance. We now expect to end the year with a total capital ratio of over 16%, due to those transactions versus our previous guidance of 14%. We continue to expect to add at least 2.3 million new members in 2024, which represents 30% growth.
• For the second quarter of 2024, management expects to deliver adjusted net revenues of $555 to $565 million, adjusted EBITDA of $115 to $125 million and Net Income of $5 to $10 million.

Some Highlights of recent SoFi developments:

• This quarter offering of convertible senior notes due March 2029 will contribute substantially to the future EPS. As the CEO said, “We are going to save between $40M and $60M of interest expense a year by refinancing from 12.5% down to 1.25% where the convert is and 7% down to 1.25%.” ; “We will put some momentum back into the stock.”
• Forbes named SoFi the Top 5 Best Bank in U.S. on April 16th, 2024.
• SoFi ranked #75 largest U.S. Bank by Assets as of 12/31/23. Won't be surprise if it is in top 70 when the ranking comes out for March 2024 with this rapid growing Fintech Bank. It was #449 in March 2022.
• SoFi named the Official Banking Partner of the NBA.
• TGL presented by SoFi starting in Prime Time on ESPN.
• SoFi Stadium Will Remain FIFA World Cup Venue in 2026.
• On February 26th, SoFi CFO stated it delivered a proof of concept with a top 5 U.S. Bank to use SoFi's Fintech technologies.

SoFi's Fintech mainly consist of two core technologies power by Galileo and Technisys which forms the “AWS of Fintech”.

1. Galileo Financial Technologies that provide and process debit and ACH transactions on the platform with a number of APIs that allow a developer to build just an app on top of it.

2. Technisys, a Core banking platform for banks that runs Bank Operating System for different products.

https://investors.sofi.com/files/doc_financials/2024/q1/Q1-2024-Earnings-Release-6.pdf