EPS of $0.01 (Average Estimated $0.00)

2024 Earning guidance Second Upward Revision of $0.09 to $0.10 (Previous quarter had 2024 Earning guided for $0.08 to $0.09)

Triple beat with better-than-expected positive earnings, elevated revenue YOY, and raised guidance.

Strong Q3 EPS Guidance of $0.04

SoFi's Q2 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 Net Revenue of $599 Million and Net Income of $17 Million for Q2 2024, Marking Third Consecutive Quarter of GAAP Profitability
• Record Adjusted Net Revenue Driven by 46% Combined Growth in Financial Services and Tech Platform Segments vs 5% Lending Growth Given Conservative Stance
• 41% Growth in Members and Strong Product Innovation Remain Key Drivers of Current and Future Growth
• Management Raises FY24 Guidance
• Anthony Noto, CEO of SoFi Technologies, Inc. commented: “We had an exceptional second quarter. Our relentless focus on product innovation and member growth across our portfolio of businesses not only drove strong results today, but we expect that they'll fuel financial growth for years to come. Our one-stop shop strategy continues to deliver strong, diversified growth and profitability, despite macroeconomic volatility.”
• “Our Financial Services and Tech Platform segments now make up a record 45% of SoFi's adjusted net revenue, up from 38% a year ago and 32% two years ago,” Noto continued. “In the second quarter, these businesses grew revenue by a combined 46% year-over-year, given our clear structural advantages and leading value proposition in Financial Services, along with the Tech Platform's continued progress on its journey of becoming the AWS of financial services. Despite the rate environment and our conservative stance in Lending, we drove sustained strong results in the quarter and are ready to move quickly once things improve.”

Member and Product Growth:

Continued growth of over 30% in both total members and products in the second quarter of 2024, along with improving operating efficiency, reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy.

New member additions were over 643,000 in the quarter, and total members reached nearly 8.8 million by quarterend, up over 2.5 million, or 41%, from the prior year period.

Product additions were over 946,000 in the second quarter of 2024, and total products were nearly 12.8 million, up 36% from 9.4 million at the same prior year period, or 43% when excluding digital assets accounts related to our transfer of crypto services in 2023.

Guidance and Outlook:

For the third quarter of 2024, management expects to deliver adjusted net revenue of $625 to $645 million, adjusted EBITDA of $160 to $165 million, net income of $40 to $45 million and $0.04 of EPS.

For the full year 2024, management now expects to deliver adjusted net revenue of $2.425 to $2.465 billion, which is $35 million higher than the prior guidance range of $2.39 to $2.43 billion. This implies 17 to 19% annual growth versus 15 to 17% previously. This guidance now assumes lending revenue will be at least 95% of 2023 levels, versus prior guidance of segment revenue of 92 to 95% of 2023 levels. We expect the Financial Services segment revenue to grow more than 80% year-over-year, versus prior guidance of more than 75% growth, and for Tech Platform revenue to grow mid-to-high teens percentage year-over-year, versus prior guidance of 20% growth.

Management now expects to deliver adjusted EBITDA of $605 to $615 million, above prior guidance of $590 to $600 million. This represents a 25% adjusted EBITDA margin. We now expect full-year GAAP net income of $175 to $185 million, above prior guidance of $165 to $175 million, and GAAP EPS of $0.09 to $0.10, above prior guidance of $0.08 to $0.09.

Management continues to expect growth in tangible book value of approximately $800 million to $1 billion and continues to expect to end the year with a total capital ratio north of 16%. We continue to expect to add at least 2.3 million new members in 2024, which represents 30% growth.

Management will further address full-year guidance on the quarterly earnings conference call.

Some Highlights of recent SoFi developments:

• Forbes named SoFi the Top 5 Best Bank in U.S. on April 16th, 2024.
• SoFi ranked #74 largest U.S. Bank by Assets as of 3/31/2024. It was #449 in March 2022.
• On February 26th, SoFi's CFO said it delivered a proof of concept to a top 5 U.S. bank that used SoFi's Fintech technologies.
• SoFi Stadium will host the 2026 FIFA World Cup, Super Bowl LXI in 2027, and the opening and closing ceremonies (as well as soccer and swimming events) of the 2028 Summer Olympics.

SoFi's Fintech mainly consists of two core technologies powered by Galileo and Technisys which form the “AWS of Fintech”.

1. Galileo Financial Technologies provides and processes 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 is a Core banking platform for banks that runs Bank Operating System for different products.

https://s27.q4cdn.com/749715820/files/doc_financials/2024/q2/Q2-2024-Earnings-Release.pdf