SoFi Technologies Inc · Q1 2023 earnings

Briefing

SoFi's first quarter of 2023 was marked by record GAAP and adjusted net revenue, along with substantial growth in members and products.

SoFi Technologies reported record GAAP net revenue of $472 million, a 43% increase year-over-year, and adjusted net revenue of $460 million, also up 43%. The company added over 433,000 new members, bringing the total to nearly 5.7 million, and nearly 660,000 new products, reaching almost 8.6 million total products. Adjusted EBITDA reached a record $76 million, up 772% year-over-year. Management raised full-year 2023 guidance.

• GAAP net revenue increased by 43% to $472 million.
• Adjusted net revenue also increased by 43% to $460 million.
• Adjusted EBITDA increased 772% year-over-year to $76 million.
• Total members increased by 46% year-over-year, reaching nearly 5.7 million.

Headline financials

Revenue & EPS history

Management expects to generate $470 to $480 million of adjusted net revenue in the second quarter of 2023, up 32% to 35% year-over-year, and $50 to $60 million of adjusted EBITDA. For the full year 2023, management expects adjusted net revenue of $1.955 to $2.02 billion, up from its prior guidance of $1.925 to $2.0 billion, and full-year adjusted EBITDA of $268 to $288 million, up from its prior guidance of $260 to $280 million, representing a 30% incremental adjusted EBITDA margin. Management expects to reach quarterly GAAP net income profitability by the fourth quarter of 2023, with GAAP net income incremental margins for the full year of 20%.