SoFi Technologies Inc · Q4 2022 earnings

Briefing

SoFi reported record GAAP and adjusted net revenue, with adjusted EBITDA significantly up year-over-year. The company saw substantial growth in members and products, alongside a notable increase in deposits at SoFi Bank.

SoFi Technologies Inc. reported record financial results for Q4 2022, with a 60% increase in GAAP net revenue year-over-year to $457 million and a 58% increase in adjusted net revenue to $443 million. The company's GAAP net loss improved by 64% year-over-year to $40 million, and adjusted EBITDA reached a record $70 million, up 15.3x year-over-year.

• Achieved record GAAP net revenue of $457 million, up 60% year-over-year.
• Adjusted net revenue reached $443 million, a 58% increase year-over-year.
• GAAP net loss improved 64% year-over-year to $40 million.
• Total members increased 51% year-over-year to over 5.2 million, with nearly 480,000 new members added in the quarter.

Headline financials

Revenue & EPS history

SoFi expects to generate $430 to $440 million of adjusted net revenue in Q1 2023, up 34% to 37% year-over-year, and $40 to $45 million of adjusted EBITDA. For the full year 2023, management expects adjusted net revenue of $1.925 to $2.0 billion, up 25% to 30%, and full-year adjusted EBITDA of $260 to $280 million. Management expects to reach quarterly GAAP Net Income profitability by Q4 2023, with GAAP Net Income incremental margins for the full year of 20%.