SoFi Technologies Inc · Q4 2023 earnings

Briefing

Reported record financial results, generated eleventh consecutive quarter of record adjusted net revenue, and achieved GAAP profitability.

SoFi Technologies, Inc. reported strong Q4 2023 results, with a 35% increase in GAAP net revenue year-over-year to $615 million and positive GAAP net income of $48 million. The company added nearly 585,000 new members and 695,000 new products during the quarter. Adjusted EBITDA reached a record $181 million, representing a 159% year-over-year growth.

• GAAP Net Revenue was up 35% year-over-year, reaching $615 million.
• Adjusted EBITDA increased 159% year-over-year to a record $181 million.
• The company achieved positive GAAP Net Income of $48 million, with an EPS of $0.02.
• Total members increased by 44% year-over-year to over 7.5 million.

Headline financials

Revenue & EPS history

Management expects to generate $550 to $560 million of adjusted net revenue in the first quarter of 2024, $110 to $120 million of adjusted EBITDA and GAAP net income of $10 to $20 million. For the full year 2024, management expects Tech Platform and Financial Services segments combined to grow at least 50% and lending revenue to be 92% to 95% of 2023 levels, and expenses under the EBITDA line to be flat when compared to 2023 results, excluding the reported goodwill impairment expense.