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Mar 31, 2022
SoFi Q1 2022 Earnings Report
SoFi's first quarter results for 2022 were reported, demonstrating record GAAP and adjusted net revenue, along with substantial growth in members and products.
Key Takeaways
SoFi Technologies Inc. reported strong Q1 2022 results, with record adjusted net revenue up 49% year-over-year. The company achieved its seventh consecutive quarter of positive adjusted EBITDA and saw robust growth in members, products, and cross-buy. Management also raised full-year 2022 guidance.
Record adjusted net revenue was up 49% year-over-year.
Adjusted EBITDA was positive for the seventh consecutive quarter.
New member additions totaled 408,000, increasing total members by 70% year-over-year to nearly 3.9 million.
New product additions reached 689,000, boosting total products by 84% year-over-year to nearly 5.9 million.
SoFi
SoFi
SoFi Revenue by Segment
Revenue by Segment
Lending Revenue
CapyFin.comTechnology Platform Revenue
CapyFin.comFinancial Services Revenue
CapyFin.com Forward Guidance
Management expects a continuation of strong growth in the second quarter, with expected adjusted net revenue of $330 million to $340 million, up 39% to 43% year-over-year, and expected adjusted EBITDA of $5 million to $15 million. Management now expects full-year 2022 adjusted net revenue of $1.505 billion to $1.510 billion and full-year adjusted EBITDA of $100 million to $105 million.
Positive Outlook
- Strong growth expected in the second quarter.
- Expected adjusted net revenue of $330 million to $340 million, up 39% to 43% year-over-year.
- Expected adjusted EBITDA of $5 million to $15 million.
- Full-year 2022 adjusted net revenue expected to be $1.505 billion to $1.510 billion.
- Full-year 2022 adjusted EBITDA expected to be $100 million to $105 million.
Challenges Ahead
- The effect of and uncertainties related to the ongoing COVID-19 pandemic (including any government responses thereto)
- our ability to achieve and maintain profitability and continued growth across our three businesses in the future
- the impact on our business of the regulatory environment and complexities with compliance related to such environment, including any further extension of the student loan payment moratorium or loan forgiveness, and our expectations regarding the return to pre-pandemic student loan demand levels
- our ability to realize the benefits of becoming a bank holding company and operating SoFi Bank
- our ability to respond and adapt to changing market and economic conditions, including inflationary pressures and rising interest rates
Revenue & Expenses
Visualization of income flow from segment revenue to net income