- SoFi Technologies Inc SOFI reported adjusted sales up 43% y/y to $460.2 million in the first quarter of 2023, beat consensus of $441.0 million.
- SoFi added almost 433,000 new members in the first quarter, bringing the total membership to around 5.7 million (+46% Y/Y).
- SoFi also added over 660,000 new products in the first quarter, for a total of 8.6 million products (+46% Y/Y) at the end of the quarter.
- In the Financial Services segment, the total number of products increased 51% year over year to 7.1 million. SoFi Money (including checking, savings and cash management accounts) grew 48% year over year to 2.4 million products.
- Adjusted EBITDA increased significantly to $75.7 million (up from $8.7 million a year ago), for an incremental EBITDA margin of 48% and an overall margin of 16%.
- Loss per share was $(0.05) (vs. $(0.14) in Q1 2022), better than consensus of ($0.07).
- Total deposits at the end of the first quarter were up 37% year over year to $10 billion, with 90% of SoFi Money deposits (including checking, savings, and cash management accounts) coming from direct deposit members.
- raised outlook: For 2023, the company now expects adjusted net sales of $1.955-2.02 billion (vs. previous guidance of $1.925-2.0 billion and consensus of $1.99 billion) and adjusted EBITDA of $268 to $288 million (vs. previous guidance of $260). million – $280 million), representing an incremental Adjusted EBITDA margin of 30%.
- For the second quarter of 2023, SoFi expects Adjusted Net Revenue of $470-480 million (+32% to +35% y/y, vs consensus of $473.4 million) and Adjusted EBITDA of 50-60 million dollars.
- Price promotion: SoFi shares are trading down 10.5% at $5.57 on the latest check Monday.
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