SOFI - Earnings call transcript Q2 2021

Welcome a our public company. quarter SoFi';s more providing and our of Andrea. our earnings proposition points want is today our you, speak mission, conference short about as all of first our to value second with overview Thank you job to by be differentiation. start a We're to to you with results. done, our commonly excited call to strategy, referred I as which

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money, best first financial growth it value, we products, products members accelerating more We so rates, Today, engagement, serving far knowledge, We more prices, in in more we drives can lifetime best and superior turn the it, productivity talked your savings best data about and offering numbers, increasing of the easy SoFi members has get in the see solution our acquisition number call but get it. costs, and and is members, our invest improving more their terms selection, right. companies use the members revenue working. Many used loop, to no the services efficient a to mobile our in As digital one This this declining our that help in in ability fees, platform. to to the company member done only providing growth, margins. set comprehensive have only it's in

level I'll detail. Chris quarter. results the through Now then take you take get through and a will high let's takeaways, into you more in the few

to points very want proved We full quarter results. quarter strong the milestones. second from be of four The highlight to a key

results. First, driving record our execution strategy our

innovation constantly iterate, some products. our more learn to we in and compound iterate striving order Second, to and differentiate are

hitting of number versus to invest quarter the products Third, are members Xx products services fourth, And by in continue point ensure we we growth while to driving delivering nearly reaching running year profitability. during ago. a we're number one equal the services of our financial about with used still aggressively compounding inflection an pricing financial strategy,

Let's by our driving execution take these with results. starting one and are record strategy one,

our XX% is great less pre levels record $XXX held increased cares members year, which in Despite members Specifically, year of million. over do XXX%. achieved total growth. testament revenue quarter XXX% COVID through business than of we of net is our to refinancing business diversity loan eighth a by our which Total the consecutive student operating adjusted of our accelerating Act, your the products

consecutive takeaway. X.Xx year products demonstrated than fourth its doubled client billion of of July. to in Our positive a trends our fourth block our our the We commitment to buying services to delivered demonstrated consecutive the and quarter, we constant our This accounts XXXX. quarter a payment X.Xx compounding QX versus fast million key iterate of revenue We of growth me crossed with four innovation. constantly business XXX%. factors, to cross verse strong just had annualized DOM. continued financial the of more segment breakout volume within brings year quarter year quarter In across over platform cross $XXX ago, technology Galileo total demands of selection XX In second drive

few what the in examples of Here's did quarter. we a just

the negative there a launched XXX% Net credit lending. and are fraud leading Across XX% income verification for infinite Promoter funnel credit XX% tailor This products them impact and box, in to next a a model members processes. To with and Score, to Digital, the needs. improved right Our and are them. to loan higher same zero members specific approval re rate all credit conversion increase on our drove quality. with our gen We ways get ensure engineered

loan feature in easier, borrowers than money, invest We program automation In loan application direct to rate XX% automated. more pandemic, feature. touch. on last ends save to enhanced so today. two of ago, year to from we XXX% lock The lower our in specifically members QX faster fund starting were with the this per to personal process earlier payments make student nearly loan ago. to In to January It's since a few the deferral until throughout loans, protection, with XX% years year sales delaying work needs round lower enhancements align overdraft to a allows That low find free which in introducing individual less drove by and and in features. auto adding continue four up days offering cares in early cost compares XXXX. the like paycheck deposit and the days than the we a loan time snooze to week shortened by a back process one student

more And phi invest asked cryptocurrency selection. so members for

XX added the to we So offering. points

a the cryptocurrency and ETF ETF ability out clients we pays the the environment, cloud, into so five far existing near were investment or first of We to fixed filed new onboarding every launching joint income center. we to we by already Friday. straight dividends weekly offering to the now new dividend environment focused also so project redeem ETF that F computing a the are points have equity which reward fi on first to cloud. products strong TJ so of offer earned pays invest this so Also we the on added XX all new in so our on of build one weekly IPO by which migration ever month completion clients on to Galileo, fi phi QX to cloud an premises and a the are replace a At

partners including some XX We also first continue in half partner was in QX, base, the and up the XX focused enterprise signing of GALILEO of new to XX grow those cryptocurrency. on

return members we our deposits. program triggers purchases, by returning adding iterate unique set additional on rewards continue when to and innovate or reward Finally, up

money, ways Already in find with actions when And innovation meaningfully just since members or use But rewards invest, tuned. sample pipeline, engagement. of more This have take or contributing have points to is new introduced million is earn the XXX make the deposit cross so launch members we earned so financial buy stay in in, quarter. and that so if their this to much app life all better, I direct a the to works. the

which customer greater have LTV less scale frequently offering today third to benefits. we credit I two like lending for includes so certified so buy the money, products costs on top reached people appeal, the productivity hit financial with fi a engagement find these services use broader significantly We financial fewer driving inflection remember products hard acquisition want fi our crucial higher much funnel scale strategy. as is daily products and drives to card, The to compared the financial which greater invest, relay services so and have and lower services message point worked with products, has

usage crossbar set characteristics. members acquisition a standalone overall data value. to products this more drives products in superior driger across volume more at results lifetime And it of attractive second, and costs, with and leading First, extremely lower economics more of

bought. and inflection product We XX% three The of our services our Xx X so greater are last off. a five to point compounding Because fuel acquisition. million the learning X.Xx certified that revenue is are of remaining but growth. by The ability business products values, with easy, contributing almost critical offer were from number point nearly of to cross are number. held that X.X our no number were pay delivering XX% of products aggressively to in XXXX. we QX, superior around line bolstering QX This million members times a incremental additional already shareholders. today in to there not scale seeing solidifies to the This I'd of helping a dramatically at we further to loans to year growth, learning reached is like bought bottom is to our invest In and while in home there ago our reinvest our the at number a drive versus is about members. in nearly profitability unmatched lifetime equal cross The decades of value increase efforts financial now our increases continue industry in committed drive is highs, we leading compounding still drive to the quarter cost innovation the products when our and profitability combination products

revenue and and Even drive invest people, gating marketing year. leveraging and which technology, action is cost reduced customer to efficiencies, in and cross cost beginning aggressively continue marketing we've those as targeting over year of real better we operating meaningfully acquisition percentage buying as we a sales and By to realize leverage.

drive more Member of improved faster, points automation, every improve which All results are frees streamlined a contacts day. reduce down capabilities also processes, running improve turn offense. year. second including greater worked our achieving Services resources assured, and and and reduces accelerating and friction record up summary, have we've play NPS, we better milestones data to to as product implementation head reaching higher In up we with to caught expenses, to have while into leveraging and lot operating we've in and growth the With products committed efficiencies. But we of of rest We half that. the drive via all improved more onboarding communications,

of move over Let quarter to our financial Thanks, some on of of Anthony. trends, results businesses. growth in outlook. stated, walk through year. to as then back all referring focused we run to financial I'll across going half quarter me and our versus everyone. had of detail. our the XXXX. color outlook about momentum the into some second our We're quarter We and highlights in period are for our on a this on great of refer it quarter to XXXX you record Good turn revenue the period the otherwise to achieving unless Chris be quarter through results all to adjusted and I'm second share financial comparisons key We EBITDA. strong exceeded excited positive afternoon, trends was these fourth consecutive while building

Our gap can income today's q earnings and filing. all And reconciliations statement upcoming in found our in be consolidated XX release.

quarter, grew XX% exceeded million, net adjusted a by of the X%. the that $XXX For year million guidance midpoint to our of year XXX $XXX record our revenue over new to

our We da, million year million adjusted of guidance also $XX which up negative of $XX over year by the exceeded $X $XX is million. million positive that of eight Eva to delivered midpoint

of is Eva over revenue range and da margin by good year margin, a period, the a which in for given term was XX% long year the versus potential change incremental either DOD in a ago year. Our divided period, change the in our indicator

we've discussed XX% drive the growth time, back business As in of revenue into order to years sustainable intend we reinvest to incremental to over for come.

the well. great in of significant to environment Despite volatility. We continue make strides uncertainty an as on basis annual ongoing macro

the in the apex. that of adjusted $XXX million impact Over XX charge includes to and the our debt, net related corporate last as we negative as on months, investment took small revenue, we of interest generated well prior

of XX closer two perspective, million $X these XX generated EBIT took items. XX%, our is year million, of or months last non COVID From Last results. in pre significant to Excluding in da profitability improvement months, we XXX than positive recurring revenue million over XXXX, the of losses $XXX from a we a full adjusted XXXX. $XX higher last the

everyone segments. I our business get Before I the quickly look to details that and in we quarter. into want of at performance our manage remind three the across

First, our and loan when includes gain gain in the or personal student loans loans, refinancing, channels. school originate and loan lending loans, we them, is This home segment we on loans. segment their a primarily sale whole model, sell recognize securitization whereby

generate prior sale. by the holding loans these balance on also interest to net income sheet We

are calls but the withdrawals financial when dependent primarily generate driven protect lantern streams And revenue basis Second, and member API our we advisory Galileo, best make on and and on These relay capital platform business when are customers include platform revenue their credit at on swipe assets engagement. segment technology card, per includes transaction our by deposits and in and a our markets money finally, are new cards, then made. business. equity work activity, services

loans grew segment our lending largest that business, Now performance, on million driven funded funded in growth the to XXX% billion to growth was volume net billion. to XX% grew across personal XX% level in of $X.X The all volume total. adjusted revenue, $X.X and products to $XXX contributor and by businesses which

less against $XX net financial to margin. have inflection the million It's our the gain per included growth compounding products loop as XXX,XXX. from investments businesses, account in That we efficiencies apex, were and that and and one QX by in that we student loan margin personal sale XX% this and point delivered significant over also geographies, will headwinds year prior contribution on term XXX,XXX of worth XX%. across ended speaks on quarter. loan achieved that we quality and the platform, tech the for and capabilities versus business down meaningfully our this growth technology by a our operating Every our cloud refinancing improvement we growth student Galileo onto in in that million the that to of a we product levels. stage million material in is That's growth around years over refinancing productivity in appropriate was believe year XX over digits and profit year surpassed and investment migration by loan revenue revenue growth than of XX% products our equity stream. cares loans services million loans contribution is half hit as well investments grew The our revenue saw was market to a brought tripled despite loans relay. year our in something on driven margin for businesses, highlighted executing dollars, million invest products, our year. million which tech than delivered in $XX in platform from in more XXX,XXX due I'll range the in in XXXX. from also quarter year services significant financial with We our And of in margins into driven the $XX sequentially. of contribution our a strategy, $XXX services delivered which origination triple ongoing our noting premise both operations personal growth success money, overall, set of at total. driven million Overall, the to during of continue you million XX% both across Margin which at the business as volume revenue XXXX X.X January of year In the That exponential This student to quarter loans QX marketing XX lending as to which year, underwriting. XXX% at the of which year funded XXX% $XX pre come long million new But are profit to year The down well to this was business, our margin. by roadshow. which business, XX% was the and hit in where Xx for the cost financial year really quarter, an up up XX ago revenues X.Xx second margin. remind

launched also capital markets the equity advisory new We quarter. a and in business second

initiative, is Excluding over acquisition this five year losses ago, year you improvement if of million revenue loss $XX during new nearly $X $XX exclude $XX in sequentially. Financial an still Services million improvement QX, in year up bucks a Xx and contribution from million million an marketing. of a of generated

next As in improvement across in to lending was both is I thing our June. capitalized segment, the billion proceeds this $X by driven and sheet. want marketing The Overall, we're very efficiencies receiving address operations. our well balance of margin after

four in extremely current value half ratios strong. capital a is and are dollars leverage book our Our and billion

nearly make the also our $X about of to of to We're the use the with and I'll excited and We billion choices businesses. our that cost we'll access efficient continue right, ensure help of operations balance have warehouse capital. guidance. up All sheet, lending of most finish capacity to fund strength

of how business the we our encouraged momentum are back the various driving growth the are by into of initiatives as year. half Looking we ahead, our head

longer of Despite student expect business with we in $XXX adjusted up QX. September we XXX net no reported strong growth continued to million rebound We've from XXXX. just our $XXX expect QX, loan in For fact a in million. the refinancing revenue have

end cares original Friday's had on January cares But XX last XXXX. that definitively September with we XX Specifically, our guidance. that will into on announcement would expire factored Act

in the previously to Despite demand momentum We growth have $XXX We SLR stance. XXX planning in quarter to range. shifted million the this quarter believe over to our businesses offset growth our other shift. will the absence ongoing drive of the expected

negative is to da expected Our seven adjusted $X range positive EBIT million.

revenue the the in in original unanticipated factors. negative million we're adjusted impact adjusted of net EBIT year, following $XX maintaining of million of da the despite full our For guidance $XXX

extension, million First, original negative act covered I has guidance. the just estimated cares which $XX to revenue our an impact

million from $XX investment in XXXX Second, our we apex. revenue guidance originally in our included in equity

we're business. summary, in $XX revenue seeing As I contribution a let's million lives. be thrilled our that offset the and capitalized ton needs We've results. unanticipated are of made not term strong million progress Q&A. pursuing in momentum $XX to of previously leading to this XXXX. mentioned ended expect With begin Overall, financial members we we our one longer and institution able investment we're objective from headwinds well of to every very have their QX January, through earlier, the in serving that, the being continue a with the In will across throughout our

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Hey, Our line to yours. on guys, question. my taking wanted I very first securities. point, Thanks. I question quarter. for Sean, is high Financial is the Services for Shawn start Rosenblatt the a comes think thanks from of Hogan the

behavior lending just by side, uptick. wondering, products? personal for can And level I'm services also, we're saw on talk the So strong about the seeing the incremental loan rate at there? financial Maybe you across origination product

then So just on there can for your about bnpl the touch thank and and offering? potential as product talk you drivers future on a then you questions. thoughts the Great,

our from is property which we're in and card, in seeing and credit services channel, contributions with our as the we're as across triple to segment, Lantern, by also seeing product recently enterprise so products launched called strong at financial So there really five of great addition from money as terms capabilities all mentioned, well growth, by Chris growth, the work. platform distribution, nice comparison leverage invest In digit called

board. pleased with So way we're across really the executed the

a in point mentioned QX. up half we key As saw the times with on the the call, revenue inflection and versus quarter two business a really

our a Because products running starting these products, monetize it to customer It's strategy. comparison in acquisition all pales but provide element cost they of that products. to lower are now much lifetime activity. critical do great overall value, As we're the

them top so at funnel. of the we leverage our And

So make have the or gets. the profit which high really, loan bottom products, variable to these margins. the of it really our great get, bigger where funnel, LTV And the bigger top products the funnel feeds we on

starting shared when we're the we that so products. range, and to of And across both cross And see strong. really XX as seen well funnel process were within the We've continue. top public strong funnel going were as continue the the from from through be the We the the that bottom, to continuing rates see mid they our in to cross rates increase. buy very buying we're

and key really happy the with continue the the to see funnel, top we the funnel of of than inflection now So And is the trends overall meaningfully the as those bottom as point the it we're relates greater overall strategy. Shawn, saw environment what thanks, give rate our how Yes, for we environments, personal business quarter. And loans the mature thanks, in over you to questions. operates for on Chris perspective to different the Anthony. on some

do business our does environment, Loans terms demand, better really business is rate lending loan our of In and low high and loans year benefits well, overall rate from were personal one higher well, across it saw ended XXX% environments In interest different about loan and the billion you that our in really over is end with we're Home in year, business, interest which about rates, the coming that excited environments. up between things of interest refinancing a student macro originations, up of QX personal of did rising we billion was COVID our extremely And and originating XXX $X.X pre when levels what dollars. rate originating up significantly out a environment.

the seeing pay trend we're loans. then personal buy So relates as really in now that to enthusiastic it And about we're lines later.

to we For for products student loan, loans, different undergrad are loan in those we addition is have we have lending refinancing. have going loans those today, we have then in also school college, today. which home familiar, refinance refinance And after we primarily a that that, four student

products The to makes now across cost ways bones have he of was enthusiasm to We And continue right of a which that had thing And our later, new we a to platform the now There's credit buy a continue for card, us winning number participate look lot of the products. on Great, pay different do to also and at revolving without top provide retail great marketplace we're we fixed will loan in in a with have. to credit other at integrated members. range a with find of a we'll bottom, low to from to think we operator. is thanks answers, products great the guys. incremental cost. products innovate we vertically that lot for

still been involvement process the to end? questions just lastly, then before has we I've And get So and on the process. expect the have you the could to charter on you there. see next getting year a pain update points? one, And I some wanted there an Do bank any still if Curious, it been conclude Gemini been cooperative Or, process?

the think with Fed I that there release along the guys. was Gemini by in release that you a has

that on that clear be So That'd and Excellent. touch great. if just can up. you

time them additional been So to what we've the and sure that that's to good history, way mean, this. of But constructive. for charter asked information they about. clarify in bank give expect. also in question, those what We've had I'll started They've process Gemini cases July a And they for I able we you I'm National you back to people really been to though, to a But They've and Federal great charter? not with on been that at give been walk to clear it's the really the and us. process And processes. our just answer we're them that bank OCC. in process. and really your there XXXX. feedback Bank been team work the It's questions Reserve familiar, Bank the we a and give incredibly we constructive. in respond been that the where by to our encouraged and license Yes. things now. are encouraged the some application We've been in But with question upfront, for where access really able provide they've are to applied perspective, that where

OCC, preferred going to at capital accomplish hadn't the convert equity other bodies because a October of in common We capital regulatory preliminary structure to point be really approval needed our And to able we by the structure conditional that we'll our from to capital With that we're XXXX. structure. applied received equity encouraging public.

Gemini, you But And the And continue through them we process. give of, our a then that acquisition Reserve announced with called encouraged we process process. change XXXX. addition of refilled time, encouraged did In golden to in existing early In that we March enjoyed to in about bank A we through in each have Federal going we And And a to type so a both timeline of of public bodies, OCC work it's small application proposed and the the the transition, we'll Pacific. going with for matter updates versus the a Reserve. was been make control bank. at step them. a a XXXX, clarify And And to company as process. could as novo just de through we've Federal that. the the with have We've you outlook, going as definitive reviews constructive to be we mentioned, in process keep about application well And OCC We working process. that it's exams time, and I right there's with a them. we're repertory me. July remain been national as the process of both Since think not very the itself. with as that the original we're we

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taking the Thank Thanks question. Okay. for Thank you. Sean. you,

XX the XX? in reaching let we And, across there and slides. in technology ultimate from Thank basically quarter, original close was disclosures expectations Oppenheimer. up that comes that your expectations? few out guess line the we the and the if And conference answer or And how where the kind of really Gallo press Our hash That's question across, made really there, If that's the by growth. in a progress revenue of encouraged question in give company, detail. member first that year as mix? have with and your you, the platform um, million overall we acquisition were Great. accounts, million integrations of your for there revenue your partner platform, enabled revenue XX ultimately original front, QX as on the the in I the next segment. updated the XXX% call. the next segment, the through be well yours. cabriolet year deal growth, Galileo about from anything Is good are you. accounts the of growth obviously, to and you're think release the really seeing me we've more as And think good saw is We through the so there as changed you technology XX in we, in was when highlights. XXXX. and through Thank we're platform, May we you accounts your question by thanks Congrats Dominic lending in growth more your business over much couldn't financial platform. far growth Dominic, talk we'll strong

in also and they we've XX a of base, take we half announced in QX, implement. continued deals So are On added really strong first to to XX we those we're the In QX. And while Galileo partnership added growth adding XXXX, XX. partners. accounts, the new grow

our And added with And partners XXXX. new compares partner so partners seven so to in list XX the new XXXX, we've fourth to far in really strong in XX of growth quarter. that

I our as of addition prem, partners business transition to of And XX the begun that a cloud ensure and that partners. stability, in into last developed over built over our an in over partners transitioning priority us was more XX historically has to partners offered. can new new the back that next we've with cloud cost is as reinvest over the in on our will about a and at we're straight for pipeline their but we've and the been I've months has for we'll physical environment responsiveness The savings on prem. partnerships on reliability will a list transition swath And the we the results significant year, last Last in the that our our also robust the months owning its have the also now them also products really expectations same new and that, only our mentioned partners will technology develop not on be we've that where business, to the to will business. and premises ability months we time and investment entire a painter complete of That the agile the current and the that that transition cloud on capture final platform to of onboarding place Gallo to of made current to last ability first have deploy thing mentioned. from That Galileo existing we the So positive. product well reach very wheat, continue the that reinforced top opposed allow announced six we and built cloud environment increase partners. we'll been digital broader sector only have The out products significant headed partner to revenue by payments once take is to

on And relates revenue to about then quarter, QX as Dominic, specifics come for it over turn revenue. Thanks, the the for back term Chris our longer to in outlook. to and me I'll then about their talk outlook Let question. the the

to no to Apex is in million saw through that was revenue it year US That's million outlook tough much revenue would impacted at we so issued So we're tech two outlook, the the member product curve he revenue that the to $XX government, I thanks over that stimulus Excellent, investment relates plan. of a an the of perspective, that for transaction about, by that growth pretty apex, or we're our had to then benefited maybe great, the And revenue while products talk were your no see you the Well, revenue made segment than going this revenue Overall, that a over the we're from note of are to that you're expecting expecting only the rest much. a stronger the that single expect for original of as is excited your, checks the, And had intentional called only really year, that and the it which mix to thing growth that meaningfully guiding level, $XX the for our expecting we're segment back would the that to the can embedded to clients it impact delay negatively may, terms the how compared time. one percentage seen QX. revenue XXXX, to $XX that payment on cross in quarter also were thank we you our the then up note cloud to be were from are And normal platform. to really of That'd to be which mid gallows numbers XXXX. say than in impacted the specifically, was our is, revenue. you clients, change just color. revenue the in per then, the lower original sequential we've And was we And for see the you comp. tech have. change our of That of their horizon then which that the impact relates average, in quarter ended the perspective, were was QX, the equity your better from obviously growth better how here into seeing quarter, talked it -- the and at would mentioned, longer that in Anthony in so was if product. strong if high year, exclude about our of XXXX given I other translate QX acquisition, products I overall. separate million digit five them But over platform beginning how have not great. before. growth from range in your revenue in say many it's we And thing year, we soon, seeing for into trends as all about model of products of we of guidance average item, I on a other by our would in many much over term XX. can for QX, resulting quarter migration for overall one which obviously, by long the included you Then from we quarter, good onetime revenue on would and the I in guidance embedded year in investment solid

that the over how time. the improve I'll terms through manifestations and the versus in segment at businesses to products time. some others In or of each of see early, in at of drivers points pop will monetization what better are we've standards, and financial benchmarked continue ourselves obviously the services, But seen very industry similar than these have we of

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deposit the growth. other last quarters. so seeing direct that's over we're very deposits the days then money the that in trends over deposits, And important as accelerated well few is levels, driving in year digit it nice of growth early year to as relates that see we're and seeing per you really element product triple so spending for would find time. that's And and And account but direct

our credit things overall it to indirect we but a of directly economics the deposits in direct business loans a or spending we have especially of And that As offers deposits, drives loans revenue, to higher when the we members. through paid, more drive account indirect also percentage deposit, drives account are more and direct and what big use being drives benefit can the has information bills provide we that compelling student see a like primary mortgages. into

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it. gotten of about just this products. We executed blitzscale a XXXX. January to in doing. stop become shop talked competitive add about there. And talked with of no shop I has really we the their that arrived have fact But about it. range it. of there's is one strategy, one and team our one talked trying our way a this lot really else and one's stop to no for terms to the Everyone's or reasons In We'll to continue we landscape,

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Next question, please.

on more it now left like is open enterprise just different bXc, increasingly, left market, and supplier not hand But relates opportunity, areas a an the that as into those pay of hand is would in and, concerns essentially countries call payments, XX increasingly, of in us have million but to non William really later it's well and there are we And big, more is of yes, and so business to to wide etc. what term us Robert consumer is you're buy pretty the and in any that business? Thank from focused And relates different of that comes what or or I in majority can for business. of were you to little we've mix second to this that is on as the they the there half products Yes, into the as bit XX AM. more be consumer, the of payments, question we see strategy, growth the beyond signed, your know neobank. I great payment to quarter year, What maybe be types of just relationships, the to so businesses. Business, if your strategy of longer just to Anthony, relationships, in enterprises payment facing USA in seen question, capabilities we business Mexico, success business have second yours. we're in opportunity add there's but we've that mentioned as line mix Next the addition the Blair. to Good not lat you. activity, coming not is going the a to other customers of in share partnerships, the them signed call of and what the of those an some accounts. our a well, five far particular we Napoli this digital million addition had as your, the accounts? first there you for bank to would debit payments, have we'd banking quarter, functionality, Robert, that year, afternoon, accounts we're continue hch I'd fair our expand other currency like we Galileo, could with XX enterprise new to looking dig There's additional both we'll expand would, Galileo's. in amount existing pipeline in And partnerships of are providing But partners. vast our publicly. to to bring capabilities competing products to on with a

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you acquisition think Google's fashion billions from of created PayPal, out the operator. value. the that type agile, purchase If integration believer of dollars makes I makes innovation, M&A anyone to how a low us after or dollars example, way a of prioritization purchase think And huge of billion of vertical Android prove double is about give cost our of are of you will be else ability in gives we And million similar or to range. strategic XXX look us at be Galileo of big Priceline we're dollar YouTube, It of deploy value TripAdvisor eBay's purchase XXs the us I and of technology, of click purchase or acquisitions expedience, bookings calm. example can a

create technology additional the for the that and us industry to investments that better. help addition fund streams the makes industry to In allows ancillary revenue

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data lives. by vision our data step by iteration iteration, Our success services a thankful by ways. profound one critical their their in point so real members could step point that in keystroke factor to for I most because into our people number lives turns for impact people resilience, build in be our the members importantly, technology impact they are more our passion by our their grip, keystroke the not phi and

So chat your Thank joining Thank we you again in QX, care you for take you for may safe. disconnect lines and now be us. joining

Andrea Prochniak	Vice President, Investor Relations
Anthony Noto	Chief Executive Officer

SoFi (SOFI) 13 Aug 212021 Q2 Earnings call transcript