Thanks, Anthony.
potential. diversified of through referring demonstrates first first and quarter Unless going versus drive of durability differentiated business of long-term and increasingly be to quarter evidence model The highlights XXXX I'll the growth to otherwise key results SoFi's I'm adjusted outlook. our financial first financial strong for stated, walk our how and quarter XXXX.
and statement available reconciliations month. can be be XX-Q income in release, earnings consolidated made today's will and subsequent all GAAP Our next which filing, found the
all delivered represented demonstrating million leverage of year-over-year. XX% margin lines. adjusted EBITDA improvement, net over $XXX a This Adjusted points For quarter, we expense XX% X functional of operating $XXX the of margin. with revenue growth across was at year-over-year million, significant
quarter. exchange. $XX a notes a our the Net a net We for percentage net as improvement with year-over-year.
We the of benefit of exchange included GAAP was income not to points by declined impacted revenue the during operating XXXX $XX the associated quarter, equity points by $XXX of GAAP discount reported year-over-year. XX adjusted million our of net fact, the which relative $X.XX, expenses a while and million In million, at marketing GAAP sales noninterest of convertible with total the note second year quarter convertible of gain EPS from declined reaching X profitability gain income ago delivered portion diluted a
million Now Invest new Starting all-time high revenue year-over-year revenue monetization AUM in with up year-over-year. growth Credit well QX of and product on within improve SoFi primarily level billion Services, SoFi and SoFi continues from XX% XXXX. by a and of with Service, versus deposits as to is deposits in as driven Card continued monetizable Invest spending Credit year-over-year, higher contributions revenue to features robust levels SoFi year-over-year XX% income the net per XXX% $XXX increased member $XX Lending where spend.
Net greater growth Financial in by driven segment increased This and annualized Card.
Overall as Money for in with performance. SoFi Money, and $XX.X interest $XX,
period.
Contribution year based for referrals and which from increased spend Our by our XX% year-over-year, noninterest still XX% interchange, invest million year-over-year margin $XX as as annualized versus to the we X grew on in nearly grow this $XXX prior credit in Service grew over rapidly XX% businesses losing at which on segment. reached annualized achieved continue an a Lending basis, billion profit product, invest driven primarily XX% we to factors: quarter, the income million collectively a $X.X card our margins. strong even Despite
the and Services deals XX% revenue is signed and of segment year-over-year year-over-year, a new in million nearly $XX the on the million XX% accounts Platform, XX% Relay.
Shifting products strong was million new we driven in XX.X up platform.
Galileo down monetization over revenue Financial million with reached products our Annual we clients Lastly, million, X.X our onboarded where of last bank America clients net to to X.X XX% in profit margin. $XX quarter, in and a $XXX delivered new by performance delivered We reached contribution XXX,XXX X% from the Tech products quarter, months, X of X.X in in grew existing SoFi in Latin Invest year-over-year million which launching representing quarter. up Money, The products sequentially. large strong million. growth SoFi
as investments position segment leverage continue for we diversified, to made continue Platform of Tech to higher We going in rates forward. durable growth the
in Platform expect revenue We accelerate Tech with strong XXXX to margins.
Turning to lending.
our a results were with $X income interest average for quarter, profit basis XX%.
Growth by interest $XXX year-over-year.
I'd deposit in expensive net the funding, compared point XX% XX% growth million down to $XXX First growth loan XXX which up income, at a versus quarter reliance ago. to is contribution average margin an This net points was basis of the remained basis million, sheet. year-over-year at million of driven resulted highlight driven of yields. than quarter million warehouse on in while the net a by us deposits. balance more XX flat margin XX% of a X.XX% net a allowed noninterest $XXX This revenue also year-over-year and These points income XXX in increase year-over-year year in growth billion by our to increase the net reduce outside adjusted has on was assets year-over-year average $XXX our our in interest in interest-earning continue
million result, deposits and utilization by net quarter warehouse a to As The our and our savings facilities our reduced $X.X XXX interest our continues margin between points support of basis this $XXX we've loans current benefits deposit billion. underscores income. having at translates cost our warehouse annualized also on of expense the nearly the savings holding balance when to of net sheet advantageous collecting and interest of interest option base.
It
funding, maintain healthy net for towards mix the continued versus X% future betas. above the ability to healthy sustain deposit with and margin to We benefit interest a expect deposit lending foreseeable from along our
Personal our to to and X% more and macro billion, products. and which given across personal, $X.X anticipated conservative $X.X and was sequentially On originations with QX our to growth year-over-year driven the growth noninterest income student year-over-year grew XX% uncertainty. loan by billion line loan home slowed in approach XX% were side, originations
Our $XXX grow student over saw and volume to loans XXX% sequentially $XXX XX% million. grew X% year-over-year, decline to sequentially a year-over-year slight million. business by loans Home with X% origination
average personal is with loan borrowers income $XXX,XXX, FICO XXX. of average weighted a weighted Our score
and principal, student portions loan personal borrowers loan student a in million $X.X That student billion $XXX portfolios XXX.
In approximately principal we of million loan the $XXX,XXX, quarter, income weighted Our totaling of FICO loan loan weighted sold billion. principal. in is nearly home average home first and loan, comprises $X.XX personal our with over loan in $XXX average
losses premium had $XXX terms closed at In loans. $XXX of premium small structures to other and are of we our loans proceeds assumption to These if million sales, or par, relative similar included base at loan form contractual deals in ABS personal and loan of have in provision the capitalized.
These that blended would a small the we of personal consisted we share of at sales, of par fees whole the majority above recent otherwise immaterial servicing to exposure the with is million a execution loss a that held loan and cash XXX.X%.
quarter, our sales the the in a on personal result the of despite of loan declined sheet As growth originations. in quantity balance personal sequentially loans
Typically, loans recovery we generate late-stage we and they relative are sell were the Additionally, after do generated sold personal of million charged we $XX.X value not delinquent sell delinquent servicing loans but to positive fact. in principal the both to value until quarter. loans off, and from able letting charge off the
results, credit roughly tiers, credit balance. As of unpaid reduce our become smaller balance. of and to QX therefore, able several as came a We portion we were, discussed exposure losses of quarters earlier, much principal run X% which represented during unpaid off that XX% tiers the from originating principal those to loans overall ceased
model are card. In credit indicators addition, report underwriting to the external in and internal make line we continue our underlying to our adjustments with
loans closed secured provision This sales. accompanying no loan student and form we XXX.X%. our sale in $XXX share loss loan had senior to Moving nor option. execution a whole of million financing of
against secured equivalent we a and blended of for if at securitization investment $XXX Also do Finally, have balance held $XXX These on were million in to home loan costs. for investment-grade our are of bonds, the sold a of secured quarter, senior million collateral. the term of secured structure senior which sales executed execution detailed fixed financing, the we XXX.X%. will to same therefore, assets, the a as loans sheet loans pool our up amortized show underlying at were
additional our of which return helps yield of a loans loans, diversify but to and these sheet, are our provides at margin above the funding market priced interest cost also only unsecured. similar In balance net rates, not addition, to an are which our
Turning performance. credit to
XX XX-day on-balance Our annualized was rate basis while sheet student our XX rate points. was loan charge-off student points, loan basis delinquency
Our points. loan QX delinquency personal on-balance sheet rate basis was XX XX-day
X.XX% anticipate X% charge-off of life and levels new from loan toward of We in personal the performance credit originations X% in in decreased ongoing sale to including normalization to the the loan delinquency losses. sales, pre-pandemic of QX, asset rate annualized Our impact X.XX% quarter.
marks turning key our assumptions. to fair Now value and
marked by are QX of approximately blended a of function points rate of on end, the tightening the personal the down XX and was spreads at basis to points, XX loans XXX.X% benchmark at and driven in execution billion industry discount the sales.
The personal achieved basis as trends. mark increasing increasing approximately points end by by X.X%. in XX lower rate quarter XXX.X% line well with below This loan by underlying basis Our XXX.X% personal the from $X.X was primarily loan
rate benchmark actual inputs, the market change and empirical assumptions. are are observed change they not Importantly, spread as the
only to at the still at remained portfolio In relative outstanding.
The default mark.
When fees rate the increasing premium the which a increasing principal immaterial by small negatively time, basis impacted mark principal and to basis loan very prepayment based points prepays, and by which borrower the on personal on the by the is overall in XXX par XX.X%. to a capturing an the value of was asset are the point addition, X.XX%, impact to we annual the XX.X%, on X unchanged average the in weighted change is the above the coupon points annual has impact given
at portfolio, our For student the at fair unchanged quarter mark XXX.X% loan value end. remained
remained remained to rate basis In at discount basis the XX terms and inputs, weighted points, at annual X.X%, the X flat prepayments of losses at points our unchanged by remained average flat coupon increased XX.X%, X.X%.
similar a magnitude personal loan of very the capitalized student Had and in liquidity. balance increased to sold would discount As assets, business.
Switching the $XXX quarter. we cash we ample remain our as sheet, student those sold well loan with where not by loans we collateral mentioned previously, have million rate our
$XXX a of growth approximately cash investment largely Assets in and and result $X.X securities. $XXX growth million by in cash, billion, grew loans million equivalents as
On $XX the to side, deposits liability billion. sequentially $X billion grew by nearly
reliance warehouse of in bolster capital we and facilities exited the order debt we mentioned our our with approximately X quarter structure opportunistically our QX, drawn.
In As on capacity. our to reduced transactions through warehouse million earlier, $XXX financing and deposit growth robust executed optimize
convertible financing, carries set a new $XXX should stock an $XXX.X The replace X XXXX that annual proceeds due X.XX% the was Series of cost expense being to in outstanding used year, cost-saving issued our $XX higher issuance redemption million coupon. we total, of to are at million First, proceeds. including million late the remaining convertible to in per this to reduce net preferred including financing XX% XX.X%, by May.
In which in dividend of over the increase opportunities million with $XX notes
gain agreed a of SoFi to principal This notes discount common years. transaction we for a X an these we generated value $XXX was EPS of in funding shares XXXX Second, million while compared our maturities to income, $XX for viewed what This our diluted basis. million in have bolstering XXXX in quarter, notable of a reducing and in transactions impact us and net have and accretive the are would on convertible to to fully exchange book of due stock. pay capacity.
When had minimal notably our total,
from transactions our in our regulatory and above comfortably capital quarter due XX.X%. of regulatory improved the these XXX basis points of terms XX.X%, total XX.X% In ratio by to of minimum part large remains capital last ratios,
for even excess stronger position uncertainty, come. view macro us transactions given to intend of in capacity our an years we year, the capital to the these utilize the While in don't put
quarter-over-quarter. $X.X share we value value grew up to book We XX% recorded per to billion and Lastly, $X.XX, tangible book tangible value at $X.X book billion.
streams, a of continued have underwriting months, to last the having of key Throughout Now operating multiple degree cost-efficient XX leverage sources high diversified we business. benefit high-quality the a our updated and set growth capital, on credit of the moving high on as focus of scale our revenue guidance. we demonstrated
those existing benefits of to forward expect persist the going in We backdrop. even light macro
net our Services XXXX. year segments XXXX XX% and for and Tech transitional to adjusted as together a increase XXXX revenue the will approximately growth SoFi, of drive remains all Platform of from Financial total XX% in for
to now billion. million than to billion revenue higher guidance we For adjusted expect year the net $X.XX range $XX prior deliver of will billion, be $X.XX is billion lending $X.XXX XXXX, which XX% $X.XXX implied our full of of which year-over-year, which to to XX% will from Tech levels, unchanged approximately unchanged. This XXXX guidance is is Platform also prior and XX% grow guidance revenue assumes
prior $XXX to new benefits. EBITDA We XX% more million the year-over-year. more incorporates adjusted million, includes convertible associated $XXX and XX% adjusted $XXX into net innovation, of to full million that XX% $XXX a $XXX revenue million, XX% now a increased $XXX $XX represents product investment exchange. above million expect million million services businesses, of net We revenue grow now million, expect Services growth to EBITDA This $XXX above prior with to our income GAAP segment million, adjusted Financial to of and than of note the year and member $XX to margin.
We which expect guidance guidance gain
a in expect We to prior growth of tangible now share $X.XX per debt of the now approximately the per previous total north $X.XX to our value given of versus $XXX with $XXX convertible $X.XX end the convertible recent capital new year, EPS of to GAAP of issuance. guidance million, to effects of billion million expect transactions $X.XX diluted book our to those guidance above expect $X XX% We for guidance ratio versus previous million along with the year to exchange, $XXX XX%. of fully of benefits the share.
We of due
at in add new represents expect million continue least X.X We to XX% which to XXXX, growth. members
income million net million, deliver $XXX QX, net expect to and to million, $XXX $X million we $XXX $XXX $XX adjusted For million adjusted million. of EBITDA to of to revenue of
the second more sequential that our coupled flattish is originations can X largely the lending, tailwinds terms revenue, X the In quarter in phasing, segments. should with drive decline of approach lending conservative in for for other past year a toward which you which see seasonally years offsets this
and objectives $XXX more against EBITDA, couldn't single-digit over can QX capitalized begin of million and quarter remain proud progress.
Having to results growth. to make for sequential In of the $XXX services.
With continued growth terms of as we that, expenses, net vision long-term adjusted continue of let's our future great Q&A. be the to delivered one-stop million adjusted and shop digital low of achieve we SoFi continue the operating our revenue in progress making Overall, well invest financial expect in you our we very