I thought we would start our conversation a little bit differently this quarter by me asking you what you were surprised by in the performance of your own company.

Yeah, you know, I think the big question for us going into the quarter and really the back half of the year was how effective could we be at managing the interest rate risk? As rates were going higher, would we slow down growth? Would we be able to pass on to the consumer higher interest rates on loans? And the answer to that question is definitively yes.

In fact, I feel as confident now of our business performing well in a rising rate environment as I feel it would perform in a declining rate environment.

And that's a testament to the technology that we have, the data that we have, and our ability to real time pass on higher benchmark rates to consumers and higher prices on loans while still driving growth in the rest of our business.

We mentioned on the call that we now have eight businesses that are generating $100 million of annual revenue or more.

Eighty-seven percent of our products are now non-lending products.

So we have great diversification.

You genuinely believe we end up in a world where AI agents move money and make purchases on behalf of SoFi customers and that is a business for you.

What did you see, Anthony?

We saw very strong growth, Sarah.

Specifically, we had 44% year-over-year growth in revenue to $1.4 billion.

It was driven by member growth of 35%, products growing even faster as more members use more products.

So products grew 44%.

And then we had very strong improvement in revenue per product.

So those are the three underlying drivers of the business.

Is that happening? Are you already seeing, you know, are you able to attract a bigger deposit base from the banks and I guess the other, the stablecoin issuers?

I'm trying to figure out why the stock might be stuck here, given the fact that the fundamentals are clearly stronger than people expect.

Sure.

As you said, we've seen revenue growth of more than 40% in the first two quarters of this year, record margins, really strong profitability, strong credit performance, diversified revenue, 60% lending, 40% non-lending.

Um, what I think happens is the following.

If investors are confident where interest rates are going, we get credit for our fundamentals.

When they're not certain about where the interest rates are going, we get less credit for our fundamentals because it creates more uncertainty about the future.

Okay.

Um, but it is a financial financial model and therefore there is considerations for risk and for capital and for interest rates.

You know, maybe the street felt like you, you needed to take the bottom line with you in your confidence.

Yeah, I think you're right.

Um, the quarter was incredibly strong.

It was our 19th consecutive quarter of more than a rule of 40.

It was actually a rule of 70, with 40% revenue growth to $1.2 billion and over a billion dollars of cash revenue, and our EBITDA margin was 30%, and we had really strong net income margin.

I think the street likes the trend in the business today.

Credit's performed well.

For SoFi today, where is AI having an impact, you know, across underwriting, customer service, fraud detection, something that's real right now?

You know, maybe the street felt like you needed to take the bottom line with you in your confidence.

Yeah, I think you're right.

The quarter was incredibly strong.

It was our 19th consecutive quarter of more than a rule of 40.

It was actually a rule of 70 with 40% revenue growth to $1.2 billion and over a billion dollars of cash revenue.

And our EBITDA margin was 30% and we had a really strong net income margin.

I think the street likes the trend in the business today.

For SoFi today, where is AI having an impact across underwriting, customer service, fraud detection, something that's real right now?

But how would you characterize what's driving the business now?

We're really seeing an inflection point in the business.

We've driven 19 consecutive quarters of greater than the rule of 40, which is revenue growth plus EBITDA margin.

We grew revenue 40% to $1.2 billion.

We had about a billion dollars of cash revenue, and then our EBITDA margins were 30%.

But more interesting, and the reason why I'm mentioning Inflection Point, is that our product per member has started to accelerate.

Because as we add new products like SoFi Plus and SoFi Crypto, our Everything app is really starting to generate that flywheel effect.

Is the marketing, is this about driving the student loan business for you? Or how do you measure the payoff of these deals?

Your stock was up today, but how much do you see AI contributing to your ability to turn the stock around?

Yeah, I would say the stock is more reflective of the macroeconomic environment.

The whole sector has seen multiple contraction as a direct result of uncertainty around interest rates and inflation.

Our business is doing incredibly well.

It's the most exciting time, um, that I've been at SoFi.

One, we grew over 40% in revenue to over a billion dollars in Q1, really strong profitability with 31% EBITDA margins, and we had 35% member growth, 37% product growth.

So the business is really doing quite well across the board, and so the performance in the stock is more of a sector thing.

What do you expect to happen with in- interest rates, and how do you think it'll impact the health of consumers who are your customers?

What do you have to say to the people that are looking at the dislocation in the stock price and the execution of the company that see you making these open market purchases and are wondering why does the market not really get the SoFi story right now?

Yeah, I think we're in a period where people have re-rated the multiple on fintechs generally.

And if you're a fintech that's exposed to credit or exposed interest rates, that re-rating has been even more severe, regardless of the other revenue streams that you have.

On a trailing 12 month basis, our net revenue is about 50% lending and 50% non-lending.

If you look at it on a cash basis, which we reported net interest income cash of $690 million.

So that's cash that we received from individuals for paying back their loans and their interest.

And then we had about $390 million of what we said is non-interest cash revenue.

Can you walk us through the unit of economics with that and how that's going to be a game changer and a differentiator against your competitors?

... analysts are kind of worried about it.

Yeah, I, I think generally when you don't raise guidance, you give something... uh, you give people something to worry about.

So we had record personal loan originations, uh, $12.9 billion, record student loan refinancing originations, and record home loans.

And in fact, our home loans business doubled year-over-year, as did our student loan refinancing business.

Um, the loan platform business is one where we produce loans for other partners, um, and that business was very strong.

It wasn't as strong as it was prior quarters 'cause we, we made the conscious decision to put more of the loans we originated on our balance sheet 'cause we had capital to do it.

Those loans will produce cash flow over the next three years as opposed to the loan platform business where we just generate, uh, revenue in this quarter.

Does that frustrate you, the, the, the day-to-day gyrations, if that's how you're measuring yourself in terms of making the top 10?

Is that the story that you'd want to tell?

Absolutely.

And the results speak to that.

We've driven 17 consecutive quarters where our revenue growth and our margins, when added together, exceeds the very attractive rule of 40 that technology investors like to see in software companies.

We've actually averaged 58 and this quarter we're at 67%.

We drove 38% revenue growth and have 29% EBITDA margins, which is an exceptional performance.

And it's really the direct result of the foundation that we've built over the last eight years to have this diverse set of products that are all now firing together to deliver durable growth and really strong profitability.

Does SoFi feel the need to integrate itself as an API through ChatGPT?

What is the genesis of it?

The first key is that we're building a relationship with our members.

We're trying to be a one-stop shop for all their financial services needs.

We want to be there for every one of the major financial decisions they make and all the days in between.

And so we have all these products that can help them get their money right by helping them borrow better, save better, spend better, invest and protect better.

We launched all those products in 2019 and 20, and we've just been building trust and awareness over the last eight years.

And it's really continued to drive really strong revenue growth, member growth, which allows us to reinvest in the business.

And give us a little sense of stablecoin.

From those that use your platform and your various financial offerings, what are you seeing present day?

Yeah, they have a very different strategy and business than us and a very different target audience.

We're appealing to the overachievers in the United States that are looking for ways to be able to save, to achieve, and invest to achieve their long-term ambitions, whatever their American dream may be.

So we're helping them spend less than they make and invest the rest.

And we're seeing really strong trends for them.

We see them lowering their cost of debt by refinancing out of expensive credit card debt that charges 24% to 30% interest into our loans that only charge 12% to 30% interest.

We see them moving their money into SoFi money.

How are you thinking about generative AI helping with the education side of things? I know you're targeting overachievers, but are they diversified enough in their own investments?

Talk to me more about that, Anthony, and where you see that business going forward.

Sure.

We had a tremendous quarter and a great start to 2025 with 33% year-over-year growth in total revenue to $771 million.

And that was up 33%, our fastest growth in five quarters.

The loan platform business, as you mentioned, was a key driver of that.

Very strong results there.

We basically paid a fee by these asset buyers that want us to underwrite loans against a specific credit box that they outline.

Tell us more.

Why?

Well, I think two things.

One, 2024, we took a pretty conservative approach to the year in terms of our growth and our profitability.

We really wanted to make sure that we were able to drive strong profitability in 24 to achieve gap profitability, to ensure we reinforced our balance sheet and a capital cushion.

And we did just that.

Prior to 2024, we had committed to a balanced approach to growth and profitability, where we would reinvest 70 cents of every incremental revenue dollar, and we call that 30% incremental EBITDA margins.

So we took our revenue forecast for 25 up.

Do you see, for instance, an agent-driven service perhaps at SoFi at some point?