SoFi Technologies, Inc. (NASDAQ:SOFI) Q2 2023 Earnings Call Transcript July 31, 2023 8:00 AM ET

Company Participants

Maura Cyr - IR

Anthony Noto - CEO

Chris Lapointe - CFO

Conference Call Participants

John Hecht - Jefferies

Dan Dolev - Mizuho

Michael Perito - KBW

Kevin Barker - Piper Sandler

Andrew Jeffrey - Truist

Mihir Bhatia - Bank of America

Eugene Simuni - MoffettNathanson

Reggie Smith - JP Morgan

Dominick Gabriele - Oppenheimer

Timothy Chiodo - Credit Suisse

Robert Wildhack - Autonomous

Operator

Good morning and thank you for attending today's SoFi's Second Quarter 2023 Earnings Conference call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instruction]

At this time, I would now like to turn the conference over to our host, Maura Cyr from SoFi Investor Relations. Maura, please proceed.

Maura Cyr

Thank you, and good morning. Welcome to SoFi's second quarter 2023 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO, and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website. Our remarks today will include forward-looking statements that are based on our current expectations and forecasts, and involve risks and uncertainties.

These statements include, but are not limited to our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance. Our actual results may differ materially from those contemplated by these forward-looking statements.

Factors that could cause these results to differ materially are described in today's press release and our most recent Form 10-K as filed with the Securities and Exchange Commission, as well as our subsequent filings made with the SEC, including our upcoming Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events.

And now, I'd like to turn the call over to Anthony.

Anthony Noto

Thank you, and good morning, everyone. The second quarter at SoFi marked our ninth consecutive quarter of record revenue and fourth consecutive quarter of record adjusted EBITDA. These results were bolstered by record revenue in both our Technology Platform business segment, and our Financial Services business segment, which is fueled by record member additions, coupled with strong monetization trends. These results which we achieved despite market volatility and industry disruption reflect the unique diversification of our businesses and the strong execution by our world-class team.