SoFi Technologies, Inc. (NASDAQ:SOFI) Q4 2022 Results Conference Call January 30, 2023 8:00 AM ET
Company Participants
Maura Cyr - IR
Anthony Noto - CEO
Chris Lapointe - CFO
Conference Call Participants
Michael Ng - Goldman Sachs
Dominick Gabriele - Oppenheimer
Kevin Barker - Piper Sandler
Moshe Orenbuch - Credit Suisse
Eugene Simuni - MoffettNathanson
Mihir Bhatia - Bank of America Merrill Lynch
Dan Dolev - Mizuho
Ashwin Shirvaikar - Citigroup
John Hecht - Jefferies
Michael Perito - Stifel
Operator
Good morning, and thank you for attending today's SoFi Fourth Quarter and Full Year 2022 Earnings Conference Call. All lines will be placed on mute during the presentation portion of the call with an opportunity to question and answers at the end.
At this time, I would now like to turn the conference over to our host, Maura Cyr, SoFi's Investor Relations.
Maura Cyr
Thank you, and good morning. Welcome to Sofie's fourth quarter and full year 2022 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 advantages 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 upcoming Form 10-K as filed with the Securities and Exchange Commission. Any forward-looking statements that we make on this call are based on assumptions as of today, and 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, Maura, and good morning, everyone. 2022 was a remarkable year for SoFi. We accomplished more than any of us could have hoped for. Our resilient team drove great execution of our strategy that has proven to provide the benefits of business diversification and durability to deliver exceptional growth and improving profitability.
Our adjusted net revenue grew 52% in 2022 to over $1.5 billion, and we delivered nearly 5 times the adjusted EBITDA we did in 2021. We obtained a national bank license, which could not have come at a better time, allowing us to be incredibly flexible in a rapidly changing environment. We're offering a compelling SoFi Money product that is driving high-quality direct deposit customers spending and deposit balances.