SoFi Technologies, Inc. (NASDAQ:SOFI) Q3 2022 Results Conference Call November 1, 2022 8:00 AM ET
Company Participants
Maura Cyr - IR
Anthony Noto - CEO
Chris Lapointe - CFO
Conference Call Participants
Eugene Simuni - MoffettNathanson
Mihir Bhatia - Bank of America Merrill Lynch
Dan Dolev - Mizuho
Moshe Orenbuch - Credit Suisse
Michael Perito - Stifel
John Hecht - Jefferies
Kevin Barker - Piper Sandler
Dominick Gabriele - Oppenheimer
Ashwin Shirvaikar - Citigroup
Michael Ng - Goldman Sachs
Jeff Adelson - Morgan Stanley
Operator
Good morning, and thank you for attending today's SoFi Q3 2022 Earnings Conference Call. All lines will be muted during the presentation portion of the call. There is an opportunity for question and answers at the end.
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 third quarter 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 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, 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. Our third quarter results demonstrate the continued resilience of both our team and business and our ability to deliver another quarter of record revenue and EBITDA and strong overall operating results.
A few key achievements from the third quarter include our sixth consecutive quarter of record adjusted net revenue of $419 million, up 51% year-over-year, reflecting record revenue in all three business segments; $44 million of record adjusted EBITDA, up 118% quarter-over-quarter; continued strong performance in member and product additions as well as cross-buy volume; further scaling of SoFi Bank with accelerating growth to surpass $5 billion in deposits, up 86% quarter-over-quarter; and savings of 125 basis points; and cost of funds versus using other sources of debt to fund loans. Another quarter of positive GAAP net income for SoFi Bank at $28 million at an 11% margin.