SoFi Technologies Inc. (NASDAQ:SOFI) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET
Company Participants
Anthony Noto - CEO
Chris Lapointe - CFO
Conference Call Participants
Kevin Barker - Piper Sandler
Dan Dolev - Mizuho
Dominick Gabriele - Oppenheimer
Moshe Orenbuch - Credit Suisse
John Hecht - Jefferies
Jeff Adelson - Morgan Stanley
Eugene Simuni - MoffatNathanson
Operator
Good afternoon, and thank you for attending today's SoFi Q2 2022 Earnings Conference Call. All lines will be muted during the presentation portion of the call, to an opportunity for the question and answers at the end.
At this time, I would now like to turn the conference over to our host, [Mara Sear] from SoFi Investor Relations.
Mara, please proceed.
Unidentified Company Representative
Thank you, and good afternoon. Welcome to SoFi's second 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, Mara. And good afternoon, everyone. Our second quarter results demonstrate the continued resilience of both our team and business and our ability to deliver another quarter of record revenue, strong financial and operating results and a positive start to the third quarter.
A few key achievements from the second quarter include another quarter of record adjusted net revenue with 50% year-over-year growth. our eighth consecutive quarter or two full years of positive adjusted EBITDA, which more than doubled quarter-over-quarter, demonstrating the acceleration we anticipated throughout the year; continued strong growth in members, products and cross by volume; our first full quarter of contribution from SoFi Bank, which allowed us to surpass $2.7 billion in deposits, up 135% quarter-over-quarter, and we're still in the early days; and importantly, our first quarter of positive GAAP net income for SoFi Bank at $25 million.