SoFi Technologies, Inc. (NASDAQ:SOFI) Q2 2024 Earnings Call Transcript July 30, 2024 8:00 AM ET

Company Participants

Maura Cyr - IR
Anthony Noto - CEO
Chris Lapointe - CFO

Conference Call Participants

John Hecht - Jefferies
Terry Ma - Barclays
Dan Dolev - Mizuho
Kyle Peterson - Needham & Company
Reggie Smith - JPMorgan
Jeff Adelson - Morgan Stanley
Peter Christiansen - Citigroup
Tim Switzer - Stifel

Operator

Good morning. My name is Adam, and I will be your conference operator today. At this time, I'd like to welcome everyone to the SoFi Technologies Q2 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question-and-answer session. [Operator Instructions] Thank you. With that, you may begin your conference.

Maura Cyr

Thank you, and good morning. Welcome to SoFi's second quarter of 2024 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 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. Our second quarter results were exceptional and continue to demonstrate SoFi's leadership as a one-stop shop for digital financial services and the amazing grit of our team. I'll cover five topics before turning to Chris for a deeper look at our financial and operating performance.

First, our strategy continues to drive strong diversified growth, profitability and returns. Second, our continuous product innovation and brand-building are fueling significant member and product growth, which are key to our long-term revenue and profit growth outlooks. Third, turning to our segment results, our Financial Services segment demonstrates our clear structural advantages in delivering value to members. Fourth, our leadership and agility in lending has generated sustained returns despite rising rates and positions us to move quickly once rates come down. And finally, our tech platform is making good progress on its journey toward becoming an AWS of not only to fintech but of financial services broadly.