SOFI - SoFi Technologies Inc (SOFI) Q1 2024 Earnings Call Transcript
2024-04-29 11:25:25 ET
SoFi Technologies, Inc (SOFI)
Q1 2024 Earnings Call Transcript
April 29, 2024 08:00 AM ET
Company Participants
Maura Cyr - IR
Anthony Noto - CEO
Christopher Lapointe - CFO
Conference Call Participants
John Hecht - Jefferies
Mark Devries - Deutsche Bank
Dan Dolev - Mizuho
Kyle Peterson - Needham & Company
Reginald Smith - J.P. Morgan
Peter Christiansen - Citigroup
Jeffrey Adelson - Morgan Stanley
Mihir Bhatia - Bank of America
Terry Ma - Barclays
Jill Shea - UBS
Presentation
Operator
Good morning. My name is Jordan and I will be your conference operator today. At this time, I'd like to welcome everyone to the SoFi Technologies Q1 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]
With that, you may begin your conference.
Maura Cyr
Thank you and good morning. Welcome to SoFi's first quarter of 2024 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Christopher 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. Q1 was another exceptionally strong quarter for SoFi. We continue to successfully execute on our strategy of making SoFi the one-stop shop for digital financial services.
We expected that 2024 would be an important year of transition. Heading into this year, we had a conservative outlook given interest rate volatility, industry liquidity, inflation and macroeconomic environment concerns. We planned for continued strong growth from our Financial Services and Technology Platform segments, up 50% year-over-year, offsetting our plan for lending to be 92% to 95% of 2023 revenue. And we set out to strengthen our balance sheet and capital ratios by continuing to grow our tangible book value....
SoFi Technologies, Inc (SOFI) Q1 2024 Earnings Call Transcript