The following is a summary of the SoFi Technologies, Inc (SOFI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SoFi reported Q1 revenue of $581 million, a 26% YoY growth and an adjusted EBIDTA of $144 million, a 91% increase year-on-year.

• The net income achieved was $88 million, with a significant boost from a $59 million one-time benefit due to exchange of convertible notes.

• SoFi's book value saw a growth of $608 million, standing at $4.1 billion now.

• The company's adjusted earnings per share for Q1 was $0.02.

• Despite a flat year over year result in the lending sector, a record growth of $336 million in home loan originations was reached, marking a 274% YoY increase.

Business Progress:

• SoFi expanded its member base to 8.1 million, a growth of 44% YoY, aided by continued investment in product development and sales strategy diversification.

• SoFi Money accounts saw a 61% YoY increase, reaching 3.9 million with majority of deposits from direct deposit members.

• Strategic transactions carried out in Q1 lead to structure optimization and boosted capital capacity, with sell off of $1.9 billion worth loan portions in Q1.

• 2024 objectives include maintaining a net interest margin above 5%, addition of minimum 2.3 million members marking a 30% growth and an adjusted net revenue between $2.39 billion and $2.43 billion.

• Strong growth trends are expected due to record deposit growth in Q1, more product uptake, and the continuous development of the credit model especially in the credit card segments.

More details: SoFi Technologies IR

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