SoFi Technologies, Inc. (NASDAQ:SOFI) Q4 2022 Earnings Call Transcript

Anthony Noto : And the only thing I would add on to that is something we were talking about as a team yesterday that doesn’t get a lot of attention. But when you look at the asset side of our balance sheet and you look at the trend, and you look at our cash and cash equivalents, we finished the year at $1.4 billion of cash and cash approvals. What’s not in that number is $424 million of restricted cash. And then there’s some investment securities, which is a combination of treasuries and government securities as well as loans or what we said, of about $400 million. The trend in that line has been continuing to increase, which speaks not only to the liquidity that we have but the equity that we have that we can deploy either against funding loans or funding the bank.

And it’s one of the important measures that we’ll continue to give you a — somewhat of a level of confidence on being able to fund the bank to grow more if we need to put more equity there. Great. Thank you for dialing in, so I want to end with a couple of comments. February marks my five-year anniversary at SoFi, and it’s just very humbling what we’ve achieved during such an unprecedented time period, growing from less than $500 million of revenue to $1.5 billion at the end of 2022, 600,000 members to 5.2 million members and negative adjusted EBITDA to $140 million of EBITDA, plus raising $3.6 billion in capital, becoming a public company and receiving a federal bank license. To have done all of that through two interest rate cycles, a recession, with the potential for another, a global pandemic, inflation at a 40-year high and in an incredibly competitive environment with significant access to near zero cost of capital is a remarkable five-year run.

None of this, though, happens without the full faith of our Board and our shareholders, the persistent and unrelenting resolve of our people and a team that have done nothing short of extraordinary. Many can prognosticate about what lies ahead for the economy, interest rates, but in my view, the political background, the regulatory background remain very uncertain. And those exogenous factors are out of our control. But as it relates to what lies ahead, I will simply state my strongest belief that SoFi continues to be the best positioned company, to be the winner that takes most in the digital financial services sector of the future. Reaching the outcome is what we control, and what we remain steadfastly focused on to achieve. With that, thank you for calling in and listening to our fourth quarter results as well as our 2022 full year results.

We’ll talk to you next quarter. Thank you.

Operator: Goodbye. Ladies and gentlemen, that concludes today’s call. Have a great day ahead. You may now disconnect your lines.