BennyB
2021-08-18
Buying the dip
SoFi Technologies: Why Now Is The Time To Buy<blockquote>SoFi Technologies：为什么现在是购买的时机</blockquote>
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SoFi posted impressive revenue gains Y/Y and the FinTech is set for continual growth. The stock is a buy!</p><p><blockquote>SoFi Technologies (SOFI) 正在快速发展其平台，并稳步推出新的金融服务产品，以提高客户货币化。SoFi公布了令人印象深刻的同比收入增长，这家金融科技公司将持续增长。该股值得买入!</blockquote></p><p> <b>Why SoFi Technologies is a buy</b></p><p><blockquote><b>为什么值得买入 SoFi Technologies</b></blockquote></p><p> SoFi is a rapidly growing FinTech company whose customer count has really taken off in the last two years. Members - which is SoFi’s term for its customers - have grown from 759,000 in Q2’19 to $2.56M in Q2’21, which is equal to an annual growth rate of 84%. SoFi’s growth accelerated during the pandemic as more people relied on mobile devices to bank and invest. Although the pandemic effects have started to wear off and people returned to work again in Q2’21, the FinTech continued to see strong Q/Q growth in its customer base. SoFi signed on 279,000 new members in the last quarter, which is an increase of 12% Q/Q. If SoFi continues to grow at this rate, the firm should see at least 3M members by the end of the year.</p><p><blockquote>SoFi是一家快速发展的金融科技公司，其客户数量在过去两年中确实有所增长。会员（SoFi 对其客户的称呼）已从 2019 年第二季度的 75.9 万美元增长到 2021 年第二季度的 256 万美元，年增长率为 84%。在大流行病期间，随着越来越多的人依靠移动设备进行银行业务和投资，SoFi 的增长加速。尽管大流行病的影响已经开始消退，人们也在 21 年第二季度重返工作岗位，但这家金融科技公司的客户群继续实现强劲的环比增长。SoFi 上季度签约新会员 279,000 名，环比增长 12%。如果 SoFi 继续以这种速度增长，到今年年底，该公司应该会拥有至少 300 万会员。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c33724614ab4fbd569eec237fd2a815a\" tg-width=\"942\" tg-height=\"489\" width=\"100%\" height=\"auto\"><span>(Source:SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> Besides offering lending and financial services products, SoFi owns a payment processing platform aimed at the enterprise market. The digital payments platform operates under the brand “Galileo” and it has also seen strong continual customer growth. Growth in Galileo accounts moderated slightly in Q2’21, but still grew 119% Y/Y. During the last quarter, Galileo gained 9M new customers and the FinTech had 79M customer on its digital payments platform at the end of the quarter.</p><p><blockquote>除了提供贷款和金融服务产品外，SoFi还拥有一个针对企业市场的支付处理平台。该数字支付平台以 “伽利略 ”品牌运营，客户持续增长强劲。2021 年第二季度，伽利略账户的增长略有放缓，但仍同比增长 119%。上个季度，伽利略获得了900万新客户，截至本季度末，这家金融科技公司的数字支付平台拥有7900万客户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38404ade2d4b3fcaee78a14007dd9a3d\" tg-width=\"950\" tg-height=\"482\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> The strength of SoFi's personal finance platform is that it provides a one-stop banking solution for customers that require more than just one product. A customer that needs student loan refinancing may also need a credit card or purchase a mortgage financing solution from SoFi Technologies. Once a customer is signed on to the platform and part of the ecosystem, SoFi can target the member with customized offers.</p><p><blockquote>SoFi个人理财平台的优势在于，它为需要不止一种产品的客户提供一站式银行解决方案。需要学生贷款再融资的客户可能还需要信用卡或从 SoFi Technologies 购买抵押贷款融资解决方案。一旦客户登录到平台和生态系统的一部分，SoFi就可以为会员提供定制优惠。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/034e1b3b74eaed8a52be1cc8f41267c8\" tg-width=\"640\" tg-height=\"339\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> SoFi does a good job at that. The firm rolled out more tailored products in Q2’21, with strong growth present in the financial services category. The biggest growth opportunity for the FinTech is financial services and the firm is adding new products to improve uptake and customer monetization. Financial services products grew 243% Y/Y to 2.69M and are the driving source behind SoFi’s revenue growth.</p><p><blockquote>索菲在这方面做得很好。该公司在 21 年第二季度推出了更多量身定制的产品，其中金融服务类别增长强劲。金融科技最大的增长机会是金融服务，该公司正在增加新产品以提高客户的采用率和货币化。金融服务产品同比增长 243%，达到 269 万件，是 SoFi 收入增长的驱动力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e4c8bf0fdefa78680c4438d445fc765\" tg-width=\"942\" tg-height=\"488\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> The second-quarter is generally a strong quarter for SoFi. Revenues for the second-quarter were $237M, showing growth of 74% Y/Y. SoFi’s Q2’21 adjusted EBITDA reached $11M which means the personal finance platform has been profitable for four straight quarters. The FinTech’s total adjusted EBITDA over the last twelve months totaled $61M on revenues of $852M.</p><p><blockquote>第二季度对于 SoFi 来说通常是一个强劲的季度。第二季度收入为2.37亿美元，同比增长74%。SoFi 21 年第二季度调整后 EBITDA 达到 1100 万美元，这意味着该个人理财平台已连续四个季度实现盈利。这家金融科技公司在过去 12 个月中调整后的 EBITDA 总额为 6100 万美元，收入为 8.52 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f31200106422df0d70c25b82af11ff1\" tg-width=\"970\" tg-height=\"517\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> <b>Strong liquidity, low debt</b></p><p><blockquote><b>流动性强，债务低</b></blockquote></p><p> As a FinTech company, SoFi’s main assets are the personal finance and payment processing platforms it owns, and the human capital behind it. SoFi carries $2.3B of financial debt and is flush in cash… with $462M directly available for the firm’s digital growth strategy.</p><p><blockquote>作为一家金融科技公司，SoFi 的主要资产是其拥有的个人金融和支付处理平台，以及其背后的人力资本。SoFi 背负着 23 亿美元的金融债务，现金充裕.其中 4.62 亿美元可直接用于公司的数字增长战略。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b554a55447ea522606eba7f6eebd143c\" tg-width=\"990\" tg-height=\"796\" width=\"100%\" height=\"auto\"><span>(Source:SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> <b>Buy, buy, buy</b></p><p><blockquote><b>买买买</b></blockquote></p><p> SoFi reiterated its outlook for the rest of the year and continues to project $980M in revenues and $27M in adjusted EBITDA for FY 2021. The personal finance platform also expects to see its first positive EBITDA margin this year. The guidance implies 58% Y/Y growth in revenues with strong momentum continuing in member acquisition.</p><p><blockquote>SoFi 重申了对今年剩余时间的展望，并继续预计 2021 财年的收入为 9.8 亿美元，调整后 EBITDA 为 2700 万美元。该个人理财平台还预计今年将首次实现正 EBITDA 利润率。该指引意味着收入同比增长 58%，会员获取继续保持强劲势头。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d0dafcf3d0836cabb8799337f8ad0e9\" tg-width=\"935\" tg-height=\"265\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> Although SoFi reiterated its guidance and the earnings card was showing continual growth along key metrics, shares of SoFi slumped 14% last week...</p><p><blockquote>尽管 SoFi 重申了其指引，并且盈利卡显示关键指标持续增长，但 SoFi 的股价上周下跌了 14%……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/90ea8e53fe8b4b000a2ea075e7090a76\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The drop creates another buy-the-drop situation for SoFi since the company is just at the very beginning of its growth. If current growth rates prove to be sustainable, SoFi could have 10M members by FY 2025 and revenues of $3.6B. Revenue estimates imply very strong revenue growth for at least the next four years. Based on expected sales of $1.5B in FY 2022, shares of SoFi trade a P-S ratio of 7.6. In June, shares of SoFi traded at a P-S ratio of 11.0.</p><p><blockquote>此次下跌为 SoFi 创造了另一种买入即买的局面，因为该公司才刚刚开始增长。如果目前的增长率被证明是可持续的，到 2025 财年，SoFi 可能会拥有 1000 万会员，收入将达到 36 亿美元。收入预测意味着至少未来四年的收入增长非常强劲。根据 2022 财年 15 亿美元的预期销售额，SoFi 股票的市盈率为 7.6。6 月份，SoFi 股票的市盈率为 11.0。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dae716bad752121fa751f283ba614af\" tg-width=\"640\" tg-height=\"186\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Risks with SoFi</b></p><p><blockquote><b>SoFi 的风险</b></blockquote></p><p> FinTech companies can be hard to value because they are growing fast and have small or no profits. Although SoFi is profitable regarding EBITDA, the FinTech continues to post net losses… and it will likely continue to do so for a few more years as it prioritizes member and platform growth.</p><p><blockquote>金融科技公司可能很难估值，因为它们增长迅速，利润很少或没有利润。尽管 SoFi 在 EBITDA 方面是盈利的，但这家金融科技公司继续出现净亏损……而且随着它优先考虑会员和平台增长，它可能会在未来几年继续出现这种情况。</blockquote></p><p> Personalized banking is a growth opportunity in the FinTech sector, but not only for SoFi. The pandemic accelerated FinTech adoption and other digital payment companies are making moves to expand their platforms.</p><p><blockquote>个性化银行是金融科技行业的一个增长机会，但不仅仅是对 SoFi 而言。疫情加速了金融科技的采用，其他数字支付公司正在采取行动扩大其平台。</blockquote></p><p> SoFi has no perceptible moat in its platform business which poses a challenge to long term profitability and customer retention. Other banks/FinTechs can easily enter the market and offer similar, better or more differentiated financial services products. Declining member and revenue growth rates are possibly the two most defining risks for SoFi at this point in time, with delayed profitability being only a secondary risk.</p><p><blockquote>SoFi 的平台业务没有明显的护城河，这对长期盈利能力和客户保留构成了挑战。其他银行/金融科技公司可以轻松进入市场，提供类似、更好或更差异化的金融服务产品。会员和收入增长率下降可能是目前 SoFi 面临的两个最具决定性的风险，而盈利能力延迟只是次要风险。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> SoFi’s second-quarter was good: Member and revenue figures kept surging and the FinTech continued to roll out new financial services products, the firm’s fastest area of growth. The full year revenue outlook was reiterated, showing that the FinTech is confident in achieving its business goals. The slump after earnings creates another buy-the-drop situation for SoFi as the FinTech gets ready to reach 3M customers by year-end. Buy, buy, buy!</p><p><blockquote>SoFi 第二季度表现不错： 会员和收入数字不断激增，这家金融科技公司继续推出新的金融服务产品，这是该公司增长最快的领域。重申了全年收入前景，表明这家金融科技公司对实现其业务目标充满信心。随着这家金融科技公司准备在年底前接触 300 万客户，盈利后的下滑给 SoFi 带来了另一种买入的局面。买买买!</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi Technologies: Why Now Is The Time To Buy<blockquote>SoFi Technologies：为什么现在是购买的时机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoFi Technologies: Why Now Is The Time To Buy<blockquote>SoFi Technologies：为什么现在是购买的时机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-18 15:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>SoFi’s member growth accelerated in Q2’21.</li> <li>The FinTech reiterated its FY 2021 outlook regarding revenues and EBITDA.</li> <li>With strong growth ahead, shares of SoFi are a buy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi 的会员增长在 21 年第二季度加速。</li><li>这家金融科技公司重申了其 2021 财年收入和 EBITDA 的展望。</li><li>随着未来的强劲增长，SoFi 股票值得买入。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock 来自盖蒂图片社</span></p></blockquote></p><p> SoFi Technologies (SOFI) is growing its platform at a rapid rate and steadily rolling out new financial service products to improve customer monetization. SoFi posted impressive revenue gains Y/Y and the FinTech is set for continual growth. The stock is a buy!</p><p><blockquote>SoFi Technologies (SOFI) 正在快速发展其平台，并稳步推出新的金融服务产品，以提高客户货币化。SoFi公布了令人印象深刻的同比收入增长，这家金融科技公司将持续增长。该股值得买入!</blockquote></p><p> <b>Why SoFi Technologies is a buy</b></p><p><blockquote><b>为什么值得买入 SoFi Technologies</b></blockquote></p><p> SoFi is a rapidly growing FinTech company whose customer count has really taken off in the last two years. Members - which is SoFi’s term for its customers - have grown from 759,000 in Q2’19 to $2.56M in Q2’21, which is equal to an annual growth rate of 84%. SoFi’s growth accelerated during the pandemic as more people relied on mobile devices to bank and invest. Although the pandemic effects have started to wear off and people returned to work again in Q2’21, the FinTech continued to see strong Q/Q growth in its customer base. SoFi signed on 279,000 new members in the last quarter, which is an increase of 12% Q/Q. If SoFi continues to grow at this rate, the firm should see at least 3M members by the end of the year.</p><p><blockquote>SoFi是一家快速发展的金融科技公司，其客户数量在过去两年中确实有所增长。会员（SoFi 对其客户的称呼）已从 2019 年第二季度的 75.9 万美元增长到 2021 年第二季度的 256 万美元，年增长率为 84%。在大流行病期间，随着越来越多的人依靠移动设备进行银行业务和投资，SoFi 的增长加速。尽管大流行病的影响已经开始消退，人们也在 21 年第二季度重返工作岗位，但这家金融科技公司的客户群继续实现强劲的环比增长。SoFi 上季度签约新会员 279,000 名，环比增长 12%。如果 SoFi 继续以这种速度增长，到今年年底，该公司应该会拥有至少 300 万会员。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c33724614ab4fbd569eec237fd2a815a\" tg-width=\"942\" tg-height=\"489\" width=\"100%\" height=\"auto\"><span>(Source:SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> Besides offering lending and financial services products, SoFi owns a payment processing platform aimed at the enterprise market. The digital payments platform operates under the brand “Galileo” and it has also seen strong continual customer growth. Growth in Galileo accounts moderated slightly in Q2’21, but still grew 119% Y/Y. During the last quarter, Galileo gained 9M new customers and the FinTech had 79M customer on its digital payments platform at the end of the quarter.</p><p><blockquote>除了提供贷款和金融服务产品外，SoFi还拥有一个针对企业市场的支付处理平台。该数字支付平台以 “伽利略 ”品牌运营，客户持续增长强劲。2021 年第二季度，伽利略账户的增长略有放缓，但仍同比增长 119%。上个季度，伽利略获得了900万新客户，截至本季度末，这家金融科技公司的数字支付平台拥有7900万客户。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38404ade2d4b3fcaee78a14007dd9a3d\" tg-width=\"950\" tg-height=\"482\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> The strength of SoFi's personal finance platform is that it provides a one-stop banking solution for customers that require more than just one product. A customer that needs student loan refinancing may also need a credit card or purchase a mortgage financing solution from SoFi Technologies. Once a customer is signed on to the platform and part of the ecosystem, SoFi can target the member with customized offers.</p><p><blockquote>SoFi个人理财平台的优势在于，它为需要不止一种产品的客户提供一站式银行解决方案。需要学生贷款再融资的客户可能还需要信用卡或从 SoFi Technologies 购买抵押贷款融资解决方案。一旦客户登录到平台和生态系统的一部分，SoFi就可以为会员提供定制优惠。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/034e1b3b74eaed8a52be1cc8f41267c8\" tg-width=\"640\" tg-height=\"339\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> SoFi does a good job at that. The firm rolled out more tailored products in Q2’21, with strong growth present in the financial services category. The biggest growth opportunity for the FinTech is financial services and the firm is adding new products to improve uptake and customer monetization. Financial services products grew 243% Y/Y to 2.69M and are the driving source behind SoFi’s revenue growth.</p><p><blockquote>索菲在这方面做得很好。该公司在 21 年第二季度推出了更多量身定制的产品，其中金融服务类别增长强劲。金融科技最大的增长机会是金融服务，该公司正在增加新产品以提高客户的采用率和货币化。金融服务产品同比增长 243%，达到 269 万件，是 SoFi 收入增长的驱动力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4e4c8bf0fdefa78680c4438d445fc765\" tg-width=\"942\" tg-height=\"488\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> The second-quarter is generally a strong quarter for SoFi. Revenues for the second-quarter were $237M, showing growth of 74% Y/Y. SoFi’s Q2’21 adjusted EBITDA reached $11M which means the personal finance platform has been profitable for four straight quarters. The FinTech’s total adjusted EBITDA over the last twelve months totaled $61M on revenues of $852M.</p><p><blockquote>第二季度对于 SoFi 来说通常是一个强劲的季度。第二季度收入为2.37亿美元，同比增长74%。SoFi 21 年第二季度调整后 EBITDA 达到 1100 万美元，这意味着该个人理财平台已连续四个季度实现盈利。这家金融科技公司在过去 12 个月中调整后的 EBITDA 总额为 6100 万美元，收入为 8.52 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f31200106422df0d70c25b82af11ff1\" tg-width=\"970\" tg-height=\"517\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> <b>Strong liquidity, low debt</b></p><p><blockquote><b>流动性强，债务低</b></blockquote></p><p> As a FinTech company, SoFi’s main assets are the personal finance and payment processing platforms it owns, and the human capital behind it. SoFi carries $2.3B of financial debt and is flush in cash… with $462M directly available for the firm’s digital growth strategy.</p><p><blockquote>作为一家金融科技公司，SoFi 的主要资产是其拥有的个人金融和支付处理平台，以及其背后的人力资本。SoFi 背负着 23 亿美元的金融债务，现金充裕.其中 4.62 亿美元可直接用于公司的数字增长战略。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b554a55447ea522606eba7f6eebd143c\" tg-width=\"990\" tg-height=\"796\" width=\"100%\" height=\"auto\"><span>(Source:SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> <b>Buy, buy, buy</b></p><p><blockquote><b>买买买</b></blockquote></p><p> SoFi reiterated its outlook for the rest of the year and continues to project $980M in revenues and $27M in adjusted EBITDA for FY 2021. The personal finance platform also expects to see its first positive EBITDA margin this year. The guidance implies 58% Y/Y growth in revenues with strong momentum continuing in member acquisition.</p><p><blockquote>SoFi 重申了对今年剩余时间的展望，并继续预计 2021 财年的收入为 9.8 亿美元，调整后 EBITDA 为 2700 万美元。该个人理财平台还预计今年将首次实现正 EBITDA 利润率。该指引意味着收入同比增长 58%，会员获取继续保持强劲势头。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d0dafcf3d0836cabb8799337f8ad0e9\" tg-width=\"935\" tg-height=\"265\" width=\"100%\" height=\"auto\"><span>(Source: SoFi)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：SoFi）</span></p></blockquote></p><p> Although SoFi reiterated its guidance and the earnings card was showing continual growth along key metrics, shares of SoFi slumped 14% last week...</p><p><blockquote>尽管 SoFi 重申了其指引，并且盈利卡显示关键指标持续增长，但 SoFi 的股价上周下跌了 14%……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/90ea8e53fe8b4b000a2ea075e7090a76\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> The drop creates another buy-the-drop situation for SoFi since the company is just at the very beginning of its growth. If current growth rates prove to be sustainable, SoFi could have 10M members by FY 2025 and revenues of $3.6B. Revenue estimates imply very strong revenue growth for at least the next four years. Based on expected sales of $1.5B in FY 2022, shares of SoFi trade a P-S ratio of 7.6. In June, shares of SoFi traded at a P-S ratio of 11.0.</p><p><blockquote>此次下跌为 SoFi 创造了另一种买入即买的局面，因为该公司才刚刚开始增长。如果目前的增长率被证明是可持续的，到 2025 财年，SoFi 可能会拥有 1000 万会员，收入将达到 36 亿美元。收入预测意味着至少未来四年的收入增长非常强劲。根据 2022 财年 15 亿美元的预期销售额，SoFi 股票的市盈率为 7.6。6 月份，SoFi 股票的市盈率为 11.0。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dae716bad752121fa751f283ba614af\" tg-width=\"640\" tg-height=\"186\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Risks with SoFi</b></p><p><blockquote><b>SoFi 的风险</b></blockquote></p><p> FinTech companies can be hard to value because they are growing fast and have small or no profits. Although SoFi is profitable regarding EBITDA, the FinTech continues to post net losses… and it will likely continue to do so for a few more years as it prioritizes member and platform growth.</p><p><blockquote>金融科技公司可能很难估值，因为它们增长迅速，利润很少或没有利润。尽管 SoFi 在 EBITDA 方面是盈利的，但这家金融科技公司继续出现净亏损……而且随着它优先考虑会员和平台增长，它可能会在未来几年继续出现这种情况。</blockquote></p><p> Personalized banking is a growth opportunity in the FinTech sector, but not only for SoFi. The pandemic accelerated FinTech adoption and other digital payment companies are making moves to expand their platforms.</p><p><blockquote>个性化银行是金融科技行业的一个增长机会，但不仅仅是对 SoFi 而言。疫情加速了金融科技的采用，其他数字支付公司正在采取行动扩大其平台。</blockquote></p><p> SoFi has no perceptible moat in its platform business which poses a challenge to long term profitability and customer retention. Other banks/FinTechs can easily enter the market and offer similar, better or more differentiated financial services products. Declining member and revenue growth rates are possibly the two most defining risks for SoFi at this point in time, with delayed profitability being only a secondary risk.</p><p><blockquote>SoFi 的平台业务没有明显的护城河，这对长期盈利能力和客户保留构成了挑战。其他银行/金融科技公司可以轻松进入市场，提供类似、更好或更差异化的金融服务产品。会员和收入增长率下降可能是目前 SoFi 面临的两个最具决定性的风险，而盈利能力延迟只是次要风险。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> SoFi’s second-quarter was good: Member and revenue figures kept surging and the FinTech continued to roll out new financial services products, the firm’s fastest area of growth. The full year revenue outlook was reiterated, showing that the FinTech is confident in achieving its business goals. The slump after earnings creates another buy-the-drop situation for SoFi as the FinTech gets ready to reach 3M customers by year-end. Buy, buy, buy!</p><p><blockquote>SoFi 第二季度表现不错： 会员和收入数字不断激增，这家金融科技公司继续推出新的金融服务产品，这是该公司增长最快的领域。重申了全年收入前景，表明这家金融科技公司对实现其业务目标充满信心。随着这家金融科技公司准备在年底前接触 300 万客户，盈利后的下滑给 SoFi 带来了另一种买入的局面。买买买!</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4450277-sofi-technologies-q2-2021-earnings-why-now-is-the-time-to-buy\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/article/4450277-sofi-technologies-q2-2021-earnings-why-now-is-the-time-to-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146130472","content_text":"Summary\n\nSoFi’s member growth accelerated in Q2’21.\nThe FinTech reiterated its FY 2021 outlook regarding revenues and EBITDA.\nWith strong growth ahead, shares of SoFi are a buy.\n\nipopba/iStock via Getty Images\nSoFi Technologies (SOFI) is growing its platform at a rapid rate and steadily rolling out new financial service products to improve customer monetization. SoFi posted impressive revenue gains Y/Y and the FinTech is set for continual growth. The stock is a buy!\nWhy SoFi Technologies is a buy\nSoFi is a rapidly growing FinTech company whose customer count has really taken off in the last two years. Members - which is SoFi’s term for its customers - have grown from 759,000 in Q2’19 to $2.56M in Q2’21, which is equal to an annual growth rate of 84%. SoFi’s growth accelerated during the pandemic as more people relied on mobile devices to bank and invest. Although the pandemic effects have started to wear off and people returned to work again in Q2’21, the FinTech continued to see strong Q/Q growth in its customer base. SoFi signed on 279,000 new members in the last quarter, which is an increase of 12% Q/Q. If SoFi continues to grow at this rate, the firm should see at least 3M members by the end of the year.\n(Source:SoFi)\nBesides offering lending and financial services products, SoFi owns a payment processing platform aimed at the enterprise market. The digital payments platform operates under the brand “Galileo” and it has also seen strong continual customer growth. Growth in Galileo accounts moderated slightly in Q2’21, but still grew 119% Y/Y. During the last quarter, Galileo gained 9M new customers and the FinTech had 79M customer on its digital payments platform at the end of the quarter.\n(Source: SoFi)\nThe strength of SoFi's personal finance platform is that it provides a one-stop banking solution for customers that require more than just one product. A customer that needs student loan refinancing may also need a credit card or purchase a mortgage financing solution from SoFi Technologies. Once a customer is signed on to the platform and part of the ecosystem, SoFi can target the member with customized offers.\n(Source: SoFi)\nSoFi does a good job at that. The firm rolled out more tailored products in Q2’21, with strong growth present in the financial services category. The biggest growth opportunity for the FinTech is financial services and the firm is adding new products to improve uptake and customer monetization. Financial services products grew 243% Y/Y to 2.69M and are the driving source behind SoFi’s revenue growth.\n(Source: SoFi)\nThe second-quarter is generally a strong quarter for SoFi. Revenues for the second-quarter were $237M, showing growth of 74% Y/Y. SoFi’s Q2’21 adjusted EBITDA reached $11M which means the personal finance platform has been profitable for four straight quarters. The FinTech’s total adjusted EBITDA over the last twelve months totaled $61M on revenues of $852M.\n(Source: SoFi)\nStrong liquidity, low debt\nAs a FinTech company, SoFi’s main assets are the personal finance and payment processing platforms it owns, and the human capital behind it. SoFi carries $2.3B of financial debt and is flush in cash… with $462M directly available for the firm’s digital growth strategy.\n(Source:SoFi)\nBuy, buy, buy\nSoFi reiterated its outlook for the rest of the year and continues to project $980M in revenues and $27M in adjusted EBITDA for FY 2021. The personal finance platform also expects to see its first positive EBITDA margin this year. The guidance implies 58% Y/Y growth in revenues with strong momentum continuing in member acquisition.\n(Source: SoFi)\nAlthough SoFi reiterated its guidance and the earnings card was showing continual growth along key metrics, shares of SoFi slumped 14% last week...\nData by YCharts\nThe drop creates another buy-the-drop situation for SoFi since the company is just at the very beginning of its growth. If current growth rates prove to be sustainable, SoFi could have 10M members by FY 2025 and revenues of $3.6B. Revenue estimates imply very strong revenue growth for at least the next four years. Based on expected sales of $1.5B in FY 2022, shares of SoFi trade a P-S ratio of 7.6. In June, shares of SoFi traded at a P-S ratio of 11.0.\n(Source: Seeking Alpha)\nRisks with SoFi\nFinTech companies can be hard to value because they are growing fast and have small or no profits. Although SoFi is profitable regarding EBITDA, the FinTech continues to post net losses… and it will likely continue to do so for a few more years as it prioritizes member and platform growth.\nPersonalized banking is a growth opportunity in the FinTech sector, but not only for SoFi. The pandemic accelerated FinTech adoption and other digital payment companies are making moves to expand their platforms.\nSoFi has no perceptible moat in its platform business which poses a challenge to long term profitability and customer retention. Other banks/FinTechs can easily enter the market and offer similar, better or more differentiated financial services products. Declining member and revenue growth rates are possibly the two most defining risks for SoFi at this point in time, with delayed profitability being only a secondary risk.\nFinal thoughts\nSoFi’s second-quarter was good: Member and revenue figures kept surging and the FinTech continued to roll out new financial services products, the firm’s fastest area of growth. The full year revenue outlook was reiterated, showing that the FinTech is confident in achieving its business goals. The slump after earnings creates another buy-the-drop situation for SoFi as the FinTech gets ready to reach 3M customers by year-end. Buy, buy, buy!","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":987,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":12,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/831004907"}
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