year exceptional Thank indeed best strong you, and Anthony. with ever, an XXXX finished we our quarter. fourth was
with a for record a also XX% up EBITDA million, year-over-year XX% record at X% sequentially. Adjusted revenue million and net quarter the at was margin. $XXX was $XXX a Adjusted
Excluding to and was our net $X.XX. adjusted and the This $XX consecutive taxes, EPS million profitable fifth adjusted benefits was quarter was first related year. profitable income nonrecurring deferred
results million. deferred to fourth related primarily our act. These the of noted, quarter of valuation were As majority the included $XXX against our nonrecurring the benefits of GAAP allowance release tax tax
related we of net release due loss credit performance our of continued years. deferred operating from carryforwards was are most and prior the assets, quarter, of The assess timing and recent recoverability profitability. forecast tax to Each net which this our of financial to strong
and mix effective can impacted normalized future approximately of income. discrete XX%, tax forward, a of tax expect items by which Moving we rate be
performance, XX% total net of starting continued the comprised nonlending diversification segment during record our revenue our which reflecting of a to with business. now Turning segment, our the adjusted quarter,
Services. with Starting Financial
net to up improved Contribution quarter, up million, year-over-year. year. Contribution fourth last significantly year-over-year. was XX% $XXX $XXX million, For X.Xx the XX% profit up XX%, margin was from revenue
deposits. the segment XX% year-over-year, primarily up for $XXX income by interest million, was in Net consumer which driven was growth
to noninterest million the Importantly, to $XXX in equates revenue. income grew $XX nearly million which X.Xx in annualized quarter,
of business third In in QX, loans fees, as by billion $XX our on LPB parties behalf well generated of originated referrals. as personal $X.X driven million
cash $XX servicing net in million segments. to $X our total, flow, X generated which across revenue our LPB is platform million Lending added Additionally, our these adjusted In segment. loan recorded business in
to off in We as QX are start a well. strong
agreed billion Our recently Capital Funds agreement finalized, years. to loan X terms platform of this LPB up Owl Once initial date. represent loans business will personal with arrangement for Blue to over our to $X largest
In spend see interchange, addition Money Credit to Card. in continued healthy to across annualized our growth LPB $XX and year-over-year, revenue, driven up we XX% total billion quarter in by the in
Platform. Shifting to our Tech
For fourth XX%. revenue the million, at year-over-year. we Contribution of X% quarter, was $XX a of up delivered profit net $XXX contribution million margin
was growth new continued by segments. new of client deals signed along existing monetization clients, Revenue with in driven
well been more large client brands recent major Latin and America. commercial as enterprises have as in including Our wins diverse, consumer
Turning now to our Lending segment.
same $XXX last This was $XXX up net decrease assets in a a which were adjusted XX% increased average primarily included Contribution revenue offset adjusted XX basis yields. by in funds, a and margin. XX year. mostly XX% increase net of These XX% with the a period driven average year-over-year growth million in to income, $XXX from quarter, interest million. cost the strong which in point XX% point For was by results fourth decrease was profit interest-earning basis million,
XX% a originated were During XX% up loan through third loan we on billion Collectively, of achieved year-over-year. billion, $X.X of was behalf originations originations record Personal the parties were loan quarter, $X.X at LPB. which personal billion, record of up originations year-over-year. $X.X
year. since lending their both the XX% XXXX. million, best $XXX last loan $X.X from home an increase. loan Student were originations quarter had period up loan originations billion, year-over-year Home and XX% were same Student
public. since loans. our through sold or quarter we going over The billion $X.X fourth loans, secured was and best personal transferred of loans activity home quarter markets capital of Overall, LPB
a loans, execution personal sales XXX.X%. we million of whole blended loan In in at of $XXX terms of closed form
balance a execution collateral relative an WACC We $XXX to ABS sheet that transaction also closed of XXX.X%. private our million lower significantly included at
or similar had the deals capitalized. sales premium near of par, All with structures contractual other loan that fees at These proceeds servicing personal are recent to and of the cash consisting majority small losses exposure loans. base and have sales the above of is relative loss that share included if our held would the assumption immaterial otherwise provision we we a had to
execution we closed of million $XXX a of XXX.X%. home terms sales, at blended In loan
loans. able and $XX positive late-stage Additionally, maintaining we versus selling generate over off, they selling after of improved By from time we're sold incremental million by personal delinquent these charge to our loans, value both capabilities recovery servicing.
million while of by decreased paydowns Finally, loans new our at all period, $XXX sold in new $XXX par and $XXX loans we secured a secured financing. of Net-net, inclusive sold executing secured also million execution, of issuances, balance loan sequentially. million
of health Turning strong. to consumer The remains credit performance. our
average borrowers XXX. student average a loan weighted a income weighted our with average of score FICO personal Our income have average of while $XXX,XXX have and XXX, score weighted loan a a weighted of borrowers $XXX,XXX FICO of
the continue quarter trends delinquencies 'XX. after seeing in of credit to peak first improve Our
rate QX. the delinquency loans, in XX slight the sheet points personal on-balance XX basis was For a points basis from decrease quarter, in XX-day
last rate for versus an The of quarter. declined in rate X.X% would prior sold net delinquencies, approximately estimate X.XX% annualized all-in that we versus X.XX% including X.X% the late-stage quarter. charge-off not personal had charge-off Had recoveries, we any have annualized loans we to
sheet last flat from loans, For sequentially basis points, delinquency student at to basis charge-off the rate decreased remained XX our points student XX basis quarter. loan on-balance basis XX-day annualized XX X points while rate points
with these loss support levels. in The to personal X% X% line we for our tolerance, below assumptions continue our underwriting to loans, trend although to life-of-loan data continues maximum
to originated remaining. with in tolerance. vintage have the observed QX XXXX recent point X.X% net of at XXXX X.XX% Our cumulative approached is the QX XX% our unpaid losses the principal last X% vintage, vintages to X% XXXX below balance time that from This same for well the
curve XX and cohort between improvement. demonstrating points, continued XXXX widened the curve gap cohort The newer basis the by
cumulative has Additionally, XXXX origination, losses. our paid looking with XX% through XXXX QX in of X.X% already net QX down, at been principal
loans This on well to tolerance. below its would XX% in rates levels, past above our losses life-of-loan rate cohort unpaid on entire remaining reach would achieving for confidence our underscoring be principal further the X%, Therefore, of be the of XX%. to charge-off loss X% exceed
value key fair our and marks to Turning assumptions.
discount rate; As a at comprised our considers fair the the rate; quarter, and reminder, we mark which a weighted factors, the constant benchmark loans prepayment number value and default rates of each the coupon; of average rate including: conditional spreads.
the were partially the XX points by change discount function X.XX% quarter, was from the the end tightening. the basis by points rate our prior end increasing quarter. fourth to XX points, XXX.X%, XX of by due down at rate marked of increasing benchmark underlying offset the XX to spreads basis mostly personal loans This a basis basis At of points from
based noted, previously are of we've assumptions. As changes both on these actual not market data, the empirical
X from we were Additionally, average hedge decrease saw value weighted point the for impacts X that in basis Furthermore, any interest rates increasing offset XX resulted coupon. by nearly gains. fair a
those on prepays, negative which the principal, asset premium the value we principal to we the XX.X% in to relative XX.X%, the borrower an impacts, had small overall is only a a impact is the of very par the time, mark. which and outstanding. impact point rate are above change a from When given capturing based still the offsetting at in conditional to slight Slightly decrease prepayment on the has immaterial our in
XX function XX by of by basis the to student XXX.X%, by quarter, This points points, marked X.X%, basis of prior the rate are benchmark basis basis spreads XX driven increasing offset by at the increasing points end partially underlying the discount from change rate a of the our At loans the down points XXX tightening. end quarter. from was fourth
rate changes average we the were rate a basis conditional material rate. conditional weighted XX.X% Additionally, XX.X%. point saw XX to prepayment the in coupon the increase There from prepayment no to or
Turning driven $XXX grew and assets by approximately cash, million well the growth securities. assets to our all $XXX other of cash of very we fourth of balance approximately investment capitalized. $XX and in loan In billion, quarter, sheet, by in growth million equivalents $X.X approximately million remain growth,
Total reduced Total This quarter-over-quarter, billion was deposits driven were liabilities billion of while the member by billion. billion. in grew $X.X deposit reached nonmember growth quarter. $X.X nearly by by $X.X $XX deposits
year, strong over deposit approximately further there balance has lines, $XXX our our past from basis the interest deposits growth organic between which deposit savings annualized to the in million interest point translates difference our base XXX pay interest the Over year. strengthened on on past Currently, and warehouse we pay is sheet. growing we expense the
shift benefit along lending sustain funding, continue deposit deposit We the to from with ability mix our towards versus to healthy betas.
interest up net of the result, a X.XX% XX for margin reported average sequentially. basis we As points an quarter,
yields function is deposits. reducing future. This line of our expectation of with overall foreseeable asset maintaining maintaining X% This a our NIM continues in the for of to and above be cost
our capital value regulatory deferred of $X.X remains capital of ratio above sequentially total ratios, our grew regulatory XX.X%. nonrecurring million terms book Tangible the In to the XX.X% benefits taxes. billion, $XXX related including comfortably at of to minimum year-end
value a benefits, year are $X.XX is Tangible from retained in business. the up book value ago. per it $X.XX, share is at these While year-end nonrecurring
drive scale growth a of required base, investment. to year capital profitability, XXXX, our to profitability our better continued we tilt GAAP after well revenue want to incremental as reaching as toward forward bolstering the Looking
the produce have of markets and We and untapped the we we returns. addressable growth in that more have we front durable more significant proven invest, us, strong
drive XX% to plan margin the strong XX% growth EBITDA into in we future. of business around returns ultimately, again durable and, an we incremental to that manage the XXXX, reinvest XXXX as in In well towards of
stabilization rate as our financial with with by an XXXX, line our expansion normalized cuts; curve starting range; capital GDP normalization X% Let interest X%; follows: me macro continuation providing consumer and X.X outlook credit. across in of finish consistent assumptions credit X% rate of with outlook In and that forward just spread the unemployment of underpin our of the north of market the for and markets are expectations, to assumptions guide.
Now specific for guidance. our
X.X which year-over-year add year For we expect represents to full members, the least at growth. at million least XX% XXXX,
billion growth year-over-year to expect net revenue which $X.XX $X.XXX We XX%. adjusted XX% to of billion, equates of approximately to
to in just of equates adjusted to an expect which investment line $X.XX, philosophy incremental I We margin EBITDA million of $XXX that million, $XXX EBITDA an with approximately our outlined.
net GAAP convertible $XX equity. the incremental income million, exchange excluding of net when million $XXX of equates in XX% notes to We to expect the XXXX range of which gain the related XXXX margin an to of for $XXX of portion a our adjusted million
$X.XX We expect the in to share. of EPS range adjusted per GAAP $X.XX
which XXXX. a to we I assumes mentioned, of in believe currently rate effective As this guidance rate tax be tax XX%, our
to We million expect ratio value million in the to $XXX tangible of capital for with year growth $XXX the end and above book XX%. year a total
For million XXXX, deliver of expect we EPS items $X.XX.
It's net GAAP net $XXX $XXX of note the GAAP $XX to XXXX of X million EBITDA million, QX adjusted adjusted first $XX million million, important comparing XXXX. income to and to QX $XXX revenue when $XXX to to of to quarter million of
an pretax million income our to taxes taxes to we tax $XX impact have to expect This valuation in effective on rate releasing approximately XX% prior First, of immaterial allowance. versus expected from a QX. translates
each we year. X the the have in year taxes quarters during X.X operating first seasonal first This of each of the $XX quarters. to translates expenses Second, incremental payroll of million approximately
Moreover, we beyond our guidance expect beyond annual and are medium-term $X.XX confident growth to positioned in annual XXXX, delivering we compounded of EPS XXXX XX% in to to XX% deliver XX% growth the revenue per EPS to XXXX, XX% remain range $X.XX share. well Looking we now delivering exceed to XXXX. through of
remarkable year SoFi. for has Overall, XXXX a been
the build remain are results our ability we We year we ahead. of momentum this strong move and into to in the delivered proud confident on as
begin With Q&A. the that, let's
