Okay, everybody. Thank you. We're gonna get started with our next session. Thank you for joining us. Thank you. Up next, we have SoFi Technologies. Representing the company, we have the CFO, Chris Lapointe. Chris, thanks for joining us. It's good to have you guys here this year. You know, I thought what would be a good way to start is, you know, assuming that the audience has kind of mixed familiarity with SoFi, and as Anthony often says, you guys have been on the five-year sprint, so you've done a lot. Maybe give it a quick overview of SoFi, the three main segments that you guys kind of operate and disclose, and then we can take the conversation from there. Absolutely. Thanks for having me, Mike. Really appreciate it. Our mission at SoFi is to help our members achieve financial independence in order to realize their ambitions. When I say achieve financial independence, that doesn't necessarily mean having people get rich. It means having people have the careers that they want or the jobs that they want or the families that they want. In order to help people achieve that financial independence, what we've done is we've created a comprehensive set of products and services that enable them to borrow better, save better, spend better, invest better, and protect better. We've done all of that by putting the interests of our members first and foremost every single day along their financial journey. The reason that we've done that is because we feel like they have been left behind by legacy financial institutions. Currently today, we operate in three distinct segments. Our lending segment, we offer student loan refinancing, unsecured personal loans, in-school loans, and mortgages. That comprises about 70% of our business today if you look at our 2022 revenue. That business is operating at about a 60%+ contribution margin. Our second segment is Financial Services, which includes all of our daily engagement, lower customer acquisition cost products. That's our SoFi Money or checking and savings business. That's our credit card business, brokerage. We have a business called Relay, which is an account aggregation or budgeting tool. We have a referral business as well. That's currently comprising about 10% of our overall revenues on a 2022 basis. We're currently losing money in that segment as a result of there being about a 12-24 month payback period on the upfront customer acquisition costs, and as a result of building our overall CECL reserves. Our third segment is our Technology Platform segment, which is comprised of our two acquisitions that we've done over the course of the last three years. First was Galileo, second is Technisys, that comprises about 20% of our overall revenue. That segment operates in the or delivers about 20%-30% contribution margins. It's a great rundown to get us started. You know, I want to talk about all three segments, but before kinda diving into that, you know, when I think of the lending segment, the products you mentioned in the Financial Services segment, and the SoFi Money accounts, you know, obviously, the decision to become a bank and get a bank charter kind of is intertwined with both of those businesses. I thought maybe it would be helpful just to start, maybe give us 60 seconds on why you felt like that was the right move for SoFi to become a chartered bank but secondly, how we've seen it start to impact the financials in a positive way already through the balance sheet growth and the net interest income growth that you saw in 2022. Yep. Rewinding back to 2018, 2019 period, when we were primarily a, just a lending business, we were forced to turn over our balance sheet four to five times a year because we were dependent on relying on only our equity capital as well as warehouse lines in the ABS market. One of the things that we talked about with our board, back in 2020 was going out and getting the bank charter because it would provide us with a much lower cost of capital relative to alternative sources, and it would provide us with much more flexibility with respect to growing our originations or lending business. It's done exactly that. We got our charter in February of 2022. We had about $1 billion of deposits at the time. We exited this year with about $7.3 billion of deposits, and about 88% of those, member deposits are coming from direct deposit members. This has been a phenomenal, really sticky source of low-cost funding for us. Currently the cost of our deposits are about 190 basis points lower than alternative sources. It's starting to have a real meaningful impact, not only from a net interest income perspective, but also on our ability to hold loans for a longer period of time because we aren't forced to sell, because we are subject to having to rely on just warehouse lines. If you take that 190 basis points for every $1 billion of deposits that we're using to fund originations, it's about $19 million in annualized savings. If you look at our total deposit base of about $7 billion, that's $125 million-$130 million of annualized savings that we're getting as a result of having that low-cost funding. In addition to that, by having the bank, we're able to offer an unmatched value proposition to our members through a higher APY. Right now, direct deposit members can earn 3.75%, which is at the top of the market and is really helping us drive deposit growth on a quarter-to-quarter basis. You know, when I remember, I think it was on the first quarter of 2022 transcript, you guys talked about just the weekly inflows you were seeing on the SoFi Money deposits from the rate you were offering. You know, not in any way in earnest, but you are starting to see more banks and other kind of digital companies try to start to get more aggressive. Deposits are shrinking. Has it gotten more competitive for you guys, or have you found that that position you're in competitively is still, you know, basically driving elevated deposit inflow activity for SoFi? No. In Q4, we had another phenomenal quarter. you know, we grew deposits by about $2 billion quarter-over-quarter. We haven't seen a slowdown in terms of overall inflows, unlike a lot of the other peers out there. The other thing I would say is we still have significant room to continue to offer that unmatched value proposition, given the spread between, you know, the deposit base and our alternative source of funding of that 190 basis points. In a world where things get more competitive and people raise their rates, we still have significant buffer that will enable us to hold on to that value proposition. Just lastly on the bank charter before we move on. I'm curious, you know, kind of a two-part question here, but the how have you found the regulatory oversight of the charter impact your day-to-day kind of operations at SoFi high growth? You know, I mean, you guys are a high growth company, right? High growth revenue company. Secondly, do you find that the regulators focus on SoFi Bank, or is there an equal amount of focus on the bank and the consolidated company when looking at profitability, capital, liquidity, all those things? Because, you know, it's not within a bank holding company, right? Like a lot of traditional bank people are used to looking at. I'm just curious what that dichotomy looks like. Yeah. A lot of folks ask us about the regulatory or potential regulatory burden as a result of having the bank. What I would say is rewinding to when we were back when we were just a lender, we were regulated in all 50 states that we were originating loans in. If anything, you know, having to work with just the OCC and the Fed has streamlined some of our regulatory requirements and relationships. Right now, we have a phenomenal relationship with both the OCC and Fed. We don't view it as being any more burdensome than it was historically, and we're no stranger to operating in this type of environment. In terms of how they think about it, bank versus a holding company, the OCC regulates our bank. The Fed is regulating the entire holding company, which includes all other businesses. Got it. Anything, just functionally, any capital or liquidity views that the Fed would have for you guys would be across the entire organization. That the Fed would have. Yeah. Exactly. Okay. You know, circling back, one of the things I think personally that I've always differentiated you guys versus other kind of consumer first digital, you know, fintech type platforms is the breadth of products. I know Anthony always talks about the Financial Services Productivity Loop. I was wondering if maybe you could spend a minute going into that a bit further. I mean, a lot of that's housed within that Financial Services segment that you already brought up briefly. Can you maybe walk through a layer deeper on the array of products and also maybe give us some insights onto where you're seeing the most kind of economic efficient customer acquisition happening today that you're trying to put the pedal down on? Yep, absolutely. One of the ways that we help our members, you know, achieve that financial independence is by deploying that strategy that you just referred to as a Financial Services productivity loop. There are three different components to that. The first of which is that we wanna create, you know, products that are best of breed in and of themselves, but more importantly, that work better when they're used together. The reason that that's critically important is because when someone takes out, you know, a first product, we need to build that trust and loyalty with them such that they're more willing to take out that second, third, fourth, and fifth product. The reason that that's important is because when that person takes out that second product with us, the revenue per that member increases drastically, and we're not paying that second customer acquisition cost i n order to acquire them. The LTV, our goal of having the highest LTV in the industry, is really met when that productivity loop starts to work. The second part of the strategy is to have superior unit economics across each and every one of our businesses. We've seen that with our lending business, where we're 100% vertically integrated, and it allows us to innovate at a much faster clip and operate at a much lower cost. Again, that helps us, you know, deliver the highest LTV, the highest unit economics, reinvest those profits back into the business in the form of, you know, better products, better pricing, better services, et cetera. The third component, which we'll likely hit on later, is to continue to build on our goal of becoming the AWS of fintech and building out our Technology Platform. One of our main objectives when we acquired the Galileo business was because we wanted to vertically integrate our checking and savings business. The reason for that was because we wanted to be able to innovate and get products and services to market much faster, but also be that low-cost provider. We have certainly seen that that's playing out in spades. We're, you know, a very low-cost operator, and it's a great business. What's more importantly is it's a great business in and of itself, and we're able to serve members across a much broader ecosystem than just the SoFi ecosystem. We're excited about the progress that we've made, both on the SoFi side, but also on the Tech Platform side. When you think about like active members and their products per active member. I know you guys don't really disclose that, but can you give us maybe some indication of like where the customers that are engaging with your platform the most, how many products are they using and what kind of marketing verticals have you had the most success with? You guys do a lot, right? You're in a lot of different channels, social media, you know, all the. I'm just curious where you guys have seen the best kind of bang for your buck, I guess. Yeah. I'll split it out into the different segments. In our Lending segment, we predominantly rely on direct mail and affiliates to acquire members. On the Financial Services side, we typically rely on digital marketing and referrals. We have started to have some success with affiliates as well on our checking and savings business, but it's predominantly been lower customer acquisition digital channels that we've relied on. In terms of the overall engagement, we don't disclose anything but products and members. The best indication of the fact that people are engaged in on our platform is, I would say, twofold. Is looking at the number of products per member. It's been right around that 1.5 level, for the last several quarters, which is a great indication, that people are using the products because of how fast we're growing the overall member base. The second way I would look at it is revenue. You know, we've delivered seven consecutive quarters of record revenue. That doesn't happen unless people are engaged, and highly engaged on our platform, specifically in Financial Services. I wanted to transition a little bit and talk, you know, that provides a good backdrop of kind of foundationally what you guys are doing, what you're trying to build, how you're trying to go about it. Transition a little to, you know, what are the financial outcomes of that, the financial targets? I wanted to start probably with one of the more critical ones. I mean, I thought it was noticeable that this year on your fourth quarter call when putting your targets out for 2023, there was the goal to reach profitability as a company. You know, that's kind of, obviously, I think everyone in this room understands why that's the ultimate goal. You, you also have this, historically a pretty strong view that you wanna invest $0.70 of every $1 of revenue you make. Can you kind of maybe bridge the gap of those two things? Has the environment changed at all? Has that 70/30 rule changed at all, or is that 1.5 gonna increase to the point in 2023 where you think you can finally kind of get that hockey stick ramp in the GAAP EPS? Yeah, we're finally starting to hit that inflection point. What I would say is our view on how we invest in the business has not changed since, you know, we somewhat transformed the business back in 2018 and 2019. What we've said consistently is that we wanna reinvest 70% of every incremental dollar back into the business in order to drive, you know, incremental EBITDA margins of 30%. Why 30%? Because we think that that's the right level that will enable us to deliver compounding revenue growth for years and years to come. What we also said on the Q4 call is that we expect to be able to deliver 20% incremental GAAP net income margins, which puts us, if you do the math, right at GAAP profitability, by Q4. We hit some critical inflection points during Q4 that help demonstrate that we're certainly on that path. If you look at our lending business, for the first time, our net interest income exceeded our non-interest income, which is a really good indicator that we're starting to grow a nice recurring steady stream of revenue in the form of net interest income. In addition to that, if you look at our lending business, our net interest income exceeded all costs attributable both on the fixed and variable side on the lending business. We're profitable even excluding non-interest income and overall origination revenue. That's a really good critical milestone to hit that will ensure that we're delivering profitability in that lending segment even through a cycle. The second critical milestone that we hit was having our adjusted EBITDA of $70 million in the quarter was essentially equal to the stock-based compensation, which is a non-cash item that sits below adjusted EBITDA and hits GAAP net income. At $70 million, again, that's a really good indication that we're gonna continue to get leverage in the system and deliver those GAAP profits. The only other lines between adjusted EBITDA and GAAP net income are depreciation and amortization. The vast majority of that D&A is attributable to amortization of intangibles on the two acquisitions that we made. There is some capitalized software in there as well, but it's a smaller component of it. Again, we're gonna continue to see leverage in that as the amortization comes down. What are the biggest risks to achieving that target? I mean, to me, it feels like it's probably twofold. I mean, you guys are gonna be able to grow the balance sheet if you want to, just I think you guys have demonstrated that. Are the biggest risks possible margin compression in the lending segment and possibly, you know, maybe not as fast a margin rebound in the Technology segment? If you had to kind of put your finger on two things that could maybe prevent you from achieving that, would those be high on the list, or is there something else we should be mindful of when you think about the risks of reaching profitability? Yeah. There are a bunch of levers that can impact the overall results for 2023, and we kind of walked through them on our earnings call. What I would point back to is some of the macro assumptions that we made in our 2023 guide. The first of which was that we expect, you know, rates to reach 5% by the mid part of 2023, then we expected there to be about two rate cuts to get us down to 4.5% exiting the year. You know, who knows what's gonna happen over the course of the next several quarters in that. That could be either a tailwind or a headwind, depending on where things go. I think we assumed, or I know we assumed that unemployment would reach 5% and be more normalized. If things are better than that, our consumer lending business could be more of a tailwind versus a headwind. If it's worse, you could have the opposite effect. We did assume that credit spreads would remain elevated throughout the course of the year. What we saw in January was that credit spreads actually tightened, which is a good indication that the ABS markets are starting to open up again. We just accessed the markets a few weeks ago and did another term securitization similar to what we did in November of this year at spreads that were 90 basis points tighter than our last deal. It's a really good indicator that that market's starting to open, and we're able to access it. That could continue to be a tailwind for us. Then from a loss, perspective, we assumed that things would return closer to 2019 levels. We'll manage against that, those losses, that could be a potential tailwind if things stay where they are today. It sounds like you're not necessarily assuming a recession, but you are assuming some normalization in various, you know, items, whether it's losses on vintages and on the personal lending, you know, rates. I mean, nothing sounds overly aggressive in kind of those factors. Would you say that's fair? That's fair. We also said that we're assuming a 2.5% GDP contraction throughout the year as well. Not a significant recession but steady as she goes. I wanted to spend a minute on, and you were talking about credit spreads, and that's a good segue because, you know, the personal lending market for you guys has really been a great engine of revenue growth. You know, particularly with kind of the political arm strong nature of the student refi business, right? That we've been in for some time now, that really has kind of taken the baton and grown the top line for you. I guess kind of a two-part question. One, you talk about a business line that was $40 billion in 2014. It's probably approaching $200 billion now, and you guys have seen a growing piece of that market share. What's kind of SoFi's overall view of the personal lending market? Are we still early innings? Are we reaching kind of a top from a. I mean, there's still a lot of credit card debt out there. There's still a lot of use cases. I'm just curious what your view is there? Secondly, what has been your value proposition in that space where there are some other players, both public and private, that have been trying to grow and have pulled back and gotten more aggressive. Just curious how you think you fit in competitively in that personal lending market? Yeah. What I would say in terms of the overall market, is that it has been growing. I think it's a function of where rates are and where they've gone over the course of the last 12 months. In a rising rate environment, people tend to refinance out of variable rate debt, especially on the credit card side, into these fixed unsecured products. That certainly benefited us. We've benefited both from a macro tailwind perspective, but we're also gaining share. If you look at Q4 of 2021, we were at about 4.5% of overall market share. Today or as of the end of Q4 of 2022, we were at about 6%. We benefited both from the market tailwind as well as our ability to gain share. That's a function of us being able to differentiate our products across four key dimensions that we often talk about publicly. It's fast selection, content and convenience. You know, we're able to differentiate on price. We're able to differentiate in terms of how quickly people can get a loan in an automated way. All of those things have actually helped benefit us. I think in this rate environment and where things are headed over the course of 2023, I think you'll continue to see the market grow. I think we have plenty of headroom to continue to grow that business given our 6% market share, we're gonna be extremely thoughtful and prudent in how we approach it. We talked publicly on the earnings call that we're gonna grow that business modestly, because of our maniacal focus on credit and ensuring that we're underwriting the highest quality borrowers. We're gonna be mindful. I don't think there are any, you know, headwinds that would prevent us from growing that business, but we're gonna be thoughtful in how we do it. Can we spend a second on credit there? 'Cause that's something I've always, I don't wanna say struggled with, but, you know, it's a fairly new asset class. You know, credit losses have been low for a while, so FICO scores are high. Can you maybe just walk us through how you guys underwrite these customers? Because I'm pretty sure it goes beyond just someone's FICO score, right? And how are you confident that you're kind of, I mean, when you guys SPAC'd and came public, it was higher earners not well-served, right? That was the focus. I think it's still the focus largely of the enterprise. As you grow these products, how do you kind of make sure that you stay in that sleeve of target customers and not kind of expand the funnel a little bit from a credit perspective as you try to drive the volume? Yeah. We're constantly making tweaks to our underwriting models and what tiers we're actually underwriting to on a day-to-day basis. We look at this at the most granular level in terms of which channels we're acquiring members, et cetera. We don't underwrite to FICO scores. That's a knockout rule. We won't underwrite to below 680. We underwrite to free cash flow of that member and have been refining that model for quite some time. I think we're on generation four of our overall underwriting model and constantly making tweaks. In terms of the overall demographic, to your point, it's remained extremely high quality. The weighted average FICO is about 746 as of Q4. The weighted average income for that borrower is $160,000, super high quality. In terms of the overall credit characteristics of that borrower, if you look at our annualized charge-offs in our personal loans business across the entire portfolio, they were about 1.95% in Q4. If you look at the average duration of our personal loans, they're on average about 1.8 years. If you take that 1.95% of annualized charge-offs, multiply it by the duration of that loan, you get to a overall portfolio life of loan loss rate of about 4.45%, which is below our risk tolerance of underwriting to 6%-8%, which we've said publicly. We feel really good about the overall performance and credit of our borrower, but we're constantly, you know, evaluating every single cohort and how we're acquiring those members to ensure that we never exceed that risk tolerance that I talked about. I guess the other tricky part is, you know, as you're attracting customers in the Financial Services products, right, you're not necessarily gonna only be attracting higher earners not well-served, right? Particularly with like almost a 4% yield on your deposits, right? Credit cards, all these other things you're doing. How do you guys I guess two-part question again, have you seen that? Have you seen kind of a broader spectrum of customers come on in your Financial Services products? Is that where like some of your partnerships that you have are so critical where you could funnel that loan volume elsewhere if it doesn't fit your criteria? Yeah. What I would say is we are still seeing super high quality members come in through our Financial Services products. I think we said publicly on our earnings call that the median FICO score of our checking and savings members is 745, still super high quality. We do have, you know, some of these daily engagement products that are broader market appeal, but we still stick to, you know, high earners who are not well-served with high average incomes. We have found ways to monetize folks who come in through our funnel and aren't, you know, cannot take out a loan with us. It's a good example of our Lantern product or Lending-as-a-Service, where currently about 70% of all applicants who come through our personal loans funnel, do not get a SoFi loan, but we're able to find them a bout 70%. We're able to find them an alternative partner to take out a loan where we get paid a referral fee. It's a great business and we're also able to serve a broader market than our target demographic. You know, I don't wanna belabor this point, but I do get a lot of questions just about how, you know, you guys opt to do kind of fair value accounting on your loan book. I thought maybe you could spend a minute. You know, not many banks do that, so I thought why, you know, why you guys choose to do that would be a helpful data point. Also if you could maybe, you know, the rate environment has been kooky, for lack of a better word, right? You guys have managed to hedge your way through it and kind of have some stabilized revenue. I just wonder if you could maybe just spend a minute also on kind of how you hedge these personal loans that I think you're now holding on your books for kind of six or seven months from origination to sale, give or take. I know it depends on the credit, but, you know, historically, six to seven months might not have a huge rate impact, but obviously in 2022, that was not the case. I think it'd be great to spend a minute there and talk about that strategy. Yep. In, in terms of why we do fair market value versus cost. At time of origination, there are two ways that you can account for your loans. You can do it at cost and take a CECL reserve, or you can do it at fair market value, and you mark them at the fair market value, which is based on empirical, like historical sales, default rates, prepayments speeds, rates, et cetera. What we've done historically since the beginning of the company is we've opted to do fair market value accounting. We have an intent to sell those loans at time of origination, and we don't have the intent at this point to change how we think about that. To your point, we've been very successful over the course of 2022 with our hedging program. What we end up doing is we hedge out the loans that are susceptible to rate volatility. The pure intent of doing that is to offset any increases or decreases in rates and the offsetting impact on the fair market value of those loans. Our goal is to hedge 100% of that volatility, you saw that come through in the P&L this past year. In terms of other things that impact the fair market value of the loan, I would say there are a few things, and why we've been successful on maintaining our overall gain on sale margins is, first and foremost, is being able to keep pace with rates and passing that through to the weighted average coupon to the consumer. If you look at the last several quarters in our personal loans business, we've increased our overall portfolio by about 60 basis points on a WAC basis, and that's on the entire portfolio. New originations are coming in well north. That 60 basis points on a quarter-over-quarter basis, which is faster than the forward curve of the underlying benchmarks. That's reason number one as to why we've been able to keep pace with our gain on sale margins. Reason number two is our overall default rates and loss rates have held in there extremely well relative to expectations. Third is prepayment speeds on our loans have slowed as a result. Right. of the rate environment, which extends the overall cash flows of those loans and helps with the fair market value. Those factors combined are what's really driving, you know, our non-interest income revenue. The hedging component is purely to offset rate volatility on a one-for-one basis. Right. Which, you know, be nice if that kind of subsides. I'm sure you'd have a lot more free time to pursue other things. Just two last questions on this before I move to the Technology segment. You guys have purchased some loan portfolios. Is there a market to purchase back your loans? Is that something you expect to continue? Not necessarily ask for guidance, but is that like competitively the dynamics of the market right now where those opportunities can come back? Secondly, I believe the accounting rules, you mentioned a phrase, the intent to sell. I think they're fairly liberal around that intent from a timing perspective. Are there any limitations? Can you hold these loans eight, nine months? Like, is there any kind of restrictions we should think about in that regard as you guys continue to grow? Yep. First, on your question in terms of having the ability to purchase loans, you saw over the course of the last two quarters that we had opportunities to purchase a few portfolios. We did one in Q3 of our personal loans portfolio. We did one in Q4 in student loans. These are purely opportunistic purchases. We always do cleanup calls with some of our older securitizations when they hit certain thresholds, this is more of an opportunistic play for us. The reason for that is we're generating deposits and paying an interest rate on those deposits, and we need to make a return on those. There are a few ways that you can make a return. You can go out and originate a loan. You can pay $800-$1,000 to acquire that member. You can go out and purchase loans and start generating real returns on those. These are the loans that we purchased in Q3 and Q4 were originally underwritten by us. We service half of those loans and understand the overall credit profile and loss profile and historics of those members. It was a great low-risk way to bring loans onto the balance sheet and generate a return far more than we could otherwise with that capital that we're generating. The restrictions on intent to sell, like duration-wise, like is that. Yeah. As long as you have an intent to sell. Y ou would end up marking them as held for sale. Even in an environment where you were to account for these in a fair market value way, you can switch from held for sale to held for investment and hold them to maturity with no implications on CECL or anything. Got it. You'd always be marking them to market. Okay. I wanna transition to the Technology segment and then leave a few minutes if there's questions from the audience. You kind of gave the backdrop initially just to remind folks. You have Galileo, which was the original acquisition. I believe you closed that right before you guys backed and went public. Then you added Technisys later to kind of round out the product offering, bring some more revenues onto the platform. What would you say SoFi's value proposition in that space is which can be competitive and not be competitive at the same time? Like it is competitive, but people tend to stick with their processors for long durations of time as well. What have you found with your kind of new full product suite that you have your value proposition is in that marketplace? Yeah. What I would say is rewinding back to our Galileo acquisition, the reason that we purchased that was because we wanted to become vertically integrated, like I said at the top of the conversation. We're able to innovate faster and operate at a much lower cost. We started working with customers on the Galileo front, some of the things that we noticed is they wanted to get into different types of products and services. One of the problems with getting into different products and services is if you're a monoline business and you wanna get into a debit business, and you wanna get into secured credit or into brokerage, you need a different operating system or a core ledger in order to be able to make that transition. Galileo offers debit processing. We offer a core for debit processing, but we didn't offer a core that, you know, allowed us to service other types of products and services. We'd have to go out to another third party. One of the main impetuses behind the Technisys acquisition was to get that core technology. There are very few cores out there that are cloud-based, customizable, and extensible across multiple products, and that's exactly what Technisys is. We have had phenomenal conversations with not only the Galileo customers that wanna extend their product suite to other Financial Services products where we can get them to market in a much faster way because we have this core technology, but also larger financial institutions and larger consumer technology businesses with large installed bases that we weren't in conversations with before. It's opened up a lot of new doors and avenues for us, and it has enabled us to go to market with a product that, in our belief, no one else has. Is it just when you think about the recent revenue growth trends and some of the margin, I mean, you guys are clearly investing in the platform. Is the sales cycle just a little longer than maybe you guys initially expect? I mean, that tends. You know, having some bank experience, I can know how painfully long these sales cycles can be at times. But, just curious if that how that's worked out and, you know, what can really get this revenue growth rate moving and the margins kind of picking back up? What are some of the key drivers? Yeah. I'll start on the cost side and margins. Over the course of the last few years, specifically with Galileo, we've invested quite heavily in migrating from on-prem to the cloud. We are now essentially done with that migration. We have over 99% of all authorizations on the platform going through the cloud. We're going to be able to start realizing, you know, cost savings by not having to operate both on-prem and the cloud, which we've had to do over the course of the last few years. That's one area. We've also invested heavily in headcount, where we've scaled that by about 2.5x since we acquired the business, and that was for a few reasons. One was to build out our capabilities on the cloud side. Another was to build out product and API capabilities, a lot of those which have been built up until this point now. Then, the third was to build out our overall operational capabilities. We've invested quite heavily, now we're at that point where we're gonna start being able to realize some cost savings and synergies. We talked a lot about this on the earnings call. In the near term, you're gonna start seeing, or near to medium term, margins will expand back to those levels that we've talked about historically. Then on the revenue side, one of the things that we talked about focusing on was larger, more durable, customers that are diversified and have larger installed bases, which naturally have longer sales cycles. Once, you know, they're fully integrated, that will help reaccelerate revenue, to where we had talked about at the start of all this. There's some normalization there baked into your profitability targets? Exactly. Yeah. Yep. We have about five minutes left. Happy to entertain a couple questions from the audience if there are any. I'll ask one more while you guys mull. Just the concentration of this business, this is not something I think most people are unfamiliar with, even like Marqeta, there tends to be a little top-heavy 'cause they're volume-driven businesses. The biggest platforms that are successful grow and become larger, right? Can you maybe remind us what the concentration of revenue looks like on your Technology segment today? Does that naturally just kind of diversify over time? Is it kind of like a necessary evil, and as you guys grow both geographically and into B2B and other products, like it should kind of hopefully, not improve, but dilute over time? Or is there anything you can do more immediate that can help kind of reduce some of those concentrations? I'll rewind back to our 2021 10-K that we released. Our top five customers at the time comprised about 64% of the Galileo or Tech Platform revenue at that time, which only included Galileo. You'll see in the 10-K that gets published tomorrow or the day after that, we will not be disclosing any concentration because the overall limits were not met. There's no single customer on the platform that comprises 10% of our SoFi Technologies revenue. That 64% that I just mentioned has come down meaningfully as a result of growth in new customers, growth in the Technisys business as well. Some of those new customers, I imagine, you don't just turn the switch on and start driving huge volume, right? There's integration. There's ramp. It takes time. Exactly. I have one more, but I did wanna just give one last chance. Just to wrap us up, you know, I think to summarize, I mean, SoFi, you're trying to put yourselves at the center of your financial members' lives, right, and make their lives easier. You know, an element of that is payments, right? You guys touch payments in some different ways, whether through traditional banking rails, whether through payment processing on the Galileo side. Are you guys exploring any innovation on the payment side? I mean, there was a little bit more, you know, at this conference a couple years ago, a little bit more talk about like stable coins and things of that nature. Obviously, some of that's cooled off. Just curious, kind of a last curveball for you here. Just on your product roadmap, I mean, anything on the payment side that's worth, you know, the audience being aware of that you guys are maybe not even formally exploring but just interested in or think could be interesting as your consumer's behavior adapts and evolves? Yeah. Nothing that I can say publicly. We obviously have a really robust product roadmap, across the entire SoFi Galileo and Technisys ecosystem. We're gonna continue to innovate. We've invested heavily over the course of the last several years to put us in a, in a position to keep up with that pace of innovation. That's what we'll do, you know, for the foreseeable future. Great. Well, Chris, thank you for joining us. We really appreciate it. Thanks so much. Appreciate it. Yeah. Take care.