Good day, and welcome to the SoFi Technologies, Inc. 2024 Annual Meeting of Stockholders. Please note that today's meeting is being recorded. Tom Hutton, Chairman of the company's board of directors, will now proceed.
Good morning. I'm Tom Hutton, Chairman of the SoFi Board of Directors, and I will act as Chairman of this meeting. I'm pleased to welcome you to the SoFi Technologies, Inc. 2024 Annual Meeting of Stockholders. Before I call the meeting to order, I would like to note that the meeting will be conducted in the manner outlined in the agenda and rules of conduct available on our investor website. I would also like to introduce you to the members of the board and our executive team who are with us today. The members of the board with us today, in addition to myself, include Anthony Noto, our Chief Executive Officer, Steven Freiberg, our Vice Chairman of the Board, Ahmed Al-Hammadi, Ruzwana Bashir, Michael Bingle, Dana Green, John Hele, Clara Liang, Harvey Schwartz, and Magdalena Yeşil, representing all of the members of the board.
The executive officers of the company with us today, in addition to Anthony Noto, include Christopher Lapointe, our Chief Financial Officer, Anna Avalos, our Chief People Officer, Kelli Keough, our Executive Vice President and Group Business Unit Leader for Spend, Invest, Protect, and Save, Rob Lavet, our General Counsel and Secretary, Jeremy Rishel, our Chief Technology Officer, Lauren Stafford Webb, our Chief Marketing Officer, Arun Pinto, our Chief Risk Officer, Derek White, our Chief Executive Officer of Galileo. Mr. Lavet will act as the secretary of this meeting. I would also like to introduce Robert Lee of Deloitte & Touche, LLP, the company's independent registered public accounting firm. The meeting will now officially come to order. I've asked Mr. Lavet to record the minutes of the meeting. It is a pleasure to welcome our stockholders to the SoFi Annual Meeting.
This meeting is being held in accordance with the company's law, bylaws, and Delaware law. We will take care of the formal business at hand, which is described in our notice of annual meeting and proxy statement, which was mailed on or about April 5th, 2024, to all of our stockholders of record at the close of business on March 28th, 2024. Following the formal business proceedings, we will then have a question-and-answer session. Stockholders, as of the close of business on March 28th, 2024, may submit questions at any time during the meeting through the virtual meeting website. Questions directly related to an agenda item on which stockholders are entitled to vote may be submitted and will be answered immediately after the opening of the polls. An opportunity to raise other questions will be provided following the formal business proceedings.
All questions are subject to our rules of conduct. To ensure stockholders have the opportunity to participate, we will respond to no more than one question from a single stockholder. Now, we propose to proceed with the formal business of the meeting as set forth in the company's 2024 notice of annual meeting and proxy statement. Will the secretary please report at this time with respect to the mailing of the notice of the meeting and the stockholders list?
I have at this meeting a complete list of the stockholders of record of the company at the close of business on March 28th, 2024, the record date for this meeting, which is and will be available for examination by any stockholder on the virtual meeting website throughout this meeting. I also have with me an affidavit from Broadridge Financial Solutions, certifying that commencing on April 8th, 2024, a notice of internet availability of proxy materials was deposited in the United States Mail to all stockholders of record as of March 28th, 2024. The notice provided that stockholders could access and review our proxy material, including the proxy card, proxy statement, notice of meeting, and 2023 annual report, or alternatively, request a printed copy of the proxy materials.
At this time, I would like to introduce Anthony Carideo of The Carideo Group, who has been appointed to act as independent inspector of elections at this meeting. Mr. Carideo has taken and subscribed the customary oath of office to execute his duties with strict impartiality, which will be filed with the records of this meeting. His function is to decide upon the qualifications of voters, accept their votes, and when balloting on all matters is completed, to tally the final votes. Will the secretary please report at this time with respect to the existence of a quorum?
I have been informed by the Inspector of Elections that proxies have been received for 662,721,738 of the 1,059,725,365 shares of common stock and redeemable preferred stock outstanding on the record date, which represents approximately 62.53% of the total voting power of all outstanding shares entitled to vote generally in the election of directors. This constitutes a quorum for the meeting today, and we may now carry out the official business of the meeting. Tom?
Excuse me. I declare that a quorum is present. We will now proceed with the formal business of this meeting. After describing the proposals to be considered, we will open the polls for voting and respond to questions directly related to the proposals. The following proposals are to be considered by our stockholders at this meeting. Proposal 1 is the election of 11 nominees for directors to serve on the board of directors until 2025 annual meeting of stockholders, and until his or her successors are duly elected and qualified, or until his or her earlier death, resignation, or removal. Proposal 2 is the vote to approve on a non-binding advisory basis, the compensation of the company's named executive officers.
Proposal 3 is the ratification of the appointment of Deloitte & Touche, LLP, as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2024. The last proposal, Proposal 4, is the approval of the SoFi Technologies Inc. 2024 Employee Stock Purchase Plan. Mr. Lapointe and Mr. Lavet were designated as proxies by certain shareholders. Such shares represented by proxy will be voted in accordance with the instructions given. If no instructions were given, such shares will be voted for the nominees listed in Proposal 1 and for Proposals 2, 3, and 4. The secretary will now describe the voting procedures.
The time is now 7:00 A.M. Pacific Time on May 21, 2024, and the polls are now open for voting on each of the proposals described by the chairman. Voting is by proxy and virtual written ballot. You do not need to vote again if you have already voted your proxy by telephone, or by mail, or by the internet. There is an order of business set out in the agenda so that we can proceed in an orderly and expeditious manner. As a reminder, an opportunity to raise questions will be provided following the formal business proceedings. If anyone attending the meeting has not yet voted and desires to do so, please do so now through the virtual meeting platform.
It is now 10:10 A.M. Pacific. I'm sorry, it is now 7:10 A.M. Pacific Time on May 21, 2024, and the polls are closed for voting on each matter presented.
May we have the preliminary voting results? Please note any votes that were cast during today's meeting will not be reflected until the final report of the Inspector of Elections.
The preliminary results from the Inspector of Elections covering the proposals presented at this meeting indicates proposal 1, to elect the persons nominated for director to the board of directors of the company, is carried. Proposal 2, to approve on a non-binding advisory basis, the compensation of the company's named executive officers, is approved. Proposal 3, the ratification of the appointment of Deloitte & Touche, LLP, as the independent registered public accounting firm of the company for the year ending December 31, 2024, has been approved. Proposal 4, the approval of the SoFi Technologies, Inc. 2024 Employee Stock Purchase Plan, is approved. The final report of the Inspector of Elections will be filed with the minutes of this meeting, and the final results will be included in an 8-K filed with the SEC.
There being no other business to properly come before this meeting, the formal part of our meeting is now complete, and this meeting is now adjourned. We will now review questions submitted by stockholders in advance of or during the meeting through the virtual meeting website. As a reminder, questions are subject to the rules of conduct, which permits the company, among other things, to group, summarize, and answer similar questions together.
Will our investor relations team please advise if we have any questions?
We have received the following question: What does the product development pipeline look like today? Is SoFi considering getting into SMB banking, asset management, car loans, et cetera, in the near future?
... Hi, everyone. This is Anthony Noto. Thank you for your question. SoFi's product roadmap is all about helping people borrow, save, spend, invest, and protect their money. The diverse product offering we've built over the last past few years has attracted more than 8 million members to SoFi, and I'm excited by what we have in store. I'll touch on a few areas raised in your question. Our invest product is an area where we continue to innovate. For example, earlier this year, we made it possible for SoFi members to invest in select alternative investment funds, mutual funds, and money market funds, bringing more choice and competition to this market. We've seen a great trend in this business, and we continue to see continued nice growth in AUM as we continue to increase selection.
We believe there's a never-ending opportunity to add access and selection to best meet our members' needs as they build investments and move towards financial independence. On small, medium businesses, we connect entrepreneurs with small business financing through SoFi's marketplace, not to mention the financial infrastructure products we offer through our tech platform. Small, medium business is a great opportunity for us to grow over time, but we'll continue to move into that area with a slow, methodical pace that ensures we're meeting the needs of our, our new potential small, medium business partners as well as their constituencies. Today, we do that through lead generation, and we'll continue to make progress as we build a better understanding of this marketplace and areas of opportunity that are underserved. I expect we'll do more in those areas over the long term, as well as some of the other areas you mentioned.
And finally, on auto loans, we currently offer refinancing options through SoFi Lantern. As you can tell, we have no shortage of opportunities before us, so we'll continue to focus on our roadmap on areas that deliver the most meaningful value to our members, deepening their relationship with SoFi and enabling us to further invest in growth while balancing both growth and continued improvement in returns and profitability. Thank you.
We have also received the following question: Given current volatility in the stock, how can you secure shareholder confidence?
Thank you for the question. Building long-term value for our shareholders comes down to executing our strategy. Whatever uncertainty or volatility we face in the macro environment, we are staying laser-focused on our strategy to make SoFi the one-stop-shop for digital financial services. We've delivered results that clearly demonstrate the progress we're making. We've responsibly grown our business and our member base, achieved GAAP profitability, expanded our financial services and technology platform segments to diversify our revenue base, increased our tangible book value and capital ratios, and more. If we continue to focus on the things within our control, I have deep conviction in our ability to become a top 10 financial institution and deliver meaningful returns to our shareholders.
Our last question for today's meeting is: You recently shared you will take a step back in lending due to macro uncertainty. Given this segment is at least 50% of your revenue, how will SoFi sustain revenue growth moving forward?
Hi, everyone. This is Chris Lapointe. Thank you for the question. As we've mentioned in the past, 2024 will be a strong year of revenue growth, increasingly diversified revenue, and meaningful book value generation. We provided our three-year outlook on the business in Q4, which only reflects the benefits of the investments we have already made in our existing businesses. As a refresher, we anticipate 20%-25% compounded annual revenue growth, assuming no meaningful changes in the macro and no significant new business launches or acquisitions. This growth will drive between 55 and 80 cents per share in GAAP EPS in 2026. SoFi's product pipeline is robust, and we could get into several new businesses in the near future that would be incremental to our current guidance. Additionally, we are always evaluating our internal and external indicators to make informed decisions regarding our lending segment.
While we have a conservative outlook with respect to lending, if the macro changes and we feel more comfortable, we have the option to ramp this business. The long-term opportunities for SoFi remain unchanged, and we continue to believe we're just getting started. There are endless opportunities for investment and growth, and we remain focused on the right types of durable growth for the stage of our company and within the environment in which we operate.
That will complete the question-and-answer period. If a question posted was not answered, such matters may be raised separately after the meeting by contacting our investor relations team. The email address and phone number are on our website. Thank you for attending the company's 2024 annual meeting of stockholders.
The 2024 annual meeting of stockholders has now concluded.