This is one of the examples in the beginning of SICP, if I remember correctly.
It's not important to understand phi as a floating point value; we can just work in the abstract arithmetic where we've added to the natural numbers a new entity phi defined to satisfy φ^2 = φ + 1 (just like complex numbers are the abstract arithmetic where we've added to ordinary arithmetic an i defined to satisfy i^2 = -1).
Call these Fomplex numbers; a Fomplex number a + b * φ amounts to just a pair of natural numbers, and it's easy enough to add and multiply them with natural number arithmetic. To calculate the N-th Fibonacci number, just calculate φ^N and add together its coefficients, as noted. As for how to efficiently calculate φ^N, use the usual addition chain approach to exponentiation (e.g., "repeated squaring"), thus getting a result in Θ(log N) many additions and multiplications.
This is incidentally the same as the matrix approach, essentially, but perhaps a cleaner perspective on it; at any rate, it is a way of thinking which will serve as a useful tool in your back pocket for other general problems about linear recurrences.