(COIN) 2022 Q2 法說會逐字稿

Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Second Quarter 2022 Earnings Call. (Operator Instructions) Anil Gupta, Vice President, Investor Relations, you may begin your conference.

下午好。我的名字是莎拉，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Coinbase 2022 年第二季度財報電話會議。 （操作員說明）投資者關係副總裁 Anil Gupta，您可以開始會議了。

Thank you. Good afternoon, and welcome to the Coinbase Second Quarter 2022 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; and Emilie Choi, President and COO; and Alesia Haas, CFO. I hope you've all had the opportunity to read our shareholder letter, which was published on our IR site earlier today.

謝謝你。下午好，歡迎參加 Coinbase 2022 年第二季度財報電話會議。和我一起參加今天電話會議的還有聯合創始人兼首席執行官 Brian Armstrong；以及總裁兼首席運營官 Emilie Choi；和首席財務官 Alesia Haas。我希望你們都有機會閱讀我們今天早些時候在我們的 IR 網站上發布的股東信。

Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

在開始之前，我想提醒您，在今天的電話會議中，我們可能會做出前瞻性陳述。實際結果可能與今天的陳述大不相同。有關可能導致這些結果不同的風險、不確定性和其他因素的信息包含在我們提交給美國證券交易委員會的文件中。

Our discussion today will include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our IR website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures.

我們今天的討論將包括對某些非公認會計原則財務指標的引用。我們投資者關係網站上的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。非 GAAP 財務措施應作為 GAAP 措施的補充而非替代考慮。

We are once again using the Say Technologies platform to enable our shareholders to post questions. And in addition, we will take some live questions from our research analysts. Before that, I'll turn it over to Brian and Alesia for some opening comments. Brian?

我們再次使用 Say Technologies 平台讓我們的股東能夠發布問題。此外，我們將從我們的研究分析師那裡得到一些實時問題。在此之前，我將把它交給 Brian 和 Alesia 以徵求一些開場白。布賴恩？

Thanks, Anil. All right. So for the opening comments, I'd like to touch on 3 topics. The first is looking at crypto asset cycles broadly and where we are in this one. The second topic is going to be about our product momentum and how we're winning in this environment. And the third is about the regulatory landscape. So let's start by talking about these crypto asset price cycles.

謝謝，阿尼爾。好的。因此，對於開場評論，我想談談 3 個主題。首先是廣泛地研究加密資產週期以及我們在這個週期中的位置。第二個主題將是關於我們的產品動力以及我們如何在這種環境中獲勝。第三是關於監管環境。因此，讓我們從討論這些加密資產價格週期開始。

So there's a phrase that we say often internally at Coinbase. It's never as good as it seems, and it's never as bad as it seems. And we say that and we learn the truth of it every crypto cycle that we go through. We've actually -- this is probably our fourth crypto cycle that we've gone through. And they always seem a little bit scary, especially if people haven't gone through them before, and this is our first one as a public company. There's lots of things like Terra Luna collapse, and there's contagion with things like Three Arrows and Voyager and Celsius, although none of these things had any impact on Coinbase. But we've seen this all before.

所以我們在 Coinbase 內部經常說一句話。它從來沒有看起來那麼好，也從來沒有看起來那麼糟糕。我們這麼說，我們在經歷的每個加密週期中都了解它的真相。實際上，這可能是我們經歷的第四個加密週期。而且它們似乎總是有點嚇人，尤其是如果人們以前沒有經歷過它們，這是我們作為上市公司的第一個。有很多像 Terra Luna 倒塌這樣的事情，還有像三箭、航海者和攝氏這樣的東西的傳染，儘管這些事情都沒有對 Coinbase 產生任何影響。但我們以前見過這一切。

And so what do we do in down cycles at Coinbase? Well, first of all, we keep building. And so in up cycles, it's -- we're usually growing and we have to focus a lot on scaling. And so in down cycles, it's actually kind of a breath of fresh air. We get to go back and focus on paying down tech debt, doing innovation in our products, growing our existing products. And so it's been kind of nice to get back to that and keep focusing on building great products for customers.

那麼我們在 Coinbase 的下行週期中會做什麼？嗯，首先，我們繼續建設。因此，在上升週期中，我們通常在增長，我們必須非常關注擴展。因此，在下行週期中，它實際上是一股新鮮空氣。我們可以回去專注於償還技術債務，對我們的產品進行創新，發展我們現有的產品。因此，回到這一點並繼續專注於為客戶打造出色的產品真是太好了。

The other big thing we do is we focus on managing expenses closely to make sure that we can outlast any kind of down cycle. And we intentionally raised capital in 2021 to ensure that we had a really strong balance sheet going into this downturn, which has been great. We also historically have seen casual competitors take a step back in down markets, and that's been to our benefit over time. Sometimes there's interesting M&A opportunities that arise and things like that. And then every prior cycle has landed higher than the previous one due to the innovations that got built during those downturns. And so I think it's really important to kind of zoom out and look at the performance of Coinbase across these cycles.

我們做的另一件大事是我們專注於密切管理費用，以確保我們能夠度過任何類型的下行週期。我們有意在 2021 年籌集資金，以確保我們在經濟低迷時期擁有非常強勁的資產負債表，這非常好。從歷史上看，我們還看到休閒競爭對手在低迷的市場中退後一步，隨著時間的推移，這對我們有利。有時會出現有趣的併購機會，諸如此類。然後，由於在那些低迷時期建立的創新，之前的每個週期都比前一個週期更高。因此，我認為縮小並查看 Coinbase 在這些週期中的表現非常重要。

And so one thing we put in the earnings letter was just looking back over the last 2 years, if you compare our results to Q2 of 2020, of course, we had COVID in there as well, but I think looking over crypto cycle is important. Our verified users have nearly tripled in that time frame. Our monthly transacting users have grown 6x. Our total quarterly trading volume has increased 8x. Our assets on platform has increased nearly 4x. So more than 2/3 of our MTUs are now engaging with multiple of our products. That number was just 20% 2 years ago. And our subscription and services revenue, which is more predictable, has contributed 18% to our total net revenue, which was only up 4% 2 years ago.

所以我們在收益信中寫的一件事就是回顧過去兩年，如果你將我們的結果與 2020 年第二季度進行比較，當然，我們也有 COVID，但我認為審視加密週期很重要.在此期間，我們經過驗證的用戶幾乎增加了兩倍。我們每月的交易用戶增長了 6 倍。我們的季度總交易量增加了 8 倍。我們在平台上的資產增加了近 4 倍。因此，我們超過 2/3 的 MTU 現在正在使用我們的多種產品。兩年前，這個數字僅為 20%。我們的訂閱和服務收入更可預測，為我們的總淨收入貢獻了 18%，而兩年前僅增長了 4%。

So you have to really remember that crypto is not linear. Any given quarter could be up or down or even any given year. But if you evaluate the business across price cycles, it tells a much different story. So that's a little bit about the price cycles. Let's jump to the second topic around our product momentum.

所以你必須真正記住加密不是線性的。任何給定的季度都可能上升或下降，甚至任何給定的年份。但是，如果您跨價格週期評估業務，它會講述一個截然不同的故事。這是關於價格週期的一點點。讓我們跳到圍繞我們的產品動力的第二個主題。

So Coinbase, in this period, is very focused on 5 product areas. The first one is our Coinbase retail app. This is the one that accounts for the majority of those 100 million or so verified users, and it's a large revenue generator for us. The second is Coinbase Prime, which is our prime brokerage product, serving institutions around the world, which has ended up doing very well. The third one is our staking business, which has also grown into a great source of subscription and services revenue and is growing nicely. The fourth one is Coinbase Cloud, our products for developers, which we believe will be an awesome business over time, similar to AWS or something like that, helping the thousands of start-ups out there and actually not just start-ups, established companies integrate crypto into their product with our suite of APIs. And the fifth one, the last one we call broadly Web 3, but this touches on a major future area of growth that we believe will materialize. And in products we have there with Coinbase Wallet, our self-custodial app, various protocols that we're working on and some things we'll touch on later.

所以 Coinbase 在這個時期非常專注於 5 個產品領域。第一個是我們的 Coinbase 零售應用程序。這是 1 億左右經過驗證的用戶中的大多數，它對我們來說是一個巨大的收入來源。第二個是 Coinbase Prime，它是我們的大宗經紀產品，服務於世界各地的機構，最終表現非常好。第三個是我們的質押業務，它也已經成長為訂閱和服務收入的重要來源，並且增長良好。第四個是 Coinbase Cloud，我們為開發人員提供的產品，我們相信隨著時間的推移，它將成為一個很棒的業務，類似於 AWS 或類似的東西，幫助成千上萬的初創企業，而不僅僅是初創企業，老牌公司使用我們的 API 套件將加密集成到他們的產品中。第五個，我們稱之為 Web 3 的最後一個，但這涉及到我們認為將實現的主要未來增長領域。在我們的產品中，我們有 Coinbase 錢包、我們的自我託管應用程序、我們正在研究的各種協議以及我們稍後會談到的一些事情。

So the goal of these products, of course, is to help 1 billion people access eventually the primary to access the open financial system and be the primary financial account for them. And we generally try to differentiate our products by making them the most trusted out there, the easiest to use and building 1 integrated suite of products so that if you sign up for your 1 Coinbase account and verify your identity, you connect your information, your bank -- your payment method and your crypto, you can then switch over and easily access any of our products. So there's a nice integration there into the suite.

因此，這些產品的目標當然是幫助 10 億人最終訪問主要的開放金融系統，並成為他們的主要金融賬戶。我們通常會嘗試通過使我們的產品成為最受信任、最容易使用和構建 1 個集成產品套件來區分我們的產品，這樣如果您註冊您的 1 個 Coinbase 帳戶並驗證您的身份，您就可以連接您的信息、您的銀行——您的付款方式和您的加密貨幣，然後您可以切換並輕鬆訪問我們的任何產品。所以有一個很好的集成到套件中。

We've had a number of really exciting product wins in the last quarter. You may have seen that we were selected by BlackRock and Meta as their partners as they develop their crypto offering. This is actually a really huge deal for a few reasons. BlackRock is the largest institutional asset manager in the world. It took several years of diligence to go through with them and close this deal. I think it really shows that Coinbase is situated uniquely to be the preferred partner to the largest companies in the world who want to integrate crypto into their offerings, which increasingly will be more and more of the Fortune 500, I believe, over time. And we're really the only reasonable choice for many of these companies as the most trusted platform and the first public company in crypto. So I think it shows that we can build not only a successful retail platform, but also close deals with the largest companies in the world so we can win across multiple customer segments.

我們在上個季度取得了許多令人興奮的產品勝利。您可能已經看到我們被貝萊德和 Meta 選為他們開發加密產品的合作夥伴。出於幾個原因，這實際上是一筆巨大的交易。貝萊德是全球最大的機構資產管理公司。他們花了幾年的努力才完成了這筆交易。我認為這確實表明，Coinbase 具有獨特的地位，是世界上最大的公司的首選合作夥伴，這些公司希望將加密技術集成到他們的產品中，我相信隨著時間的推移，這些公司將越來越多地成為財富 500 強企業。作為最受信任的平台和加密領域的第一家上市公司，我們確實是其中許多公司唯一合理的選擇。所以我認為這表明我們不僅可以建立一個成功的零售平台，還可以與世界上最大的公司達成交易，這樣我們就可以在多個客戶群中獲勝。

Our self-custodial wallet also had a number of wins this past quarter. We've been getting rave reviews that people believe it's now the most advanced self-custodial crypto wallet in the market. And I think our pace of product launches has really been accelerating in this period.

我們的自託管錢包在上個季度也取得了一些勝利。我們得到了熱烈的評價，人們認為它現在是市場上最先進的自託管加密錢包。而且我認為我們的產品發布步伐在此期間確實在加快。

So lastly, I just want to touch on the regulatory environment. And I'll start with the recent SEC headlines, although we've been having great interactions with the CFTC and numerous regulators around the world. So in May, the SEC sent us a voluntary request for information, including for information about our asset listings process. But we do not yet know if this inquiry will become a formal investigation. As with all regulators around the world, we're committed to a productive discussion with the SEC around digital assets and securities regulation. And if this inquiry is an opportunity for that discussion, we welcome it.

最後，我只想談談監管環境。我將從最近的 SEC 頭條新聞開始，儘管我們一直在與 CFTC 和世界各地的眾多監管機構進行良好的互動。因此，美國證券交易委員會在 5 月向我們發送了一份自願信息請求，包括有關我們資產上市流程的信息。但我們還不知道這項調查是否會成為正式調查。與世界各地的所有監管機構一樣，我們致力於與 SEC 就數字資產和證券監管進行富有成效的討論。如果這次調查是討論的機會，我們歡迎它。

Tuning out, we've been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the U.S., there are several bills making their way through Congress with strong bipartisan support. For instance, the Stabenow, Boozman bill proposes legislation that aims to provide clarity on the regulatory authority of crypto assets between the SEC and the CFTC and others where we frequently seem to get caught in the middle. We look forward to engaging with all relevant parties to develop common sense frameworks for regulation and oversight to help clarify what is a crypto commodity, what is a crypto security, what is a stable coin and what is something else entirely in the crypto ecosystem such as NFTs are probably considered artwork.

調出，我們很高興看到最近在美國和世界各國在更明確的加密立法方面取得了進展。在美國，有幾項法案正在國會通過，得到兩黨的大力支持。例如，Stabenow、Boozman 法案提出的立法旨在明確 SEC 和 CFTC 以及我們似乎經常被夾在中間的其他機構之間的加密資產監管權限。我們期待與所有相關方合作，制定監管和監督的常識框架，以幫助澄清什麼是加密商品、什麼是加密證券、什麼是穩定幣以及完全在加密生態系統中的其他東西，例如NFT 可能被認為是藝術品。

The White House put out an executive order recently asking the various departments of government in the U.S. to work together on a comprehensive crypto legislation that preserve the innovation potential of this technology and that now seems to be happening. When I was in D.C. 2 weeks ago, several people told me that crypto is one of the few bipartisan issues in D.C. right now where they can actually get work done. And with some luck, we may see clear stable point legislation passed later this year and comprehensive legislation for crypto passed next year in the United States.

白宮最近發布了一項行政命令，要求美國政府各部門共同製定一項全面的加密立法，以保護這項技術的創新潛力，而這似乎正在發生。兩週前我在華盛頓的時候，有幾個人告訴我，加密是華盛頓目前為數不多的兩黨問題之一，他們實際上可以完成工作。如果運氣好的話，我們可能會看到今年晚些時候通過了明確的穩定點立法，並於明年在美國通過了全面的加密立法。

Of course, Coinbase is a global company, and we're seeing similar moves toward regulatory clarity globally, including in the EU with the recent passage of the Markets in Crypto Assets, or MICA regulation. We're also seeing positive developments in Australia, the U.K., Hong Kong, Brazil and other markets as well.

當然，Coinbase 是一家全球性公司，我們在全球範圍內看到類似的監管清晰化舉措，包括在歐盟，最近通過了加密資產市場或 MICA 監管。我們也看到澳大利亞、英國、香港、巴西和其他市場的積極發展。

So it's sort of strange to say, but in some ways the most -- in some ways, the more regulation there is for crypto, the better it is for Coinbase. We're the most trusted brand in crypto and have leaned into regulations since the early days of the company. We are and will continue to be a champion for this industry, ensuring that any crypto legislation that passes preserves the innovation potential of this technology and at a minimum, treats it on a level claim field with traditional financial services.

所以說起來有點奇怪，但在某些方面是最重要的——在某些方面，對加密貨幣的監管越多，對 Coinbase 來說就越好。我們是加密領域最值得信賴的品牌，自公司成立之初就開始遵守法規。我們現在並將繼續成為該行業的擁護者，確保通過的任何加密立法都保留了該技術的創新潛力，並至少在與傳統金融服務相同的索賠領域對其進行了處理。

Therefore, we're more than happy to engage with any regulators around the world who will take time to meet with us. We don't see this as a bad thing. On the contrary, we believe it's the best way to help the industry move forward.

因此，我們非常樂意與世界各地願意花時間與我們會面的任何監管機構進行交流。我們不認為這是一件壞事。相反，我們認為這是幫助行業向前發展的最佳方式。

I don't have anything else I can say about the SEC information request in particular, but we plan to keep you updated on developments in the regulatory space broadly as we have more to share.

對於美國證券交易委員會的信息請求，我沒有什麼其他可以說的，但我們計劃讓您了解監管領域的最新發展，因為我們有更多要分享的信息。

So just to wrap things up before I hand it over to Alesia. Hopefully, the overarching message here is clear. We've been through many crypto cycles before. It seems scary, but it's never a bad as it seems. It's never as good as it seems. Coinbase has succeeded over the last 10 years by continuing to focus on great product execution during down markets and managing expenses closely. We're a responsible company in the space with plenty of cash on the balance sheet, strong fundamentals, if you look over the last 2 years, and we're winning deals with the largest companies to integrate crypto into their offerings. We're going to be here through the long term through the ups and downs of this industry. And with that, let me turn it over to Alesia to discuss Q2.

所以在我把它交給 Alesia 之前把它包起來。希望這裡的總體信息很清楚。我們之前經歷過許多加密週期。這看起來很可怕，但它從來沒有看起來那麼糟糕。它從來沒有看起來那麼好。在過去的 10 年裡，Coinbase 通過在市場低迷期間繼續專注於出色的產品執行並密切管理費用而取得了成功。如果您回顧過去 2 年，我們是該領域的一家負責任的公司，資產負債表上有大量現金，基本面強勁，而且我們正在與最大的公司達成交易，將加密技術整合到他們的產品中。我們將在這個行業的起起落落中長期堅持下去。有了這個，讓我把它交給 Alesia 討論第二季度。

Thanks, Brian. I'm going to briefly recap Q2, share our areas of focus and strength as we adapt to these new market conditions and then touch briefly on the outlook for the remainder of the year.

謝謝，布賴恩。我將簡要回顧第二季度，在我們適應這些新的市場條件時分享我們的重點和優勢領域，然後簡要介紹今年剩餘時間的前景。

First, to recap Q2. Down markets create financial headwinds, which are reflected in our Q2 results. Our MTUs totaled 9 million. We're pleased to see that decline was only 2% lower as compared to Q1. And we note 67% or 6 million MTUs were engaging with our noninvesting products. And so we'll talk about that later, but we're definitely seeing a shift in behavior as MTUs are trading less but participating increasingly in staking and other noninvesting products.

首先，回顧第二季度。低迷的市場造成財務逆風，這反映在我們的第二季度業績中。我們的 MTU 總計 900 萬。我們很高興看到與第一季度相比下降僅 2%。我們注意到 67% 或 600 萬個 MTU 正在使用我們的非投資產品。所以我們稍後會討論這個問題，但我們肯定會看到行為的轉變，因為 MTU 的交易量減少了，但越來越多地參與到 Staking 和其他非投資產品中。

Our total trading volume was $217 billion and transaction revenue was $655 million, down 30% and 35%, respectively. Both metrics were influenced by a shift in consumer behavior and market activity. This is very consistent with what we've seen in prior down markets that retail customers tend to shift from traders to (inaudible), and market volume, in turn, then shifts to concentrate amongst market makers and pro-style traders.

我們的總交易量為 2170 億美元，交易收入為 6.55 億美元，分別下降了 30% 和 35%。這兩個指標都受到消費者行為和市場活動轉變的影響。這與我們在之前的低迷市場中看到的情況非常一致，即零售客戶傾向於從交易者轉向（聽不清），而市場量反過來又轉移到做市商和專業交易者之間。

Much of that volume, the market makers, the pro-style traders takes place in offshore exchanges where financing and derivative products are more prevalent. Over time, we look forward to building products to better compete for this volume, but today, we are a heavily retail concentrated platform.

大部分交易量，做市商，專業交易者發生在離岸交易所，那裡的融資和衍生產品更為普遍。隨著時間的推移，我們期待構建產品以更好地競爭這一數量，但今天，我們是一個高度集中的零售平台。

Lastly, there was a spike of trading volume in May as investors traded around the Terra Luna collapse and subsequent credit events surrounding crypto insolvencies. We have not listed Luna nor do we have exposure to these insolvencies and as a result, did not participate in this volume spike.

最後，由於投資者圍繞 Terra Luna 崩盤和隨後圍繞加密貨幣破產的信用事件進行交易，5 月份的交易量出現飆升。我們沒有列出 Luna，也沒有接觸到這些破產事件，因此沒有參與這次交易量飆升。

Despite these headwinds, we're really happy to see the growth of our subscription and services revenues, which were $147 million as of Q2 and notably up 44% year-over-year. We also have shared with you in the shareholder letter a way to look at our subscription and services revenue price adjusted, i.e., if you freeze price as of Q2 and look at that historic trend line, we're pleased to see pretty linear growth quarter-over-quarter as we continue to roll out breadth and depth of different product experiences on our platform. Combined, our net revenue was at $803 million. Our adjusted EBITDA loss was $151 million. And our net loss was $1.1 billion, but I want to call out here that, that was heavily impacted by noncash impairments. Excluding those noncash impairments, our net loss would have been $647 million.

儘管存在這些不利因素，但我們真的很高興看到我們的訂閱和服務收入增長，截至第二季度為 1.47 億美元，同比增長 44%。我們還在股東信中與您分享了一種查看我們調整後的訂閱和服務收入價格的方法，即，如果您凍結第二季度的價格並查看歷史趨勢線，我們很高興看到相當線性的增長季度- 超過季度，因為我們繼續在我們的平台上推出不同產品體驗的廣度和深度。加起來，我們的淨收入為 8.03 億美元。我們調整後的 EBITDA 虧損為 1.51 億美元。我們的淨虧損為 11 億美元，但我想在這裡指出，這受到非現金減值的嚴重影響。排除這些非現金減值，我們的淨虧損為 6.47 億美元。

We take impairments when the value of crypto assets or the value of our ventures investments fall below our carrying value of those assets. Importantly, we don't take write-ups if the market recovers above that point. So intra-quarter, as crypto dropped to lows, even if it recovered intra-quarter, are taking the impairment down to the lowest point it reached during that reporting period and then never writing it up until we sell that asset. And so that's the impact of noncash impairments on our P&L and on our balance sheet.

當加密資產的價值或我們的風險投資價值低於我們這些資產的賬面價值時，我們會進行減值。重要的是，如果市場恢復到該點以上，我們不會進行增持。因此，在季度內，隨著加密貨幣跌至低點，即使它在季度內恢復，也將減值降至該報告期內達到的最低點，然後在我們出售該資產之前永遠不會將其寫入。這就是非現金減值對我們的損益表和資產負債表的影響。

I want to switch gears now and talk about how Coinbase is adjusting to these market conditions and how we're focused on operating more efficiently as we move forward. On the expense side, we've taken several steps to streamline our cost structure, including the 18% employee reduction that we announced in June. We want to highlight that it will take some time to fully realize the financial impact of all of our actions, but we are lowering our full year expense range for technology and development and general administrative expenses to $4 billion to $4.25 billion, which is down from our prior outlook of $4.25 billion to $5.25 billion.

我現在想換個角度談談 Coinbase 如何適應這些市場條件，以及我們如何在前進的過程中專注於更有效地運營。在費用方面，我們已經採取了一些措施來簡化我們的成本結構，包括我們在 6 月份宣布的 18% 的裁員。我們要強調的是，要完全實現我們所有行動的財務影響需要一些時間，但我們正在將技術和開發以及一般管理費用的全年支出範圍降低到 40 億美元至 42.5 億美元，低於我們之前的預期為 42.5 億美元至 52.5 億美元。

On the product side, we've taken the approach of pause, maintain and prioritize, and we're focusing on the 5 key areas that Brian outlined earlier. We are working hard to operate within the $500 million adjusted EBITDA loss guardrail we communicated for 2022. Clearly, we acknowledge these are stressed market conditions. But based on the expense initiatives we took in Q2, we're cautiously optimistic about our ability to operate within this guardrail.

在產品方面，我們採取了暫停、維護和優先排序的方法，我們專注於 Brian 之前概述的 5 個關鍵領域。我們正在努力在我們為 2022 年傳達的 5 億美元調整後 EBITDA 損失護欄內運營。顯然，我們承認這些都是壓力大的市場條件。但根據我們在第二季度採取的費用舉措，我們對我們在這個護欄內運營的能力持謹慎樂觀的態度。

That optimism is conditioned on crypto market capitalization not deteriorating meaningfully below the July 2022 levels and that we don't see another significant change in the behaviors of our customers. In the event of those events that we see further deterioration or the performance approach is the low end of our MTU range that we're providing in our updated outlook, we may not be able to reduce our expenses quickly enough, and we may exceed that guardrail. However, despite short term, we want to commit to you that we're going to operate more efficiently as we build for the future.

這種樂觀的前提是加密貨幣市值沒有明顯惡化到低於 2022 年 7 月的水平，而且我們沒有看到客戶行為的另一個重大變化。如果發生我們看到進一步惡化的事件，或者性能方法是我們在更新的展望中提供的 MTU 範圍的低端，我們可能無法足夠快地減少開支，我們可能會超過護欄。然而，儘管是短期的，但我們希望向您承諾，我們將在為未來建設的過程中更有效地運營。

Lastly, I want to just close with some comments about our strong capital position and our risk. There are 3 primary factors that we look at to assess our financial strength and durability. First, at the end of Q2, we had $6.2 billion in total USD resources. We provided enhanced disclosures in our shareholder letter to really help you understand the balance sheet and how we look at it. This includes cash and cash equivalents. It includes our USDC, which we operate with the same as cash. We are treating USD stable coin as fungible to cash in our daily operations at Coinbase and so we would like you to look at it in the same way and think about that as a cash asset.

最後，我想就我們強大的資本狀況和風險發表一些評論。我們需要考慮 3 個主要因素來評估我們的財務實力和持久性。首先，在第二季度末，我們擁有 62 億美元的總美元資源。我們在股東信中提供了增強的披露，以真正幫助您了解資產負債表以及我們如何看待它。這包括現金和現金等價物。它包括我們的 USDC，我們使用與現金相同的方式進行操作。我們在 Coinbase 的日常運營中將美元穩定幣視為可替代現金，因此我們希望您以同樣的方式看待它並將其視為現金資產。

Second, we take a prudent approach to risk management. We've had no credit losses from our financing activities, no exposure to client or counterparty insolvencies. We have never blocked a client withdrawal or gated anybody taking assets off our platform, nor have we had any changes in access to the credit products for our clients. We stand apart in this way of how we operate risk within the crypto ecosystem today, and we believe this is a strength that we can continue to broaden our financing activities and be there for our clients going forward.

二是審慎風險管理。我們的融資活動沒有信用損失，也沒有客戶或交易對手破產的風險。我們從未阻止客戶提款或阻止任何人從我們的平台上拿走資產，我們也沒有對客戶獲得信貸產品的訪問權進行任何更改。我們以這種方式在當今加密生態系統中運營風險的方式與眾不同，我們相信這是一種優勢，我們可以繼續擴大我們的融資活動並為我們的客戶提供未來。

Third, and Brian touched a lot on this, but there's a global wave towards regulation, and we're committed to working alongside policymakers to build workable regulatory framework for the crypto economy that addresses risk but also enables the development of adoption of digital innovation. We believe we're uniquely positioned here.

第三，Brian 對此進行了很多探討，但全球正掀起一股監管浪潮，我們致力於與政策制定者合作，為加密經濟建立可行的監管框架，以解決風險，同時促進數字創新的採用。我們相信我們在這里處於獨特的位置。

So with that, let's turn to questions.

因此，讓我們轉向問題。

(Operator Instructions) Your first question comes from the line of Owen Lau with Oppenheimer.

（操作員說明）您的第一個問題來自 Owen Lau 與 Oppenheimer 的台詞。

So in terms of expense control, what does it take for Coinbase to trigger maybe another run of resource allocation if this crypto winter continues to last? And also based on current trading volume and if the current net would last, I understand that if this winter lasts for quite some time, and unfortunately, some other crypto companies may also be in trouble, and Coinbase can benefit longer term. But how confident you are to manage the adjusted EBITDA loss to be around $500 million this year and maybe next year?

那麼在費用控制方面，如果這個加密冬天繼續持續下去，Coinbase 可能會觸發另一輪資源分配嗎？而且根據目前的交易量，如果當前的網絡能持續下去，我知道如果這個冬天持續相當長的一段時間，不幸的是，其他一些加密公司也可能陷入困境，而 Coinbase 可以長期受益。但是，您對今年甚至明年將調整後的 EBITDA 虧損控制在 5 億美元左右有多大信心？

Thanks for the question, Owen. I'll take this one. It's Alesia. So we share some of our philosophy in our shareholder letter. But the way that we approach our business is that we're operating across the cycle. And going back to our S-1 from last April, we shared with you in our opening founders letter that we're really looking to breakeven across the cycle as we think it's important in these early days -- in the nascent days of crypto that we're building for growth, we're expanding the breadth and depth of products on our platform, and we're bringing new users into this ecosystem. And so we do show historically, we've been able to generate profit, and we're taking those profits and we're reinvesting those into the business.

謝謝你的問題，歐文。我要這個。是阿萊西亞。因此，我們在股東信中分享了我們的一些理念。但我們處理業務的方式是我們在整個週期內運作。回到我們去年 4 月的 S-1，我們在創始人的開場信中與您分享，我們真的希望在整個週期中實現收支平衡，因為我們認為這在早期很重要——在加密貨幣的初期，我們正在為增長而建設，我們正在擴大我們平台上產品的廣度和深度，我們正在將新用戶帶入這個生態系統。所以我們確實從歷史上證明，我們已經能夠產生利潤，我們正在獲取這些利潤，並將這些利潤再投資到業務中。

And so what we do is we look at stress scenarios. We forecast out multiple different revenue scenarios, and then we make sure that we can plan for expenses over a multiyear winter. Historically, crypto winters have lasted 2 to 4 years. And so we do look at all of those historic scenarios to see can we operate through those. This year, we did set a guardrail that if we went into a winter, that we would operate to a $500 million loss.

因此，我們所做的是查看壓力情景。我們預測了多種不同的收入情景，然後我們確保我們可以在多年的冬季計劃費用。從歷史上看，加密貨幣的冬天持續了 2 到 4 年。因此，我們確實查看了所有這些歷史場景，看看我們能否通過這些場景進行操作。今年，我們確實設置了一個護欄，如果我們進入冬天，我們將虧損 5 億美元。

It's never clear to us exactly where we are in a crypto cycle. And so we're constantly updating our scenarios, updating our contingency plans and ensuring that we can take a long-term view. So we will balance expense management with prudent investment, but make sure that we can manage that through a multi-period downturn. We have not yet given an outlook for what we believe 2023 would be, but we continue to think about this as investing for the future. We're not looking to make a profit in every quarter or every year, but we are looking to continue to show growth in the adoption of our products and services seen in the green shoots, seen in the right progress and believe that then when we have the right expense against that opportunity.

我們永遠不清楚我們在加密週期中的確切位置。因此，我們不斷更新我們的情景，更新我們的應急計劃，並確保我們能夠著眼長遠。因此，我們將平衡費用管理和審慎投資，但要確保我們能夠在多時期的低迷時期進行管理。我們尚未給出我們認為的 2023 年的前景，但我們繼續將其視為對未來的投資。我們不希望在每個季度或每年都獲利，但我們希望繼續在我們的產品和服務的採用方面顯示出增長，這在綠芽中看到，在正確的進展中看到，並相信當我們有適當的費用來應對這個機會。

This is Anil Gupta. I'll jump back in. I think we reordered the call on accident. So I'll go back and state some ground rules for our shareholder Q&A.

這是阿尼爾·古普塔。我會跳回去。我想我們重新安排了事故電話。所以我會回過頭來為我們的股東問答說明一些基本規則。

Before we dive into Q&A, I wanted to just quickly reiterate our principles. First, we're going to answer the most uploaded questions determined by the number of shares, and we might group questions together that touch on the same themes. Second, we do not plan to answer questions related to the potential listing of new assets. And third, we will avoid questions we've answered in the past if there are no updates. For example, we still don't plan to issue a dividend.

在我們深入問答之前，我想快速重申我們的原則。首先，我們將回答由分享數量決定的上傳最多的問題，我們可能會將涉及相同主題的問題組合在一起。其次，我們不打算回答有關新資產潛在上市的問題。第三，如果沒有更新，我們將避免過去回答過的問題。例如，我們仍然不打算派發股息。

So with that, I'll start the Q&A from our shareholders with Brian, Emilie and Alesia.

因此，我將開始與 Brian、Emilie 和 Alesia 的股東進行問答。

The first question we have that's top of mind for many shareholders, especially in light of recent industry events, is the safety and security of their assets as well as exposure to some of the leverage products and counterparties at the center of the recent market turbulence. Alesia?

對於許多股東來說，我們首先想到的第一個問題是，尤其是考慮到最近的行業事件，他們資產的安全性以及在近期市場動盪中心的一些槓桿產品和交易對手的風險敞口。阿萊西亞？

Thanks for this question. So as I said in my opening remarks, we have seen some credit events in the second quarter. And these events shocked the crypto credit market. And we think these are going to be a major inflection point for the industry. I want to first note that the solvency concerns surrounding entities like Celsius, 3AC, Voyagers and others, in our view, are a reflection of insufficient risk controls at those entities. To us, these issues were foreseeable and actually credit-specific rather than crypto-specific in nature. Many of these firms were under -- were overleveraged with short-term liabilities mismatched against longer duration or illiquid assets.

謝謝這個問題。正如我在開場白中所說，我們在第二季度看到了一些信用事件。這些事件震驚了加密貨幣信貸市場。我們認為這些將成為該行業的一個主要轉折點。我想首先指出，在我們看來，圍繞著諸如Celsius、3AC、Voyagers 等實體的償付能力問題反映了這些實體的風險控制不足。對我們來說，這些問題是可以預見的，實際上是特定於信用的，而不是特定於加密的。這些公司中的許多都處於過度槓桿化狀態，短期負債與長期或非流動資產不匹配。

Those are common flaws that we've seen across TradFi and now crypto alike, but these are credit-specific issues. Coinbase had no financial exposure to these entities that I just spoke about. Further, we have not engaged in these types of risky lending practices and is focused on building a more sustainable financing business with prudent and deliberate taking lessons of the TradFi passed into consideration.

這些是我們在 TradFi 和現在的加密貨幣中看到的常見缺陷，但這些是特定於信用的問題。 Coinbase 對我剛才談到的這些實體沒有財務風險。此外，我們沒有從事這些類型的風險借貸行為，而是專注於建立一個更可持續的融資業務，並謹慎而慎重地考慮到 TradFi 的經驗教訓。

As I mentioned in my remarks, we have not blocked any client withdrawals. We have not had any access to credit changes for our clients. And risk management is a first principle in our product design. We're holding customer assets one to one. We're not rehypothecating. We're not lending any assets without customer consent. What our customers choose to do with their assets is our customers' choice. Coinbase is not making independent decisions of what to do with those assets without customer approval.

正如我在發言中提到的，我們沒有阻止任何客戶提款。我們無法為我們的客戶獲得任何信用變化。風險管理是我們產品設計的首要原則。我們一對一地持有客戶資產。我們不會再抵押。未經客戶同意，我們不會藉出任何資產。我們的客戶選擇用他們的資產做什麼是我們客戶的選擇。 Coinbase 不會在未經客戶批准的情況下獨立決定如何處理這些資產。

I want to switch gears and then just talk about the safety and security beyond the credit risk for a minute because this was a big topic coming out of our prior call. Customer assets are segregated and protected on Coinbase. We've recently clarified in our retail user agreement to expressly highlight the applicability of UCC Article 8, and this provides the same legal protection for our institutional customers as well as our retail customers. And it is the strongest known legal protection available to crypto assets. Our Chief Legal Officer, Paul Grewal, recently penned a blog post a few weeks ago with a very detailed approach on the mechanism that we have put in place to safeguard customer assets, and I would encourage you all to read it. But we feel very good that we have industry-leading protection for crypto assets.

我想換個角度，然後只談一分鐘超越信用風險的安全和保障，因為這是我們之前電話會議中的一個大話題。客戶資產在 Coinbase 上被隔離和保護。我們最近在我們的零售用戶協議中明確強調了 UCC 第 8 條的適用性，這為我們的機構客戶和我們的零售客戶提供了同樣的法律保護。它是可用於加密資產的最強大的已知法律保護。我們的首席法務官 Paul Grewal 最近在幾週前寫了一篇博客文章，其中詳細介紹了我們為保護客戶資產而實施的機制，我鼓勵大家閱讀。但我們對我們擁有行業領先的加密資產保護感到非常高興。

Great. Our next question is that a number of shareholders have expressed disappointment with our share price performance since going public. What's the plan to get the stock price back on track? Brian?

偉大的。我們的下一個問題是，一些股東對我們上市以來的股價表現表示失望。讓股價重回正軌的計劃是什麼？布賴恩？

Yes. So I think it's important when looking at this to distinguish between what is in our control and what's not in our control. And of course, we don't control the macroeconomic factors or downturn. We don't really even control the crypto market more broadly, right?

是的。因此，我認為在查看這一點時區分我們可以控制的和不受我們控制的是很重要的。當然，我們無法控制宏觀經濟因素或低迷。我們甚至沒有更廣泛地控制加密市場，對吧？

So what do we control? Well, obviously, we can focus on building great products for our customers. We can focus on staying on the forefront of crypto technology to make sure that we're creating compelling use cases and making those available to our customers. We can focus on our expense management closely in down markets and frankly, we can ensure we just don't get distracted or disillusioned by short-term thinking.

那麼我們控制什麼？好吧，顯然，我們可以專注於為我們的客戶打造出色的產品。我們可以專注於保持在加密技術的最前沿，以確保我們正在創建引人注目的用例並將這些用例提供給我們的客戶。我們可以在低迷的市場中密切關注我們的費用管理，坦率地說，我們可以確保我們不會因短期思維而分心或幻滅。

So I believe that the work we're doing today to develop and innovate new products and tools is going to make us really well situated to capture disproportionate share in the next up cycle.

因此，我相信我們今天為開發和創新新產品和工具所做的工作將使我們真正處於有利地位，可以在下一個上升週期中獲得不成比例的份額。

Our next question centers on competition. Several shareholders have asked how Coinbase intends to differentiate and compete, particularly as other exchanges seem to be gaining share, lowering their fees and are perceived to be moving and innovating faster. Emilie?

我們的下一個問題集中在競爭上。一些股東詢問 Coinbase 打算如何區分和競爭，特別是在其他交易所似乎正在獲得份額、降低費用並且被認為正在更快地移動和創新的情況下。艾米莉？

Yes. Thanks for the question. Let's unpack that a bit. So it is true that some of our core U.S. retail customers are trading less. And what we found is that our core users tend to hibernate and transact less in these periods of uncertainty. We observed similar behavior during 2018 and 2019. And yet we're happy because for those who are still choosing to transact, average revenue per investing MTU is still comfortably above the lows that we saw in the last crypto downturn that began in 2018. And it's also important to note that customers are hanging around and engaging with crypto in new passive ways, notably staking.

是的。謝謝你的問題。讓我們稍微解開一下。因此，我們的一些核心美國零售客戶的交易量確實有所減少。我們發現，在這些不確定的時期，我們的核心用戶傾向於休眠和交易較少。我們在 2018 年和 2019 年觀察到了類似的行為。但我們很高興，因為對於那些仍在選擇交易的人來說，每投資 MTU 的平均收入仍然遠高於我們在 2018 年開始的上一次加密貨幣衰退中看到的低點。同樣重要的是要注意客戶正在以新的被動方式閒逛並參與加密，特別是賭注。

There's another explanation for Q2, and that is that there was a lot of episodic activity that we didn't participate in. We believe that much of this was driven by events in Q2 relating to assets we didn't support such as Luna and counterparties like 3AC, Celsius and Voyager that we had no exposure to, thanks to our robust risk management and asset listing process.

對於第二季度還有另一種解釋，那就是有很多我們沒有參與的偶發性活動。我們認為，這在很大程度上是由第二季度與我們不支持的資產相關的事件驅動的，例如 Luna 和交易對手像 3AC、Celsius 和 Voyager 這樣的我們沒有接觸過，這要歸功於我們強大的風險管理和資產上市流程。

And then finally, we should note that there is a larger amount of trading volume moving offshore as high-volume traders and market makers seek diversification overseas with derivatives and other products that aren't currently available in the U.S.

最後，我們應該注意到，隨著大量交易者和做市商尋求海外多元化，以及目前在美國尚不可用的衍生品和其他產品，有大量交易量轉移到海外。

Now COIN is live in 100-plus countries, but we are overweight the U.S. And that's actually the reason we're so focused on compliance and moving the innovation conversation forward in the U.S. That's why Brian was talking about the trip we made to D.C. and the cycles we're spending on that. Longer term, though, the way that we move market share is just focusing on our customers, and we are committed to regaining share over time in a way that is compliant and safe for them, including through our new derivatives offering and continued international expansion.

現在，COIN 已在 100 多個國家/地區上線，但我們超重美國。這實際上是我們如此專注於合規性並在美國推動創新對話的原因。這就是布賴恩談論我們前往華盛頓特區的原因和我們為此花費的周期。不過，從長遠來看，我們提升市場份額的方式只是關注我們的客戶，我們致力於以對他們來說合規和安全的方式隨著時間的推移重新獲得份額，包括通過我們的新衍生品產品和持續的國際擴張。

Can I just jump in here, Emilie? I do think we should also talk about the fee part of that question. And the way I've been thinking about it is in terms of customer cohorts as we see very different behavior between our retail customers, our market makers and high-frequency traders and many new institutional customers that are beginning to engage in crypto the Coinbase Prime.

我可以跳到這裡嗎，艾米莉？我確實認為我們也應該討論這個問題的費用部分。我一直在考慮客戶群體，因為我們看到我們的零售客戶、做市商和高頻交易員以及許多開始從事加密 Coinbase Prime 的新機構客戶之間的行為非常不同.

So today, as many of our listeners know, Coinbase generates most of our revenue from our retail customers. They trust our products because they're safe, easy to use, and we give them an integrated platform to engage with a range of assets and in crypto activities like staking and send money on your card and access to the DApp wallet and NFTs and other increasing breadth of things you can do on our platform.

所以今天，正如我們的許多聽眾所知，Coinbase 的大部分收入來自我們的零售客戶。他們信任我們的產品，因為它們安全、易於使用，並且我們為他們提供了一個集成平台，可以參與一系列資產和加密活動，例如在您的卡上放款和匯款，以及訪問 DApp 錢包和 NFT 等增加您可以在我們的平台上做的事情的範圍。

We are okay with being a premium product. We feel like we've differentiated versus other services and that customers are willing to pay a premium for that service. And to date, we have not seen fee compression on the retail side and have not seen the need to change that fee model. In fact, we're experimenting with pricing like, for example, with Coinbase One with doing a subscription product, where we're bundling all these services together and giving our users the opportunity to trade with no fees. They still pay a spread, but no fees to have better product experience.

我們可以成為優質產品。我們覺得我們已經與其他服務區分開來，並且客戶願意為該服務支付溢價。迄今為止，我們還沒有看到零售方面的費用壓縮，也沒有看到改變這種費用模式的必要性。事實上，我們正在嘗試定價，例如，使用 Coinbase One 做訂閱產品，我們將所有這些服務捆綁在一起，讓我們的用戶有機會免費交易。他們仍然支付點差，但不收取任何費用以獲得更好的產品體驗。

But over the long term, we continue to believe that there will be fee compression, and we started to build a diversified set of products that monetize in other ways, which is why we're so happy to see subscription and services become an increasing percentage of our net revenue, 18% in Q2. But when I shift gears and look at the market makers, this is a group where we do think there will be a fee compression in the short term. This is a client segment that's trading the highest volumes on our platform. So they're already receiving the lowest fee tiers based on our volume-based pricing. But this is a group that we would -- going to see increasing competition of competitors' lower fees and as we compete for this volume.

但從長遠來看，我們仍然認為會出現費用壓縮，並且我們開始構建以其他方式獲利的多元化產品，這就是為什麼我們很高興看到訂閱和服務的比例越來越高在我們的淨收入中，第二季度佔 18%。但是，當我換個角度看做市商時，我們確實認為在短期內會出現費用壓縮。這是我們平台上交易量最高的客戶群。因此，根據我們基於數量的定價，他們已經獲得了最低的費用等級。但這是我們將看到的一個群體——將看到競爭對手的較低費用的競爭越來越激烈，並且隨著我們爭奪這一數量。

We talk about this extensively in our shareholder letter. And while this is an important group, we are more focused quite candidly on that retail customer and on that institutional customer who's coming in to Coinbase Prime and looking at the breadth of products and services that we offer. But we will be building products over time to compete more aggressively for the market maker platform. And that is something that we can talk about later.

我們在股東信中廣泛討論了這一點。雖然這是一個重要的群體，但我們更坦率地關注零售客戶和進入 Coinbase Prime 並關注我們提供的產品和服務的廣泛性的機構客戶。但隨著時間的推移，我們將構建產品，以更積極地競爭做市商平台。這是我們稍後可以討論的事情。

Yes. I think the only thing I would add here is in terms of differentiating versus competitors, I think about it as 3 main things. The first is that our brand, I think, and everything -- all the products that we build, we really try to be the most trusted option for customers in the industry. And that comes down to cybersecurity, preventing pack that comes down to compliance, lending into regulation. It comes down to great customer support, doing what we say we're going to do, not being sketchy. So I think being the most trusted option is a good first pillar there.

是的。我認為我在這裡唯一要補充的是與競爭對手的差異化，我認為這是三個主要的事情。首先是我們的品牌，我認為，以及一切——我們製造的所有產品，我們真的努力成為業內客戶最值得信賴的選擇。這歸結為網絡安全，防止歸結為合規性的包裝，借入監管。它歸結為強大的客戶支持，做我們所說的我們要做的，而不是粗略的。所以我認為成為最值得信賴的選擇是一個很好的第一支柱。

The second thing is around ease of use. So again, we try to make crypto accessible to everybody in the world. We want to eventually have 1 billion people accessing this new economy through our products. And crypto is still often way too difficult to use. And so I think we're continually leading the industry there and making our product simpler and simpler.

第二件事是關於易用性。因此，我們再次嘗試讓世界上的每個人都可以使用加密貨幣。我們希望最終有 10 億人通過我們的產品進入這個新經濟。而且加密通常仍然很難使用。所以我認為我們一直在引領行業，讓我們的產品更簡單更簡單。

And lastly, we're building an integrated product suite sort of one-stop shop, if you will. So if somebody already has a Coinbase account, and it's not trivial to get a new account set up somewhere, you have to do KYC, you may have to connect your payment methods, you may have to store your crypto balances there. So once you have a Coinbase account, we just make it easy to switch over and try any of these products or services. So you can get any kind of crypto activity you want in 1 place, whether that's trading or staking or paying or borrowing or creating something like an NFT. And so one-stop shop is a very powerful differentiator for us over time.

最後，如果您願意，我們正在構建一個集成的產品套件，類似於一站式商店。因此，如果有人已經擁有 Coinbase 帳戶，並且在某處設置新帳戶並非易事，則您必須進行 KYC，您可能必須連接您的付款方式，您可能必須將您的加密餘額存儲在那裡。因此，一旦您擁有 Coinbase 帳戶，我們就可以輕鬆切換並嘗試任何這些產品或服務。因此，您可以在一個地方進行任何類型的加密活動，無論是交易、質押、支付、借貸還是創建類似 NFT 的東西。因此，隨著時間的推移，一站式服務對我們來說是一個非常強大的差異化因素。

All right. Our next question is, what are the tangible steps we're taking to diversify our revenue from trading and other revenues linked to crypto asset prices? Alesia?

好的。我們的下一個問題是，我們正在採取哪些切實措施來使我們的交易收入和與加密資產價格相關的其他收入多樣化？阿萊西亞？

Sure. I want to start with, first, we're a crypto company. So all our revenues will likely always have some correlation with broad crypto markets. However, we're working hard to diversify our product mix to reduce the volatility in our revenues. A couple of years ago, we started to invest in these products. And as we shared in our shareholder letter, now 18% of our net revenues are coming from subscription and services, up from 4% in Q2 2020. This is also up 44% year-over-year even in this down market. So stacking as a big growth driver for us.

當然。我想首先，我們是一家加密公司。因此，我們所有的收入可能總是與廣泛的加密市場有一定的相關性。然而，我們正在努力使我們的產品組合多樣化，以減少我們收入的波動。幾年前，我們開始投資這些產品。正如我們在股東信中所分享的那樣，現在我們 18% 的淨收入來自訂閱和服務，高於 2020 年第二季度的 4%。即使在這個低迷的市場中，這一比例也同比增長了 44%。因此，堆疊是我們的一大增長動力。

We're also starting to see significant growth from interest income which has driven underlying from the activities that we see in USDC and our platform and the adoption of that stable coin. But this is an area we're continuing to invest in. So if you look at our product areas that we outlined in our shareholder letter, what you see in terms of the developer products with Coinbase Cloud or some of the actions that we're making within Web 3, we think we'll continue to add diversified revenue streams over time.

我們也開始看到利息收入的顯著增長，這推動了我們在 USDC 和我們的平台上看到的活動以及該穩定幣的採用。但這是我們將繼續投資的領域。因此，如果您查看我們在股東信中概述的產品領域，您會看到 Coinbase Cloud 的開發人員產品或我們正在採取的一些行動在 Web 3 中，我們認為隨著時間的推移，我們將繼續增加多樣化的收入流。

Our next question is looking for a bit of clarity on our Wallet strategy and particularly if we have plans to integrate it into the core Coinbase platform. Brian?

我們的下一個問題是尋找對我們的錢包策略的一些明確性，特別是如果我們計劃將其集成到核心 Coinbase 平台中。布賴恩？

Yes. So I'm happy to talk a bit about Coinbase Wallet. For those of you who don't know, Wallet is our self-custodial app, meaning that it lets users store their own crypto assets instead of having us store it on their behalf. And we've seen strong customer demand for both our custodial app and self-custodial apps. And so it's important for us to kind of get broad coverage across the different user segments who want both of these types of functionality.

是的。所以我很高興談談 Coinbase 錢包。對於那些不知道的人，Wallet 是我們的自我託管應用程序，這意味著它允許用戶存儲他們自己的加密資產，而不是讓我們代表他們存儲它。我們已經看到客戶對我們的託管應用程序和自託管應用程序的強烈需求。因此，對我們來說，在需要這兩種功能的不同用戶群中獲得廣泛的覆蓋是很重要的。

So Coinbase Wallet is really important to us for a few reasons strategically. One is that it allows us to onboard customers in many different countries around the world. It's treated more like a software product in that regard since the customers are storing their own funds. And it also allows our customers to access the latest development in crypto, whether that's interacting with DeFi or smart contracts or people want to use NFTs or accessing what's broadly being called now Web 3, which is a really exciting area of development, we think will be a big area of growth.

因此，出於幾個戰略原因，Coinbase 錢包對我們來說非常重要。一是它允許我們為世界各地許多不同國家的客戶提供服務。在這方面，它更像是一種軟件產品，因為客戶存儲自己的資金。它還允許我們的客戶訪問加密的最新發展，無論是與 DeFi 或智能合約交互，還是人們想要使用 NFT 或訪問現在廣泛稱為 Web 3 的東西，我們認為這是一個非常令人興奮的發展領域成為一個很大的增長領域。

And just briefly to touch on that. So today's Internet is largely run by a handful of centralized companies that access and monetize their users' personal data. But Web 3 is something that -- it's the next generation that is being owned by builders and users storing their own data in a more private way, and it's often orchestrated by these different crypto tokens, creating a more decentralized and community-governed version of the Internet.

只是簡單地談談這一點。因此，今天的互聯網主要由少數幾個中心化的公司運營，這些公司可以訪問用戶的個人數據並將其貨幣化。但是 Web 3 是這樣的——它是由構建者和用戶擁有的下一代，以更私密的方式存儲他們自己的數據，並且它通常由這些不同的加密代幣精心策劃，創建一個更加去中心化和社區管理的版本互聯網。

So we're also seeing a lot of startups and venture dollars and entrepreneurs building new companies and apps. Sometimes these are called decentralized apps, or DApps, in Web 3. And so Coinbase Wallet is a really important way for people to access all of this emerging functionality. In fact, we often say our strategy is to be the primary financial account for people in the crypto economy and while it is an important way that they're now doing that with Web 3.

所以我們也看到很多初創公司和風險投資以及企業家建立新的公司和應用程序。有時這些在 Web 3 中被稱為去中心化應用程序或 DApps。因此，Coinbase 錢包是人們訪問所有這些新興功能的一種非常重要的方式。事實上，我們經常說我們的戰略是成為加密經濟中人們的主要財務賬戶，而這是他們現在使用 Web 3 實現這一目標的重要方式。

As I mentioned in my opening remarks, we've made a number of improvements to the Wallet app over the last few quarters. For instance, we now support more than 7 different blockchains in Coinbase Wallet and different Layer 2s, enabling users to utilize apps across all of these change without bridges or multiple wallets. We also totally redesigned Wallet on a new tech stack in Q2, and we're seeing rave reviews, really great customer responses from that online. So we now believe it's the best self-custodial wallet on the market, and we're seeing a lot of that positive chatter.

正如我在開場白中提到的，在過去幾個季度中，我們對 Wallet 應用程序進行了許多改進。例如，我們現在在 Coinbase 錢包和不同的第 2 層中支持超過 7 種不同的區塊鏈，使用戶能夠在所有這些變化中使用應用程序，而無需橋接或多個錢包。我們還在第二季度在新的技術堆棧上完全重新設計了 Wallet，我們看到好評如潮，在線客戶的反應非常好。所以我們現在相信它是市場上最好的自託管錢包，我們看到了很多積極的討論。

The second part of this question really asked about how will we integrate Wallet into our core Coinbase platform. And of course, the core retail app has a lot of distribution, and a lot of people don't want to have 2 apps installed. They prefer to have to use our custodial app. And so we worked really hard to bring that same functionality that's in Wallet into our main Coinbase app. And we're doing that, without getting too much into the technical details, we've had to make a new wallet-type available that met all of the stringent cyber security requirements that we have in place. It uses a technology called MPC, or multiparty computation, which we spent a long time investing in to enable some of this functionality.

這個問題的第二部分真正詢問了我們如何將 Wallet 集成到我們的核心 Coinbase 平台中。當然，核心零售應用有很多分佈，很多人不想安裝 2 個應用。他們更願意使用我們的託管應用程序。因此，我們非常努力地將 Wallet 中的相同功能引入我們的主要 Coinbase 應用程序。我們正在這樣做，在沒有過多了解技術細節的情況下，我們必須提供一種新的錢包類型，以滿足我們現有的所有嚴格的網絡安全要求。它使用一種稱為 MPC 或多方計算的技術，我們花了很長時間進行投資以實現其中的一些功能。

But what's great about it is that now we have this, we call it the DApp wallet inside our core retail app. We have the DApp marketplace where people can try these different third-party applications, interface with them seamlessly. And it's enabling to do all of these things that I mentioned earlier, DeFi, NFTs, Web 3, just like they would be able to in the Wallet app, but now we brought it to 100% of our customers.

但它的偉大之處在於，現在我們有了這個，我們將其稱為核心零售應用程序中的 DApp 錢包。我們擁有 DApp 市場，人們可以在其中嘗試這些不同的第三方應用程序，並與它們無縫對接。它可以做我之前提到的所有這些事情，DeFi、NFT、Web 3，就像他們可以在錢包應用程序中一樣，但現在我們把它帶給了 100% 的客戶。

So the technical details don't matter as much as the customer experience. I think we're really excited about empowering some of this new functionality. It's helping us attract and retain more and more customers in this space. And it's going to keep moving really quickly, so I'm glad that we've been able to provide these experiences to our customers.

因此，技術細節並不像客戶體驗那麼重要。我認為我們對賦予其中一些新功能感到非常興奮。它幫助我們在這個領域吸引和留住越來越多的客戶。而且它會繼續快速發展，所以我很高興我們能夠為我們的客戶提供這些體驗。

Okay. Great. Thanks, Brian. So now with that, Sarah, let's switch gears and go back to the live questions from our analysts, please.

好的。偉大的。謝謝，布賴恩。所以現在有了這個，莎拉，讓我們換個角度，回到我們分析師的實時問題上，拜託。

Your question comes from Lisa Ellis with MoffettNathanson.

您的問題來自 Lisa Ellis 和 MoffettNathanson。

Thanks for the additional disclosures. I thought this bridge on Page 18 of the shareholder letter is super helpful. That was actually the direction of where I wanted to go with my question. Maybe that's one, Alesia, it's for you on sort of how you think about cash burn at Coinbase. This bridge shows down $423 million in the quarter, and that's kind of the decrease in cash available. I think looking back at Q1, I don't know the exact number because I have to do this exact math, but it's sort of similar or slightly higher than that. So is that how we should be thinking about cash burn? And are you thinking about sort of solving for cash burn rate in the same way you're thinking about solving for an adjusted EBITDA figure?

感謝您的額外披露。我認為股東信第 18 頁上的這座橋非常有幫助。這實際上是我想提出問題的方向。也許這是一個，Alesia，它是給你的，關於你如何看待 Coinbase 的現金消耗。這座橋在本季度減少了 4.23 億美元，這就是可用現金的減少。我想回顧第一季度，我不知道確切的數字，因為我必須做這個精確的數學，但它有點相似或略高於那個。那麼我們應該如何考慮燒錢？您是否正在考慮以與解決調整後的 EBITDA 數字相同的方式解決現金消耗率？

Thanks for the question, Lisa. So we do think about EBITDA and cash a little bit separately because EBITDA is a closer proxy to what we're spending on operations, but we continue to make investments. We think our venture investments are an important part of developing the ecosystem and giving us a lens into the future. And then we also think of our financing activities to the products that we offer to institutional and retail customers as an important part of our business. And so you will see cash fluctuating within our investing and financing activities that we think is just adding good revenue and good future strategic value to the company, independent from the operating cash. And so I do think about our operating cash is the metric that I would focus you on that we are managing closely and ensuring that we are prudent in how much we burn vis-a-vis our balance sheet resources.

謝謝你的問題，麗莎。因此，我們確實將 EBITDA 和現金分開考慮，因為 EBITDA 更接近於我們在運營上的支出，但我們繼續進行投資。我們認為我們的風險投資是發展生態系統的重要組成部分，並為我們提供了展望未來的視角。然後，我們還將我們向機構和零售客戶提供的產品的融資活動視為我們業務的重要組成部分。因此，您會在我們的投資和融資活動中看到現金波動，我們認為這只是為公司增加了良好的收入和良好的未來戰略價值，獨立於運營現金。因此，我確實認為我們的運營現金是我將重點關注的指標，我們正在密切管理並確保我們對資產負債表資源的消耗量保持謹慎。

Your next question comes from the line of Ken Worthington with JPMorgan.

您的下一個問題來自摩根大通的 Ken Worthington。

Crypto markets have been under pressure. And during the last call, you mentioned that in the past, Coinbase was able to accelerate its growth by investing and acquiring. And I think Alesia brought up the example of acquiring Xapo in the last call. In this call, you mentioned the repurchase of your debt in the past. And we've seen a couple of your peers acquire distressed assets in sort of high-profile ways. So I don't think we've seen, at least in an obvious way, Coinbase leveraging the downturn to acquire its way into building the business. So I think, first, has Coinbase taken advantage of the sell-off and stress in the market to build via M&A or debt pay down? And if not, why not yet?

加密市場一直處於壓力之下。在上次電話會議中，您提到過去，Coinbase 能夠通過投資和收購來加速其增長。我認為 Alesia 在最後一次電話會議中提出了收購 Xapo 的例子。在這次電話會議中，你提到了過去回購你的債務。我們已經看到你們的一些同行以某種高調的方式收購了不良資產。所以我認為我們沒有看到，至少以明顯的方式，Coinbase 利用經濟低迷來建立業務。所以我認為，首先，Coinbase 是否利用市場的拋售和壓力通過併購或償還債務來建立？如果沒有，為什麼還沒有呢？

And then second, there are a number of bears that point out that Coinbase debt is trading at distressed levels and Coinbase is burning some cash. And therefore, these actions are not taking place because you're not in a position to do so. So can you talk about the pricing of the debt and maybe the misperceptions that you're hearing about your balance sheet? That would be great.

其次，有許多空頭指出 Coinbase 的債務處於低迷水平，而 Coinbase 正在燒掉一些現金。因此，這些行動沒有發生，因為你沒有能力這樣做。那麼你能談談債務的定價，以及你聽到的對資產負債表的誤解嗎？那很好啊。

Sure. Why don't I address the debt? And then Emilie, I'll turn it over to you and talk a little bit about our M&A philosophy and where we see opportunities in this market.

當然。我為什麼不解決債務問題？然後是 Emilie，我會把它交給你，談談我們的併購理念以及我們在這個市場上看到的機會。

So what I would share with you is we strategically raised capital in 2021, and we have very long-dated liabilities. So the convert comes due in 2026, and then we raise 7- and 10-year high-yield notes. We believe this gives us the resources to operate for many years. And those were priced to interest rates that, frankly, we couldn't get in the market today. We don't anticipate being able to find in the market for the next 2 to 3 years.

因此，我要與您分享的是，我們在 2021 年戰略性地籌集了資金，而且我們有非常長期的負債。因此，轉換將於 2026 年到期，然後我們籌集 7 年期和 10 年期高收益債券。我們相信這為我們提供了多年運營的資源。坦率地說，這些定價是我們今天無法進入市場的利率。我們預計在未來 2 到 3 年內無法在市場上找到。

This gives us the resources quite candidly to invest through a winter. This gives us the resources to be able to offer financing products to our customers off our balance sheet. And this gives us a lot of flexibility to make decisions for a much longer-term duration. So we are not looking to take advantage of the price dislocation and just buy that back because we think that's a financial engineering activity and not really in the best interest of building a long sustainable operating business, which is what we're focused on doing.

這為我們提供了相當坦率的資源來度過一個冬天。這為我們提供了能夠向資產負債表外的客戶提供融資產品的資源。這給了我們很大的靈活性來做出更長期的決定。因此，我們不希望利用價格錯位而只是將其回購，因為我們認為這是一項金融工程活動，並不真正符合建立長期可持續經營業務的最佳利益，而這正是我們專注於做的事情。

And then with regards to M&A, Emilie, do you want to talk about how we think about these markets?

然後關於併購，Emilie，你想談談我們如何看待這些市場嗎？

Sure. We continue to be active across both ventures and M&A. It's an area that has helped us gain access to the innovation happening in the crypto ecosystem. It helps us strengthen our competitive positioning. It helps us execute against our mission. And crypto winters, we view as builders markets. It's often the best time for us to be greedy when others are fearful.

當然。我們繼續在風險投資和併購方面保持活躍。這是一個幫助我們接觸到加密生態系統中發生的創新的領域。它有助於我們加強我們的競爭地位。它幫助我們執行我們的使命。而加密貨幣的冬天，我們將其視為建築商市場。當別人害怕時，這往往是我們貪婪的最佳時機。

So you mentioned the Xapo acquisition. That underpins our custody offering. We did that last crypto winter. We also did the acquisition of Tagomi, which essentially laid the foundation for our Prime brokerage platform. And you can expect that we'll continue to do targeted M&A that has high hurdles for ROI. In this type of a market, we'll probably have higher hurdles.

所以你提到了對 Xapo 的收購。這支撐了我們的託管服務。我們在去年的加密貨幣冬天就做到了。我們還收購了 Tagomi，這基本上為我們的大宗經紀平台奠定了基礎。您可以期待我們將繼續進行有針對性的併購，這對投資回報率有很高的障礙。在這種類型的市場中，我們可能會遇到更高的障礙。

And then on the venture side, we typically like seed stage investments during this time because, again, it's a builder's market, you tend to see a lot of innovation happening at the ground level such as Open Sea during 2018 when we invested in that seed ground during the last crypto winter. So we're going to be prudent about capital allocation, but we think we have a very unique lens on development across the crypto space, and we're going to take advantage of it.

然後在風險投資方面，我們通常喜歡這段時間的種子階段投資，因為同樣，這是一個建設者的市場，你往往會看到很多創新發生在底層，例如 2018 年我們投資該種子時的 Open Sea在上一個加密貨幣冬季期間接地。因此，我們將謹慎對待資本配置，但我們認為我們對整個加密領域的發展擁有非常獨特的視角，我們將利用它。

Your next question comes from the line of Richard Repetto with Piper Sandler.

您的下一個問題來自 Richard Repetto 和 Piper Sandler 的台詞。

And my question is more of a high -- a more general question, but it's for Brian. And Brian, in July, in mid-July, you wrote a blog post -- very thoughtful, well researched post about operating efficiently at scale. And then in one of the paragraphs you talked, and I think this was to your employees, but you talked about avoiding spending too much time on what's going well and really share what's not going well so you can improve on it.

我的問題更高——一個更籠統的問題，但它是給布賴恩的。布賴恩，在 7 月，在 7 月中旬，你寫了一篇博文——關於大規模高效運營的非常深思熟慮、經過充分研究的博文。然後在你談到的一段中，我認為這是給你的員工的，但你談到避免在進展順利的事情上花費太多時間，並真正分享進展不順利的事情，以便你可以改進它。

So in the spirit of what you put out in that blog, Brian, I'm just trying to see what things -- and again, I know you've invested for the future and you're making progress expanding crypto to all. But what things aren't going so well? What areas could you improve?

因此，本著你在博客中發表的精神，Brian，我只是想看看有什麼事情——再說一次，我知道你已經為未來進行了投資，並且你正在將加密擴展到所有人。但有什麼事情進展不順利？你可以改進哪些方面？

Yes. Well, thanks for the question. That's certainly been an interesting cultural change for us. We always try to think about, okay, let's take a minute to celebrate the things that are going well, but we always try to think about what we can be doing even better.

是的。嗯，謝謝你的問題。這對我們來說無疑是一個有趣的文化變革。我們總是試著去想，好吧，讓我們花一點時間來慶祝那些進展順利的事情，但我們總是試著去想我們可以做得更好的地方。

I think a lot is going well. But if you look back, I think that we probably could have grown slower over the last couple of years, right? That's something that we probably could have done better. I think that we're still iterating on how we communicate. Our expenses are actually quite predictable. But as you can see, our revenue and of course, that ties into EBITDA is less predictable. And so I think we're still iterating on how we want to communicate ranges publicly and things like that and making sure that we're explaining this new industry to the public markets. It's sort of as the first crypto company to go out, I feel like we're a little bit of like a bellwether for the whole industry. And we're kind of trying to write the playbook on how to understand this industry if it is going to keep going through ups and downs.

我認為很多事情進展順利。但如果你回頭看，我認為我們在過去幾年中可能會變得更慢，對吧？這可能是我們可以做得更好的事情。我認為我們仍在迭代我們的溝通方式。我們的費用實際上是可以預測的。但正如你所看到的，我們的收入，當然，與 EBITDA 相關的收入更難以預測。所以我認為我們仍在反复討論我們希望如何公開交流範圍以及類似的事情，並確保我們正在向公共市場解釋這個新行業。它有點像第一家走出去的加密貨幣公司，我覺得我們有點像整個行業的領頭羊。我們正在嘗試編寫一本關於如何理解這個行業的劇本，如果它要繼續經歷起起落落。

Now my guess is that those cycles will become more muted over time just because the adoption of crypto kind of keeps growing through all of these cycles. And as the use cases are more and more prevalent, like today, there might be hundreds of millions or something like that of people who want to try crypto. But as it gets to be billions or something like that, then I think these cycles will just become more muted. So I'd say we're iterating on all kinds of things in that direction.

現在我的猜測是，隨著時間的推移，這些週期將變得更加平靜，因為加密貨幣的採用在所有這些週期中不斷增長。隨著用例越來越普遍，就像今天一樣，可能有數億人或類似的人想要嘗試加密貨幣。但隨著它達到數十億或類似的數量，我認為這些週期將變得更加平靜。所以我想說我們正在朝著這個方向迭代各種事情。

Your next question comes from the line of Stephen Glagola with Cowen.

您的下一個問題來自 Stephen Glagola 和 Cowen 的對話。

Thanks for the question. Can you just unpack further the puts and takes around the Q2 retail take rate coming in slightly higher versus Q1 and year-over-year, including the mix of pro users and the main consumer app? And just can you discuss your outlook on the retail take rate for the second half? Any early reads on the impact of consolidating advanced trading with the main consumer app?

謝謝你的問題。您能否進一步解開第二季度的看跌期權，並與第一季度和去年同期相比略高，包括專業用戶和主要消費者應用程序的組合？你能談談你對下半年零售利率的展望嗎？任何關於將高級交易與主要消費者應用程序整合的影響的早期讀物？

Thanks for the question. So there's very little update that we have compared to our past comments that the retail fee take rate is mathematically the output of the mix of volume on our platform. And as we know, we have 2 pricing models. One, we have the simple trading pricing model now and then we have tier pricing for our more advanced traders. And so as mix shift occurs, what pencils out then is the blended rate. And so we didn't change pricing in Q2. But what we saw is less trading at the higher volume tiers. And so as people trade at lower volumes, those were higher feed tiers, which resulted in a slightly higher fee rate.

謝謝你的問題。因此，與我們過去的評論相比，我們幾乎沒有更新，零售費收取率在數學上是我們平台上交易量組合的輸出。眾所周知，我們有 2 種定價模式。第一，我們現在有簡單的交易定價模型，然後我們為更高級的交易者提供分級定價。因此，當混合移位發生時，鉛筆就會出現混合率。所以我們沒有在第二季度改變定價。但我們看到的是，在較高交易量級別的交易較少。因此，當人們以較低的交易量進行交易時，這些是較高的饋送層級，這導致費率略高。

And so as we think about for the second half, what we're expecting and what we shared in our outlook is that we think that volumes will be on the lower side or in line with what we've seen in July so far. And those are lower volumes, which means we'll see sort of the -- on the higher side of fees, which is probably in line with what we saw in Q2. But again, it's all mathematical and mix. And we have not seen any impact yet on our fees. We're not seeing cannibalization or anything that would indicate that there would be a broad change in consumer behavior as how they trade our platform. But it's, again, early days. We just announced the retail advances trading within the main app this quarter, but we're watching it closely, but we don't have an update to share at this time.

因此，當我們考慮下半年的情況時，我們所期待的以及我們在展望中分享的是，我們認為銷量將處於較低水平或與我們在 7 月份迄今為止所看到的一致。這些都是較低的交易量，這意味著我們會看到收費較高的一面，這可能與我們在第二季度看到的一致。但同樣，這都是數學和混合的。我們還沒有看到對我們的費用有任何影響。我們沒有看到自相殘殺或任何表明消費者行為將發生廣泛變化的情況，因為他們交易我們的平台的方式。但這又是早期。我們剛剛宣布了本季度主應用程序內的零售預付款交易，但我們正在密切關注它，但我們目前沒有更新可分享。

Your next question comes from the line of Devin Ryan with JMP Securities.

您的下一個問題來自 JMP Securities 的 Devin Ryan。

Maybe a little bit of a follow-up just on that last line of question. So if we look at crypto prices, they're up maybe slightly over the past months. So maybe you could say we're seeing some stabilization after a big drop. And I appreciate it's a very short period of time. But the trading volumes that we can track on platform are still declining a fair amount from the second quarter and you're expecting a pretty healthy drop in AT or RPU in the back half of the year for the guide.

也許只是對最後一行問題進行一些跟進。因此，如果我們看一下加密貨幣的價格，它們在過去幾個月中可能略有上漲。所以也許你可以說我們在大幅下跌後看到了一些穩定。我很欣賞這是一個非常短的時間。但是，我們可以在平台上跟踪的交易量仍然比第二季度下降了很多，您預計今年下半年 AT 或 RPU 將出現相當健康的下降。

So just love to get a little more color on the interplay between crypto market cap and price and activity. That would be helpful. And then also just the scaling of Coinbase One, we've been getting some questions and whether that's impacting AT ARPU in any direction or just the overall outlook?

所以只是喜歡在加密貨幣市值與價格和活動之間的相互作用上獲得更多的色彩。那會很有幫助。然後只是 Coinbase One 的擴展，我們收到了一些問題，這是否會影響 AT ARPU 的任何方向或只是整體前景？

Sure. So we have seen price come up, but I would just note that crypto is very volatile. And so it's very hard to see if it's a true change in directory until we see it truly in hindsight. So what we're looking at is the broad headwinds of the macro environment is still putting a lot of investors on the sidelines. We are looking at the headwinds of still seeing some fallout in the crypto credit environment. We just saw another exchange in Germany, unfortunately, filed for insolvency today, or it might have been yesterday, but recently.

當然。所以我們看到價格上漲，但我只想指出加密貨幣非常不穩定。因此，在我們事後真正看到它之前，很難判斷這是否是目錄的真正變化。因此，我們正在關注的是宏觀環境的廣泛阻力仍然讓很多投資者持觀望態度。我們正在考慮在加密信貸環境中仍然看到一些影響的不利因素。不幸的是，我們剛剛在德國看到另一家交易所今天申請破產，或者可能是昨天，但最近。

And so I think that we need to see a little bit of stabilization there as well as we'd like to have more certainty in the regulatory market, and that's all influencing what we're expecting for the second half. But I would comment to you these markets move very quickly, and we could see a shift. It is very hard to predict what will happen and there could be rallies from things that we can't have visibility in today. So we are focusing, as we shared with you where we're focused. We're focused on rolling out the products and services that we have. On our road map, we're really excited about the feedback we're getting from customers on some of our newly released features such as retail advanced trading in the main app, such as the new Wallet app that we've put out there. And we think that by doing that and engaging our customers, we'll be able to bring that volume to our platform.

所以我認為我們需要在那裡看到一點穩定，並且我們希望在監管市場上有更多的確定性，而這一切都影響了我們對下半年的預期。但我想對你說，這些市場變化很快，我們可以看到轉變。很難預測會發生什麼，並且可能會出現我們今天無法看到的事情的反彈。因此，我們正在集中精力，正如我們與您分享的重點。我們專注於推出我們擁有的產品和服務。在我們的路線圖上，我們非常高興收到客戶對我們新發布的一些功能的反饋，例如主應用程序中的零售高級交易，例如我們推出的新錢包應用程序。我們認為，通過這樣做並吸引我們的客戶，我們將能夠將這一數量帶入我們的平台。

Sarah, we have time for one more question, please.

莎拉，我們有時間再問一個問題，拜託。

Our final question will come from the line of Will Nance with Goldman Sachs.

我們的最後一個問題將來自高盛的 Will Nance。

Just a question on stock-based comp. I appreciate all the comments on trying to manage the business more efficiently. Stock-based comps running over half of revenue. And just wondering how you're thinking -- one, is there anything nuanced in there about founder grants or things that are coming in at high exercise prices? And then two, just more broadly, how are you guys thinking about limiting the noncash dilution that shareholders experience from stock-based comp over time?

只是一個關於基於股票的補償的問題。我感謝所有關於嘗試更有效地管理業務的評論。基於股票的補償佔收入的一半以上。只是想知道你是怎麼想的——第一，關於創始人贈款或以高行使價進入的東西有什麼細微差別嗎？然後兩個，更廣泛地說，你們如何考慮限制股東隨著時間的推移從基於股票的補償中經歷的非現金稀釋？

Sure. Thanks for that question. So the thing I want to share with you is that our Board and our management team really understand investor concerns around stock-based comp, and we're very aligned with investors. Our goal is to grow profits and grow stock price and manage dilution effectively. Given the inherent volatility in crypto, we're a little bit different in how we think about these metrics. And when we think about our stock-based comp metric similarly to how we think about all of our other financial metrics, which took a longer-term horizon view.

當然。謝謝你的問題。因此，我想與您分享的是，我們的董事會和我們的管理團隊真正了解投資者對基於股票的薪酬的擔憂，我們與投資者非常一致。我們的目標是增加利潤、提高股價並有效地管理稀釋。鑑於加密貨幣固有的波動性，我們對這些指標的看法略有不同。當我們考慮我們基於股票的薪酬指標時，類似於我們對所有其他財務指標的看法，這採取了更長期的視野。

So the metric that we look at is we look at gross dilution over a trailing 3-year average. And when you look at it through that lens in 2021, our growth solution from new awards was 2.4%. Year-to-date, it's been about 3%. And we're looking at that and saying, how does that benchmark against peers. And we're feeling fairly good about that right now. Looking forward, what I can share with you is that if we have the same size of employee base in 2023, our stock-based comp would come down on a year-over-year basis as we do have some M&A earnouts and other multiyear grants from prior years that are being amortized in this year from a multiyear best schedule. We're not prepared to provide a 2023 outlook right now, but we do expect a year-over-year decline in stock-based comp.

因此，我們查看的指標是我們查看過去 3 年平均水平的總稀釋度。當你從 2021 年的角度來看它時，我們從新獎項中獲得的增長解決方案是 2.4%。年初至今，這一比例約為 3%。我們正在查看並說，該基準如何與同行進行比較。我們現在對此感覺很好。展望未來，我可以與您分享的是，如果我們在 2023 年擁有相同規模的員工基礎，我們的股票薪酬將同比下降，因為我們確實有一些併購收益和其他多年期贈款根據多年最佳時間表，今年將攤銷的前幾年。我們目前不准備提供 2023 年的展望，但我們確實預計基於股票的薪酬將同比下降。

Great. Thank you for joining us, and we look forward to speaking with you on our call again next quarter.

偉大的。感謝您加入我們，我們期待在下個季度再次與您通話。

This concludes today's call. You may now disconnect your lines.

今天的電話會議到此結束。您現在可以斷開線路。