Coinbase Global Inc (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.

午安.我叫莎拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Coinbase 2022 年第二季財報電話會議。 （操作員指示）投資者關係副總裁 Anil Gupta，您可以開始您的會議了。

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。下午好，歡迎參加 Coinbase 2022 年第二季財報電話會議。參加今天電話會議的還有共同創辦人兼執行長 Brian Armstrong；以及總裁兼營運長 Emilie Choi；以及財務長 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.

在我們開始之前，我想提醒您，在今天的電話會議中，我們可能會做出前瞻性的陳述。實際結果可能與今天的聲明有重大差異。有關風險、不確定性和其他可能導致這些結果不同的因素的資訊包含在我們的美國證券交易委員會 (SEC) 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.

我們今天的討論將涉及某些非公認會計準則財務指標。我們的 IR 網站上的股東信函中提供了與最直接可比較的 GAAP 財務指標的對帳。非公認會計準則財務指標應被視為公認會計準則指標的補充，而非替代。

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 平台讓我們的股東可以發布問題。此外，我們也將現場回答研究分析師提出的一些問題。在此之前，我會把時間交給 Brian 和 Alesia 來發表一些開場評論。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，作為開場白，我想談三個主題。首先是廣泛地觀察加密資產週期以及我們所處的周期。第二個主題是關於我們的產品發展勢頭以及我們如何在這種環境中獲勝。第三是關於監管環境。那麼讓我們先來談談這些加密資產價格週期。

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.

在 Coinbase 內部我們常說一句話。它從來沒有看起來那麼好，也從來沒有看起來那麼糟。我們這麼說，而且我們在經歷的每一個加密週期中都了解到了它的真相。事實上，這可能是我們經歷的第四個加密週期。它們總是看起來有點嚇人，特別是如果人們以前沒有經歷過的話，而這是我們作為一家上市公司的第一次經歷。有很多事情發生，例如 Terra Luna 崩潰，還有 Three Arrows、Voyager 和 Celsius 等事件的蔓延，儘管這些事情都沒有對 Coinbase 產生任何影響。但我們以前就見過這種情況。

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.

那麼在 Coinbase 的下行週期中我們該做什麼呢？嗯，首先，我們繼續建設。因此，在上升週期中，我們通常都在成長，並且必須將重點放在擴大規模上。因此，在經濟下行週期中，這實際上是一種新鮮空氣。我們要回去集中精力償還技術債、創新我們的產品、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優質產品是件好事。

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密切關注費用管理，以確保我們能夠度過任何類型的衰退週期。我們在 2021 年特意籌集了資金，以確保我們在經濟低迷時期擁有真正強勁的資產負債表，這非常好。從歷史上看，我們也看到臨時競爭對手在低迷的市場中退後一步，從長遠來看，這對我們有利。有時會出現有趣的併購機會等等。然後，由於經濟低迷時期出現的創新，每個週期的漲幅都高於前一個週期。因此，我認為縮小範圍並觀察 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.

因此，我們在收益信中提到的一件事就是回顧過去兩年，如果將我們的業績與 2020 年第二季度進行比較，當然，我們也受到了 COVID 的影響，但我認為回顧加密貨幣週期很重要。在此期間，我們的驗證用戶數量幾乎增加了兩倍。我們的每月交易用戶數量增加了 6 倍。我們的季度總交易量增加了 8 倍。我們平台上的資產增加了近4倍。因此，我們超過 2/3 的 MTU 目前都在使用我們的多種產品。兩年前這個數字僅 20%。而我們的訂閱和服務收入，這是比較可預測的，它為我們的總淨收入貢獻了18%，而兩年前這一數字僅增長了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。任何一個季度，甚至任何一個年份，都可能會上漲或下跌。但如果你根據價格週期來評估業務，你會發現情況大不相同。這就是有關價格週期的一些資訊。讓我們轉到有關產品勢頭的第二個主題。

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.

因此，Coinbase 在此期間非常專注於 5 個產品領域。第一個是我們的 Coinbase 零售應用程式。這佔了大約 1 億經過驗證的用戶中的大多數，並為我們帶來了巨大的收入來源。第二個是 Coinbase Prime，這是我們的主要經紀產品，為世界各地的機構提供服務，最終表現非常好。第三個是我們的質押業務，它也已經成為訂閱和服務收入的重要來源，並且發展良好。第四個是 Coinbase Cloud，這是我們為開發者提供的產品，我們相信隨著時間的推移，它將成為一項很棒的業務，類似於 AWS 或類似的產品，幫助成千上萬的初創企業，實際上不僅僅是初創企業，成熟的公司也可以使用我們的 API 套件將加密貨幣整合到他們的產品中。第五個，也就是最後一個，我們大致稱之為 Web 3，但它涉及到我們認為將會實現的一個未來主要成長領域。我們的產品包括 Coinbase Wallet、我們的自託管應用程式、我們正在開發的各種協議以及我們稍後會涉及的一些內容。

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帳戶。我們通常會嘗試透過使我們的產品成為最值得信賴、最易於使用的產品並建立 1 個整合產品套件來使我們的產品與眾不同，這樣，如果您註冊 1 個 Coinbase 帳戶並驗證您的身份，您就可以連接您的資訊、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存取我們的任何產品。因此，它與套件有很好的整合。

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 選為合作夥伴，幫助他們開發加密貨幣產品。由於一些原因，這實際上是一件大事。貝萊德是全球最大的機構資產管理公司。我們花了數年的時間努力與他們合作並達成這筆交易。我認為這確實表明 Coinbase 具有獨特的優勢，可以成為全球最大公司的首選合作夥伴，這些公司希望將加密貨幣整合到他們的產品中，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。作為最值得信賴的平台和第一家加密貨幣上市公司，我們確實是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，從而贏得多個客戶群。

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.

我們的自架錢包在過去的一個季度也取得了一些成功。我們獲得了熱烈的評價，人們認為它現在是市場上最先進的自架加密錢包。我認為我們產品發布的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。我首先要說的是最近美國證券交易委員會（SEC）的頭條新聞，儘管我們一直與美國商品期貨交易委員會（CFTC）以及世界各地的眾多監管機構保持著良好的互動。因此，美國證券交易委員會在五月向我們發出了自願的資訊請求，其中包括有關我們的資產上市流程的資訊。但我們還不知道這次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，我們致力於與美國證券交易委員會就數位資產和證券監管進行富有成效的討論。如果這項調查能為這項討論提供機會，我們對此表示歡迎。

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.

總的來說，我們很高興看到最近美國和世界各國在加密貨幣立法方面取得了更明確的進展。在美國，幾項法案在兩黨的大力支持下正在國會審議。例如，Stabenow、Boozman 法案提出了一項立法，旨在明確美國證券交易委員會 (SEC) 和美國商品期貨交易委員會 (CFTC) 以及其他我們似乎經常陷入中間的機構對加密資產的監管權限。我們期待與所有相關方合作，制定監管和監督的常識性框架，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，以及加密生態系統中完全不同的東西，例如 NFT 可能被視為藝術品。

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，而現在似乎正在發生。兩週前我在華盛頓時，有幾個人告訴我，加密貨幣是目前華盛頓為數不多的兩黨可以真正開展工作的議題之一。如果運氣好的話，我們可能會看到美國在今年稍後通過明確的穩定點立法，並在明年通過全面的加密立法。

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，我們看到全球範圍內都在採取類似的措施來提高監管清晰度，包括歐盟最近通過的《加密資產市場》（MICA）法規。我們也看到澳洲、英國、香港、巴西和其他市場也出現了積極的發展。

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.

所以這麼說有點奇怪，但從某種程度上來說，對加密貨幣的監管越多，對 Coinbase 就越有利。我們是加密貨幣領域最值得信賴的品牌，自公司成立之初就一直遵守法規。我們現在是並將繼續成為這個行業的捍衛者，確保通過的任何加密立法都保留這項技術的創新潛力，並至少將其與傳統金融服務置於同等的索賠領域。

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監管機構接觸。我們不認為這是一件壞事。相反，我們相信這是幫助行業前進的最佳方式。

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.

關於美國證券交易委員會的資訊請求，我沒有其他可以說的，但我們計劃在有更多資訊可以分享時，向您通報監管領域的廣泛發展。

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，我先把事情做完。希望這裡的整體訊息是明確的。我們之前已經經歷過許多加密週期。這看起來很可怕，但其實並沒有看起來那麼糟。它從來沒有看起來那麼好。過去 10 年，Coinbase 在市場低迷時期持續專注於出色的產品執行並密切管理費用，取得了成功。我們是該領域一家負責任的公司，資產負債表上有大量現金，基本面強勁，如果你回顧過去兩年，你會發現我們正在與最大的公司達成交易，將加密貨幣整合到他們的產品中。我們將長期陪伴我們度過這個行業的起伏。接下來，我將把問題 2 交給 Alesia 來討論。

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，布萊恩。我將簡要回顧第二季度，分享我們在適應新市場條件時的重點領域和優勢，然後簡要地談談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，回顧一下第二季度。市場低迷造成財務阻力，這反映在我們的第二季業績。我們的 MTU 總數為 900 萬。我們很高興地看到，與第一季相比，降幅僅下降了 2%。我們注意到，67% 或 600 萬 MTU 正在使用我們的非投資產品。我們稍後會討論這個問題，但我們確實看到了行為的轉變，因為 MTU 的交易量減少了，但參與質押和其他非投資產品的次數卻增加了。

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2,170億美元，交易收入為6.55億美元，分別下降30％和35％。這兩個指標都受到消費者行為和市場活動變化的影響。這與我們在先前的下跌市場中看到的情況非常一致，即零售客戶傾向於從交易員轉向（聽不清），而市場交易量則轉向集中在做市商和專業風格的交易員身上。

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、做市商和專業風格的交易者的交易都發生在融資和衍生產品更為普遍的離岸交易所。隨著時間的推移，我們期待打造出能夠更好地競爭這一銷量的產品，但今天，我們是一個高度集中零售的平台。

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 崩盤以及隨後圍繞加密貨幣破產的信用事件進行交易，5 月交易量激增。我們沒有列出 Luna，也沒有接觸過這些破產案例，因此沒有參與這筆交易量激增。

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.

儘管面臨這些不利因素，我們仍然很高興看到我們的訂閱和服務收入有所成長，截至第二季度，我們的營收為 1.47 億美元，年增 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，我們很高興看到隨著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，季度環比增長相當線性。總體而言，我們的淨收入為 8.03 億美元。我們的調整後 EBITDA 損失為 1.51 億美元。我們的淨虧損為 11 億美元，但我想在這裡指出，這受到非現金減損的嚴重影響。除去這些非現金減值，我們的淨虧損將達到 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創投價值低於這些資產的帳面價值時，我們就會進行減損。重要的是，如果市場恢復到該點以上，我們就不會接受增值。因此，當加密貨幣在季度內跌至低點時，即使它在季度內恢復，也會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記入帳下。這就是非現金減損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.

現在我想換個話題，談談 Coinbase 如何適應這些市場條件，以及我們如何在未來專注於更有效率的營運。在費用方面，我們已採取多項措施精簡成本結構，包括六月宣布的裁員 18%。我們想強調的是，要完全認識到我們所有行動的財務影響還需要一些時間，但我們將全年技術和開發以及一般管理費用的範圍下調至 40 億美元至 42.5 億美元，低於我們先前預測的 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，並專注於 Brian 先前概述的 5 個關鍵領域。我們正努力實現 2022 年調整後 EBITDA 虧損 5 億美元的目標。顯然，我們承認市場環境緊張。但根據我們在第二季採取的費用舉措，我們對在這一護欄內運作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不會顯著低於 2022 年 7 月的水平，我們不會再看到客戶行為發生重大變化。如果發生這些事件，我們看到情況進一步惡化，或者績效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降低開支，並且可能會超出該護欄。然而，儘管時間緊迫，我們仍想向您承諾，我們將在建立未來的過程中更有效率地運作。

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。我們主要考慮三個因素來評估我們的財務實力和持久性。首先，截至第二季末，我們的美元資源總額為 62 億美元。我們在股東信中提供了增強的揭露，以真正幫助您了解資產負債表以及我們如何看待它。其中包括現金和現金等價物。其中包括我們的 USDC，我們用它像現金一樣進行操作。在 Coinbase 的日常營運中，我們將美元穩定幣視為可與現金替代的貨幣，因此我們希望您以相同的方式看待它，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.

第二，我們採取審慎的風險管理方式。我們的融資活動沒有帶來任何信用損失，也沒有面臨客戶或交易對手破產的風險。我們從未阻止客戶提款或禁止任何人從我們的平台上轉移資產，也沒有對客戶取得信貸產品的管道做出任何改變。我們在當今加密生態系統中以這種營運風險的方式脫穎而出，我們相信這是我們可以繼續擴大融資活動並在未來為客戶提供服務的優勢。

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，布萊恩多次談到這一點，但全球正掀起監管浪潮，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，同時也促進數位創新的採用。我們相信我們在這裡擁有獨特的地位。

So with that, let's turn to questions.

那麼，就讓我們開始回答問題吧。

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

（操作員指示）您的第一個問題來自奧本海默的 Owen Lau。

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，如果加密貨幣寒冬持續下去，Coinbase 需要採取什麼措施來觸發另一輪資源配置呢？而且根據目前的交易量以及目前的網路是否能夠持續，我理解如果這個冬天持續相當長一段時間，不幸的是，其他一些加密貨幣公司也可能陷入困境，而 Coinbase 可以從中受益。但是，您有多大信心將今年和明年的調整後 EBITDA 損失控制在 5 億美元左右呢？

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.

謝謝你的提問，歐文。我要這個。是阿萊西亞。因此我們在致股東的信中分享了我們的一些理念。但我們處理業務的方式是跨週期運作。回顧去年 4 月的 S-1 文件，我們在致創始人的開篇信中與大家分享了我們真正希望在整個週期內實現收支平衡，因為我們認為這在早期階段非常重要——在我們為增長而構建的加密貨幣的初期，我們正在擴大我們平台上產品的廣度和深度，並為這個生態系統帶來新用戶。因此，從歷史上看，我們確實能夠創造利潤，並且我們將這些利潤再投資於業務。

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，我們要做的是觀察壓力情境。我們預測了多種不同的收入情景，然後確保我們可以規劃多年的冬季開支。從歷史上看，加密貨幣寒冬通常持續 2 至 4 年。因此，我們確實會研究所有這些歷史情景，看看我們能否透過這些情景來開展工作。今年，我們確實設定了一個防護欄，如果進入冬季，我們的營運將損失 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.

我們始終不清楚我們處於加密週期的哪個階段。因此，我們不斷更新我們的情境、更新我們的應急計劃並確保我們能夠有長遠的眼光。因此，我們將在費用管理和審慎投資之間取得平衡，但確保我們能夠度過多期低迷期。我們尚未對 2023 年做出展望，但我們仍將此視為對未來的投資。我們並不期望每個季度或每年都獲利，但我們希望我們的產品和服務的採用率繼續呈現成長，這體現在綠芽中，體現在正確的進展中，並相信當我們為這一機會投入適當的資金時。

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。我會重新加入。我認為我們意外地重新安排了通話。因此，我將回過頭來闡述股東問答的一些基本規則。

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，我們將根據分享次數來回答上傳次數最多的問題，我們可能會將涉及相同主題的問題分組在一起。其次，我們不打算回答與新資產潛在上市相關的問題。第三，如果沒有更新，我們將避免回答過去已經回答過的問題。例如，我們仍然不打算發放股息。

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 進行股東問答。

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?

我們遇到的第一個問題也是許多股東最關心的問題，特別是考慮到最近的行業事件，就是他們的資產的安全性，以及在最近的市場動盪中對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.

謝謝你的提問。正如我在開場白中所說，我們在第二季度看到了一些信貸事件。這些事件震驚了加密信貸市場。我們認為這將成為該行業的一個重要轉捩點。首先我想指出的是，我們認為，圍繞 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，並且實際上是信貸特有的，而不是加密特有的。這些公司中有許多都處於過度槓桿狀態，短期負債與長期負債或非流動性資產不符。

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，但這些是特定於信貸的問題。 Coinbase 對我剛才提到的這些實體沒有任何財務風險。此外，我們並未參與此類高風險貸款行為，而是專注於建立更永續的融資業務，並謹慎、謹慎地吸取 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.

正如我在評論中提到的，我們沒有阻止任何客戶提款。我們尚未獲得任何有關客戶信用變更的資訊。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。我們不會再進行抵押。未經客戶同意，我們不會借出任何資產。我們的客戶選擇如何處理他們的資產是我們的客戶的選擇。未經客戶批准，Coinbase 不會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.

我想換個話題，先談談信用風險以外的安全性，因為這是我們之前電話會議中提出的一個大話題。客戶資產在 Coinbase 上是隔離和受保護的。我們最近在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零售客戶提供了相同的法律保護。這是目前已知的對加密資產最強而有力的法律保護。我們的首席法律官 Paul Grewal 幾週前發表了一篇部落格文章，非常詳細地介紹了我們為保護客戶資產而建立的機制，我鼓勵大家閱讀它。但我們感到非常高興，因為我們擁有業界領先的加密資產保護。

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，許多股東對我們上市以來的股價表現感到失望。有什麼計畫可以讓股價重回正軌？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，我認為在看待這個問題時，區分哪些是我們能夠控制的，哪些是我們無法控制的，這一點很重要。當然，我們無法控制宏觀經濟因素或經濟衰退。我們實際上甚至沒有更廣泛地控制加密市場，對嗎？

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.

那我們控制什麼呢？嗯，顯然，我們可以專注於為客戶打造優質的產品。我們可以專注於保持加密技術的前沿，以確保我們創建引人注目的用例並將其提供給我們的客戶。在市場低迷時，我們可以密切關注費用管理，坦白說，我們可以確保自己不會因短期思維而分心或失望。

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在下一個上升週期中佔據有利地位，並奪取不成比例的份額。

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 打算如何實現差異化和競爭，特別是當其他交易所似乎正在獲得市場份額、降低費用並被認為行動和創新速度更快的時候。艾蜜莉？

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。謝謝你的提問。讓我們稍微解釋一下。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，我們的核心用戶往往會休眠並減少交易。我們在 2018 年和 2019 年觀察到了類似的行為。然而，我們很高興，因為對於那些仍然選擇進行交易的人來說，每個投資 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低迷時期看到的低點。同樣值得注意的是，客戶正在以新的被動方式參與和使用加密貨幣，尤其是質押。

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.

對於第二季的另一種解釋是，有很多偶發性活動我們沒有參與。我們認為，這在很大程度上是由於第二季度發生的與我們未支持的資產（例如 Luna）以及 3AC、Celsius 和 Voyager 等交易對手相關的事件所致，得益於我們強大的風險管理和資產上市流程，我們沒有接觸過這些交易對手。

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，隨著大宗交易商和做市商尋求利用美國目前無法獲得的衍生性商品和其他產品在海外多元化，越來越多的交易量正在轉移到海外。

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，但我們在美國的投入過大。這其實就是我們如此重視合規性和推動美國創新對話的原因。這就是為什麼 Brian 談到我們前往華盛頓的旅行以及我們為此所花費的時間。但從長遠來看，我們轉移市場份額的方式只是關注我們的客戶，我們致力於隨著時間的推移以合規且安全的方式重新獲得份額，包括透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.

我可以插嘴一下嗎，艾蜜莉？我確實認為我們也應該討論這個問題的費用部分。我一直在從客戶群的角度來思考這個問題，因為我們發現我們的零售客戶、做市商和高頻交易者與許多開始參與加密貨幣 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.

因此，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，我們為他們提供了一個整合平台，可以參與各種資產和加密活動，例如質押和用卡匯款、訪問 DApp 錢包和 NFT，以及您可以在我們的平台上做的其他越來越多的事情。

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.

我們可以接受成為優質產品。我們覺得我們與其他服務相比有所差異，而且客戶願意為該服務支付額外費用。到目前為止，我們還沒有看到零售方面的費用壓縮，也沒有看到改變費用模式的必要。事實上，我們正​​在嘗試定價，例如與 Coinbase One 合作推出訂閱產品，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進行交易。他們仍然需要支付差價，但無需支付任何費用即可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，我們仍然相信費用會壓縮，我們開始建立一套以其他方式獲利的多樣化產品，這就是為什麼我們很高興看到訂閱和服務在我們淨收入中所佔的比例越來越大，第二季為 18%。但當我換個角度觀察做市商時，我們確實認為這個族群的費用在短期內會壓縮。這是我們平台上交易量最高的客戶群。因此，根據我們的基於數量的定價，他們已經獲得了最低的費用等級。但對於這個群體，我們將會看到競爭對手的收費越來越低，而我們也正在爭奪這一數量。

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.

我們在致股東的信中詳細討論了這一點。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機構客戶，他們加入 Coinbase Prime 並關注我們提供的產品和服務的廣度。但我們會隨著時間的推移打造產品，以更積極地爭取做市商平台。這是我們以後可以討論的事情。

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。我認為我在這裡要補充的唯一一點是，在與競爭對手的差異化方面，我認為主要有三點。首先，我認為，我們的品牌以及一切——我們生產的所有產品，我們都致力於成為業內客戶最信賴的選擇。而這歸結於網路安全，防止包裹歸結於合規性，貸款納入監管。歸根結底，我們需要提供出色的客戶支持，說到做到，不做任何不周全的事情。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每個人都能使用加密貨幣。我們希望最終有 10 億人透過我們的產品進入這個新經濟。而且加密技術仍然太難使用。因此我認為我們將持續引領產業，並使我們的產品越來越簡單。

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，如果您願意的話，我們正在建立一個整合產品套件，即一站式商店。因此，如果某人已經擁有 Coinbase 帳戶，並且在某個地方建立新帳戶並不是一件容易的事，那麼您必須進行 KYC，您可能必須連接您的付款方式，您可能必須在那裡儲存您的加密餘額。因此，一旦您擁有 Coinbase 帳戶，我們就可以輕鬆切換並嘗試這些產品或服務中的任何一個。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，一站式服務將成為我們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實現收入多元化，從交易收入和其他與加密資產價格相關的收入中獲益？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。首先，我們是一家加密貨幣公司。因此，我們的所有收入可能總是與廣泛的加密市場有某種關聯。然而，我們正在努力實現產品組合多樣化，以降低收入的波動性。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，現在我們 18% 的淨收入來自訂閱和服務，高於 2020 年第二季的 4%。即使在當前低迷的市場中，這一數字也比去年同期增長了 44%。因此堆疊將成為我們的一個重要成長動力。

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對該穩定幣的採用。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、Coinbase Cloud 的開發者產品或我們在 Web 3 中採取的一些行動，我們認為我們將隨著時間的推移繼續增加多樣化的收入來源。

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希望對我們的錢包策略有更清晰的了解，特別是我們是否有計劃將其整合到核心 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。因此我很高興談論一下 Coinbase 錢包。對於那些不知道的人來說，Wallet 是我們的自我託管應用程序，這意味著它允許用戶儲存自己的加密資產，而不是讓我們代表他們儲存。我們看到客戶對我們的託管應用程式和自架應用程式都有強勁的需求。因此，對於我們來說，廣泛涵蓋需要這兩種功能的不同使用者群體非常重要。

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，從策略角度來看，Coinbase Wallet 對我們來說非常重要。一是它使我們能夠吸引來自世界各地的許多不同國家的客戶。從這一點來看，它更像是一種軟體產品，因為客戶儲存的是自己的資金。它還允許我們的客戶訪問加密貨幣領域的最新發展，無論是與 DeFi 或智能合約交互，還是人們想要使用 NFT，或者訪問現在被廣泛稱為 Web 3 的內容，這是一個非常令人興奮的開發領域，我們認為這將是一個巨大的成長領域。

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.

我僅簡單談一下這一點。因此，當今的互聯網主要由少數幾個集中式公司經營，這些公司訪問用戶的個人資料並將其貨幣化。但 Web 3 是下一代技術，由建造者和用戶以更私密的方式儲存自己的數據，並且通常由這些不同的加密代幣進行協調，從而創建一個更加去中心化和社群管理的網路版本。

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.

因此，我們也看到許多新創公司、創投和企業家正在創建新公司和應用程式。在 Web 3 中，有時這些被稱為去中心化應用程式或 DApps。因此，Coinbase 錢包是人們存取所有這些新興功能的重要方式。事實上，我們經常說我們的策略是成為加密經濟中人們的主要金融帳戶，而這也是他們現在使用 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，過去幾季我們對 Wallet 應用程式進行了許多改進。例如，我們現在在 Coinbase 錢包和不同的 Layer 2 中支援 7 種以上不同的區塊鏈，使用戶無需橋接或多個錢包即可在所有這些變更中使用應用程式。我們也在第二季基於新的技術堆疊對錢包進行了徹底的重新設計，並且在網路上看到了熱烈的評價和非常好的客戶反應。因此，我們現在相信它是市場上最好的自架錢包，而且我們看到了很多正面的評價。

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實際上是詢問我們如何將 Wallet 整合到我們的核心 Coinbase 平台中。當然，核心零售應用程式有很多分佈，很多人不想安裝 2 個應用程式。他們更喜歡使用我們的託管應用程式。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 應用程式。我們正在這樣做，無需過多涉及技術細節，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路安全要求。它使用一種稱為 MPC 或多方計算的技術，我們花了很長時間投資該技術來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，我們稱之為我們核心零售應用程式內的 DApp 錢包。我們有 DApp 市場，人們可以在其中嘗試這些不同的第三方應用程序，並與它們無縫互動。它可以實現我之前提到的所有功能，DeFi、NFT、Web 3，就像它們在 Wallet 應用程式中可以實現的功能一樣，但現在我們將它帶給了 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。我認為我們真的很高興能夠實現一些新功能。它幫助我們吸引和留住該領域越來越多的客戶。而且它將繼續快速發展，所以我很高興我們能夠為客戶提供這些體驗。

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，布萊恩。那麼，莎拉，現在讓我們轉換話題，回到我們分析師的現場提問。

Your question comes from Lisa Ellis with MoffettNathanson.

您的問題來自 MoffettNathanson 的 Lisa Ellis。

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?

感謝您的補充披露。我認為股東信第 18 頁的這座橋樑非常有用。這其實就是我的問題想要表達的方向。也許這就是一個問題，阿萊西亞，這是關於你如何看待 Coinbase 的現金消耗的問題。該橋本季損失了 4.23 億美元，這是可用現金的減少。我認為回顧第一季度，我不知道確切的數字，因為我必須進行精確的計算，但它有點類似或略高於這個數字。那麼，我們應該這樣考慮現金消耗嗎？您是否考慮以解決調整後的 EBITDA 數字的方式來解決現金消耗率問題？

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.

謝謝你的提問，麗莎。因此，我們確實會將 EBITDA 和現金分開考慮，因為 EBITDA 更接近我們在營運上的支出，但我們會繼續進行投資。我們認為，我們的創投是發展生態系統和讓我們展望未來的重要組成部分。然後，我們也認為，我們向機構和零售客戶提供的產品的融資活動是我們業務的重要組成部分。因此，您會看到我們的投資和融資活動中的現金波動，我們認為這只是為公司增加了良好的收入和良好的未來策略價值，與營運現金無關。因此，我確實認為我們的營運現金是我要重點關注的指標，我們正在密切管理並確保我們謹慎地消耗資產負債表資源的數量。

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肯沃辛頓。

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?

加密市場一直承受著壓力。在上次電話會議中，您提到 Coinbase 過去曾透過投資和收購來加速其成長。我認為 Alesia 在上次通話中提到了收購 Xapo 的例子。在這次電話會議中，您提到了回購過去的債務。我們看到你們的一些同行以高調的方式收購不良資產。因此，我認為我們還沒有看到 Coinbase 利用經濟低迷透過收購來建立業務，至少沒有明顯看到這一點。所以我認為，首先，Coinbase 是否利用了市場拋售和壓力，透過併購或償還債務來發展？如果沒有，為什麼還沒有？

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，一些看跌者指出，Coinbase 債務交易處於困境水平，而 Coinbase 正在消耗一些現金。因此，這些行動不會發生，因為你沒有能力這麼做。那麼，您能談談債務的定價以及您聽到的有關資產負債表的誤解嗎？那太好了。

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，艾米莉，我將把時間交給你，談談我們的併購理念以及我們在這個市場中看到的機會。

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，我想與大家分享的是，我們在 2021 年策略性地籌集了資金，而且我們的負債期限很長。因此，轉換將於 2026 年到期，然後我們發行 7 年期和 10 年期高收益票據。我們相信這為我們提供了多年營運的資源。坦白說，這些債券的定價是基於我們目前在市場上無法獲得的利率。我們預計未來 2 到 3 年內無法在市場上找到它。

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.

坦白說，這為我們提供了度過冬季所需的資源。這為我們提供了資源，能夠向我們的客戶提供資產負債表外的融資產品。這為我們做出了長期決策提供了極大的彈性。因此，我們並不打算利用價格錯位來回購，因為我們認為這是一種金融工程活動，並不真正符合建立長期可持續營運業務的最佳利益，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，艾米莉，您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。我們將繼續積極開展合資企業和併購業務。這個領域幫助我們了解加密生態系統中正在發生的創新。它幫助我們加強我們的競爭地位。它幫助我們完成我們的使命。我們將加密貨幣的寒冬視為建造者市場。當別人恐懼的時候，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 Xapo 收購。這支撐了我們的託管服務。我們在去年的加密貨幣寒冬就這樣做過了。我們也收購了 Tagomi，這為我們的 Prime 經紀平台奠定了基礎。您可以預期，我們將繼續進行對投資報酬率有較高門檻的有針對性的併購。在這種類型的市場中，我們可能會面臨更高的障礙。

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.

在創投方面，我們通常喜歡在這段時間進行種子階段的投資，因為這是一個建設者的市場，你往往會看到很多創新發生在基層，例如 2018 年的 Open Sea，我們在上一個加密貨幣寒冬期間投資了那個種子階段。因此，我們將謹慎對待資本配置，但我們認為我們對加密領域的發展有著非常獨特的視角，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 Piper Sandler 的 Richard Repetto。

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.

我的問題比較高級，比較籠統，但這是針對布萊恩的。布萊恩，在七月，也就是七月中旬，你寫了一篇部落格文章——一篇關於大規模高效運營的非常有思想、經過充分研究的文章。然後，在您談到的其中一段中，我認為這是對您的員工說的，但您談到要避免在進展順利的事情上花費太多時間，而要真正分享進展不順利的事情，這樣您就可以改進它。

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，布萊恩，本著你在博客中提出的精神，我只是想看看事情是什麼樣的——再說一次，我知道你已經為未來進行了投資，並且在將加密貨幣擴展到所有人方面取得了進展。但哪些事情進展得沒那麼順利呢？您可以在哪些方面進行改進？

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，謝謝你的提問。對我們來說，這無疑是個有趣的文化變革。我們總是試著去想，好吧，讓我們花點時間慶祝一下進展順利的事情，但我們總是試著去想我們可以做得更好的事情。

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。但如果回顧一下，我認為過去幾年我們的成長速度可能已經放緩了，對嗎？這件事我們或許可以做得更好。我認為我們仍在反覆探討我們的溝通方式。我們的開支實際上是可以預測的。但如您所見，我們的收入以及與 EBITDA 相關的收入不太可預測。因此，我認為我們仍在反覆討論如何向公眾傳達範圍等訊息，並確保向公開市場解釋這個新興產業。身為第一家走出去的加密貨幣公司，我覺得我們有點像整個產業的領頭羊。我們正在嘗試編寫劇本，以便了解這個行業是否將繼續經歷起伏。

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緩，因為加密貨幣的採用在所有這些週期中都在持續增長。隨著用例越來越普遍，就像今天一樣，可能會有數億人或類似的人想要嘗試加密。但當它達到數十億或類似的數字時，我認為這些週期將變得更加平緩。所以我想說我們正在朝這個方向反覆嘗試各種事情。

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

您的下一個問題來自 Cowen 的 Stephen Glagola。

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?

謝謝你的提問。您能否進一步解釋第二季零售額度與第一季和去年同期相比略有上升的利弊，包括專業用戶和主要消費者應用程式的組合？能否談談下半年零售額的展望？有沒有關於將高級交易與主要消費者應用程式合併的影響的早期解讀？

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.

謝謝你的提問。因此，與我們過去的評論相比，我們幾乎沒有什麼更新，即零售費用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，我們有兩種定價模式。首先，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，當混合轉變發生時，混合速率就會顯現出來。因此我們在第二季度沒有改變定價。但我們發現，交易量較高的層級的交易較少。因此，當人們的交易量較低時，這些是較高的供給層級，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，當我們考慮下半年時，我們的預期和我們在展望中分享的是，我們認為交易量將處於較低水平或與 7 月迄今為止的水平一致。而且這些交易量較低，這意味著我們會看到費用較高，這可能與我們在第二季看到的情況一致。但同樣，這都是數學和混合的。目前我們還沒有看到對我們的費用有任何影響。我們並沒有看到蠶食現像或任何表明消費者在我們平台上交易的行為將發生廣泛變化的跡象。但現在還為時過早。我們剛剛宣布了本季在主應用程式內進行零售預付款交易，但我們正在密切關注，但目前我們還沒有更新消息可以分享。

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.

也許只是對最後一個問題進行一些後續跟進。因此，如果我們看一下加密貨幣價格，它們在過去幾個月中可能略有上漲。因此，也許您可以說，在大幅下跌之後，我們看到了一些穩定性。我很感激這段時間非常短。但我們在平台上可以追蹤的交易量與第二季相比仍在大幅下降，並且預計下半年 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?

因此，我非常希望能夠更深入地了解加密貨幣市值與價格和活動之間的相互作用。那將會很有幫助。然後還有 Coinbase One 的擴展，我們也收到了一些疑問，是否會對 AT ARPU 產生任何影響，還是只是影響整體前景？

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。因此，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，我們看到宏觀環境的普遍不利因素仍然讓許多投資者持觀望態度。我們正在關注加密信貸環境中仍然存在的一些不利因素。我們剛剛看到德國又一家交易所不幸地在今天申請破產，或者可能是昨天，但最近也是如此。

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.

因此我認為我們需要看到那裡有一點穩定，同時我們也希望監管市場有更多的確定性，而這一切都會影響我們對下半年的期望。但我想對你們說，這些市場變化非常快，我們可以看到轉變。很難預測會發生什麼，而且可能會出現我們今天無法預見的反彈。因此，我們正在集中精力，正如我們與你們分享的我們的重點所在。我們專注於推出現有的產品和服務。在我們的路線圖上，我們對客戶對我們新發布的一些功能的反饋感到非常興奮，例如主應用程式中的零售高級交易，例如我們推出的新錢包應用程式。我們認為，透過這樣做並吸引我們的客戶，我們將能夠將這一數量帶到我們的平台。

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

莎拉，我們還有時間再回答一個問題。

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

我們的最後一個問題來自高盛的威爾·南斯。

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?

這只是關於股票薪酬的一個問題。我感謝所有關於嘗試更有效地管理業務的評論。股票型收入佔總收入的一半以上。我只是想知道您是怎麼想的——首先，這裡面是否存在關於創始人授予或以高行使價獲得的東西的細微差別？其次，更廣泛地說，你們如何考慮限制股東隨著時間的推移因股票薪酬而遭受的非現金稀釋？

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。謝謝你的提問。所以我想與大家分享的是，我們的董事會和管理團隊真正理解投資者對股票薪酬的擔憂，並且我們與投資者的立場非常一致。我們的目標是增加利潤、提高股價並有效管理稀釋。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。當我們考慮以股票為基礎的薪酬指標時，我們採用與考慮所有其他財務指標類似的方式，即從更長遠的角度看待問題。

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，我們關注的指標是過去 3 年的平均總稀釋度。從這個角度來看，2021 年我們從新獎項中獲得的成長解決方案是 2.4%。今年迄今為止，這一數字約為 3%。我們正在研究這個問題，並問自己，與同行相比，它的表現如何。我們現在對此感覺相當良好。展望未來，我可以與大家分享的是，如果我們在 2023 年擁有相同規模的員工隊伍，那麼我們的股票薪酬將會逐年下降，因為我們確實有一些併購收益和其他前幾年的多年期贈款，這些收益將按照多年期最佳計劃在今年攤銷。我們目前還沒有準備好提供 2023 年的展望，但我們確實預期股票型收入將年減。

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，我們期待下個季度再次與您交談。

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

今天的電話會議到此結束。現在您可以斷開線路了。