Robinhood Markets Inc (HOOD) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Robinhood's Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Koegel, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Robinhood 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者，投資者關係主管 Chris Koegel。請繼續。

Thank you, Victor. Welcome, everyone, and thank you for joining us for Robinhood's Second Quarter 2022 Earnings Call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick.

謝謝你，維克多。歡迎大家，感謝大家參加 Robinhood 的 2022 年第二季度財報電話會議。今天與我們在一起的是首席執行官兼聯合創始人 Vlad Tenev；和首席財務官傑森·沃尼克。

Before getting started, I want to remind you that today's presentation will contain forward-looking statements about our financial outlook and our strategic and operational plans. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in our press release issued yesterday, the related slide presentation on our Investor Relations website, our Form 10-Q filed this afternoon and in our other SEC filings.

在開始之前，我想提醒您，今天的演示文稿將包含有關我們的財務前景以及我們的戰略和運營計劃的前瞻性陳述。實際結果可能與我們的預期大相徑庭，除非法律要求，否則我們沒有義務提供更新。我們昨天發布的新聞稿、我們的投資者關係網站上的相關幻燈片演示、我們今天下午提交的 10-Q 表格以及我們向美國證券交易委員會提交的其他文件中描述了可能導致差異的潛在風險因素，包括我們繼續監測的監管發展。

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP results we consider most comparable can be found in the earnings presentation on our Investor Relations website at investors.robinhood.com.

今天的討論還將包括非公認會計準則財務指標。與我們認為最具可比性的 GAAP 結果的對賬可以在我們的投資者關係網站investors.robinhood.com 上的收益報告中找到。

With that, let me turn it over to Vlad.

有了這個，讓我把它交給弗拉德。

Thank you, Chris, for that great introduction, and thanks to everyone for joining.

克里斯，謝謝你的精彩介紹，也感謝大家的加入。

Last week was the 1-year anniversary of our IPO. And in the 12 months since we've had to navigate 2 challenges, 1 of adapting to the public markets, and 2 of also dealing with an abrupt reversal of the macro environment. For our customers, many of whom are younger, it looks like they may be facing a recession for the first time in their adult lives of the last 2 quarters of negative GDP growth or any indication. Customers are seeing this high inflation along with high interest rates, bear markets and stocks and a crypto winter. And this all adds up to less money to spend and therefore, less to save and invest.

上周是我們首次公開募股一周年。在過去的 12 個月裡，我們不得不應對 2 個挑戰，1 個是適應公共市場，2 個是還要應對宏觀環境的突然逆轉。對於我們的客戶來說，他們中的許多人都很年輕，在過去兩個季度的 GDP 負增長或任何跡像中，他們似乎可能在成年後第一次面臨經濟衰退。客戶正在看到這種高通脹以及高利率、熊市和股票以及加密冬天。而這一切加起來就是花費更少的錢，因此也減少了儲蓄和投資。

You can also see this reflected in the drop in assets under custody that we reported. Despite strong net deposits of over $5 billion in Q2, you can see that our assets under custody dropped. And this shows that customers have been hurt by devaluation across cryptocurrencies and growth stocks in particular. And while we can't control the macro environment, we've been hard at work building products to help our customers navigate it. Products like the Cash Card, stock lending and high yield on their uninvested cash. I'd have to say 2022 is by far our most prolific year yet of delivering products to customers, and we've got much more in the works.

您還可以從我們報告的託管資產下降中看到這一點。儘管第二季度淨存款超過 50 億美元，但您可以看到我們的託管資產有所下降。這表明客戶受到了加密貨幣貶值的傷害，尤其是成長型股票。雖然我們無法控制宏觀環境，但我們一直在努力構建產品來幫助我們的客戶駕馭它。現金卡、股票借貸和未投資現金的高收益等產品。我不得不說，2022 年是迄今為止我們向客戶交付產品最多產的一年，我們還有更多工作要做。

For Robinhood in the 7-or-so years since we first launched in the U.S., we've consistently adapted to changes improved and become more robust and resilient as a company.

自我們首次在美國推出以來的 7 年左右的時間裡，對於 Robinhood，我們一直在適應改進的變化，並作為一家公司變得更加強大和有彈性。

If we're headed into our first recession in the company's history, we recognize it would be a challenging time, but strong companies use these times as opportunities, and we look forward to navigating through this environment and coming out even stronger. To that end, we made a tough call to further reduce our staff, which we announced the details of yesterday. These are hard decisions, but we believe they better position our business for the long term. So alongside the reduction in force, we organized the company into a general manager structure for each of our core business units. We've been thinking about this change for some time, and I'm confident that it will speed up decision-making, increase accountability. And ultimately, it will help us deliver even faster for our customers. This is just one part of our leaner operating model, and Jason will share more color on this in his remarks.

如果我們進入公司歷史上的第一次衰退，我們認識到這將是一個充滿挑戰的時期，但強大的公司會將這些時期視為機遇，我們期待在這種環境中駕馭並變得更加強大。為此，我們提出了進一步裁員的強硬呼籲，我們昨天公佈了具體細節。這些都是艱難的決定，但我們相信它們可以更好地為我們的業務長期定位。因此，在裁員的同時，我們將公司組織為每個核心業務部門的總經理結構。我們一直在考慮這一變化，我相信它會加快決策速度，增加問責制。最終，它將幫助我們更快地為客戶提供服務。這只是我們精簡運營模式的一部分，Jason 將在他的講話中分享更多的色彩。

Now onto the quarter. Despite the environment weakening, we were able to both increase our revenues and lower our expenses in Q2 compared to Q1. Now this was a company-wide effort, and I am proud of the team for the hard work and dedication it took to get here. It certainly wasn't easy. We believe we're making swift progress toward our goal of being adjusted EBITDA positive by the end of the year.

現在進入季度。儘管環境減弱，但與第一季度相比，我們在第二季度能夠增加收入並降低開支。現在這是全公司的努力，我為團隊的辛勤工作和奉獻精神感到自豪。這當然不容易。我們相信，我們正在朝著我們在年底前將 EBITDA 調整為正的目標迅速取得進展。

So let's move on and talk a little bit about our product road map. Remember, our goal is to deliver low-cost, simple products and a safe customer experience that give everyday people control over their finances and access to the same tools that wealthy people have enjoyed for generations. We've organized our efforts into 3 product areas: brokerage, crypto and money. So I'd like to review each of those with you.

因此，讓我們繼續討論一下我們的產品路線圖。請記住，我們的目標是提供低成本、簡單的產品和安全的客戶體驗，讓普通人能夠控制自己的財務狀況，並使用富人世代相傳的相同工具。我們將我們的工作分為 3 個產品領域：經紀、加密和貨幣。所以我想和你一起回顧每一個。

Let's start with brokerage. To put things in perspective, Robinhood is the most downloaded brokerage app in the U.S. We achieved this leadership position by aggressively innovating, which in turn fueled our account and asset growth. To continue driving growth, we have focused our brokerage product development this year on 2 key areas: one, introducing retirement accounts; and the second, improving our customer experience, particularly for advanced customers.

讓我們從經紀業務開始。客觀地說，Robinhood 是美國下載次數最多的經紀應用程序。我們通過積極創新取得了這一領先地位，這反過來又推動了我們的賬戶和資產增長。為了繼續推動增長，我們今年將經紀產品開發重點放在兩個關鍵領域：一，引入退休賬戶；第二，改善我們的客戶體驗，特別是對於高級客戶。

So starting with retirement accounts, I can't tell you how excited we are about this product. We feel like we've come up with a way to offer retirement that is uniquely Robinhood, and we know our customers will love it as much as we do. We're piloting them now with plans to launch later this year.

所以從退休賬戶開始，我無法告訴你我們對這個產品有多興奮。我們覺得我們已經想出了一種獨特的 Robinhood 退休方式，我們知道我們的客戶會和我們一樣喜歡它。我們現在正在試用它們，併計劃在今年晚些時候推出。

Additionally, retirement accounts will be the first time our customers will be able to have multiple brokerage accounts with us. We think this creates a big opportunity for us to broaden our support for and deepen our relationships with our customers over time. It's also a new avenue for us to drive account and asset growth and increase our total share of wallet.

此外，退休賬戶將是我們的客戶第一次能夠在我們這裡擁有多個經紀賬戶。我們認為這為我們創造了一個巨大的機會，可以隨著時間的推移擴大我們對客戶的支持並加深我們與客戶的關係。這也是我們推動賬戶和資產增長並增加錢包總份額的新途徑。

Next, let's turn to our advanced customers. In Q1, we extended market hours. So customers now have more flexibility to trade when they want and customers have now traded over $9 billion in volume during these additional hours. Extending trading hours we view as the first step towards 24/7 stock trading, and we are making progress towards making this a reality.

接下來，讓我們轉向我們的高級客戶。在第一季度，我們延長了市場時間。因此，客戶現在可以更靈活地進行交易，在這些額外的時間裡，客戶的交易量現已超過 90 億美元。我們認為延長交易時間是實現 24/7 股票交易的第一步，我們正在朝著實現這一目標邁進。

In Q2, we also rolled out fully paid securities lending to give customers another source of passive income on their stocks, which is especially important in the current environment. We're encouraged to see the early progress with over $3 billion of equity value already enrolled and available to lend. We've also been making a ton of improvements to our options product. We believe our options offering is the lowest cost and best user experience offering out there. Most of our competitors say they're 0 commissions, but they, in fact, charge a $0.65 commission for every contract treated, which is $65 for a $100 contract trade, which are $0 per contract. Recently, we've added options in cash accounts, which has been a top requested feature by our options customers.

在第二季度，我們還推出了全額支付證券借貸，為客戶提供股票的另一種被動收入來源，這在當前環境下尤為重要。我們很高興看到已經註冊並可供貸款的超過 30 億美元股權價值的早期進展。我們還對我們的期權產品進行了大量改進。我們相信我們的選項產品是目前成本最低且用戶體驗最佳的產品。我們的大多數競爭對手都說他們是 0 佣金，但實際上，他們對每份處理的合約收取 0.65 美元的佣金，對於 100 美元的合約交易是 65 美元，每份合約是 0 美元。最近，我們在現金賬戶中添加了選項，這是我們的選項客戶最需要的功能。

We've also been doing a ton of in-person research with this group, and we recognize they care a lot about advanced charting on the platform. So we're making our charting and technical indicators much better, and there is plenty more to come. Keep the feedback coming. Our team has been working tirelessly to make Robinhood by far, the best place to trade.

我們還與這個小組進行了大量的面對面研究，我們認識到他們非常關心平台上的高級圖表。因此，我們正在使我們的圖表和技術指標變得更好，並且還有更多的未來。保持反饋的到來。到目前為止，我們的團隊一直在不知疲倦地努力使 Robinhood 成為最好的交易場所。

Now let's turn to our crypto efforts. Our vision with crypto is to be the most trusted platform for customers to invest in crypto as well as the most trusted on-ramp to the decentralized web. That is why after first introducing crypto investing in 2018, we've been relentlessly focused on 3 things: providing the best value, the best user experience and being the safest.

現在讓我們轉向我們的加密工作。我們對加密貨幣的願景是成為客戶投資加密貨幣的最值得信賴的平台，以及去中心化網絡最值得信賴的入口。這就是為什麼在 2018 年首次引入加密投資後，我們一直專注於三件事：提供最佳價值、最佳用戶體驗和最安全。

So let me tell you what we are delivering for customers in crypto by highlighting 2 areas that we've been working on this year, adding more coins and giving customers more control over their crypto. Starting with coins. Customers tell us that they want us to introduce more coins onto the platform. Some other crypto providers have come under scrutiny for listing unregistered securities on their platforms. This can be dangerous and misleading for customers because they may expect these cryptos to be more decentralized than they really are. We employ a rigorous listing framework, which in the short term may feel like we aren't moving fast enough. But we think this approach will pay off in the long term. Frankly, one of the benefits of being heavily regulated in a U.S.-based company is that it has helped us learn how to build with customer safety in mind. So far in a deliberate and considered manner, we have introduced a number of new coins this year, and customers have been pleased with the offerings to date.

因此，讓我通過突出顯示我們今年一直在努力的兩個領域來告訴您我們為加密客戶提供了什麼，添加更多硬幣並讓客戶更好地控制他們的加密。從硬幣開始。客戶告訴我們，他們希望我們在平台上引入更多硬幣。其他一些加密貨幣提供商因在其平台上列出未註冊證券而受到審查。這對客戶來說可能是危險和誤導的，因為他們可能期望這些加密貨幣比實際情況更加分散。我們採用嚴格的上市框架，在短期內可能會覺得我們行動不夠快。但我們認為這種方法將在長期內獲得回報。坦率地說，在美國公司受到嚴格監管的好處之一是，它幫助我們學習瞭如何在考慮客戶安全的情況下進行構建。到目前為止，我們以深思熟慮的方式在今年推出了許多新硬幣，客戶對迄今為止的產品感到滿意。

Turning to our efforts to give customers more control over their crypto. In April, we launched our crypto wallet. So customers can move their crypto in and out of Robinhood in a simple, safe and seamless way. We've heard feedback that customers want faster withdrawals and larger daily limits. So we raised our withdrawal limits from $3,000 to $5,000 per day and are working on improving this even more. Later this year, we will be rolling out our noncustodial wallets. This will be a separate stand-alone app, where customers can trade and swap crypto with no network fees and maintain full custody of their crypto throughout, all with the simplicity and great user experience they have come to expect from Robinhood. We're seeing good interest as our noncustodial wait list continues to grow, and our early internal version of the product looks awesome. We think customers are going to love it.

轉向我們努力讓客戶更好地控制他們的加密貨幣。 4 月，我們推出了我們的加密錢包。因此，客戶可以以簡單、安全和無縫的方式將他們的加密貨幣移入和移出 Robinhood。我們收到反饋說客戶希望更快的提款和更大的每日限額。因此，我們將提款限額從每天 3,000 美元提高到了 5,000 美元，並且正在努力改進這一點。今年晚些時候，我們將推出非託管錢包。這將是一個單獨的獨立應用程序，客戶可以在其中交易和交換加密貨幣而無需支付網絡費用，並在整個過程中完全保管他們的加密貨幣，所有這些都具有他們對 Robinhood 所期望的簡單性和出色的用戶體驗。隨著我們的非託管等候名單繼續增長，我們看到了很好的興趣，而且我們早期的產品內部版本看起來很棒。我們認為客戶會喜歡它。

Okay. Let's now move to our product development efforts related to Robinhood Money, which includes our new Cash Card. We hear from customers that they want to start saving and investing but the current environment is hard with inflation and high gas prices. We want to help them by giving them a good way to build saving and investing habits even in the current environment. And to that end, in March, we launched the new Robinhood Cash Card.

好的。現在讓我們轉向與 Robinhood Money 相關的產品開發工作，其中包括我們的新現金卡。我們從客戶那裡聽說他們想開始儲蓄和投資，但目前的環境因通貨膨脹和高油價而變得艱難。即使在當前環境下，我們也希望通過為他們提供建立儲蓄和投資習慣的好方法來幫助他們。為此，我們在 3 月推出了新的 Robinhood Cash Card。

Customers are using the card to make day-to-day purchases and round up their spare change into stocks, ETFs and crypto. And of course, not only are we not charging any monthly fees for this but we're actually matching a portion of their roundups to help them build their portfolios. So it's a fantastic value for customers. And we've been pleased with the week-over-week growth and the cohort retention we've been seeing.

客戶使用該卡進行日常購買，並將他們的零錢收集到股票、ETF 和加密貨幣中。當然，我們不僅不為此收取任何月費，而且實際上我們正在匹配他們的部分綜述以幫助他們建立他們的投資組合。因此，這對客戶來說是一個了不起的價值。我們對每週的增長和我們所看到的隊列留存率感到滿意。

Since launch, we've been making steady improvements to the user experience as well. And last week, we started rolling out cash back offers that select merchants, including on gas, doing our part to help customers with these high gas prices. We believe we have a huge opportunity to become the primary place where customers deposit their paychecks, which drive their spending and investing. And while it's still early, we're excited about our potential to grow this offering with both existing and new customers and drive additional customer loyalty as well as revenue diversification over time.

自推出以來，我們也一直在穩步改進用戶體驗。上週，我們開始推出針對特定商家的現金返還優惠，包括加油站，盡我們所能幫助客戶應對這些高油價。我們相信我們有巨大的機會成為客戶存放薪水的主要場所，從而推動他們的支出和投資。雖然現在還為時尚早，但我們對我們與現有客戶和新客戶一起發展這一產品的潛力感到興奮，並隨著時間的推移提高客戶忠誠度以及收入多樣化。

Now before passing it over to Jason, I wanted to reiterate how extremely proud I am of all the progress we've made over the past quarter with the new products we've shipped and the work we've done to improve the experience for our customers. And when I look ahead, I feel even better positioned to execute on our road map and serve our customers.

現在，在將它交給 Jason 之前，我想重申一下，我對我們在過去一個季度所取得的所有進展感到非常自豪，我們推出的新產品以及我們為改善我們的體驗所做的工作顧客。當我展望未來時，我覺得自己能夠更好地執行我們的路線圖並為我們的客戶服務。

And with that, let me turn it over to Jason.

有了這個，讓我把它交給傑森。

Thanks, Vlad. It's good to speak with everyone today.

謝謝，弗拉德。今天很高興和大家談談。

In the second quarter, we remain focused on serving our customers, growing our business and driving long-term shareholder value. While the environment was volatile, net funded accounts were steady and net deposits were strong. And the combined strength of our team, platform and balance sheet positioned us to continue delivering on our 2022 product road map.

在第二季度，我們將繼續專注於服務客戶、發展業務和推動長期股東價值。儘管環境動盪，但淨資金賬戶穩定，淨存款強勁。我們的團隊、平台和資產負債表的綜合實力使我們能夠繼續實現我們的 2022 年產品路線圖。

I'm also pleased that we've increased our productivity and efficiency, driving improvements to adjusted EBITDA from Q1. We've made great progress so far this year, and I'm energized by the opportunities to drive value for our customers and shareholders going forward.

我也很高興我們提高了生產力和效率，推動了第一季度調整後的 EBITDA 的改善。今年到目前為止，我們取得了長足的進步，我對未來為我們的客戶和股東創造價值的機會感到振奮。

Before we review our Q2 results, I'd like to share some context for the August workforce reduction that we announced yesterday. Since we spoke last quarter, we've continued to aggressively execute on our product road map and serve our customers while working hard to get to a leaner operating model, including by slowing our hiring and significantly lowering third-party spend, but the macro environment has continued to soften, inflation is at a 40-year high, and our customers are experiencing bare markets and equities and crypto. It's clear we needed to do more to manage our costs.

在我們回顧我們的第二季度業績之前，我想分享一些我們昨天宣布的 8 月裁員的背景。自從我們上個季度發表講話以來，我們繼續積極執行我們的產品路線圖並為我們的客戶服務，同時努力實現更精簡的運營模式，包括放慢招聘速度和顯著降低第三方支出，但宏觀環境持續疲軟，通貨膨脹率達到 40 年來的最高水平，我們的客戶正在經歷裸露的市場、股票和加密貨幣。很明顯，我們需要做更多的事情來管理我們的成本。

And so yesterday, we announced a 23% reduction from current levels to a head count of approximately 2,600. At this new level, we believe we are appropriately staffed to be cost efficient, while continuing to deliver great service and innovation for our customers. To be clear, even with this reduction, we believe we are well positioned to continue delivering on our road map.

因此，昨天，我們宣布將員工人數從當前水平減少 23% 至約 2,600 人。在這個新的水平上，我們相信我們的人員配備得當，具有成本效益，同時繼續為我們的客戶提供優質的服務和創新。需要明確的是，即使有這種減少，我們相信我們有能力繼續實現我們的路線圖。

With that context in mind, let's review the second quarter, starting with our business results. Net funded accounts were $22.9 million in Q2, up $100,000 from the prior quarter and notably steady given the current environment. Looking at monthly active users, they were $14 million in Q2. While this is down $1.9 million from Q1, we are encouraged by our continued industry-leading engagement through a volatile quarter.

考慮到這種情況，讓我們從業務成果開始回顧第二季度。第二季度淨資金賬戶為 2290 萬美元，比上一季度增加 100,000 美元，在當前環境下顯著穩定。從每月活躍用戶來看，他們在第二季度達到了 1400 萬美元。雖然這比第一季度減少了 190 萬美元，但我們對在動蕩的季度中繼續保持行業領先的參與度感到鼓舞。

Turning to assets under custody. They were $64 billion in Q2, down 31% from last quarter. While funded accounts continue to grow and customers continue to make net deposits through the volatile environment, assets under custody declined along with decreases in market valuations, especially for high-growth stocks and cryptocurrencies. Looking at July, it's encouraging to see that customer assets increased back over $70 billion as markets rebounded. Looking more closely at net deposits. They were $5.2 billion in Q2, which translates to a 22% annualized growth rate relative to Q1 assets under custody. So while assets were lower in Q2, if we think about our long-term potential for asset growth, we believe the combination of strong net deposits and long-term rising markets can drive meaningful asset growth over time.

轉向託管資產。第二季度為 640 億美元，比上一季度下降 31%。儘管資金賬戶繼續增長，客戶在動蕩的環境中繼續進行淨存款，但託管資產隨著市場估值的下降而下降，尤其是高增長股票和加密貨幣。展望 7 月份，令人鼓舞的是，隨著市場反彈，客戶資產重新增加了 700 億美元以上。更仔細地觀察淨存款。第二季度為 52 億美元，相對於第一季度託管資產，年增長率為 22%。因此，儘管第二季度的資產較低，但如果我們考慮資產增長的長期潛力，我們相信強勁的淨存款和長期上漲的市場相結合，可以隨著時間的推移推動有意義的資產增長。

Now let's turn to our Q2 financial results, which reflect good progress on increasing profitability. Adjusted EBITDA improved $63 million sequentially to negative $80 million in Q2. This improvement was driven by revenue growth and expense discipline that drove operating leverage. Looking ahead, we continue to push towards a positive adjusted EBITDA run rate by the end of the year. This goal is an important step along the way to delivering higher levels of profitability over time. We feel that our progress over the past quarter has better positioned us to reach our goal by year-end, which will take continued improvements in both revenue and costs.

現在讓我們轉向我們的第二季度財務業績，這反映了在提高盈利能力方面取得的良好進展。調整後的 EBITDA 在第二季度環比增長 6300 萬美元至負 8000 萬美元。這種改善是由推動經營槓桿的收入增長和費用紀律推動的。展望未來，我們將在年底前繼續推動調整後的 EBITDA 正運行率。這一目標是隨著時間的推移實現更高水平的盈利能力的重要一步。我們認為我們在過去一個季度的進展使我們能夠更好地在年底前實現我們的目標，這將需要收入和成本的持續改善。

So let's start with revenues. Total net revenues were $318 million in Q2. This was a 6% increase from Q1, primarily driven by higher net interest and other revenues, partially offset by lower transaction revenues. Q2 total revenue translates to ARPU of $56, up from $53 last quarter.

因此，讓我們從收入開始。第二季度總淨收入為 3.18 億美元。這比第一季度增長了 6%，主要是由於較高的淨利息和其他收入，部分被較低的交易收入所抵消。第二季度總收入轉化為 56 美元的 ARPU，高於上一季度的 53 美元。

Now moving to transaction-based revenues. They were $202 million in Q2, down 7% sequentially. The decrease was primarily driven by lower trading volumes consistent with the macro environment.

現在轉向基於交易的收入。第二季度為 2.02 億美元，環比下降 7%。下降的主要原因是與宏觀環境一致的交易量下降。

And turning to net interest revenues. As we've discussed in the past, we believe that over the long term, interest income will drive a larger portion of our revenue. That is why we're encouraged that Q2 net interest revenues reached a new high of $74 million and drove nearly 1/4 of total Q2 revenues. The 35% increase from Q1 was primarily due to the March and June Fed rate hikes, partially offset by lower margin balances.

並轉向淨利息收入。正如我們過去所討論的，我們相信從長遠來看，利息收入將推動我們收入的大部分。這就是為什麼我們感到鼓舞的是，第二季度淨利息收入達到了 7400 萬美元的新高，並推動了第二季度總收入的近 1/4。較第一季度增長 35% 主要是由於 3 月和 6 月美聯儲加息，部分被較低的保證金餘額所抵消。

I'd also note that interest-earning assets, which are comprised of customer cash, corporate cash and margin balances, were $16 billion at the end of Q2. This includes customer cash sweep balances, earning 1%, which totaled over $2 billion in Q2. As we look ahead, interest rates are widely expected to continue rising, which would drive meaningful additional revenue from our interest-earning assets. One way to see that benefit is to look at our recent experience from the June and July Fed rate hikes that totaled 150 basis points.

我還注意到，由客戶現金、公司現金和保證金餘額組成的生息資產在第二季度末為 160 億美元。這包括客戶現金清掃餘額，收入為 1%，在第二季度總計超過 20 億美元。展望未來，人們普遍預計利率將繼續上升，這將推動我們的生息資產產生有意義的額外收入。看到這種好處的一種方法是看看我們最近在 6 月和 7 月美聯儲加息總共 150 個基點的經驗。

On average, we estimate that we are realizing about $40 million of annualized run rate revenue per 25 basis points of rate hike given our current balances and customer rates. Of course, the precise benefit of rate hikes will depend on how balances and customer rates vary over time.

平均而言，考慮到我們目前的餘額和客戶利率，我們估計每加息 25 個基點，我們將實現約 4000 萬美元的年化運行率收入。當然，加息的確切好處將取決於餘額和客戶利率如何隨時間變化。

Moving on to other revenues. They were $42 million in Q2, up 62% from Q1, primarily due to the seasonal increase in proxy-related revenues. Together, net interest and other revenue made up 36% of total revenue in Q2, up from 27% in Q1. Continuing to broaden our product offering can help us further diversify our revenues going forward.

轉移到其他收入。第二季度為 4200 萬美元，比第一季度增長 62%，主要是由於代理相關收入的季節性增長。第二季度淨利息和其他收入合計佔總收入的 36%，高於第一季度的 27%。繼續擴大我們的產品範圍可以幫助我們進一步多樣化我們的收入。

Let's now look at our Q2 expenses, starting with operating expenses prior to share-based compensation. They were $446 million in Q2, which includes $17 million of severance related to our April workforce reduction. This was an improvement of $24 million or 5% from Q1, reflecting our work to be more cost efficient, including with third parties. Given this progress on our ongoing expenses and our August workforce reduction, we're lowering our full year expense outlook. Our updated outlook for 2022 operating expenses prior to share-based compensation is a range of $1.7 billion to $1.76 billion, which would be a year-over-year decline of 7% to 10% in operating costs. This updated outlook includes the cost of an estimated $45 million to $60 million of severance and restructuring expenses related to our August workforce reduction.

現在讓我們看看我們的第二季度費用，從基於股票的薪酬之前的運營費用開始。第二季度為 4.46 億美元，其中包括與 4 月份裁員相關的 1700 萬美元的遣散費。這比第一季度增加了 2400 萬美元或 5%，這反映了我們的工作更具成本效益，包括與第三方合作。鑑於我們在持續開支方面取得的進展以及我們 8 月份裁員的情況，我們正在下調全年開支前景。我們對股票薪酬前 2022 年運營費用的最新展望為 17 億美元至 17.6 億美元，運營成本將同比下降 7% 至 10%。這一更新後的前景包括與我們 8 月份裁員相關的估計 4500 萬至 6000 萬美元的遣散費和重組費用。

Turning to share-based compensation expense, which, as a reminder, reflects the number of shares and our share price at the time the awards were granted. It was $164 million in Q2 down by $56 million or 25% from Q1. The decrease was primarily driven by a $24 million reversal of previously recognized share-based compensation related to our April workforce reduction and a reduced pace of hiring this year. I'd also highlight that 50% of our Q2 expense was driven by pre-IPO market-based awards for our 2 founders that will vest only as our share price reaches levels from $50 to $300, but are recognized on a GAAP basis as expenses over time. These awards won't increase our share count until our share price appreciates considerably, which would be a great outcome for shareholders.

轉向基於股票的薪酬費用，提醒一下，它反映了授予獎勵時的股票數量和我們的股價。第二季度為 1.64 億美元，比第一季度減少 5600 萬美元或 25%。減少的主要原因是先前確認的與我們 4 月份裁員和今年招聘步伐放緩相關的股票薪酬沖銷了 2400 萬美元。我還要強調，我們第二季度支出的 50% 是由我們的 2 位創始人在 IPO 前基於市場的獎勵推動的，這些獎勵只有在我們的股價達到 50 美元到 300 美元的水平時才會歸屬，但在 GAAP 基礎上被確認為費用隨著時間的推移。在我們的股價大幅上漲之前，這些獎勵不會增加我們的股票數量，這對股東來說將是一個很好的結果。

As for our 2022 outlook for share-based compensation, we are lowering our expense outlook for the year. We now anticipate 2022 share-based compensation expense to be in the range of $760 million to $840 million, down between 47% to 52% from prior year levels. This updated outlook includes the benefit of an estimated $40 million to $50 million reversal of previously recognized share-based compensation related to our August workforce reduction.

至於我們對 2022 年股票薪酬的展望，我們正在降低今年的支出展望。我們現在預計 2022 年基於股票的薪酬支出將在 7.6 億美元至 8.4 億美元之間，比上年水平下降 47% 至 52%。這一更新的前景包括估計 4000 萬至 5000 萬美元的收益，與我們 8 月份裁員相關的先前確認的股票薪酬沖銷。

I also want to highlight that given our reduced pace of hiring and workforce reductions, we are now on a significantly lower trajectory of diluted share count growth than we have seen over the past year. While we believe that it's important to align the interest of employees with shareholders, this will be an area we will be managing closely.

我還想強調，鑑於我們減少招聘和裁員的步伐，與過去一年相比，我們現在的攤薄股票數量增長軌跡要低得多。雖然我們認為讓員工的利益與股東的利益保持一致很重要，但這將是我們將密切管理的一個領域。

Now let's turn to capital management. In the current environment, it's even more important to have a strong balance sheet and cash position. That is why we like our position with no debt and $6 billion of corporate cash on hand that provides strength, flexibility and financial runway to continue serving our customers, executing on our product road map and evaluating potential acquisitions. As I mentioned last quarter, we have roughly $2.5 billion of excess cash above our risk scenarios.

現在讓我們轉向資本管理。在當前環境下，擁有強大的資產負債表和現金狀況更為重要。這就是為什麼我們喜歡我們沒有債務和手頭有 60 億美元公司現金的立場，這提供了實力、靈活性和財務跑道，以繼續為我們的客戶服務、執行我們的產品路線圖和評估潛在的收購。正如我上個季度提到的那樣，我們在風險情景之外有大約 25 億美元的超額現金。

In closing, we continue to make good progress in Q2, and we're very optimistic about the opportunities ahead of us to deliver value for customers and shareholders.

最後，我們在第二季度繼續取得良好進展，我們對未來為客戶和股東創造價值的機會非常樂觀。

With that, Chris, let's move to Q&A.

有了這個，克里斯，讓我們進入問答環節。

Thank you, Jason. Leading into this quarter's Q&A session, we'll start by answering the top questions from Say Technologies ranked by number of votes. We will pass over any questions that are already covered on the call, and group together questions that share a common theme.

謝謝你，傑森。在本季度的問答環節中，我們將首先回答 Say Technologies 按票數排名的熱門問題。我們將忽略電話會議中已經涵蓋的任何問題，並將具有共同主題的問題組合在一起。

After that, we'll turn to live questions from our analysts. As a reminder, we skipped over some of the top questions because Vlad and Jason already covered them in their remarks. So with that, I'll kick it off with a couple of our top questions that are on a similar theme from Say Technologies. These are both, I think, for Jason. So [Massey R] asks, having billions of dollars of cash, are you planning on buying back shares since the stock is at a low price? And then [Seth G] asks, any future plans for Robinhood to offer a dividend on their stock?

之後，我們將轉向分析師的實時問題。提醒一下，我們跳過了一些最重要的問題，因為 Vlad 和 Jason 已經在他們的評論中涵蓋了這些問題。因此，我將以幾個與 Say Technologies 類似主題的熱門問題作為開場白。我認為，對於傑森來說，這兩者都是。所以 [Massey R] 問道，擁有數十億美元的現金，您是否打算在股票處於低價時回購股票？然後 [Seth G] 問道，Robinhood 未來是否有計劃為其股票提供股息？

Thanks for each of those questions. We think the best use of our cash right now is to fund the business, both our organic initiatives to drive growth as well as potentially to use for acquisitions. I think a better time to be thinking for us to be thinking about returns of cash to shareholders is when we reach some goals further down the line around generating positive adjusted EBITDA and kicking off positive cash flow. But I appreciate the question.

感謝每一個問題。我們認為，目前最好的現金用途是為業務提供資金，這既是我們推動增長的有機舉措，也有可能用於收購。我認為，當我們進一步實現一些目標時，我們應該考慮更好地考慮向股東提供現金回報，即圍繞產生積極的調整後 EBITDA 和啟動正現金流。但我很欣賞這個問題。

All right. Thanks, Jason. Next question is from [Sajan P] who asks, following up if Robinhood can give out its gold services, if a retail owner owns enough stock in Robinhood, and also, any update on adding more advanced chart trading features onto the app and website. Vlad, do you want to take that one?

好的。謝謝，傑森。下一個問題來自 [Sajan P]，他詢問 Robinhood 是否可以提供其黃金服務，零售所有者是否擁有足夠的 Robinhood 股票，以及在應用程序和網站上添加更高級圖表交易功能的任何更新。弗拉德，你想拿那個嗎？

Yes, I'll take it. Thanks, Sajan, for the question. And it's good seeing you up here with top-loaded questions quarter after quarter. So on gold for shareholders, we don't have plans to offer that right now and to bundle gold with shareholder status, but I do want to touch on rewards to shareholders and Robinhood gold briefly.

是的，我會接受的。謝謝，薩揚，這個問題。很高興看到你一個季度又一個季度地在這裡提出最重要的問題。因此，關於股東的黃金，我們現在沒有計劃提供這一點並將黃金與股東身份捆綁在一起，但我確實想簡要談談對股東的回報和 Robinhood 黃金。

So on the first, you might have seen that, say, which we're all using for this Q&A, launched a product called [AUC], I would say, recently. So this will actually allow us to work with our corporate partners to identify shareholders and offer them perks and rewards. This is a first-of-its-kind offering, really allowing public companies to identify their shareholders. And we're excited to have Tesla being the first partner with us. But we think this is something that more companies should be doing, and we'd like to -- we're happy to offer the technology to make that easier for them.

因此，首先，您可能已經看到，比如說，我們都在使用這個 Q&A，最近推出了一款名為 [AUC] 的產品。因此，這實際上將使我們能夠與我們的企業合作夥伴合作，以確定股東並為他們提供津貼和獎勵。這是同類產品中的首創，真正讓上市公司能夠識別其股東。我們很高興特斯拉成為我們的第一個合作夥伴。但我們認為這是更多公司應該做的事情，我們願意——我們很高興提供技術讓他們更容易做到這一點。

Now on the gold side, we think there's tremendous value in gold. And we've got a team of people hard at work to provide even more value. And we want goal to be so valuable that it's a no-brainer for all of our customers to be gold customers.

現在在黃金方面，我們認為黃金具有巨大的價值。我們擁有一支努力工作的團隊，以提供更多價值。我們希望目標如此有價值，以至於我們所有的客戶都可以不費吹灰之力地成為金牌客戶。

All right. Thank you, Vlad. So the next question is on the M&A front. So any word on being acquired by FTX or Charles Schwab?

好的。謝謝你，弗拉德。所以下一個問題是關於併購方面的。那麼關於被 FTX 或 Charles Schwab 收購的任何消息？

Sure. I'll take this one. So in one word, no. I think we're in a great position as a stand-alone company. I love us as a stand-alone company. We've got a strong balance sheet. We've got an awesome team and we're delivering on our product road map, as I mentioned, at a pace that we haven't seen before.

當然。我要這個。所以一言以蔽之，沒有。我認為我們作為一家獨立公司處於有利地位。我愛我們作為一家獨立的公司。我們擁有強大的資產負債表。正如我所提到的，我們擁有一支很棒的團隊，並且我們正在以前所未有的速度交付我們的產品路線圖。

So actually, I'd flip it on the other side. We actually see opportunities particularly in this market environment to leverage the balance sheet that we have, that's about $6 billion to acquire companies that can help us accelerate our road map. So we continue to be on the lookout there. And we remain really excited by the opportunity we see ahead of us.

所以實際上，我會把它翻轉到另一邊。我們實際上看到了機會，尤其是在這種市場環境下，可以利用我們擁有的資產負債表，即大約 60 億美元來收購可以幫助我們加快路線圖的公司。所以我們繼續在那裡尋找。我們仍然對我們看到的機會感到非常興奮。

All right. Thanks, Vlad, and thanks, Paul W. for asking that question. The next question is also from Sajan P, who asks also on the M&A front. Can you provide us with an update on the Ziglu acquisition and strategic plan for international expansion for this year?

好的。謝謝弗拉德，謝謝保羅 W. 提出這個問題。下一個問題也來自 Sajan P，他也在併購方面提出了問題。您能否向我們介紹一下 Ziglu 收購的最新情況以及今年的國際擴張戰略計劃？

Sure. And Sajan, I think I also missed the second part of your question before about advanced trading. So advanced charts is something that we've heard from customers about, and we've got some good tools for you in the works. So just stay tuned. We hope to -- we think you'll really love them.

當然。 Sajan，我想我之前也錯過了你關於高級交易的問題的第二部分。所以高級圖表是我們從客戶那裡聽到的，我們正在為您準備一些好的工具。所以請繼續關注。我們希望——我們認為你會真的愛他們。

On the Ziglu acquisition and strategic plan for international expansion, so as we mentioned in the last call, we had entered into an agreement to acquire Ziglu. Now these agreements take normally a little while to close. So we're going through that process right now. And we're still on track to close by the end of the year. And I'm very excited to bring Mark and the team on board and accelerate our entry into the U.K. and the rest of Europe. So very, very excited about that. And hopefully, it goes smoothly, we believe it will.

關於 Ziglu 的收購和國際擴張的戰略計劃，正如我們在上次電話會議中提到的，我們已經簽訂了收購 Ziglu 的協議。現在，這些協議通常需要一段時間才能完成。所以我們現在正在經歷這個過程。我們仍有望在今年年底前關閉。我很高興能夠讓 Mark 和團隊加入並加快我們進入英國和歐洲其他地區的步伐。對此非常非常興奮。希望一切順利，我們相信會。

All right. Next question is from [NJ S] who asks or states that the 5-year historical charts don't seem good enough. And can we do more MAX like others?

好的。下一個問題來自 [NJ S]，他提出或表示 5 年曆史圖表似乎不夠好。我們能像其他人一樣做更多的MAX嗎？

Yes. Thank you for that feedback. I always love hearing feedback about the tools. We hear customers loud and clear that they want better charting, more flexibility, more advanced charting and more data. So we've been making lots of improvements to our offerings, and charting will continue to get better and better. So just stay tuned. We've got some good stuff in the works for you.

是的。謝謝你的反饋。我總是喜歡聽到有關這些工具的反饋。我們清楚地聽到客戶的聲音，他們想要更好的圖表、更大的靈活性、更高級的圖表和更多的數據。因此，我們一直在對我們的產品進行大量改進，並且圖表將繼續變得越來越好。所以請繼續關注。我們為您準備了一些好東西。

Okay. Thanks, Vlad. The next question is from Andrew L who asks, why not allow us to start trading when the premarket session opens at 4:00 a.m. Eastern.

好的。謝謝，弗拉德。下一個問題來自 Andrew L，他問道，為什麼不讓我們在東部時間凌晨 4:00 開市前交易時段開始交易。

Yes, I'll field that as well. Thanks, Andrew, for the question. So earlier this year, we announced our goal of making equity markets accessible 24/7. We think that it's actually silly that with all the technology we have nowadays, U.S. equity markets are still tied to East Coast, United States working hours.

是的，我也會提交。謝謝，安德魯，這個問題。因此，今年早些時候，我們宣布了讓股票市場 24/7 全天候開放的目標。我們認為，憑藉我們現在擁有的所有技術，美國股市仍然與美國東海岸的工作時間掛鉤，這實際上是愚蠢的。

So as the first step of that process, we extended our already extended trading hours to 4:00 a.m. Pacific to 5:00 p.m. Pacific. So that's 7:00 to 8:00 Eastern. The goal is to make that 24/7 along the way we might see opportunities depending on customer interest to make incremental progress and add more hours which we'll certainly pursue and consider. So adding 4:00 am to 7:00 a.m. Eastern, I believe, is certainly something we're thinking about.

因此，作為該過程的第一步，我們將已經延長的交易時間延長至太平洋時間上午 4:00 至下午 5:00。太平洋。那是東部時間 7:00 到 8:00。我們的目標是實現 24/7 全天候運行，我們可能會根據客戶的興趣看到機會，以取得漸進的進步並增加我們肯定會追求和考慮的時間。因此，我相信，增加東部時間凌晨 4:00 到早上 7:00 肯定是我們正在考慮的事情。

Great. And let's take one more top question. So the last 1 is from Anthony B., who asks, would Robinhood be able to provide a service that lets people get loans against their assets.

偉大的。讓我們再提出一個最重要的問題。所以最後一個來自 Anthony B.，他問道，Robinhood 是否能夠提供一項服務，讓人們用他們的資產獲得貸款。

Yes, I'll field this one as well. Thank you, Anthony. So we already do provide a form of this. So in our margin offering, we allow customers to get a loan against their assets already within Robinhood. And we're actually -- previously, this offering was only available to Robinhood Gold customers, but we're actually making it available to all customers under different rates.

是的，我也會派出這個。謝謝你，安東尼。所以我們已經提供了這種形式。因此，在我們的保證金產品中，我們允許客戶通過 Robinhood 中已有的資產獲得貸款。而且我們實際上 - 以前，此產品僅適用於 Robinhood Gold 客戶，但我們實際上以不同的價格向所有客戶提供。

So this will allow you -- if you have over $2,000 in securities to borrow against them, you can either use that to buy more securities or even withdraw it to your bank account or spend it through the Robinhood spending account and Cash Card. So yes, it's a very useful service. A lot of customers don't know that you can actually withdraw against your margin loan and get some liquidity without selling securities. So we'll definitely look to communicate that a little bit better and also looking at different ways to help customers generate some more liquidity, especially in this environment going forward.

因此，這將允許您——如果您有超過 2,000 美元的證券可以藉用它們，您可以用它來購買更多證券，甚至可以將其提取到您的銀行賬戶，或者通過 Robinhood 消費賬戶和現金卡消費。所以是的，這是一項非常有用的服務。許多客戶不知道您實際上可以在不出售證券的情況下提取保證金貸款並獲得一些流動性。因此，我們肯定會更好地傳達這一點，並尋找不同的方式來幫助客戶產生更多的流動性，尤其是在這種未來的環境中。

All right. And that's for top question for today from Say. So thank you, everyone, for your questions. We really appreciate all the thoughtful engagement from our shareholders and customers. So it's time to open up the line. (Operator Instructions) So with that, I'll ask Victor, please to open up the line for questions.

好的。這是 Say 今天最關心的問題。所以謝謝大家的提問。我們非常感謝股東和客戶的所有深思熟慮的參與。所以是時候打開線路了。 （操作員說明）所以，我會問維克多，請打開線路提問。

(Operator Instructions) Our first question is from the line of Devin Ryan from JMP Securities.

（操作員說明）我們的第一個問題來自 JMP Securities 的 Devin Ryan。

First question, I just want to talk about marketing spend a bit here. It was only $24 million in the quarter. It's down 75% year-over-year. A little bit surprising just given all the new products that you're rolling out, including cash management.

第一個問題，我只想在這裡談談營銷支出。本季度僅為 2400 萬美元。同比下降 75%。考慮到您正在推出的所有新產品，包括現金管理，這有點令人驚訝。

So just trying to think about whether it makes sense to maybe lean in more on marketing, particularly with all the new products launching? Or do you guys see other ways to maybe get the word out and engage with new and existing investors just with all these new products and just particularly in a competitive market to get the name out.

所以只是想想想更多地依靠營銷是否有意義，尤其是在所有新產品推出的情況下？或者你們是否看到了其他方式來宣傳並與新的和現有的投資者接觸，只是使用所有這些新產品，尤其是在競爭激烈的市場中，以讓名聲大噪。

Yes, I'll feel that. I think historically, Robinhood has been very much driven by word-of-mouth growth and even the marketing expense that we accrued through 2021 in large part was as a result of our referral program. We did do a little bit of brand marketing as well, but I think performance and referral program were largely driving 2021.

是的，我會感覺到的。我認為從歷史上看，Robinhood 在很大程度上受到口碑增長的推動，甚至我們到 2021 年累積的營銷費用在很大程度上是我們推薦計劃的結果。我們也做了一些品牌營銷，但我認為績效和推薦計劃在很大程度上推動了 2021 年。

And as the environment has kind of changed through 2022, we've been heads down focusing on products and improving the service quality. But we actually do see an opportunity to get the word out and do more brand marketing and make it clear to customers what Robinhood stands for and our mission and our position in the segment, as you point out.

到 2022 年，隨著環境的變化，我們一直低頭專注於產品和提高服務質量。但正如您所指出的，我們確實看到了宣傳並進行更多品牌營銷並向客戶明確 Robinhood 代表什麼以及我們的使命和我們在該細分市場中的地位的機會。

So yes, I would expect to see a little bit more on the brand side and on the performance, as I'm sure Jason can add, we're very much focused on efficiency. And we think that organic and referral-based marketing is kind of the best way, and we'll see that pick up as the macro environment changes and as we continue to improve our products.

所以是的，我希望在品牌方面和性能方面看到更多，正如我確信 Jason 可以補充的那樣，我們非常關注效率。我們認為有機和基於推薦的營銷是最好的方式，隨著宏觀環境的變化以及我們繼續改進我們的產品，我們將看到這種情況的回升。

As you think about modeling, we'd expect marketing expense to increase in the back half of the year. It's incorporated in the guidance that we provided.

當您考慮建模時，我們預計營銷費用將在今年下半年增加。它包含在我們提供的指導中。

Yes. Okay. All right. And then just a follow-up here. So funded accounts were up slightly, MAUs down, I think, 12%. Most other -- the incumbent brokers don't give MAUs, but I'm assuming engagement has been down at a number of firms just in the uncertain macro backdrop. Does it feel like we're approaching a bottom for engagement in MAUs? I'm not sure if you have any data or kind of historical benchmarks to look at. And then of that $14 million, is 20% driving 80% of the trading activity in revenue? Or what does that split look like? I'm assuming of the $14 million, there's still kind of a small amount that's driving the majority, but want some more color there, too.

是的。好的。好的。然後在這裡進行後續跟進。因此，資金賬戶略有上升，MAU 下降了，我認為下降了 12%。大多數其他 - 現任經紀人不提供 MAU，但我假設在不確定的宏觀背景下，許多公司的參與度已經下降。是否感覺我們正在接近參與 MAU 的底部？我不確定您是否有任何數據或歷史基準可供查看。那麼在這 1400 萬美元中，20% 是否推動了 80% 的交易活動的收入？或者那個分裂是什麼樣子的？我假設 1400 萬美元，仍然有一小部分在推動大多數人，但也想要更多的顏色。

Yes. Devin, we do follow a Power law here. So the more active customers do drive more of the revenue versus the less active customers, and that's been true for some time. In terms of predicting the bottom, it is hard to predict. The market, the first half of the year has been about the worst that we've seen in about 50 years, hard to know exactly when it's going to bottom out and turn around. I think we saw some life in July more broadly in the market, so that's an encouraging sign. And I commented in my prepared remarks about the effect it had on our customers rebound in assets under custody.

是的。德文，我們在這裡確實遵循冪律。因此，與不那麼活躍的客戶相比，更活躍的客戶確實會帶來更多的收入，而且一段時間以來一直如此。在預測底部方面，很難預測。市場，今年上半年一直是我們在大約 50 年來看到的最糟糕的情況，很難確切知道它什麼時候會觸底反彈。我認為我們在 7 月份更廣泛地看到了市場的一些活力，所以這是一個令人鼓舞的跡象。我在準備好的評論中評論了它對我們客戶託管資產反彈的影響。

What we are focusing on right now is just continuing to improve the user experience. I do think personally, this is a cycle, and we're in a cycle, other cycles will come long term. I'm very optimistic that it's going to be great for retail investors to continue to invest in the stock market and participate in wealth building over the long term.

我們現在關注的只是繼續改善用戶體驗。我個人認為，這是一個週期，我們處於一個週期中，其他週期將長期存在。我非常樂觀地認為，散戶投資者繼續投資股票市場並長期參與財富建設將是一件好事。

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

我們的下一個問題來自 Piper Sandler 的 Richard Repetto。

I guess the first question is on regulation, Vlad. SEC Chair Gensler came out again in June and talked about the retail equity market structure. I think you stopped short of any -- saying any specific bands, but it certainly sounded like he was proposing or wanted to propose things that would hinder the wholesalers and maybe payment for order flow. So any incremental comments from you on what you thought his talk and any other insights in regards to regulation?

我想第一個問題是關於監管的，弗拉德。 SEC 主席 Gensler 在 6 月再次出面，談到了零售股票市場的結構。我認為您沒有提到任何特定的樂隊，但聽起來他確實在提議或想要提議會阻礙批發商並可能阻礙訂單流付款的事情。那麼，您對他的演講的看法以及有關監管的任何其他見解是否有任何增量評論？

Yes. Yes, sure, Rich. I mean I think the first thing to say is we're obviously paying close attention to what's coming out of the commission and what Chair Gensler is saying. I don't know if you heard former SEC Chair, Jay Clayton yesterday, who was asked about this as well. And we agree with the sentiment there that payment for order flow and the current structure that's allowed has provided a great all-in cost of execution for retail investors, one that's, in fact, unmatched in history. And we've got -- retail customers are getting a great deal.

是的。是的，當然，里奇。我的意思是，我認為首先要說的是，我們顯然正在密切關注委員會的結果以及 Gensler 主席所說的話。我不知道你是否聽說昨天美國證券交易委員會前主席傑伊克萊頓也被問及這個問題。我們同意那裡的觀點，即支付訂單流和當前允許的結構為散戶投資者提供了巨大的全部執行成本，事實上，這在歷史上是無與倫比的。我們得到了——零售客戶得到了很大的好處。

So I mean, we're a little bit concerned. Obviously, we're fine with things improving. But yes, we think that the barrier to -- or the sort of threshold to clear for making changes in this extremely complicated setup has to be quite high given that retail customers are getting great execution quality right now.

所以我的意思是，我們有點擔心。顯然，我們對事情的改進感到滿意。但是，是的，我們認為，鑑於零售客戶現在正在獲得出色的執行質量，在這種極其複雜的設置中進行更改的障礙或清除的門檻必須相當高。

In terms of what it would do to our business, again, we're paying attention to it, equities payment for order flow right now comprises about 9% of our total revenues. So we've seen better diversification Q2 versus Q1. More of our revenue is driven by net interest income, and equities payment for order flow even within the transaction segment has been on a downward trend. So certainly, 9% is significant. But I think all in all, we feel pretty comfortable that we're giving customers a great deal. And over time, you should see our revenues continue to diversify as we roll out more products.

就它對我們業務的影響而言，我們再次關注它，目前訂單流的股票支付約占我們總收入的 9%。因此，我們看到第二季度與第一季度相比，多元化程度更高。我們更多的收入是由淨利息收入推動的，即使在交易領域，訂單流的股票支付也呈下降趨勢。所以當然，9% 是顯著的。但我認為總而言之，我們為客戶提供了很多優惠，我們感到很自在。隨著時間的推移，隨著我們推出更多產品，您應該會看到我們的收入繼續多樣化。

Got it. That's very helpful, Vlad. And my follow-up would be -- this is following up from a previous question earlier, but it's on the M&A front. And I know that question asked about specific companies. But I'm just trying to get your broader thoughts given the share -- the control of the shares, the voting power. Would there be any scenario where you could see a partner that -- again, may not be an acquisition, but could get you to the immediacy of product development and enrich the progress that you're trying to make, I guess, do you envision any scenario? Or is that just not really in the cards at this point?

知道了。這很有幫助，弗拉德。我的後續行動將是 - 這是對之前一個問題的後續行動，但它是在併購方面。我知道這個問題是關於特定公司的。但我只是想讓你更廣泛地思考股份——股份的控制權、投票權。是否有任何情況下您可以看到合作夥伴 - 再次，可能不是收購，但可以讓您立即進行產品開發並豐富您嘗試取得的進展，我猜，您是否設想任何情況？還是目前還沒有真正考慮到這一點？

Rich, I mean, as I mentioned before, if I look at Robinhood right now, I think we're incredibly well positioned to continue to execute on our plans as a standalone independent company. We've got $6 billion in cash. We've made great progress towards both increasing revenues and decreasing costs. And I think, in particular, in these environments, great companies that are in our position have been able to set themselves up for the future, just taking advantage of opportunities that are out there for acquisitions and M&A. So I think we see an opportunity actually to use our balance sheet and our financial strength to accelerate our own road map. And that's how we've been thinking about it and approaching our strategy.

Rich，我的意思是，正如我之前提到的，如果我現在看看 Robinhood，我認為我們處於非常有利的位置，可以繼續執行我們作為獨立獨立公司的計劃。我們有 60 億美元的現金。我們在增加收入和降低成本方面取得了很大進展。我認為，特別是在這些環境中，處於我們位置的偉大公司已經能夠為未來做好準備，只是利用了收購和併購的機會。所以我認為我們看到了一個機會，可以利用我們的資產負債表和財務實力來加速我們自己的路線圖。這就是我們一直在考慮它並接近我們的戰略的方式。

Understood. Just the companies that made it through the Internet. When the Internet bubble broke, we're the one that has stayed focused, Vlad.

明白了。只有那些通過互聯網成功的公司。當互聯網泡沫破滅時，弗拉德，我們一直保持專注。

Our next question will come from the line of Michael Cyprys from Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Michael Cyprys。

I wanted to touch upon the net new deposits, which continue to hold up quite strong despite the challenging environment. So I was hoping you could provide some color around that, including maybe touching upon the profile of the customers that are driving the M&A versus the installed base. How much of the M&A relates to recurring preset contributions? And how much of that is going into the cash management program.

我想談談淨新存款，儘管環境充滿挑戰，但仍保持相當強勁的勢頭。所以我希望你能提供一些關於這個的顏色，包括可能涉及推動併購的客戶與已安裝基礎的概況。多少併購與經常性預設貢獻有關？以及其中有多少進入了現金管理計劃。

Yes. So I'll go ahead and start, and Vlad, you can feel free to add some color. So we feel really good. We increased the interest rate that we're offering to our customers in the cash sweep program. That's now at 1%, and we've got about $2 billion of customer cash there. So offering a really nice value proposition.

是的。所以我會繼續開始，弗拉德，你可以隨意添加一些顏色。所以我們感覺真的很好。我們提高了在現金清掃計劃中向客戶提供的利率。現在是 1%，我們在那裡有大約 20 億美元的客戶現金。所以提供了一個非常好的價值主張。

In terms of the net deposits, $5.2 billion during the quarter, a 22% annualized growth rate in terms of net deposits relative to the beginning of period AUC. So really strong indication that our customers, even in this tough environment, are continuing to engage and putting their money to work for the long term.

就淨存款而言，本季度為 52 億美元，相對於期初 AUC 而言，淨存款年化增長率為 22%。如此強烈的跡象表明，即使在這種艱難的環境中，我們的客戶仍在繼續參與並將他們的資金用於長期工作。

In terms of customer cohorts, we haven't provided the breakout detail between the various cohorts in terms of net deposits. What I'd tell you is that there's a broad participation of where the net deposits are coming from, including from the installed base. The net increase in our funded accounts has been modest these last couple of quarters. So I'd point more to our installed base. But we do like what we're seeing from the new investors that are joining the platform. And I think we're really well positioned for them to grow with us.

在客戶群體方面，我們沒有提供不同群體之間的淨存款細分細節。我要告訴你的是，淨存款的來源有廣泛的參與，包括來自已安裝的基礎。在過去的幾個季度中，我們的資金賬戶淨增長幅度不大。所以我會更多地指出我們的安裝基礎。但我們確實喜歡我們從加入該平台的新投資者那裡看到的東西。我認為我們已經做好了讓他們與我們一起成長的準備。

Yes. And the only thing I would add to that is some of the things on the near-term road map that we've mentioned before, in particular, retirement accounts and making improvements for our more advanced customers, we think those will drive meaningful net deposit increases over time as well.

是的。我唯一要補充的是我們之前提到的近期路線圖上的一些事情，特別是退休賬戶和為我們更高級的客戶進行改進，我們認為這些將推動有意義的淨存款也會隨著時間的推移而增加。

Great. And just a follow-up question regarding the $6 billion cash position that you flagged that you have on the balance sheet. I guess the question here is just how much do you need to run the business in terms of cash versus how much is excess that might be available for M&A that you were mentioning before that you may have some interest in? And I also saw you mentioned about $2.5 billion of excess above risk scenario, but I think that includes your $3 billion lines of credit, so that would suggest no excess in a risk scenario. So I was just hoping you can elaborate around what that risk scenario is and how to think about that?

偉大的。還有一個關於您在資產負債表上標記的 60 億美元現金頭寸的後續問題。我想這裡的問題是您需要多少現金來經營業務，而您之前提到的可能有多少可用於併購的多餘資金？我還看到你提到了超過風險情景的 25 億美元超額，但我認為這包括你的 30 億美元信貸額度，因此這表明在風險情景中沒有超額。所以我只是希望你能詳細說明這種風險情景是什麼以及如何考慮這一點？

So in our risk scenarios, we have $2.5 billion of excess cash. So that is just excess. And on a typical day, we're using very little of our corporate cash to run the business. We've just had periods of time in the past were, for example, the main stock rally. We saw moments where there was extreme volatility and that caused the risk scenarios that we are modeling today. And that's what I'm referring to, moments like that, where we continue to have in excess, $2.5 billion above scenarios that resemble what we saw back then.

因此，在我們的風險情景中，我們有 25 億美元的超額現金。所以這只是多餘的。在一個典型的日子裡，我們用很少的公司現金來經營業務。例如，我們過去有一段時間是主要的股票反彈。我們看到了劇烈波動的時刻，這導致了我們今天正在建模的風險情景。這就是我所指的，像那樣的時刻，我們繼續擁有超過 25 億美元的超額資金，這與我們當時看到的情況相似。

Our next question comes from the line of Steven Chubak from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

I wanted to start off with a question on stock-based comp. Jason, you made some earlier comments just highlighting your internal focus to rein in future dilution. And I was hoping you could help us size the incremental dilution associated with the share-based comp that's not yet been recognized.

我想從一個關於股票補償的問題開始。傑森，你早些時候發表了一些評論，只是強調了你的內部關注點，以控制未來的稀釋。我希望你能幫助我們確定與尚未被認可的基於份額的補償相關的增量稀釋。

And given your strong excess liquidity position, I heard the earlier comment on capital management, but any potential plans to offset that future dilution with incremental buybacks?

鑑於您強大的流動性過剩頭寸，我聽到了早些時候關於資本管理的評論，但有沒有潛在的計劃來通過增量回購來抵消未來的稀釋？

Yes. We don't have plans right now to implement a share buyback plan. As I mentioned in my earlier comment to the Say question, we think that will be a more appropriate as we turn the corner on profitability.

是的。我們目前沒有實施股票回購計劃的計劃。正如我在之前對 Say 問題的評論中提到的那樣，我們認為這將是更合適的，因為我們在盈利能力方面取得了轉機。

In terms of unrecognized share-based compensation, we just filed our 10-Q this afternoon. I think that number is in the queue. I don't have it top of mind but the unrecognized is in there. And then just to reiterate that about half of our share-based compensation is from the pre-IPO market-based awards that were given to the founders and those vest a significantly higher dollar share prices than where we're at today.

在未確認的基於股票的薪酬方面，我們今天下午剛剛提交了 10-Q。我認為該號碼在隊列中。我沒有把它放在首位，但無法識別的就在那裡。然後重申一下，我們基於股票的薪酬中約有一半來自授予創始人的 IPO 前基於市場的獎勵，而這些獎勵的美元股價比我們今天的股價要高得多。

And for my follow-up, just on the NII sensitivity. You spoke of the $40 million benefit per rate hike just given the sheer number of hikes we've seen so far, the NII expansion in Q2, certainly healthy, you cited a record, but it was a bit lighter than we had anticipated. I recognize there are a lot of moving pieces impacting the sensitivity thought it might be helpful, Jason, if you could just speak to the sensitivity across the different buckets, margin balances, web cash, corporate cash, that's underpinning some of that $40 million per hike guidance that you offered up.

而對於我的後續行動，只是關於 NII 的敏感性。你談到了每次加息帶來 4000 萬美元的收益，鑑於我們迄今為止看到的加息次數，第二季度的 NII 擴張當然是健康的，你引用了一個記錄，但它比我們預期的要輕一些。我認識到有很多影響敏感度的因素，認為這可能會有所幫助，傑森，如果你能談談不同桶、保證金餘額、網絡現金、公司現金的敏感度，這是每人 4000 萬美元的基礎。您提供的遠足指導。

Yes. We're actually really pleased with the pass-through that we've seen from our banking partners on these rates so far and pretty optimistic that we'll continue to see good results from there. margin balances, we have increased. As Vlad mentioned, we've also separated it from gold, offering customers who are not part of gold to participate in the margin program, but at higher rates.

是的。實際上，我們對迄今為止我們的銀行合作夥伴對這些利率的傳遞感到非常滿意，並且非常樂觀地認為我們將繼續從那裡看到良好的結果。保證金餘額，我們增加了。正如弗拉德所提到的，我們也將其與黃金分開，為不屬於黃金的客戶提供參與保證金計劃的機會，但利率更高。

And in terms of kind of go-forward guidance, what I would just say is that we'll continue to see a meaningful portion of these rates accrued to shareholders but balanced by our intention to also offer just great value for customers.

就前進指導而言，我只想說的是，我們將繼續看到這些費率中有相當一部分應計入股東，但與我們為客戶提供巨大價值的意圖相平衡。

Next question will come from the line of Will Nance from Goldman Sachs.

下一個問題將來自高盛的 Will Nance。

I wanted to ask another question on the expense base and follow up on the earlier question on stock-based comp as well. Given the moving pieces in the expense base, a handful of restructuring charges in the back half. Jason, I'm wondering if you could talk for both kind of like OpEx and the SBC lines.

我想問另一個關於費用基礎的問題，並跟進前面關於基於股票的補償的問題。鑑於費用基礎中的變動因素，後半部分有一些重組費用。 Jason，我想知道您是否可以同時談論 OpEx 和 SBC 線路。

As you look out into 2023, what's the exit run rate some of these line items? And I guess, particularly on SBC, if you do -- if you have an exit run rate for us, is that 50% level that impacts ongoing dilution still going to be the right number for the foreseeable future?

當您展望 2023 年時，其中一些訂單項的退出運行率是多少？我想，特別是在 SBC 上，如果你這樣做了——如果你有一個退出運行率，那麼在可預見的未來，影響持續稀釋的 50% 水平是否仍然是正確的數字？

Yes. I think there's a couple of things that I can say that will be helpful, but we haven't provided guidance on exit run rates. The stock-based comp for the market-based awards that were given pre-IPO to the founders, that is recognized on an accelerated basis. And so that will decline over time recognizing more in earlier periods and less in later periods.

是的。我認為有幾件事我可以說會有所幫助，但我們沒有提供關於退出運行率的指導。在首次公開募股前授予創始人的基於市場的獎勵的基於股票的補償，在加速的基礎上得到認可。因此，隨著時間的推移，這種情況會隨著時間的推移而下降，在早期階段識別得更多，而在後期階段識別得更少。

Also, as we hit those share prices, it will cause an acceleration of the related tranches that are affected by that. So it will be accelerated and also potentially lumpy as we hit those triggers. Really proud of the team, both on OpEx -- primarily on OpEx, both for third-party spend in particular making great progress, a lot of collaboration across the teams. One area to highlight is the focus that our engineering team has had on improving our efficient use of our web hosting. But we've got lots of examples kind of across the company of just driving improvements, all reflected in the pretty favorable incremental guidance that we gave in our release.

此外，當我們觸及這些股價時，它將導致受此影響的相關部分的加速。因此，當我們擊中這些觸發器時，它會加速並且可能會變得不穩定。真的為團隊感到自豪，無論是在 OpEx 上——主要是在 OpEx 上，都為第三方支出特別是取得了很大進展，團隊之間有很多協作。需要強調的一個領域是我們的工程團隊一直致力於提高我們對網絡託管的有效使用。但是我們在整個公司有很多只是推動改進的例子，所有這些都反映在我們在發布中提供的非常有利的增量指導中。

Got it. I appreciate that. And then just kind of a nuanced question on the transaction revenues. I think the implied take rate on the cryptocurrency trading this quarter, I think it was up sequentially versus the first quarter of this year. I know you guys obviously renegotiated at the beginning of the year. But anything to call out on what drove the higher spread this quarter.

知道了。我很感激。然後是關於交易收入的一個微妙的問題。我認為本季度加密貨幣交易的隱含利率，我認為它與今年第一季度相比環比上升。我知道你們顯然在年初重新談判。但有什麼可以說明是什麼推動了本季度更高的價差。

Yes. We were able to achieve a higher negotiated rate than what we had previously. It is disclosed on our app and website. We took it from kind of low 20s to now, it's 35 basis points.

是的。我們能夠實現比以前更高的協商價格。它在我們的應用程序和網站上披露。我們從 20 多歲的低點到現在，是 35 個基點。

Our next question will come from the line of Josh Beck from KeyBanc Capital.

我們的下一個問題將來自 KeyBanc Capital 的 Josh Beck。

I was just kind of curious when we think about ARPU and where it can go in the midterm. Obviously, with the current macro kind of stable, what would be the key drivers that we should be focused on in terms of trying to build out scenarios on where that metric could go over time?

當我們想到 ARPU 以及它在中期的發展方向時，我有點好奇。顯然，在當前宏觀穩定的情況下，我們應該關注的關鍵驅動因素是什麼？

Yes, I'll go ahead and take it, and then Vlad can jump in. What we're really focused on is improving the user experience. Vlad's mentioned a couple of things around the brokerage user experience. We're continuing to add new coins for crypto in a very diligent way and also looking to new products that we roll out fully paid securities lending, which we recently rolled out.

是的，我會繼續接受它，然後 Vlad 可以加入。我們真正關注的是改善用戶體驗。 Vlad 提到了一些關於經紀用戶體驗的事情。我們將繼續以非常勤奮的方式為加密貨幣添加新硬幣，並尋找我們推出的新產品，我們最近推出了全額支付證券借貸。

We're seeing really nice early traction with $3 billion of equities under management that are already enrolled. The Cash Card is another area. It's a new product and one that we're really excited about improving the user experience. And then, of course, we're going to see some benefit from the rising interest rate. A couple of the rate hikes that happened in Q2 happened late in the quarter, and you'll begin to see that flow through at a higher rate in Q3. So I think we like our focus on user experience and new products and expect that that's going to begin to show through in our financials over time.

我們看到了非常好的早期牽引力，管理的 30 億美元股票已經註冊。現金卡是另一個領域。這是一款新產品，我們對改善用戶體驗感到非常興奮。然後，當然，我們將看到利率上升帶來的一些好處。第二季度發生的幾次加息發生在本季度末，您將開始看到第三季度以更高的速度流動。所以我認為我們喜歡我們對用戶體驗和新產品的關注，並希望隨著時間的推移，這將開始在我們的財務狀況中體現出來。

I had a follow-up. Certainly, the market conditions have been challenging for everyone. Obviously, you did raise a substantial amount of capital and do have certainly leading scale. So I'm just curious when you think about the competitive environment and particularly maybe some of the lower scaled companies, perhaps with less funding, if you have seen any changes maybe on the customer acquisition or front or anything else notable there?

我有一個跟進。當然，市場狀況對每個人來說都充滿挑戰。顯然，您確實籌集了大量資金，並且確實具有領先的規模。因此，當您考慮競爭環境時，我只是好奇，尤其是一些規模較小的公司，可能資金較少，如果您在客戶獲取或前端或其他任何值得注意的方面看到任何變化？

I'd say that overall customer acquisition is lower right now in periods of more market enthusiasm. We found that customer acquisition comes a little easier. And right now, it's a little lower. We've pulled back on marketing. We found that chasing growth in this environment doesn't have the same ROI as in periods where you have higher intent customers. So it's -- it continues to be competitive. We continue to work on kind of the inputs of customer experience, and we expect that at some point, hopefully soon, we'll work our way through this cycle.

我想說的是，在市場熱情更高的時期，總體客戶獲取量現在較低。我們發現客戶獲取變得更加容易。而現在，它有點低。我們已經撤回了營銷。我們發現，在這種環境中追求增長的投資回報率與擁有更高意向客戶的時期不同。所以它 - 它繼續具有競爭力。我們繼續致力於客戶體驗的輸入，我們希望在某個時候，希望很快，我們將通過這個週期工作。

Yes. I'd just add that. I think historically, Robinhood has been a company that has focused a lot on new customer acquisition. And we probably focused historically, again, a little bit less on the customers that we've already had. This year, I think, has been a really healthy focus on valuable customers that have grown with us and have been using the platform quite a bit and improving the customer experience for our most advanced customers and the people that we already had, we think has been very, very valuable. And you'll see that pay dividends for the business. But it is cyclical. And as time goes on, I would expect that shift -- that mix to shift. And we would definitely see opportunities over the long run to reaccelerate new customer acquisition.

是的。我只是補充一下。我認為從歷史上看，Robinhood 一直是一家非常關注新客戶獲取的公司。而且我們可能從歷史上再次關注我們已經擁有的客戶。我認為，今年一直非常健康地關注有價值的客戶，這些客戶與我們一起成長，並且一直在使用該平台，並為我們最先進的客戶和我們已經擁有的人改善客戶體驗，我們認為已經非常非常有價值。你會看到這為企業帶來了紅利。但它是周期性的。隨著時間的推移，我預計這種轉變——這種組合會發生轉變。從長遠來看，我們肯定會看到重新加速新客戶獲取的機會。

Our next question comes from the line of Benjamin Budish from Barclays.

我們的下一個問題來自巴克萊銀行的 Benjamin Budish。

Maybe first on the fully paid securities lending. You mentioned, I think, $3 billion in eligible balances. I'm just wondering, given the revenue share you got with customers that opt in and the target of 1 to 2x the size of your margin-based securities lending revenues. How big do you think that needs to be to kind of hit that goal?

也許首先是全額支付的證券借貸。我認為你提到了 30 億美元的合格餘額。我只是想知道，鑑於您與選擇加入的客戶獲得的收入份額以及您基於保證金的證券借貸收入規模的 1 到 2 倍的目標。你認為達到這個目標需要多大？

It's early. I don't know offhand if we have shared the revenue split, I don't believe so. So I'm not going to lean into that particular aspect of your question. It's early. We've got about $50 billion of equities under management today, $3 billion of that is enrolled. The teams are hard at work at making sure our customers are aware of the program, aware of the way that they can increase their passive income by participating in the program. And we like the growth that we're seeing kind of on a weekly basis and look forward to updating you. But it's early, and we've got a ways to go before it reaches that potential.

現在還早。我不知道我們是否分享了收入分成，我不相信。所以我不會傾向於你問題的那個特定方面。現在還早。今天，我們管理著大約 500 億美元的股票，其中 30 億美元已註冊。這些團隊正在努力確保我們的客戶了解該計劃，了解他們可以通過參與該計劃來增加被動收入的方式。我們喜歡每週看到的增長，並期待更新您。但現在還為時過早，在它達到這種潛力之前我們還有很長的路要走。

Okay. That's fair enough. And then maybe one for Vlad. You mentioned that -- kind of another M&A question. You mentioned that you see yourselves as more of an acquirer than an acquiree. Could you maybe talk about what your priorities may be? Would it be more things like Ziglu where you're looking at international expansion or product expansion? Or I don't know, kind of -- that's the general question though.

好的。這很公平。然後也許是弗拉德的一個。你提到了 - 另一個併購問題。你提到你認為自己更像是收購者而不是被收購者。您能否談談您的優先事項可能是什麼？會不會是更多像 Ziglu 這樣您正在考慮國際擴張或產品擴張的公司？或者我不知道，有點——不過這是一個普遍的問題。

Yes. I'd say international, as you mentioned, with Ziglu definitely something we've looked at in the past and we'll continue to explore. The other area is just opportunities for us to take advantage of our large scale in terms of customers and plug in new products and new services and assets that our customers would find valuable, particularly those trading at attractive -- good businesses trading at attractive valuations, which you can find in environments like this.

是的。正如你所提到的，我想說的是國際化的 Ziglu 絕對是我們過去研究過的東西，我們將繼續探索。另一個領域是我們利用我們在客戶方面的大規模優勢並插入我們的客戶認為有價值的新產品、新服務和資產的機會，特別是那些交易具有吸引力的——以有吸引力的估值交易的好企業，您可以在這樣的環境中找到它。

And our last question for today will be from Ken Worthington from JPMorgan.

我們今天的最後一個問題將來自摩根大通的 Ken Worthington。

Maybe for Vlad, in the S-1, the mission statement was the democratization of finance for all. As we've been running the numbers, we see that your clients have pretty significantly underperformed since the mean bubble burst in both up and down markets even when accounting for crypto and growth.

也許對弗拉德來說，在 S-1 中，使命宣言是所有人的金融民主化。當我們一直在計算這些數字時，我們看到您的客戶的表現明顯不佳，因為即使考慮到加密貨幣和增長，在上下市場的平均泡沫破裂後也是如此。

So 2 questions around this. Can Robinhood do better for its customers and drive better performance results for them? And if so, how do you get there? What tools do they need? And how long it will it take? And I would say things like Cash Card and the wallet and retirement accounts to stock lending are all interesting and probably you'll see big demand but it doesn't seem like they address the key issue of underperformance.

所以有兩個問題。 Robinhood 能否為客戶做得更好並為他們帶來更好的績效結果？如果是這樣，你如何到達那裡？他們需要什麼工具？需要多長時間？我會說現金卡以及用於股票借貸的錢包和退休賬戶之類的東西都很有趣，您可能會看到大量需求，但它們似乎並沒有解決表現不佳的關鍵問題。

And then as we think about driving better performance for the end customers, can you do it in a way, given your customer asset levels in a way that's profitable for Robinhood and your shareholders?

然後，當我們考慮為最終客戶推動更好的業績時，您能否以某種方式做到這一點，考慮到您的客戶資產水平，以一種對 Robinhood 和您的股東有利的方式？

Yes, I think -- thanks for the question. It's always hard to have a very short-term view on this. I mean when you look at performance kind of right in the depths of crypto winter and after a bear market that's hit technology and innovation, particularly hard, I think you'll get a skewed results.

是的，我想——謝謝你的提問。對此總是很難有一個非常短期的看法。我的意思是，當你在加密貨幣寒冬的深處以及在技術和創新受到打擊的熊市之後，特別是艱難地看到表現時，我認為你會得到一個扭曲的結果。

But over the long run, we believe in innovation. We believe in technology. We believe that these customers who -- many of whom are at the beginning of their financial journeys and are starting relatively younger than previous generations have with investing, we'll end up doing quite well because the American economy, the engines of innovation.

但從長遠來看，我們相信創新。我們相信技術。我們相信，這些客戶——他們中的許多人剛剛開始他們的金融之旅，並且比前幾代人開始時相對年輕，我們最終會做得很好，因為美國經濟是創新的引擎。

In the short term, you might have you might have bear markets, but over the long run, we think that they'll do quite well. So we're very, very committed to providing the best tools for our customers to benefit from these markets and make it easier to invest. I don't think that a bear market should call our mission into question.

在短期內，你可能會有熊市，但從長遠來看，我們認為它們會做得很好。因此，我們非常非常致力於為我們的客戶提供最好的工具，以從這些市場中受益並使其更容易投資。我不認為熊市應該質疑我們的使命。

I think the mission is incredibly important. And bear markets are opportunities that investors, particularly wealthy ones, have used to set themselves up for long-term success. And I think it's very, very important for us to offer these services to not just the wealthy.

我認為這個使命非常重要。熊市是投資者（尤其是富有的投資者）用來為長期成功做好準備的機會。我認為對我們來說，不僅向富人提供這些服務非常非常重要。

Okay. Great. And then just maybe a data question. How much -- or how many gold accounts, cash cards noncustodial wallets on the wait list. Where do those numbers sort of stand as of the end of the second quarter?

好的。偉大的。然後可能只是一個數據問題。等待名單上有多少——或多少黃金賬戶、現金卡、非託管錢包。截至第二季度末，這些數字在哪裡？

So sorry, go ahead and repeat that list again for me, Ken.

很抱歉，請繼續為我重複該列表，肯。

Yes. I'm sorry. And I apologize. I tried to go through the -- or the queue, I didn't see anything. Gold accounts, cash cards and the noncustodial wallet waitlist.

是的。對不起。我道歉。我試圖通過-- 或隊列，我沒有看到任何東西。黃金賬戶、現金卡和非託管錢包候補名單。

Yes. We have about a 6% attach rate on gold. Cash Card, it's early. We haven't said the number of users at this point. What we're focused on really right now is just improving the user experience. Last week, for example, we've rolled out merchant incentives, which gives customers cash back on spending their card at places like gas stations, pizza parlors and so on, which we think is great for customers.

是的。我們對黃金的附加率約為 6%。現金卡，時間還早。我們目前還沒有說用戶數量。我們現在真正關注的只是改善用戶體驗。例如，上週，我們推出了商家激勵措施，讓客戶在加油站、比薩店等場所消費卡時獲得現金返還，我們認為這對客戶來說非常有用。

So what we're really focused on is improving user experience, improving the value proposition. And then just getting the word out, finding ways within the app and otherwise, there are questions about marketing earlier to get the word out to customers about the products that we have and the great value proposition that we have for them.

所以我們真正關注的是改善用戶體驗，改善價值主張。然後只是宣傳，在應用程序中尋找方法，否則，有一些關於營銷的問題，以便更早地向客戶宣傳我們擁有的產品以及我們為他們提供的巨大價值主張。

And I think on the noncustodial wallet, that wait list number is actually public on the website. And I believe it recently crossed 1 million.

而且我認為在非託管錢包上，候補名單號碼實際上是在網站上公開的。我相信它最近超過了 100 萬。

Thanks for your questions, Ken, and thanks to everyone for questions today.

謝謝你的問題，肯，也謝謝今天大家的提問。

Yes. Thank you, guys.

是的。感謝你們。

And this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。