Robinhood Markets Inc (HOOD) 2022 Q3 法說會逐字稿

Hello, everyone, and good day. Thank you for standing by. Welcome to the Robinhood Third Quarter 2022 Earnings Conference Call.

大家好，美好的一天。謝謝你的支持。歡迎參加 Robinhood 2022 年第三季度收益電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference call is being recorded. I would like to now hand the conference call over to Chris Koegel, our Vice President of Investor Relations. Go ahead.

請注意，今天的電話會議正在錄音中。我現在想將電話會議交給我們的投資者關係副總裁克里斯·科格爾。前進。

Thank you, (inaudible). Welcome, everyone, and thank you for joining us for Robinhood's Third Quarter 2022 Earnings Call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick. 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 today and related slide presentation on our Investor Relations website, our Form 10-Q filed August 30, 2022 and in other SEC filings.

謝謝，（聽不清）。歡迎大家，感謝您參加 Robinhood 的 2022 年第三季度財報電話會議。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。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。我們今天發布的新聞稿和我們投資者關係網站上的相關幻燈片演示、我們於 2022 年 8 月 30 日提交的 10-Q 表格和其他 SEC 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. Reconciliation 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。

Thanks for the intro, Chris, and thanks to everyone for joining. 6 months ago, we set an ambitious goal for us to return to adjusted EBITDA profitability by the end of the year. I'm proud to announce that we achieved this milestone a quarter ahead of schedule, and I'm incredibly proud of our team. In Q3, we generated adjusted EBITDA of $47 million. In spite of a tough macro backdrop, we were able to simultaneously decrease costs, increase revenues and demonstrate diversification of our business model. We feel our cost structure is in a good place. So we're now fully focused on delivering great products and service for our customers and growing our business. I'll tell you more about our plans here.

感謝克里斯的介紹，感謝大家的加入。 6 個月前，我們設定了一個雄心勃勃的目標，即在年底前恢復調整後的 EBITDA 盈利能力。我很自豪地宣布，我們提前四分之一實現了這一里程碑，我為我們的團隊感到無比自豪。在第三季度，我們產生了 4700 萬美元的調整後 EBITDA。儘管宏觀背景嚴峻，但我們能夠同時降低成本、增加收入並展示我們業務模式的多元化。我們覺得我們的成本結構處於一個良好的位置。因此，我們現在完全專注於為我們的客戶提供出色的產品和服務並發展我們的業務。我會在這裡告訴你更多關於我們的計劃。

But first, let's take a look at how our customers are doing. Amidst the challenging macro environment, customers continue to trust us with billions of dollars of net deposits each quarter as they invest through the cycle for the long term. Excluding those deposits, our customers' portfolios, on average, slightly outperformed the NASDAQ and S&P in Q3. These factors drove customer assets under custody, up by about 1% to $65 billion despite equity market values declining again this quarter. This environment highlights the importance of serving our customers' financial needs through the cycle and of diversifying our business beyond trading.

但首先，讓我們看看我們的客戶是如何做的。在充滿挑戰的宏觀環境中，客戶繼續信任我們，每個季度都有數十億美元的淨存款，因為他們在整個週期中進行了長期投資。剔除這些存款，我們客戶的投資組合在第三季度的平均表現略好於納斯達克和標準普爾。儘管本季度股市價值再次下跌，但這些因素推動客戶託管資產增長約 1% 至 650 億美元。這種環境凸顯了在整個週期內滿足客戶財務需求以及使我們的業務多樣化超越交易的重要性。

So let me tell you more about some of the products we're working on across brokerage, crypto and money. Starting with brokerage. Today's high interest rates can be challenging for customers with mortgages, student loans and car payments. At the same time, they present an opportunity for our customers to earn one of the highest yields available on their uninvested cash at levels not seen in over a decade. In September, we introduced a fantastic interest rate for our gold members, 3% on cash via our sweep program with no balance limits, none of the time commitments that CDs have and FDIC insurance of up to $1.5 million, 6x what you get from a typical bank account.

所以讓我告訴你更多關於我們在經紀、加密和貨幣方面正在開發的一些產品。從經紀開始。今天的高利率對於有抵押貸款、學生貸款和汽車付款的客戶來說可能是一個挑戰。同時，它們為我們的客戶提供了一個機會，使他們能夠以十多年未見的水平，以未投資的現金獲得最高收益率之一。 9 月，我們為我們的黃金會員推出了極好的利率，通過我們的掃蕩計劃獲得 3% 的現金利率，沒有餘額限制，沒有 CD 的時間承諾和高達 150 萬美元的 FDIC 保險，是您獲得的 6 倍典型的銀行賬戶。

We're really excited about this product because it helps customers earn on their cash even when they're not investing. And so far, we like what we see with gold cash sweep balances up by over $1.5 billion since we raised rates. And following today's Fed rate hike, we'll raise the interest rate for gold customers even higher. This is just another one of the investments we're planning for the coming years to make Robinhood Gold the best deal in financial services.

我們對這款產品感到非常興奮，因為它可以幫助客戶在不投資的情況下賺取現金。到目前為止，我們看到自我們加息以來黃金現金清掃餘額增加了超過 15 億美元的情況。在今天美聯儲加息之後，我們將把黃金客戶的利率提高得更高。這只是我們計劃在未來幾年進行的另一項投資，以使 Robinhood Gold 成為金融服務領域的最佳交易。

We also want to provide great value for customers, investing for the long term at Robinhood, so we're excited to launch Robinhood Retirement, just in time for the New Year and the heart of IRA season. For our customers looking to open a new retirement account or roll over an existing IRA or taking their first steps in long-term investing, we're excited to share this product with you, and we know you'll love it.

我們還希望為客戶提供巨大的價值，在 Robinhood 進行長期投資，因此我們很高興推出 Robinhood Retirement，正好趕上新年和 IRA 季節的核心。對於希望開設新退休賬戶或將現有 IRA 展期或在長期投資中邁出第一步的客戶，我們很高興與您分享此產品，我們知道您會喜歡它。

Finally, I want to share some of the great work our brokerage team has been doing for our advanced customers. Recall, our advanced customers are customers who trade more actively and use more sophisticated products like options. We're one of the very few platforms that offer options trading with no contract fees. And this is incredibly valuable for customers who place a lot of option trades. In case you don't know about this, most companies charge something like a $0.65 per contract fee for each option trade. And that's in addition to payment for order flow at about the same levels we generate. And while that may not sound like a lot of money, not paying those fees saved our customers over $600 million in the past year. We love saving money for our customers like this and think customers of a lot of other firms are paying way too much to trade options.

最後，我想分享一些我們的經紀團隊為我們的高級客戶所做的出色工作。回想一下，我們的高級客戶是交易更活躍並使用更複雜產品（如期權）的客戶。我們是為數不多的提供無合約費用期權交易的平台之一。這對於進行大量期權交易的客戶來說非常有價值。如果您不知道這一點，大多數公司會為每筆期權交易收取每份合約 0.65 美元的費用。這是在我們生成的大約相同水平的訂單流支付之外的。雖然這聽起來可能不是很多錢，但不支付這些費用在過去一年為我們的客戶節省了超過 6 億美元。我們喜歡像這樣為我們的客戶省錢，並認為許多其他公司的客戶為交易期權付出了太多。

Now at the start of the year, our advanced customers were, on average, less satisfied with our service than our other customers. So we listen to their feedback and double down on building products designed for them, starting with hyper extended trading hours and stock lending. We kept hearing they wanted more trading data, tools and analytics in the app. So in August, we rolled out advanced charts. We built these natively to give advanced customers quick, simple, customizable and in-depth analysis that they want for trading without cluttering the user interface.

現在在今年年初，我們的高級客戶對我們的服務的平均滿意度低於我們的其他客戶。因此，我們聽取他們的反饋並加倍努力打造專為他們設計的產品，從超長交易時間和股票借貸開始。我們不斷聽到他們想要在應用程序中獲得更多交易數據、工具和分析。所以在 8 月，我們推出了高級圖表。我們在本地構建了這些，以便為高級客戶提供他們想要進行交易的快速、簡單、可定制和深入的分析，而不會弄亂用戶界面。

Additionally, while churn is at the lowest level in years, a leading driver of advanced customer churn was not being able to trade options in cash accounts. So we are pleased to roll out this feature in July. And in the past 6 months, we've seen a flip where advanced customers now have higher satisfaction with the Robinhood experience than our other customers. Of course, there's always more to do, and we're continuing to invest to make Robinhood a fantastic platform for everyone.

此外，雖然流失率處於多年來的最低水平，但高級客戶流失的主要驅動因素是無法在現金賬戶中交易期權。因此，我們很高興在 7 月推出此功能。在過去的 6 個月中，我們看到了一個轉變，高級客戶現在對 Robinhood 體驗的滿意度高於我們的其他客戶。當然，還有更多工作要做，我們將繼續投資，讓 Robinhood 成為適合所有人的絕佳平台。

Now let's move to crypto. We want everyone to have safe, easy and low-cost access to the power of the decentralized web, which we believe is the future operating system of financial services. So after building a wait list of more than 1 million people since May, we're excited that we rolled out the beta of the Robinhood Wallet, our self-custody Web 3 wallet to the first 10,000 customers last month. While it's early, we're hearing from customers that they love the simple and intuitive mobile experience and they really love (inaudible). They also tell us that they'd like us to add more blockchains to increase the breadth of coins available for them to swap and trade. We're encouraged to see this enthusiastic early response and we'll keep enhancing the wallet. And we're planning to roll the Robinhood Wallet out internationally. So we're excited that this will be our first product available to people all over the world.

現在讓我們轉向加密貨幣。我們希望每個人都能安全、輕鬆、低成本地使用去中心化網絡的力量，我們相信這是金融服務的未來操作系統。因此，在自 5 月以來建立了超過 100 萬人的等候名單後，我們很高興我們在上個月向前 10,000 名客戶推出了 Robinhood 錢包的測試版，這是我們的自託管 Web 3 錢包。雖然現在還為時過早，但我們從客戶那裡得知他們喜歡簡單直觀的移動體驗，而且他們真的很喜歡（聽不清）。他們還告訴我們，他們希望我們添加更多區塊鏈，以增加可供他們交換和交易的硬幣的廣度。我們很高興看到這種熱情的早期反應，我們將繼續增強錢包。我們計劃在國際上推出 Robinhood 錢包。因此，我們很高興這將是我們向全世界人民提供的第一款產品。

We also continue to roll out more coins over the past quarter in a deliberate and considered manner. One of these was our first stable coin USDC from Circle. As part of this rollout, we're creating a new free educational program called Learn and Earn that gives our customers the ability to earn crypto simply by learning about it. We're excited to roll this out and give our customers even more reasons to engage with our awesome educational content.

我們還在過去一個季度繼續以深思熟慮和深思熟慮的方式推出更多代幣。其中之一是我們來自 Circle 的第一個穩定幣 USDC。作為此次推出的一部分，我們正在創建一個名為 Learn and Earn 的新免費教育計劃，讓我們的客戶能夠通過了解加密貨幣來賺取加密貨幣。我們很高興推出這項服務，並為我們的客戶提供更多參與我們精彩教育內容的理由。

Now let's talk about Robinhood Money, which includes our cash card as well as tools to move money in and out of Robinhood. While it's still early for our cash card, which launched in March, we have over 500,000 customers today. We're focused on continuing to improve the experience. So more customers use the Cash Card as the top card in their wallet. Looking ahead, we're excited to be introducing the new card to our 6 million legacy cash management customers soon, so they can also enjoy the enhanced benefits.

現在讓我們談談 Robinhood Money，其中包括我們的現金卡以及將資金轉入和轉出 Robinhood 的工具。雖然我們在 3 月推出的現金卡還為時過早，但我們今天擁有超過 500,000 名客戶。我們專注於繼續改善體驗。因此，越來越多的客戶將現金卡用作錢包中的第一張卡。展望未來，我們很高興能很快將新卡介紹給我們的 600 萬傳統現金管理客戶，讓他們也能享受到增強的好處。

Another Robinhood staple that customers have loved for years, is our seamless instant deposits. And this is something that we continue to invest in, including giving gold customers the ability to make instant deposits of up to $50,000. We realized that some customers want to be able to withdraw their money instantly as well rather than wait up to 5 business days for traditional ACH transfers. So last month, we started rolling out instant withdrawals, providing customers with a new option to withdraw cash instantly to participating banks at a competitive 1.5% price point, while always maintaining the ability to use free ACH transfers. We think customers will really like the experience and pricing of our new expedited service as well as having expanded choice of money movement options. We're excited to roll this out more broadly, and we're going to keep you posted on our progress here.

客戶多年來喜愛的另一個 Robinhood 主要產品是我們的無縫即時存款。這是我們繼續投資的東西，包括讓黃金客戶能夠即時存款高達 50,000 美元。我們意識到，一些客戶也希望能夠立即提取資金，而不是等待長達 5 個工作日進行傳統的 ACH 轉賬。因此，上個月，我們開始推出即時取款，為客戶提供了一種新的選擇，可以以具有競爭力的 1.5% 的價格點立即向參與銀行提取現金，同時始終保持使用免費 ACH 轉賬的能力。我們認為客戶會非常喜歡我們新的加急服務的體驗和定價，以及更多的資金流動選擇。我們很高興能更廣泛地推出此功能，我們將在此處向您發布我們的進展情況。

Stepping back a bit, we've seen and managed through a lot of change in the past year, change in the economy, geopolitics, financial markets and change in Robinhood as well. We've gone from an environment of easy money (inaudible) and constraint in the outside world and within Robinhood itself. And while it's been hard, I think this transformation has been incredibly positive for the company. Despite significantly trimming our headcount and expenses, we've seen our fastest product velocity and iteration speed and our service quality for customers is the best I've seen.

退後一步，我們在過去一年中看到並管理了很多變化，包括經濟、地緣政治、金融市場的變化以及 Robinhood 的變化。我們已經擺脫了外部世界和 Robinhood 內部容易賺錢（聽不清）和限制的環境。雖然這很艱難，但我認為這種轉變對公司來說是非常積極的。儘管我們大幅削減了員工人數和開支，但我們看到了我們最快的產品速度和迭代速度，我們為客戶提供的服務質量是我見過的最好的。

Our focus remains on building exceptional products that give ordinary people control over their financial lives and giving open access to tools once reserved for the rich. I'm lucky to be working with such a talented team. And I again wanted to congratulate them for driving us to adjusted EBITDA profitability 1 quarter ahead of schedule.

我們的重點仍然是打造卓越的產品，讓普通人能夠控制他們的財務生活，並開放使用曾經為富人保留的工具。我很幸運能與這樣一支才華橫溢的團隊合作。我再次祝賀他們推動我們提前 1 個季度調整 EBITDA 盈利能力。

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. In the third quarter, we stayed focused on serving customers, growing our business and driving long-term shareholder value. In spite of the macro environment, our team continued to deliver on our 2022 road map, which helped maintain steady net funded accounts and drive strong net deposits. And as Vlad mentioned, we generated positive adjusted EBITDA in Q3 by continuing to increase revenues and lower costs. I'm pleased by the progress we've made through the first 3 quarters.

謝謝，弗拉德。今天很高興和大家談談。第三季度，我們繼續專注於服務客戶、發展業務和推動長期股東價值。儘管存在宏觀環境，我們的團隊繼續實現我們的 2022 年路線圖，這有助於保持穩定的淨資金賬戶並推動強勁的淨存款。正如弗拉德所提到的，我們通過繼續增加收入和降低成本在第三季度產生了積極的調整後 EBITDA。我對我們在前三個季度取得的進展感到高興。

Let's look at the third quarter, starting with business results. Net funded accounts were 22.9 million, up about 60,000 from Q2. We Monthly active users were 12.2 million, down 1.8 million from Q2. Despite the difficult environment, we're encouraged by our continued industry-leading engagement and low churn through another volatile quarter. We've also seen net funded accounts continue to tick up in October and MAUs increased to 12.5 million.

讓我們看看第三季度，從業務結果開始。淨資金賬戶為 2290 萬，比第二季度增加約 6 萬。我們的月活躍用戶為 1220 萬，比第二季度減少了 180 萬。儘管環境艱難，但我們對我們在另一個動蕩的季度中持續保持行業領先的參與度和低流失率感到鼓舞。我們還看到 10 月份的淨入金賬戶繼續增加，月活躍用戶數增加到 1250 萬。

Turning to assets under custody. They were $65 billion, up about 1% from last quarter. AUC grew as strong net deposits more than offset the impact of lower market valuations. In October, we saw AUC move back up to about $70 billion. Looking more closely at net deposits, they were $2.7 billion in Q3, which translates to a 17% annualized growth rate. We've continued to see net deposit strength in October with customers contributing over $1.5 billion in the month. This is encouraging for long-term asset growth as the combination of strong net deposits in rising markets can drive meaningful asset growth over time.

轉向託管資產。它們為 650 億美元，比上一季度增長約 1%。 AUC 增長，因為強勁的淨存款抵消了較低市場估值的影響。 10 月，我們看到 AUC 回升至約 700 億美元。仔細觀察淨存款，第三季度為 27 億美元，相當於 17% 的年增長率。我們繼續看到 10 月份的淨存款強勁，客戶在當月貢獻了超過 15 億美元。這對於長期資產增長是令人鼓舞的，因為隨著時間的推移，新興市場中強勁的淨存款可以推動有意義的資產增長。

Now let's look at Q3 financial results. Adjusted EBITDA was positive $47 million. This improved by $127 million from Q2 and over $190 million from Q1, and our adjusted EBITDA margin increased more than 60 points over the past 2 quarters. These improvements were driven by higher revenues and lower costs that drove operating leverage. While delivering positive adjusted EBITDA this quarter was an important milestone, I'd emphasize that we're early in our journey to drive higher profits over time.

現在讓我們看看第三季度的財務業績。調整後的 EBITDA 為正 4700 萬美元。這比第二季度增加了 1.27 億美元，比第一季度增加了超過 1.9 億美元，我們調整後的 EBITDA 利潤率在過去兩個季度增加了 60 多個百分點。這些改進是由推動運營槓桿的更高收入和更低成本推動的。雖然本季度實現積極的調整後 EBITDA 是一個重要的里程碑，但我要強調的是，隨著時間的推移，我們正處於推動更高利潤的早期階段。

Now let's review our Q3 revenues. Total net revenues were $361 million, a 14% increase from Q2. This was primarily driven by higher net interest in transaction revenues, partially offset by seasonally lower other revenues. Q3 ARPU was $63, up from $56 last quarter.

現在讓我們回顧一下我們的第三季度收入。總淨收入為 3.61 億美元，比第二季度增長 14%。這主要是由於交易收入的淨利息增加，部分被季節性較低的其他收入所抵消。第三季度 ARPU 為 63 美元，高於上一季度的 56 美元。

Now moving to transaction-based revenues. They were $208 million, up 3% sequentially. Notional volumes increased in equities and options but decreased in crypto. For October, we saw trading levels across the 3 categories roughly in line with September. Looking at net interest revenues, which is a growing part of our revenue mix, it reached a new high of $128 million in Q3, up over 70% from Q2 and driving over 35% of total revenue as the Fed continued to increase rates.

現在轉向基於交易的收入。它們為 2.08 億美元，環比增長 3%。股票和期權的名義交易量增加，但加密貨幣交易量減少。 10 月份，我們看到 3 個類別的交易水平與 9 月份大致持平。從淨利息收入來看，這是我們收入組合中不斷增長的一部分，它在第三季度達到了 1.28 億美元的新高，比第二季度增長了 70% 以上，隨著美聯儲繼續加息，佔總收入的 35% 以上。

I'd like to highlight a couple of things. First, interest-earning assets were up to over $17 billion as of the end of last week, driven by growth in our cash sweep balances, partially offset by strong customer net buying into the market. As of the end of last week, our cash sweep balances were up to $3.7 billion, including $2.4 billion in gold. One of the things that's really exciting is the majority of the increases in gold suite balances are from new deposits with the rest largely coming from upgrades to gold. Second, our fully paid securities lending program, which just launched in May is off to a good start. It generated about $4 million of revenue in Q3, already reaching 15% of revenues from our margin securities lending.

我想強調幾點。首先，截至上週末，生息資產高達 170 億美元以上，這主要得益於我們現金清償餘額的增長，部分被市場上強勁的客戶淨購買量所抵消。截至上週末，我們的現金清算餘額高達 37 億美元，其中包括 24 億美元的黃金。真正令人興奮的一件事是黃金套房餘額的大部分增加來自新存款，其餘主要來自對黃金的升級。其次，我們剛剛在5月份推出的全額支付證券借貸計劃開局良好。它在第三季度產生了約 400 萬美元的收入，已經達到我們保證金證券借貸收入的 15%。

Looking ahead to Q4, we're encouraged by what looks likely to be another quarter of net interest revenue growth. As we consider what we see today for the forward Fed curve, customer balances and deposit rates,as well as a decrease in our margin book and securities lending so far in the quarter, we anticipate Q4 net interest revenues will be up by roughly $25 million from Q3. We could certainly come in higher or lower than that level, so we'll have to see how Q4 plays out.

展望第四季度，我們對淨利息收入可能再增長一個季度感到鼓舞。考慮到我們今天看到的遠期美聯儲曲線、客戶餘額和存款利率，以及本季度迄今為止我們的保證金賬簿和證券借貸的減少，我們預計第四季度的淨利息收入將增加約 2500 萬美元從第三季度開始。我們當然可以高於或低於這個水平，所以我們必須看看第四季度的表現如何。

Also, I'd like to note that we've added customers cash sweep balances to our monthly metrics for Q3 and going forward. This should help give additional insight into how our net interest revenues are trending as we move through each quarter. Moving on to other revenues. They were $25 million, down $17 million from Q2, primarily due to the seasonal decrease in proxy-related revenues. The largest driver of these revenues are gold subscribers, which finished Q3 at $1.1 million. We're really excited to be investing in our gold program with our high-yield offer of 3% on customer sweeps driving strong net deposits. We like this early signal, and we're looking forward to finding more ways to add value to the gold program.

此外，我想指出，我們已將客戶現金清掃餘額添加到第三季度及以後的月度指標中。這應該有助於進一步了解我們每個季度的淨利息收入的趨勢。轉移到其他收入。它們為 2500 萬美元，比第二季度減少了 1700 萬美元，主要是由於代理相關收入的季節性下降。這些收入的最大驅動力是黃金訂閱者，第三季度結束時為 110 萬美元。我們非常高興能夠投資於我們的黃金計劃，我們提供 3% 的高收益優惠來推動強勁的淨存款。我們喜歡這個早期的信號，我們期待找到更多方法來為黃金計劃增加價值。

Now let's look at expenses, starting with OpEx prior to share-based compensation. They were $425 million in Q3, which includes $90 million of restructuring charges. If we look at OpEx prior to SBC and restructuring, they were $335 million, which was an improvement of over $90 million versus Q2. Progress was primarily driven by reductions in workforce and third-party labor and improvements in several other cost categories, including technology infrastructure. Given our progress, we expect Q4 OpEx prior to SBC to be in the range of $350 million to $370 million, which includes planned increases in marketing. I'd note that this Q4 level is roughly $100 million below where we started the year, reflecting the progress we've made getting to a leaner operating position.

現在讓我們看看費用，從基於股份的薪酬之前的運營支出開始。第三季度為 4.25 億美元，其中包括 9000 萬美元的重組費用。如果我們查看 SBC 和重組之前的運營支出，則為 3.35 億美元，與第二季度相比增加了 9000 萬美元以上。進步主要是由於勞動力和第三方勞動力的減少以及其他幾個成本類別的改善，包括技術基礎設施。鑑於我們的進展，我們預計 SBC 之前的第四季度運營支出將在 3.5 億美元至 3.7 億美元之間，其中包括計劃中的營銷增長。我注意到第四季度的水平比我們年初的水平低了大約 1 億美元，這反映了我們在實現更精簡的運營狀況方面取得的進展。

Turning to share-based compensation. It was $110 million, which is net a $53 million reversal from our August workforce reduction. For Q4, we expect SBC will be in the range of $150 million to $190 million. As for dilution, I'd like to share a couple of updates here. First, we're adding new disclosure to our quarterly earnings presentation for our diluted share count, which is up by a little more than 4% through the first 3 quarters of this year. For year-end, we expect diluted shares to be in the same zone as Q3. Second, looking to next year, we're planning for our diluted share count to grow by 4% or less, assuming no change in our stock price from today's level.

轉向基於股份的薪酬。這是 1.1 億美元，與我們 8 月份的裁員人數相比，淨減少了 5300 萬美元。對於第四季度，我們預計 SBC 將在 1.5 億美元至 1.9 億美元之間。至於稀釋，我想在這里分享一些更新。首先，我們在季度收益報告中增加了關於稀釋後股票數量的新披露，該數量在今年前三個季度增長了 4% 以上。對於年底，我們預計稀釋後的股票將與第三季度處於同一區域。其次，展望明年，假設我們的股價與今天的水平相比沒有變化，我們計劃稀釋後的股票數量增長 4% 或更少。

Now to capital management. I want to share an update on our Ziglu acquisition. While the parties are working hard at it, there's some regulatory uncertainty as to whether the deal will close. What we know at this point is that the deal won't close this quarter. I'd emphasize that we like several pathways to international expansion, including launching our Robinhood Wallet globally early next year. So we remain excited about the opportunity to serve customers around the world over time. In the current environment, it also remains important for us to have a strong balance sheet and cash position.

現在到資本管理。我想分享我們收購 Ziglu 的最新消息。儘管雙方都在努力，但該交易是否會完成仍存在一些監管不確定性。我們目前所知道的是，該交易不會在本季度完成。我要強調的是，我們喜歡多種國際擴張途徑，包括明年初在全球推出我們的 Robinhood 錢包。因此，我們仍然對有機會為世界各地的客戶提供服務感到興奮。在當前環境下，擁有強大的資產負債表和現金狀況對我們來說仍然很重要。

That's why we like our position with no debt, over $6 billion of corporate cash and improvements in our cost structure. This combination provides strength, flexibility and financial runway to continue serving our customers, execute on our product road map and evaluate potential acquisitions. As I mentioned last quarter, we have roughly $2.5 billion of excess cash above our risk scenarios. In closing, I'm really pleased with the progress in Q3 and optimistic about the opportunities ahead of us to deliver value for customers and shareholders.

這就是為什麼我們喜歡我們沒有債務、超過 60 億美元的公司現金和成本結構改善的情況。這種組合提供了實力、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並評估潛在的收購。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。最後，我對第三季度的進展感到非常滿意，並對我們為客戶和股東創造價值的機會感到樂觀。

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。

All right. Thank you, Jason. Leading into this quarter's Q&A session, we'll start by answering (inaudible) questions from shareholders from Say Technologies (inaudible). We'll pass over any questions that were already answered on the call (inaudible) that share a common theme. After that, we'll turn to live questions from our analysts. So I'll kick it off with one of our top questions from Say Technologies. I'm going to pair together 2 questions. The first is from (inaudible) who asks, will retirement accounts be offered this year? And also another from (inaudible) are there any plans to add Roth IRA accounts to Robinhood?

好的。謝謝你，傑森。在本季度的問答環節中，我們將首先回答來自 Say Technologies 的股東（聽不清）的問題（聽不清）。我們將忽略在電話會議中已經回答的任何具有共同主題的問題（聽不清）。之後，我們將轉向分析師的實時問題。因此，我將從 Say Technologies 提出的最重要的問題之一開始。我將把2個問題組合在一起。第一個來自（聽不清）誰問，今年會提供退休賬戶嗎？還有另一個（聽不清）是否有計劃將 Roth IRA 賬戶添加到 Robinhood？

I'll deal that one. The short answer is yes to both. So we're excited to roll out retirement just in time for the tax season. The team has been working hard at it. I think you'll really like what the product is going to look like and the value prop for customers. And we're polishing it and making sure that it looks great. But we feel good about rolling it out just in time for the tax season.

我會處理那個。簡短的回答對兩者都是肯定的。因此，我們很高興能夠在稅收季節及時推出退休計劃。團隊一直在努力。我認為您會非常喜歡產品的外觀以及對客戶的價值支撐。我們正在打磨它並確保它看起來很棒。但我們對在稅收季節及時推出它感到滿意。

Great. And will that include Roth IRA's as well, Vlad?

偉大的。弗拉德，這也包括羅斯愛爾蘭共和軍嗎？

Yes, it will. So we'll have additional context as we get closer, but we think people are really going to like it.

是的，它會的。因此，隨著我們越來越近，我們會有更多的背景信息，但我們認為人們真的會喜歡它。

Terrific. All right. The next question also on product. Are there any -- (inaudible) are there any plans to add bonds to available investments?

了不起。好的。下一個問題也是關於產品的。是否有任何——（聽不清）是否有任何計劃在可用投資中增加債券？

Thanks, Brian. While we don't have near-term plans to offer bonds. We do have a lot of solutions for customers that want exposure to fixed income products. So of course, we already offer bond ETFs. And as I mentioned in the call, we have a very competitive offering for gold customers where we pay them interest on their uninvested cash. So that rate has been 3% since the last Fed rate hike and will actually increase even further after today's Fed rate hike.

謝謝，布賴恩。雖然我們沒有提供債券的近期計劃。對於想要接觸固定收益產品的客戶，我們確實有很多解決方案。當然，我們已經提供債券 ETF。正如我在電話會議中提到的那樣，我們為黃金客戶提供極具競爭力的產品，我們向他們支付未投資現金的利息。因此，自上次美聯儲加息以來，該利率一直為 3%，並且在今天的美聯儲加息後實際上還會進一步上升。

In terms of bonds and adding more instruments to Robinhood, we haven't been hearing a lot of customers requesting those specifically. That said, we understand that with retirement and as we continue to add more tools for long-term investors who are diversifying, we might begin to see more feedback about that. So we're obviously always listening to customers and we're able and excited to add the products that they care about most. So we're going to continue to keep an eye on that.

在債券和向 Robinhood 添加更多工具方面，我們沒有聽到很多客戶特別要求這些工具。也就是說，我們知道隨著退休以及我們繼續為多元化的長期投資者添加更多工具，我們可能會開始看到更多關於此的反饋。因此，我們顯然一直在傾聽客戶的意見，我們能夠並且很高興添加他們最關心的產品。因此，我們將繼續關注這一點。

All right. One more product question from John who asks, are there any plans to launch a credit card at Robinhood?

好的。 John 提出的另一個產品問題是，有沒有計劃在 Robinhood 推出信用卡？

For credit cards, we don't have any near-term plans here. But today, we offer a debit card with rewards and merchant incentives, and also 2-day early pay if you direct deposit your paycheck. So this was introduced with the launch of the Robinhood Cash Card earlier this year. So we recognize customers may want access to credit, particularly in this environment. So we're going to be looking at that, but no immediate near-term plans for credit cards.

對於信用卡，我們這裡沒有任何近期計劃。但今天，我們提供帶有獎勵和商家獎勵的借記卡，如果您直接存入薪水，還可以提前 2 天付款。因此，這是在今年早些時候推出 Robinhood Cash Card 時引入的。因此，我們認識到客戶可能希望獲得信貸，尤其是在這種環境下。因此，我們將對此進行研究，但沒有近期的信用卡計劃。

Okay. Thanks, Vlad. The next question is a capital question, so probably for you, Jason. (inaudible) asks, are you planning to give dividends in the future?

好的。謝謝，弗拉德。下一個問題是一個重要的問題，所以可能是給你的，傑森。 （聽不清）問，你打算在未來分紅嗎？

We don't think giving dividends is the best use of our capital right now. We're focused on using our cash to drive growth through product development and international expansion. We also like the flexibility to grow via acquisitions. But over time, we'll continue to evaluate whether returning to cash to shareholders is the right move. But again, right now, it's -- we're focused on growth as a higher priority.

我們認為目前派息並不是我們資本的最佳用途。我們專注於利用我們的現金通過產品開發和國際擴張來推動增長。我們也喜歡通過收購實現增長的靈活性。但隨著時間的推移，我們將繼續評估向股東返還現金是否是正確的舉措。但同樣，現在，它是 - 我們將增長作為更高的優先事項。

All right. Thanks, Jason. Another question from Brian, who asks, when will we see a return of IPO access?

好的。謝謝，傑森。 Brian 提出的另一個問題是，我們什麼時候才能看到 IPO 准入的回歸？

Yes, I'll field this one. So in terms of IPOs that we offer on the Robinhood platform. We have some selection criteria. And the fact of the matter is this has been a really slow year for IPOs that would be big enough in terms of market cap to feature to our customer base. So understanding that this is cyclical as soon as the IPO market turns around and we see more IPOs that meet those criteria, we're going to be hard at work to bring those to our customers so that they can participate.

是的，我會派出這個。因此，就我們在 Robinhood 平台上提供的 IPO 而言。我們有一些選擇標準。事實是，對於 IPO 來說，這是一個非常緩慢的一年，就市值而言，它的市值足以吸引我們的客戶群。因此，一旦 IPO 市場好轉並且我們看到更多符合這些標準的 IPO，我們將努力將其帶給我們的客戶，以便他們能夠參與，因此了解這是周期性的。

Great. (inaudible) a couple of questions in a 2-parter. Let's take those separately. So -- and (inaudible) he asks, when will Robinhood go global?

偉大的。 （聽不清）兩部分中的幾個問題。讓我們分開來看。所以 - 並且（聽不清）他問，Robinhood 什麼時候會走向全球？

Yes, I'll take that one. Thank you for the question, (inaudible). The short answer is next year. So we plan to roll out the Robinhood Wallet internationally. So that will be available internationally or early next year. And this will actually be our first product available to customers all over the world. And as Jason mentioned, there is some regulatory uncertainty that we continue to work on our Ziglu acquisition.

是的，我要那個。謝謝你的問題，（聽不清）。簡短的回答是明年。因此，我們計劃在國際上推出 Robinhood 錢包。所以這將在國際上或明年初推出。這實際上將是我們向全球客戶提供的第一款產品。正如 Jason 所提到的，我們繼續努力收購 Ziglu 存在一些監管不確定性。

All right. And (inaudible) also asks, when do you think Robinhood might regain its IPO valuation?

好的。並且（聽不清）還問，您認為 Robinhood 何時可能重新獲得其 IPO 估值？

Yes. Thanks, (inaudible). So as we think about shareholder value, we recognize that the stock performance as well as the overall market has been hard for shareholders this year. And we're hard at work, adding value to our business. So let me tell you how we're thinking about this. First, we're very focused on our cost structure. And as you guys have seen, we've made a lot of progress here in the last couple of quarters, and it's going to be important for us to manage this closely as we grow from here. Second, we've got a lot of improvements that we've made to existing products. We've introduced new products. And we have really tremendous progress here as well.

是的。謝謝，（聽不清）。因此，當我們考慮股東價值時，我們認識到今年的股票表現以及整體市場對股東來說都很艱難。我們正在努力工作，為我們的業務增加價值。那麼讓我告訴你我們是如何考慮這個問題的。首先，我們非常關注我們的成本結構。正如你們所看到的，我們在過去幾個季度取得了很大進展，隨著我們的發展，密切管理這一點對我們來說很重要。其次，我們對現有產品進行了很多改進。我們推出了新產品。我們在這裡也取得了巨大的進步。

As I mentioned earlier in the call, the product velocity, the improvements in service quality and product quality for our existing products has been some of the best that I've seen since starting Robinhood. And I expect that to continue. And we're going to be focused and constrained, and we're probably not going to be able to get to as many things as if the market was doing a little bit better. But I think the things that we do get to are going to be tremendous, and we're going to continue to have good velocity, and we think if we keep doing both of these things, if we keep improving the product quality of our existing products and rolling out really impactful new products, we're going to deliver a lot of shareholder value over time.

正如我之前在電話會議中提到的那樣，我們現有產品的產品速度、服務質量和產品質量的改進是我自創立 Robinhood 以來所見過的最好的。我希望這種情況會繼續下去。而且我們將集中精力並受到限制，而且我們可能無法像市場表現得更好一點那樣做很多事情。但我認為我們所做的事情將是巨大的，我們將繼續保持良好的速度，我們認為如果我們繼續做這兩件事，如果我們繼續提高我們現有的產品質量產品並推出真正有影響力的新產品，我們將隨著時間的推移為股東創造大量價值。

All right. Maybe the next one is for Jason. So John P. asks, can you talk about how rising interest rates affect the business and where you see the business benefiting from (inaudible)?

好的。也許下一個是給傑森的。所以 John P. 問道，您能否談談利率上升如何影響業務以及您認為業務從哪裡受益（聽不清）？

Sure. I can take this one. Our 2 biggest areas that we generate revenues are from trading activity on the one hand and interest revenues. With interest rates increasing, we've seen trading come down recently. But we have about $17 billion in assets that generate interest. So when rates increase, those assets generate more interest revenue for us. But it's not just us that benefits from rising interest rates. Customers also benefit. As Vlad was talking about today, we've increased the rate that gold members can earn on their cash. It's currently 3%, and we're really excited to increase that further now that the Fed increased rates further today.

當然。我可以拿這個。我們產生收入的兩個最大領域是一方面來自交易活動和利息收入。隨著利率上升，我們最近看到交易量下降。但我們有大約 170 億美元的資產可以產生利息。因此，當利率上升時，這些資產會為我們帶來更多的利息收入。但受益於利率上升的不僅僅是我們。客戶也受益。正如弗拉德今天所說，我們提高了黃金會員的現金收入率。目前是 3%，鑑於美聯儲今天進一步加息，我們真的很高興能進一步提高利率。

All right. The next one is from (inaudible) who asks, when will 24-hour trading be offered at Robinhood?

好的。下一位來自（聽不清）誰問，Robinhood 什麼時候提供 24 小時交易？

Yes, I'll field that one. This is something that I'm very excited about. So I mean, Robinhood has really been about modernizing stock trading and bringing it into the 21st century from the time we got started. So we were the first to introduce the zero commission model, we made it seamless to use on mobile. And one of the things that's particularly archaic right now is the fact that stock trading in U.S. equities, which is such a large and vibrant market is structured around East Coast working hours. So our goal is to modernize that and deliver 24/7 round-the-clock stock trading, making investing accessible whenever people want.

是的，我會派出那個。這是我非常興奮的事情。所以我的意思是，Robinhood 從我們一開始就真正致力於實現股票交易的現代化並將其帶入 21 世紀。所以我們是第一個引入零佣金模式的，我們讓它無縫地在移動設備上使用。現在特別過時的一件事是，美國股票的股票交易是一個如此龐大而充滿活力的市場，是圍繞東海岸的工作時間構建的。因此，我們的目標是實現現代化並提供 24/7 全天候股票交易，讓人們可以隨時隨地進行投資。

We think this is particularly going to be important as we start offering our services internationally. So at Robinhood today, and this is as of earlier this year, people can trade for over half of the day. So starting at 7:00 a.m. to 8:00 p.m. Eastern. We're now beta testing even longer trading hours, which include 4 a.m. to 7 a.m. Eastern. So extending it by 3 hours in the early mornings. And so once that's launched, customers will be able to trade for 16 hours a day. And so you're continuing to see us make progress. And the goal is to get to 24/7 trading as soon as possible. So plenty of exciting work happening there.

我們認為隨著我們開始在國際上提供我們的服務，這一點尤其重要。所以在今天的 Robinhood，今年早些時候，人們可以交易超過一半的時間。所以從早上 7:00 到晚上 8:00 開始。東。我們現在正在測試更長的交易時間，包括東部時間凌晨 4 點到早上 7 點。因此，在清晨將其延長 3 小時。因此，一旦推出，客戶將能夠每天交易 16 小時。因此，您將繼續看到我們取得進展。目標是盡快實現 24/7 全天候交易。那裡發生了很多令人興奮的工作。

Awesome. Thanks, Vlad. Okay. Next question, Marcus G. asks, the media has been dunking on Robinhood through various docs, podcasts, Reddit, et cetera. How do you plan on countering the negative opinions out there and bringing these people back into the fold?

驚人的。謝謝，弗拉德。好的。下一個問題，馬庫斯 G. 問道，媒體一直在通過各種文檔、播客、Reddit 等等來宣傳 Robinhood。您打算如何應對外界的負面意見並將這些人帶迴圈子？

Yes. Thank you for that, Marcus. So if you really look back, I think a lot of the negative sentiment that you're seeing goes back to the mean stock rally around January of 2021, so nearly 2 years ago. And at that point, we had to make a very difficult decision to take away the buy button on some stocks, and we didn't earn too many fans through that to put it mildly. And it's been hard work to regain trust. We've made a lot of progress.

是的。謝謝你，馬庫斯。因此，如果你真的回顧過去，我認為你看到的很多負面情緒可以追溯到 2021 年 1 月左右的平均股市反彈，也就是將近 2 年前。在那一點上，我們不得不做出一個非常艱難的決定，取消一些股票的購買按鈕，而且我們並沒有因此贏得太多粉絲，說得客氣一點。重新獲得信任是一項艱鉅的工作。我們已經取得了很大進展。

I think a lot of it starts from improving the quality of the service, listening to customers, showing that we are a reputable and reliable and solid platform for them. And we've been measuring this actually. We've seen that we've made a lot of strides in customer Net Promoter Score. Every time we improve the service offering, we improve customer support, particularly when we added 24/7 live phone support and followed that up with chat, we see these measures pick up. So we made a lot of progress. But as they say, trust takes a while to build and rebuild and we're focused on the long term, and we believe that the work that we're doing to make our service better and particularly for advanced customers is starting to pay significant dividends for us. So I know it's a long answer, but we believe that in this case, as we continue to do the right thing, build exceptional products, the sort of like media and Reddit and social media recognition is going to follow that.

我認為其中很多都是從提高服務質量、傾聽客戶的意見開始的，這表明我們對他們來說是一個有信譽、可靠和堅實的平台。我們實際上一直在衡量這一點。我們已經看到我們在客戶淨推薦值方面取得了很大進步。每次我們改進服務產品時，我們都會改進客戶支持，特別是當我們添加 24/7 實時電話支持並跟進聊天時，我們看到這些措施有所增加。所以我們取得了很大的進步。但正如他們所說，建立和重建信任需要一段時間，我們專注於長期，我們相信，我們為改善我們的服務，特別是為高級客戶所做的工作正在開始帶來顯著的回報為我們。所以我知道這是一個很長的答案，但我們相信，在這種情況下，隨著我們繼續做正確的事情，打造卓越的產品，類似媒體和 Reddit 和社交媒體的認可將會隨之而來。

All right. Thank you, Vlad. One more question from (inaudible) who asks, Robinhood has always spoken about being a safety first company. With wallets set to launch in 2023 and the addition of new coins, can you talk about how Robinhood will keep its investors safe from similar (inaudible)?

好的。謝謝你，弗拉德。 （聽不清）提出的另一個問題是，Robinhood 一直在談論成為一家安全第一的公司。隨著錢包將於 2023 年推出並添加新硬幣，您能否談談 Robinhood 將如何保護其投資者免受類似情況的影響（聽不清）？

Sure, (inaudible) and thank you. It's great to see you asking good questions, earnings call after earnings call. So stepping back, the goal of Robinhood crypto, as we've stated, is to be the safest, most trusted and lowest cost on-ramp to the decentralized web. So I think this is a great example of building the trust that we were just talking about. We're very selective about the coins that we list on the platform. We have a rigorous coin listing framework, which we believe is best-in-class. We're also not engaged in crypto lending. We custody coins. And with the Robinhood wallet that we just introduced the 10,000 beta customers, we give customers the option to sell custody as well. And we're also in regular contact with the SEC about the crypto offering.

當然，（聽不清）謝謝。很高興看到您在財報電話會議後提出好問題，財報電話會議。所以退後一步，正如我們所說，Robinhood 加密的目標是成為去中心化網絡的最安全、最受信任和成本最低的入口。所以我認為這是建立我們剛才討論的信任的一個很好的例子。我們對我們在平台上列出的代幣非常挑剔。我們有一個嚴格的代幣上市框架，我們認為這是一流的。我們也沒有從事加密借貸。我們保管硬幣。通過我們剛剛向 10,000 名測試版客戶介紹的 Robinhood 錢包，我們還為客戶提供了出售託管的選項。我們還與美國證券交易委員會就加密產品定期聯繫。

So you'll see us continue to take a deliberate approach, and we hope that customers understand and appreciate that we're moving carefully. And sometimes, that means moving a little bit slower than a lot of these other crypto companies. But again, we want to be extremely deliberate and to help protect customers and their money.

所以你會看到我們繼續採取深思熟慮的方法，我們希望客戶理解和欣賞我們正在謹慎行事。有時，這意味著比許多其他加密公司的發展要慢一些。但同樣，我們希望非常謹慎並幫助保護客戶及其資金。

Okay. Let's do one last question. So (inaudible), where do you see Robinhood in 5 years?

好的。讓我們做最後一個問題。所以（聽不清），您認為 Robinhood 5 年後會在哪裡？

Yes. This is a great question. So coming back to our mission, the mission of Robinhood is to democratize finance for all. And what that means to us is really building exceptional products that give ordinary people control over their financial lives and giving open access to tools that were previously available only to the wealthy. And so if you look out 5 years, what would we like Robinhood to do?

是的。這是一個很好的問題。所以回到我們的使命，Robinhood 的使命是讓所有人的金融民主化。這對我們來說意味著真正創造卓越的產品，讓普通人能夠控制他們的財務生活，並讓人們可以使用以前只有富人才能使用的工具。因此，如果您展望 5 年，我們希望 Robinhood 做什麼？

The first thing is we'd like Robinhood to be -- to serve our customers' entire portfolios and entire wallet. So we'd like you to find value and direct deposit in your paycheck into Robinhood and using Robinhood for all of your spending, use it for saving, of course, all of the investing that we offer right now, but also long-term retirement and passive. So we want Robinhood to be the highest value and best user experience tool for you to manage all of your money.

首先，我們希望 Robinhood 能夠為我們客戶的整個投資組合和整個錢包提供服務。因此，我們希望您找到價值並將您的薪水直接存入 Robinhood，並將 Robinhood 用於您的所有支出，將其用於儲蓄，當然，還有我們現在提供的所有投資，以及長期退休和被動。因此，我們希望 Robinhood 成為您管理所有資金的最高價值和最佳用戶體驗工具。

The second thing is we want Robinhood to be the default choice for your first financial account. So that entails always being focused on the next generation of customers. We don't want to just be a millennial-focused company and grow with our customers because I think that's the recipe for eventually being irrelevant. So every generation, we have to continue to adapt our offerings and be top of mind as our customers think about opening not just their first investing account, but also the first place they deposit their paycheck and the first account they use to spend out of. And then also, we're going to be a global company.

第二件事是我們希望 Robinhood 成為您第一個財務賬戶的默認選擇。因此，這需要始終關注下一代客戶。我們不想僅僅成為一家專注於千禧一代的公司並與我們的客戶一起成長，因為我認為這是最終變得無關緊要的秘訣。因此，每一代人，我們都必須繼續調整我們的產品，並成為我們的首要考慮因素，因為我們的客戶不僅考慮開設他們的第一個投資賬戶，還考慮他們存入薪水的第一個地方和他們用來消費的第一個賬戶。然後，我們將成為一家全球性公司。

So we think crypto is a big part of that, and we're excited to continue to invest there. We've been making a ton of investments in the past year despite it being crypto winter. And we want Robinhood to serve the entire world and offer low-cost, extremely simple and affordable and easy-to-use services to a much broader market. And if you look at it, the U.S. is actually fairly well served here. We've got lots of people around the world that can't even benefit from a functional financial system. So we think there's not just a big opportunity, but a big part of our mission is serving those customers overseas. So there's going to be a lot of work done to invest and innovate in crypto and to expand international as well.

所以我們認為加密是其中的重要組成部分，我們很高興繼續在那裡投資。儘管是加密貨幣冬天，但我們在過去一年中進行了大量投資。我們希望 Robinhood 服務於整個世界，為更廣闊的市場提供低成本、極其簡單、負擔得起且易於使用的服務。如果你看一下，美國實際上在這裡得到了很好的服務。我們在世界各地有很多人甚至無法從功能正常的金融系統中受益。因此，我們認為這不僅是一個巨大的機會，而且我們使命的很大一部分是為海外的這些客戶提供服務。因此，需要做很多工作來投資和創新加密貨幣，以及拓展國際市場。

All right. I think that's good for today's questions from Say Technologies. Thank you, everyone, for your questions. We appreciate all the thoughtful engagement from our shareholders and customers. And now it's time to open up the line for analyst questions.

好的。我認為這對今天來自 Say Technologies 的問題很有幫助。謝謝大家的提問。我們感謝股東和客戶的所有深思熟慮的參與。現在是時候為分析師提出問題了。

(Operator Instructions)

（操作員說明）

Okay. I'll now ask Kelly to please open up the line.

好的。我現在請凱利打開電話線。

(Operator Instructions)

（操作員說明）

Our first question comes from Josh Beck from KBCM.

我們的第一個問題來自 KBCM 的 Josh Beck。

Thank you for taking the question. I guess I really wanted to kind of just dig into the expense side of the equation. Obviously, you've made real strides and obviously, we're able to hit that EBITDA target ahead of schedule. As we look forward into next year, not really expecting guidance, but just qualitatively, how should we think about the baseline of Q4 as we kind of move forward?

感謝您提出問題。我想我真的很想深入研究等式的費用方面。顯然，您已經取得了真正的進步，很明顯，我們能夠提前達到 EBITDA 目標。當我們展望明年時，並不是真的期待指導，而只是定性的，我們應該如何看待第四季度的基線，因為我們有點前進？

Yes. Thanks, Josh. So it's Jason. I'll take that one. So we provided guidance in my remarks that in Q4, we'll take our OpEx, excluding share-based compensation to the range of $350 million to $370 million. I think, we don't have guidance yet. We're busy doing planning for next year. But qualitatively, what I'd tell you is that we like where we're at in terms of our cost structure. We think it's much leaner and more scrappy of a position than how we started 2022. And you should expect that we'll continue to carefully manage our cost base as we grow from here. We'll make the investments that we think are prudent for growth, but we're going to do it with a lean and scrappy mindset.

是的。謝謝，喬希。所以是傑森。我會拿那個。因此，我們在我的講話中提供了指導，即在第四季度，我們將把我們的運營支出（不包括基於股票的薪酬）提高到 3.5 億美元至 3.7 億美元的範圍內。我想，我們還沒有指導。我們正忙著為明年做計劃。但從質量上講，我要告訴你的是，我們喜歡我們在成本結構方面所處的位置。我們認為，與我們從 2022 年開始的方式相比，該職位更加精簡和鬥志昂揚。您應該期望，隨著我們從這裡開始發展，我們將繼續謹慎管理我們的成本基礎。我們將進行我們認為對增長是審慎的投資，但我們將以精益和鬥志昂揚的心態去做。

Okay. Very helpful. And then for a follow-up, maybe just a little bit of a product question. Certainly, the money product and the cash card updates were encouraging, I believe, 0.5 million customers already since the launch earlier in Q1. How do you think about a ceiling for where that could go? Obviously, it's encouraging to see that out of the gate. But I don't know if the survey work that you've done or pace of adoption. Just curious on how that could progress moving forward?

好的。非常有幫助。然後進行跟進，也許只是一個產品問題。當然，貨幣產品和現金卡的更新令人鼓舞，我相信自第一季度早些時候推出以來已經有 50 萬客戶。你如何看待可以去哪裡的天花板？顯然，看到這一點令人鼓舞。但我不知道您所做的調查是否有效或採用的速度。只是好奇這將如何向前發展？

Yes. I'll take that one. So as I mentioned earlier, we're really excited about serving our customers' needs more broadly than investing. So we see the opportunity to actually evolve the cash card to be people's primary spending account. So we'd like our customers to direct deposit their paychecks. And we've started building things to make that process easier, like 2-day early pay and also the ability to auto invest your paycheck. And it's starting to see good adoption among our existing customers to the point where we have over 6 million customers on legacy cash management, and we feel really good about starting to move those customers over.

是的。我會拿那個。因此，正如我之前提到的，我們真的很高興能夠比投資更廣泛地滿足客戶的需求。因此，我們看到了將現金卡真正發展為人們主要消費賬戶的機會。所以我們希望我們的客戶直接存入他們的薪水。我們已經開始構建一些東西來簡化這個過程，比如提前 2 天支付以及自動投資你的薪水的能力。它開始在我們現有的客戶中得到很好的採用，以至於我們有超過 600 萬客戶使用傳統現金管理，我們對開始轉移這些客戶感到非常高興。

And I think at that point, the cash card will have exposure to a significant portion of our customer base. This is earning the right to be someone's paycheck direct deposit institution of choice is going to take time. We know that this is a new product for us. but we're very excited about the team and the strategy ahead for 2023. So I think you're going to like what you see out of the cash card.

我認為到那時，現金卡將接觸到我們很大一部分客戶群。這是獲得成為某人選擇的薪水直接存款機構的權利需要時間。我們知道這對我們來說是一個新產品。但我們對團隊和 2023 年的未來戰略感到非常興奮。所以我認為你會喜歡你從現金卡中看到的東西。

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

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

So first question, nice to see cash building again on the balance sheet. I think with all the hard work you've done on expenses. Jason, I know mentioned interest in M&A. Just given the pretty harsh reset we've seen valuations, I'd just love to get an update on how you're thinking about the M&A market today, where opportunities may be emerging? I know a number of companies are much further away from getting to profitability? And then just remind us on some of the priorities, whether that be deals that scale customers or add new adjacent capabilities?

所以第一個問題，很高興看到資產負債表上再次出現現金積累。我認為你在開支上所做的所有辛勤工作。傑森，我知道提到了對併購的興趣。鑑於我們已經看到估值相當苛刻的重置，我很想了解一下您對當今併購市場的看法，哪裡可能出現機會？我知道許多公司離盈利還有很長的路要走？然後提醒我們一些優先事項，無論是擴大客戶規模的交易還是添加新的相鄰功能？

Sure. I'll start, and we'll see if Vlad has anything to add. So we love our strong balance sheet position, $6 billion in cash. I think we're in a really good position to be looking at growth, not just through investments in new products organically, but also through M&A transactions. It's a variety of types of companies that we might look at, whether it's acquisitions that are focused at kind of rounding out our portfolio of licenses or technology, but then also just with the vision of democratizing finance for all and that being so much more broad than simply trading, I think there's a number of ways that we could extend the product offerings that Robinhood offers to customers through M&A. So we've got a solid team. We're paying really close attention to the opportunities that are out there, but we're going to be diligent in the way that we deploy our capital.

當然。我會開始，我們會看看弗拉德是否有什麼要補充的。因此，我們喜歡我們強大的資產負債表頭寸，即 60 億美元的現金。我認為我們在關注增長方面處於非常有利的位置，不僅通過對新產品的有機投資，還通過併購交易。我們可能會關注各種類型的公司，無論是專注於完善我們的許可證或技術組合的收購，但也只是為了實現所有人的金融民主化，而且範圍更廣除了簡單的交易，我認為我們可以通過多種方式擴展 Robinhood 通過併購向客戶提供的產品。所以我們有一個堅實的團隊。我們正在密切關注那裡的機會，但我們將努力部署我們的資本。

Yes. I just -- I would say, we feel really good about our position. We've been very patient. And I think that patience has really sort of been very positive in this environment as we're continuing to see more and more opportunities out there, in some cases, high-quality companies trading at prices that are sort of a fraction of what they were earlier this year.

是的。我只是——我想說，我們對自己的位置感覺非常好。我們一直很有耐心。而且我認為在這種環境下，耐心確實非常積極，因為我們繼續看到越來越多的機會，在某些情況下，高質量公司的交易價格只是它們的一小部分今年早些時候。

Yes. Okay. Great. Just a quick follow-up here, another kind of product-centric, but you talked a little bit about some of the enhancements to the gold offering and good to hear about some of the momentum there. The higher interest rate seems like you can add tangible value to that offering. So I guess, is the cash that you're seeing coming into that, is that from just existing customers seeing the value? Or is that actually driving new customer growth there? And then bigger picture around gold, what are some of the other areas that you're maybe seeing opportunities where you could enhance the gold value add?

是的。好的。偉大的。這裡只是一個快速跟進，另一種以產品為中心，但你談到了一些對黃金產品的增強，很高興聽到那裡的一些勢頭。較高的利率似乎可以為該產品增加有形價值。所以我想，你看到的現金是來自現有客戶看到的價值嗎？還是這實際上推動了那裡的新客戶增長？然後是圍繞黃金的更大圖景，您可能會在哪些其他領域看到可以提高黃金附加值的機會？

Yes, I'll take the first part, for sure. So we're seeing a really nice uptick in deposits in the gold sweep accounts. And we're finding that the majority is from new deposits with the rest largely coming from upgrades to gold. So really exciting for us. It's encouraging to see the overall balance of our interest-earning assets increasing and that's even with some offsets with strong net buying into this market by our customers.

是的，我肯定會選擇第一部分。因此，我們看到黃金掃描賬戶中的存款出現了非常好的增長。我們發現大部分來自新礦床，其餘大部分來自黃金升級。對我們來說真的很令人興奮。令人鼓舞的是，我們生息資產的整體餘額有所增加，即使我們的客戶對該市場的強勁淨購買有所抵消。

In terms of gold enhancements, I'll comment, and Vlad you can weigh in. I think that there's a lot of opportunities across the products that we offer today to make gold really appealing. Essentially, we'd like to have gold be the best deal in financial services. And I think whether you look at the Cash Card or crypto and other areas of our business, there's opportunity for us to invest here. Stepping back, gold was a product a couple of years ago that we added a number of features to. We saw a lot of interest by customers at the time to join gold.

在黃金增強方面，我會評論，弗拉德你可以權衡一下。我認為我們今天提供的產品中有很多機會讓黃金真正具有吸引力。從本質上講，我們希望黃金成為金融服務領域的最佳交易。而且我認為，無論您查看現金卡還是加密貨幣和我們業務的其他領域，我們都有機會在這裡投資。退一步說，黃金是幾年前我們添加了許多功能的產品。我們當時看到客戶對加入黃金很感興趣。

But frankly, over the last couple of years, we've had other priorities as we dealt with the super high growth that our business was experiencing. And we're changing that. We increased the sweep balance rate for gold members to 3%. We're going to take it even higher, and we're encouraged to find other ways to add to that value proposition.

但坦率地說，在過去的幾年裡，我們在處理業務所經歷的超高速增長時還有其他優先事項。我們正在改變這一點。我們將黃金會員的掃描餘額率提高到 3%。我們將把它推得更高，我們被鼓勵尋找其他方法來增加這個價值主張。

Yes. The only thing I would add is that gold started out as a product intended for active customers primarily with value props like margin trading and higher instant deposits as well as Level 2 market data and sort of more advanced data. And the competitive interest on uninvested cash is kind of the first foray into making the product useful to people that aren't active investors. And I think as you see us continue to diversify our product suite and enter into other products, we're asking our teams to really keep in mind what value we can make so that gold customers do get the best deal in financial services.

是的。我唯一要補充的是，黃金最初是作為一種面向活躍客戶的產品，主要具有價值道具，如保證金交易和更高的即時存款，以及二級市場數據和更高級的數據。對未投資現金的競爭興趣是使產品對非活躍投資者有用的第一次嘗試。而且我認為，當您看到我們繼續使我們的產品套件多樣化並進入其他產品時，我們要求我們的團隊真正牢記我們可以創造什麼價值，以便黃金客戶在金融服務中獲得最優惠的價格。

And so gold is kind of becoming a little bit more of our planning process as we roll out these new products. I think we see lots of opportunities where customers can get an even better deal or kind of transition their usage of Robinhood into more of like an all-you-can-eat model and get more simplicity from how they use their product.

因此，隨著我們推出這些新產品，黃金在我們的規劃過程中變得更加重要。我認為我們看到了很多機會，客戶可以獲得更好的交易或將他們對 Robinhood 的使用轉變為更像是一種吃到飽的模式，並從他們使用產品的方式中獲得更多的簡單性。

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。

So my question is on the stock-based comp. I guess it's mainly for Jason, but you significantly outperformed in -- I guess, in 3Q, you lowered your target by, I think, almost 20% by -- if you look at the midpoint of stock-based comp by $135 million. So I'm just trying to understand was the reversal bigger than expected? Or has there been any change -- and you do have stock-based comp going up a little bit in 4Q, but has there been any change in strategy or culture in regards to the stock-based comp? What sort of drove this whole performance, I guess?

所以我的問題是關於基於股票的補償。我想這主要是為了傑森，但你的表現明顯優於 - 我想，在第三季度，你將目標降低了近 20% - 如果你看基於股票的薪酬的中點 1.35 億美元。所以我只是想了解反轉是否比預期的更大？或者是否有任何變化——你確實有基於股票的薪酬在第四季度略有上升，但在基於股票的薪酬方面的戰略或文化是否有任何變化？我猜是什麼推動了整個表演？

Yes. I think there's a few things that go into share-based compensation. First is just the effect of awards that have been historically granted. I made comments last quarter that about half of our share-based compensation last quarter was from the pre-IPO awards that were granted to founders that are significantly out of the money. You mentioned the workforce reduction that certainly has an impact, but also just slower rate of hiring. When you -- when we've historically given share-based awards to new employees, those are 4-year awards historically, and that can be very expensive as you're ramping up your workforce. And so slowing that way down has had a positive effect.

是的。我認為基於股份的薪酬有一些內容。首先是歷史上授予的獎項的影響。我在上個季度發表評論說，上個季度我們基於股票的薪酬中約有一半來自授予顯著資金不足的創始人的 IPO 前獎勵。您提到裁員肯定會產生影響，但招聘速度也會放緩。當您 - 當我們歷史上向新員工授予基於股票的獎勵時，這些獎勵歷史上是 4 年，並且隨著您的員工人數增加，這可能會非常昂貴。因此，放慢這種速度已經產生了積極的影響。

And then I would say that given what's happened in the stock market, we also look kind of offsetting that. We also look to make sure that we continue to retain our top talent. And so additional awards were necessary here in the back part of the year, which helps bridge why it's going up on a net basis, net of the reversals in Q3.

然後我會說，鑑於股市發生的事情，我們看起來也在抵消這一點。我們還希望確保我們繼續留住我們的頂尖人才。因此，今年下半年需要額外的獎勵，這有助於彌合為什麼它會在第三季度的逆轉中淨上漲。

Got it. That's very helpful. And then, Vlad, I guess I'm trying to tie a lot of things together here. Revenue looks like, let's just assume trading is at a sort of trough level or a level that shouldn't change too much. You get NII come up, so you got more revenue coming, you brought your expenses down. Now your positive adjusted EBITDA. And I guess the question is, with cash is strong with this? And -- do you -- what's the new adjusted EBITDA? You passed the breakeven point a quarter early, but what's the target going forward? Do you try to build cash? Or do you sort of get back into the investment mode a bit more to grow expenses? Or how are you viewing your adjusted EBITDA targets going forward?

知道了。這很有幫助。然後，弗拉德，我想我想在這裡把很多東西聯繫在一起。收入看起來，讓我們假設交易處於某種低谷水平或不應該發生太大變化的水平。你得到了 NII，所以你有更多的收入，你降低了你的開支。現在您的正調整 EBITDA。我想問題是，現金很強大嗎？而且 - 你 - 新的調整後 EBITDA 是多少？你提前四分之一通過了盈虧平衡點，但未來的目標是什麼？您是否嘗試積累現金？還是您會重新回到投資模式以增加開支？或者您如何看待調整後的 EBITDA 目標？

Yes, maybe Jason can take this one, Rich, and I can add some color if needed.

是的，也許 Jason 可以拿這個，Rich，如果需要我可以添加一些顏色。

Yes, sounds good. Rich, I think we like our OpEx position now. And like I said earlier to Josh's question, we're going to have a mindset of being lean and scrappy as we grow from here. But that doesn't mean that we're not going to make thoughtful investments and deliberate investments to drive growth. We're in the middle right now of our 2023 planning. So I'm just not in a position to kind of talk about expense guidance for next year. But it's not a fun experience to bring down the costs the way that we've done. And so as we go forward, we're going to be very mindful to be deliberate in the way that we increase costs going forward. But there's a lot of opportunity ahead of us. We'll make appropriate investments from here.

是的，聽起來不錯。 Rich，我認為我們現在喜歡我們的運營支出職位。就像我之前對 Josh 的問題所說的那樣，隨著我們從這裡成長，我們將擁有一種精益求精的心態。但這並不意味著我們不會進行深思熟慮的投資和深思熟慮的投資來推動增長。我們現在正處於 2023 年計劃的中間階段。所以我只是無法談論明年的費用指導。但以我們的方式降低成本並不是一種有趣的體驗。因此，在我們前進的過程中，我們將非常小心謹慎地考慮增加未來成本的方式。但我們面前還有很多機會。我們將從這裡進行適當的投資。

Yes. And I would just say that the balance we aim to strike at kind of the beginning of the year when we set the adjusted EBITDA positive goal was to get our cost structure in a good place and to demonstrate that we can be a sustainable business in tough economic times. And then we actually know that we can do quite well when economic times and monetary policy is a little bit looser. And I think we're proud of the progress there. And we wanted to do that while also taking advantage of the environment where a lot of other companies are pulling back to accelerate our own momentum.

是的。我只想說，當我們設定調整後的 EBITDA 積極目標時，我們的目標是在年初達到的平衡是使我們的成本結構處於良好狀態，並證明我們可以在艱難的環境中成為可持續發展的企業經濟時代。然後我們實際上知道，當經濟時期和貨幣政策稍微寬鬆一點時，我們可以做得很好。我認為我們為那裡的進步感到自豪。我們希望做到這一點，同時也利用許多其他公司正在撤退的環境來加速我們自己的發展勢頭。

So as you've kind of seen, we've continued to improve the product offering dramatically. We've rolled out new products this year. And so we're happy about the balance and we're going to continue to invest to drive customer growth and revenues and shareholder value in the future.

因此，正如您所見，我們繼續顯著改進產品供應。今年我們推出了新產品。因此，我們對平衡感到高興，我們將繼續投資以推動未來的客戶增長、收入和股東價值。

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。

So, Jason, you're going to have to bear with me. This is going to be a mouthful, but I really do want to spend some time unpacking the NII guidance that you offered up. Just recognizing that the revenue upside from higher rates really shined through this quarter, it just makes the NII guidance a little bit tough to reconcile, feedback from others suggest I'm not alone. And I was just hoping to unpack some of the component pieces, recognizing earning assets per your earlier comments are actually trending higher in 4Q, even with the more competitive sweep offering, still, it's only a small proportion, less than 25% of your earning assets that have any sort of deposit beta attached. And the average Fed funds is going to be up north of 125 bps in 4Q just based on the hikes that have transpired thus far. So just trying to reconcile all those component pieces with the $25 million sequential increase, which just feels quite light?

所以，傑森，你將不得不忍受我。這將是一個拗口，但我真的很想花一些時間來解開你提供的 NII 指南。只是認識到高利率帶來的收入增長在本季度確實大放異彩，這只是讓 NII 的指導有點難以協調，其他人的反饋表明我並不孤單。我只是希望解開一些組成部分，認識到根據您先前評論的收入資產實際上在第四季度呈上升趨勢，即使提供更具競爭力的掃蕩產品，但這只是一小部分，不到您收入的 25%附有任何類型存款貝塔的資產。僅基於迄今為止的加息，第四季度聯邦基金的平均漲幅將超過 125 個基點。所以只是試圖將所有這些組成部分與 2500 萬美元的連續增長相協調，這感覺很輕鬆？

Yes, I appreciate the question. And what I can tell you is that you start with roughly $16 billion, $17 billion of interest earning assets. Included in there is our margin book, and we've seen that come down a bit in October to below $4 billion. And so we're factoring in the variability of that as we think about guidance for the rest of this quarter. Additionally, in October, securities lending has been pretty soft. And so we're being pretty cautious there as well as we think about how the rest of the quarter will play out. And then, of course, with the Fed rate increase, while we'll enjoy increased rates on a large portion of our interest-earning assets, as you mentioned, we also intend to pass some value back to customers in the gold sweep product. So those are kind of the moving parts, and we think $25 million incremental. First of all, we're really pleased that it's growing and that overall net interest earning assets are growing as well.

是的，我很欣賞這個問題。我可以告訴你的是，你從大約 160 億美元、170 億美元的生息資產開始。其中包括我們的保證金賬簿，我們已經看到在 10 月份有所下降，低於 40 億美元。因此，在我們考慮本季度剩餘時間的指導時，我們正在考慮這種可變性。此外，10 月份，證券借貸一直相當疲軟。因此，我們在考慮本季度剩餘時間的情況時非常謹慎。然後，當然，隨著美聯儲加息，雖然我們將享受大部分生息資產的加息，正如你所提到的，我們還打算通過黃金掃描產品將一些價值回饋給客戶。所以這些都是活動的部分，我們認為增加了 2500 萬美元。首先，我們真的很高興它在增長，而且整體淨生息資產也在增長。

That's great. And just for my follow-up on the sec lending piece. You actually saw a really nice uptick in sec lending revenues, especially in light of what was a very challenging environment based on what we've seen from others. Now that we're a few quarters into the fully paid sec lending program, I was hoping you could provide some sort of update on how you're thinking about sizing that future revenue opportunity confidence around your ability to deepen penetration with your existing client base?

那太棒了。只是為了我對 sec 貸款的後續跟進。您實際上看到了 sec 貸款收入的非常不錯的增長，尤其是考慮到基於我們從其他人那裡看到的非常具有挑戰性的環境。既然我們已經進入全額支付的證券貸款計劃幾個季度，我希望您能提供一些最新信息，說明您如何考慮圍繞您加深與現有客戶群滲透的能力來衡量未來收入機會的信心?

Yes. So we continue to be really optimistic about the fully paid securities offering. We had $4 million of revenue this -- in Q3 from fully paid securities lending. And that's after just a handful of months of launching that product. We're already at 15% of the revenue that we're generating from margin sec lending, which has been around for several years. So it's still very early. It is a difficult market out there and it's evolving. But we have a lot of optimism that this could be a meaningful portion of our securities lending revenue over time.

是的。因此，我們繼續對全額支付的證券發行持樂觀態度。我們在第三季度從全額支付的證券借貸中獲得了 400 萬美元的收入。那是在推出該產品幾個月之後。我們已經從保證金 sec 貸款中獲得了 15% 的收入，這種貸款已經存在了好幾年。所以現在還很早。這是一個困難的市場，而且還在不斷發展。但我們非常樂觀地認為，隨著時間的推移，這可能成為我們證券借貸收入的重要部分。

Our next question comes from Michael Cyprys from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Just a question on the adjusted EBITDA margin in the quarter, 13%. Just curious how you think about that going forward from here. Is this low-teens margin profile sustainable? And how do you think about what the right margin profile is for Robinhood longer term?

只是關於本季度調整後 EBITDA 利潤率的問題，即 13%。只是好奇你如何看待從這裡開始的事情。這種低十幾歲的利潤率狀況是否可持續？您如何看待 Robinhood 長期的正確利潤率分佈？

Yes. It's Jason. I'll take that one. Looking over the long term, I don't see any structural reason why we wouldn't have margins that are kind of in line with what you see at others in the industry. It's going to vary depending on the period and as we roll out new products and how that affects our mix of business. But we'll manage our costs, we'll build for the future with new products. And over the long term, we think will drive pretty attractive margins for shareholders.

是的。是傑森。我會拿那個。從長遠來看，我認為沒有任何結構性原因導致我們的利潤率與您在業內其他公司看到的一致。這將根據時期以及我們推出新產品以及這如何影響我們的業務組合而有所不同。但我們將管理我們的成本，我們將用新產品打造未來。從長遠來看，我們認為這將為股東帶來相當有吸引力的利潤率。

And then can you -- as a follow-up question, can you talk a little bit about customer acquisition costs, how your approach has been evolving? Maybe you can help quantify how much it's been costing and how you're thinking about allocating your budget there?

然後你能 - 作為一個後續問題，你能談談客戶獲取成本，你的方法是如何演變的嗎？也許您可以幫助量化它的成本以及您如何考慮在那里分配預算？

Yes. So we're increasing our spending in marketing in Q4. You might have seen us with some television ads that have recently started and we tried to signal that last quarter that we begin doing that. Historically, the vast majority of our customers have come to us through referrals and word of mouth. And that's driven really attractive tax and returns, and digital paid ads has also been an area that we focused on for marketing.

是的。因此，我們正在增加第四季度的營銷支出。您可能已經看到我們最近開始播放一些電視廣告，我們試圖在上個季度發出信號，表明我們開始這樣做。從歷史上看，我們的絕大多數客戶都是通過推薦和口口相傳來找我們的。這推動了非常有吸引力的稅收和回報，數字付費廣告也是我們專注於營銷的一個領域。

What we found in periods of relative high interest in investing that it really pays to kind of lean in to paid advertising. But in periods like we're in right now of lower interest in investing, we haven't found it to really make economic sense to lean in and spend more for growth. And so we've been cautious there, and it's something that we're going to watch carefully. But in the near term, what we're doing is really focusing on some brand-building advertising. And if you haven't seen it, check out our advertisements, we really like them.

我們在投資興趣相對較高的時期發現，傾向於付費廣告確實值得。但在我們現在對投資興趣較低的時期，我們還沒有發現為了增長而投入更多資金並具有真正的經濟意義。所以我們在那裡一直很謹慎，這是我們要仔細觀察的事情。但在短期內，我們正在做的實際上是專注於一些品牌建設廣告。如果您還沒有看過，請查看我們的廣告，我們真的很喜歡它們。

Our next question comes from the line of Craig Siegenthaler from Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

My first one is on the Web 3 digital wallet launch. Sorry if I missed it, but when are you going to open up to more than the initial 10,000 on the wait list? And also, I think you characterized the wait list as 1 million plus. Is it significantly larger than 1 million?

我的第一個是關於 Web 3 數字錢包的發布。對不起，如果我錯過了，但你什麼時候開放等候名單上最初的 10,000 人以上？而且，我認為您將候補名單描述為超過 100 萬。它明顯大於100萬嗎？

I think the number is actually public. So if you go to robinhood.com, you should be able to get the real-time wait list figure. So yes, as I mentioned, we've rolled it out to 10,000. We're watching the feedback closely. We're going to be rolling out to more in the coming months. And we're getting some really, really good feedback from customers. We can tell that they really like (inaudible). They like the user interface and the experience and they're giving us useful feedback on multi-chain and other things. So we're not in a hurry. We could roll it out faster if we wanted to, but we want to make sure that the product improves, it is really, really good when it's generally available. And we expect that to happen early next year.

我認為這個數字實際上是公開的。因此，如果您訪問 robinhood.com，您應該能夠獲得實時候補名單數字。所以是的，正如我所提到的，我們已經將其推廣到 10,000 個。我們正在密切關注反饋。在接下來的幾個月中，我們將推出更多產品。我們從客戶那裡得到了一些非常非常好的反饋。我們可以看出他們真的很喜歡（聽不清）。他們喜歡用戶界面和體驗，他們在多鍊和其他方面給了我們有用的反饋。所以我們並不著急。如果我們願意，我們可以更快地推出它，但我們想確保產品得到改進，當它普遍可用時，它真的非常好。我們預計這將在明年初發生。

And then just as my follow-up, another one on the digital wallet. I'm curious what capabilities you're going to be offering for NFTs both in terms of viewing NFTs and connecting to NFT marketplaces? And do you see this as a potential big differentiator for your crypto offer?

然後就像我的後續行動一樣，數字錢包上的另一個。我很好奇你們將在查看 NFT 和連接到 NFT 市場方面為 NFT 提供哪些功能？你是否認為這是你的加密產品潛在的巨大差異化因素？

We have been hearing from some of our crypto enthusiasts that they want at the very least to be able to view their NFTs in wallet. I think trading NFTs in app is a little bit complicated with the recent Apple guidance. So we're keeping an eye on that. But I think it's highly likely that we'll add the ability to view NFTs and for people to custody them.

我們從一些加密愛好者那裡聽說，他們至少希望能夠在錢包中查看他們的 NFT。我認為在最近的 Apple 指導下，在應用程序中交易 NFT 有點複雜。因此，我們正在密切關注這一點。但我認為我們很可能會增加查看 NFT 並讓人們保管它們的能力。

And our final question comes from the line of Benjamin Budish.

我們的最後一個問題來自 Benjamin Budish。

I kind of wanted to ask another follow-up on the digital wallet. I know you guys aren't giving any kind of forward guidance in terms of OpEx for next year. But can you maybe talk a little bit about the investment required to take that product internationally?

我有點想問另一個關於數字錢包的後續行動。我知道你們在明年的運營支出方面沒有給出任何形式的前瞻性指導。但是您能否談談將該產品推向國際所需的投資？

Yes. I mean, the great thing about the Robinhood Wallet is, we've got a very lean team working on it. Of course, there's the requisite kind of compliance and infrastructure you need, but it's essentially a software product. And so the nature of it being noncustodial and blockchain-based means that it's kind of international by default. And the experience is simple and very straightforward and kind of really targeted towards the value prop of great (inaudible) swapping of tokens. And so we've kind of built it with the idea of being international native from the beginning, which I think makes it much more straightforward.

是的。我的意思是，Robinhood 錢包的偉大之處在於，我們有一個非常精幹的團隊正在開發它。當然，您需要必要的合規性和基礎設施，但它本質上是一種軟件產品。因此，它的非託管性質和基於區塊鏈的性質意味著它默認是國際化的。體驗簡單直接，並且真正針對代幣交換的價值支撐。所以我們從一開始就以國際本土的想法來構建它，我認為這讓它變得更加簡單。

Great. And maybe I'll kind of follow up just on the same topic. In terms of eventually launching a stock trading or options trading or anything else internationally. Do you think there's a lot of that investment applicable in terms of what you have to do for -- to comply with KYC and AML regulations and the like? Is there a lot that will translate directly? Or is that going to be a separate sort of compliance and infrastructure build-out?

偉大的。也許我會跟進同一主題。就最終在國際上開展股票交易或期權交易或其他任何事情而言。您是否認為有很多投資適用於您必須做的事情——遵守 KYC 和 AML 法規等？有很多可以直接翻譯的嗎？或者這將是一種單獨的合規性和基礎設施建設？

Yes. I think for the custody solution and the brokerage, so custodial crypto and brokerage, it's a little bit different. But certainly, there's value that we'll get from rolling out the noncustodial wallet internationally and from creating kind of a more simple and focused app because it's very likely that in some jurisdictions, we'll be crypto first and others will be brokerage first. But we're not going to be able to -- we're unlikely to make all of the Robinhood U.S. features available in every jurisdiction, at least on the outset.

是的。我認為對於託管解決方案和經紀業務，託管加密貨幣和經紀業務有點不同。但可以肯定的是，我們將從在國際範圍內推出非託管錢包以及創建一種更簡單、更專注的應用程序中獲得價值，因為在某些司法管轄區，我們很可能首先是加密貨幣，而其他司法管轄區將首先是經紀業務。但是我們無法做到——我們不太可能在每個司法管轄區都提供 Robinhood 美國的所有功能，至少在開始時是這樣。

Before we end the call, I just want to finish by saying that we've made the decision to take our gold sweep interest rate to 3.75%. So we think that's just absolutely tremendous for customers, and we're excited to deliver that to them.

在結束電話會議之前，我只想說我們已經決定將黃金掃描利率提高到 3.75%。所以我們認為這對客戶來說絕對是巨大的，我們很高興能把它交付給他們。

Yes. I think that's a great value in this environment. That's a hard rate to beat.

是的。我認為在這種環境下這是一個很大的價值。這是一個很難擊敗的速度。

Perfect. Well, I would like to thank you, everyone, for your questions. I would like to turn it back now to Vlad for closing remarks.

完美的。好吧，我要感謝大家的提問。我現在想把它轉回到弗拉德的結束語上。

Well, thank you, everyone, for joining. As always, we've appreciated the questions. Congrats to the team again for a strong quarter and delivering adjusted EBITDA profitability a quarter ahead of schedule, and we're getting back to work. There's a lot more to do to deliver on democratizing finance for all. So thank you.

嗯，謝謝大家的加入。與往常一樣，我們對這些問題表示讚賞。再次祝賀團隊取得了強勁的季度業績，並提前一個季度實現了調整後的 EBITDA 盈利能力，我們正在重新開始工作。要為所有人實現金融民主化，還有很多工作要做。所以謝謝。

Thank you all for participating in today's conference. This does conclude our program. You may now disconnect from the call.

感謝大家參加今天的會議。這確實結束了我們的計劃。您現在可以斷開通話。