Robinhood Markets Inc (HOOD) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Robinhood Fourth Quarter 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 Chris Koegel, Vice President and Head of Investor Relations. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 Robinhood 第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想將會議交給副總裁兼投資者關係主管 Chris Koegel。請繼續。

Thank you, [Latif]. Welcome, everyone, and thank you for joining us for Robinhood's Fourth Quarter 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 conference call will contain certain forward-looking statements about our financial outlook and 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, the related slide presentation on our Investor Relations website, our Form 10-Q filed November 2, 2022, and in our other SEC filings.

謝謝你，[Latif]。歡迎大家，並感謝您加入我們的 Robinhood 第四季度財報電話會議。今天和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，今天的電話會議將包含有關我們財務前景和計劃的某些前瞻性陳述。實際結果可能與我們的預期存在重大差異，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、投資者關係網站上的相關幻燈片演示、我們於 2022 年 11 月 2 日提交的 10-Q 表格以及我們的其他 SEC 文件。

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. With that, let me turn it over to Vlad.

今天的討論還將包括非 GAAP 財務措施。與我們認為最具可比性的 GAAP 結果的調節可以在我們的投資者關係網站 investors.robinhood.com 上的收益介紹中找到。有了這個，讓我把它交給弗拉德。

Thanks for the intro, Chris, and thanks to everyone for joining. This earnings call marks the end of our first full calendar year as a public company and I think it's a great opportunity to really evaluate ourselves and reflect on how the year went, what we promised, what we delivered and how we responded to the twists along the way.

感謝 Chris 的介紹，感謝大家的加入。這次財報電話會議標誌著我們作為一家上市公司的第一個完整日曆年的結束，我認為這是一個很好的機會來真正評估我們自己並反思這一年的情況、我們承諾的內容、我們交付的內容以及我們如何應對曲折道路。

Looking back 1 year at the Q4 2021 earnings call, we committed to the following things: expanding equities trading hours, which we delivered with hyperextended hours in March; introducing a new day-to-day spending experience, and we delivered Robinhood Cash Card in March also; rolling out our fully paid securities lending product, which we provided with the launch of Stock Lending in May; adding IRAs, which we launched in December with Robinhood Retirement, the first and only IRA with a built-in match, no employer necessary; we committed to providing faster and more money movement options, which we delivered with the launch of debit card funding, Instant Withdrawals and support for USDC and Robinhood Crypto; and we committed to open up our crypto platform internationally, which we did with the launch of our non-custodial Robinhood Wallet.

回顧 2021 年第四季度財報電話會議上的一年，我們承諾做以下事情：延長股票交易時間，我們在 3 月份以超延長時間交付；引入全新的日常消費體驗，我們還在三月份交付了 Robinhood Cash Card；推出全額支付的證券借貸產品，我們在 5 月份推出了股票借貸服務；添加我們於 12 月與 Robinhood Retirement 一起推出的 IRA，這是第一個也是唯一一個具有內置匹配的 IRA，不需要雇主；我們致力於提供更快、更多的資金流動選擇，我們通過推出借記卡資金、即時取款以及對 USDC 和 Robinhood Crypto 的支持來實現這一目標；我們承諾在國際上開放我們的加密平台，我們通過推出非託管 Robinhood 錢包來做到這一點。

When we laid this out a year ago, we didn't anticipate a land war in Europe or inflation at a 40-year high prompting one of the most aggressive tightening policies we've ever seen from the Fed. This led to a sharp drawdown in growth stocks and a frigid crypto winter. All these factors presented extraordinary challenges for our customers and our company to navigate.

當我們在一年前製定此計劃時，我們並沒有預料到歐洲會發生地面戰爭或通貨膨脹率達到 40 年高位，這會促使美聯儲采取我們見過的最激進的緊縮政策之一。這導致了成長型股票的急劇下跌和寒冷的加密冬天。所有這些因素都給我們的客戶和我們公司帶來了非凡的挑戰。

So 9 months ago, we committed to returning to adjusted EBITDA profitability in Q4. This was an aggressive goal and we delivered it a quarter ahead of schedule by both lowering costs and increasing revenues. We also diversified our business as our net interest revenues more than doubled over the course of the year. And to help customers generate more income in the new environment, we launched a revamped Robinhood Gold that offers customers an incredible 4.15% interest rate on their cash, among the highest rates out there.

所以 9 個月前，我們承諾在第四季度恢復調整後的 EBITDA 盈利能力。這是一個雄心勃勃的目標，我們通過降低成本和增加收入提前四分之一實現了這一目標。我們還實現了業務多元化，因為我們的淨利息收入在這一年中翻了一番多。為了幫助客戶在新環境中獲得更多收入，我們推出了經過改進的 Robinhood Gold，為客戶提供令人難以置信的 4.15% 的現金利率，這是目前最高的利率之一。

We also strengthened our core business with a number of improvements to our trading products like options and cash accounts, advanced charts and 24/7 live chat customer support. We did all this and more while having to make some difficult decisions. We ended 2022 with about 1/3 less headcount than a year before. I want to congratulate the team for their tremendous execution.

我們還通過對我們的交易產品進行多項改進來加強我們的核心業務，例如期權和現金賬戶、高級圖表和 24/7 實時聊天客戶支持。我們做了所有這一切，同時還不得不做出一些艱難的決定。到 2022 年底，我們的員工人數比一年前減少了約 1/3。我要祝賀團隊出色的執行力。

Our product velocity has never been higher and the quality of talent at Robinhood has never been greater. I also want to mention, and Jason will discuss further in his section, that we had a processing error on a corporate action that led to a $57 million expense. This was really disappointing. We've done a full postmortem and remediated the issue. It's important for us to build a culture of accountability. So following this event, I made the decision to eliminate the executive team's 2022 cash bonuses. It's my responsibility to make sure that we learn from this, adjust our systems and processes accordingly and ensure that we do everything we can to prevent errors like this from happening again.

我們的產品速度從未如此之快，Robinhood 的人才素質也從未如此之高。我還想提一下，傑森將在他的部分進一步討論，我們在一項導致 5700 萬美元費用的公司行動中存在處理錯誤。這真是令人失望。我們已經完成了全面的事後分析並解決了這個問題。建立一種問責文化對我們來說很重要。因此，在這次事件之後，我決定取消執行團隊 2022 年的現金獎金。我有責任確保我們從中吸取教訓，相應地調整我們的系統和流程，並確保我們盡一切努力防止此類錯誤再次發生。

Before I review our Q4 product road map, I want to provide a couple of shareholder updates. As founders, Baiju and I have always been motivated by our mission and our goal has been to build a financial services company that does right by our employees, delivers extraordinary value to our customers, and in doing so, generates healthy returns for our shareholders. It took tremendous sacrifice on behalf of many people throughout 2022 to get Robinhood to the healthy position we're in today.

在回顧我們的第四季度產品路線圖之前，我想提供一些股東更新。作為創始人，Baiju 和我一直被我們的使命所激勵，我們的目標是建立一家金融服務公司，讓我們的員工做正確的事，為我們的客戶提供非凡的價值，並在此過程中為我們的股東帶來可觀的回報。在整個 2022 年，許多人付出了巨大的犧牲，才讓 Robinhood 達到了我們今天所處的健康狀態。

And so at the end of the year, Baiju and I were reflecting on this and we were thinking about whether there was more that we could do personally. So we decided we would cancel nearly $500 million of our combined share-based compensation. This lowers our GAAP operating costs by up to $50 million per quarter starting in Q2 and it has already reduced our fully diluted share count by 3.5%. Second, we also announced today that our Board of Directors has authorized us to pursue purchasing most or all of the Robinhood shares that Emergent Fidelity Technologies bought last May.

所以在年底的時候，白菊和我在反思這個問題，我們在思考我們個人是否可以做更多的事情。因此，我們決定取消近 5 億美元的合併股權薪酬。從第二季度開始，這將使我們的 GAAP 運營成本每季度降低多達 5000 萬美元，並且已經將我們完全稀釋後的股份數量減少了 3.5%。其次，我們今天還宣布，我們的董事會已授權我們購買 Emergent Fidelity Technologies 去年 5 月購買的大部分或全部 Robinhood 股票。

The Board and management team are incredibly confident about the future of our business. We also have a fortress balance sheet with over $6 billion of cash and feel very well-positioned to execute on our growth plans. So we think this repurchase will be accretive over time and remove the distraction for shareholders. Since there isn't much precedent for situations like these, we can't predict how long this will take, but we'll keep you posted as is appropriate.

董事會和管理團隊對我們業務的未來充滿信心。我們還有一個擁有超過 60 億美元現金的堡壘資產負債表，並且感覺非常有能力執行我們的增長計劃。因此，我們認為這種回購將隨著時間的推移而增加，並消除股東的注意力。由於此類情況沒有太多先例，我們無法預測這需要多長時間，但我們會及時通知您。

Now I'll cover Q4 business results. While assets under custody was down 4% in Q4 from Q3 due to lower valuations for growth stocks in crypto, customer portfolios had a great start to 2023. In January, as valuations rebounded, customer assets grew by 20% to $75 billion, the highest level in the past 9 months. This January outperformance is a good reminder of the importance of investing through the cycle. So we're encouraged that customers continue to entrust us with billions of dollars each quarter, including nearly $5 billion of net deposits in Q4.

現在我將介紹第四季度的業務結果。由於加密貨幣成長型股票的估值較低，第四季度託管資產較第三季度下降 4%，但客戶投資組合在 2023 年開局良好。1 月份，隨著估值反彈，客戶資產增長 20% 至 750 億美元，創歷史新高過去 9 個月的水平。今年 1 月的出色表現很好地提醒了投資週期的重要性。因此，我們感到鼓舞的是，客戶每個季度繼續委託我們數十億美元，其中包括第四季度近 50 億美元的淨存款。

Now we've talked a lot about our product velocity and all of the new products we launched last year. And as we've continued to work on them, we're now starting to see meaningful traction on several of our new products, which gives us confidence that they can grow into significant business lines over time. First is Stock Lending, which we launched last May, to help customers generate passive income by lending the stocks they're holding. It had some good early results by reaching about $15 million of annualized revenue in Q3.

現在我們已經談了很多關於我們的產品速度和我們去年推出的所有新產品的問題。隨著我們繼續努力，我們現在開始看到我們的幾款新產品產生了有意義的吸引力，這讓我們相信它們可以隨著時間的推移發展成為重要的業務線。首先是我們去年 5 月推出的股票借貸，旨在幫助客戶通過借出他們持有的股票來產生被動收入。它在第三季度達到了約 1500 萬美元的年化收入，取得了一些不錯的早期成果。

Since then, the team has kept iterating on the product relentlessly, speaking with customers, improving onboarding, making more equities available to lend and migrating to a new collateral agent. By the end of January, we had over 1 million customers enrolled and we generated over $30 million in annualized revenue. As we look ahead, we see lots of opportunities to improve the product even more and make it even more accessible and useful to customers.

從那時起，該團隊一直在不懈地迭代產品，與客戶交談，改進入職流程，提供更多股票以供借出並遷移到新的抵押代理人。到 1 月底，我們有超過 100 萬客戶註冊，年收入超過 3000 萬美元。展望未來，我們看到了很多機會來進一步改進產品，讓客戶更容易獲得和使用它。

Next, Robinhood Gold. In September, we launched an industry-leading 3% yield on cash and then raised the yield 3 more times to reach our current 4.15% rate. The customer response has been terrific, as more and more customers feel we're giving them access to one of the best and easiest opportunities to earn yield in the U.S. Gold subscribers increased in Q4 for the first time in over a year and Gold Net Promoter Scores have moved way up. We've also seen Gold cash sweep balances grow to $6 billion at the start -- at the end of January. That's up by about $1 billion per month since the launch.

接下來，Robinhood Gold。 9 月，我們推出了行業領先的 3% 現金收益率，然後又將收益率提高了 3 次，達到我們目前的 4.15% 利率。客戶反應非常好，因為越來越多的客戶認為我們正在為他們提供在美國賺取收益的最佳和最簡單的機會之一。第四季度黃金用戶一年多來首次增加，Gold Net Promoter分數已經上升了很多。我們還看到黃金現金清算餘額在一月底增長到 60 億美元。自推出以來每月增加約 10 億美元。

We're excited to keep investing in our Gold offering and deepening these relationships this year. In Q4, we also launched Instant Withdrawals, a new money movement option to help customers who want faster access to their money for everyday needs at a competitive 1.5% fee. We're seeing strong early adoption here, growing from 1% of total withdrawals when we launched in October to 7% in January, translating to about $20 million of annualized revenue. These are just a few examples of how the products we've launched over the past year are now gaining traction and we see a path for many of them to drive meaningful revenue growth from here.

我們很高興在今年繼續投資於我們的黃金產品並加深這些關係。在第 4 季度，我們還推出了即時取款，這是一種新的資金流動選項，可幫助希望以具有競爭力的 1.5% 的費用更快地取款以滿足日常需求的客戶。我們在這裡看到了強大的早期採用率，從 10 月推出時佔總取款的 1% 增長到 1 月的 7%，轉化為約 2000 萬美元的年收入。這些只是我們在過去一年推出的產品如何獲得吸引力的幾個例子，我們看到其中許多產品可以從這裡推動有意義的收入增長。

Finally, I want to give you a preview of our 2023 product road map. While the macro uncertainty is leading some companies to pull back, we plan to stay aggressive as we believe investing through the cycle is the right long-term strategy. So let me highlight a few of the opportunities we're working on. First, deepening relationships with our existing customers. As we grow into a larger, more diversified company, we're shifting our focus from just adding users to driving net deposits as well. Retirement is off to a good start and we're working to take our first steps on the path to advisory, which can bring even more customers into the market in the future.

最後，我想給大家預覽一下我們的 2023 產品路線圖。雖然宏觀不確定性導致一些公司撤退，但我們計劃保持積極進取，因為我們相信通過週期進行投資是正確的長期戰略。因此，讓我強調一些我們正在努力的機會。首先，加深與現有客戶的關係。隨著我們成長為一家更大、更多元化的公司，我們正在將重點從僅僅增加用戶轉移到推動淨存款。退休是一個良好的開端，我們正在努力邁出諮詢之路的第一步，這可以在未來為市場帶來更多的客戶。

Second is becoming the best destination for advanced customers. Last year, we made a ton of progress by launching several new products and features that drove advanced customer NPS significantly higher, a great sign for growth and retention. This year, we'll go beyond tools and improved experience and really innovate for our advanced customers. We're excited to show you what we have in store.

二是成為高級客戶的最佳目的地。去年，我們通過推出幾款新產品和功能取得了很大進展，這些產品和功能顯著提高了高級客戶的淨推薦值，這是增長和保留的一個很好的跡象。今年，我們將超越工具和改進體驗，真正為我們的高級客戶進行創新。我們很高興向您展示我們的產品。

Third, international. We recently launched Robinhood Wallet, which empowers customers around the world to custody their own crypto. We're getting more aggressive this year and have set a goal to offer brokerage services in the U.K. by the end of 2023. I'm also excited that we hired JB Mackenzie, an industry veteran from Schwab and TD Ameritrade, to lead our international brokerage efforts. We're really excited about the year ahead. The road map is full and there's so much to do. With that, I'll turn it over to Jason.

第三，國際化。我們最近推出了 Robinhood 錢包，它使世界各地的客戶能夠保管自己的加密貨幣。今年我們變得更加積極，並設定了到 2023 年底在英國提供經紀服務的目標。我也很高興我們聘請了來自 Schwab 和 TD Ameritrade 的行業資深人士 JB Mackenzie 來領導我們的國際業務經紀努力。我們對來年感到非常興奮。路線圖已滿，還有很多事情要做。有了這個，我會把它交給傑森。

Thanks, Vlad. It's good to speak with everyone today. In the fourth quarter, we stayed focused on serving customers, growing our business and driving long-term shareholder value. Our team continued to deliver on our product road map and we generated positive adjusted EBITDA for the second quarter in a row. I'm proud of what we accomplished last year and look forward to 2023.

謝謝，弗拉德。今天很高興和大家交流。第四季度，我們繼續專注於服務客戶、發展業務和推動長期股東價值。我們的團隊繼續交付我們的產品路線圖，我們連續第二個季度產生了積極的調整後 EBITDA。我為我們去年取得的成就感到自豪，並期待著 2023 年。

Before I discuss our Q4 results, I want to provide context around the error that Vlad mentioned. Each quarter, we process hundreds of corporate actions as part of our day-to-day operations. In December, we received notification of a corporate action that was irregular, both in its timing and format that unfortunately got through our controls. Cosmos Health Inc., a NASDAQ-listed company, affected a 1-for-25 reverse stock split on December 16.

在我討論我們的第四季度結果之前，我想提供有關 Vlad 提到的錯誤的背景信息。每個季度，我們都會處理數百項公司行為，作為我們日常運營的一部分。 12 月，我們收到了一項公司行為的通知，該行為在時間和形式上都很不正常，不幸的是通過了我們的控制。納斯達克上市公司 Cosmos Health Inc. 於 12 月 16 日進行了 1:25 的反向股票拆分。

A processing error caused us to sell shares short into the market. And although it was detected quickly, it resulted in a loss of $57 million as we bought back these shares against a rising stock price. While this event was an outlier, as Vlad said, we're taking it very seriously and have made the necessary changes to do everything we can to ensure this won't happen again.

處理錯誤導致我們向市場賣空股票。雖然它很快被發現，但由於我們在股價上漲的情況下回購這些股票，導致損失了 5700 萬美元。正如 Vlad 所說，雖然這次事件是一個異常事件，但我們非常認真地對待它，並進行了必要的改變，盡我們所能確保這種情況不會再次發生。

With that, let's look at the fourth quarter, starting with business results. We continue to add new customers, growing net funded accounts to 23 million, up about 50,000 from Q3. We're off to a good start in Q1 as well by adding about 60,000 accounts in January. I'd also note that we only include unique users in our net funded account definition, so this metric doesn't benefit from existing customers opening Retirement accounts. So we're working on additional disclosure to show how many of our products customers are using.

有了這個，讓我們看看第四季度，從業務結果開始。我們繼續增加新客戶，淨資金賬戶增加到 2300 萬，比第三季度增加約 50,000。我們在第一季度也有了一個良好的開端，一月份增加了大約 60,000 個賬戶。我還要指出，我們在淨資金賬戶定義中僅包含唯一用戶，因此該指標無法從開設退休賬戶的現有客戶中獲益。因此，我們正在努力進行額外的披露，以顯示客戶使用了多少我們的產品。

For monthly active users, they were 11.4 million, down 800,000 from Q3, though MAUs increased back to roughly 12 million in January. I'd also note that the vast majority of our customers continue to engage over time even if they aren't active every month. For example, if we look at the last 3 months of 2022, over 16 million unique customers were active. And if we look over the last 6 months, that figure grows to over 20 million customers.

對於每月活躍用戶，他們是 1140 萬，比第三季度減少了 80 萬，儘管 MAU 在 1 月份回升至大約 1200 萬。我還要指出，我們的絕大多數客戶會隨著時間的推移繼續參與，即使他們不是每個月都活躍。例如，如果我們看一下 2022 年的最後 3 個月，有超過 1600 萬獨立客戶處於活躍狀態。如果我們回顧過去 6 個月，這個數字會增長到超過 2000 萬客戶。

Turning to assets under custody. While they were $62 billion in Q4, down about 4% from last quarter, they rebounded to $75 billion in January as growth stocks and crypto recovered. Looking at net deposits, they were $4.8 billion in Q4, which translates to a 30% annualized growth for the quarter and brings the full year rate to 19%. We're encouraged by the resiliency of customer net deposits, which positions us really well for growth as markets rise over time.

轉向託管資產。雖然它們在第四季度為 620 億美元，比上一季度下降約 4%，但隨著成長型股票和加密貨幣的複蘇，它們在 1 月份反彈至 750 億美元。從淨存款來看，第四季度為 48 億美元，相當於本季度年化增長率為 30%，全年增長率為 19%。我們對客戶淨存款的彈性感到鼓舞，這使我們在市場隨著時間的推移而增長時真正處於有利地位。

Now let's look at Q4 financial results. We grew adjusted EBITDA to $82 million, which was up $35 million from last quarter. This brought our adjusted EBITDA margin to 22% in Q4, which is up 9 points from Q3. Going forward, we remain focused on delivering positive adjusted EBITDA and driving attractive margins over time.

現在讓我們看看第四季度的財務業績。我們將調整後的 EBITDA 增加到 8200 萬美元，比上一季度增加了 3500 萬美元。這使我們在第四季度調整後的 EBITDA 利潤率達到 22%，比第三季度上升了 9 個百分點。展望未來，我們將繼續專注於提供積極的調整後 EBITDA 並隨著時間的推移推動有吸引力的利潤率。

Looking at our GAAP results. Q4 EPS was negative $0.19, an improvement of $0.01 from Q3. This included a combined negative $0.08 impact from the processing error and an impairment charge on Ziglu. Q4 EPS prior to these impacts was negative $0.11.

查看我們的 GAAP 結果。第 4 季度每股收益為負 0.19 美元，比第 3 季度提高 0.01 美元。這包括處理錯誤和對 Ziglu 的減值費用造成的 0.08 美元的綜合負面影響。在這些影響之前，第四季度每股收益為負 0.11 美元。

Now let's review our Q4 revenues. Total net revenues were $380 million, a 5% increase from Q3. This was primarily driven by higher net interest revenues, partially offset by lower transaction revenues. Q4 ARPU was $66, up from $63 last quarter.

現在讓我們回顧一下我們第四季度的收入。總淨收入為 3.8 億美元，比第三季度增長 5%。這主要是由較高的淨利息收入推動的，部分被較低的交易收入所抵消。第 4 季度 ARPU 為 66 美元，高於上一季度的 63 美元。

Next, transaction-based revenues were $186 million in Q4, down 11% sequentially, primarily due to lower equity and crypto notional volumes. In January, we saw equity, option and crypto volumes all roughly in line with Q4 averages.

其次，第四季度基於交易的收入為 1.86 億美元，環比下降 11%，這主要是由於股票和加密名義交易量下降。 1 月份，我們看到股票、期權和加密貨幣的交易量大致與第四季度的平均水平一致。

Moving to net interest revenues. They reached a new high of $167 million in Q4, up 30% from Q3. The increase was primarily driven by higher short-term interest rates and 12% growth in interest-earning assets. These factors were partially offset by lower margin balances and securities lending activity given the macro environment. Looking ahead to Q1, we are encouraged by what looks like 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 some pickup in securities lending activity, we anticipate Q1 net interest revenues will be up by roughly $20 million from Q4.

轉向淨利息收入。他們在第四季度達到了 1.67 億美元的新高，比第三季度增長了 30%。這一增長主要受短期利率上升和生息資產增長 12% 的推動。鑑於宏觀環境，這些因素部分被較低的保證金餘額和證券借貸活動所抵消。展望第一季度，我們對看起來可能又一個季度的淨利息收入增長感到鼓舞。當我們考慮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證券借貸活動的一些回升時，我們預計第一季度淨利息收入將比第四季度增加約 2000 萬美元。

Additionally, as we now appear to be in the later stages of the Fed rate hiking cycle, I wanted to note that we're exploring strategies to reduce our interest rate sensitivity, and we'll keep you updated when we have more to share on this.

此外，由於我們現在似乎處於美聯儲加息週期的後期階段，我想指出我們正在探索降低利率敏感性的策略，當我們有更多信息要分享時，我們會及時通知您這。

Moving on to other revenues. They were $27 million in Q4, up 8% from Q3. Gold subscribers increased by about 50,000 sequentially and we plan to keep investing so that more of our customers find value in becoming a Gold member. Looking ahead to Q1, we expect other revenues to be similar to Q4 levels. Looking a little farther ahead, Q2 is proxy season, which drives a seasonal increase in revenue. And late last year, we transferred our proxy services from a third party to our Say Technologies team. So in Q2, we expect to see a sequential increase of about $30 million from Q1 levels.

轉向其他收入。第四季度為 2700 萬美元，比第三季度增長 8%。金牌用戶環比增加了約 50,000 人，我們計劃繼續投資，讓更多的客戶發現成為金牌會員的價值。展望第一季度，我們預計其他收入將與第四季度水平相似。再往前看，Q2 是代理季，帶動了收入的季節性增長。去年年底，我們將代理服務從第三方轉移到我們的 Say Technologies 團隊。因此，在第二季度，我們預計會比第一季度增加約 3000 萬美元。

Now let's look at Q4 expenses. Prior to SBC, the processing error and some minor carryover from our Q3 restructuring, OpEx was $319 million, which brought our full year total to $1.55 billion. These 22 -- 2022 results were an 18% improvement versus the prior year as we moved to a leaner cost structure. Looking forward to 2023, we're planning to improve our costs by another 7% on average as we plan to keep our costs lean while investing for future growth.

現在讓我們看看第四季度的費用。在 SBC 之前，處理錯誤和我們第三季度重組的一些小結轉，OpEx 為 3.19 億美元，這使我們的全年總額達到 15.5 億美元。隨著我們轉向更精簡的成本結構，這 22 - 2022 年的結果比上一年提高了 18%。展望 2023 年，我們計劃將成本平均再降低 7%，因為我們計劃在為未來增長進行投資的同時保持精益成本。

Our outlook for 2023 OpEx prior to SBC is a range of $1.42 billion to $1.48 billion. I'd note that on a quarterly basis, this outlook is about the same as the Q4 2022 range we provided last quarter, as I think this is a good zone to operate our business this year.

我們對 SBC 之前 2023 年運營支出的預期範圍為 14.2 億美元至 14.8 億美元。我會注意到，按季度來看，這一前景與我們上個季度提供的 2022 年第四季度範圍大致相同，因為我認為這是今年開展業務的好區域。

Turning to SBC. It was $160 million in Q4, which brings our full year total to $654 million. Looking ahead, Vlad and Baiju's decision to cancel their 2021 pre-IPO market-based awards significantly lowers our outlook for the back half of this year. Under accounting rules, we will record a Q1 noncash charge of about $485 million for the full acceleration of the canceled awards. We also expect SBC this year, excluding the charge, will be in a range of $470 million to $550 million, which is a 22% improvement on average from last year.

轉向 SBC。第四季度為 1.6 億美元，使我們的全年總額達到 6.54 億美元。展望未來，Vlad 和 Baiju 取消其 2021 年 IPO 前市場獎勵的決定大大降低了我們對今年下半年的展望。根據會計規則，我們將在第一季度記錄約 4.85 億美元的非現金費用，用於全面加速取消的獎勵。我們還預計今年的 SBC（不包括費用）將在 4.7 億美元至 5.5 億美元之間，比去年平均增長 22%。

Including the charge, our full year 2023 SBC outlook is a range of $955 million to $1.035 billion. For Q1, we expect SBC of $615 million to $645 million, mostly from the accounting charge. Given our progress on costs over the past year and improved SBC outlook, we now expect to get much closer to positive GAAP net income in the back half of this year. Beyond that, we think it's a little early to predict a specific time line for reaching GAAP profitability, as our revenues vary with the market backdrop. That said, we're focused on getting there by keeping our costs lean and scrappy to drive operating leverage as our business grows while staying flexible to invest for the long term.

包括費用在內，我們對 2023 年全年 SBC 的展望範圍為 9.55 億美元至 10.35 億美元。對於第一季度，我們預計 SBC 為 6.15 億美元至 6.45 億美元，主要來自會計費用。鑑於我們過去一年在成本方面取得的進展以及 SBC 前景的改善，我們現在預計今年下半年將更接近正 GAAP 淨收入。除此之外，我們認為現在預測達到 GAAP 盈利能力的具體時間表還為時過早，因為我們的收入隨市場背景而變化。也就是說，我們專注於通過保持精簡和鬥志昂揚的成本來實現這一目標，以隨著我們業務的增長而推動運營槓桿，同時保持長期投資的靈活性。

Now to capital management. I want to touch on a couple of areas. First, on the Ziglu deal. After careful consideration, Robinhood terminated the deal and we booked a $12 million charge in Q4. Second, as Vlad mentioned, our Board authorized us, subject to final approval, to purchase our shares that Emergent Fidelity Technologies bought in May of last year. We're confident in the future of our business, so we think it would be a smart use of our excess corporate cash to buy most or all of the roughly 55 million shares while continuing to have a strong balance sheet to invest for growth.

現在進行資本管理。我想談談幾個方面。首先，關於 Ziglu 交易。經過慎重考慮，Robinhood 終止了交易，我們在第四季度計入了 1200 萬美元的費用。其次，正如 Vlad 提到的，我們的董事會授權我們在獲得最終批准後購買 Emergent Fidelity Technologies 於去年 5 月購買的我們的股份。我們對我們業務的未來充滿信心，因此我們認為，明智地使用我們多餘的公司現金購買大約 5500 萬股的大部分或全部股票，同時繼續擁有強大的資產負債表來投資增長。

In closing, I'm really pleased with all that we accomplished in 2022: Delivering on our product road map, moving to a lean and scrappy cost structure and ending the year with 2 straight quarters of adjusted EBITDA profitability. As we look ahead, we see a large opportunity to grow shareholder value from here. And with that, Chris, let's move to Q&A.

最後，我對我們在 2022 年取得的所有成就感到非常滿意：交付我們的產品路線圖，轉向精簡和鬥志昂揚的成本結構，並以連續兩個季度調整後的 EBITDA 盈利能力結束了這一年。展望未來，我們看到了從這裡增加股東價值的巨大機會。那麼，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 some of the top questions from Say Technologies ranked by number of votes. We'll pass over any questions that were answered on the call already or in prior quarters and group together questions that share a common theme. After that, we'll turn to live questions from our analysts. So I'll kick it off with some of our top questions from Say.

謝謝你，傑森。在本季度的問答環節之前，我們將首先回答 Say Technologies 按票數排名的一些熱門問題。我們將忽略已經在電話會議上或在前幾個季度回答過的任何問題，並將具有共同主題的問題組合在一起。之後，我們將轉向分析師的現場提問。因此，我將從 Say 提出的一些最重要的問題開始。

So first, [Sajin P.] asks: What does the product road map look like for 2023? Vlad, do you want to take that one?

所以首先，[Sajin P.] 問：2023 年的產品路線圖是什麼樣的？弗拉德，你要拿那個嗎？

Yes. Thank you, as always, [Sajin] for the good questions. So I mentioned a little bit in the call, while the macro environment might be leading some companies to be less aggressive, we plan to stay aggressive. And there's 3 things that we're focused on in terms of product road map. The first thing, deepening relationships with our existing customers. And you've seen that we've been very successful in providing value in terms of higher interest on cash with our Gold product. We also rolled out Retirement and are very excited to offer the first IRA with a built-in match, no employer needed. We think it's particularly useful for gig economy workers and other freelancers. So we're going to continue to invest in that and grow that. We think that gives us sort of a great entry point towards operating advisory services to customers.

是的。一如既往地感謝 [Sajin] 提出的好問題。所以我在電話中提到了一點，雖然宏觀環境可能導致一些公司不那麼激進，但我們計劃保持激進。在產品路線圖方面，我們關註三件事。首先，加深與現有客戶的關係。你已經看到我們已經非常成功地通過我們的黃金產品提供更高現金利息的價值。我們還推出了退休計劃，並且非常高興能夠提供第一個內置匹配的 IRA，不需要雇主。我們認為它對零工經濟工作者和其他自由職業者特別有用。所以我們將繼續投資並發展它。我們認為這為我們提供了一個很好的切入點，可以為客戶提供諮詢服務。

Second, becoming the best place for advanced customers. So this is our customers that trade a little bit more actively, use options, engage in equities trading. We've made a lot of progress this year and we're working even harder to deliver innovative new functionality for our more advanced customers.

二是成為高級客戶的最佳去處。所以這是我們的客戶，他們交易更積極一些，使用期權，從事股票交易。今年我們取得了很大進步，我們正在更加努力地為更高級的客戶提供創新的新功能。

And then the third is international. So we recently launched Robinhood Wallet. We're also working aggressively this year to bring brokerage services internationally. And we're excited to welcome JB, who will be leading the efforts to take our brokerage internationally.

然後第三個是國際的。所以我們最近推出了 Robinhood 錢包。今年我們還在積極努力，將經紀服務推向國際。我們很高興歡迎 JB，他將領導我們的經紀業務走向國際。

Great. All right. Thank you, Vlad. The next question is from Jason R., who asks: When will Robinhood go global and allow users to buy individual shares from all over the world listed exchanges?

偉大的。好的。謝謝你，弗拉德。下一個問題來自 Jason R.，他問道：Robinhood 何時會走向全球並允許用戶從世界各地的上市交易所購買個人股票？

Sure. Happy to field that one. So there's really 2 questions there. First of all, for our U.S. customers, we're very focused on expanding selection and being the best place for you to invest and trade. In terms of access to foreign securities, customers can trade ADRs today via our platform, commission free, and that gives investors exposure to foreign-traded stocks.

當然。很高興參加那個比賽。所以那裡真的有 2 個問題。首先，對於我們的美國客戶，我們非常專注於擴大選擇並成為您投資和交易的最佳場所。在獲得外國證券方面，客戶今天可以通過我們的平台交易 ADR，免佣金，這讓投資者可以接觸到外國交易的股票。

The second thing, expanding our operations internationally so that customers based in other countries can access Robinhood services. A huge part of our mission, we think that we've done a lot of great work to open up access and to make investing more accessible to people in the U.S. U.S. is comparatively a mature market where access is pretty good relative to some parts of the world. So we think it's a natural extension of our mission and a great business opportunity to take our technology and make it available overseas.

第二件事，擴大我們的國際業務，以便其他國家的客戶可以訪問 Robinhood 服務。我們使命的很大一部分，我們認為我們已經做了很多偉大的工作來開放准入並使美國人民更容易獲得投資美國是一個相對成熟的市場，相對於美國的某些地區，准入相當好世界。因此，我們認為這是我們使命的自然延伸，也是將我們的技術推廣到海外的絕佳商機。

I talked about Robinhood Wallet, which is available globally and will allow customers all over the world to self-custody, have control over their crypto and trade and swap with no network fees. On the brokerage side, we're being more aggressive and set a goal to start brokerage operations in the U.K. this year. So look out for that. We're very, very excited to make Robinhood available all over the world.

我談到了 Robinhood 錢包，它在全球範圍內可用，將允許世界各地的客戶自行保管、控制他們的加密貨幣以及交易和交換，而無需支付網絡費用。在經紀業務方面，我們更加積極，並設定了今年在英國開始經紀業務的目標。所以要注意這一點。我們非常非常高興能夠在全世界提供 Robinhood。

Awesome. Thanks, Vlad. All right. The next question comes from G.C., who asks: There's a new feature that was implemented by Twitter that directly links users to the Robinhood app. What's the relationship between Robinhood and Twitter? Is there an official partnership forthcoming?

驚人的。謝謝，弗拉德。好的。下一個問題來自 G.C.，他問道： Twitter 實施了一項新功能，可將用戶直接鏈接到 Robinhood 應用程序。 Robinhood 和推特有什麼關係？是否有正式的合作夥伴關係？

Yes, sure. Thank you, G. Part of the mission of democratizing finance for all is giving access to the best information whenever and wherever customers need it. So we've been speaking to the folks over at Twitter for a while and heard about what they were doing with the stock pages and crypto pages on their platform and we got excited to create an investing experience that gives value to their customers and makes it easier to deep link to the Robinhood app. So you'll see us experimenting with more things like this over time. As of now, we don't have any plans to expand or form an official partnership with Twitter.

是的，當然。謝謝你，G。讓所有人的金融民主化的使命之一就是隨時隨地為客戶提供所需的最佳信息。因此，我們已經在 Twitter 上與人們交談了一段時間，並聽說了他們在他們平台上的股票頁面和加密貨幣頁面上做了什麼，我們很高興能夠創造一種投資體驗，為他們的客戶帶來價值並使之成為現實更容易深入鏈接到 Robinhood 應用程序。所以你會看到我們隨著時間的推移嘗試更多這樣的事情。截至目前，我們沒有任何計劃與 Twitter 擴展或建立正式合作夥伴關係。

All right. Thank you. Okay, so next question is from William C.: What happens if the SEC bans payment for order flow?

好的。謝謝。好的，下一個問題來自 William C.：如果 SEC 禁止支付訂單流會怎樣？

Sure. I'll field this one. The first thing to note here is as you've seen through the quarterly results and the progress we've made in diversifying our business, we've got a diversified business and are continuing to grow and we feel like we're incredibly well-positioned. In terms of payment for order flow and the SEC market structure proposals, we think investors have it great right now. The all-in cost of investing, the accessibility, the tools and functionality have never been better. And we're worried that these proposals have the potential to give investors worse execution quality and higher prices in many instances. And these are really complex proposals. It will take a long time to work through them.

當然。我會派這個。這里首先要注意的是，正如您通過季度業績以及我們在業務多元化方面取得的進展所看到的那樣，我們擁有多元化業務並且正在繼續增長，我們覺得我們非常好 -定位。在支付訂單流和 SEC 市場結構提案方面，我們認為投資者現在做得很好。投資的總成本、可訪問性、工具和功能從未如此出色。我們擔心，在許多情況下，這些提議可能會給投資者帶來更差的執行質量和更高的價格。這些都是非常複雜的提案。完成它們需要很長時間。

Ultimately, we think they are unlikely to pass in their current form. So we're going to keep working with the SEC, including our comment letter coming soon, and make sure customers continue to receive the best deal and have access to equities trading and make sure we're continuing to advocate for what we think is right for our customers.

最終，我們認為他們不太可能以目前的形式通過。因此，我們將繼續與 SEC 合作，包括我們即將發布的評論信，並確保客戶繼續獲得最好的交易並能夠進行股票交易，並確保我們繼續倡導我們認為正確的事情為我們的客戶。

All right. Thank you, Vlad. The next question is related. So it asks, from Mark D.: Will Robinhood become a member of the New York Stock Exchange and NASDAQ and reduce its reliance on payment for order flow?

好的。謝謝你，弗拉德。下一個問題是相關的。因此，Mark D. 提出疑問：Robinhood 是否會成為紐約證券交易所和納斯達克的成員，並減少其對訂單流支付的依賴？

We actually are already a member of NASDAQ. We have a connection there and a portion of customer orders are routed there. The way that we think about execution quality and routing orders is the routing is based on execution quality. That's really the deciding factor. So we aim to send customer orders where they're getting the best execution quality. And we actually publish execution quality statistics on our website and are very proud of it.

我們實際上已經是納斯達克的成員。我們在那裡有一個連接，一部分客戶訂單被發送到那裡。我們考慮執行質量和路由訂單的方式是路由基於執行質量。這才是真正的決定因素。因此，我們的目標是將客戶訂單發送到他們獲得最佳執行質量的地方。我們實際上在我們的網站上發布了執行質量統計數據，並為此感到非常自豪。

All right. The next question is for Jason: Will Robinhood ever work with tax companies like TurboTax to get tax information to clients at a faster pace?

好的。 Jason 的下一個問題是：Robinhood 是否會與 TurboTax 等稅務公司合作，以更快的速度向客戶提供稅務信息？

Thanks. We already work with TurboTax. And in fact, customers get a $15 discount if they upload to TurboTax. We've been making a number of changes to the tax experience for customers. This year, we consolidated the tax form for customers who are trading both equities and crypto. So they receive a single tax form from Robinhood this year, which makes it a lot more convenient. And also, we're sending in a form that makes it really easy for customers to upload their data to the tax software of their choice.

謝謝。我們已經在使用 TurboTax。事實上，如果客戶上傳到 TurboTax，他們將獲得 15 美元的折扣。我們一直在為客戶的稅務體驗做出一些改變。今年，我們為同時交易股票和加密貨幣的客戶整合了稅表。所以他們今年從 Robinhood 那裡收到了一份單一的稅表，這就方便了很多。而且，我們發送的表格使客戶能夠真正輕鬆地將他們的數據上傳到他們選擇的稅務軟件。

And then also, we've already sent well ahead of the deadline millions of these forms out to customers and should have the remaining ones out really soon. So we're making a lot of progress for customers on the tax front and proud of the team for doing that.

此外，我們已經在截止日期之前向客戶發送了數百萬份此類表格，並且應該很快就會將剩餘的表格發送出去。因此，我們在稅收方面為客戶取得了很大進展，並為這樣做的團隊感到自豪。

Great. Thanks, Jason. All right. Let's do 1 more before we open the call to analysts. So Vlad, G.C. asks: Any thoughts on creating a Robinhood pro app with more advanced charts, tools, data and live streaming news feeds and chat rooms to keep the more advanced users staying strictly on Robinhood?

偉大的。謝謝，傑森。好的。在我們開始對分析師的電話會議之前，讓我們再做 1 件事。所以弗拉德，G.C.問：關於創建具有更高級圖表、工具、數據和實時流媒體新聞提要和聊天室的 Robinhood pro 應用程序以讓更高級的用戶嚴格使用 Robinhood 的想法？

Thanks, G. So we think serving our advanced customers is incredibly important. As I outlined a bit earlier, it's 1 of the top 3 things we're working on this year. We made a lot of progress last year really improving the experience for them. And we spend a lot of time talking to our advanced customers. And what we're hearing is they stay with Robinhood and they love Robinhood because we make things simple and are easy to use. And they actually love the flexibility to be able to see a very simple overview of their portfolio and their holdings and be able to trade simply, along with the flexibility to dive into things like advanced charts and tools and features when they need to.

謝謝，G。所以我們認為為我們的高級客戶服務非常重要。正如我之前概述的那樣，這是我們今年正在努力的 3 大事情之一。去年我們取得了很大進步，真正改善了他們的體驗。我們花了很多時間與我們的高級客戶交談。我們聽到的是他們留在 Robinhood，他們喜歡 Robinhood，因為我們讓事情變得簡單且易於使用。他們實際上喜歡這種靈活性，能夠看到他們的投資組合和持有的非常簡單的概覽，並且能夠簡單地進行交易，以及在需要時能夠靈活地深入研究高級圖表、工具和功能等內容。

So right now, we think we can deliver on an awesome experience for advanced customers within the existing Robinhood app. And so we're not necessarily going to be creating a separate app. But we -- we're focused on making Robinhood the best tool for our advanced customers.

所以現在，我們認為我們可以在現有的 Robinhood 應用程序中為高級客戶提供出色的體驗。所以我們不一定要創建一個單獨的應用程序。但是我們 - 我們專注於讓 Robinhood 成為我們高級客戶的最佳工具。

All right. Thanks, Vlad. And thank you for everyone for your questions. We really appreciate all the thoughtful engagement from our shareholders and customers. And now it's time to open up the line for analyst questions. So with that, I'll turn it to [Latif].

好的。謝謝，弗拉德。感謝大家的提問。我們非常感謝股東和客戶的所有深思熟慮的參與。現在是時候開通分析師問題熱線了。因此，我將把它轉向 [Latif]。

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

（操作員說明）我們的第一個問題來自 JMP 證券公司的 Devin Ryan。

First question, obviously, nice to see the acceleration into solidly positive adjusted EBITDA, which has been driven more by getting leaner on expenses. And so if you do start to see an acceleration in engagement from some of your newer initiatives or just a broader improvement in the operating environment, should we expect that you would potentially reramp on certain growth investments? Or are you comfortable you can execute at the speed that you want to kind of at the new leaner model? And obviously, that would imply more would fall to the bottom line.

第一個問題，顯然，很高興看到調整後的 EBITDA 加速進入穩固正數，這更多地是通過減少開支來推動的。因此，如果您確實開始看到一些新計劃的參與度有所提高，或者只是運營環境有了更廣泛的改善，我們是否應該期望您可能會重新增加某些增長投資？或者您是否覺得可以在新的精簡模型中以您想要的速度執行？顯然，這意味著更多的人會落入底線。

And really, the question is how you want to manage the business over time as you kind of get to eventually this GAAP profitability? Is it further expanding profitability from there? Or you then happy to kind of then re-lean in on your growth investment?

實際上，問題是隨著時間的推移，您希望如何管理業務，最終達到 GAAP 盈利能力？它是否進一步擴大了盈利能力？或者您隨後很樂意重新依賴您的增長投資？

Thanks, Devin. This is Jason. I'll take it, and then Vlad can add in if he has additional color. We think there's a lot of leverage that we can achieve as we grow our business over time. We're going to continue to manage our costs to stay lean. That said, we'll have some flexibility to lean in a little bit more on investments that we think are the right ones to make.

謝謝，德文。這是傑森。我會接受它，然後 Vlad 如果他有其他顏色可以添加。我們認為，隨著我們業務的不斷發展，我們可以實現很多槓桿作用。我們將繼續管理我們的成本以保持精益。也就是說，我們將有一定的靈活性，可以更多地依賴我們認為正確的投資。

But the guidance that we've given incorporates the investments that we're planning for the things that we've talked about and have in our plan for this year. So we feel really good about the range that we've given on OpEx, given our growth plans.

但是我們給出的指導包含了我們為我們已經討論過的事情和我們今年計劃中的事情計劃的投資。因此，考慮到我們的增長計劃，我們對我們在 OpEx 上給出的範圍感到非常滿意。

Yes. The only thing I would add is last year was, in terms of products, one of the best years we've had. We've rolled out lots of new products to customers. And as I mentioned earlier in the call, to have 2 of our recent products in a relatively short amount of time get to double-digit millions in ARR in a year like 2022, we're incredibly proud of.

是的。我唯一要補充的是，就產品而言，去年是我們擁有的最好的年份之一。我們向客戶推出了許多新產品。正如我之前在電話會議中提到的那樣，在相對較短的時間內讓我們最近的 2 款產品在 2022 年這樣的一年內達到兩位數的 ARR，我們為此感到無比自豪。

So Stock Lending, as we mentioned, getting to a $30 million run rate; Instant Withdrawals, within a couple of months of launch, getting to $20 million. So we have new businesses that we were able to roll out. And I think this year, we're in a great position to keep investing and be aggressive.

因此，正如我們提到的，股票借貸的運行率達到了 3000 萬美元；即時提款，在推出後的幾個月內，達到 2000 萬美元。因此，我們擁有能夠推出的新業務。我認為今年，我們處於繼續投資和積極進取的有利位置。

Okay. Terrific. Follow-up just on crypto. So customer engagement in crypto really saw some pressure after the FTX-related contagion and obviously, falling valuation as well. At the start of the year, we are seeing some improvement in valuations. And so just curious from what you guys can track internally, does it feel like customers primarily just moved to the sidelines versus exiting the space altogether?

好的。了不起。僅就加密進行跟進。因此，在與 FTX 相關的蔓延之後，客戶對加密貨幣的參與確實看到了一些壓力，顯然，估值也下降了。今年年初，我們看到估值有所改善。所以只是好奇你們可以在內部跟踪的內容，是否感覺客戶主要只是轉移到場外而不是完全退出這個空間？

And related, how did those events from the fourth quarter affect how you're thinking about just the crypto offering more broadly, how you're budgeting for and developing the road map, if at all?

與此相關的是，第四季度的這些事件如何影響你如何更廣泛地考慮加密產品，你如何為路線圖制定預算，如果有的話？

So Devin, we have seen a pickup in the first part of the year to levels that are kind of on par with the average for Q4. So I'd say it was a bit of a step on the sideline, watch a little bit, particularly in the month of December. But we're definitely encouraged with what we're seeing in the first part of the year and really into February. We continue to think that crypto is here to stay and we're continuing to invest in this space and are really optimistic.

所以德文，我們看到今年上半年有所回升，達到與第四季度平均水平相當的水平。所以我想說這有點靠邊站，稍微觀察一下，尤其是在 12 月份。但我們對今年上半年和 2 月份所看到的情況感到非常鼓舞。我們仍然認為加密貨幣將繼續存在，我們將繼續投資這個領域並且非常樂觀。

Yes, you probably saw we recently launched our Robinhood Wallet, which really gives the power and utility of self-custody to customers. And we're continuing throughout the year to make improvements to our core Robinhood Crypto offering as well.

是的，您可能看到我們最近推出了 Robinhood 錢包，它真正為客戶提供了自我託管的力量和實用性。我們將在全年繼續改進我們的核心 Robinhood Crypto 產品。

Our next question comes from the line of Will Nance of Goldman Sachs.

我們的下一個問題來自高盛的 Will Nance。

I think you made some comments in the prepared remarks around thinking about the level of asset sensitivity and interest rate sensitivity, the kind of tools that you can use to induce -- to bring that down. I'm wondering if you could expand a little bit on what types of things that you are contemplating? And just maybe talk through a framework for how you might approach it? For instance, is there a situation where you think you could remain EBITDA breakeven or positive even if we see significant fall in interest rates over the next couple of years?

我想你在準備好的評論中圍繞資產敏感度和利率敏感度的思考發表了一些評論，你可以使用那種工具來誘導 - 降低它。我想知道你是否可以稍微擴展一下你正在考慮的是什麼類型的事情？也許只是通過一個框架來談談你如何處理它？例如，即使我們看到未來幾年利率大幅下降，您是否認為您可以保持 EBITDA 收支平衡或為正？

Yes. Will, it's a great question. Look, it's not lost on us that net interest revenue is a rising and important part of our mix and it's something that we're paying really close attention to. It's a little early to talk about the specific strategies that we're looking at. But really just wanted to signal to shareholders that it's something that we're paying attention to and we look forward to implementing some strategies that will decrease the sensitivity that we have there. So we'll update you over time. But unfortunately, I probably shouldn't get too far into the details, I'd be getting ahead of myself.

是的。威爾，這是一個很好的問題。看，我們並沒有忘記淨利息收入是我們組合中不斷增長的重要組成部分，這是我們非常關注的事情。現在談論我們正在研究的具體戰略還為時過早。但真的只是想向股東發出信號，這是我們正在關注的事情，我們期待實施一些策略來降低我們在那裡的敏感性。所以我們會隨著時間的推移更新你。但不幸的是，我可能不應該深入細節，我會超前。

Understood. Appreciate that. And then maybe a question for Vlad on M&A strategy. You laid out a handful of things in today's release, international expansion, more Retirement, I think you mentioned advisory. I guess just how are you thinking about the role of M&A in your product road map? It seems like you guys have gone the internal route for the majority of your new products, if I think about securities lending, Retirement thus far. But any kind of change in that approach? Or any thoughts around where you get more aggressive on the M&A front?

明白了。感謝。然後可能有一個關於併購戰略的問題要問 Vlad。你在今天的發布中列出了一些事情，國際擴張，更多的退休，我想你提到了諮詢。我猜你是如何看待併購在你的產品路線圖中的作用的？如果我考慮證券借貸，到目前為止，你們似乎已經走了大部分新產品的內部路線。但是這種方法有什麼變化嗎？或者有什麼想法可以讓您在併購方面更加積極主動嗎？

Yes, you're right, Will, that we feel very confident in our ability to roll out products and sort of independently build new features that serve our customers. That said, it's not lost upon us that we have a large balance sheet. And the environment now is going to create some opportunities. So we have done M&A in the past. We're very deliberate about the opportunities that we're considering. We consider things like acceleration of our road map, team quality and fit.

是的，你是對的，Will，我們對推出產品和獨立構建為客戶服務的新功能的能力充滿信心。也就是說，我們擁有龐大的資產負債表並沒有讓我們失望。現在的環境會創造一些機會。所以我們過去做過併購。我們非常慎重考慮我們正在考慮的機會。我們考慮諸如加速我們的路線圖、團隊質量和契合度之類的事情。

And we're proud of the M&A that we've done thus far. Jason mentioned Say Technologies. I think that team has integrated very well and is driving considerable business impact in terms of revenue to Robinhood. So I think we've had a good deliberate approach and we do see opportunities with our balance sheet going forward.

我們為迄今為止所做的併購感到自豪。 Jason 提到了 Say Technologies。我認為該團隊整合得很好，並且正在為 Robinhood 帶來可觀的業務影響。所以我認為我們有一個很好的深思熟慮的方法，我們確實看到了資產負債表向前發展的機會。

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

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

So it was certainly encouraging to hear some of the positive commentary around retail engagement starting to improve, certainly seeing some inflection in some of those brokerage metrics. If I think about the narrative with regard to the fundamentals in 2022, it was subdued retail engagement, NII tailwinds, better cost control. And given that the rate sensitive revenues are arguably close to peaking, the expense guidance for full year '23 implies modest growth, well-controlled, but still growth versus that 4Q '22 exit rate, it really does feel like the path to profitability is almost exclusively contingent on better retail engagement metrics. I wanted to understand, first, if the engagement moderates, how much flex you have in the model to bend the cost curve? And then second, and this is more nuanced, but on GAAP profitability, the expense guidance for full year is $1.95 billion. The 1Q revenue guide implies closer to low 1.6s. And just wanted to understand what the revenue or growth levers you can pull to help you close that gap? Certainly, the KPIs are improving, but just want to get a better sense as to how we can reconcile that path to GAAP profitability as well.

因此，聽到一些關於零售參與度開始改善的積極評論當然令人鼓舞，當然看到其中一些經紀指標出現一些變化。如果我考慮有關 2022 年基本面的敘述，那就是零售參與度低、NII 順風、更好的成本控制。考慮到對利率敏感的收入可以說接近頂峰，23 年全年的支出指導意味著適度增長，控制良好，但與 22 年第四季度的退出率相比仍然增長，確實感覺盈利之路是幾乎完全取決於更好的零售參與指標。我想了解，首先，如果參與度緩和，您在模型中有多少彈性來彎曲成本曲線？其次，這更細微，但根據 GAAP 盈利能力，全年的支出指導為 19.5 億美元。第一季度收入指南暗示接近 1.6s 的低點。只是想了解您可以拉動哪些收入或增長槓桿來幫助您縮小差距？當然，KPI 正在改善，但只是想更好地了解我們如何協調這條通往 GAAP 盈利能力的道路。

Yes. So the first part of your question is just what kind of levers we have on cost. 2022 marked a big shift towards getting lean and being productive. I think there's more opportunity there. I wouldn't say that there's the kind of opportunity that we were able to realize in 2022. But you should expect us to continue to find ways to be more efficient across the company and serve our customers great even while being super-efficient. We're feeling really good at the level that we're at. We think it's a good level to operate in 2023.

是的。所以你問題的第一部分就是我們在成本上有什麼樣的槓桿。 2022 年標誌著向精益化和高效化的重大轉變。我認為那裡有更多的機會。我不會說我們在 2022 年能夠實現這種機會。但你應該期待我們繼續尋找提高整個公司效率的方法，並在超高效的同時為我們的客戶提供優質服務。我們在我們所處的水平上感覺非常好。我們認為這是一個很好的水平，可以在 2023 年運營。

But that said, there's always ways to be more efficient. And I know the finance team, the engineering team and others across the company are constantly looking for ways to optimize our costs. And so I wouldn't say we're as low as we could possibly be right now. And certainly, about 1/3 of the increase in our kind of run rate costs into '23 are about pursuing new growth initiatives and growing the business, which I think kind of takes us into the second part of your question is what are we doing to drive growth? And you heard Vlad talk about all the initiatives that we rolled out last year and highlight a few of them that are starting to get some traction on a revenue basis.

但話雖如此，總有辦法提高效率。我知道整個公司的財務團隊、工程團隊和其他人都在不斷尋找優化成本的方法。所以我不會說我們現在已經盡可能低了。當然，到 23 年我們這種運行率成本增加的大約 1/3 是關於追求新的增長計劃和發展業務，我認為這有點讓我們進入你問題的第二部分，即我們在做什麼推動增長？你聽到 Vlad 談到了我們去年推出的所有舉措，並強調了其中一些在收入基礎上開始受到關注的舉措。

We want to build a portfolio of businesses and services over time that can each in its own right become like 9-figure and growing revenue contributions. Some of them will get going faster than others, but it's a long-term effort for us. And we're going to keep investing and keep planting seeds, including just by improving the experience that we're offering on our existing businesses. If you take fully paid securities lending, for example, when we initially rolled that out, we had -- in the first few months, we had an ARR run rate of about $15 million. And that's great. That's a great way to kind of get started on a new business.

隨著時間的推移，我們希望建立一個業務和服務組合，每個業務和服務都可以憑藉其自身的實力成為 9 位數的收入貢獻並不斷增長。他們中的一些人會比其他人走得更快，但這對我們來說是一項長期的努力。我們將繼續投資並繼續播種，包括改善我們在現有業務中提供的體驗。例如，如果你採取全額支付的證券貸款，當我們最初推出它時，我們有 - 在最初的幾個月裡，我們的 ARR 運行率約為 1500 萬美元。那太好了。這是開始一項新業務的好方法。

But the team didn't stop. They kept iterating. They kept finding ways to get more people to adopt, to get more efficient and better tools in the hands of our trading desk. And now we're running at a $30 million ARR. And there's a direct line between all the work and all the iteration that's been going on since launch. And so you're going to see us launch products, you're going to see us iterate on those products and just keep driving for improvement. And I think when you add all that together, it leads to revenue growth over time.

但隊伍並沒有停下腳步。他們不斷迭代。他們一直在想方設法讓更多人採用，讓我們的交易部門掌握更高效、更好的工具。現在我們的 ARR 為 3000 萬美元。所有工作和自發布以來一直在進行的所有迭代之間都有一條直線。所以你會看到我們推出產品，你會看到我們迭代這些產品並不斷推動改進。而且我認為當你將所有這些加在一起時，它會隨著時間的推移導致收入增長。

Lots of singles and doubles. Got it. If I could just squeeze in one more, just ticky-tack modeling question. You mentioned the -- or reaffirmed the dilution of 4% or less in 2023 in terms of share count. Does that contemplate any of the buybacks or planned buybacks of the FTX founder shares?

很多單打和雙打。知道了。如果我能再擠進一個棘手的建模問題。你提到了——或重申了 2023 年在股份數量方面的稀釋 4% 或更少。這是否考慮了 FTX 創始人股票的任何回購或計劃回購？

No.

不。

And is there any appetite to initiate buybacks, just given the improved EBITDA profitability that you're seeing?

鑑於您看到的 EBITDA 盈利能力有所提高，是否有啟動回購的意願？

Yes. Thanks for your question. No, it doesn't incorporate any anticipated repurchase of those Emergent Fidelity Technology shares. So a good clarification there. And in terms of kind of ongoing repurchases, at this point, we're just focused on buying the shares that we had talked about and we'll save for later. As we think about capital management, we really want to be investing in the business for growth, having flexibility to complement that organic growth through M&A and then kind of as a third option in priority order would be thinking about returning value to shareholders through things like repurchases. So nothing to announce there and nothing to signal either.

是的。謝謝你的問題。不，它不包含任何預期的 Emergent Fidelity Technology 股票回購。所以那裡有一個很好的澄清。就持續回購而言，在這一點上，我們只專注於購買我們討論過的股票，我們會留到以後再買。當我們考慮資本管理時，我們真的希望投資業務以實現增長，通過併購靈活地補充有機增長，然後作為優先順序的第三種選擇，我們會考慮通過諸如此類的方式向股東回報價值回購。所以沒有什麼可宣布的，也沒有什麼可發出信號的。

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

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

And first, congrats on the right -- quickly rightsizing the company last year. So I also want to thank you for giving all the color on the, I guess, sort of the rebound in engagement in January. And I guess 2 sort of questions. Does that include -- we saw a deleveraging in the brokerage. We saw your margin balances, not just yours, but across the industry, drop. So how are margin balances? And you gave us half the picture of the engagement. I think a lot of people are wondering how profitable these flows are from retail investors? Can you -- I don't -- could you just sort of give a qualitatively, are the capture rates of what you're making, the spreads, et cetera, that determine the payment for order flow, have they improved as well in January?

首先，祝賀右翼——去年迅速對公司進行了右翼調整。因此，我還要感謝您對 1 月份參與度的反彈給出了所有的顏色。我猜有兩種問題。這是否包括——我們看到了經紀業務的去槓桿化。我們看到你們的保證金餘額下降，不僅是你們的，而且整個行業都在下降。那麼保證金餘額如何？你給了我們訂婚的一半畫面。我想很多人都想知道這些流向散戶的利潤有多大？你能不能——我不能——你能不能給出一個定性的問題，你正在做的事情的捕獲率，點差等等，決定了訂單流的支付，它們是否也得到了改善一月？

Yes. So in terms of the margin book, we have seen it move up. I wouldn't say it was a big move up in January, but it has moved up slightly from the levels that we saw right at the end of the year. In terms of the take rate on equity PFOF, nothing has changed structurally there. It moves with kind of the mix of what our customers are buying and selling as well as the level of spreads on the things that they're buying and selling. So that's probably all the color really I have on the take rate.

是的。因此，就保證金賬簿而言，我們已經看到它上升了。我不會說這是 1 月份的大幅上漲，但它比我們在年底看到的水平略有上漲。就股權 PFOF 的收益率而言，結構上沒有任何變化。它隨著我們客戶買賣的組合以及他們買賣的東西的價差水平而變化。所以這可能就是我對接受率的所有看法。

Okay. And my 1 follow up. You've done a great job at diversifying the revenues and the new product rollout. So can you give -- just give -- I still think there's probably a few more hikes coming. So what's the sensitivity, Jason, to the next Fed rate hike?

好的。我的 1 跟進。你們在收入多元化和新產品推出方面做得很好。那麼你能給——只是給——我仍然認為可能會有更多的加息。那麼 Jason 對下一次美聯儲加息的敏感度是多少？

Yes. So what we said for next quarter is that we think interest revenues will move up about $20 million versus what we saw in Q4. We're providing a schedule in our investor presentation that kind of lays out the $18 billion of interest-earning assets. What you expect is when those rates come, that a good majority of that should flow through against those interest-earning assets, offset by anything that we pass along to our customers.

是的。因此，我們對下個季度所說的是，我們認為利息收入將比我們在第四季度看到的增加約 2000 萬美元。我們在投資者介紹中提供了一份時間表，其中列出了 180 億美元的生息資產。你期望的是，當這些利率到來時，其中大部分應該流向那些生息資產，被我們傳遞給客戶的任何東西所抵消。

And in that regard, we look primarily at the Gold cash sweep. And our rate right now is 4.15. So the take rate there relative to the Fed funds effective is roughly 50 basis points. We're giving over 400 basis points by comparison to our customers. So the vast majority of that is going to customers. And really, when we think about pricing on that, we just want to be at or near or kind of with the top of the market in comparable offerings, which we think we're doing a really good job and customers are seeing and reacting to.

在這方面，我們主要關注黃金現金清掃。我們現在的匯率是 4.15。因此，相對於聯邦基金的有效利率約為 50 個基點。與我們的客戶相比，我們給出了 400 多個基點。所以其中絕大部分都流向了客戶。實際上，當我們考慮定價時，我們只想在同類產品中處於或接近或接近市場領先水平，我們認為我們做得非常好，客戶正在看到並對此做出反應.

Our next question comes from the line of Kenneth Worthington of JPMorgan.

我們的下一個問題來自摩根大通的肯尼斯沃辛頓。

So maybe first on the Cash Card, you guys relaunched it. I wanted to follow up there. How many of your cash management customers have transitioned to the new card? And what is the number of sort of Cash Cards outstanding at this point? I think at the last quarter, it was 500,000. And then if it's possible, can you give us any insight into the Cash Card customer in terms of like average number of transactions and average size of transactions?

所以也許首先在現金卡上，你們重新啟動了它。我想跟進那裡。有多少現金管理客戶已轉換為新卡？此時未結清的現金卡種類有多少？我認為在最後一個季度，它是 500,000。然後，如果可能的話，您能否根據平均交易次數和平均交易規模向我們介紹現金卡客戶？

Ken, so this is Jason. I'll take that, and Vlad can jump in with any additional color. So it's an opt-in rather than opt-out for the cash management customers that are moving over. And so far, we've seen kind of a slow uptake in the opt-in to the Cash Card. That's something that we're looking at. We're -- I talked earlier in 1 of my responses to just iterating and improving our offering. And so we're talking to customers. We're working on optimizing the onboarding flow.

肯，這是傑森。我會接受，Vlad 可以加入任何其他顏色。因此，對於正在轉移的現金管理客戶來說，這是一種選擇加入而不是選擇退出。到目前為止，我們已經看到選擇加入現金卡的速度有點慢。這就是我們正在關注的事情。我們是——我之前在我的回應之一中談到了只是迭代和改進我們的產品。所以我們正在與客戶交談。我們正在努力優化入職流程。

And we hope to see even more customers choose to adopt the Cash Card. We're also looking at just the value proposition of the Cash Card. And over time, we'll continue to iterate on that until we get to a point that we think we've got really great product market fit. In terms of the update on the number of kind of card users, it's around 800,000. So it's up a couple hundred thousand since the last time that we shared that with you.

我們希望看到更多的客戶選擇使用現金卡。我們還關注現金卡的價值主張。隨著時間的推移，我們將繼續對此進行迭代，直到我們認為我們的產品市場契合度非常高。從持卡用戶數更新來看，在80萬左右。所以自從我們上次與您分享以來，它已經增加了幾十萬。

And then there's -- of that 800,000, there's a minority of that, that are engaging more frequently as kind of top of wallet. And that also is something that we're looking at to make sure that we just get the value proposition right for customers and get it to where the green Robinhood card just moves up to the top of the stack in our customers' wallets. So it's early and we'll continue to update you as we make progress there.

然後是 - 在這 800,000 人中，有一小部分人更頻繁地參與其中，成為錢包中的佼佼者。這也是我們正在考慮的事情，以確保我們為客戶提供正確的價值主張，並將其帶到綠色 Robinhood 卡剛好移到客戶錢包頂部的地方。所以現在還早，隨著我們在那裡取得進展，我們將繼續為您更新。

Yes. The only thing that I would add is, like we said with Stock Lending, post launch, we made a ton of improvements to the product and the funnel and we're really proud of the work that we continue to do there. With the Cash Card, it's the same story. We've got a great team on it. The road map is full. There's a lot of exciting things coming. So we're very excited about how much that product will improve in the near future.

是的。我唯一要補充的是，就像我們對 Stock Lending 所說的那樣，在發布後，我們對產品和漏斗進行了大量改進，我們為我們繼續在那裡所做的工作感到非常自豪。使用現金卡，情況相同。我們有一個很棒的團隊。路線圖已滿。有很多令人興奮的事情即將到來。因此，我們對該產品在不久的將來會有多大改進感到非常興奮。

Okay. Great. And then trading volumes have been resilient in options relative to the other asset classes. What is the experience your clients are having in options? Like can you tell, are they making money in options? Is your experience getting better over time? And if they are making money in options, why do you think the experience is better there than in equities and crypto ?

好的。偉大的。然後，相對於其他資產類別，期權的交易量一直具有彈性。您的客戶在選擇方面有什麼經驗？就像你能說的那樣，他們在期權中賺錢嗎？隨著時間的推移，您的體驗會變得更好嗎？如果他們通過期權賺錢，為什麼你認為那裡的體驗比股票和加密貨幣更好？

Well, 1 of the things we've been really looking at is the Net Promoter Score, the retention characteristics of our options product. And we've made a lot of improvements in the past year. At the beginning of 2022, the more advanced customers, the ones that were engaging in options a little bit more, were, on average, less happy with our service than the typical customer and then we were able to reverse that quite aggressively in a relatively short amount of time.

好吧，我們一直在關注的其中一件事是淨推薦值，即我們期權產品的保留特徵。在過去的一年裡，我們做了很多改進。到 2022 年初，更高級的客戶，也就是那些更多參與期權的客戶，平均而言對我們的服務的滿意度低於普通客戶，然後我們能夠以相對積極的方式扭轉這種局面很短的時間。

And that's through things like options and cash accounts; better customer support, including 24/7 live chat, which launched a couple of months ago; advanced charts and more tools there. And we continue to roll out awesome, innovative options features with a lot more coming this year. So really, the options team has been firing on all cylinders. We're really happy with kind of our relative market share, especially in the light of overall sort of decline in volumes industry-wide.

這是通過期權和現金賬戶等方式實現的；更好的客戶支持，包括幾個月前推出的 24/7 實時聊天；那裡有高級圖表和更多工具。我們將繼續推出令人驚嘆的創新選項功能，今年還將推出更多功能。所以真的，選項團隊一直在全力以赴。我們對我們的相對市場份額感到非常滿意，特別是考慮到整個行業的整體銷量下降。

And I think there's a lot more to do. But a lot of it comes down to just us relentlessly improving the product. And I'm very proud of the work the team has done there.

我認為還有很多事情要做。但很多都歸結為我們不懈地改進產品。我為團隊在那裡所做的工作感到非常自豪。

And it's been, as you know, Ken, just a really challenging macro environment, not just for our customers, but for all market participants, frankly, over the last year or so. And that's one of the reasons why we're really excited about being able to offer over 4% yield on the Gold cash sweep program, introducing Retirement, which is going to help customers just kind of systematically, dollar cost average over a long period of time to reach their goals. And so really, you're going to see Robinhood evolve its platform so that no matter how customers want to trade, Robinhood will be the place to do it. And so it's a long-term strategy for us, but we're making progress there.

正如你所知，Ken，在過去一年左右的時間裡，坦率地說，這是一個非常具有挑戰性的宏觀環境，不僅對我們的客戶而言，而且對所有市場參與者而言。這就是為什麼我們對能夠在黃金現金清掃計劃中提供超過 4% 的收益率感到非常興奮，引入退休計劃，這將在很長一段時間內系統地幫助客戶，平均美元成本是時候達到他們的目標了。因此，實際上，您將看到 Robinhood 改進其平台，以便無論客戶想要如何交易，Robinhood 都將是進行交易的地方。所以這對我們來說是一個長期戰略，但我們正在那裡取得進展。

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

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Maybe just coming back to your earlier point around innovating for advanced customers. I was hoping you could maybe elaborate a bit on what additional functionality could be helpful that's not offered today? And to that point, we've seen tremendous growth in index options, including some of the smaller-sized index options contracts yet. I do not believe they're available on the Robinhood -- for Robinhood customers.

也許只是回到你之前關於為高級客戶創新的觀點。我希望您可以詳細說明哪些附加功能今天沒有提供，可能會有幫助？到那時，我們已經看到指數期權的巨大增長，包括一些規模較小的指數期權合約。我不相信它們在 Robinhood 上可用 - 對於 Robinhood 客戶。

So just curious how you think about the opportunity there? What hurdles could there be for adding index options? I understand they're a bit different in that they're cash settled as opposed to net share settled. So how much of a platform build would that required? And how does that stack up on the priorities for Robinhood here in '23?

所以很好奇你如何看待那裡的機會？添加指數期權會遇到什麼障礙？我知道它們有點不同，因為它們是現金結算的，而不是淨股份結算的。那麼這需要多少平台構建？這與 Robinhood 在 23 年的優先事項有何關係？

Thanks for the question. I'll field that one. I don't want to let the cat out of the bag too early. I think we've got some really exciting things in store. Certainly, we're looking at new assets and new features. And JB and Steve Quirk, awesome team. They're putting a great team together. They care a lot about advanced customers. They've really done wonderful things in the past with thinkorswim at TD, which really innovated for advanced customers. And I think we've got another year we can go here at Robinhood, so stay tuned.

謝謝你的問題。我會派那個。我不想讓貓太早從袋子裡出來。我認為我們有一些非常令人興奮的東西。當然，我們正在研究新資產和新功能。還有 JB 和 Steve Quirk，很棒的團隊。他們正在組建一支優秀的團隊。他們非常關心高級客戶。過去，他們在 TD 的 thinkorswim 上確實做出了很棒的事情，這確實為高級客戶帶來了創新。而且我認為我們還有一年可以在 Robinhood 來這裡，敬請期待。

Any comment on the index option side? Is that something you guys are interested in or not of interest to your customer set?

對指數期權方面有何評論？你們的客戶群對此感興趣還是不感興趣？

I think index options are interesting. Again, I shouldn't comment on any specific assets, but we're certainly looking at everything.

我認為指數期權很有趣。同樣，我不應該對任何特定資產發表評論，但我們肯定會關注所有內容。

Great. If I could just ask a follow-up question on the expense side. You guys have made tremendous progress bringing down the pace of expenses. If I just look at '23, it looks like the guidance is a little bit of a growth relative to the fourth quarter run rate. So I was just hoping maybe you could unpack some of the moving pieces that are driving expense growth from fourth quarter levels. And maybe you can comment on the headcount growth, inflationary pressures, how that's all impacting it versus investment spend?

偉大的。如果我能問一個關於費用方面的後續問題。你們在降低支出速度方面取得了巨大進步。如果我只看 23 年，看起來指導相對於第四季度的運行率有點增長。所以我只是希望也許你可以解開一些推動費用從第四季度水平增長的因素。也許你可以評論員工人數增長、通脹壓力，以及這對投資支出有何影響？

Yes. So very, very modest headcount growth. We had a number of open positions at the end of the year. We're planning to fill those and then very, very modest incremental growth on top of that, primarily for funding investments in growth. If you think about the run rate for Q4, excluding share-based compensation, that gets you to roughly $1.3 billion. And then our guidance was $1.42 billion to $1.48 billion for the year.

是的。所以非常非常適度的員工人數增長。我們在年底有一些空缺職位。我們計劃填補這些，然後在此基礎上進行非常非常適度的增量增長，主要用於為增長投資提供資金。如果你考慮第四季度的運行率，不包括基於股票的薪酬，那麼你將達到大約 13 億美元。然後我們今年的指導是 14.2 億美元到 14.8 億美元。

So to unpack that a bit, there's really 3 categories of incremental growth versus the run rate from the fourth quarter. Each of them represent roughly 1/3, so 1/3, 1/3 and 1/3 for the following categories. The first is just kind of, first, you got to normalize Q4 spend for things like seasonality as well as we're assuming that we fully fund our company's bonus program in 2023, whereas we're paying much less than fully funded in 2022, given the macro environment and how the year went for us.

因此，要稍微解釋一下，與第四季度的運行率相比，實際上有 3 類增量增長。它們每個大約代表 1/3，因此以下類別分別為 1/3、1/3 和 1/3。首先是，首先，你必須將第四季度的支出正常化，比如季節性，我們假設我們在 2023 年為公司的獎金計劃提供了全部資金，而我們在 2022 年支付的費用遠低於完全資助，考慮到宏觀環境以及這一年對我們的影響。

And so you kind of -- if you take seasonality and that bonus effect, that's roughly 1/3 of the incremental off of Q4's run rate. The second is just existing business growth, continuing to deliver and improve on the existing products that we have. It includes things like merit increases for employee compensation that happens regularly on an annual basis. Pull-through of expenses that started kind of late in the year and you get the full year effect.

所以你有點——如果你考慮季節性和額外的影響，那大約是第四季度運行率增量的 1/3。第二個是現有業務增長，繼續交付和改進我們現有的產品。它包括每年定期發生的員工薪酬加薪等事情。在今年晚些時候開始的費用的拉動，你會得到全年的影響。

And then the third category also, as I mentioned, roughly 1/3 of the incremental is just investing for new business growth. And so that really bridges the baseline to the guidance.

然後第三類，正如我提到的，大約 1/3 的增量只是投資於新的業務增長。因此，這確實將基線與指南聯繫起來。

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

我們的下一個問題來自巴克萊銀行的 Benjamin Budish。

I wanted to ask about the U.K. launch. I understand that it's -- the target is for the end of the year, but we sort of understood that Ziglu was expected to be a little bit of a launching off point and with that deal no longer happening, if you could share any thoughts on kind of your go-to-market strategy? Are you thinking about leading more with the Robinhood Wallet? And kind of how do you think about the competitive environment over there?

我想問一下英國的發射情況。我知道它是 - 目標是在今年年底，但我們有點理解 Ziglu 預計將成為一個啟動點並且該交易不再發生，如果你能分享任何想法你的上市策略是什麼？您是否正在考慮使用 Robinhood Wallet 引領更多潮流？您如何看待那裡的競爭環境？

Yes. Happy to field that. So the Robinhood Wallet is global by default. It's a self-custodial, Web3 wallet that offers trading and swapping with no network fees. So that, we're very excited about. A separate app from the main Robinhood app, which offers brokerage services. And the goal for this year will be getting brokerage services live in the U.K. by the end of the year.

是的。很高興能做到這一點。所以 Robinhood 錢包默認是全球性的。這是一個自我託管的 Web3 錢包，提供交易和交換而無需網絡費用。因此，我們非常興奮。與提供經紀服務的主要 Robinhood 應用程序不同的應用程序。今年的目標是在年底前在英國推出經紀服務。

Okay. Great. If I could sneak one in as well. Just on your net interest revenue, you beat your own kind of guidance pretty nicely in the quarter. I guess where were you sort of the most surprised? And if we're thinking about the first quarter, where would you expect the -- if there were a similar outperformance, where would you think that would be most likely to come from?

好的。偉大的。如果我也能偷偷進來一個就好了。僅就您的淨利息收入而言，您在本季度就很好地超過了自己的指導。我想你最驚訝的地方在哪裡？如果我們正在考慮第一季度，你會在哪裡預期 - 如果有類似的表現，你認為這最有可能來自哪裡？

Thanks. I don't want to predict where the outperformance might come in the following quarter. Certainly, it's sensitive to the interest-earning assets that we carry. Movements in things like the margin book could definitely be a lever, outperformance in the securities lending would be another area that, that might surprise. In Q4, we did outperform our expectations. That owed mostly to just nice asset growth and a little bit better on deposit betas than we had forecast into the model.

謝謝。我不想預測下個季度的出色表現。當然，它對我們持有的生息資產敏感。保證金賬簿等方面的變動絕對可以成為一個槓桿，證券借貸的出色表現將是另一個可能令人驚訝的領域。在第四季度，我們確實超出了我們的預期。這主要歸功於良好的資產增長和比我們預測的模型更好的存款貝塔值。

Our next question comes from the line of Alex Markgraff of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Alex Markgraff。

A couple of questions. I just wanted to jump back to, I guess first, Robinhood Wallet. Just wanted to understand how you feel about the completeness of the offering at this point and kind of parity versus global peers on the Wallet side? And then just any sort of planned marketing initiatives in international markets for '23 to keep in mind?

幾個問題。我想首先回到 Robinhood 錢包。只是想了解您對目前產品的完整性以及錢包方面與全球同行的平價感覺如何？然後，要記住 23 世紀在國際市場上的任何計劃營銷活動？

Yes. On the Wallet side, I think the core functionality is in place and we're getting great feedback from customers. There are a bunch of things that we're looking to add to make it even better. And the road map for that team is pretty full and they've been executing pretty relentlessly. So kudos to the Wallet team for that. And then -- I'm sorry, you had a question about international beyond that?

是的。在錢包方面，我認為核心功能已經到位，我們從客戶那裡得到了很好的反饋。我們希望添加一些東西來讓它變得更好。該團隊的路線圖非常完整，他們一直在不懈地執行。因此，感謝錢包團隊。然後-- 抱歉，除此之外你還有關於國際的問題？

International marketing.

國際營銷。

Marketing, yes. It's really early for us. Of course, we're open to doing marketing in the future. But right now, we're focused on rolling out the product and getting as much feedback from the users on the wait list as possible.

營銷，是的。對我們來說真的太早了。當然，我們對未來做營銷持開放態度。但現在，我們專注於推出產品並從等待名單上的用戶那裡獲得盡可能多的反饋。

Awesome. And then just on U.K. brokerage, I guess maybe just to expand on the earlier question. I mean what are some kind of key operational mileposts that we should be thinking of as you look to launch that by year-end?

驚人的。然後就英國經紀業務而言，我想也許只是為了擴展之前的問題。我的意思是，當您希望在年底前推出時，我們應該考慮哪些關鍵的運營里程碑？

Yes. It's mainly just making sure the technology is in really good shape and we adhere to all the different requirements for the U.K. market, making the experience seamless with the ForEx money conversions and things like that, and talking to customers and making sure that we do any U.K.-specific adaptations that we think will make the product as useful as possible for them.

是的。這主要只是確保技術處於真正良好的狀態，我們遵守英國市場的所有不同要求，使體驗與 ForEx 貨幣轉換和類似的事情無縫銜接，並與客戶交談並確保我們做任何事情我們認為英國特有的改編將使產品對他們盡可能有用。

But we think we have a great foundation. We've made really big improvements in our infrastructure and technology over the past couple of years. So scaling, we don't anticipate will be a problem. It's more about just getting the user experience and getting everything set up there.

但我們認為我們有一個很好的基礎。在過去的幾年裡，我們在基礎設施和技術方面取得了很大的進步。因此，我們預計擴展不會成為問題。它更多的是關於獲得用戶體驗並在那裡設置所有內容。

So this is Jason. We're hearing from our PR team that 1 of the news outlets is incorrectly reporting that Robinhood is effecting a split on our stock. I just want to be super clear that, that is not any plan that we have. It's not factually accurate. And so for all those listening, if you can spread the correct news, that would be fantastic. Thank you.

所以這是傑森。我們從我們的公關團隊那裡得知，其中一家新聞媒體錯誤地報導了 Robinhood 正在對我們的股票進行拆分。我只想非常清楚，這不是我們的任何計劃。它實際上並不准確。所以對於所有聽眾來說，如果你能傳播正確的消息，那就太好了。謝謝。

We don't have any more questions. I would now like to turn the conference back to Vlad Tenev for closing remarks.

我們沒有更多問題了。我現在想把會議轉回 Vlad Tenev 作閉幕詞。

Thank you, everyone. Really appreciate the questions and we will see you all next quarter. Some of you sooner.

謝謝大家。非常感謝您提出問題，我們下個季度再見。你們中的一些人更早。

Thanks, everyone.

感謝大家。

Thank you. This concludes today's conference call. Please disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時請斷開您的線路。