Robinhood Markets Inc (HOOD) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Robinhood First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Robinhood 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Chris Koegel, Vice President of Investor Relations for Robinhood. Please go ahead.

我現在想把會議交給今天的演講者，Robinhood 投資者關係副總裁 Chris Koegel。請繼續。

Thank you, Liz, and thank you, everyone, for joining Robinhood's first quarter earnings call. With us today are CEO and Co-Founder Vlad Tenev; and CFO, Jason Warnick.

謝謝 Liz，也謝謝大家參加 Robinhood 第一季度的財報電話會議。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。

Before getting started, I want to remind you that today's call will contain forward-looking statements. 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 the press release we issued today. The earnings presentation on our Investor Relations website at investors.robinhood.com or Form 10-Q filed this afternoon and in our other SEC filings.

在開始之前，我想提醒您，今天的電話會議將包含前瞻性陳述。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中描述了可能導致差異的潛在風險因素，包括我們繼續監控的監管發展。在我們的投資者關係網站 investors.robinhood.com 或今天下午提交的 10-Q 表格以及我們向美國證券交易委員會提交的其他文件中的收益介紹。

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.

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 us today. We had a strong quarter.

感謝克里斯的介紹，感謝大家今天加入我們。我們有一個強勁的季度。

I want to call out 3 things that I'm especially proud of. First, our product velocity continued to accelerate with several innovative products delivered to customers, and we're not slowing down. We're enabling 24 Hour individual stock trading for customers by launching 24 Hour Market next week.

我想說出我特別引以為豪的三件事。首先，我們的產品速度繼續加快，向客戶交付了幾款創新產品，而且我們並沒有放慢腳步。我們將在下週推出 24 小時市場，為客戶提供 24 小時個股交易服務。

Second, we're continuing to see significant growth from the new products we launched last year. And third, in the face of uncertainty in the banking sector, we're continuing to see strong net deposits and improving customer satisfaction. All this is leading to financial results that keep getting better as we move closer to GAAP profitability. I'm excited to tell you about all this.

其次，我們繼續看到去年推出的新產品的顯著增長。第三，面對銀行業的不確定性，我們繼續看到強勁的淨存款和提高的客戶滿意度。隨著我們接近 GAAP 盈利能力，所有這些都導致財務業績不斷好轉。我很高興告訴你這一切。

So let's start with our business results. In Q1, customer assets under custody were up 26% sequentially to $78 billion, driven by rebounding stock and crypto evaluations as well as continuing net deposits. If we look at net deposits, we saw $1.5 billion in March and $4.4 billion for all of Q1, which translates to a 29% annualized growth rate. And perhaps most importantly, all the new products and features we've launched in the past year are continuing to drive higher customer satisfaction, with Q1 Net Promoter Scores improving more than 20 points from a year ago.

因此，讓我們從我們的業務成果開始。在第一季度，受股票和加密評估反彈以及持續的淨存款推動，客戶託管資產環比增長 26% 至 780 億美元。如果我們看淨存款，我們看到 3 月份為 15 億美元，整個第一季度為 44 億美元，這意味著年化增長率為 29%。也許最重要的是，我們在過去一年推出的所有新產品和功能都在繼續推動更高的客戶滿意度，第一季度淨推薦值比一年前提高了 20 多分。

Now if you look at financial results, Q1, we grew total net revenues by 16% from Q4. And by keeping our costs lean, we drove nice operating leverage in our business with adjusted EBITDA up 40% sequentially. I'd also highlight that 2 new products I mentioned last quarter continue to accelerate: Stock Lending and Instant Withdrawals.

現在，如果你看一下第一季度的財務業績，我們的總淨收入比第四季度增長了 16%。通過保持精簡成本，我們在業務中推動了良好的運營槓桿，調整後的 EBITDA 環比增長了 40%。我還要強調的是，我上個季度提到的 2 種新產品繼續加速發展：股票借貸和即時提款。

Each of these had Q1 annualized revenues that grew 30% to 50%, 50% above their January levels. If you combine the Q1 revenue from these 2 products, it's approaching the size of our equity trading business. And that's very exciting, and I'm incredibly proud of how well the team is executing.

其中每家公司第一季度的年化收入都增長了 30% 至 50%，比 1 月份的水平高出 50%。如果將這兩種產品的第一季度收入結合起來，就會接近我們股票交易業務的規模。這非常令人興奮，我為團隊的執行力感到無比自豪。

Now let's turn to our 2023 road map. Since we launched over 8 years ago, Robinhood has introduced several innovations that have become industry standard today. Mobile trading, seamless digital onboarding, 0 commissions and no-account minimums and fractional shares. With these innovations, we've disrupted the U.S. brokerage market and grown our business.

現在讓我們來看看我們的 2023 年路線圖。自 8 多年前推出以來，Robinhood 推出了幾項創新，這些創新如今已成為行業標準。移動交易、無縫數字入職、0 佣金和無賬戶最低限額和零星股份。通過這些創新，我們顛覆了美國經紀市場並發展了我們的業務。

We're now broadening our offering to include areas like retirement, advisory and payments, and we're expanding outside the U.S. This is not only good for customers, but it also expands our addressable market. And as you know, we've organized our 2023 road map into 3 areas: deepening relationships with our customers, innovating for our active traders, and launching new growth opportunities.

我們現在正在擴大我們的產品範圍，包括退休、諮詢和支付等領域，並且我們正在向美國以外的地區擴張。這不僅對客戶有利，而且還擴大了我們的目標市場。如您所知，我們將 2023 年路線圖分為 3 個領域：深化與客戶的關係、為我們的活躍交易者進行創新以及開啟新的增長機會。

Let me talk about how we're deepening our relationships with our more than 23 million existing customers. Our goal is to serve the entirety of our customers' critical financial needs. We started with trade and investing. And more recently, we've launched spending, saving and retirement products. We track our progress here by looking at net deposits and ARPU.

讓我談談我們如何加深與超過 2300 萬現有客戶的關係。我們的目標是滿足客戶的全部關鍵財務需求。我們從貿易和投資開始。最近，我們推出了消費、儲蓄和退休產品。我們通過查看淨存款和 ARPU 來跟踪我們的進展。

In Q1, net deposits grew at a 29% annualized growth rate and ARPU increased to $77, the highest level since 2021. Our focus has been on helping customers save and invest their long-term money. In January, we launched Robinhood Retirement, the first IRA with a 1% match, no employer necessary. We've continued to enhance the product. Customers have already invested over $0.5 billion into their IRAs. It's great to see this early customer response. Team's road map is full, and we think retirement has a ton of growth potential.

第一季度，淨存款以 29% 的年化增長率增長，ARPU 增至 77 美元，為 2021 年以來的最高水平。我們的重點一直是幫助客戶儲蓄和投資他們的長期資金。 1 月，我們推出了 Robinhood Retirement，這是第一個匹配率為 1% 的 IRA，無需雇主。我們一直在改進產品。客戶已經向他們的 IRA 投資了超過 5 億美元。很高興看到這種早期的客戶反應。團隊的路線圖很完整，我們認為退休有很大的增長潛力。

We also love what we're seeing in Robinhood Gold. At the end of Q1, Gold subscribers continue to increase up to $1.2 million and Gold cash sweep balances were up to $8 billion. Our Gold yield is now 4.65%, and we're offering up to $2 million in FDIC insurance starting June 1. We see a big opportunity here to provide differentiated value to customers, and we're working hard to get the word out even more, including by launching a new marketing campaign across multiple channels. You may have seen our TV ads during the NBA playoffs.

我們也喜歡我們在 Robinhood Gold 中看到的內容。在第一季度末，黃金用戶繼續增加至 120 萬美元，黃金現金清算餘額高達 80 億美元。我們的黃金收益率現在為 4.65%，我們將從 6 月 1 日開始提供高達 200 萬美元的 FDIC 保險。我們在這裡看到了為客戶提供差異化價值的巨大機會，我們正在努力宣傳更多，包括通過跨多個渠道發起新的營銷活動。您可能在 NBA 季后賽期間看過我們的電視廣告。

What we've seen from Gold in the past 6 months gives us a lot of confidence to increase our investment. And we're looking forward to unveiling some new Gold features in the coming months that provide our Gold customers even more differentiated value.

我們在過去 6 個月從黃金中看到的情況給了我們很大的信心來增加我們的投資。我們期待在未來幾個月推出一些新的 Gold 功能，為我們的 Gold 客戶提供更多差異化的價值。

Finally, we're going to deepen relationships with our customers even more by taking our first steps in advisory. Our goal is to provide a personalized advisory experience much like what high net worth individuals have traditionally received from human advisers, but at a much lower price point by using technology. We believe this can help a lot of people who want access to advice, but have been deterred by the traditional 1% annual fee. We're excited to share more with you later this year.

最後，我們將通過在諮詢方面邁出第一步，進一步加深與客戶的關係。我們的目標是提供個性化的諮詢體驗，就像高淨值人士傳統上從人類顧問那裡獲得的一樣，但通過使用技術以低得多的價格提供。我們相信這可以幫助很多想要獲得建議但被傳統的 1% 年費嚇退的人。我們很高興在今年晚些時候與您分享更多信息。

Now let's discuss active traders. Over the past year, our work on options including advanced charts, cash accounts and strategy builder helped drive Q1 option contract volumes up 16%, and Q1 Active Trader NPS up over 30 points year-over-year. We feel like we're on a good trajectory with options, and we have now turned our focus to our core equities offering.

現在讓我們討論活躍的交易者。在過去的一年裡，我們在高級圖表、現金賬戶和策略構建器等期權方面的工作幫助推動第一季度期權合約交易量增長 16%，第一季度活躍交易者 NPS 同比增長超過 30 個百分點。我們覺得我們在選擇方面處於良好的軌道上，現在我們已將重點轉向我們的核心股票發行。

In April, we started rolling out Stock Screeners a powerful research tool with a simple and beautiful user experience our customers have come to expect from Robinhood. We really love what we've built here, and we're excited to get it into more of our customers' hands.

4 月，我們開始推出 Stock Screeners，這是一款功能強大的研究工具，具有我們的客戶對 Robinhood 所期望的簡單而美觀的用戶體驗。我們真的很喜歡我們在這裡建造的東西，我們很高興能將它交到更多客戶手中。

And just ahead of this call, we announced the launch of 24 Hour Market, which will make us the first U.S. retail brokerage to offer 24/5 trading of single-name stocks. This is an exciting upgrade to our stock trading product. It allows our customers to better manage their risk and take advantage of opportunities, no matter what time of day they arise. We're starting with over 40 well-known stocks in ETFs and plan to expand from there.

就在這次電話會議之前，我們宣布推出 24 小時市場，這將使我們成為美國第一家提供 24/5 單一名稱股票交易的零售經紀公司。這是對我們股票交易產品的一次激動人心的升級。它使我們的客戶能夠更好地管理他們的風險並利用機會，無論他們在一天中的什麼時間出現。我們從 40 多只著名的 ETF 股票開始，併計劃從那裡擴展。

And as we look ahead, we're also working to add a broader selection of assets to Robinhood. In March, we applied for a futures commission merchant license. Pending regulatory approval, we hope to launch futures trading around the end of this year. There's so much more to build for our active traders, and we're excited to continue to innovate for them.

展望未來，我們還在努力為 Robinhood 添加更廣泛的資產選擇。 3月，我們申請了期貨佣金商牌照。在等待監管部門批准之前，我們希望在今年年底左右推出期貨交易。為我們的活躍交易者打造的還有很多，我們很高興能繼續為他們創新。

The third part of our 2023 road map is exploring new growth opportunities to broaden the scope and geographical reach of our products, so we can add more customers and increase our revenues over time.

我們 2023 年路線圖的第三部分是探索新的增長機會，以擴大我們產品的範圍和地理範圍，這樣我們就可以隨著時間的推移增加更多客戶並增加收入。

In Q1, we rolled out our noncustodial Robinhood Wallet, which customers have downloaded in over 130 countries around the world. Customers love having total control of their crypto and NFTs as well as the no gas fees for coin swaps on the Polygon chain. There's a lot more to build here, and we're encouraged by the early user feedback.

在第一季度，我們推出了非託管 Robinhood 錢包，全球 130 多個國家/地區的客戶都下載了該錢包。客戶喜歡完全控制他們的加密貨幣和 NFT，以及 Polygon 鏈上硬幣交換的無汽油費。這裡還有很多東西要構建，我們對早期用戶的反饋感到鼓舞。

As we brought Robinhood Wallet to market, we found that one of the biggest problems was that the fiat-to-crypto on-ramp solutions available in market were too cumbersome and expensive to use. So we built our own that we're calling Robinhood Connect, and it leverages the multiple payment rails and robust trading infrastructure we've developed at Robinhood.

當我們將 Robinhood Wallet 推向市場時，我們發現最大的問題之一是市場上可用的法幣到加密貨幣入口解決方案使用起來過於繁瑣且昂貴。因此，我們構建了自己的 Robinhood Connect，它利用了我們在 Robinhood 開發的多種支付渠道和強大的交易基礎設施。

2 weeks ago at consensus, our Crypto GM, Johann Kerbrat announced that we're offering Robinhood Connect to third-party developers. We're pleased by the early response we've seen and believe we're well positioned to take market share versus early entrants.

兩週前，我們的 Crypto 總經理 Johann Kerbrat 一致宣布，我們將向第三方開發者提供 Robinhood Connect。我們對我們看到的早期反應感到高興，並相信我們有能力與早期進入者搶占市場份額。

Finally, we're making progress towards our ambitious goal of launching brokerage operations in the U.K. by the end of the year. We have an existing license in place, a brand that resonates and experienced leaders running the effort. So we're excited to launch and start driving innovation in the U.S. market -- in the U.K. market like we've done in the U.S. over the past 8 years. We're really excited about the road map ahead of us, and there's so much to do.

最後，我們正在朝著年底前在英國推出經紀業務這一雄心勃勃的目標取得進展。我們有一個現有的許可證，一個能引起共鳴和經驗豐富的領導者的品牌。因此，我們很高興在美國市場推出並開始推動創新——在英國市場，就像我們過去 8 年來在美國所做的那樣。我們對擺在我們面前的路線圖感到非常興奮，還有很多事情要做。

With that, I'll turn the call over to Jason.

有了這個，我會把電話轉給傑森。

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

謝謝，弗拉德。今天很高興和大家交流。

In the first quarter, we stayed focused on serving customers, growing our business and driving long-term shareholder value. Our team continued to execute on our product road map, scale products we launched over the past year, and drive adjusted EBITDA higher.

第一季度，我們繼續專注於服務客戶、發展業務和推動長期股東價值。我們的團隊繼續執行我們的產品路線圖，擴大我們在過去一年推出的產品，並推動調整後的 EBITDA 更高。

As I look back over the past year, I'm incredibly proud of how our team executed to transform the financial profile of our business. While a year ago, we had our lowest quarter of adjusted EBITDA, in Q1, we matched our all-time high. We grew revenues for 4 quarters in a row, while getting to a leaner operating model.

當我回顧過去一年時，我為我們的團隊如何執行以改變我們業務的財務狀況而感到無比自豪。一年前，我們的調整後 EBITDA 季度最低，而在第一季度，我們達到了歷史最高水平。我們連續 4 個季度實現收入增長，同時採用更精簡的運營模式。

As a result, our Q1 adjusted EBITDA of $115 million is up over $250 million from a year ago. On an annualized run rate basis, that's an increase of more than $1 billion, and our Q1 adjusted EBITDA margin of 26% was an all-time high. And we aren't stopping here, we are committed to becoming profitable on a GAAP basis, and we're making good progress on that front.

因此，我們第一季度調整後的 EBITDA 為 1.15 億美元，比一年前增加了 2.5 億美元。按年率計算，增幅超過 10 億美元，我們第一季度調整後的 EBITDA 利潤率為 26%，創歷史新高。我們並沒有就此止步，我們致力於在 GAAP 基礎上實現盈利，並且我們在這方面取得了良好進展。

Looking at our Q1 GAAP results. EPS was negative $0.57. This included a onetime noncash charge from our founders, who canceled their 2021 equity awards that significantly reduces our SBC quarterly run rate going forward. EPS prior to the 2021 founder reward cancellation was negative $0.03, so we're getting much closer to GAAP profitability.

看看我們第一季度的公認會計原則結果。每股收益為負 0.57 美元。這包括我們創始人的一次性非現金費用，他們取消了 2021 年的股權獎勵，這大大降低了我們 SBC 未來的季度運行率。 2021 年創始人獎勵取消之前的每股收益為負 0.03 美元，因此我們越來越接近 GAAP 盈利能力。

Now let's look at our first quarter business results. Customer assets under custody increased 26% sequentially in Q1 to $78 billion, as growth stock and crypto valuations rebounded, and customers continue to deposit money into Robinhood.

現在讓我們來看看我們第一季度的經營業績。隨著成長型股票和加密貨幣估值反彈，以及客戶繼續將資金存入 Robinhood，第一季度客戶託管資產環比增長 26% 至 780 億美元。

Looking at net deposits, they were $4.4 billion in Q1, which translates to a 29% annualized growth rate relative to Q4 AUC. These resilient customer net deposits position us really well for continued asset growth as markets rise over time.

從淨存款來看，第一季度為 44 億美元，相對於第四季度 AUC 的年化增長率為 29%。隨著市場隨時間的推移，這些有彈性的客戶淨存款使我們的資產持續增長非常有利。

Turning to net funded accounts, which represent unique users on our platform, they increased by 120,000 in Q1 to 23.1 million. Additionally, we now have over 250,000 retirement accounts that already have an average balance of over $2,000. The vast majority of these retirement accounts were funded by existing customers, who are significantly increasing their average AUC at Robinhood by making these IRA contributions.

轉向代表我們平台上唯一用戶的淨資金賬戶，他們在第一季度增加了 120,000 個，達到 2310 萬個。此外，我們現在擁有超過 250,000 個平均餘額已超過 2,000 美元的退休賬戶。這些退休賬戶中的絕大多數是由現有客戶提供資金的，他們通過這些 IRA 供款顯著增加了他們在 Robinhood 的平均 AUC。

We're continuing to work on new disclosures to highlight progress like this as we deepen our relationships with customers. As for monthly active users, they were 11.8 million at the end of Q1, up from 11.4 million a quarter ago.

隨著我們加深與客戶的關係，我們將繼續致力於新的披露，以突出此類進展。至於月活躍用戶，一季度末為 1180 萬，高於一季度前的 1140 萬。

Now let's review Q1 revenues. Total net revenues were $441 million, a 16% increase from Q4 as transaction and net interest revenues increased during the quarter. Q1 ARPU was $77, up from $66 last quarter and the highest level since 2021. Transaction-based revenues were $207 million in Q1, up 11% sequentially. Equity and options volumes picked up from Q4 and crypto volumes were in line with Q4.

現在讓我們回顧一下第一季度的收入。總淨收入為 4.41 億美元，比第四季度增長 16%，因為本季度交易和淨利息收入增加。第一季度 ARPU 為 77 美元，高於上一季度的 66 美元，是 2021 年以來的最高水平。第一季度基於交易的收入為 2.07 億美元，環比增長 11%。股票和期權交易量從第四季度回升，加密貨幣交易量與第四季度持平。

Moving to net interest revenues. They were $208 million in Q1, up 25% sequentially. The increase was driven by higher securities lending activity, cash sweep balances and short-term interest rates versus Q4 levels, partially offset by lower average margin balances. Q1 interest-earning assets were $22 billion, up 21% or $4 million sequentially, primarily driven by Gold customers continuing to bring more deposits to Robinhood.

轉向淨利息收入。第一季度為 2.08 億美元，環比增長 25%。增加的原因是證券借貸活動、現金清算餘額和短期利率高於第四季度水平，部分被較低的平均保證金餘額所抵消。第一季度生息資產為 220 億美元，環比增長 21% 或 400 萬美元，這主要是由於黃金客戶繼續為 Robinhood 帶來更多存款。

Looking ahead, we anticipate Q2 net interest revenues will be up roughly $15 million from Q1. This outlook assumes the Q1 level of securities lending revenue and today's levels of balances, deposit rates and Fed fund rates. Of course, our Q2 results could be higher or lower depending on how the quarter plays out.

展望未來，我們預計第二季度的淨利息收入將比第一季度增加約 1500 萬美元。這一前景假設了第一季度的證券借貸收入水平以及今天的餘額、存款利率和聯邦基金利率水平。當然，我們的第二季度業績可能會更高或更低，具體取決於該季度的表現。

Moving on to other revenues. They were $26 million in Q1, roughly flat from Q4. Gold subscribers increased for the second quarter in a row to 1.2 million, up about 40,000 sequentially. We love that more customers are benefiting from Gold, and this is also good news for our revenues.

轉向其他收入。第一季度為 2600 萬美元，與第四季度大致持平。黃金用戶連續第二個季度增加到 120 萬，比上一季度增加了約 40,000。我們很高興有更多的客戶從 Gold 中受益，這對我們的收入來說也是個好消息。

Gold subscribers have ARPU that is multiples of our average customer, as they bring more assets and use more of our services. This is also true for newer cohorts that joined to take advantage of our high yield offer. This gives us a lot of confidence to keep investing in the Gold value proposition.

黃金用戶的 ARPU 是我們普通客戶的數倍，因為他們帶來了更多資產並使用了更多我們的服務。對於加入以利用我們的高收益優惠的新群體來說也是如此。這使我們有很大的信心繼續投資黃金價值主張。

Looking ahead, as you know, Q2 is proxy season, which drives a seasonal increase in other revenue, and our Say Technologies team is managing Robinhood's proxy services this year. Because of this, we continue to expect a sequential increase of around $30 million for other revenues in Q2, with Q3 returning to roughly Q1 levels.

展望未來，如您所知，第二季度是代理季，這推動了其他收入的季節性增長，我們的 Say Technologies 團隊今年正在管理 Robinhood 的代理服務。因此，我們繼續預計第二季度其他收入將環比增長約 3000 萬美元，第三季度將恢復到與第一季度大致相同的水平。

I also wanted to note that with April being tax month, it's typical across the brokerage industry to see lower net deposits and trading. For us, it was great to see customers add another $1.4 billion of net deposits in April, in line with our Q1 average. This drove cash sweep balances to a new high of $10 billion earlier this week.

我還想指出，由於 4 月是納稅月，整個經紀行業通常會看到較低的淨存款和交易。對我們來說，很高興看到客戶在 4 月份又增加了 14 億美元的淨存款，這與我們第一季度的平均水平一致。這使得本週早些時候的現金清算餘額達到 100 億美元的新高。

For MAUs, they declined about 3% in April. And for trading, while options and equities were off 17% and 27%, respectively, versus the Q1 monthly average, crypto volumes were in line with Q1. We hope this color is helpful ahead of providing our monthly metrics next week.

對於 MAU，它們在 4 月份下降了約 3%。在交易方面，雖然期權和股票分別較第一季度月平均水平下跌 17% 和 27%，但加密交易量與第一季度持平。我們希望這種顏色在下週提供我們的月度指標之前有所幫助。

Now let's review Q1 expenses. At a high level, we really like the operating leverage we're generating as we stay disciplined on expenses. One measure we track is annualized revenue per employee. In Q1, it was $760,000, which is more than double from a year ago. It was also great to see Q1 adjusted EBITDA grew 40% from Q4, more than twice as fast as total net revenue growth.

現在讓我們回顧一下第一季度的費用。在高層次上，我們真的很喜歡我們在支出方面保持紀律的運營槓桿。我們跟踪的一項指標是每名員工的年化收入。第一季度為 760,000 美元，是一年前的兩倍多。我們也很高興看到第一季度調整後的 EBITDA 比第四季度增長了 40%，是總淨收入增長速度的兩倍多。

Looking more closely at our costs, let's first review OpEx prior to SBC. It was $352 million in Q1, slightly below the lower end of our full year 2023 outlook range. Looking forward, there is no change to our full year outlook. We continue to expect 2023 OpEx prior to SBC to be in the range of $1.42 billion to $1.48 billion. And as a reminder, our annual employee merit increases were in March, so you'll see that full effect in Q2.

更仔細地審視我們的成本，讓我們首先回顧一下 SBC 之前的 OpEx。第一季度為 3.52 億美元，略低於我們 2023 年全年展望範圍的下限。展望未來，我們的全年展望沒有變化。我們繼續預計 SBC 之前的 2023 年運營支出將在 14.2 億美元至 14.8 億美元之間。提醒一下，我們的年度員工績效增長是在三月份，所以你會在第二季度看到全面的影響。

Turning to SBC. It was $598 million in Q1, which included the onetime $485 million noncash charge from the founder award cancellation. This Q1 result was about $30 million better than our previous first quarter outlook. We're flowing this through into our full year 2023 SBC outlook to improve it to $925 million to $1.005 billion.

轉向 SBC。第一季度為 5.98 億美元，其中包括因取消創始人獎勵而一次性支付的 4.85 億美元非現金費用。第一季度的結果比我們之前的第一季度預期高出約 3000 萬美元。我們將其納入我們的 2023 年全年 SBC 展望，以將其提高到 9.25 億美元至 10.05 億美元。

I also wanted to highlight that over the long-term, we think it's important to manage share-based compensation as a percentage of revenue to lower levels. In Q1, apart from the founder reward cancellation, SBC was 26% of total revenues, down significantly from a year ago. And as we look ahead, we're working to lower that percentage more over time.

我還想強調，從長遠來看，我們認為將基於股份的薪酬作為收入的百分比管理到較低水平很重要。第一季度，除了取消創始人獎勵外，SBC 佔總收入的 26%，比一年前大幅下降。展望未來，我們正在努力隨著時間的推移進一步降低這一百分比。

Now turning to capital management. In Q1, our balance sheet remains strong with about $6 billion of corporate cash and investments. This includes about $500 million that we moved in Q1 from cash into a laddered portfolio of treasuries and other high-quality assets with an average duration of less than a year.

現在轉向資本管理。第一季度，我們的資產負債表依然強勁，擁有約 60 億美元的企業現金和投資。這包括我們在第一季度將大約 5 億美元從現金轉移到階梯狀的國債和其他平均久期不到一年的優質資產組合中。

As for capital deployment, I wanted to briefly note that we are making some progress on discussions to purchase most or all of the 55 million Robinhood shares that were acquired last summer by Emergent Fidelity Technologies. We don't have any specifics to share yet, but we look forward to providing updates when we can.

至於資本部署，我想簡要指出，我們在購買 Emergent Fidelity Technologies 去年夏天收購的 5500 萬股 Robinhood 股票的大部分或全部方面的討論取得了一些進展。我們還沒有任何細節可以分享，但我們期待在可能的時候提供更新。

In closing, I'm really pleased with the financial progress we've made over the past year, while continuing to deliver new capabilities and enhancing customer experience. Q1 was the fourth consecutive quarter of revenue and adjusted EBITDA growth, and we continue to focus on driving profitable growth over time.

最後，我對我們在過去一年中取得的財務進展感到非常滿意，同時繼續提供新功能並增強客戶體驗。第一季度是連續第四個季度實現收入和調整後的 EBITDA 增長，我們將繼續專注於隨著時間的推移推動盈利增長。

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

說到這裡，Chris，讓我們進入問答環節。

Thank you, Jason. For the Q&A session, we'll start by answering shareholder questions from Say Technologies. These are ranked by number of votes. We'll pass over any questions that were already answered on the call or in prior quarters. We'll also group together questions that share a common theme. After that, we'll turn to live questions from our analysts.

謝謝你，傑森。對於問答環節，我們將首先回答來自 Say Technologies 的股東問題。這些按票數排名。我們將忽略電話會議或前幾個季度已經回答的任何問題。我們還將把具有共同主題的問題歸為一組。之後，我們將轉向分析師的現場提問。

So I'll kick it off with our first question from Say. This one is for Jason.

所以我將從 Say 提出的第一個問題開始。這是給傑森的。

So 2 questions we're combining here. The first is Suroj P. asks what is the plan to be a profitable company? And Gregory P. asks, what are the primary ways management plans to return value to shareholders in 2023?

所以我們在這里合並了 2 個問題。第一個是 Suroj P. 問要成為一家盈利公司的計劃是什麼？ Gregory P. 問道，管理層計劃在 2023 年向股東回報價值的主要方式是什麼？

Great. Thanks for the questions. We're really focused on 3 things to drive shareholder value. First, we want to keep launching new products and improve upon our existing products. We've made a lot of momentum here and our product velocity as fast as we've seen it so far as a company. So we feel really good about that.

偉大的。感謝您的提問。我們真正專注於推動股東價值的三件事。首先，我們希望不斷推出新產品並改進我們現有的產品。我們在這裡取得了很大的發展勢頭，我們的產品速度與我們作為一家公司所見過的一樣快。所以我們對此感覺非常好。

The second is we want to drive profitable growth, and we're going to keep our costs lean and find ways to drive even more efficiency over time. This quarter, it was nice to see our adjusted EBITDA grow twice the rate of our revenue growth and we're working on driving leverage in our business even more over time.

第二個是我們要推動盈利增長，我們將保持精益成本，並隨著時間的推移找到提高效率的方法。本季度，很高興看到我們調整後的 EBITDA 增長率是我們收入增長率的兩倍，並且隨著時間的推移，我們正在努力提高我們業務的槓桿率。

And then lastly, what I'd say is we want to efficiently deploy our capital. This would include how we deploy capital for organic growth opportunities for possible M&A growth. And as well, over time, could include returning some capital to shareholders. And I think if we do these 3 things really well over time, it should create a lot of shareholder value.

最後，我要說的是我們要有效地部署我們的資本。這將包括我們如何為可能的併購增長的有機增長機會配置資本。而且，隨著時間的推移，還可能包括向股東返還一些資本。而且我認為，如果我們隨著時間的推移真正做好這三件事，它應該會創造很多股東價值。

In terms of reaching profitable growth, I don't want to predict any particular time line on that, but we are getting really close. Excluding the founder award cancellation, our EPS was minus $0.03 per share. So we're going to keep focusing on rolling out new products and keeping our costs lean, and we should get there over time.

在實現盈利增長方面，我不想預測任何特定的時間表，但我們真的很接近了。不包括取消創始人獎勵，我們的每股收益為負 0.03 美元。因此，我們將繼續專注於推出新產品並保持精簡成本，我們應該隨著時間的推移實現這一目標。

Thanks for the question.

謝謝你的問題。

All right. Thanks, Jason. Next question is also for you.

好的。謝謝，傑森。下一個問題也是給你的。

Philip S. asks, what does Robinhood's financial position look like after all the recent regional bank failures, what does Robinhood do to ensure that it doesn't find itself in the same position as those from SBB Signature Bank and First Republic Bank?

Philip S. 問道，在最近所有區域性銀行倒閉之後，Robinhood 的財務狀況如何？Robinhood 如何確保自己不會陷入與 SBB Signature Bank 和 First Republic Bank 相同的境地？

And a similar question comes from -- not sure, with so many banks going under, what is the Robinhood exposure?

一個類似的問題來自——不確定，有這麼多銀行倒閉，Robinhood 的風險敞口是多少？

Yes. Thanks for these questions.

是的。感謝您提出這些問題。

First, I think it's really important to clarify that Robinhood is not a bank. We keep our customer cash liquid, and we don't have the risk of asset liability mismatch that banks have to manage. Also, it's great to see that our customers continue to deposit funds with us. Gold cash sweep balances were up 67% from last quarter, up to $8 billion.

首先，我認為澄清 Robinhood 不是銀行這一點非常重要。我們保持客戶的現金流動性，我們沒有銀行必須管理的資產負債錯配風險。此外，很高興看到我們的客戶繼續向我們存入資金。黃金現金清算餘額比上一季度增長了 67%，達到 80 億美元。

And in March, when all the banking turbulence happened, our customers deposited $1.5 billion with us. So we think we're in a really good position and particularly as customers respond to our great offerings for Gold members. So thanks for the question.

而在 3 月份，當所有的銀行業動盪發生時，我們的客戶向我們存入了 15 億美元。因此，我們認為我們處於非常有利的位置，特別是當客戶對我們為金牌會員提供的優質產品做出反應時。所以謝謝你的問題。

All right. Thanks, Jason. The next question from -- is for Vlad.

好的。謝謝，傑森。 -- 的下一個問題是給 Vlad 的。

It's from Edward O. who asks, any plans to add custodial accounts to allow parents to teach their children about investing?

來自 Edward O. 誰問，有沒有計劃增加託管賬戶，讓父母教他們的孩子投資？

Yes. In short, absolutely. This is part of our longer-term road map. And we recently launched Retirement as you're probably aware. And we now have hundreds of thousands of customers that have multiple accounts with us. So with retirement it was really the first time that a customer could open multiple brokerage accounts within our product. And it took a lot of work to build the infrastructure for that and build the product affordances necessary. So now it's much easier for us to add different account types.

是的。簡而言之，絕對。這是我們長期路線圖的一部分。正如您可能知道的那樣，我們最近推出了 Retirement。我們現在有成千上萬的客戶在我們這裡擁有多個賬戶。因此，隨著退休，這真的是第一次客戶可以在我們的產品中開設多個經紀賬戶。為此構建基礎架構並構建必要的產品功能需要大量工作。所以現在我們添加不同的帳戶類型要容易得多。

And we hear from customers, they want to teach their children about investing. They also are interested in joint accounts and would like to collaborate with their finances and manage them with their partner. So these things are definitely part of the longer-term road map. We want to make sure we continue deepening relationships with our customers as we've been doing with the launch of Retirement. Keen to do it. No specific time line to share, but stay tuned.

我們從客戶那裡聽到，他們想教他們的孩子投資。他們也對聯名賬戶感興趣，並希望與他們的合作夥伴合作並管理他們的財務。所以這些東西絕對是長期路線圖的一部分。我們希望確保繼續深化與客戶的關係，就像我們在推出 Retirement 時所做的那樣。熱衷於這樣做。沒有具體的時間線可以分享，敬請期待。

All right. Thanks, Vlad.

好的。謝謝，弗拉德。

The next question is also from Edward O. who asks Robinhood launched IRAs about 6 months ago, how has adoption been? How does it compare to leadership expectations? And our retirement accounts a key part of strategy going forward?

下一個問題也來自 Edward O。他問 Robinhood 大約 6 個月前推出了 IRA，採用情況如何？它與領導層的期望相比如何？我們的退休賬戶是未來戰略的關鍵部分？

Yes. We're really pleased with the contributions we've seen so far. Over $0.5 billion in assets, leading to $5 million in matches the customers. And we're seeing customers continuing to bring more of their cash onto the platform. The feedback that we're hearing has been really good as well. Customers love the match. They also love the fact that we're providing recommendations, and the recommendations are now being used by 2/3 of customers that onboard onto retirement.

是的。我們對迄今為止看到的貢獻感到非常滿意。超過 5 億美元的資產，導致 500 萬美元的匹配客戶。我們看到客戶繼續將更多現金帶到平台上。我們聽到的反饋也非常好。客戶喜歡這種搭配。他們還喜歡我們提供建議這一事實，現在有 2/3 的退休客戶正在使用這些建議。

And we're excited about that, especially when we think about what that means for the future of advisory and providing personalized ongoing advice to our customers to help them manage their investments.

我們對此感到很興奮，尤其是當我們考慮這對諮詢的未來意味著什麼並為我們的客戶提供個性化的持續建議以幫助他們管理他們的投資時。

One thing that I'd add is if you look at total accounts that we added this year between brokerage and retirement, it was about the same number of total accounts that we opened in all of last year. So it's really nice to see this kind of acceleration in new account growth.

我要補充的一件事是，如果你看看我們今年在經紀和退休之間增加的賬戶總數，它與我們去年全年開設的賬戶總數大致相同。所以很高興看到新客戶增長出現這種加速。

Great. Thank you, Vlad. Thank you, Jason. The next question is for Jason. And Richard S. asks, can Robinhood shareholders have free access to Gold?

偉大的。謝謝你，弗拉德。謝謝你，傑森。下一個問題是給傑森的。 Richard S. 問，Robinhood 股東可以免費獲得 Gold 嗎？

Yes. Thanks for the question, and thanks for letting me answer this one instead of Vlad.

是的。感謝您提出問題，也感謝您讓我回答這個問題而不是 Vlad。

We want to make Gold the best deal in financial services. We think it's a great deal at $5 per month, just a great value overall. We're going to keep investing in the product to make it even better. And for now, we don't have any plans to give it away for free.

我們想讓黃金成為金融服務領域的最佳交易。我們認為每月 5 美元的價格很划算，總體來說物超所值。我們將繼續投資於產品，使其變得更好。目前，我們沒有任何免費贈送它的計劃。

All right. Thanks, Jason. Next question is for Vlad and it's from Saajan P. who asks, on the last call, it was mentioned that Robinhood was looking into adding an advisory program to their services. What will this look like? And are there plans to work with a seasoned wealth management company? Or will it be kept in-house?

好的。謝謝，傑森。下一個問題是 Vlad 提出的，Saajan P. 在上次電話中提到 Robinhood 正在考慮在他們的服務中添加一個諮詢程序。這會是什麼樣子？是否有計劃與經驗豐富的財富管理公司合作？還是會保留在內部？

Saajan, yes, we mentioned it on the last call, and we are getting very excited about what we can do in advisory. We've hired some great people, in particular, our Head of Investment Strategy, Steph Guild, who's an industry vet with 20 years of experience at large financial institutions.

Saajan，是的，我們在上次電話會議中提到了它，我們對我們在諮詢方面可以做的事情感到非常興奮。我們聘請了一些優秀的人才，特別是我們的投資策略主管 Steph Guild，他是一位在大型金融機構擁有 20 年經驗的行業專家。

You might have seen she's got a weekly column where she talks about the markets that's quite good. And we really think that in Robinhood, we can build the expertise necessary to give our customers amazing advice.

您可能已經看到她有一個每週專欄，她在其中談論非常好的市場。我們真的認為，在 Robinhood 中，我們可以建立必要的專業知識，為我們的客戶提供驚人的建議。

And we've got teams hard at work building a great advisory product, and we believe that we can deliver that to customers using the teams we have in-house. So more to come, obviously, as the work progresses, but we think we can build something really great for customers here.

我們的團隊正在努力構建出色的諮詢產品，我們相信我們可以使用內部團隊將其交付給客戶。顯然，隨著工作的進展，還會有更多，但我們認為我們可以為這裡的客戶打造真正偉大的東西。

Awesome. Thanks, Vlad. The next question is also for you.

驚人的。謝謝，弗拉德。下一個問題也是給你的。

Gee C. asks is Robinhood exploring ways to large AI into its services?

Gee C. 問 Robinhood 是否正在探索將 AI 擴展到其服務中的方法？

Yes. I think that over the next few decades, every company will have to transform into an AI company. I mean looking at the past 20 years and how sort of the companies that have been able to move ahead and create differentiated value have been technology companies in the same way that every company sort of has needed to become a technology company. I think AI will sort of be embedded into the fabric of all companies, and that's how we're thinking about it.

是的。我認為在未來的幾十年裡，每個公司都必須向人工智能公司轉型。我的意思是回顧過去 20 年，以及能夠向前發展並創造差異化價值的公司中有多少是技術公司，就像每家公司都需要成為技術公司一樣。我認為 AI 將被嵌入到所有公司的結構中，這就是我們的想法。

Robinhood has always been early to adopt new technologies like data science and machine learning, both to lower our costs and deliver product experiences and value for our customers. And we're really excited to continue to embed AI as a tool, both internally and helping us ship products even faster and incorporating into existing products and new products. So we think that the impact of AI and other tools that we've seen thus far is going to be extraordinary.

Robinhood 一直很早就採用數據科學和機器學習等新技術，以降低我們的成本並為我們的客戶提供產品體驗和價值。我們真的很高興能繼續將人工智能作為一種工具嵌入到內部，幫助我們更快地交付產品，並將其融入現有產品和新產品中。所以我們認為人工智能和我們迄今為止看到的其他工具的影響將是非同尋常的。

All right. Thank you, Vlad. The next question is also for you.

好的。謝謝你，弗拉德。下一個問題也是給你的。

It's from Justin P. who asks, when will Robinhood support an official trading API for creating trade automation like other brokers?

來自 Justin P.，他問，Robinhood 何時會像其他經紀商一樣支持官方交易 API 來創建交易自動化？

Yes. This is something we're excited about, and we hear from our active traders about, but we don't offer it today. If you look at Robinhood Connect, which we announced and started rolling out recently, that leverages some of the trading infrastructure on our crypto side for a developer and B2B targeted product. Making it easier for our active traders and innovating for them is top of mind. So this is definitely something we would look to offer over time. So stay tuned.

是的。這是我們很興奮的事情，我們從我們的活躍交易者那裡聽到，但我們今天不提供。如果你看一下我們最近宣布並開始推出的 Robinhood Connect，它利用了我們加密方面的一些交易基礎設施，用於開發人員和 B2B 目標產品。讓我們的活躍交易者更輕鬆並為他們創新是首要任務。所以這絕對是我們希望隨著時間的推移提供的東西。敬請期待。

All right. Next question is also for you, Vlad.

好的。下一個問題也是給你的，Vlad。

Tarun G. asks, there's a perception that Robinhood is not as safe as other older brokerage firms like Fidelity and Schwab. Is Robinhood doing anything to change this perception?

Tarun G. 問，有一種看法認為 Robinhood 不如 Fidelity 和 Schwab 等其他老牌經紀公司安全。 Robinhood 是否正在採取任何措施來改變這種看法？

Robinhood safety is our top company value. And when I think about what that means, several things come to mind. First is great customer support. And we made tremendous progress over the past few years, adding more channels, improving the quality of customer support, overall making it much better, and the progress there continues.

Robinhood 安全是我們的最高公司價值。當我思考這意味著什麼時，腦海中浮現出幾件事。首先是強大的客戶支持。在過去的幾年裡，我們取得了巨大的進步，增加了更多的渠道，提高了客戶支持的質量，整體上變得更好，而且這些進步還在繼續。

The second thing is making sure that our app and our infrastructure is reliable and available to customers when they need us the most. And we made tremendous progress there too.

第二件事是確保我們的應用程序和我們的基礎設施可靠，並在客戶最需要我們的時候提供給他們。我們在那裡也取得了巨大的進步。

The third is the safety of customers' assets within Robinhood. And as we announced earlier in the call, with Robinhood Gold, we're offering a 4.65% APY on customer uninvested cash. And we're also offering $2 million of FDIC insurance starting June 1. So your money is going to have higher insurance in Robinhood Gold and in our cash sweep than you would get at a typical bank.

三是客戶資產在 Robinhood 內的安全。正如我們早些時候在電話會議中宣布的那樣，我們將通過 Robinhood Gold 為客戶未投資的現金提供 4.65% 的 APY。從 6 月 1 日開始，我們還提供 200 萬美元的 FDIC 保險。因此，與一般銀行相比，您的資金在 Robinhood Gold 和我們的現金清掃中將獲得更高的保險。

I should also mention, as with every brokerage account, your brokerage assets are SIPC insured, and we also have excess SIPC coverage. So what does this mean? When we look at kind of how customers are engaging with the service, we're seeing higher NPS indicative of increasing customer trust. And the results speak for themselves. Customers are continuing to trust us with their deposits.

我還應該提到，與每個經紀賬戶一樣，您的經紀資產是 SIPC 保險的，我們也有超額 SIPC 保險。那麼這是什麼意思？當我們查看客戶如何使用該服務時，我們看到更高的 NPS 表明客戶信任度增加。結果不言而喻。客戶繼續信任我們的存款。

When we see a lot of institutions in the banking sector and elsewhere seeing outflows in this quarter, we're continuing to see strong inflows with $1.4 billion in net deposits and $4.4 billion in Q1. So we feel really, really good about customers increasingly trusting us.

當我們看到銀行業和其他地方的許多機構在本季度出現資金流出時，我們繼續看到大量資金流入，淨存款為 14 億美元，第一季度為 44 億美元。因此，我們對客戶越來越信任我們感到非常非常高興。

All right. Last question from Jesus A. and this is for Vlad.

好的。 Jesus A. 的最後一個問題，這是給 Vlad 的。

Jesus A. asks, how is Robinhood better or different from other platforms? What moves will Robinhood been making to become the top trading platform?

Jesus A. 問，Robinhood 與其他平台有何不同或更好？ Robinhood 將採取哪些舉措成為頂級交易平台？

Well, in my opinion, we are the most innovative trading platform in the marketplace. We've introduced several new industry innovations that have become norms, not just 0 commission, no account minimum trading, but also recently retirement with a 1% embedded match, which we're very excited about. And with the announcement of 24/5 trading, we're leading the industry once again.

嗯，在我看來，我們是市場上最具創新性的交易平台。我們推出了幾項已成為規範的新行業創新，不僅是零佣金、無賬戶最低交易，而且最近還推出了 1% 的嵌入式匹配，我們對此感到非常興奮。隨著 24/5 交易的宣布，我們再次引領行業。

So we're going to continue to focus on our customers. We're going to make progress launching products in a way that emphasizes customer safety, but we're going to continue to innovate. And I'm very, very excited about the things that we're launching, and we have launched in the past few months.

所以我們將繼續關注我們的客戶。我們將在以強調客戶安全的方式推出產品方面取得進展，但我們將繼續創新。我對我們正在推出的東西感到非常非常興奮，我們在過去幾個月推出了這些東西。

All right. Thank you, Vlad. Thank you, Jason. And that concludes our shareholder questions from Say Technologies. We really do appreciate all our shareholders taking time to ask these questions for Vlad and Jason, and we're looking forward to more next quarter.

好的。謝謝你，弗拉德。謝謝你，傑森。 Say Technologies 的股東問題到此結束。我們非常感謝所有股東花時間為 Vlad 和 Jason 提出這些問題，我們期待下個季度更多。

Now I will turn the call over to Liz to lead Q&A from our analysts.

現在我將把電話轉給 Liz 來領導我們分析師的問答。

(Operator Instructions) Our first question comes from the line of Rich Repetto with Piper Sandler.

（操作員說明）我們的第一個問題來自 Rich Repetto 和 Piper Sandler 的台詞。

Yes. And congrats on the improved profitability in the quarter and great disclosures too.

是的。並祝賀本季度盈利能力的提高和大量披露。

So my questions Vlad and Jason, is on the net interest income and improved 25% quarter-over-quarter. And Jason, I know you talked about a $20 million increase, but this turned out to be $41 million. And I guess I'm trying to see what surprised you. I could see the fully paid securities lending was a little bit better, but what surprised you to give you that bump up in NII quarter-over-quarter?

所以我的問題 Vlad 和 Jason 是關於淨利息收入的，並且環比增長了 25%。傑森，我知道你談到了 2000 萬美元的增加，但結果是 4100 萬美元。我想我是想看看是什麼讓你吃驚。我可以看到全額支付的證券貸款稍微好一點，但是讓你感到驚訝的是，你在 NII 中看到了季度環比的增長？

Yes. Thanks for the question, Rich, and we were pleased to see the pickup in NII. I mean there's a few things that I'd call out. You highlighted securities lending. You'll recall that last quarter was a particularly soft quarter for sec lending. And at the time of the call, we were cautious in the way that we were evaluating the outlook for Q1, and the activity for sec lending in Q1 was strong.

是的。感謝 Rich 的提問，我們很高興看到 NII 中的拾音器。我的意思是我要指出幾件事。您強調了證券借貸。你會記得上個季度是證券借貸特別疲軟的一個季度。在打電話時，我們對評估第一季度前景的方式持謹慎態度，第一季度的證券貸款活動很強勁。

And in addition to the strength of just the activity, which increased the rebates as well as the interest we earn on collateral, we also saw rebate rates tick up meaningfully in the quarter. And so this led to some outperformance.

除了活動的力量增加了回扣以及我們從抵押品中賺取的利息之外，我們還看到本季度的回扣率顯著上升。因此，這導致了一些出色的表現。

We also saw strength in customer deposits and also the flow-through of interest rate on those incremental deposits beyond kind of what we were anticipating. So overall, really pleased. It was higher than we expected, and we were pleased with that.

我們還看到客戶存款的強勁增長以及這些增量存款的利率流動超出了我們的預期。總的來說，真的很高興。它高於我們的預期，我們對此感到滿意。

Got it. And my follow-up will be on sort of the product innovation side, Vlad. And you talked a lot about advisory and hiring a new person. But I would expect, when you talk that Robinhood could do with technology driven, I would expect. So any color is it going to be more of a robo adviser type platform? Or any insight into what the product will look like?

知道了。我的後續行動將在產品創新方面，弗拉德。你談了很多關於諮詢和僱用新人的問題。但我希望，當你說 Robinhood 可以用技術驅動時，我會期待。那麼它會更像是一個機器人顧問類型的平台嗎？或者對產品的外觀有什麼了解？

Yes. I don't want to share too much, but what I'll tell you is we want to go beyond just being a robo adviser, and we really want to use technology to give personalized advice at scale, much like what a high-net-worth individual would come to expect from a financial adviser that they'd be paying 1% AUM advisory fee for.

是的。我不想分享太多，但我要告訴你的是，我們不僅要成為一名機器人顧問，而且我們真的想利用技術大規模提供個性化建議，就像高網一樣- 個人會期望從財務顧問那裡獲得 1% 的 AUM 諮詢費。

And Robinhood can build a great experience for that, that's mobile first. And of course, we'll plan to use every technology that we think is going to be useful in the market to make that happen and deliver it in a scalable way.

Robinhood 可以為此打造出色的體驗，即移動優先。當然，我們將計劃使用我們認為在市場上有用的每一項技術來實現這一目標並以可擴展的方式交付。

Our next question comes from Dan Dolev with Mizuho.

我們的下一個問題來自 Dan Dolev 和 Mizuho。

Excellent results. Excuse if I missed it, but you might provide a April trend in -- can you give us a sense of what is going on? Is this seasonal? Or how should we integrate and then I have a follow-up.

優異的成績。對不起，如果我錯過了，但你可能會提供 4 月份的趨勢——你能告訴我們發生了什麼事嗎？這是季節性的嗎？或者我們應該如何整合，然後我會跟進。

April. Thank you. Yes, the connection is a little poor, Dan, but I think we got your question.

四月。謝謝。是的，連接有點差，丹，但我想我們已經收到你的問題了。

So April, as you know, is tax months. And across the industry, you tend to see customer dollars flowing for taxes and less in trading and engagement and deposits. We actually had a really strong April from a deposit perspective, $1.4 billion coming in. The trading was softer than what we saw in Q1. That's normal as expected we saw it last year. And as we look across industry results, it's pretty much in line with what others are seeing as well.

如您所知，四月是納稅月。在整個行業中，您往往會看到客戶資金流向稅收，而不是交易、參與和存款。實際上，從存款的角度來看，我們 4 月份的表現非常強勁，流入了 14 億美元。交易比我們在第一季度看到的要疲軟。正如我們去年看到的那樣，這很正常。當我們審視整個行業的結果時，它與其他人所看到的也非常一致。

Perfect. And really quick follow-up. Point base said that they raised prices for small ticket items on crypto. Have you seen any of that on your platform? Great results again.

完美的。並且非常快速的跟進。 Point base 表示，他們提高了加密貨幣小票商品的價格。你在你的平台上看到過這些嗎？再次取得好成績。

Yes. We've kept the rebates on our crypto offering the same. And we've been pleased by the market share that we have in the retail U.S. crypto offering. We want to make sure that we offer great pricing to customers. And we think that over time, keeping the pricing very competitive is going to lead to increased market share gains over time.

是的。我們的加密貨幣產品的回扣保持不變。我們對我們在美國零售加密產品中的市場份額感到滿意。我們希望確保為客戶提供優惠的價格。而且我們認為，隨著時間的推移，保持定價極具競爭力將導致市場份額隨著時間的推移而增加。

So it's really -- we want to make sure our pricing is awesome, and the user experience continues to be great for the crypto offering. And we think that it's got a bright future, and we see potential to grow our market share there.

所以它真的 - 我們想確保我們的定價很棒，並且用戶體驗對於加密產品來說仍然很棒。我們認為它有一個光明的未來，我們看到了在那裡擴大我們的市場份額的潛力。

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

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

Just maybe a couple. First on Robinhood Connect. Just kind of curious how you see this product scaling just considering kind of the external nature of the product? And then any kind of comments on monetization of Connect would be helpful.

也許只是一對。首先在 Robinhood Connect 上。只是有點好奇你如何看待這個產品的擴展只是考慮產品的外部性質？然後任何關於 Connect 貨幣化的評論都會有所幫助。

Yes, absolutely. I can field that one. So really, Robinhood Connect is an on-ramp for third-party developers to integrate fiat-to-crypto into their apps. And we see a big opportunity for us in this space because the infrastructure that we've developed for the Robinhood app and the Robinhood Wallet to not just move money into the platform, but also integrate with various trading partners and get great trade execution allows us to offer not just great customer experience to developers but great pricing.

是的，一點沒錯。我可以部署那個。實際上，Robinhood Connect 是第三方開發人員將法幣到加密貨幣集成到他們的應用程序中的入口。我們在這個領域看到了一個巨大的機會，因為我們為 Robinhood 應用程序和 Robinhood 錢包開發的基礎設施不僅可以將資金轉移到平台中，還可以與各種貿易夥伴集成並獲得出色的交易執行，這使我們能夠不僅要為開發人員提供出色的客戶體驗，還要提供優惠的價格。

So as we look at kind of the space, we see that other on-ramps don't have great funding options. They either offer only card or some of them that offer bank linking are just prohibitively expensive. And in general, the costs are quite high, like north of 5% per transaction. And so we see an opportunity to take what we built on the consumer side and really offer a differentiated product for customers.

因此，當我們審視某種空間時，我們發現其他入口沒有很好的資金選擇。他們要么只提供卡，要么其中一些提供銀行鏈接的貴得令人望而卻步。而且一般來說，成本相當高，比如每筆交易 5% 以上。因此，我們看到了一個機會，可以利用我們在消費者方面建立的東西，真正為客戶提供差異化的產品。

In terms of monetization, we believe that we can offer the product at lower prices and still monetize with taking a percentage of every transaction and earn healthy margins for the business over time.

在貨幣化方面，我們相信我們可以以更低的價格提供產品，並且仍然通過從每筆交易中抽取一定比例來實現貨幣化，並隨著時間的推移為企業賺取可觀的利潤。

That's great. And then just around 24/5 trading. Just kind of curious any thoughts in terms of what sort of engagement uplift you might kind of expect or anticipate around that?

那太棒了。然後大約 24/5 交易。只是有點好奇關於您可能期望或預期的那種參與度提升的任何想法？

Yes. It's very hard to predict what's going to happen with 24/5 trading. Since this is fundamentally new in the market, and Robin is going to be the first retail broker in the U.S. to offer this for individual names.

是的。很難預測 24/5 交易會發生什麼。由於這在市場上是全新的，Robin 將成為美國第一家為個人名稱提供此服務的零售經紀人。

I think that what we'd like to see is sort of good liquidity available for these symbols and liquidity to be a little bit smoother and not as much sort of happening on the open and the close. And I think that would be really, really interesting for the markets.

我認為我們希望看到的是這些符號具有良好的流動性，流動性更順暢一些，而不是在開盤和收盤時發生太多事情。我認為這對市場來說真的非常有趣。

In terms of engagement, we have seen with hyper extended hours, which we launched last year that we saw increased volumes, but I think it's probably a little bit early to give estimates for what we'd see in terms of volumes there.

在參與度方面，我們已經看到去年推出的超延長工作時間讓我們看到了數量的增加，但我認為現在估計我們在那裡看到的數量可能有點早。

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

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

Start with one for Jason on just the corporate cash. So obviously, the firm continues to sit on a lot of cash and liquidity here. Adjusted EBITDA is now very solidly positive. So it would seem like you're an improving position to play offense.

從只用公司現金給傑森的一個開始。很明顯，該公司繼續在這裡持有大量現金和流動資金。調整後的 EBITDA 現在非常穩定。所以看起來你是一個更好的進攻位置。

And so I appreciate you're looking into repurchasing the shares from emerging technologies is one use, but just love to maybe talk about or get an update on what the other top priorities are?

所以我很感激你正在考慮從新興技術中回購股票是一種用途，但只是想談談或了解其他最優先事項是什麼？

And then on the M&A front, the type of opportunities that you're seeing in the market today? And Jason, if you can just remind us on those financial hurdles that you need, and maybe how that's interplayed with some of the recent deals that you've done for context?

然後在併購方面，您今天在市場上看到的機會類型是什麼？傑森，如果你能提醒我們你需要的那些財務障礙，也許這與你為上下文所做的一些最近的交易相互作用？

Yes. Thanks, Devin. Great question. So first of all, in this market backdrop, I do like having a really strong balance sheet. And as you mentioned, $6 billion in cash and investments. Given this market backdrop, I think, has been a source of strength for us. So I like that. But it's not an ideal capital structure. And over time, I think you'll see us continue to work on that to be even more efficient.

是的。謝謝，德文。很好的問題。因此，首先，在這種市場背景下，我確實喜歡擁有非常強勁的資產負債表。正如你提到的，60 億美元的現金和投資。我認為，鑑於這種市場背景，這一直是我們的力量來源。所以我喜歡這樣。但這不是一個理想的資本結構。隨著時間的推移，我想你會看到我們繼續努力提高效率。

My mind goes to the M&A front when I think about use of capital beyond just kind of running our business. And I'd say that the environment is becoming more constructive. The bid-ask spread has been incredibly wide, as public markets corrected, and I think private markets were a bit slow to face that reality. And I think it's been more constructive now. And it's up to us to look at opportunities.

當我想到資本的使用而不僅僅是經營我們的業務時，我的想法就會轉向併購方面。我會說環境正變得更具建設性。隨著公開市場的調整，買賣價差非常大，我認為私人市場面對這一現實有點慢。我認為現在更具建設性。這取決於我們尋找機會。

You talked about hurdle rates. It's looking at things like what's the return on invested capital. Will it be accretive to our business? And then in terms of the business itself, is it going to accelerate our road map and does the team that we require kind of share the values that we have around a culture around safety and compliance, as well as an obsession for customer experience.

你談到最低要求率。它正在研究諸如投資資本回報率之類的事情。它會增加我們的業務嗎？然後就業務本身而言，它是否會加速我們的路線圖，我們需要的團隊是否會分享我們圍繞安全和合規文化以及對客戶體驗的痴迷所擁有的價值觀。

So these are all the things that we are looking at. And like I said, I'd say that the backdrop is improving there.

所以這些都是我們正在研究的事情。就像我說的，我會說那裡的背景正在改善。

Okay. Great color. Just a follow-up here, I want to dig in a little bit on the futures offering and just get a sense of what the time line is going to look like to get into that business. And then in terms of the target audience here, how much demand are you seeing from your existing customers for this product? Or is this is more about kind of accelerating the push with active traders?

好的。很棒的顏色。只是這裡的後續行動，我想深入了解一下期貨產品，了解一下進入該業務的時間表。然後就這裡的目標受眾而言，您從現有客戶那裡看到對該產品的需求有多少？或者這更多是關於加速活躍交易者的推動？

And just kind of sizing the opportunity, could this actually be more than 10% of DARTs over time? We've seen what it is for some others, but just love to get a sense of the addressable market for you?

只是衡量一下機會，隨著時間的推移，這實際上會超過 DART 的 10% 嗎？我們已經了解了其他一些人的情況，但只是想了解一下您的潛在市場？

I'd be happy to field that one. We're very excited about launching futures trading to our customers. And as I mentioned in the call, the goal is to launch it around the end of this year, pending, of course, regulatory approvals on our application.

我很樂意部署那個。我們對向客戶推出期貨交易感到非常興奮。正如我在電話中提到的那樣，目標是在今年年底左右啟動它，當然，我們的申請還需要獲得監管部門的批准。

I think as we think about it, we see 2 opportunities. One is making a really great product for our active traders. As we've talked about a little bit over the past few quarters, active traders have been an increasing area of focus for us. We've been able to drive active trader NPS significantly higher in the past year. We love that.

我認為當我們考慮它時，我們看到了 2 個機會。一個是為我們的活躍交易者製作一個非常棒的產品。正如我們在過去幾個季度中談到的那樣，活躍的交易者一直是我們越來越關注的領域。在過去的一年裡，我們已經能夠顯著提高活躍交易者的淨推薦值。我們喜歡那個。

Our active traders are feeling the love and seeing improvements in the customer experience for the product. And we think that futures trading is an innovative new asset that will allow them to manage their risk in new ways.

我們活躍的交易員感受到了愛，並看到了產品客戶體驗的改善。我們認為期貨交易是一種創新的新資產，可以讓他們以新的方式管理風險。

The second thing that we think we have an opportunity to do is if you look at what we've done with fractional shares and options trading. Robinhood historically brought new investors to the market who haven't been investing and haven't had access to these products in the past.

我們認為我們有機會做的第二件事是，如果你看看我們在零星股票和期權交易方面所做的事情。從歷史上看，Robinhood 為市場帶來了新的投資者，他們過去沒有投資過這些產品，也沒有接觸過這些產品。

With futures trading, we see a lot of complexity in the existing products and interfaces, which I think makes them less accessible. So one thing we'd like to do is just simplify that and make that really, really useful and easy to use in mobile. And we think that there's a lot of white space ahead of us there.

在期貨交易中，我們看到現有產品和界面非常複雜，我認為這讓它們更難獲得。所以我們想做的一件事就是簡化它，讓它在移動設備上非常非常有用並且易於使用。我們認為我們前面有很多空白。

And I want to give a special shout out to JB McKenzie, who joined as the GM of our futures business. And I know that he's very, very excited to launch this as quickly as possible. And maybe this question provides a little bit extra motivation, not that he needs any.

我想特別感謝 JB McKenzie，他作為我們期貨業務的總經理加入。而且我知道他非常非常興奮能夠盡快啟動它。也許這個問題提供了一點額外的動力，而不是他需要的。

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

我們的下一個問題來自 Michael Cyprys 與摩根士丹利的對話。

Great to see the progress inching towards GAAP profitability here.

很高興在這裡看到 GAAP 盈利能力的進展。

So the question is how do you think about sustaining GAAP profitability went across there. You benefited from interest rates having gone higher. So if the Fed were to cut, how do you think that impacting revenues at this point? And which products and revenue pools do you think have the most compelling profitable growth over the next 12 to 24 months?

所以問題是你如何看待維持 GAAP 盈利能力。你受益於利率走高。因此，如果美聯儲降息，您認為這對目前的收入有何影響？您認為哪些產品和收入池在未來 12 到 24 個月內具有最引人注目的盈利增長？

Yes. Thanks, Mike. It's Jason. I'll start, and we'll see if Vlad wants to add any color.

是的。謝謝，邁克。是傑森。我要開始了，我們會看看 Vlad 是否想添加任何顏色。

In terms of reaching and ultimately sustaining GAAP profitability, there's a couple of elements that are really important. The first is continuing to improve our user experience on our existing products, expand the service capability of existing products, and then also keep rolling out new products for customers.

在達到並最終維持 GAAP 盈利能力方面，有幾個因素非常重要。一是持續提升現有產品的用戶體驗，拓展現有產品的服務能力，然後也不斷推出新產品給客戶。

And we're seeing a lot of traction here. Our product velocity is only getting faster, and customers are really responding. We're seeing that in our NPS score being up over 20 points overall and up over 30 points for our most active customers. So really encouraging signals.

我們在這裡看到了很多牽引力。我們的產品速度只會越來越快，而客戶的反應也確實如此。我們看到，我們的 NPS 得分總體上升了 20 多分，而我們最活躍的客戶則上升了 30 多分。非常令人鼓舞的信號。

To your point, our revenue is diversifying. Interest income is becoming a larger portion of that. Things like securities lending is also contributing, but also interest on cash as well. When we think about the dynamic between rising rates and falling rates and the effect on revenue, there's a couple of things that I'd point out.

就您而言，我們的收入正在多樣化。利息收入正在成為其中更大的一部分。證券借貸之類的事情也在做出貢獻，但現金利息也是如此。當我們考慮利率上升和下降之間的動態以及對收入的影響時，我要指出幾件事。

First, there is a bit of a natural offset between changes in interest rates and demand for equities or trading activity. And so while it's not a perfect correlation, they do tend to move in opposite directions, and we think that's good for kind of the balance of our business.

首先，利率變化與股票或交易活動需求之間存在一定程度的自然抵消。因此，雖然這不是完美的相關性，但它們確實傾向於朝相反的方向發展，我們認為這對我們業務的平衡有好處。

I'd also say that as we continue to roll out new products that, that's just going to further diversify and really strengthen the revenue profile of our business.

我還要說的是，隨著我們繼續推出新產品，這只會進一步多樣化並真正加強我們業務的收入狀況。

The last thing we're looking at, and I mentioned it last quarter, is we are evaluating whether we want to use any kind of hedging for significant rate drops to manage our sensitivity to interest rates. We've been looking at whether option for strategy, for example, could be a way to maintain liquidity, do it at a modest cost and not introduce any P&L variability. We haven't made a decision there yet, but it's something that we're continuing to look at.

我們正在關注的最後一件事，也是我在上個季度提到的，是我們正在評估是否要使用任何類型的對沖來應對利率大幅下降，以管理我們對利率的敏感性。例如，我們一直在研究策略選項是否可以作為一種維持流動性的方式，以適度的成本進行，並且不會引入任何 P&L 可變性。我們還沒有在那裡做出決定，但這是我們正在繼續關注的事情。

Yes. The only thing I'd add is just that I think the team has done a fantastic job over the past year, diversifying our business so that we can be sustainable in a high interest rate environment. I think before the fear that we were getting from analysts and the community was doing great in a low interest rate environment, but what if rates tick up, how will you do that?

是的。我唯一要補充的是，我認為團隊在過去一年中做得非常出色，使我們的業務多元化，使我們能夠在高利率環境中可持續發展。我認為在我們從分析師那裡得到的恐懼之前，社區在低利率環境下表現出色，但如果利率上升，你會怎麼做？

And I think we've shown that this is a resilient business. The team moves fast and innovates, and we're really pleased with how diversified the business has become, and we see opportunities to keep pulling on that and do it even further.

我認為我們已經證明這是一個有彈性的業務。團隊行動迅速並不斷創新，我們對業務的多元化程度感到非常滿意，我們看到了繼續推動並進一步發展的機會。

Great. Just a follow-up question on crypto. The regulatory environment in the U.S. continues to tighten around crypto. So just curious your perspective there on the regulatory landscape. What steps are you taking to protect Robinhood? And what risks do you see?

偉大的。只是關於加密的後續問題。美國的監管環境繼續圍繞加密貨幣收緊。所以只是好奇你對監管環境的看法。您將採取哪些措施來保護 Robinhood？你看到了什麼風險？

Yes. So the crypto environment has faced increasing regulatory scrutiny. The things that I'd point out is that we've been a safety-first company for a long time. It's been a core value. In fact, it's our cost company value, and Vlad talked about it on these calls in the past. What this has meant is that we've been very deliberate in the way that we expand our coin offering. We've got a rigorous coin framework, and we're very careful in the way that we evaluate those coins.

是的。因此，加密環境面臨著越來越多的監管審查。我要指出的是，我們長期以來一直是一家安全第一的公司。這是一個核心價值。事實上，這是我們的成本公司價值，弗拉德過去在這些電話中談到過。這意味著我們在擴大代幣發行的方式上非常慎重。我們有一個嚴格的代幣框架，我們在評估這些代幣的方式上非常謹慎。

I'd say if you compare Robinhood to perhaps others across the industry, we consistently demonstrate that we have respect for the securities regulations of the country. And this has led to us making tough decisions on product selection. We don't offer staking. That's something that's been under scrutiny as well. And so we'll continue to operate with that mindset. We want to be on the right side of these decisions. At the same time, we want to innovate for customers. And I think additional regulatory clarity would be super helpful on that front.

我想說，如果您將 Robinhood 與業內其他公司進行比較，我們始終表明我們尊重該國的證券法規。這導致我們在產品選擇上做出艱難的決定。我們不提供質押。這也是受到審查的事情。因此，我們將繼續以這種心態運作。我們希望在這些決定中站在正確的一邊。同時，我們要為客戶創新。而且我認為額外的監管清晰度在這方面會非常有幫助。

Our next question comes from Will Nance with Goldman Sachs.

我們的下一個問題來自高盛的 Will Nance。

I wanted to follow-up on the earlier question on the securities lending. It sounds like fully paid adoption was a partial driver there. And it sounds like that's -- you're baking in kind of consistent securities lending revenue in the current quarter. When I look at the fully paid versus margin, fully paid definitely up more than margin sequentially, but even the base level of margin, I think, was up 70% sequentially.

我想跟進之前關於證券借貸的問題。聽起來全額付費收養是其中的部分驅動因素。這聽起來像是——你在本季度獲得了穩定的證券借貸收入。當我查看全額支付與保證金時，全額支付肯定比保證金連續增長更多，但我認為即使是保證金的基本水平也連續增長了 70%。

So I was just wondering, if you can maybe talk about how much of this was sort of environmental to the demand and what kind of rates, you're able to get on that? And how much of this you think is -- maybe just talk about the sustainability in the current macro environment, particularly in light of some of the reduced engagement levels that we've seen that your kind of referencing in the month of April?

所以我只是想知道，如果你能談談這其中有多少是對需求的環境影響以及什麼樣的利率，你能接受嗎？您認為其中有多少 - 也許只是談論當前宏觀環境中的可持續性，特別是考慮到我們在 4 月份看到您提到的參與度有所下降？

Yes. And I'd say that -- thanks for your question, Will. I'd say that the securities lending business is less beholding to kind of monthly engagement metrics. It's based more on how many of our customers have opted in, whether or not they're engaging on a monthly basis with us.

是的。我會說——謝謝你的問題，Will。我想說的是，證券借貸業務不太依賴於某種月度參與指標。它更多地取決於我們有多少客戶選擇加入，無論他們是否每月與我們合作。

We've seen overall strength in the market for securities lending this quarter. I'd say Q4 was unusually soft. It was one of the softest quarters that I've seen in the years that I've been here, but there was a strong backdrop in Q1 that continues here into Q2. So demand was higher. It allowed us with the backdrop of adding more customers to the fully paid securities program.

我們已經看到本季度證券借貸市場的整體實力。我會說第四季度異常疲軟。這是我來這裡的這些年裡見過的最疲軟的季度之一，但第一季度的強勁背景一直延續到第二季度。所以要求更高。它使我們能夠在全額支付的證券計劃中增加更多客戶。

Securities lending program to be able to lend out even more, help our customers optimize their own yield by participating. And the rebates that we saw were particularly strong. So far, in Q2, we continue to see levels kind of consistent with what we were seeing in Q1.

證券借貸計劃能夠借出更多資金，幫助我們的客戶通過參與優化自己的收益。我們看到的回扣特別強勁。到目前為止，在第二季度，我們繼續看到與我們在第一季度看到的水平有點一致的水平。

Got it. That's super helpful. And just maybe a kind of detailed modeling question on the options take rate. It seems like that's been coming down a little bit over the past several quarters and kind of came in a little bit lower than what we were looking for. Just wondering if you could talk about drivers of that? It seems like it's been more on the rebate side and less on the actual volume.

知道了。這非常有幫助。也許只是一種關於期權採納率的詳細建模問題。在過去的幾個季度裡，這似乎有所下降，有點低於我們的預期。只是想知道您是否可以談談這方面的驅動因素？似乎更多的是在回扣方面，而不是在實際數量上。

Yes, sure. So the take rate is really just an effect of mix. So no change in the pricing structure, but the tier that includes SPY contracts has just been increasing as an overall percentage in this market backdrop, and that's shown up in a reduced blended rate.

是的，當然。所以採用率實際上只是混合的影響。因此，定價結構沒有變化，但在這種市場背景下，包括 SPY 合同在內的層級在整體百分比上一直在增加，這體現在降低的混合費率上。

Our next question comes from Ken Worthington with JPMorgan.

我們的下一個問題來自摩根大通的肯沃辛頓。

Can you give us an update on the new Cash Card? What has been the uptake on the new card? And any color on what transaction activity looks like there?

你能給我們介紹一下新現金卡的最新情況嗎？新卡的使用情況如何？那裡的交易活動有什麼顏色嗎？

Yes, sure. I mean the Cash Card is off to a good start. I'd say it's really early, Ken. And the uptake is a few hundred -- a couple of hundred thousand customers. And what we're really working on is continuing to iterate on the value proposition. We want that card to be kind of top of wallet, and we're not there yet.

是的，當然。我的意思是現金卡有了一個良好的開端。我會說現在真的很早，肯。接受度是幾百 - 幾十萬客戶。我們真正在做的是繼續迭代價值主張。我們希望這張卡成為錢包的首選，但我們還沒有做到這一點。

So the team is hard at work. We're talking to customers. We're evaluating the value proposition. I think longer term, this has potential to be a meaningful engagement driver for us, and will help us deepen our relationships. But we're not there yet, but it's early.

因此，團隊正在努力工作。我們正在與客戶交談。我們正在評估價值主張。我認為從長遠來看，這有可能成為我們有意義的參與驅動因素，並將幫助我們加深我們的關係。但我們還沒有到那兒，但還早。

And then maybe following up on options. Trading there continues to represent the majority of transaction revenue for Robinhood. We've seen index options trading dominate certain parts of retail, particularly 0-day options. Any color you can give us on what portion either index options are or if 0-day options has been a driver of some of the growth that you've seen?

然後可能跟進選項。那裡的交易繼續代表 Robinhood 的大部分交易收入。我們已經看到指數期權交易在零售的某些部分佔據主導地位，尤其是零日期權。您可以就指數期權的哪一部分給我們任何顏色，或者 0 天期權是否是您所看到的某些增長的驅動力？

And then maybe just to help size Options for us. You had 23.1 million accounts, MAUs of 11.8 million. What portion of your customers are trading options for you in this quarter over the last year?

然後也許只是為了幫助我們調整選項。你有 2310 萬個賬戶，1180 萬的 MAU。與去年相比，本季度有多少客戶為您交易期權？

Sure, Ken. I'll start, and we'll see if Vlad adds any colors.

當然，肯。我要開始了，我們會看看 Vlad 是否添加了任何顏色。

So first, I'd say hundreds of thousands is the order of magnitude on options traders, so a relatively small portion of our customers are engaged in options trading every month.

首先，我要說的是，數十萬是期權交易者的數量級，因此我們的客戶中相對較小的一部分每個月都參與期權交易。

In terms of 0-day options, we don't currently offer those. It's something that we do hear from customers that they're interested in. But...

就 0-day 選項而言，我們目前不提供這些選項。這是我們從客戶那裡聽到的他們感興趣的東西。但是......

We don't offer cash settled index options. We don't offer cash settled index options. We had 0-day, but their ETF options traded on the platform.

我們不提供現金結算指數期權。我們不提供現金結算指數期權。我們有 0 天，但他們的 ETF 期權在平台上交易。

Thanks, Vlad. And so in terms of expanding that to cash settled, it's something that we'll evaluate over time.

謝謝，弗拉德。因此，就將其擴展到現金結算而言，我們將隨著時間的推移對其進行評估。

Our next question comes from Matthew O'Neill with FT Partners.

我們的下一個問題來自 FT Partners 的馬修奧尼爾。

I just wanted to confirm the April -- one of the April trends. I believe it was mentioned that the MAUs were down after it was nice to see them increase in sort of both the trend this past quarter. Anything to sort of take into account there? I know there's a lot of discussion already on some of the April dynamics with tax season and so forth?

我只是想確認四月——四月的趨勢之一。我相信有人提到 MAU 下降是因為很高興看到它們在上個季度的兩種趨勢中都有所增加。有什麼需要考慮的嗎？我知道已經有很多關於 4 月份稅收季節等動態的討論？

Yes. Thanks for the question. So yes, we saw MAUs go from 11.8 to 11.4 in April. And really, what I'd point to, it's in the zone of where we were -- sorry, 11.5. It's in the zone of where we were in Q1. It's nice to see this kind of stabilize, and I just point to the seasonal dynamics of April that I referred to earlier in my comments.

是的。謝謝你的問題。所以是的，我們看到 MAU 在 4 月份從 11.8 上升到 11.4。真的，我要指出的是，它在我們所在的區域——抱歉，11.5。它位於我們在第一季度的區域。很高興看到這種穩定，我只是指出我之前在評論中提到的 4 月的季節性動態。

Our next question comes from Mark McLaughlin with Bank of America.

我們的下一個問題來自美國銀行的 Mark McLaughlin。

I had -- for the first one, I was curious the decision behind the reallocation of, I assume, cash to held to maturity securities because I know you guys had mentioned earlier, you're not taking on a lot of duration risk. So I just kind of wanted to know the accounting reason behind that?

我有 - 對於第一個，我很好奇重新分配背後的決定，我假設，現金持有至到期證券，因為我知道你們之前提到過，你們沒有承擔很多持續時間風險。所以我只是想知道這背後的會計原因？

Yes. It's more -- thanks for the question. So first of all, in the broader context, we've got $6 billion of cash on our balance sheet, and it just was good hygiene for us to take a small portion of that and extend the duration a bit.

是的。更重要的是——謝謝你的提問。因此，首先，在更廣泛的背景下，我們的資產負債表上有 60 億美元的現金，我們拿走其中的一小部分並稍微延長期限，這對我們來說是一種很好的衛生習慣。

So it's held to maturity. It's a laddered portfolio that's rolling. So it's highly liquid. And that was the logic behind it. Just looking at the fair value, it's right on kind of what the purchase price was of the portfolio.

所以持有至到期。這是一個滾動的階梯式投資組合。所以它的流動性很強。這就是它背後的邏輯。只看公允價值，它與投資組合的購買價格差不多。

Awesome. And then for a quick follow-up, I know in quarters past, you guys have kind of talked about expansion, especially starting kind of in the U.K. Not obviously trying to monetize client cash balances with the bank charter helps when moving abroad makes things a lot less complicated. Any updates on international expansion? Or kind of how are you guys thinking about that going forward?

驚人的。然後快速跟進，我知道在過去的幾個季度裡，你們談到了擴張，尤其是在英國開始。顯然，當移居國外時，試圖通過銀行牌照將客戶現金餘額貨幣化有助於使事情成為不那麼複雜。關於國際擴張的任何更新？或者你們是如何看待這件事的？

Yes. We're making progress towards the goal of launching brokerage in the U.K. by the end of the year. As I mentioned in the past, we've got an existing license in place. We think that our brand is very strong and will resonate very well in the U.K. and experienced leaders running the effort. So stay tuned, but we're excited to make it happen.

是的。我們正在朝著年底前在英國推出經紀業務的目標取得進展。正如我過去提到的，我們已經有了現有的許可證。我們認為我們的品牌非常強大，將在英國和經驗豐富的領導者中產生很好的共鳴。所以請繼續關注，但我們很高興能實現它。

That concludes today's question-and-answer session. I'd like to turn the call back to Vlad Tenev for closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Vlad Tenev 以作結束語。

Yes. Thank you, guys, so much for listening and asking questions. We're very excited by the progress and checkout 24 Hour Market. Very excited for that to be launching next week.

是的。伙計們，非常感謝你們傾聽和提問。我們對 24 小時市場的進展和結賬感到非常興奮。非常高興能在下週推出。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。