(HOOD) 2023 Q2 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 Robinhood 2023 年第二季度收益電話會議。 （操作員指示）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, Head of Investor Relations. Please go ahead.

我現在想將會議交給今天的發言人、投資者關係主管克里斯·科格爾 (Chris Koegel)。請繼續。

Thank you, Gigi, and thank you to everyone for joining Robinhood's Q2 earnings call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick.

謝謝 Gigi，也感謝大家參加 Robinhood 第二季度財報電話會議。今天與我們在一起的有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, our Form 10-Q filed May 10, 2023, and in our other SEC filings. 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.

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、投資者關係網站Investors.robinhood.com 上的收益演示、我們5 月10 日提交的10-Q 表格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動態。 2023 年，以及我們向 SEC 提交的其他文件中。今天的討論還將包括非公認會計準則財務指標。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.

那麼，讓我把它交給弗拉德。

Thanks for the intro, Chris, and thanks to everyone for joining us today. Last week was the 2-year anniversary of our IPO, and I'm excited to announce an important milestone today.

感謝克里斯的介紹，也感謝大家今天加入我們。上周是我們首次公開募股兩週年紀念日，我很高興今天宣布一個重要的里程碑。

In Q2, we reached GAAP profitability for the first time as a public company. I'm incredibly proud of our team for the resourcefulness and tenacity it took to ship innovative products, serve customers and manage expenses to reach this level. Let me tell you more about our progress in Q2, starting with our business results.

第二季度，我們作為上市公司首次實現了 GAAP 盈利能力。我為我們的團隊感到無比自豪，他們在交付創新產品、服務客戶和管理費用方面表現出足智多謀和堅韌不拔的精神，才達到了這一水平。讓我從我們的業務成果開始詳細介紹我們第二季度的進展。

Customer assets under custody grew to $89 billion in Q2 and up 13% from Q1, driven by higher equity valuations and continued net deposits. In July, customer assets continued to grow by several billion to over $90 billion.

受較高的股權估值和持續的淨存款推動，第二季度客戶託管資產增至 890 億美元，較第一季度增長 13%。 7月份，客戶資產繼續增長數十億美元，達到900億美元以上。

Looking at net deposits, we had over $4 billion in Q2, translating to a 21% annualized growth rate. This brings the total over the past year to over $16 billion as customers continue to trust Robinhood with billions of their investment dollars.

從淨存款來看，第二季度我們的淨存款超過 40 億美元，年化增長率為 21%。由於客戶繼續信任 Robinhood 的數十億美元投資，這使得過去一年的總金額超過 160 億美元。

Looking at our financial results. In Q2, we grew total net revenues to $486 million, up 10% from Q1. And by keeping our costs lean, we drove nice operating leverage in our business with adjusted EBITDA margin increasing to a new high of 31%. These results contributed to GAAP net income of $25 million and EPS of positive $0.03.

看看我們的財務業績。第二季度，我們的總淨收入增至 4.86 億美元，比第一季度增長 10%。通過保持成本精簡，我們在業務中提高了良好的運營槓桿，調整後的 EBITDA 利潤率增至 31% 的新高。這些業績使 GAAP 淨利潤達到 2500 萬美元，每股收益為 0.03 美元。

I'd also highlight that 2 new products I mentioned last quarter, Stock Lending and Instant Withdrawals, continue to accelerate. Each had Q2 revenues that grew another 20% above their Q1 levels. The combined annualized Q2 revenue of these 2 products is over $90 million, which is roughly the size of our equity trading business. This is exciting progress, and I'm incredibly proud of how well our team is executing.

我還要強調的是，我上個季度提到的兩種新產品——股票借貸和即時提款——繼續加速增長。兩家公司第二季度的收入比第一季度的水平又增長了 20%。這兩個產品第二季度的年化收入合計超過 9000 萬美元，大致相當於我們股權交易業務的規模。這是令人興奮的進步，我對我們團隊的執行效果感到非常自豪。

Now let's turn to our 2023 road map, which, as you know, we've organized into 3 areas: deepening relationships with our customers, innovating for our active traders and launching new growth opportunities.

現在讓我們轉向我們的 2023 年路線圖，如您所知，我們將其分為 3 個領域：深化與客戶的關係、為活躍交易者進行創新以及推出新的增長機會。

Let's first talk about how we're deepening relationships with our more than 23 million existing customers. Our goal is to serve the entirety of our customers' financial needs. We started with trading and investing. And more recently, we launched spending, saving and retirement products. We track our progress here by looking at net deposits and ARPU. In Q2, net deposits grew at a 21% annualized growth rate, and ARPU increased to $84, the highest level in the past 2 years.

讓我們首先談談我們如何深化與超過 2300 萬現有客戶的關係。我們的目標是滿足客戶的全部財務需求。我們從交易和投資開始。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。第二季度，淨存款年化增長率為21%，ARPU升至84美元，為近兩年來的最高水平。

We're also making great progress growing assets per customer. Over the past year, AUC per customer increased 37% on average and 88% for Gold customers. One focus has been helping customers save and invest their long-term money. As a reminder, in January, we launched Robinhood Retirement, the first IRA with a 1% match, no employer necessary. And it's great to see that IRA assets are now close to $1 billion. We believe Retirement can grow into a much larger part of our business, especially as we add additional products like advisory.

我們在增加每個客戶的資產方面也取得了巨大進展。過去一年，每位客戶的 AUC 平均增長了 37%，黃金級客戶的 AUC 平均增長了 88%。我們的重點之一是幫助客戶儲蓄和投資長期資金。提醒一下，我們在一月份推出了 Robinhood Retirement，這是第一個 1% 匹配的 IRA，無需雇主。很高興看到 IRA 資產現已接近 10 億美元。我們相信退休業務可以發展成為我們業務的更大一部分，特別是當我們添加諮詢等其他產品時。

Last quarter, I mentioned that we're really happy with the progress we've made with Robinhood Gold and that we're going to be adding even more features and value to the offering. To that end, we are introducing a 3% IRA match for Gold customers, 3x our standard 1% match. We believe this offer makes Gold incredibly compelling for retirement customers that aren't already Gold subscribers and will also help us grow Retirement business. Gold cash sweep, which offers customers up to $2 million in FDIC insurance and among the most competitive yields on cash, is also continuing to grow. Gold cash sweep balances grew nearly 40% in Q2 and 130% year-to-date to reach $11 billion.

上個季度，我提到我們對 Robinhood Gold 所取得的進展感到非常滿意，並且我們將為該產品添加更多功能和價值。為此，我們為黃金級客戶推出 3% IRA 匹配，是標準 1% 匹配的 3 倍。我們相信，這一優惠使黃金卡對於尚未成為黃金卡訂閱者的退休客戶來說具有極大的吸引力，也將幫助我們發展退休業務。黃金現金掃蕩服務也在持續增長，該服務為客戶提供高達 200 萬美元的 FDIC 保險，並且是最具競爭力的現金收益率之一。黃金現金餘額在第二季度增長了近 40%，今年迄今增長了 130%，達到 110 億美元。

Last week, we increased the interest rate to 4.9%. As we've attracted and engaged more Gold customers, we've seen them deposit more into their Robinhood accounts, and this continues to drive strong ARPU and revenue growth from our Gold customers. With our competitive 4.9% rate on cash and the new 3% IRA match, we're starting to spin this flywheel even faster.

上週，我們將利率提高至4.9%。隨著我們吸引和參與更多的黃金級客戶，我們看到他們向 Robinhood 賬戶存入更多資金，這將繼續推動我們黃金級客戶的 ARPU 和收入強勁增長。憑藉我們具有競爭力的 4.9% 現金利率和新的 3% IRA 匹配，我們開始更快地旋轉這個飛輪。

Now let me talk a bit about the X1 acquisition. We view credit as a strategic opportunity to both help customers and diversify our business. Many of our 23 million customers are credit card primary, and we also see an opportunity to go down market and help younger people build credit. Right now, for example, if you're an immigrant or a student, it's hard to get credit, even if you have the salary and earnings potential to support it. This is one of the problems we're excited to solve. And by doing so, we believe we will grow our customer base, diversify our revenues, further deepen our relationship with our customers.

現在讓我談談X1收購的一些事情。我們將信貸視為幫助客戶和實現業務多元化的戰略機會。我們的 2300 萬客戶中有許多主要使用信用卡，我們還看到了進入下游市場並幫助年輕人建立信用的機會。例如，現在，如果您是移民或學生，即使您有足夠的薪水和收入潛力來支持它，也很難獲得信貸。這是我們很高興解決的問題之一。通過這樣做，我們相信我們將擴大我們的客戶群，使我們的收入多樣化，並進一步加深我們與客戶的關係。

After exploring the credit space for several years, with X1, we finally found a team that has the right values and DNA to build and scale a category-defining consumer credit business. X1 provides their 80,000 cardholders with an awesome stainless steel card, attractive customer rewards, and a sleek and user-friendly mobile platform. The team is working hard to ship a great new Robinhood card that we're excited to offer to our 23 million customers, and we'll expand from there.

經過幾年對信貸領域的探索，我們與 X1 終於找到了一支擁有正確價值觀和 DNA 的團隊來建立和擴展類別定義的消費信貸業務。 X1 為其 80,000 名持卡人提供精美的不銹鋼卡、有吸引力的客戶獎勵以及時尚且用戶友好的移動平台。該團隊正在努力推出一款出色的新 Robinhood 卡，我們很高興能夠將其提供給我們的 2300 萬客戶，並且我們將以此為基礎進行擴展。

Now let's discuss active traders. As you know, over the past year, we continued to aggressively ship products and features to make Robinhood the best destination for active traders. These include advanced charts, cash accounts, strategy builder, stock screeners and most recently, Robinhood 24 Hour Market. With 24 Hour Market, we are the first U.S. retail brokerage to offer 24/5 trading of single-name stocks. We finished the rollout to 100% of our customers in July, and we love the early uptake we see. We've seen strong volumes in our extended hours offering, particularly during earnings season. And Robinhood 24 Hour Market makes it even easier for customers to trade whenever they want.

現在讓我們討論活躍交易者。如您所知，在過去的一年裡，我們繼續積極推出產品和功能，使 Robinhood 成為活躍交易者的最佳目的地。其中包括高級圖表、現金賬戶、策略生成器、股票篩選器以及最近的 Robinhood 24 小時市場。憑藉 24 小時市場，我們是美國第一家提供單一名稱股票 24/5 交易的零售經紀公司。我們於 7 月份完成了向 100% 客戶的部署，我們很高興看到早期的採用情況。我們發現延長營業時間的產品銷量強勁，尤其是在財報季節。 Robinhood 24 小時市場讓客戶可以更輕鬆地隨時進行交易。

We're excited to continue to expand the selection of names we offer, and we will be adding 9 more tickets quite soon, bringing our total to 52. As we continue to enhance the experience for active traders, we're seeing our market share of retail trading grow. Last quarter, I mentioned that we were happy with the trajectory that our options trading product was on. We were starting to turn more of our attention to our core equities business.

我們很高興能夠繼續擴大我們提供的名稱選擇，並且我們很快將再添加 9 個門票，使總數達到 52 個。隨著我們繼續增強活躍交易者的體驗，我們正在看到我們的市場份額零售貿易增長。上個季度，我提到我們對期權交易產品的發展軌跡感到滿意。我們開始將更多注意力轉向我們的核心股票業務。

In addition to 24 Hour Market, we shipped several tools and enhancements for our active equities traders, including longer chart history, returns comparison tools and our awesome new screeners and scanners. And just a few hours ago, we rolled out instant deposits and cash accounts to all users. Customers love these improvements, and we're seeing that in our market share.

除了 24 小時市場之外，我們還為活躍的股票交易者提供了多種工具和增強功能，包括更長的圖表歷史記錄、回報比較工具以及我們出色的新篩選器和掃描儀。就在幾個小時前，我們向所有用戶推出了即時存款和現金賬戶。客戶喜歡這些改進，我們也從我們的市場份額中看到了這一點。

In Q2, equity market share was up 15% from a year ago, and our options market share was up over 20% from a year ago. So far in Q3, our market share continues to move higher in both equities and options, and we're working on many more improvements that we can't wait to share with customers.

第二季度，股票市場份額同比增長 15%，期權市場份額同比增長超過 20%。到目前為止，第三季度，我們在股票和期權方面的市場份額繼續上升，我們正在努力進行更多改進，我們迫不及待地想與客戶分享。

Turning to crypto. We continue to innovate and grow market share while staying mindful of applicable regulations. Our goal is to be the safest, most trusted place for customers to hold, trade and transact with their crypto. We see our recent launches of Robinhood Wallet and Robinhood Connect resonating with customers, and we look forward to continuing to invest in crypto.

轉向加密貨幣。我們不斷創新並擴大市場份額，同時留意適用的法規。我們的目標是成為客戶持有、交易和交易加密貨幣的最安全、最值得信賴的地方。我們看到最近推出的 Robinhood Wallet 和 Robinhood Connect 引起了客戶的共鳴，我們期待繼續投資加密貨幣。

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. We remain focused on our ambitious goal of launching brokerage operations in the U.K. around the end of the year. As you know, we have an existing license in place, a brand that resonates and experienced leaders like JB Mackenzie running the effort. We've been spending a lot of time with customers and are starting to hire key positions on the ground, including bringing on Jordan Sinclair to lead Robinhood U.K. We're getting even more excited to drive innovation in the U.K. market like we've done in the U.S.

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，以便我們能夠隨著時間的推移增加更多客戶並增加我們的收入。我們仍然專注於今年年底在英國推出經紀業務的雄心勃勃的目標。如您所知，我們擁有現有的許可證、一個能引起共鳴的品牌以及像 JB Mackenzie 這樣經驗豐富的領導者來管理這項工作。我們花了很多時間與客戶打交道，並開始在當地招聘關鍵職位，包括聘請 Jordan Sinclair 來領導 Robinhood 英國。我們更加興奮地推動英國市場的創新，就像我們所做的那樣在美國。

Another business we recently launched is Sherwood Media, a new media company that is focused on providing the best financial content covering the markets, economics, business, technology and the culture of money. Our goal is to build on the success of Robinhood Snacks, which is one of the largest financial newsletters in the U.S. with over 10 million weekly readers. We've already started signing multiyear advertising partnerships with NASDAQ, Cboe and other partners.

我們最近推出的另一家公司是 Sherwood Media，這是一家新媒體公司，專注於提供涵蓋市場、經濟、商業、技術和金錢文化的最佳財經內容。我們的目標是在 Robinhood Snacks 的成功基礎上再接再厲，Robinhood Snacks 是美國最大的財經新聞通訊之一，每周擁有超過 1000 万讀者。我們已經開始與納斯達克、芝加哥期權交易所和其他合作夥伴簽署多年的廣告合作夥伴關係。

We're excited about our progress across multiple geographies and business lines. We believe these investments will enable us to serve more customers while also growing and diversifying our revenues.

我們對在多個地區和業務領域取得的進展感到興奮。我們相信這些投資將使我們能夠為更多客戶提供服務，同時增加我們的收入並使其多元化。

As I reflect on all that Robinhood has accomplished so far in our history, I'm energized by our even larger potential over the next decade. We're really excited about the road map ahead of us, and there's so much to do. We see a huge opportunity to innovate for our customers, grow assets, gain market share and change the industry for the better as we democratize finance for all our 23 million customers and many more to come.

當我回顧 Robinhood 迄今為止在我們歷史上所取得的所有成就時，我對我們未來十年更大的潛力感到充滿活力。我們對眼前的路線圖感到非常興奮，而且還有很多事情要做。隨著我們為所有 2300 萬客戶和更多未來客戶實現金融民主化，我們看到了為客戶創新、增加資產、獲得市場份額和改變行業的巨大機遇。

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

這樣，我就把電話轉給傑森。

Thanks, Vlad. It's good to speak with everyone today. After growing revenue for 5 straight quarters and getting lean on costs, in Q2, we reached GAAP profitability for the first time as a public company. I'm incredibly proud of our team for all of their progress over the past year transforming the financial profile of our business and positioning us to drive long-term shareholder value.

謝謝，弗拉德。今天很高興能和大家說話。在連續 5 個季度實現收入增長並減少成本後，我們在第二季度作為上市公司首次實現了 GAAP 盈利能力。我為我們的團隊在過去一年中取得的所有進步感到無比自豪，他們改變了我們業務的財務狀況，並使我們能夠推動長期股東價值。

While we're excited about reaching this milestone, we're just getting started on the journey to drive higher levels of GAAP EPS over time. We remain focused on investing for growth to add new revenue streams like securities lending and Instant Withdrawals as well as gain market share in our existing businesses. At the same time, we're working to get leaner in ways that don't detract from our growth.

雖然我們對實現這一里程碑感到興奮，但我們才剛剛開始踏上隨著時間的推移推動更高水平的 GAAP 每股收益的旅程。我們仍然專注於增長投資，以增加證券借貸和即時提款等新的收入來源，並在現有業務中獲得市場份額。與此同時，我們正在努力以不影響我們成長的方式進行精簡。

For example, in Q2, we made some targeted reductions across a few teams where we saw increased productivity and opportunities for greater efficiency. We're confident that our growth and efficiency efforts can drive great outcomes for customers and shareholders over time.

例如，在第二季度，我們對幾個團隊進行了一些有針對性的削減，我們看到了生產力的提高和提高效率的機會。我們相信，隨著時間的推移，我們的增長和效率努力可以為客戶和股東帶來巨大的成果。

Let's now look at how our business grew in the second quarter as we make progress on our mission. We measure our progress in terms of assets under custody and net funded accounts. Our customers' assets under custody increased 13% sequentially in Q2 to $89 billion, primarily due to higher equity valuations and customers continuing to deposit money into Robinhood.

現在讓我們看看隨著我們在使命上取得進展，我們的業務在第二季度的增長情況如何。我們根據託管資產和淨資金賬戶來衡量我們的進展。第二季度，我們客戶的託管資產環比增長 13%，達到 890 億美元，這主要是由於股權估值上升以及客戶繼續向 Robinhood 存入資金。

Looking at net deposits. They were $4.1 billion in Q2, which translates to a 21% annualized growth rate relative to Q1 AUC. We believe these resilient customer net deposits position us really well for continued asset growth as markets rise over time.

看看淨存款。第二季度的銷售額為 41 億美元，相對於第一季度 AUC 的年化增長率為 21%。我們相信，隨著市場隨著時間的推移而上漲，這些具有彈性的客戶淨存款使我們能夠實現資產的持續增長。

Turning to net funded accounts, which represent unique customers on our platform. They increased to $23.2 million in Q2, up $70,000 from last quarter and $310,000 from a year ago. Additionally, we are excited about the growth we are seeing in our retirement product, which we launched in January. We now have over 325,000 funded retirement accounts, up 75,000 from last quarter. And Gold subscribers increased for the third quarter in a row to over $1.2 million, up about 60,000 sequentially and 150,000 since we launched the Gold yield -- high-yield offering.

轉向淨資金賬戶，它們代表我們平台上的獨特客戶。第二季度的銷售額增至 2320 萬美元，比上季度增加 7 萬美元，比去年同期增加 31 萬美元。此外，我們對一月份推出的退休產品的增長感到興奮。我們現在擁有超過 325,000 個資金退休賬戶，比上季度增加 75,000 個。黃金訂閱者連續第三季度增加至超過 120 萬美元，比上一季度增加約 60,000 人，自我們推出黃金收益（高收益產品）以來增加了 150,000 人。

Looking at our financial results. We generated positive GAAP net income of $25 million in Q2, and EPS was $0.03. When we look at our $0.37 increase from a year ago, it's great to see the broad improvement across revenue, OpEx and SBC that led to the Q2 result. In addition, we have continued to drive profitability higher on an adjusted EBITDA basis. It grew to a new high of $151 million in the quarter, and our adjusted EBITDA margin also reached a new high of 31%. We are excited about the progress we've made on margins, with adjusted EBITDA margin up over 55 points from a year ago.

看看我們的財務業績。我們第二季度的 GAAP 淨利潤為 2500 萬美元，每股收益為 0.03 美元。當我們看到與一年前相比增長了 0.37 美元時，很高興看到收入、運營支出和 SBC 方面的廣泛改善，這導致了第二季度的業績。此外，我們繼續提高調整後 EBITDA 的盈利能力。本季度增長至 1.51 億美元的新高，調整後 EBITDA 利潤率也達到 31% 的新高。我們對利潤率方面取得的進展感到非常興奮，調整後的 EBITDA 利潤率比一年前增長了 55 個百分點以上。

Now let's review Q2 revenues. Total net revenues were $486 million, a 10% increase from Q1, as net interest and other revenues increased during the quarter. Q2 ARPU was $84, up from $77 last quarter and the highest level since 2021. Transaction-based revenues were $193 million in Q2, down 7% sequentially, primarily due to lower crypto volumes and lower options revenue per contract.

現在讓我們回顧一下第二季度的收入。總淨收入為 4.86 億美元，比第一季度增長 10%，因為本季度淨利息和其他收入有所增加。第二季度ARPU 為84 美元，高於上季度的77 美元，為2021 年以來的最高水平。第二季度基於交易的收入為1.93 億美元，環比下降7%，主要是由於加密貨幣交易量下降和每份合約的期權收入下降。

Moving to net interest revenues. They were $234 million in Q2, up 13% sequentially. The increase was driven by higher interest-earning assets, short-term interest rates and securities lending activity. Q2 interest-earning assets were $26 billion, up 16% or $4 billion sequentially, primarily driven by Gold customers continuing to bring more deposits to Robinhood.

轉向淨利息收入。第二季度營收為 2.34 億美元，比上一季度增長 13%。這一增長是由生息資產、短期利率和證券借貸活動增加推動的。第二季度生息資產為 260 億美元，環比增長 16%，即 40 億美元，主要是由於黃金客戶繼續向 Robinhood 帶來更多存款。

Looking ahead, we anticipate Q3 net interest revenues will increase in the zone of $15 million versus Q2. This outlook assumes securities lending revenue in line with Q2, the addition of X1 and today's level of balances, deposit rates and Fed fund rates. Of course, our Q3 result could be higher or lower, depending on how the quarter plays out.

展望未來，我們預計第三季度淨利息收入將比第二季度增加 1500 萬美元左右。這一前景假設證券借貸收入與第二季度、X1 的增加以及當前的餘額水平、存款利率和聯邦基金利率一致。當然，我們第三季度的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 $59 million in Q2, up $33 million from Q1, primarily due to seasonally higher proxy revenues. Looking ahead, we anticipate Q3 other revenues will return to the mid-$20 million zone given typical proxy seasonality.

轉向其他收入。第二季度的營收為 5900 萬美元，比第一季度增加 3300 萬美元，這主要是由於代理收入季節性上升。展望未來，考慮到典型的代理季節性，我們預計第三季度其他收入將回到 2000 萬美元左右的區域。

I also want to share some color on what we saw in July. Accounts and assets continued to grow as customers deposited into their accounts and equity valuations increased during the month. July net deposits were roughly in line with the Q2 monthly average. In addition, as Vlad alluded to, we saw trading volumes pick up in equities, options and crypto compared to our Q2 monthly averages.

我還想分享一些我們在 7 月份看到的情況。隨著客戶存入賬戶和股票估值在本月內增加，賬戶和資產繼續增長。 7月份淨存款與第二季度月均值大致持平。此外，正如弗拉德提到的那樣，與第二季度的月度平均水平相比，我們看到股票、期權和加密貨幣的交易量有所增加。

Finally, margin and cash sweep balances continued to grow from their Q2 levels. We're glad to see our customers continue to engage on the platform and look forward to sharing our full monthly metrics in a couple of weeks.

最後，保證金和現金周轉餘額繼續從第二季度的水平增長。我們很高興看到我們的客戶繼續參與該平台，並期待在幾週內分享我們完整的每月指標。

Now let's review Q2 expenses, starting with OpEx prior to SBC. It was $357 million in Q2, at the lower end of our prior outlook range. Looking forward to the second half of the year, we're getting more efficient. So even while onboarding X1, we are keeping the midpoint of our full year outlook range unchanged. We're also tightening our range as we're now halfway through the year. Taken together, our updated outlook for 2023 OpEx prior to SBC is a range of $1.43 billion to $1.47 billion.

現在讓我們回顧一下第二季度的支出，首先從 SBC 之前的運營支出開始。第二季度為 3.57 億美元，處於我們之前展望範圍的下限。展望下半年，我們的效率將會提高。因此，即使在加入 X1 的同時，我們也保持全年展望範圍的中點不變。由於今年已過半，我們也在收緊我們的範圍。總而言之，我們在 SBC 之前對 2023 年運營支出的最新展望為 14.3 億美元至 14.7 億美元。

Turning to SBC. It was $109 million in Q2, right around the lower end of our prior full year outlook range. Looking ahead, given the progress we've made through the first half of the year, we're lowering our SBC outlook again this quarter. Our updated outlook for 2023 SBC is a range of $900 million to $940 million, which implies SBC will continue to improve in the second half of the year. Our progress here means that our outlook for 2023 dilution has also improved. We now expect our diluted share count, which was 961 million at the end of 2022, to increase by 3% or less this year.

轉向 SBC。第二季度為 1.09 億美元，正好位於我們之前全年展望範圍的下限附近。展望未來，鑑於我們上半年取得的進展，我們本季度再次下調 SBC 前景。我們對 2023 年 SBC 的最新展望為 9 億至 9.4 億美元，這意味著 SBC 將在下半年繼續改善。我們在這方面取得的進展意味著我們對 2023 年稀釋度的展望也有所改善。我們現在預計，2022 年底稀釋後的股票數量為 9.61 億股，今年將增加 3% 或更少。

Turning to capital management. Our balance sheet is strong with over $6 billion of cash and investments. We use a small portion of that to run our business day to day, so we have billions of excess cash to deploy. In addition, we are now profitable on a GAAP basis, and we generated nearly $400 million of adjusted EBITDA over the past 12 months. So we believe we are well positioned to deploy capital over time to drive growth and shareholder value.

轉向資本管理。我們的資產負債表穩健，擁有超過 60 億美元的現金和投資。我們用其中的一小部分來運營我們的日常業務，因此我們有數十億多餘的現金可以部署。此外，我們現在按照公認會計原則 (GAAP) 計算已實現盈利，過去 12 個月內調整後 EBITDA 近 4 億美元。因此，我們相信，我們有能力隨著時間的推移部署資本，以推動增長和股東價值。

One way we deploy capital is M&A that accelerates our long-term product road map. In Q2, we acquired X1, which we see as a capital-efficient way to bring a great new capability to our customers. The X1 platform provides their roughly 80,000 cardholders a no-fee stainless steel credit card with attractive rewards on each purchase, and we're incredibly excited to begin offering credit to Robinhood's 23 million customers.

我們部署資本的一種方式是併購，以加速我們的長期產品路線圖。在第二季度，我們收購了 X1，我們認為這是一種為客戶帶來強大新功能的資本高效方式。 X1 平台為大約 80,000 名持卡人提供免費不銹鋼信用卡，每次購買均可獲得誘人的獎勵，我們非常高興能夠開始向 Robinhood 的 2300 萬客戶提供信貸。

Looking ahead, we continue to look for M&A opportunities like this that can complement our organic product development efforts and are a good strategic, financial and cultural fit with Robinhood. Another way we plan to deploy capital over time is through share repurchases. As you know, we've been working for the past 6 months to purchase the 55 million Robinhood shares that Emergent Fidelity bought last summer. We continue to have discussions, and we'll update you when we have more to share.

展望未來，我們將繼續尋找這樣的併購機會，這些機會可以補充我們的有機產品開發工作，並且與 Robinhood 具有良好的戰略、財務和文化契合度。我們計劃隨著時間的推移部署資本的另一種方式是通過股票回購。如您所知，我們在過去 6 個月裡一直在努力購買 Emergent Fidelity 去年夏天購買的 5500 萬股 Robinhood 股票。我們將繼續進行討論，當我們有更多信息要分享時，我們會及時通知您。

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. Q2 was our first quarter of GAAP profitability as a public company and fifth consecutive quarter of revenue and adjusted EBITDA growth. And we're not done. We continue to focus on driving profitable growth over time.

最後，我對過去一年中我們在繼續提供新功能和增強客戶體驗的同時取得的財務進展感到非常滿意。第二季度是我們作為上市公司實現 GAAP 盈利能力的第一季度，也是連續第五個季度實現收入和調整後 EBITDA 增長。我們還沒有完成。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 go ahead and move to Q&A.

克里斯，接下來我們進入問答環節。

Thank you, Jason. For the Q&A session, we'll start by answering shareholder questions from Say Technologies. These are ranked by the number of votes. We'll pass over any questions that we already addressed on this 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。在問答環節，我們將首先回答 Say Technologies 的股東問題。這些是按照票數排名的。我們將忽略我們在本次電話會議或之前幾個季度中已經解決的任何問題。我們還將具有共同主題的問題分組在一起。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. Suroj P. asks, "What is the reason top management keeps selling stock?"

我將從薩伊提出的第一個問題開始。這是給傑森的。 Suroj P. 問道：“高層管理人員不斷拋售股票的原因是什麼？”

Yes. Thanks for the question. We want to have management align their interest with our shareholders, and we think our compensation structure does that. So most of our management team's compensation is in the form of stock. And because of this, it's normal for our management team to sell a small portion of their holdings as income. So management sets up automatic selling plans, they are called 10b5-1s, well in advance of the trades that you might see come through. These are automatic and they sell small portions of their stock over time.

是的。謝謝你的提問。我們希望管理層的利益與股東的利益保持一致，我們認為我們的薪酬結構可以做到這一點。所以我們管理團隊的大部分薪酬都是以股票的形式。正因為如此，我們的管理團隊出售一小部分持股作為收入是很正常的。因此，管理層制定了自動銷售計劃，稱為 10b5-1，遠遠早於您可能看到的交易。這些都是自動的，隨著時間的推移，他們會出售一小部分庫存。

As you look across our management team, you'll also see that we continue to be large holders in Robinhood stock. And certainly, we're highly motivated to create shareholder value.

當您審視我們的管理團隊時，您還會發現我們仍然是 Robinhood 股票的大股東。當然，我們非常積極地創造股東價值。

Thanks, Jason. The next question comes from Lance G. who asks, "Can you provide an update on the 24 Hour trading and how it's going?" Vlad, do you want to take that one?

謝謝，傑森。下一個問題來自 Lance G.，他問道：“您能否提供 24 小時交易的最新情況以及進展如何？”弗拉德，你想拿那個嗎？

Sure. We were super excited to launch 24 Hour Market. We were the first U.S. broker to offer 24-hour trading of single-name stocks. And we rolled it out to 100% of our customers in July just a few weeks ago. And we'll be adding 9 new tickers soon to trade 24/5 plus, especially for those of you that are in the New York City area, you may have seen us doing some marketing around it. We're hearing great feedback from our customers, particularly those that trade more actively, and we're continuing to invest to make the offering even better.

當然。我們非常高興推出 24 小時市場。我們是第一家提供 24 小時單一名稱股票交易的美國經紀商。幾週前，我們在 7 月向 100% 的客戶推出了該服務。我們很快將添加 9 個新的股票代碼，以實現 24/5 以上的交易，特別是對於那些在紐約市地區的人，您可能已經看到我們圍繞它做了一些營銷。我們從客戶那裡聽到了很好的反饋，特別是那些交易更活躍的客戶，我們將繼續投資以使產品變得更好。

Great. Thank you, Vlad. The next question is from Atanu M. who asks, "Do you have a plan for share buybacks to regain investor confidence? Robinhood has been way under IPO valuation for more than a year now. What is your plan to rebuild investor confidence?" Jason, do you want to take that one?

偉大的。謝謝你，弗拉德。下一個問題來自Atanu M.，他問道：“您是否有計劃通過股票回購來重拾投資者信心？Robinhood 一年多來一直處於IPO 估值之下。您有什麼計劃來重建投資者信心？”傑森，你想拿走那個嗎？

Sure. Thanks for the question, also the feedback. There's a number of ways that we're working on delivering value for shareholders over time. First, we're investing organically in our business, and you hear us talk about the new products that we've recently delivered as well as ones that are on the road map, and we're super excited about that.

當然。感謝您的提問，也感謝您的反饋。隨著時間的推移，我們正在通過多種方式努力為股東創造價值。首先，我們正在對我們的業務進行有機投資，你會聽到我們談論我們最近交付的新產品以及路線圖上的產品，我們對此感到非常興奮。

Second, we've got a super strong balance sheet, and we're using it for M&A as a way for us to move faster. You saw that this quarter with our acquisition of X1. I also think there's more opportunities like this, and we're looking out for them. And as you mentioned, share repurchases is another lever. And as you know, we continue to work on purchasing the 55 million shares that were acquired by Emergent Fidelity. And over time, we'll consider other ways to return capital to our shareholders.

其次，我們擁有超強的資產負債表，我們將其用於併購，作為我們加快行動的一種方式。您在本季度我們收購 X1 時就看到了這一點。我還認為這樣的機會還有更多，我們正在尋找它們。正如您提到的，股票回購是另一個槓桿。如您所知，我們將繼續致力於收購 Emergent Fidelity 收購的 5500 萬股股票。隨著時間的推移，我們將考慮其他方式向股東返還資本。

In terms of our more recent financial progress, we've hit some pretty big milestones for the business. Our revenues in Q2 were up over 50% from last year. Our costs are down hundreds of millions, and this led to us generating nearly $400 million of adjusted EBITDA in the last 12 months. We've also reached a new high at 31% adjusted EBITDA margin this quarter. So really happy about that. And of course, really proud that we reached GAAP profitability for the first time as a public company with $0.03 per share.

就我們最近的財務進展而言，我們已經實現了一些相當大的業務里程碑。我們第二季度的收入比去年增長了 50% 以上。我們的成本下降了數億美元，這使我們在過去 12 個月內實現了近 4 億美元的調整後 EBITDA。本季度調整後 EBITDA 利潤率也創下了 31% 的新高。對此我真的很高興。當然，我們作為一家上市公司首次以每股 0.03 美元的價格實現了 GAAP 盈利，對此我們深感自豪。

So all in, I think we're in a great position. And we've got really good momentum to deliver even better results for customers over time and shareholders.

總而言之，我認為我們處於有利地位。隨著時間的推移，我們有非常好的勢頭為客戶和股東提供更好的成果。

Thanks, Jason. The next couple of questions, I think, maybe Vlad and Jason can share. So Anuj B. asks, "Can you talk about the acquisition of credit card provider X1? How does this strategically help Robinhood with future plans? Was X1 a profitable company at the time of the purchase agreement? And will this bring more users and Gold users to Robinhood?" And then Omer D. asks, "How will X1 be integrated into Robinhood exactly?" Vlad, do you want to start?

謝謝，傑森。我想，接下來的幾個問題也許弗拉德和傑森可以分享。因此Anuj B. 問道：“您能談談對信用卡提供商X1 的收購嗎？這對Robinhood 的未來計劃有何戰略幫助？在購買協議簽訂時，X1 是一家盈利的公司嗎？這會帶來更多用戶和黃金嗎？” Robinhood 的用戶？”然後 Omer D. 問道：“X1 到底如何集成到 Robinhood 中？”弗拉德，你想開始嗎？

Yes, I'd be happy to start. We're really excited to work with X1 and the team over there to build a category defining consumer credit business. We think the opportunity is incredibly strategic for Robinhood and incredibly useful for our customers.

是的，我很樂意開始。我們非常高興能與 X1 和那裡的團隊合作，打造一個定義消費信貸業務的類別。我們認為這個機會對於 Robinhood 來說具有非常重要的戰略意義，對於我們的客戶來說非常有用。

One of the goals for Robinhood, as I mentioned in -- earlier in the call is we want to help customers not just trade and invest but perform a wide variety of their financial needs. And we want to be their financial home and provide easy-to-use accessible interfaces and high-value products. Credit is a space that's incredibly important to many of our customers. It's something that we've been exploring for many years. And it directly addresses a lot of feedback that we've been getting from customers.

正如我在電話會議早些時候提到的，Robinhood 的目標之一是我們不僅希望幫助客戶進行交易和投資，還希望滿足他們的各種財務需求。我們希望成為他們的金融家園，並提供易於使用的界面和高價值的產品。信貸對於我們的許多客戶來說非常重要。這是我們多年來一直在探索的事情。它直接解決了我們從客戶那裡得到的大量反饋。

A lot of our customers want a Robinhood credit card from us. And it aligns well in our mission. We believe that we can actually do something really good here and provide credit to people who haven't always had easy access, young people, students and immigrants. And one of the things we really, really liked about joining with X1 is like Robinhood, they think of this as a technology problem, and they leverage technology to build a simple and seamless user experience. So I think it's going to be great for customers, great for shareholders as we scale the product.

我們的許多客戶都想從我們這裡獲得 Robinhood 信用卡。它與我們的使命非常契合。我們相信，我們實際上可以在這裡做一些真正好的事情，為那些並不總是容易獲得信貸的人、年輕人、學生和移民提供信貸。我們真正非常喜歡加入 X1 的原因之一就是像 Robinhood，他們認為這是一個技術問題，並利用技術來構建簡單且無縫的用戶體驗。因此，我認為隨著我們擴大產品規模，這對客戶和股東都有好處。

And I'll defer to Jason for some of the financial details.

我將聽取傑森的意見，了解一些財務細節。

Yes. Thanks, Vlad. At the time of the purchase, X1 had about 80,000 cardholders. We haven't provided other details on their finances prior to the acquisition because really, we think the big picture here is that this deal is really about the opportunity to scale credit with our 23 million customers and less so about X1's finances prior to the deal.

是的。謝謝，弗拉德。購買時，X1約有8萬名持卡人。我們沒有提供有關他們在收購之前的財務狀況的其他詳細信息，因為實際上，我們認為這裡的大局是，這筆交易實際上是與我們的2300 萬客戶擴大信貸規模的機會，而不是交易前X1的財務狀況。

Qualitatively, I'd say that their business was growing leading into the acquisition. We really like the quality of their credit and underwriting. So we're in a good spot. And the overall economics were also improving as well.

定性地說，我想說他們的業務在收購之前一直在增長。我們真的很喜歡他們的信用和承保質量。所以我們處於有利位置。整體經濟狀況也在改善。

In terms of integration. Right now, we are integrating the team and we're working closely together on strategy. And Deepak is reporting directly into Vlad. So super excited about the potential here, and we'll share more updates as we make progress.

在整合方面。目前，我們正在整合團隊，並在戰略上密切合作。迪帕克直接向弗拉德匯報。我們對這裡的潛力感到非常興奮，隨著我們取得進展，我們將分享更多更新。

I'll also just say that I was at dinner with Deepak last night, and he pulled out a prototype for the new Robinhood credit card, and it's beautiful. And I'm very excited to share it with our customers.

我還要說的是，昨晚我和迪帕克一起吃晚飯，他拿出了新羅賓漢信用卡的原型，它很漂亮。我很高興與我們的客戶分享。

Awesome. I look forward to getting one, too. All right. So the next question is from Gustavo G. who asks, "When will bonds, CDs, et cetera, be introduced to Robinhood?" Vlad, do you want to take that one?

驚人的。我也期待著得到一個。好的。因此，下一個問題來自 Gustavo G.，他問道：“債券、CD 等何時會引入 Robinhood？”弗拉德，你想拿那個嗎？

Yes. Thanks for the feedback. We're always listening to customers, and we want to make sure that we offer an expanding selection of products and services over time. I would like for you and for all Robinhood customers to be able to use us for all of your needs and not have to turn to other providers for investments.

是的。感謝您的反饋。我們始終傾聽客戶的意見，並希望確保隨著時間的推移，我們能夠提供更多的產品和服務選擇。我希望您和所有 Robinhood 客戶能夠使用我們來滿足您的所有需求，而不必轉向其他提供商進行投資。

Today, we have some similar products. For example, bond ETFs and Robinhood Gold that offers 4.9% on uninvested cash with up to $2 million in FDIC insurance. But we know that there's more things that we have to add, and we're not going to stop. So over time, you'll see us continuing to listen to customers and adding even more investment options.

今天，我們有一些類似的產品。例如，債券 ETF 和 Robinhood Gold 為未投資現金提供 4.9% 的利率，並提供高達 200 萬美元的 FDIC 保險。但我們知道還有更多東西需要添加，而且我們不會停止。因此，隨著時間的推移，您會看到我們繼續傾聽客戶的意見並增加更多的投資選擇。

Great. Thanks, Vlad. And then the next one is also for you. Victor S. asks, "When will AI capabilities begin appearing in the application?"

偉大的。謝謝，弗拉德。下一篇也適合您。 Victor S. 問道：“人工智能功能何時開始出現在應用程序中？”

Thanks for your question. AI is really important. It's a strategic shift in how Robinhood and many companies will have to think about operating their business and something I think about a lot. Over time to be competitive, we think every company will need to become an AI company. And I think given our track record of innovation and the technologies that make up the Robinhood offering, we think we're naturally positioned to become the leader in financial services for AI.

謝謝你的提問。人工智能確實很重要。這是 Robinhood 和許多公司必須考慮如何運營其業務的戰略轉變，也是我經常思考的事情。隨著時間的推移，為了保持競爭力，我們認為每家公司都需要成為人工智能公司。我認為，鑑於我們的創新記錄和構成 Robinhood 產品的技術，我們認為我們自然有能力成為人工智能金融服務的領導者。

We're excited to explore further how the technology can improve all aspects of the Robinhood experience for our customers and create efficiencies in how we offer our products and run our business. We're actively engaged also in recruiting high-quality talent to lead these efforts at Robinhood.

我們很高興進一步探索該技術如何為客戶改善 Robinhood 體驗的各個方面，並提高我們提供產品和運營業務的效率。我們還積極招募高素質人才來領導 Robinhood 的這些工作。

All right. Thank you, Vlad. The next question is from Richard B. who asks, "Is it too early to think that Robinhood is strong enough to do dividends?" Jason, do you want to take that one?

好的。謝謝你，弗拉德。下一個問題來自 Richard B.，他問道：“現在認為 Robinhood 足夠強大以進行分紅還為時過早嗎？”傑森，你想拿走那個嗎？

Sure. I think we're in a really strong place as a company. We've got over $6 billion in cash and investments on our balance sheet. This is the fifth consecutive quarter of revenue and adjusted EBITDA growth. We've got record margins this quarter, and we just reached GAAP profitability. So I'm really liking the strength of the business and the position that we're in right now.

當然。我認為我們作為一家公司處於非常有利的地位。我們的資產負債表上有超過 60 億美元的現金和投資。這是收入和調整後 EBITDA 連續第五個季度增長。本季度我們的利潤率創歷史新高，而且我們剛剛達到了公認會計準則盈利能力。所以我真的很喜歡公司的實力和我們現在所處的地位。

In terms of returning value to shareholders. The traditional debate is share repurchases versus dividends. Personally, I'm more inclined to use share repurchases. And on that front, as we mentioned, we're working on purchasing the 55 million Emergent Fidelity shares, and we'll share more on that as we make some progress.

在為股東回報價值方面。傳統的爭論是股票回購與股息。就我個人而言，我更傾向於使用股票回購。在這方面，正如我們提到的，我們正在努力購買 5500 萬股 Emergent Fidelity 股票，當我們取得一些進展時，我們將分享更多相關信息。

All right. Thanks, Jason. I think we have time for one more, Say question so I'm going to put together 2. So Thomas P. asks, "How is the growth in retirement accounts been? Have you been seeing many people transferring accounts over to Robinhood for the 1% match?" And Michael A. asks, "Does Robinhood ever plan to offer employer-sponsored retirement accounts such as 401(k)s." Vlad, do you want to take that one?

好的。謝謝，傑森。我想我們還有時間再問一個問題，所以我要把 2 放在一起。 所以 Thomas P. 問道：“退休賬戶的增長情況如何？您是否看到許多人將賬戶轉移到 Robinhood 1%匹配？ ” Michael A. 問道：“Robinhood 是否曾計劃提供雇主資助的退休賬戶，例如 401(k)s？”弗拉德，你想拿那個嗎？

Yes, I'd be happy to field that. I'm glad to hear of the continuing interest in our retirement offerings. We're very proud of our retirement offering. It gives our customers another tool that they can use to control their finances and build wealth over time. Customers love the 1% match. And today, we announced the 3% match for our Gold customers. The progress so far has been great. We're approaching $1 billion in AUM, and we have seen a big pickup in transfers from other institutions for the 1% match.

是的，我很樂意接受。我很高興聽到人們對我們的退休產品持續感興趣。我們對我們的退休產品感到非常自豪。它為我們的客戶提供了另一種工具，他們可以用它來控制財務並隨著時間的推移積累財富。顧客喜歡 1% 的匹配。今天，我們宣佈為我們的黃金客戶提供 3% 的優惠。迄今為止的進展是巨大的。我們的資產管理規模已接近 10 億美元，並且我們看到來自其他機構的 1% 匹配資金轉賬大幅增加。

Regarding the second question about employer-sponsored accounts. We think it's a space that is begging to be disrupted, frankly. We don't have this on the near-term road map, but definitely wouldn't rule it out. That said, there are also tons of individuals who don't receive a match from their employer today. So if you're an employee without a match, come to Robinhood, and we will match for you.

關於第二個問題，關於雇主資助賬戶。坦率地說，我們認為這是一個正在尋求被顛覆的空間。我們的近期路線圖上沒有這個，但絕對不會排除它。也就是說，今天還有很多人沒有從雇主那裡得到匹配。因此，如果您是一名沒有匹配的員工，請來 Robinhood，我們將為您匹配。

All right. Thank you, Vlad. And that concludes our shareholder questions from Say Technologies. We appreciate our shareholders taking time to ask these questions of Vlad and Jason, and we look forward to more next quarter.

好的。謝謝你，弗拉德。 Say Technologies 向股東提出的問題到此結束。我們感謝我們的股東花時間向 Vlad 和 Jason 提出這些問題，我們期待下個季度有更多問題。

Now I'll turn the call over to Gigi to lead Q&A from our analysts.

現在我將把電話轉給 Gigi，由我們的分析師主持問答。

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

（操作員指令）我們的第一個問題來自 JMP 證券的 Devin Ryan。

I guess, first question on expenses. The headcount reduction that you noted, I think the press reported 7% in June. I'm assuming the onetime costs associated with that are in the guide. And then I guess I'm curious if there's any future cost savings that could come with that. It's not as material as some of the others, but I would assume there's still probably something related to that.

我想，第一個問題是關於費用的。你提到的員工人數減少，我認為媒體報導 6 月份減少了 7%。我假設與此相關的一次性成本在指南中。然後我想我很好奇未來是否可以節省任何成本。它不像其他一些那麼重要，但我認為仍然可能有一些與之相關的東西。

Yes. Devin, we did have some onetime costs on that reduction. It's included in the OpEx that we reported for Q2. And we viewed these changes as more of kind of ongoing management of costs, and so we did not exclude them from the calculation of adjusted EBITDA this quarter.

是的。德文，我們確實在減少成本方面產生了一些一次性成本。它包含在我們報告的第二季度運營支出中。我們將這些變化更多地視為對成本的持續管理，因此我們沒有將它們排除在本季度調整後 EBITDA 的計算之外。

And then in terms of kind of go forward, the effects of the forward cost savings on the reductions as well as the additional cost of integrating X1 are all factored into the OpEx guide that we gave. And we tightened the range there and left the midpoint unchanged for the rest of the year.

然後就前進的方式而言，前進成本節省對減少的影響以及集成 X1 的額外成本都已納入我們提供的運營支出指南中。我們收緊了該區間，並在今年剩餘時間內保持中點不變。

Got it. Okay, that's fine. And then in terms of just some of the improvements you're seeing in investor engagement. Obviously, you mentioned some of the transaction activity recently, you we're seeing margin balances stabilize and improve and still good deposit trends. It sounds like all that's continuing into July. Just love to get a little sense of whether this is really kind of in the active trader cohort or if you're seeing some of these improvements across the customer base more broadly.

知道了。好吧，沒關係。然後就您在投資者參與方面看到的一些改進而言。顯然，您最近提到了一些交易活動，我們看到保證金餘額穩定並有所改善，存款趨勢仍然良好。聽起來這一切都會持續到七月。只是想了解一下這是否真的存在於活躍的交易者群體中，或者您是否在更廣泛的客戶群中看到了其中的一些改進。

And then just at a higher level, kind of what you're hearing from different customer cohorts around their interest in trading. We've obviously been in a pretty tough and exhausting, I think, market for the past 18 months. Just where sentiment is today, and it sounds like some early signs of maybe recoveries. So love to talk about that.

然後在更高的層面上，您可以從不同的客戶群中聽到他們對交易的興趣。我認為，在過去的 18 個月裡，我們顯然處於一個非常艱難且令人疲憊不堪的市場。這正是今天的市場情緒，聽起來像是一些復甦的早期跡象。所以很喜歡談論這個。

Yes. So I'll maybe lead and then, Vlad, you can weigh in a little bit as well. So overall, the sentiment from our customers about Robinhood is improving. We talked about improvements in NPS year-over-year last quarter, overall, up 20 points year-over-year on average and up over 30 points for our more active traders, which is really encouraging. And we're continuing just to focus in on user experience and doing things like adding stock screeners and scanners as well as Robinhood's 24 Hour Market.

是的。所以我可能會帶頭，然後，弗拉德，你也可以參與一下。總體而言，我們的客戶對 Robinhood 的看法正在改善。我們談到上季度 NPS 同比改善，總體而言，平均同比上升 20 個點，對於我們更活躍的交易者來說，提高了 30 個多點，這確實令人鼓舞。我們將繼續專注於用戶體驗，並做一些事情，例如添加股票篩選器和掃描儀以及 Robinhood 的 24 小時市場。

So I think our investors are noticing. Vlad mentioned an increase in market share year-over-year, both in equities up 15% and options up over 20%. And as I look at kind of deposits, customers continue to deposit their funds with Robinhood, over $4 billion in the quarter, and we continue to see strong deposits in July. And trading kind of picked up throughout the quarter. April, I think, was seasonally low and then we just accelerated as the quarter progressed. And July was also good as we commented in our more formal comments.

所以我認為我們的投資者已經註意到了。 Vlad 提到市場份額同比增長，股票增長 15%，期權增長超過 20%。當我觀察存款類型時，客戶繼續將資金存入 Robinhood，本季度超過 40 億美元，而且我們在 7 月份繼續看到強勁的存款。整個季度的交易量有所回升。我認為，四月份是季節性低點，然後隨著季度的進展我們只是加速了。正如我們在更正式的評論中所評論的那樣，七月也很好。

So overall, I would say that the work that we've been doing, improving user experience and product selection, is really showing through for our customers.

總的來說，我想說，我們一直在做的工作，即改善用戶體驗和產品選擇，確實為我們的客戶展示了出來。

Yes, I don't really have much to add. We've been really pleased by our progress. Jason mentioned and reiterated the market share gains. And I think the NPS improvements, particularly for active traders, have been really good. It's been really good to see that translating to market share gains across all of the assets that our customers trade.

是的，我真的沒有太多要補充的。我們對我們的進步感到非常高興。傑森提到並重申了市場份額的增長。我認為 NPS 的改進，特別是對於活躍交易者來說，非常好。很高興看到這轉化為我們客戶交易的所有資產的市場份額的增長。

Our next question comes from the line of Dan Dolev from Mizuho.

我們的下一個問題來自瑞穗的 Dan Dolev。

Great results, by the way. And I don't know if this was addressed, but we did some work that showed that you were gaining share from your competitor in crypto, so apologies if this was addressed. But is there anything you can call out on why you're gaining share? What is driving the share gains at Robinhood and crypto from your biggest competitor? And then I have a quick follow-up.

順便說一下，結果很好。我不知道這個問題是否得到解決，但我們做了一些工作，表明您正在從加密貨幣領域的競爭對手那裡獲得份額，所以如果這個問題得到解決，我們深表歉意。但是，您有什麼可以指出的原因來說明您獲得份額的原因嗎？是什麼推動 Robinhood 和加密貨幣從最大競爭對手那裡獲得份額增長？然後我會進行快速跟進。

Yes. I'll go ahead and take that. It's a little harder in crypto to measure market share. It's not as easy as it is with equities and options. But by our analysis, it does look like we're gaining share in the coins that we offer. In terms of why, I'd probably point to the value proposition. We think we're the best place for retail traders to buy crypto for the coins that we offer. And also, we think we've got just a great user experience. And so those are the 2 things.

是的。我會繼續接受它。在加密領域衡量市場份額有點困難。這並不像股票和期權那麼容易。但根據我們的分析，看起來我們確實正在獲得我們提供的代幣的份額。至於原因，我可能會指出價值主張。我們認為我們是零售交易者購買我們提供的加密貨幣的最佳場所。而且，我們認為我們已經獲得了出色的用戶體驗。這就是兩件事。

Yes. And I'd also add that we've offered customers great value in addition to a great customer experience. Like at Robinhood, you get more crypto for your dollar than most of our competitors. And I think we've started to do a better job communicating that in the user interface. So we're making it incredibly clear to -- we're trying to make it more and more clear to customers just how good of a value they're getting.

是的。我還要補充一點，除了出色的客戶體驗之外，我們還為客戶提供了巨大的價值。就像在 Robinhood 一樣，您可以比我們的大多數競爭對手獲得更多的加密貨幣。我認為我們已經開始在用戶界面中更好地傳達這一點。因此，我們正在努力讓客戶越來越清楚地了解他們所獲得的價值有多麼好。

And of course, I'd add that it's very important for us to be the most trusted and safest company in crypto. And I think with all of the turmoil in the space over the past year or so, I think there has been a little bit of a flight to safety, and we're seeing that reflected in some of the market share gains you're seeing. And that's something that we'd like to continue to invest in.

當然，我想補充一點，成為加密領域最值得信賴和最安全的公司對我們來說非常重要。我認為，在過去一年左右的時間裡，該領域出現了所有的動盪，我認為有一些人逃往安全地帶，我們看到這一點反映在你所看到的一些市場份額的增長上。這是我們願意繼續投資的事情。

And then a quick follow-up. I mean, great progress on the retirement stuff. I mean we're very excited about this here at Mizuho. Do you think that -- is it a fair statement to say that over time, as this grows, this is going to show up in, obviously, like bigger impact on MAUs, and the MAUs, it will kind of cause a positive inflection in the MAUs because of the retirement account -- the retirement offering?

然後快速跟進。我的意思是，退休方面取得了巨大進展。我的意思是，我們瑞穗對此感到非常興奮。您是否認為，隨著時間的推移，隨著這種情況的增長，這顯然會顯現出來，比如對月活躍用戶產生更大的影響，而月活躍用戶數量會在某種程度上引起積極的變化，這樣說是否公平？月活躍用戶數是因為退休賬戶——退休金產品？

Yes. I'd be happy to field that. So MAUs did increase from May to June. Of course, when you think about all the things we've been focused on as a company and on the product side over the past year, they don't -- they haven't naturally flown into MAUs because even retirement itself, it's sort of a passive long-term investing product and not typically a product that you associate with sort of like active trading or engagement, although there's advantages for all types of investors with retirement products.

是的。我很樂意接受。因此，從 5 月到 6 月，月活躍用戶數確實有所增加。當然，當你想到過去一年我們作為一家公司和產品方面所關注的所有事情時，你會發現它們並沒有自然地進入月活躍用戶數，因為即使是退休本身，這也是如此。被動長期投資產品，而不是通常與主動交易或參與相關的產品，儘管退休產品對所有類型的投資者都有好處。

Active trader investments, active traders are kind of relatively small subset of the overall user base. So they drive a disproportionate amount of revenue in making them really, really happy. You're probably not going to see that as reflected in the MAU metric. So we've made a lot of progress over the past year. And I think that's been progress that's sort of like on another axis than MAUs and trader engagement. That said, we are working on a bunch of things that we think will bring more customers and more transactors into Robinhood. And we do expect, over the long run, the MAU metric to follow and there's a lot of investments in place that we think will pay off for us there.

活躍交易者投資，活躍交易者是整個用戶群中相對較小的一部分。因此，他們帶來了不成比例的收入，讓他們真正非常快樂。您可能不會在 MAU 指標中看到這一點。所以我們在過去的一年裡取得了很大的進步。我認為這有點像月活躍用戶和交易者參與度之外的另一個軸上的進步。也就是說，我們正在開展一系列工作，我們認為這些工作將為 Robinhood 帶來更多客戶和更多交易者。我們確實預計，從長遠來看，月活躍用戶數指標將會遵循，並且我們認為大量投資將為我們帶來回報。

One of the things, Dan, that I'm really excited about is our continuing investment in Gold. That really deepens the relationships with our customers. We offer them 4.9% on their cash sweep balances and as we announced today, a 3% retirement match. And so I think as we deepen our relationships with our customers as we expand our product selection, you're going to naturally see engagement tick up over time.

丹，令我真正興奮的事情之一是我們對黃金的持續投資。這確實加深了與客戶的關係。我們為他們提供 4.9% 的現金清掃餘額，以及我們今天宣布的 3% 的退休配套。因此，我認為，隨著我們加深與客戶的關係，擴大產品選擇，您自然會看到參與度隨著時間的推移而增加。

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

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

Wanted to start with a question on expense. You guys have done a nice job delivering efficiency gains while executing on the product road map. That said, your expense per employee is still relatively elevated when we benchmark versus fintech as well as retail brokerage peers. And wanted to get a sense as to where you see this metric projecting as the business scales and as you expand your geographic footprint.

想從費用問題開始。你們在執行產品路線圖的同時，在提高效率方面做得很好。也就是說，當我們與金融科技和零售經紀同行進行基準比較時，每名員工的費用仍然相對較高。並且希望了解隨著業務規模的擴大和地理覆蓋範圍的擴大，您會看到該指標的投影情況。

Thanks for the question. I'll take that one. I would generally agree with you. We've been focused on reducing our costs and rationalizing the headcount. And our intention is to be lean and scrappy in the way that we grow our business and drive leverage to our business over time. And so we've been focused on our cost per employee, as you pointed out. One of the changes that we made earlier this year as we moved from a stock-based award program that granted -- that grants 4-year awards to a program that grants awards that vest over 1 year. And we think that that's a prudent way to do it.

謝謝你的提問。我會接受那個。我通常會同意你的觀點。我們一直致力於降低成本和合理化員工人數。我們的目的是在發展業務的過程中保持精簡和鬥志，並隨著時間的推移提高我們業務的影響力。因此，正如您所指出的，我們一直關注每位員工的成本。我們今年早些時候做出的改變之一是，我們從授予 4 年期獎勵的股票獎勵計劃轉向授予 1 年以上獎勵的計劃。我們認為這是一種謹慎的做法。

Another thing, as we look at our employee footprint, we're very heavily concentrated in higher-cost areas in the U.S., and that represents an opportunity for us to balance out the mix of geographies that we work in as Robinhood employees. So it's something that we're working on, and I see that as an opportunity.

另一件事是，當我們觀察我們的員工足跡時，我們非常集中在美國成本較高的地區，這為我們提供了一個機會來平衡我們作為 Robinhood 員工工作的地域組合。所以這是我們正在努力的事情，我認為這是一個機會。

And speaking of operating leverage, I did want to ask on the profitability outlook. Looking ahead, just now you've reached GAAP profitability, remind us how you're thinking about normalized GAAP margins for the business at scale. And now that you've hit this milestone, I was hoping you can give us an update on what the next milestone is that you're aspiring to.

說到運營槓桿，我確實想問盈利前景。展望未來，您剛剛達到了 GAAP 盈利能力，請提醒我們您如何考慮大規模業務的標準化 GAAP 利潤率。既然您已經達到了這個里程碑，我希望您能給我們提供您所渴望的下一個里程碑的最新信息。

Thanks for the question. Look, long term, what I'd tell you is that our objective is to maximize GAAP EPS and free cash flow per share. We're not giving any specific near-term milestone targets there. But when I look at the cost structure of our business, it heavily skews towards fixed costs and less so towards variable costs, which, if you can manage those fixed costs really effectively as you grow your top line, you can deliver a lot of leverage to the bottom line. And so as I think about like what kind of margins are possible for this business, I don't see any reason why we can't deliver the kinds of margins that you see at other financial services companies.

謝謝你的提問。從長遠來看，我要告訴你的是，我們的目標是最大化 GAAP 每股收益和每股自由現金流。我們沒有給出任何具體的近期里程碑目標。但是，當我審視我們業務的成本結構時，它嚴重偏向固定成本，而較少偏向可變成本，如果您能夠在收入增長的同時真正有效地管理這些固定成本，那麼您就可以提供很大的槓桿作用到底線。因此，當我思考這項業務可能獲得什麼樣的利潤時，我認為我們沒有任何理由不能提供您在其他金融服務公司看到的那種利潤。

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

我們的下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

Maybe just starting with the active trader opportunity set. I was hoping you might be able to update us on the opportunity set with futures. I know you guys have some plans to launch that this year, I believe. Maybe you can update us on the progress there and the build-out. And then similarly, on the cash-settled index options, where is that on the priority list? And what sort of investment is required on your platform to enable that? Or could you just flip a switch and enable that today?

也許只是從活躍交易者的機會集開始。我希望您能夠向我們介紹期貨機會的最新情況。我相信你們今年有一些推出該項目的計劃。也許您可以向我們介紹那裡的進展和擴建情況。同樣，在現金結算的指數期權中，優先順序在哪裡？您的平台需要什麼樣的投資才能實現這一目標？或者您今天可以打開開關並啟用它嗎？

Yes. Futures is something that we're very excited about. We have been spending a lot of time thinking through how to make a really, really great customer experience, particularly on mobile because as we look at the other offerings in the market, we think that there's a gap that we can fill with user experience, particularly on mobile. So we're spending a lot of time thinking through that, talking to customers. And we're putting together a really, really nice offering. Right now, we're estimating that it will land in the first half of 2024. And the team is hard at work just making the product as great as possible for our customers.

是的。期貨是我們非常興奮的事情。我們花了很多時間思考如何打造真正非常出色的客戶體驗，特別是在移動設備上，因為當我們查看市場上的其他產品時，我們認為我們可以通過用戶體驗來填補空白，特別是在移動設備上。因此，我們花了很多時間思考這個問題，與客戶交談。我們正在整合一個非常非常好的產品。目前，我們預計它將在 2024 年上半年落地。團隊正在努力工作，為我們的客戶提供盡可能出色的產品。

I think on the cash-settled options front. We're also hearing that from customers that, that's an attractive product and will enable them to manage their risk. That's also slated to land in the first half of 2024.

我認為在現金結算期權方面。我們還從客戶那裡得知，這是一個有吸引力的產品，將使他們能夠管理風險。這也計劃於 2024 年上半年實現。

And just a follow-up question on the X1 acquisition. I was hoping you could talk about your go-to-market strategy for how you're thinking about bringing the card offering to your existing customer set and broadening it out over time. Where do you think there's room in the marketplace for differentiation? And then can you talk about the underwriting process and the criteria there just given some of the potential customers may not have much income or credit history, how do you get comfortable and manage the credit risk that this introduces?

關於 X1 收購的後續問題。我希望您能談談您的市場進入策略，以及您如何考慮將卡產品引入現有客戶群並隨著時間的推移擴大其範圍。您認為市場上哪裡有差異化空間？然後您能否談談承保流程和標準，考慮到一些潛在客戶可能沒有太多收入或信用記錄，您如何適應並管理由此帶來的信用風險？

Yes. I think that's a great question. In terms of go-to-market, we kind of see 2 near-term opportunities that are interesting. One is just making a great card available to sort of the typical Robinhood customer. Robinhood customers, a lot of them are credit card primary, and we've been hearing lots of feedback from them on what types of offerings they would like. And we think that we can make something that's really, really compelling for them.

是的。我認為這是一個很好的問題。在進入市場方面，我們看到了兩個有趣的近期機會。其中之一就是為典型的 Robinhood 客戶提供一張很棒的卡。 Robinhood 的客戶中，很多人主要使用信用卡，我們已經從他們那裡聽到了很多關於他們想要什麼類型的產品的反饋。我們認為我們可以做出一些對他們來說非常非常有吸引力的東西。

We also see an opportunity, I mentioned this a little bit earlier, for people who are younger, maybe college students, people with limited credit history but reasonable earning potential like immigrants who have a hard time getting credit right now. And we think with technology and the underwriting capabilities that X1 has offered and has kind of been improving over time, we can build something really, really good for them as well.

我們還看到了一個機會，我之前提到過，對於年輕的人，也許是大學生，信用記錄有限但收入潛力合理的人，比如現在很難獲得信貸的移民。我們認為，憑藉 X1 提供的技術和承保能力，並且隨著時間的推移，我們一直在改進，我們也可以為他們打造真正非常有益的東西。

Of course, credit is an incredibly important market, a large space. As a business, there's a lot of margin to be had there so we're not just going to stop there. We want to build a suite of comprehensive credit solutions across multiple products for our customers. So this is just the beginning. But when we think even within credit cards, there's a massive opportunity for us.

當然，信貸是一個極其重要的市場，空間很大。作為一家企業，那裡有很大的利潤空間，所以我們不會就此止步。我們希望為客戶構建一套跨多種產品的全面信貸解決方案。所以這只是一個開始。但當我們想到即使在信用卡領域，我們也存在巨大的機會。

Yes. One of the things that we were really excited about for the X1 team is just the quality of their team around underwriting. And we're really impressed with the high-quality nature of their loan book. It's prime, prime plus. So really, really happy with that. And in terms of their underwriting, they look at things like income and credit bureau and the normal things that you'd expect the teams to be looking at.

是的。我們對 X1 團隊真正感到興奮的事情之一就是他們的承保團隊的質量。他們的貸款簿的高質量給我們留下了深刻的印象。這是prime，prime plus。對此真的非常非常高興。在他們的承保方面，他們會考慮收入和信用局等事情以及您期望團隊考慮的正常事情。

Congrats on the profitability milestone this quarter.

祝賀本季度實現盈利里程碑。

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

我們的下一個問題來自摩根大通的肯·沃辛頓。

I wanted to follow up on the monthly users question earlier, so a couple of points here. Maybe first, you have 23 million accounts and MAUs, about 11 million. So first, funded accounts were at their highs in 2Q and market conditions have been improving in what I guess I'd call the more innovative part of the stock market this year, but MAUs were at their lows in 2Q.

我想早些時候跟進每月用戶的問題，所以這裡有幾點。也許首先，你有 2300 萬個賬戶和 MAU，大約 1100 萬。首先，資金賬戶在第二季度處於高位，市場狀況一直在改善，我想我稱之為今年股市更具創新性的部分，但月活躍用戶在第二季度處於低點。

So I guess maybe first, does this relationship between MAUs and funded accounts seems sort of reasonable to you over time? And then maybe second, as we look at this, call it, 10 million account gap between the two, what portion of these inactive accounts are ones that you think you can get to reengage in normal market conditions or if market conditions stay normal sort of over time?

所以我想首先，隨著時間的推移，月活躍用戶數和資金帳戶之間的這種關係對您來說是否合理？然後，也許第二，正如我們所看到的，兩者之間有1000 萬個賬戶差距，這些不活躍賬戶中的哪些部分是您認為在正常市場條件下或者如果市場條件保持正常的情況下可以重新參與的賬戶隨著時間的推移？

Ken, thanks for the questions. One of the things that is a weakness of MAUs is it's measuring engagement just for those that engaged in the month. And for more active traders, I think that there's a fairly high correlation there. But for the broader set of customers, less so. And we provided a couple of quarters ago some context that MAUs for all of Q4 was 16 million and for the past 6 months was over 20 million.

肯，謝謝你的提問。 MAU 的弱點之一是它僅衡量當月參與的用戶的參與度。對於更活躍的交易者來說，我認為存在相當高的相關性。但對於更廣泛的客戶群來說，情況就不那麼嚴重了。幾個季度前我們提供了一些背景信息，第四季度的月活躍用戶數為 1600 萬，過去 6 個月的月活躍用戶數超過 2000 萬。

And so it's not that they're dormant customer accounts, it's that they're just not necessarily engaging every single month. And that's actually, for a lot of people, is actually a very normal and healthy amount of engagement. I do think over time as we broaden our product selection and deepen relationships with customers that you're going to see a more consistent relationship between MAUs and total funded accounts. But in the shorter term, right now, we have seen those kind of move in opposite directions.

因此，並不是說他們是休眠客戶帳戶，而是他們不一定每個月都參與其中。事實上，對於很多人來說，這實際上是一種非常正常和健康的參與量。我確實認為，隨著時間的推移，隨著我們擴大產品選擇並加深與客戶的關係，您將看到月活躍用戶數和總資金帳戶之間的關係更加一致。但從短期來看，我們現在看到了這些朝著相反方向發展。

And I'd also add that there's sort of an asset dependency here, like the brokerage side with equities and particularly growth stocks, like that market has been doing rather well in Q2, but crypto has kind of continued to soften. So you sort of see multiple conflicting things, and that can be reflected in the MAU numbers because certain -- a significant percentage of our customer base is customers that trade crypto as well.

我還想補充一點，這裡存在某種資產依賴性，例如股票特別是成長型股票的經紀業務，就像該市場在第二季度表現相當不錯，但加密貨幣卻繼續疲軟。所以你會看到多種相互矛盾的事情，這可以反映在月活躍用戶數中，因為我們的客戶群中很大一部分也是交易加密貨幣的客戶。

And MAUs, Ken, moved up a little bit in June versus May and it moved up a little bit more in July. So it appears to be stabilizing and kind of moving back up a little bit.

肯，MAU 與 5 月相比，6 月略有上升，7 月也有所上升。因此，它似乎正在穩定，並且有所回升。

And just 2 simple numbers questions. So thanks for the retirement and the Gold account numbers. Any chance that you would give us a fully paid SEC lending accounts and clients that have opted to use the Cash Card?

只有 2 道簡單的數字問題。感謝您的退休和黃金帳號。您是否有機會為我們提供全額支付的 SEC 貸款賬戶和選擇使用現金卡的客戶？

So fully paid is 1.5 million. Cash Card off hand, it's a couple of hundred thousand, I think, that are funded and about 1 million that have just signed up. And I think the X1 acquisition really doubles down on the spending strategy. We want Robinhood to be a place to handle all of our customers' critical financial needs. And we want them to be able to spend with debit cards or credit cards really at their choice. And so X1 and the Cash Card, I think, are a nice complement to each other.

所以全額支付是150萬。現金卡，我想，已經有幾十萬了，剛剛註冊的有大約一百萬。我認為收購 X1 確實使支出策略加倍。我們希望 Robinhood 能夠滿足所有客戶的關鍵財務需求。我們希望他們能夠真正按照自己的選擇使用借記卡或信用卡進行消費。因此，我認為 X1 和現金卡是一個很好的互補。

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

我們的下一個問題來自巴克萊銀行的 Ben Budish。

I wanted to follow up on actually Mike's question from earlier on X1. Jason, you mentioned in the prepared remarks that I think there's some credit -- or sorry, some interest income expected to come, and that's related to X1. Can you maybe talk about the revenue profile you're expecting for Robinhood between interest income and interchange revenues? And how much credit exposure does Robinhood sort of take on with the acquisition?

我實際上想跟進 Mike 之前在 X1 上提出的問題。 Jason，您在準備好的發言中提到，我認為有一些信用——或者抱歉，預計會有一些利息收入，這與 X1 有關。您能否談談您對 Robinhood 利息收入和交換收入之間的預期收入狀況？ Robinhood 在此次收購中承擔了多少信用風險？

Yes. So thanks for the question. So the comments I made in the prepared remarks is that we expect interest income kind of all-in, including X1, to increase sequentially in the zone of about $15 million. So X1 was a part of that. When I think about the geography for revenues for X1, you've got the interest income that you earn on revolving credit. That's offset by the cost of funding and presented net for interest income. You'll have some interchange revenue, but our accounting conclusion on that looks to be that it will be netted with the rewards cost. So that will be in transaction-based revenue but presented net. So that's kind of the accounting overlay for X1.

是的。謝謝你的提問。因此，我在準備好的發言中發表的評論是，我們預計利息收入（包括 X1）將連續增加約 1500 萬美元。所以 X1 是其中的一部分。當我考慮 X1 的收入地域時，你會得到通過循環信貸賺取的利息收入。這被融資成本和利息收入淨值所抵消。您將獲得一些交換收入，但我們對此的會計結論似乎是，它將與獎勵成本相抵消。因此，這將是基於交易的收入，但呈淨額形式。這就是 X1 的會計疊加。

In terms of the possibility. I mean, X1 has 80,000 cardholders at the time of the acquisition. We have 23 million customers that have a very nice credit profile. And I think over time, we can make some strategy decisions that will make credit really broadly available to our customer set regardless of their background. So I think there's a big opportunity, and I'm excited to see the team work against that.

從可能性來看。我的意思是，X1 在收購時擁有 80,000 名持卡人。我們有 2300 萬客戶，他們的信用狀況非常好。我認為隨著時間的推移，我們可以做出一些戰略決策，使信貸真正廣泛地提供給我們的客戶群，無論他們的背景如何。所以我認為這是一個很大的機會，我很高興看到團隊為此而努力。

I would just add that one of the reasons we got excited about acquiring this company and this team versus pursuing kind of the traditional partnership credit card model is that if you think about X1, we do have access to both transaction-based interchange revenue and also the kind of more recurrent, sticky lending revenue. And this gives us an opportunity to build a diversified business and offer differentiated value to customers because we have access to a much greater percentage of the overall profit pool than we would under kind of your typical co-brand partnership model, which tends to be more onetime bounty based coupled with the interchange revenue share.

我想補充一點，我們對收購這家公司和這個團隊而不是追求傳統的合作夥伴信用卡模式感到興奮的原因之一是，如果你考慮一下 X1，我們確實可以獲得基於交易的交換收入，也可以獲得那種更具經常性、粘性的貸款收入。這使我們有機會建立多元化業務並為客戶提供差異化​​價值，因為與典型的聯合品牌合作夥伴模式相比，我們可以獲得更大比例的整體利潤池，而這種模式往往更多基於一次性賞金加上交換收入分成。

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

我們的下一個問題來自美國銀行的克雷格·西根塔勒。

My question is on the U.K. brokerage launch. So I'm curious, how are you going to monetize this effort as the PFOF rules are different in the U.K. than in the U.S. with payment for order flow ban?

我的問題是關於英國經紀業務的推出。所以我很好奇，由於英國的 PFOF 規則與美國的訂單流禁令付款規則不同，您將如何將這項工作貨幣化？

Yes, thanks for the question. We're mindful of the regulatory environment in all the geographies that we operate in. What I'd say is there's a number of revenue streams that are available for us. The team is still working out the details there, but certainly SEC lending and interest income. So there's a number of ways, and we do in the U.S. have a Gold offering. So there's -- I think there's a good potential for this to be an attractive business on a unit economic perspective with or without payment for order flow.

是的，謝謝你的提問。我們非常關注我們運營所在的所有地區的監管環境。我想說的是，我們有很多收入來源。該團隊仍在製定細節，但肯定包括 SEC 貸款和利息收入。所以有很多方法，我們在美國確實提供了黃金產品。因此，我認為，從單位經濟角度來看，無論是否支付訂單流費用，這都有很大潛力成為一項有吸引力的業務。

And a big focus for us has been since we are a technology company expanding internationally in a capital-efficient manner without sort of excessive investments in head count.

我們的一個重點一直是，因為我們是一家科技公司，以資本效率高的方式進行國際擴張，而無需對員工進行過度投資。

Great. And just my follow-up. I know you don't report it exactly. I was curious also on the high-level trends in both cash equities and equity options on the revenue per trade trend in the second quarter of '23 versus the same period last year.

偉大的。這只是我的後續行動。我知道你沒有準確地報告。我還對 23 年第二季度與去年同期相比現金股票和股票期權的每筆交易收入趨勢的高級趨勢感到好奇。

So on options, we are seeing kind of across the industry that the take rate on options trading has been coming down. This is really reflective of the overall lower volatility in the market. And also a shift that's been seen kind of industry-wide on a greater share towards ETF options. And so for the quarter in Q2, the take rate was $0.45. That was the average for the quarter. It did come down as we progressed through the quarter and has bounced back up in July slightly versus June to about $0.42 per contract. So that's what we've been seeing there, and we've been keeping an eye on it.

因此，在期權方面，我們看到整個行業的期權交易接受率一直在下降。這確實反映了市場整體波動性較低。而且整個行業都出現了一種轉變，即更多的份額轉向 ETF 期權。因此，在第二季度，收取率為 0.45 美元。這是該季度的平均值。隨著本季度的進展，它確實有所下降，並且在 7 月份與 6 月份相比略有反彈，至每份合約約 0.42 美元。這就是我們在那裡看到的情況，並且我們一直在關注它。

At this time, I would now like to turn the conference back over to Vlad Tenev for closing remarks.

現在，我想將會議轉回弗拉德·捷涅夫（Vlad Tenev）致閉幕詞。

Thank you, everyone, for joining us today. And we're very excited to continue innovating, delivering for customers. Thank you again for all the questions.

謝謝大家今天加入我們。我們非常高興能夠繼續創新，為客戶提供服務。再次感謝您提出的所有問題。

Thanks, everyone.

感謝大家。

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。