(HOOD) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Robinhood Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the call over to Chris Koegel, Vice President of Corporate FP&A and Investor Relations.

美好的一天，感謝您的支持。歡迎參加 Robinhood 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將電話轉給公司 FP&A 和投資者關係副總裁 Chris Koegel。

Thank you, Carmen, and thank you to everyone for joining Robinhood's Q3 earnings call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick.

謝謝卡門，也謝謝大家參加 Robinhood 的第三季財報電話會議。今天與我們在一起的有執行長兼聯合創始人 Vlad Tenev；和財務長傑森·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 this afternoon and in our other SEC filings. Today's discussion will also include non-GAAP financial metrics. 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有重大差異，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、今天下午提交的 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。在我們向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 結果的調整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. It's been nearly 10 years since Baiju and I first launched the wait list for Robinhood. Back then, nobody had heard of fintech, customers were paying $7 to $10 every time they place a trade at one of the discount brokerages. And people were generally skeptical about using their smartphones for serious financial matters. Investors were also skeptical about Robinhood's prospects as a business.

謝謝你的介紹，克里斯。感謝大家今天加入我們。距離我和白駒第一次啟動 Robinhood 的等待名單已經過了近 10 年。當時，沒有人聽說過金融科技，客戶每次在折扣經紀公司進行交易時要支付 7 至 10 美元。人們普遍對使用智慧型手機處理嚴重的財務問題持懷疑態度。投資人也對 Robinhood 的商業前景表示懷疑。

They viewed the idea of us entering a highly regulated market with large entrenched competitors as a fool's errand. Even if we were to succeed in bringing our product to market, would anyone want it. The conventional wisdom at the time was that individual stock investing was dead and that all anyone needed was index funds. We spoke to nearly 100 investors before we closed our initial seed round at a $10 million valuation.

他們認為我們進入一個擁有大量根深蒂固的競爭對手的高度監管市場的想法是愚蠢的。即使我們成功地將我們的產品推向市場，也會有人想要它。當時的傳統觀點是個股投資已經死了，所有人都需要指數基金。在我們以 1000 萬美元的估值完成第一輪種子輪融資之前，我們與近 100 名投資者進行了交談。

Almost 10 years later, we're serving over 23 million customers in the U.S. Our surviving competitors have been forced to adopt our business model and even to adapt their user interfaces to be similar to ours, and Robinhood is no longer just a trading app. We've been rapidly evolving into a broad financial services platform, serving multiple financial needs, including spending, savings and retirement. Our ambition and the opportunity ahead of us has expanded greatly. And so it still feels like we are at the beginning of our journey.

近 10 年後，我們為美國超過 2300 萬客戶提供服務。我們倖存的競爭對手被迫採用我們的商業模式，甚至調整他們的用戶界面以與我們的相似，Robinhood 不再只是一個交易應用程式。我們正在迅速發展成為一個廣泛的金融服務平台，滿足多種金融需求，包括支出、儲蓄和退休。我們的雄心壯志和眼前的機會已經大大擴展。所以感覺我們仍處於旅程的開始。

We're still #2 in retail trading market share in the U.S. We're at the very early stages of expanding beyond trading with just over $1 billion of retirement assets on our platform out of the over U.S. 12 trillion IRA market. We are also just now beginning to take our first steps to serve customers outside the U.S., where we believe the need and opportunity for innovation in financial services is even greater than it is domestically.

我們在美國零售交易市場份額方面仍排名第二。我們正處於向交易以外擴張的早期階段，我們平台上的退休資產在美國超過 12 兆的 IRA 市場中略高於 10 億美元。我們現在也剛開始踏出為美國以外的客戶提供服務的第一步，我們相信這些地區對金融服務創新的需求和機會甚至比國內更大。

As we continue to execute on our strategy, we believe we can grow into one of the largest and most profitable financial companies in the world. I'm excited to talk to you about our progress. But first, let's review our Q3 high-level business and financial results. It goes without saying that the macro environment of the past few years has been challenging for investors. Geopolitical tensions are continuing to increase. Interest rates are at 30-year highs and household savings are being depleted at a rapid clip.

隨著我們繼續執行我們的策略，我們相信我們能夠成長為世界上最大、最有利可圖的金融公司之一。我很高興與您談論我們的進展。但首先，讓我們回顧一下第三季的高階業務和財務表現。不言而喻，過去幾年的宏觀環境對投資人來說充滿挑戰。地緣政治緊張局勢持續加劇。利率處於 30 年來的高位，家庭儲蓄正在迅速耗盡。

I want to explain the 3 things I look at, at a company level to ensure Robinhood emerges from this challenging environment stronger than ever. First, financial health. You've heard me mention over the past year that I want to ensure Robinhood is a sustainable business, not just in bull markets, but in all market conditions. We put in a lot of work to make this a reality. We had our first quarter of GAAP profitability as a public company in Q2. And in Q3, total net revenues were up 29% from a year ago. And by keeping our costs lean, we more than doubled our adjusted EBITDA margin year-over-year. This is all while making big investments across product, customer service and international expansion.

我想在公司層面解釋我所關注的三件事，以確保 Robinhood 在這個充滿挑戰的環境中脫穎而出，變得比以往任何時候都更加強大。首先，財務健康。在過去的一年裡，你曾聽我提到過，我希望確保 Robinhood 是一家可持續發展的企業，不僅在牛市中，而且在所有市場條件下都是如此。我們投入了大量的工作來實現這一目標。作為一家上市公司，我們在第二季度實現了第一季 GAAP 獲利能力。第三季度，總淨收入較去年同期成長 29%。透過保持成本精簡，我們調整後的 EBITDA 利潤率年增了一倍以上。這一切都是在產品、客戶服務和國際擴張方面進行大量投資的同時進行的。

Second, company culture. I believe very strongly that small groups of highly motivated and talented people can now execute incumbents with over 10x the head count and resources. I believe we have the highest concentration of talent in the history of the company. And over the past year, we have turned the crank even more on ensuring we are hiring, retaining and motivating the highest caliber people across all of our positions.

第二，企業文化。我堅信，由高度積極性和才華橫溢的人員組成的小團體現在可以用超過 10 倍的人員和資源來執行現任者的職責。我相信我們擁有公司史上最集中的人才。在過去的一年裡，我們更加努力確保我們在所有職位上招募、留住和激勵最優秀的人才。

Third, product velocity. We use a number of metrics to track this. And right now, by several key metrics, our product velocity is the highest in our recorded history. We move fast, and we've been simultaneously improving our service quality.

第三，產品速度。我們使用許多指標來追蹤這一點。目前，從幾個關鍵指標來看，我們的產品速度是有史以來最高的。我們行動迅速，同時不斷提高我們的服務品質。

Now let's turn to our 2023 roadmap, 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. Let's first talk about how we're deepening relationships with our customers. Success in this part of our strategy means that Robinhood becomes the most important financial relationship for a large portion of our customers.

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成長機會。讓我們先談談我們如何加深與客戶的關係。我們策略這一部分的成功意味著 Robinhood 成為我們大部分客戶最重要的財務關係。

This will lead to a healthier and more diversified business and you should track our progress here by Gold subscribers and net deposits. Robinhood Gold continues to be our #1 focus in deepening relationships with our customers. Over the past year, as the environment evolved and customers were looking for new ways to save and invest, we put a lot more value in Gold by adding a 4.9% APY on uninvested cash and a 3% match on IRA contributions. As a result, subscriptions are now over 1.3 million, and growth is accelerating as we added 100,000 in Q3 alone and 240,000 over the past year.

這將帶來更健康、更多元化的業務，您應該在這裡透過黃金訂戶和淨存款來追蹤我們的進度。 Robinhood Gold 仍然是我們加深與客戶關係的第一個重點。在過去的一年裡，隨著環境的變化以及客戶尋求新的儲蓄和投資方式，我們對未投資現金增加了4.9% 的年化年利率，對IRA 繳款增加了3% 的匹配，從而大大提高了黃金的價值。目前訂閱量已超過 130 萬，且成長速度正在加快，光是第三季就增加了 10 萬，去年增加了 24 萬。

Today, 6% of Robinhood customers are Gold subscribers and new customers are joining Gold and more than double that rate. Gold customers have tens of thousands of dollars in average assets under custody, up more than 60% year-over-year, and they've opened IRAs with us at 7x the rate of non-gold customers. As we look ahead, we want the majority of our customers to be Gold subscribers, and we're taking a number of steps to make that a reality. [Ulti] is one of them right now. After acquiring X1 in July, our team has been hard at work creating an awesome credit card, and we've got something special planned for Gold customers. You'll hear more about this early next year.

如今，6% 的 Robinhood 客戶是黃金級訂閱者，而新客戶正在加入黃金級，這一比率是這一比例的兩倍多。黃金客戶平均託管資產數萬美元，年成長超過 60%，他們向我們開設 IRA 的比例是非黃金客戶的 7 倍。展望未來，我們希望大多數客戶成為金牌訂閱者，我們正在採取一系列措施來實現這一目標。 [Ulti] 現在就是其中之一。 7 月收購 X1 後，我們的團隊一直在努力創造一張出色的信用卡，並且我們為黃金客戶制定了一些特別計劃。明年初你會聽到更多相關資訊。

Now let's discuss active traders. We are laser-focused on being the #1 platform for active traders, and we track our progress here by market share. Our focus has been on systematically removing any limitation that would lead an active trader to consider using another platform with a particular emphasis on pricing, speed and app usability. In the past quarter, we streamlined our equities trading flow, introduced options chain customization and an option P&L simulator and more than doubled the number of stocks and ETFs available to trade 24/5 on Robinhood 24-hour market.

現在讓我們討論活躍交易者。我們專注於成為活躍交易者的第一平台，並透過市場份額追蹤我們的進展。我們的重點是系統性地消除任何可能導致活躍交易者考慮使用另一個平台的限制，特別強調定價、速度和應用程式可用性。在過去的季度中，我們簡化了股票交易流程，引入了期權鏈定制和期權損益模擬器，並將可在 Robinhood 24 小時市場上 24/5 進行交易的股票和 ETF 數量增加了一倍多。

For our crypto customers, we've rolled out some changes to the user interface on mobile so that customers can clearly see the spreads that we offer on our crypto transactions. This makes it easier for customers to see their all-in cost of execution, compare it against other platforms and see how great of a deal Robinhood is giving them. As we deliver for our active traders, we continue to see our market share of retail trading grow. In Q3, both our equities and options market share increased from Q2 and year-over-year.

對於我們的加密貨幣客戶，我們對行動裝置上的用戶介面進行了一些更改，以便客戶可以清楚地看到我們在加密貨幣交易中提供的點差。這使得客戶可以更輕鬆地了解他們的總執行成本，將其與其他平台進行比較，並了解 Robinhood 為他們提供了多大的優惠。隨著我們為活躍交易者提供服務，我們的零售交易市場份額不斷增長。第三季度，我們的股票和選擇權市佔率均較第二季和年比增加。

Let me now talk about futures. We're getting closer to unveiling our offering there and we have been hard at work building what we believe is the best designed futures product, particularly on mobile. Competitors generate hundreds of millions of annual revenue from futures trading, so as we continue to execute, we believe we have a real opportunity to expand the market, take market share and build a 9-figure revenue business over time.

現在讓我談談期貨。我們離在那裡推出我們的產品越來越近了，我們一直在努力建立我們認為設計最好的期貨產品，特別是在行動裝置上。競爭對手每年從期貨交易中產生數億美元的收入，因此，隨著我們繼續執行，我們相信我們有真正的機會擴大市場，佔據市場份額，並隨著時間的推移建立 9 位數的收入業務。

The third part of our 2023 roadmap is exploring new growth opportunities. Here, we have been laser focused on international expansion. In the U.S. alone, we built a business with 23 million customers that serves nearly 10% of American adults. But there are billions more potential customers across the globe. And as we serve them, we believe our business can evolve into one where the majority of our customer base is outside the U.S. in the years to come.

我們 2023 年路線圖的第三部分是探索新的成長機會。在這裡，我們一直專注於國際擴張。光是在美國，我們就建立了擁有 2,300 萬客戶的業務，為近 10% 的美國成年人提供服務。但全球還有數十億潛在客戶。當我們為他們提供服務時，我們相信我們的業務可以在未來幾年發展成為我們的大部分客戶群都在美國以外的業務。

Our approach has been to build the capabilities for international expansion organically. This allows us to scale in a capital-efficient manner, while easily sharing our capabilities across multiple geos. For example, with the launch of Robinhood 24-hour market, we became the first U.S. brokered off around-the-clock trading of individual stocks. Our customers in the U.K. will benefit from this and other platform enhancements as 24-hour market will be available in the U.K. at launch.

我們的方法是有機地建構國際擴張的能力。這使我們能夠以資本有效的方式進行擴展，同時輕鬆地跨多個地理位置共享我們的能力。例如，隨著 Robinhood 24 小時市場的推出，我們成為美國第一家全天候個股交易的經紀商。我們在英國的客戶將受益於此平台增強功能和其他平台增強功能，因為英國將在推出時提供 24 小時市場。

Two major things are happening in the coming weeks: first, we'll launch brokerage operations in the U.K. We look forward to eliminating commissions in that market just like we did in the U.S. Also in the coming weeks, we will launch crypto trading in the EU. Crypto benefits from a relatively clear regulatory framework in the EU, and we're excited to bring our capabilities across the pond to better serve that market. As I reflect on all that Robinhood has in front of us, I'm energized by our long-term potential to innovate for our customers, grow assets, gain market share and continue to disrupt our industry. We're really excited about the roadmap ahead, and there's so much to do.

未來幾週將發生兩件大事：首先，我們將在英國推出經紀業務。我們期待像在美國那樣取消該市場的佣金。同樣在未來幾週內，我們將在英國推出加密貨幣交易歐洲聯盟。加密貨幣受益於歐盟相對清晰的監管框架，我們很高興能夠發揮我們的能力，更好地服務該市場。當我反思 Robinhood 所擁有的一切時，我對我們為客戶創新、成長資產、獲得市場份額並繼續顛覆我們行業的長期潛力感到振奮。我們對未來的路線圖感到非常興奮，而且還有很多事情要做。

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. In the third quarter, we stayed focused on serving customers, growing our business and driving long-term shareholder value. Our team continues to execute on our product roadmap while growing revenues and delivering strong operating leverage in the business. In a very different macro environment than 2 years ago, we believe we have a good shot of delivering record annual revenue in 2023, and our adjusted EBITDA this year is on track to be roughly 3x our prior record.

謝謝，弗拉德。今天很高興能和大家說話。第三季度，我們持續專注於服務客戶、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，同時增加收入並在業務中提供強大的營運槓桿。在與兩年前截然不同的宏觀環境中，我們相信我們很有可能在 2023 年實現創紀錄的年收入，而且我們今年調整後的 EBITDA 有望約為先前記錄的 3 倍。

We're also excited to see momentum continuing to build with growing market share of retail trading and increased customer adoption of our new products. Taking a look at new products. Robinhood Retirement has over $1 billion of AUC and our new 3% contribution match for Gold members is making us really excited for IRA season. Securities lending enrolled nearly 400,000 customers in Q3, bringing our total to nearly 2 million customers with over $10 billion of balances.

我們也很高興看到零售貿易市場份額不斷增長以及客戶對我們新產品的採用率不斷提高，勢頭繼續增強。看看新產品。 Robinhood Retirement 擁有超過 10 億美元的 AUC，我們為黃金會員推出的新 3% 繳款匹配讓我們對 IRA 季節感到非常興奮。第三季度，證券借貸吸引了近 40 萬客戶，使我們的客戶總數達到近 200 萬，餘額超過 100 億美元。

Robinhood Gold grew by 100,000 subscribers in Q3 alone, bringing the total to 1.3 million subscribers, roughly double the pace we've seen in the past few quarters and the biggest increase in over 2 years. And we're also pleased to see over 10% of withdrawals are done through instant. So we love that our revenue drivers keep moving higher.

Robinhood Gold 僅在第三季度就增加了 10 萬訂閱者，使訂閱者總數達到 130 萬，大約是過去幾個季度增長速度的兩倍，也是兩年多以來的最大增幅。我們也很高興地看到超過 10% 的提款是透過即時完成的。因此，我們很高興我們的收入驅動因素不斷提高。

Let's look at our business results in the third quarter. Net deposits remained strong in what is typically a seasonally slow quarter. They were $4 billion in Q3, which translates to an 18% annual growth rate, and over the past 12 months, they grew at 27%. AUC ended the quarter at $87 billion, up 34% from a year ago. While equity markets were challenging in Q3, we're optimistic that the continued strength of customer net deposits and long-term market appreciation will be a powerful tailwind to our business over time.

讓我們來看看第三季的業績。在通常季節性放緩的季度中，淨存款仍然強勁。第三季的銷售額為 40 億美元，年增率為 18%，而在過去 12 個月中，成長率為 27%。本季末 AUC 達 870 億美元，比去年同期成長 34%。儘管股票市場在第三季面臨挑戰，但我們樂觀地認為，隨著時間的推移，客戶淨存款的持續強勁和長期市場升值將成為我們業務的強大推動力。

Now let's turn to our financial results. As a reminder, last quarter, we reached GAAP profitability for the first time as a public company, generating $25 million of net income or $0.03 of EPS. This quarter, we recorded a $104 million regulatory accrual for historical matters, as we previously disclosed. This led to Q3 results moving back to a loss with net income of negative $85 million or a loss of $0.09 per share. Q3 net income prior to this accrual would have been positive $19 million or $0.02 per share, which would have been similar to last quarter.

現在讓我們來看看我們的財務表現。提醒一下，上個季度，我們作為一家上市公司首次實現了 GAAP 盈利能力，淨利潤為 2500 萬美元，每股收益為 0.03 美元。正如我們先前所揭露的，本季我們記錄了 1.04 億美元的歷史事項監管應計費用。這導致第三季業績再次出現虧損，淨利為負 8,500 萬美元，即每股虧損 0.09 美元。在此提列之前，第三季淨利將為正 1,900 萬美元，即每股 0.02 美元，與上季類似。

In Q3, we generated adjusted EBITDA margins of 29%, up 16 points from a year ago. Adjusted EBITDA was $137 million in Q3 and $485 million over the past year, which is nearly a $900 million improvement compared to our first year as a public company.

第三季度，我們的調整後 EBITDA 利潤率為 29%，比去年同期成長 16 個百分點。第三季調整後 EBITDA 為 1.37 億美元，去年為 4.85 億美元，與我們上市公司第一年相比，增加了近 9 億美元。

So the natural question is how do we drive profitability even higher over time? We're focused on 2 things: first, growing revenues. We want to serve more of our customers' financial needs become #1 in active trading and expand internationally. Second, we want to stay lean as we scale. Our cost structure is roughly 90% fixed, which supports high incremental margins and operating leverage and we will continue to push on our fixed costs wherever we can. So we think we have a good path to higher levels of profitability over time, and we look forward to sharing our progress as we go.

因此，自然的問題是我們如何隨著時間的推移提高獲利能力？我們專注於兩件事：第一，增加收入。我們希望滿足更多客戶的金融需求，成為活躍交易的第一名並在國際上擴張。其次，我們希望在規模擴張的同時保持精簡。我們的成本結構大約 90% 是固定的，這支援高增量利潤和營運槓桿，我們將繼續盡可能地提高固定成本。因此，我們認為隨著時間的推移，我們有一條通往更高盈利水平的好道路，我們期待分享我們的進展。

Now let's review Q3 revenues. Total net revenues were $467 million, up 29% from a year ago. Revenues were down 4% from Q2 as growth in net interest revenue was offset by lower transaction revenues and seasonally lower proxy revenues. Transaction-based revenues in Q3 were $185 million, down 4% sequentially, primarily due to lower crypto volumes.

現在讓我們回顧一下第三季的營收。總淨收入為 4.67 億美元，比去年同期成長 29%。由於交易收入下降和代理收入季節性下降抵消了淨利息收入的成長，收入較第二季下降了 4%。第三季基於交易的收入為 1.85 億美元，環比下降 4%，主要是由於加密貨幣交易量下降。

Moving to net interest revenues. They were $251 million in Q3, up 7% sequentially. The increase was driven by higher interest-earning assets and short-term interest rates, partially offset by lower securities lending. Looking ahead, we are watching a couple of areas that, so far in Q4,are in the lower part of their cyclical ranges. Specifically, Q4-to-date securities lending activity is well below the third quarter average.

轉向淨利息收入。第三季銷售額為 2.51 億美元，比上一季成長 7%。這一增長是由生息資產和短期利率上升推動的，但部分被證券借貸下降所抵消。展望未來，我們正在關注第四季度迄今仍處於週期性區間下部的幾個領域。具體而言，第四季迄今的證券借貸活動遠低於第三季的平均值。

Additionally, Q3 net buying was the highest level we've seen in over a year, which drove free credit balances lower in the third quarter. So far in Q4, net buying has moderated, so free credit balances have increased by a few hundred million dollars. But if the current levels of securities lending and free credit balances continue, we anticipate Q4 net interest revenue will be roughly $20 million lower than Q3 levels.

此外，第三季的淨購買量是一年多以來的最高水平，這導致第三季的自由信貸餘額下降。到目前為止，第四季度淨購買有所放緩，因此自由信貸餘額增加了數億美元。但如果目前的證券借貸和自由信貸餘額水準持續下去，我們預計第四季淨利息收入將比第三季水準低約 2,000 萬美元。

Looking beyond Q4, we have a much more constructive outlook for net interest revenue as we continue to attract customer cash and net deposits, enroll customers and securities lending and prepare to grow our credit card business.

展望第四季之後，隨著我們繼續吸引客戶現金和淨存款、招收客戶和證券借貸並準備發展信用卡業務，我們對淨利息收入的前景更加樂觀。

Moving on to other revenues. They declined sequentially to $31 million in Q3 and as seasonally lower proxy revenues were partially offset by growth in Gold subscriptions and Sherwood Media advertising revenue. I also want to share some additional color on what we saw in October. We added another 30,000 funded accounts and customers contributed another $1 billion of net deposits to Robinhood.

轉向其他收入。第三季的營收環比下降至 3,100 萬美元，代理收入的季節性下降被黃金訂閱和 Sherwood Media 廣告收入的成長部分抵消。我還想分享一些關於我們 10 月看到的情況的更多資訊。我們又增加了 3 萬個資金帳戶，客戶又向 Robinhood 貢獻了 10 億美元的淨存款。

Additionally, October trading volumes picked up from September. Relative to Q3 monthly averages, October options and crypto were roughly in line and equities were about 10% below. I also wanted to note that we often see lower trading volumes in November and December around the holidays.

此外，10 月的交易量較 9 月有所回升。相對於第三季的月平均值，10 月的選擇權和加密貨幣大致持平，而股票則低約 10%。我還想指出，十一月和十二月假期前後的交易量經常會下降。

Looking at expenses, we continue to make significant progress investing for long-term growth while driving efficiency by lowering our full year costs from 2022 levels. Starting with adjusted OpEx, which reflects total operating expenses, less SBC and the regulatory accrual, it was $353 million in Q3, below our prior outlook range. This brings our year-to-date total to $1.06 billion or 76% of revenues.

就費用而言，我們繼續在長期成長投資方面取得重大進展，同時透過將全年成本從 2022 年的水準降低來提高效率。從調整後的營運支出（反映總營運支出減去 SBC 和監管應計費用）開始，第三季的營運支出為 3.53 億美元，低於我們先前的預期範圍。這使得我們今年迄今的總收入達到 10.6 億美元，佔營收的 76%。

As we invest for the long term and scale our business over time, we are focused on leveraging our highly fixed cost base to drive adjusted OpEx lower as a percentage of revenue. Reflecting on our progress year-to-date, we feel good about our expense discipline while continuing to invest for the long term. So in Q4, while we plan to keep driving efficiency across our business, we plan to make some targeted growth investments in marketing and product launches, including for the U.K. futures and credit card.

隨著我們進行長期投資並隨著時間的推移擴展我們的業務，我們專注於利用我們高度固定的成本基礎來降低調整後的營運支出佔收入的百分比。回顧我們今年迄今的進展，我們對我們的支出紀律感到滿意，同時繼續進行長期投資。因此，在第四季度，雖然我們計劃繼續提高整個業務的效率，但我們計劃在行銷和產品發布方面進行一些有針對性的成長投資，包括英國期貨和信用卡。

We also anticipate some short-term elevated legal expenses related to the historical regulatory matters I mentioned earlier. Given this, we're planning for Q4 adjusted OpEx in the range of $375 million to $395 million, which slightly lowers the midpoint of our full-year outlook and brings our 2023 adjusted OpEx range to $1.435 billion to $1.455 billion. This full-year outlook has us on track to save around $75 million from our 2022 level.

我們也預計與我之前提到的歷史監管問題相關的一些短期法律費用會增加。有鑑於此，我們計劃第四季度調整後的營運支出在3.75 億美元至3.95 億美元之間，這略微降低了我們全年展望的中點，並使我們2023 年調整後的營運支出範圍達到14.35 億美元至14.55 億美元。根據這項全年展望，我們預計在 2022 年的基礎上節省約 7,500 萬美元。

Turning to share-based compensation. It was $83 million in Q3, below our prior outlook range. SBC, as a percentage of revenue, was 18% in Q3, down from 30% a year ago. We're managing SBC costs closely, so as we scale our business over the coming years, we're focused on driving it closer to 10% of revenue. Looking ahead to Q4, we're lowering our 2023 SBC outlook again by an additional $50 million. Our updated outlook for full year 2023 SBC is a range of $860 million to $880 million, which implies a Q4 range of $70 million to $90 million.

轉向股權激勵。第三季為 8300 萬美元，低於我們先前的預期範圍。第三季 SBC 佔營收的比例為 18%，低於一年前的 30%。我們正在密切管理 SBC 成本，因此隨著我們在未來幾年擴大業務規模，我們的重點是使其接近收入的 10%。展望第四季度，我們將 2023 年 SBC 前景再次下調 5,000 萬美元。我們對 2023 年全年 SBC 的最新展望為 8.6 億至 8.8 億美元，這意味著第四季度為 7,000 萬至 9,000 萬美元。

Just to put that in context, if we look at the midpoint of our Q4 range on an annualized basis, that's about $320 million, which represents an annual savings of over $300 million versus 2022. Looking at dilution, prior to our Q3 share purchase, diluted shares were up 1.2% through the first 3 quarters, well below our initial full-year outlook of 4% or less.

簡而言之，如果我們按年化計算第四季度範圍的中點，則約為3.2 億美元，這意味著與2022 年相比，每年節省超過3 億美元。考慮到我們在第三季度購買股票之前的稀釋情況，前 3 季稀釋後股價上漲 1.2%，遠低於我們最初預期的 4% 或更低的全年預期。

Now let's turn to capital management. We are focused on maintaining a strong balance sheet while deploying capital into opportunities that drive growth and shareholder value. Over the past year, we generated nearly $500 million of adjusted EBITDA. And in Q3, we deployed over $700 million to purchase 55 million shares of our stock and to acquire X1. We still finished the quarter with nearly $5.5 billion of cash and investments. We know we still have a lot of cash on hand, but in this macro backdrop, we like the balance sheet strength and optionality it provides.

現在讓我們轉向資本管理。我們專注於維持強勁的資產負債表，同時將資本部署到推動成長和股東價值的機會。去年，我們產生了近 5 億美元的調整後 EBITDA。在第三季度，我們投入了超過 7 億美元購買 5,500 萬股股票並收購了 X1。本季結束時，我們仍然擁有近 55 億美元的現金和投資。我們知道我們手頭上仍然有大量現金，但在這種宏觀背景下，我們喜歡它提供的資產負債表實力和選擇性。

In closing, I'm excited about the momentum we're building and believe we have a huge opportunity ahead of us. We believe we can deliver new capabilities and enhance customer experience while producing great financial outcomes for our shareholders.

最後，我對我們正在建立的勢頭感到興奮，並相信我們面前有巨大的機會。我們相信，我們可以提供新功能並增強客戶體驗，同時為股東帶來豐厚的財務成果。

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

克里斯，接下來我們進入問答環節。

All right. 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 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. So I'll kick it off with our first question from Say. I'm going to put 2 together here, and these are for Jason.

好的。謝謝你，傑森。在問答環節，我們將先回答 Say Technologies 的股東問題。這些是按票數排名的。我們將忽略我們在本次電話會議或之前幾季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。我將從薩伊提出的第一個問題開始。我要把兩個放在一起，這些是給傑森看的。

[Massey R.] asks, "Your stock price has been floating between $9 and $12 for over 2 years. What will it take to bring it back to the IPO price?"

[Massey R.]問道：“兩年多來，你們的股價一直在 9 美元到 12 美元之間波動。怎樣才能使其回到 IPO 價格？”

And [Fung N.] asks, "With all these new incentives happening on Robinhood, why has Robinhood not been able to raise its stock price back to the IPO level?"

[Fung N.] 問：“Robinhood 受到了所有這些新的激勵措施，為什麼 Robinhood 無法將其股價提高到 IPO 水平？”

Thanks for the questions. So first of all, we hear you. It feels like we've made a ton of progress, and we just haven't seen it translate yet to a higher stock price. On a macro level, interest rates are up, which generally isn't good for stock prices, and it hasn't been good for fintech companies. But we're staying focused on things that are in our control, like growing our business and driving profits higher. Over the long term, we think this is the approach that'll move our share price up, and we appreciate your questions.

感謝您的提問。首先，我們聽到你的聲音。感覺我們已經取得了很大的進步，但我們只是還沒有看到它轉化為更高的股價。從宏觀層面來看，利率上升通常不利於股價，也不利於金融科技公司。但我們仍然專注於我們控制範圍內的事情，例如發展我們的業務和提高利潤。從長遠來看，我們認為這是提高我們股價的方法，我們感謝您的提問。

All right. Thanks, Jason. The next question is for Vlad. I'm going to put together 2 here as well. So [Brent C.] asks, "Would it be possible to add a dividend information tab?"

好的。謝謝，傑森。下一個問題是問弗拉德的。我也將在這裡整理 2 個。因此 [Brent C.] 問：“是否可以添加股息資訊選項卡？”

And [Jeremy J.] asks, "We continue to ask for a dividend forecasting management tool. When will that feature come to fruition?"

[Jeremy J.] 問：“我們繼續尋求股息預測管理工具。該功能什麼時候能實現？”

Yes. Thank you. We're always looking for ways to improve our customer experience, so thank you for these suggestions around dividends. I actually reached out to the team and asked them to make sure this is added to the roadmap, so it'll be done.

是的。謝謝。我們一直在尋找改善客戶體驗的方法，因此感謝您對股息提出的這些建議。實際上，我聯繫了團隊並要求他們確保將其添加到路線圖中，以便完成。

Thanks, Vlad. The next question is from [William W.], who asks, "The biggest thing that seems to be driving your turn to profitability is the high interest rate on your cash pile. What will be the plan to maintain profits when the Fed reduces those rates?" Jason?

謝謝，弗拉德。下一個問題來自[William W.]，他問道：“推動你轉向盈利的最大因素似乎是你現金儲備的高利率。當美聯儲減少這些資金時，維持利潤的計劃是什麼？”費率？”傑森？

Yes. So one of the nice things about our business is that it's naturally hedged for changes in interest rates. Trading revenues and interest income tend to move in opposite directions. So we think we're pretty well positioned to perform financially regardless of the rate environment.

是的。因此，我們業務的好處之一是它可以自然地對沖利率變化。交易收入和利息收入往往呈現相反方向變化。因此，我們認為，無論利率環境如何，我們的財務表現都處於有利位置。

We've seen this play out over the last few years. In the lower rate environment, trading revenues were strong. But with rates moving higher, trading revenue abated some, but interest income has picked up. So at the same time, we're continuing to invest to grow our business through the cycle. So for higher rate environments, we've launched things like Gold, high-yield, as well as fully paid stock lending. And for when higher trading environments come along, it's great to see that our market share is up in equities and options as we continue to invest in our platform. So overall, we feel really good about our position regardless of what interest rates do.

在過去的幾年裡，我們已經看到了這種情況的發生。在較低利率環境下，交易收入強勁。但隨著利率走高，交易收入減少，但利息收入增加。因此，與此同時，我們將繼續投資以在整個週期中發展我們的業務。因此，對於較高利率的環境，我們推出了黃金、高收益債券以及全額支付股票借貸等產品。當更高的交易環境出現時，很高興看到隨著我們繼續投資我們的平台，我們在股票和期權方面的市場份額有所上升。因此，總的來說，無論利率如何變化，我們都對自己的狀況感到非常滿意。

Thanks, Jason. The next question's for Vlad and it's from [Malcolm D.] who asks, "What will Robinhood do to grow market share and expand operations?"

謝謝，傑森。下一個問題是問 Vlad 的，來自 [Malcolm D.]，他問道：“Robinhood 將採取哪些措施來增加市場份額並擴大業務？”

Yes, happy to answer that. So to start with, our market share has been growing. If we look at equities and options, market share is up year-over-year and also sequentially for the past 3 quarters in a row. And as we look at opportunities to grow even faster, right now, we can see we're winning in mobile. And we think that's great because clearly, that's the fastest-growing part of our industry.

是的，很高興回答這個問題。首先，我們的市場份額一直在增長。如果我們看一下股票和選擇權，市佔率年增，並且在過去三個季度也連續成長。現在，當我們尋找更快成長的機會時，我們可以看到我們正在行動領域獲勝。我們認為這很好，因為顯然，這是我們行業中成長最快的部分。

I think the long-term trend will continue to be more and more of the legacy brick-and-mortar based and web activity moving in the direction of mobile. I think it's also important to note that a couple of our key competitors are going through merger-related integrations right now. So we've got TD Ameritrade merging with Schwab and E*TRADE through Morgan Stanley.

我認為長期趨勢將繼續是越來越多的傳統實體和網路活動向移動方向發展。我認為還需要注意的是，我們的幾個主要競爭對手目前正在進行與合併相關的整合。因此，我們透過摩根士丹利將 TD Ameritrade 與 Schwab 和 E*TRADE 合併。

And we've seen actually a lot of customers complaining about those integrations being forced to abandon some of the user interfaces that they'd like, not really satisfied with the mobile products that they're being asked to convert to. And we've been seeing really, really healthy and growing inflows from both of those competitors.

我們實際上看到很多客戶抱怨這些整合被迫放棄一些他們想要的使用者介面，對他們被要求轉換到的行動產品並不滿意。我們已經看到這兩個競爭對手的資金流入非常非常健康且不斷成長。

And actually right now to accelerate that even further, we're running a 1% match on ACATS, not just into retirement accounts but also into taxable accounts. And so we're excited to share even more value with customers through that offer, so doubling down on our leadership in mobile. And also, we're continuing to expand and improve the product experience across the board.

事實上，現在為了進一步加速這一進程，我們正在 ACATS 上進行 1% 的匹配，不僅存入退休帳戶，還存入應稅帳戶。因此，我們很高興能夠透過該服務與客戶分享更多價值，從而加倍鞏固我們在行動領域的領先地位。此外，我們正在繼續全面擴展和改善產品體驗。

Right. Thank you, Vlad. The next question's also for you. [Todd Z.] asked, "What is Robinhood doing to convince long-term investors to stay and grow with Robinhood rather than transfer to other accounts when they reach a higher net worth?"

正確的。謝謝你，弗拉德。下一個問題也適合你。 [Todd Z.] 問：“Robinhood 正在採取哪些措施來說服長期投資者留在 Robinhood 並與 Robinhood 一起成長，而不是在他們的淨資產達到更高水平時轉移到其他賬戶？”

Absolutely. Thank you for that question. This is a key part of our strategy. When I say deepening relationships with customers, that really starts with making sure, as they grow and as their needs evolve, Robinhood is the platform for them and can serve the wide variety of the financial needs that they have. So our biggest investment and area of focus here is around Robinhood Gold.

絕對地。謝謝你提出這個問題。這是我們策略的關鍵部分。當我說加深與客戶的關係時，首先要確保隨著客戶的成長和需求的發展，Robinhood 是他們的平台，能夠滿足他們各種各樣的財務需求。因此，我們最大的投資和重點領域是 Robinhood Gold。

As you know, Robinhood Gold launched a competitive rate on uninvested cash, which allows customers to take advantage of the high rate environment we're in and earn a high yield on cash even when they're not investing. So right now, that's 4.9% APY. And a nice bonus is you get up to $2.25 million in FDIC insurance protection, so it's actually superior to a traditional savings product that you might find at a bank in the level of protection, not to mention the yield.

如您所知，Robinhood Gold 對未投資現金推出了具有競爭力的利率，這使客戶能夠利用我們所處的高利率環境，即使在不投資時也能獲得高額現金收益。現在，年化利率為 4.9%。一個不錯的好處是您可以獲得高達 225 萬美元的 FDIC 保險保護，因此它實際上在保護水平上優於您在銀行找到的傳統儲蓄產品，更不用說收益率了。

We recently rolled out an unprecedented 3% retirement match for Gold customers. So basically, with the new IRA contributions limits slated to increase to $7,000, that's an extra over $200 a year in bonus that you could be getting just by fully funding your retirement account, which is a deal that you can't find anywhere else. And so the sort of confluence of this is once you become a Robinhood customer, we're seeing more and more of those customers adopt Gold.

我們最近為黃金客戶推出了史無前例的 3% 退休配對。因此，基本上，隨著新的IRA 繳款限額預計增加到7,000 美元，您只需為您的退休帳戶全額注資即可獲得每年200 多美元的額外獎金，這是您在其他任何地方都找不到的交易。因此，一旦您成為 Robinhood 客戶，我們就會看到越來越多的客戶採用黃金級。

Once you're in Gold, you get an industry-leading value and the user experience across a wide plethora of our products. So if you want to retire with us, you can't get a better deal elsewhere. If you want to generate cash, even if you're not investing it, yield on the cash, we offer that. And we're continuing to add more and more features and value in Gold over time. The upshot of that is Gold balances have been increasing at a very healthy rate. You've seen the progress we've made in Gold subscribers. Our churn and retention, particularly of our most valuable customers continues to improve.

成為金牌會員後，您將獲得業界領先的價值以及我們眾多產品的使用者體驗。因此，如果您想與我們一起退休，您在其他地方找不到更好的優惠。如果您想產生現金，即使您不進行投資，我們也可以提供現金收益。隨著時間的推移，我們將繼續在 Gold 中添加越來越多的功能和價值。其結果是黃金餘額一直以非常健康的速度成長。您已經看到了我們在黃金訂戶方面取得的進展。我們的流失率和保留率，尤其是我們最有價值的客戶的流失率和保留率持續改善。

And we think we're just getting started. We're hard at work making this better and better. But I do think we're actually seeing our strategy paying off, and you're seeing demonstrated progress in increasing wallet share and actually creating these relationships with customers that are significantly deeper.

我們認為我們才剛開始。我們正在努力讓這一切變得越來越好。但我確實認為我們的策略確實得到了回報，你會看到在增加錢包份額以及實際上與客戶建立更深層次的關係方面取得了明顯的進展。

The next question is for Jason from [Bradley S.] who asks, "What can Robinhood do in order to become consistently profitable throughout each quarter?"

下一個問題是來自 [Bradley S.] 的 Jason 問，“Robinhood 可以做什麼才能在每個季度持續盈利？”

It was great to achieve GAAP profit last quarter. It was our first time as a public company. This quarter, but for the regulatory accrual, we would have seen another quarter of GAAP profits. But looking over the long run, we're going to keep investing for growth. But we think we've got a good opportunity to invest for growth and grow revenues faster than costs, which should deliver nice leverage and profitability for the bottom line over time. We're a tech company. A vast majority, 90% of our costs are fixed costs. And so we think we're well-positioned to have high incremental margins as we grow the top line.

上個季度實現 GAAP 利潤真是太好了。這是我們第一次成為上市公司。本季度，如果沒有監管應計費用，我們將看到另一個季度的 GAAP 利潤。但從長遠來看，我們將繼續投資以促進成長。但我們認為，我們有一個很好的機會來投資成長，收入成長速度快於成本成長，隨著時間的推移，這應該會為淨利潤帶來良好的槓桿和獲利能力。我們是一家科技公司。我們的成本中絕大多數（90%）都是固定成本。因此，我們認為，隨著收入的成長，我們處於有利地位，可以實現較高的增量利潤。

The next question is for Vlad and it's a 2-parter. [Massey R.] asks, "When are you going international?"

下一個問題是問 Vlad 的，這是 2 人問題。 [Massey R.] 問：“你什麼時候走向國際？”

And [Thomas B.] asks, "When will Robinhood come to Europe?"

[Thomas B.] 問：“羅賓漢什麼時候會來到歐洲？”

Great questions. The answer to both of those is basically now. So I'm excited to say we're getting really close to launching our brokerage in the U.K. We should be live in the coming weeks. I'll actually be there knocking on doors in the U.K., maybe not literally, but with the team for the launch.

很好的問題。這兩個問題的答案基本上都是現在。因此，我很高興地說，我們即將在英國推出我們的經紀業務。我們應該會在未來幾週內上線。實際上，我會去英國敲門，也許不是字面上的意思，而是與團隊一起進行發布。

And we also announced earlier, in my opening prepared remarks, that we will be offering crypto trading across the pond in the EU and that's going to come right on the heels of the U.K. brokerage launch. So both of these launches are exciting. They expand the addressable market of customers we can serve with our financial products. And they're really the first steps in what we see as a big opportunity for us growing the business internationally.

我們早些時候也在開場白中宣布，我們將在歐盟提供加密貨幣交易，這將在英國經紀業務推出後緊隨其後。因此，這兩項發布都令人興奮。它們擴大了我們可以透過金融產品服務的客戶目標市場。我們認為，這確實是我們在國際上發展業務的巨大機會的第一步。

All right. Thank you, Vlad. That concludes our shareholder questions from Say Technologies. We appreciate our shareholders taking time to ask these questions of Vlad and Jason and look forward to more next quarter. Now I'll turn the call over to Carmen to lead Q&A from our analysts.

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，並期待下個季度有更多問題。現在我將把電話轉給卡門，由我們的分析師主持問答。

(Operator Instructions) Our first question is coming from Dan Dolev with Mizuho.

（操作員說明）我們的第一個問題來自 Mizuho 的 Dan Dolev。

Great results despite the difficult environment. I have 2 questions, 2 quick ones. So maybe Vlad, can you tell us what makes you gain so much share? I know it's a difficult environment, but you guys are gaining tremendous amount of share. Can you give us some color on what makes Robinhood getting so much share? And then I have a very quick follow-up.

儘管環境艱苦，但取得了很好的成績。我有 2 個問題，2 個快速問題。那麼弗拉德（Vlad），您能告訴我們是什麼讓您獲得如此多的份額嗎？我知道這是一個困難的環境，但你們正在獲得巨大的份額。您能給我們介紹一下 Robinhood 獲得如此多份額的原因嗎？然後我會進行非常快速的跟進。

Yes. Thanks, Dan. So yes, talking about our active trader offerings. As I mentioned earlier, our goal is to be the #1 platform for active traders and we have been gaining share. You're right that I pointed out year-over-year, and for the last 3 quarters sequentially, we've seen our market share of options and equity transactions continue to increase. And part of that is just the work that we've been doing systematically to improve the pain points that customers have for the product.

是的。謝謝，丹。所以是的，談論我們的活躍交易者產品。正如我之前提到的，我們的目標是成為活躍交易者的第一個平台，並且我們的份額一直在增加。你是對的，我指出，與去年同期相比，在過去的三個季度中，我們看到我們的選擇權和股權交易的市場份額持續增加。其中一部分就是我們一直在有系統地做的工作，以改善客戶對產品的痛點。

And yes, more recently, you can see we've continued to make improvements in options trading. We added things that customers have been asking us for, like the ability to customize options chains and better picture their P&L. We're looking at the experience for equities trading across the board and as we sort of used it and dug deeply into it, we noticed that in the past, we'd really optimized it toward more of a novice customer. So there was a lot of explanation for how to place different types of orders.

是的，最近，您可以看到我們在選擇權交易方面不斷做出改進。我們添加了客戶一直要求我們提供的功能，例如客製化選擇權鏈並更好地描繪其損益的能力。我們正在全面研究股票交易的體驗，當我們使用它並深入挖掘它時，我們注意到，在過去，我們確實針對更多的新手客戶對其進行了優化。因此對於如何下不同類型的訂單有很多解釋。

And for someone that was more active and more of an active trader, we saw an opportunity to streamline it and reduce a lot of the unnecessary steps in the process. And we've been doing that across the board, not just in the in the trading flows, but across the experience. We're also turning our attention to giving more data to customers to make more informed decisions. And you're going to start to see a lot of our work there rolling out in the coming weeks.

對於更活躍、更活躍的交易者來說，我們看到了一個簡化流程並減少流程中許多不必要步驟的機會。我們一直在全面地這樣做，不僅在交易流程中，而且在整個體驗中。我們還將注意力轉向為客戶提供更多數據，以做出更明智的決策。在接下來的幾週內，您將開始看到我們在那裡展開的大量工作。

And I've got to mention also, not just kind of table stakes features. We've got a ways to go to continue to close the gap, but we're leading in pricing. Obviously, for options, most of our competitors are charging $0.65 per contract for typical trades and the hundreds of contracts, that adds up to lots and lots of money that is coming out of their pockets. And our pricing advantage is strong and continuing to drive value for us.

我還必須提到的不僅僅是賭注功能。要繼續縮小差距，我們還有很長的路要走，但我們在定價方面處於領先地位。顯然，對於選擇權，我們的大多數競爭對手對典型交易和數百份合約收取每張合約 0.65 美元的費用，這加起來就是從他們的口袋裡掏出的大量資金。我們的定價優勢很強，並持續為我們帶來價值。

And new innovative things that you can't find anywhere else really besides Robinhood, things like Robinhood 24-hour market are also continuing to play there. And all of this is adding up to the share gains that you're seeing and active trader NPS across -- and that's Net Promoter Score for those that aren't familiar, across options, equities and crypto, seeing significant gains that are just continuing to accrue.

除了 Robinhood 之外，你在其他地方找不到的創新事物，像 Robinhood 24 小時市場這樣的東西也繼續在那裡發揮作用。所有這些都加起來了您所看到的份額收益和活躍交易者的 NPS，這就是那些不熟悉期權、股票和加密貨幣的人的淨推薦值，看到了正在持續的顯著收益累積。

Terrific. I do have a quick follow-up. I mean, it looks to me like Robinhood could be a great place for traders to benefit from the future Bitcoin ETF. Can you maybe talk a little bit about the opportunity if it exists?

了不起。我確實有一個快速跟進。我的意思是，在我看來，Robinhood 可能是交易者從未來的比特幣 ETF 中受益的好地方。如果有機會的話，您能談談這個機會嗎？

Yes. I think that what you're seeing is Bitcoin continuing to become attractive to more and more stakeholders as a mainstream asset for diversification. There has been a long-held thesis that it's a good inflation hedge. And obviously, in a high inflation environment, people are interested in ways to diversify their exposure. Robinhood has been early to offer Bitcoin in its native form.

是的。我認為你所看到的是，比特幣作為多元化的主流資產，繼續對越來越多的利害關係人產生吸引力。人們長期以來一直認為這是一種很好的通膨對沖手段。顯然，在高通膨環境下，人們對多元化投資的方式感興趣。 Robinhood 很早就以原生形式提供比特幣。

And maybe you heard me mention in the prepared remarks that we've actually made a lot of improvements in the crypto user interface. We're showing customers the spread and they're all in cost of execution. And I think we've talked about, Dan, in the call before, how Robinhood has really, really competitive pricing, but maybe customers aren't aware of that. There's not a lot of transparency around it, so we're looking to solve that problem.

也許您在準備好的發言中聽到我提到，我們實際上在加密使用者介面上做了很多改進。我們向客戶展示價差，他們都在執行成本。丹，我想我們在之前的電話中已經討論過，羅賓漢如何擁有真正非常有競爭力的定價，但也許客戶並沒有意識到這一點。圍繞它的透明度並不高，所以我們正在尋求解決這個問題。

We believe we have solved it. And I think that more and more customers will see just how great of a deal they're getting with their ability to diversify their portfolio into crypto currencies. So we want to continue to be a leader there. And I think that -- yes, we're excited about the progress we've made, and there's a lot more to do.

我們相信我們已經解決了這個問題。我認為越來越多的客戶會看到他們透過將投資組合多元化到加密貨幣而獲得了多麼划算的交易。所以我們希望繼續成為那裡的領導者。我認為——是的，我們對所取得的進展感到興奮，而且還有很多工作要做。

One moment for our next question, and it's come from the line of Devin Ryan with JMP Securities.

請稍等一下我們的下一個問題，它來自 JMP 證券公司的 Devin Ryan。

So looking forward to international launch, a lot to be excited about there. I just want to think about the opportunity or how you guys think about the opportunity, either near or long term to build your own market-making capabilities to participate in more of the economics. And particularly as you scale the offering, I suspect that could be an opportunity, but I just want to get some thoughts there. And then if that's not something that would make sense, just how you're thinking about the unit economics internationally, appreciating that trading's just going to be one part of the longer-term game plan of making a relationship with customers.

因此，期待國際發布，有很多令人興奮的事情。我只是想思考這個機會，或者你們如何看待這個機會，無論是短期還是長期，以建立自己的做市能力，以參與更多的經濟活動。特別是當你擴大產品規模時，我懷疑這可能是一個機會，但我只是想談談一些想法。然後，如果這不是有意義的事情，那麼您如何看待國際單位經濟學，並認識到交易只是與客戶建立關係的長期遊戲計劃的一部分。

Yes. And you're referring to international, specifically when you're talking about market-making?

是的。您指的是國際，特別是當您談論做市時？

Right now, I am, yes.

現在，我是，是的。

Yes. Yes, look, I think our focus right now, there's obviously lots and lots to do in our business. As you pointed out, there's all the stuff we're doing on the consumer side to win an active trading. There's obviously ways to leverage that infrastructure that we're building to process our customers' trades as a B2B offering and market-making is kind of in that category. Where we stand now is we're just laser-focused on consumer. We want to make sure we're the best consumer offering out there, particularly internationally where we're kind of new to market.

是的。是的，看，我認為我們現在的重點是，我們的業務顯然有很多很多事情要做。正如您所指出的，我們在消費者方面正在做所有的事情來贏得活躍的交易。顯然有很多方法可以利用我們正在建立的基礎設施來處理客戶的交易，因為 B2B 產品和做市就屬於這個類別。我們現在的立場是，我們只是專注於消費者。我們希望確保我們是最好的消費者產品，特別是在國際市場上，我們是新手。

We want to make sure that as many of our resources as possible are pointed towards product market fit of the consumer offering. And there's lots of ways that we can monetize Gold subscription. You've heard that, that product, we have a lot of confidence in, and it's just in the early stages. We think that can be just as powerful, if not more so, in the U.K., securities lending and other interest-based revenues.

我們希望確保盡可能多的資源用於適合消費者產品市場的產品。我們可以透過多種方式透過黃金訂閱獲利。你已經聽說過，我們對該產品充滿信心，而且它還處於早期階段。我們認為，在英國，證券借貸和其他基於利息的收入可能同樣強大，甚至更強大。

So yes, we're not really focused on diversifying into B2B or market-making for the near term. But it's obviously something we're familiar with. Once we start getting to the point where that makes sense as a priority, we'd certainly be open to considering.

所以，是的，我們短期內並不真正專注於 B2B 或做市業務的多元化。但這顯然是我們熟悉的東西。一旦我們開始將其作為優先事項，我們當然會願意考慮。

Okay. And then just a follow-up here on X1 and the kind of the credit card strategy. I appreciate the new -- net new interest disclosure around cards. And so I just want to maybe hear a little more about the scaling strategy of excellence business across Robinhood and kind of time line that you guys are thinking. And then also maybe on the other side, whether there's any consideration of growing a little bit slower, just to get some data around customer behavior and also just thinking about potential for credit risk as well.

好的。然後是關於 X1 和信用卡策略類型的後續報告。我很欣賞圍繞卡的新的淨新利息披露。所以我只是想聽聽更多關於 Robinhood 卓越業務的擴展策略以及你們正在考慮的時間表。另一方面，是否考慮放慢成長速度，只是為了取得一些有關客戶行為的數據，同時也考慮潛在的信用風險。

Yes. I'll be happy to field that. I think we're going to build a great product. We actually just reviewed and approved the final designs for what's going to become the Robinhood credit card last week, so we've been making good progress. The team is super motivated to launch it. And we do anticipate there will be a period of learning.

是的。我很樂意接受。我認為我們將打造一款出色的產品。事實上，我們上週剛剛審查並批准了 Robinhood 信用卡的最終設計，所以我們已經取得了良好的進展。該團隊非常有動力推出它。我們確實預計將會有一段時間的學習。

Of course, X1 has had some data from their customer base. But we anticipate once we release this new product -- the scale of Robinhood's customer base is much bigger, and so we'll want to make sure that we're rolling it out prudently. But the thing that I'm most excited about is you guys seeing it, customers seeing it. I think we've spent a lot of time getting the user experience and the design just right and I think you're really going to love it.

當然，X1 已經從他們的客戶群中獲得了一些數據。但我們預計，一旦我們發布這個新產品，Robinhood 的客戶群規模就會更大，因此我們需要確保謹慎地推出它。但最令我興奮的是你們看到它，客戶看到它。我認為我們花了很多時間讓使用者體驗和設計恰到好處，我想你真的會喜歡它。

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

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

This is Michael Anagnostakis on for Stephen. Maybe just one for Jason here on expense. You had noted that you will continue to be disciplined on the expense front. You highlighted the largely fixed expense base. As we think about expense beyond '23, what do you see as a reasonable core expense growth rate to sustain that 20% growth -- organic growth that you consistently delivered recently?

我是邁克爾·阿納格諾斯塔基斯（Michael Anagnostakis）代表史蒂芬。也許只為傑森提供一份，費用自理。您已經指出，您將繼續在費用方面受到紀律處分。您強調了基本固定的支出基礎。當我們考慮 23 年後的支出時，您認為維持 20% 成長（您最近持續實現的有機成長）的合理核心支出成長率是多少？

Yes. Thanks, Michael, appreciate the question. We've made a ton of progress on operating costs and running lean and driving for productivity and efficiency across our platform over the last 1.5 years, and I'd say that we're not done. We've got more work to do there to be even more efficient and more lean in the way that we operate. That said, we're going to continue to invest for growth.

是的。謝謝，邁克爾，感謝這個問題。在過去 1.5 年裡，我們在營運成本、精實營運以及提高整個平台的生產力和效率方面取得了巨大進步，但我想說我們還沒有完成。我們還有更多的工作要做，以提高我們的營運方式的效率和精簡程度。也就是說，我們將繼續投資以促進成長。

We see a lot of opportunity ahead of us than behind us in terms of the business, including international. So we're going to place some smart investments in a number of areas. I'm sure you can appreciate this is the time of the year when the teams are huddled doing 2024 planning, so it's a bit early for me to comment specifically on the growth rate we expect to see in OpEx next year. But you should expect that over a longer horizon, our intention is to grow revenue faster than OpEx. And we think that there's -- even while making investments, there's opportunity for us to be lean in the way that we manage our costs.

在業務方面，包括國際業務，我們看到前面有很多機會，而不是後面。因此，我們將在多個領域進行一些明智的投資。我相信您會意識到，每年這個時候，團隊都會聚集在一起制定 2024 年規劃，因此，現在對我來說具體評論我們預計明年營運支出的增長率還為時過早。但你應該預料到，從長遠來看，我們的目標是收入成長速度快於營運支出。我們認為，即使在進行投資時，我們也有機會精益管理成本。

Great. And then my follow-up, I just wanted to touch on crypto, again, here. We've seen some stronger performance in Bitcoin and Ethereum, for example, but the volume trends have remained pretty subdued, both industry-wide and at Robinhood, but can you speak to what's driving that divergence there? And what do you think needs to happen for activity to pick back up in crypto?

偉大的。然後我的後續行動，我只想在這裡再談談加密貨幣。例如，我們看到比特幣和以太坊表現強勁，但整個行業和 Robinhood 的交易量趨勢仍然相當低迷，但您能談談是什麼推動了這種差異嗎？您認為需要發生什麼才能使加密貨幣活動回升？

Yes. I think it's hard for me to speculate on activity predictions in the broader cryptocurrency market. I can tell you what we're focused on. We're focused on using this as an opportunity to build our capabilities, build the platform. You've heard me talk in this call about how we want to make sure customers who are using Robinhood for crypto know that they're getting terrific pricing, and so we've continued to make progress there.

是的。我認為我很難推測更廣泛的加密貨幣市場的活動預測。我可以告訴你我們的重點是什麼。我們專注於以此為契機來建構我們的能力、建構平台。你已經聽我在這次電話會議中談到了我們如何確保使用 Robinhood 進行加密貨幣的客戶知道他們正在獲得很棒的定價，因此我們在這方面繼續取得進展。

We are improving the customer experience and the team is hard at work launching in the EU, which will expand the addressable market of customers that we serve by hundreds of millions, so we're excited about that. We're going to continue to innovate and improve the offering in the space. I think there's lots of promising signs. Lots of people are spending time building the industry. We're going to continue to be a leader there.

我們正在改善客戶體驗，團隊正在努力在歐盟推出產品，這將擴大我們所服務的數億客戶的目標市場，因此我們對此感到興奮。我們將繼續創新並改進該領域的產品。我認為有很多有希望的跡象。很多人花時間建設這個行業。我們將繼續成為那裡的領導者。

I think the one thing that I'd add is I think it'd be helpful to continue to get some regulatory clarity in the various markets that we're going to be operating in, and that'll allow us to innovate even faster.

我認為我要補充的一件事是，我認為繼續在我們將要運營的各個市場中獲得一定的監管清晰度是有幫助的，這將使我們能夠更快地創新。

One moment for our next question please, it's from the line of Michael Cyprys with Morgan Stanley.

請稍等一下，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)。

Are you there, Mike?

你在嗎，麥克？

One moment for our next question. It comes from the line of John Todaro with Needham.

請稍等一下我們的下一個問題。它來自約翰·托達羅和李約瑟的血統。

Vlad, you mentioned earlier that the EU had a clearer regulatory framework around crypto in the U.S., just trying to understand in that context, what kind of products or services that you could tangibly point to there. Would you envision kind of more assets for trading in the EU and the U.S.? Just anything that we can kind of tangibly look to?

弗拉德（Vlad），您之前提到，歐盟在美國對加密貨幣有更清晰的監管框架，只是想了解在這種情況下，您可以明確指出那裡有什麼樣的產品或服務。您是否會設想在歐盟和美國交易更多的資產？只是我們可以實際關注的任何東西嗎？

I really don't want to get ahead of the launch that's coming in a couple of weeks and tell you what the value props are going to be. But yes, in general, we do expect given the clarity, to be able to offer a different set of assets and capabilities in Europe as in the U.S.

我真的不想在幾週後發布之前告訴你價值道具是什麼。但是，總的來說，我們確實希望能夠在歐洲提供與美國不同的資產和能力。

Okay. And I guess just quickly if I can add another one on. Taking the other side of that and looking at the U.S. market, you guys recently delisted some of the crypto assets. What would give you comfortability to relist some? Is it some of these ongoing -- suits ongoing with Coinbase that need to get resolved? Any clarity there?

好的。我想如果我可以再增加一個的話就很快了。另一方面，看看美國市場，你們最近摘牌了一些加密資產。什麼會讓您放心地重新列出一些？是否有一些與 Coinbase 正在進行的訴訟需要解決？有清楚的嗎？

Yes. I think that, yes, it's hard to say what specifically we're waiting for to give us comfort. I think that rules -- rule-making, court case data, that all helps. And of course, we'll continue to push for regulatory clarity. Because I think it would be a shame for the innovation that we've been seeing in crypto to be co-opted overseas. I think it's very, very important for the U.S. to remain a leader in every new technology in the industry that we possibly can.

是的。我認為，是的，很難說我們具體在等待什麼來帶給我們安慰。我認為規則——規則制定、法庭案件數據，都有幫助。當然，我們將繼續推動監管的明確性。因為我認為，如果我們在加密領域看到的創新被海外所採用，那將是一種恥辱。我認為，對於美國來說，盡可能保持該行業每項新技術的領先地位是非常非常重要的。

One moment for our next question please, and it's from the line of Ken Worthington with JPMorgan.

請稍等一下我們的下一個問題，它來自摩根大通的肯·沃辛頓。

One of the footnotes in the release today talked about ACATS in and out, and you mentioned getting inflows from former Ameritrade and E*TRADE customers. I'd love you to compare and contrast where ACATS to Robinhood are coming from generally and where ACATS going out of the firm are generally going to. And then you mentioned the 1% match. When did that go into effect? And then maybe lastly, what sort of ACAT activity are you seeing from firms that are more traditionally known for active trading?

今天新聞稿中的腳註之一談到了 ACATS 的進出，您提到了從前 Ameritrade 和 E*TRADE 客戶那裡獲得資金流入。我希望您能比較和對比 ACATS 到 Robinhood 的一般來源以及 ACATS 離開公司的一般去向。然後你提到了 1% 的匹配。該規定何時生效？最後，您從傳統上以活躍交易而聞名的公司中看到了什麼樣的 ACAT 活動？

Yes. As I mentioned earlier in the call, we have been seeing elevated ACATs from the firms that are going through integrations. I mean, the active trading firms, TD Ameritrade has been very strong with active traders, and we've been seeing really healthy and growing inflows there. The 1% match, as you probably know, that started out being a retirement offering. We've expanded it to ACATs in taxable accounts.

是的。正如我之前在電話會議中提到的，我們已經看到正在進行整合的公司的 ACAT 有所提高。我的意思是，活躍的交易公司德美利證券（TD Ameritrade）在活躍的交易者中表現非常強勁，我們已經看到那裡的資金流入非常健康且不斷增長。您可能知道，1% 的匹配最初是作為一項退休金提供的。我們已將其擴展到應稅帳戶中的 ACAT。

And I think that's currently in the process of rolling out and being communicated to customers, so it's pretty new. But what we're seeing there has been really, really good. I think that just gives customers an added incentive, the ones that were already thinking about it and using Robinhood to consolidate their assets here. We've been really happy at the trends there.

我認為目前正在推出並向客戶傳達這一點，所以它是相當新的。但我們在那裡看到的情況真的非常非常好。我認為這只會給客戶帶來額外的激勵，那些已經在考慮這一點並使用 Robinhood 來整合他們的資產的客戶。我們對那裡的趨勢感到非常高興。

In terms of the more active trader locations, the ins and outs are actually pretty modest overall. So nothing really to call out there.

就更活躍的交易地點而言，整體情況實際上相當溫和。所以沒有什麼值得特別注意的。

Okay. And then so are the -- you've got ACATS going out as well. Are they going to the same firms where you're getting assets coming in? Or is it a different sort of set of firms where clients are heading out towards?

好的。然後 - 你也有 ACATS 出去。他們會去往你取得資產的同一家公司嗎？或者客戶正在走向不同類型的公司？

Yes, it's really pretty broad-based across inflows and outflows and common firm names as you'd expect. One thing we like is that the trends are improving for us as we continue to improve user experience.

是的，正如您所期望的那樣，它的流入和流出以及常見公司名稱的範圍確實非常廣泛。我們喜歡的一件事是，隨著我們不斷改善用戶體驗，趨勢正在改善。

We have time for 1 more question, one moment please, and it's from the line of Benjamin Budish from Barclays.

我們還有時間回答 1 個問題，請稍等，這是來自巴克萊銀行的 Benjamin Budish。

This is Chris O'Brien on for Ben. I wanted to ask you about the options take rate. It looks like it came down 4 basis points or so quarter-over-quarter. Is there anything you can share regarding the drivers here as to what's driving the change in the take rate?

我是克里斯·奧布萊恩（Chris O'Brien）替補本。我想問你關於選擇權費率的問題。看起來季度環比下降了 4 個基點左右。關於驅動因素，您有什麼可以分享的，以及是什麼推動了轉換率的變化？

Yes. So first of all, the take rate was $0.41 this quarter. There are 2 primary things that go into the take rate that we realized on option contracts. What I'd point to is volatility and then it's also a mix of contracts, specifically we're seeing increasing mix, as we have for some time now, of SPY contracts over individual name contracts, and that has been a headwind for us on the take rate.

是的。首先，本季的收取率為 0.41 美元。我們在選擇權合約上實現的接受率有兩個主要因素。我要指出的是波動性，然後它也是合約的組合，具體來說，我們看到間諜合約與個人合約的組合不斷增加，正如我們一段時間以來的情況一樣，這對我們來說是一個逆風採取率。

Okay. Very helpful. And I also just wanted to follow up on the international expansion. When we think about the launch of the U.K. product, like, what kind of products will be available on day 1? How long of a ramp will it take to kind of fully get capabilities up to something like we might see in the U.S.?

好的。很有幫助。我也只是想跟進國際擴張。當我們考慮英國產品的推出時，例如，第一天會推出什麼樣的產品？需要多長時間才能完全達到我們在美國看到的那樣的能力？

Yes, I'll field that one. So I did mention that equities trading, in particular, 24-hour market will be available at launch. In terms of the other value props, again, would rather not run ahead of the announcement. Like, we'll find out very soon. The benefits of doing our international expansion organically is we can leverage the same platform. That's why Robinhood 24-hour market is available at launch.

是的，我會派出那個。所以我確實提到股票交易，特別是24小時市場將在推出時提供。就其他價值支柱而言，同樣，我們寧願不事先宣布。就像，我們很快就會知道。有機地進行國際擴張的好處是我們可以利用同一平台。這就是 Robinhood 24 小時市場在推出時提供的原因。

It's all on the same platform. So there's really no technical limitation to making our services available anywhere that we operate. It's all just a matter of licensure and making sure that we have the appropriate licenses for all the different products we offer. And I think you're really going to start to see the organic strategy paying dividends as we continue to expand across multiple jurisdictions, and we add things here in the U.S. and we add -- we connect to different market centers overseas. You'll see that the value accrue both to our U.S. customers and the customers in new jurisdictions.

一切都在同一個平台上。因此，在我們運營的任何地方提供我們的服務實際上不存在任何技術限制。這只是一個許可問題，並確保我們擁有針對我們提供的所有不同產品的適當許可。我認為，隨著我們繼續在多個司法管轄區擴張，我們真的會開始看到有機策略帶來紅利，我們在美國增加了一些東西，我們也補充說，我們連接到海外不同的市場中心。您會發現我們的美國客戶和新司法管轄區的客戶都獲得了價值。

And Chris, one more follow-up on the options take rate. We've seen that mix continue into October and actually accelerate just a little bit and the take rate moved to $0.39 a contract in October. We'll see how the rest of the quarter plays out, but I thought I would highlight that for you.

克里斯是另一位選擇權費率的跟進者。我們看到這種混合趨勢一直持續到 10 月份，並且實際上略有加速，10 月份合約的成交價升至 0.39 美元。我們將看看本季度剩餘的時間如何進行，但我想我會為您強調這一點。

One moment please for one more question, it's from the line of Michael Cyprys, please proceed, from Morgan Stanley.

請稍等一下，再問一個問題，來自摩根士丹利的 Michael Cyprys，請繼續。

Having some technical difficulties with the phone before. Not sure if you answered this question just around index options. I think you had mentioned previously that was coming in the first half of '24. Just wondering if you had a more specific update there that you could share. And just more broadly on that, I was hoping you could maybe share your thoughts around the opportunity set, how you see that playing out with index options.

之前使用手機時遇到一些技術困難。不確定您是否僅圍繞索引選項回答了這個問題。我想您之前曾提到過，這將在 24 年上半年推出。只是想知道您是否有更具體的更新可以分享。更廣泛地說，我希望您能分享您對機會集的想法，以及您如何看待指數選擇權的發揮。

Yes. I mean, one of the things that we're focused on, on our path to #1 -- being #1 in active trader market share is systematically going through all of the product gaps, making sure that if customers want a particular asset, that we make that available. This includes index options, things like shorting, multiple account types like joint accounts. There's just a long list of things that we're prioritizing and building. As for index options in particular, right now, that's slated for about midyear 2024.

是的。我的意思是，在我們通往第一的道路上，我們關注的事情之一——成為活躍交易者市場份額第一，就是系統地解決所有產品差距，確保如果客戶想要某種特定資產，我們提供它。這包括指數選擇權、賣空等、多種帳戶類型（如聯名帳戶）。我們正在優先考慮和構建的事情有一長串。特別是就指數選擇權而言，目前預計將在 2024 年年中左右推出。

Got it. Okay. And then just a follow-up question, if I could, just on advice. Just curious if you're thinking about the opportunity set there for providing customers with financial advice. How do you think about where there's sort of space in the marketplace? What are the pain points that you might look to address? And how do you think about what the right level of pricing should be?

知道了。好的。然後是一個後續問題，如果可以的話，只是提供建議。只是好奇您是否正在考慮為客戶提供財務建議的機會。您如何看待市場上的空間？您可能希望解決哪些痛點？您如何看待正確的定價水平應該是多少？

Yes. These are important questions. And what I can tell you is that Robinhood has historically been, like, a company that values the individual and their autonomy and making decisions in controlling their finances. I think as a self-directed platform, one of the things we prided ourselves in is putting people in the driver seat and in control over their finances. And I think as we think about advisory, we definitely don't want to build another me-too robo that just puts you into a basket of ETFs and does tax loss harvesting and things like that.

是的。這些都是重要的問題。我可以告訴你的是，Robinhood 在歷史上一直是一家重視個人及其自主權並在控制財務方面做出決策的公司。我認為作為一個自我導向的平台，我們引以為傲的事情之一就是讓人們掌握主導權並控制他們的財務。我認為，當我們考慮諮詢時，我們絕對不想建立另一個仿製的機器人，它只是將你放入一籃子 ETF 中，並進行稅收損失收穫和類似的事情。

We think there's a real opportunity to give customers the type of high-end financial advice that, if you're the CEO of a company or a high net worth individual, you could get by paying a lot of money, except we want to offer that at a really attractive price point using modern technology and make that available to everyone. So that's kind of the ethos behind the product and we'll definitely share more as we get closer to unveiling that.

我們認為，這是一個真正的機會，可以為客戶提供高端財務建議，如果您是一家公司的執行長或高淨值個人，您可以透過支付很多錢來獲得這種建議，但我們想要提供使用現代技術以非常有吸引力的價格點並將其提供給每個人。這就是該產品背後的精神，當我們接近揭曉時，我們肯定會分享更多。

And this concludes the Q&A period. I will turn it back to Vladimir Tenev for final remarks.

問答環節到此結束。我將把它轉回給弗拉基米爾·特內夫（Vladimir Tenev）做最後的評論。

Yes. Thank you, everyone. Very excited to have you listening to this call. And we're only at the beginning of our journey. So much more to build, so we're going to get back to work. Thank you.

是的。謝謝大家。非常高興您能聽到這個電話。我們的旅程才剛開始。還有很多事情要做，所以我們要回去工作了。謝謝。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。