Robinhood Markets Inc (HOOD) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Robinhood's second-quarter 2024 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Robinhood 2024 年第二季財報電話會議。 （操作員說明）

I would now like to hand the call over to Chris Koegel, VP of Corporate FP&A and Investor Relations. Please go ahead.

我現在想將電話轉交給企業 FP&A 和投資人關係副總裁 Chris Koegel。請繼續。

Thank you, Latif, 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.

謝謝拉蒂夫，也謝謝大家參加 Robinhood 第二季財報電話會議。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 just 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, and our SEC filings, all of which can be found at investors.robinhood.com.

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、收益報告和向 SEC 提交的文件中描述了可能導致差異的潛在風險因素，包括我們繼續監控的監管動態，所有這些都可以在 Investors.robinhood.com 上找到。

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

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。那麼，讓我把它交給弗拉德。

Thanks, Chris. Hi, everyone. Let me start with the three things Robinhood is focused on: number one, winning the active trader market; number two, increasing wallet share with our customers; and number three, expanding internationally. We're making progress across all three of these.

謝謝，克里斯。大家好。讓我從 Robinhood 關注的三件事開始：第一，贏得活躍交易者市場；第二，增加顧客的錢包份額；第三，國際擴張。我們在這三個方面都取得了進展。

And in Q2, we delivered another quarter of strong outcomes and several financial records. More specifically, our retail trading market share continue to increase, leading to year-over-year growth in equity option and crypto volumes. Net deposits were a new record of $13 billion in the quarter, translating to a 41% annualized growth rate. With $11 billion in Q1, we've already exceeded our long-term annual target of 20%-plus, and we're only halfway through the year.

在第二季度，我們又取得了強勁的業績和多項財務記錄。更具體地說，我們的零售交易市佔率持續增加，導致股票選擇權和加密貨幣交易量較去年同期成長。本季淨存款創下 130 億美元的新紀錄，年化成長率為 41%。第一季的營收為 110 億美元，我們已經超越了 20% 以上的長期年度目標，而今年才剛過半。

Gold subscribers reached a record 2 million, which is over 60% year-over-year growth, and now over 8% of funded customers are Gold members. And these results, combined with continued expense discipline, drove 40% year-over-year revenue growth to a record $682 million as well as record EPS of $0.21. There's still so much to do, so we're not slowing down.

黃金級訂閱用戶達到創紀錄的 200 萬，年成長超過 60%，目前超過 8% 的受資助客戶是黃金級會員。這些成果，加上持續的費用控制，推動營收年增 40%，達到創紀錄的 6.82 億美元，每股收益創紀錄的 0.21 美元。還有很多事情要做，所以我們不會放慢腳步。

On the active trader front, we've been consistently growing our market share among equities and options. But until recently, one area where candidly our progress has not been so great is margin. And this is a huge opportunity for us as brokerage incumbents generate far more revenue on margin than even trading.

在活躍交易者方面，我們一直在不斷擴大股票和選擇權的市場份額。但直到最近，坦白說，我們在利潤率方面取得的進展還不是很大。這對我們來說是一個巨大的機會，因為經紀公司的保證金收入甚至比交易還要多。

In particular, we were not getting much adoption from customers with larger margin balances because our rates were not very competitive. So we introduced industry-leading rates for active traders in May. And this, coupled with the continued improvements we're making to the accounts transfers flow led margin balances to grow by over 20% in the last five weeks of the quarter to a two-year high of $5 billion.

特別是，我們沒有得到保證金餘額較大的客戶的廣泛採用，因為我們的費率不是很有競爭力。因此，我們在五月為活躍交易者推出了業界領先的利率。再加上我們對帳戶轉帳流程的持續改進，保證金餘額在本季最後五週內成長了 20% 以上，達到 50 億美元的兩年來新高。

Now, 75% of that growth came from customers with margin balances over $100,000. So we're really pleased with the progress we're making on margin with our large active customers. And we're continuing to see strong margin balance growth in Q3.

現在，75% 的成長來自保證金餘額超過 10 萬美元的客戶。因此，我們對大型活躍客戶的利潤率所取得的進展感到非常滿意。我們繼續看到第三季的利潤率餘額強勁成長。

Finally, we're nowhere close to being done building for active traders. There's plenty more coming, including our inaugural Hood Summit in October. We have a lot of positive feedback from our gold event in March. So we decided to host this special event just for our active traders, and this will be much bigger than the Gold event. We'll be launching some awesome new products that we can't wait to tell you about.

最後，我們還遠遠沒有完成針對活躍交易者的建設。還有更多活動即將舉行，包括我們在十月舉行的首屆胡德峰會。我們從三月的黃金賽事中得到了很多正面的回饋。因此，我們決定專門為我們的活躍交易者舉辦這個特別活動，這將比黃金活動規模大得多。我們將推出一些很棒的新產品，我們迫不及待告訴您。

Now, let me turn it over to Jason to review our financial results, and then I'll offer some additional thoughts.

現在，讓我將其交給 Jason 來審查我們的財務業績，然後我將提供一些額外的想法。

Thanks, Vlad. It's good to speak with everyone today. As we discussed last quarter, we are focused on driving another year of profitable growth. And in Q2, we continue to make good progress.

謝謝，弗拉德。今天很高興能和大家說話。正如我們上季度所討論的，我們的重點是推動另一年的獲利成長。在第二季度，我們繼續取得良好進展。

We drove new highs in revenues, adjusted EBITDA, net income, and GAAP EPS in Q2. Compared to a year ago, total net revenues grew 40% to $682 million. Adjusted EBITDA roughly doubled to $301 million. Incremental margins were 77%. Adjusted EBITDA margins expanded by 13 points to 44% as we make progress over time toward the 50%-plus levels comparable to what we see from incumbent brokerage firms. And net income was $188 million, or $0.21 per share, up 7 times from a year ago.

第二季度，我們的營收、調整後 EBITDA、淨利和 GAAP 每股盈餘創下新高。與去年同期相比，總淨收入成長了 40%，達到 6.82 億美元。調整後的 EBITDA 大約翻了一番，達到 3.01 億美元。增量利潤率為 77%。調整後的 EBITDA 利潤率擴大了 13 個百分點，達到 44%，隨著時間的推移，我們朝著 50% 以上的水平取得進展，與我們在現有經紀公司看到的水平相當。淨利潤為 1.88 億美元，即每股 0.21 美元，比去年同期增長 7 倍。

And taking a look at the past year, it's great to see how a number of strong quarters came together. For the last 12 months, revenues were over $2.2 billion, and adjusted EBITDA was over $800 million, both new highs. We're pleased with these results as we aim to continue delivering profitable growth in 2024.

回顧過去的一年，我們很高興看到多個強勁的季度如何結合在一起。過去 12 個月，營收超過 22 億美元，調整後 EBITDA 超過 8 億美元，均創歷史新高。我們對這些結果感到滿意，因為我們的目標是在 2024 年繼續實現獲利成長。

Now let's move to Q2 business results. Assets under custody finished Q2 at a record $140 billion, up 57% year over year. A key driver of that asset growth was record Q2 net deposits of over $13 billion, which translates to a 41% annualized growth rate.

現在讓我們來看看第二季的業績。第二季託管資產達到創紀錄的 1,400 億美元，年增 57%。資產成長的關鍵驅動因素是第二季淨存款超過 130 億美元，創下歷史紀錄，年化成長率為 41%。

It's also great to see how assets continue to diversify. Retirement AUC was nearly $9 billion in Q2, more than doubling from last quarter. And cash sweep balances were a record $21 billion in Q2, up 76% year over year. We're also driving growth in Robinhood Gold, which continues to deliver value to both our customers and our shareholders.

很高興看到資產如何繼續多元化。第二季退休 AUC 接近 90 億美元，比上季增加了一倍多。第二季現金餘額達到創紀錄的 210 億美元，年增 76%。我們也推動 Robinhood Gold 的成長，它繼續為我們的客戶和股東創造價值。

As a reminder, Gold subscribers, on average, are seven times larger than our customers overall, have been growing net deposits twice as fast and adopt products at higher rates, leading to Gold ARPU that is over seven times our customer average.

提醒一下，平均而言，黃金級用戶數量是我們客戶總數的七倍，淨存款成長速度是我們客戶總數的兩倍，產品採用率也更高，導致黃金級ARPU 超過我們客戶平均水平的七倍。

In Q2, we grew Gold subscribers to 2 million up over 60% year over year. This represents an adoption rate of 8.2% of customers, up from 5.3% a year ago. We are excited to see continued momentum in our Gold program, which now includes annualized recurring subscription revenue of over $100 million.

第二季度，我們的黃金級訂閱用戶數量達到 200 萬，較去年同期成長超過 60%。這意味著客戶的採用率為 8.2%，高於一年前的 5.3%。我們很高興看到我們的黃金計劃繼續保持強勁勢頭，目前該計劃的年經常性訂閱收入超過 1 億美元。

Now let's turn to our financial results, starting with Q2 revenues compared to last quarter. Transaction-based revenues were roughly flat as equities and options increased, while crypto revenues declined with industry volumes. Net interest revenues grew due to higher securities lending activity and higher interest-earning asset balances, and other revenues increased driven by proxy seasonality and continued growth in Robinhood Gold.

現在讓我們來看看我們的財務業績，首先是第二季的營收與上季的比較。隨著股票和選擇權的增加，基於交易的收入大致持平，而加密貨幣收入隨著行業數量的增加而下降。由於證券借貸活動增加和生息資產餘額增加，淨利息收入有所增長，而其他收入則因代理季節性和 ​​Robinhood Gold 的持續增長而增長。

Turning to second-quarter expenses. Combined adjusted OpEx and SBC was $493 million in Q2. This includes increased employee bonus accruals given the strong start we've had to the year, as well as some costs related to our two recently announced acquisitions, Bitstamp and Pluto.

轉向第二季的支出。第二季調整後的營運支出和 SBC 合計為 4.93 億美元。這包括考慮到我們今年開局強勁而增加的員工獎金應計額，以及與我們最近宣布的兩項收購 Bitstamp 和 Pluto 相關的一些成本。

All in, through the first half of the year, our expenses are on track with the middle of our full-year outlook range of $1.85 billion to $1.95 billion. So we're keeping our outlook unchanged, and we'll continue actively managing our expenses based on the returns we see on our growth investments as well as the macro environment.

總而言之，今年上半年，我們的支出符合全年預期範圍 18.5 億美元至 19.5 億美元的中間水準。因此，我們保持前景不變，並將繼續根據我們的成長投資回報以及宏觀環境積極管理我們的支出。

Before I pass the call back to Vlad, I want to share some perspectives about how we are thinking about capital deployment. When we think about capital allocation, our primary objective is to maximize earnings and free cash flow per share over time. We do this by allocating capital to organic growth and M&A to drive earnings and free cash flow higher, and we complement that with share repurchases that can increase the value per share.

在將電話轉回弗拉德之前，我想分享一些關於我們如何考慮資本部署的觀點。當我們考慮資本配置時，我們的主要目標是隨著時間的推移最大化每股盈餘和自由現金流。為此，我們將資本分配給有機成長和併購，以提高收益和自由現金流，並透過股票回購來補充這一點，從而增加每股價值。

And in Q2, we made good progress. First, we continued to invest in organic growth in areas like product development, marketing, and customer matches. We have a lot of momentum and I like the economics we're driving.

在第二季度，我們取得了良好的進展。首先，我們持續投資於產品開發、行銷和客戶匹配等領域的有機成長。我們有很大的動力，我喜歡我們所推動的經濟。

Second, we announced two acquisitions. In June, we signed an agreement to acquire Bitstamp, a global crypto exchange. We believe it will accelerate our crypto roadmap, enabling us to serve a broader user base, enhance our capabilities, and provide additional liquidity for crypto trading.

其次，我們宣布了兩項收購。 6 月，我們簽署了收購全球加密貨幣交易所 Bitstamp 的協議。我們相信它將加速我們的加密貨幣路線圖，使我們能夠服務更廣泛的用戶群，增強我們的能力，並為加密貨幣交易提供額外的流動性。

Additionally, we acquired Pluto to help us move even faster in AI and advisory. We're excited to share more as we make progress here. And finally, we announced a $1 billion share repurchase authorization which we started executing in July and currently expect to execute over a two- to three-year period. This timeline could vary depending on market conditions and other capital allocation opportunities.

此外，我們收購了 Pluto，以幫助我們在人工智慧和諮詢領域更快地前進。隨著我們在這裡取得的進展，我們很高興能分享更多。最後，我們宣布了 10 億美元的股票回購授權，我們於 7 月開始執行該授權，目前預計將在兩到三年內執行。此時間表可能會根據市場狀況和其他資本配置機會而有所不同。

Looking ahead, we believe we are well positioned to drive higher earnings and free cash flow per share over time, driven by our 20%-plus net deposit growth, naturally hedged business model, and 90% fixed cost base. And we have a lot of momentum entering the second half of the year as our business is having a great start to Q3.

展望未來，我們相信，在我們20% 以上的淨存款成長、自然對沖業務模式和90% 的固定成本基礎的推動下，我們有能力隨著時間的推移推動更高的收益和每股自由現金流。進入下半年，我們有很大的動力，因為我們的業務在第三季有一個很好的開始。

As context, June was a strong month with nearly record options volume close to a 24-month high for equities volume and over $4 billion of net deposits. And in July, trading volumes were more than 20% higher than June across equities, options, and crypto, and net deposits were again over $4 billion. While August is just getting started, so far, it looks a lot like July, including over $1 billion of net deposits in the first week of August.

就背景而言，6 月表現強勁，期權交易量接近創紀錄水平，股票交易量接近 24 個月新高，淨存款超過 40 億美元。 7 月份，股票、選擇權和加密貨幣的交易量比 6 月增加了 20% 以上，淨存款再次超過 40 億美元。雖然 8 月才剛開始，但到目前為止，看起來很像 7 月，其中 8 月第一周的淨存款超過 10 億美元。

With that, I'll turn the call back to Vlad.

說完，我會把電話轉回弗拉德。

Thanks, Jason. As I said earlier, the second part of our strategy is increasing wallet share with customers, including growing Robinhood Gold subscriptions, which hit an all-time high in Q2. And we've been busy rolling out additional value for Robinhood Gold customers, including a 1% unlimited deposit boost and a new Gold credit card with 3% cash back.

謝謝，傑森。正如我之前所說，我們策略的第二部分是增加客戶的錢包份額，包括增加 Robinhood Gold 訂閱量，該訂閱量在第二季度創下歷史新高。我們一直忙於為 Robinhood Gold 客戶推出額外價值，包括 1% 無限制存款加成和帶有 3% 現金返還的新 Gold 信用卡。

Now I've talked before about how we've been seeing the flywheel accelerate, and I thought I would explain in a little bit more detail how it works. So here it goes.

我之前已經討論過我們如何看到飛輪加速，我想我應該更詳細地解釋它是如何工作的。所以就這樣了。

First, our Gold members receive industry-leading economics and a world-class customer experience across all of our products and services. This leads to double the net deposit growth and higher multi-product adoption, including retirement adoption that's five times that of average customers. And as the flywheel spins, it leads to greater customer loyalty and ARPU, that's over seven times that of our average customer. And this leads to faster Gold member growth at a better ROI.

首先，我們的黃金會員在我們的所有產品和服務中獲得領先業界的經濟效益和世界級的客戶體驗。這導致淨存款成長翻倍，多產品採用率提高，其中退休金採用率是一般客戶的五倍。隨著飛輪的旋轉，它會帶來更高的客戶忠誠度和 ARPU，這是我們普通客戶的七倍多。這會帶來更快的黃金會員成長和更好的投資報酬率。

The different components of the flywheel are self-reinforcing, leading to higher customer satisfaction, higher revenues, and greater diversification for our business over time. So we had a strong Q2, and you should know our team has been working incredibly hard to deliver even more value to our customers.

飛輪的不同組件是自我增強的，隨著時間的推移，可以提高客戶滿意度、收入和業務的多元化。因此，我們在第二季度表現強勁，您應該知道我們的團隊一直在非常努力地為客戶提供更多價值。

Roadmap is full. There's so much to do. Now, let's move to questions.

路線圖已滿。有很多事情要做。現在，讓我們開始提問。

Thank you, Vlad. For the Q&A session, we'll start by answering the top few shareholder questions from Say Technologies ranked by number of votes. We passed over questions that have already been answered on this call or in prior quarters and group together questions that share a common theme. After the Say questions, we'll turn to live questions from our analysts.

謝謝你，弗拉德。在問答環節，我們將先回答 Say Technologies 投票數排名前幾位的股東問題。我們忽略了本次電話會議或先前幾季已經回答的問題，並將具有共同主題的問題組合在一起。在說問題之後，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. The first question is, when are you rolling out the credit cards?

那麼，我將從薩伊提出的第一個問題開始。第一個問題是，什麼時候推出信用卡？

Thanks. Thanks to Chandler, the question asker. So we started rolling out the credit card a few months ago, and we recently announced that we've crossed 50,000 cardholders. And we recognize the demand for the credit card is high, and the feedback that we've gotten so far from customers is also very, very positive.

謝謝。感謝提出問題的錢德勒。因此，我們幾個月前開始推出信用卡，最近我們宣布持卡人數已突破 50,000 名。我們認識到對信用卡的需求很高，而且迄今為止我們從客戶那裡得到的回饋也非常非常積極。

People love the card. Customers love the rewards. They love everything about it, the in-app experience, the digital experience, the card itself. The app so far has a 5.0 rating on the App Store with over 7,000 reviews. So there's a lot of demand to roll it out faster.

人們喜歡這張卡。客戶喜歡獎勵。他們喜歡卡片的一切，包括應用程式內體驗、數位體驗、卡片本身。迄今為止，該應用程式在 App Store 上的評分為 5.0，有超過 7,000 條評論。因此，迫切需要更快地推出它。

Just to set the context, if you compare the rollout of our credit card with other successful card programs in the past, we're kind of right on track, rolling it out at the same rate roughly in year one. And these programs tend to start off a little bit more slowly as the unit economics are validated and the customer activity around borrowing and spending is validated as well.

就背景而言，如果將我們信用卡的推出與過去其他成功的信用卡計劃進行比較，我們就步入正軌，在第一年以大致相同的速度推出。隨著單位經濟效益的驗證以及有關借貸和支出的客戶活動也得到驗證，這些計劃的啟動速度往往會慢一些。

So we recognize that there's a ton of demand. Part of that is also because people are seeing the card in the wild and seeing the positive reviews. And we want to build that demand, but we're going to be prudent and make sure we do it while carefully managing the risks of any new business.

所以我們認識到有大量的需求。部分原因也是因為人們在野外看到了這張卡並看到了正面的評價。我們希望建立這種需求，但我們將謹慎行事，並確保在謹慎管理任何新業務風險的同時做到這一點。

All right. Thank you, Vlad. The next question asks, can we get more information on the AI company that you just acquired?

好的。謝謝你，弗拉德。下一個問題是，我們能否獲得更多有關您剛收購的人工智慧公司的資訊？

Yeah, absolutely. I'll take this one as well. We're really excited about Pluto. They're an AI-powered investment research platform, and the team is really, really great.

是的，絕對是。我也拿這個吧。我們對冥王星感到非常興奮。他們是一個人工智慧驅動的投資研究平台，團隊真的非常非常優秀。

And in terms of what we plan to do with the team and the technology, we think they can help us accelerate the work we're doing both in AI and in advisory. And we've got some really good stuff in the works there. So stay tuned.

就我們計劃如何利用團隊和技術而言，我們認為它們可以幫助我們加快在人工智慧和諮詢方面所做的工作。我們正在開發一些非常好的東西。所以請繼續關注。

All right. Thank you, Vlad. And then the last question from Say, do you ever plan on releasing a desktop version of Robinhood with more in-depth chart analysis capabilities?

好的。謝謝你，弗拉德。 Say 的最後一個問題是，您是否計劃發布具有更深入圖表分析功能的 Robinhood 桌面版本？

Yes. As a matter of fact, this is one of the top things that we've been focused on this year. And we've been actually making sure that the platform is very, very good. I've seen some demos of it, and the demos are looking great. And I think it's going to be an amazing product that customers will love. So stay tuned. We can't wait to share it with you, guys.

是的。事實上，這是我們今年最關注的事情之一。我們實際上一直在確保這個平台非常非常好。我看過它的一些演示，這些演示看起來很棒。我認為這將會是一款深受顧客喜愛的出色產品。所以請繼續關注。我們迫不及待地想與你們分享。

All right. Thanks, Vlad. That concludes our shareholder questions from Say Technologies. We appreciate our shareholders taking time to ask these questions to Vlad and Jason and look forward to more next quarter.

好的。謝謝，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。

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

現在，我將把電話轉回給拉蒂夫，由我們的分析師主持問答。

(Operator Instructions) Dan Dolev, Mizuho.

（操作員說明）Dan Dolev，Mizuho。

Hey, Vlad. Hey, guys. Really good results here. Really amazing results here as always.

嘿，弗拉德。嘿，夥計們。這裡的結果確實很好。一如既往，這裡的結果確實令人驚嘆。

I want to know about all the growth you're seeing in the 24-hour markets. And can you give me some color on the outage from earlier this week because we've got a lot of questions about it? Thank you and great stuff.

我想了解您在 24 小時市場中看到的所有成長情況。您能否告訴我有關本週早些時候發生的停電的一些信息，因為我們對此有很多疑問？謝謝你，還有很棒的東西。

Yeah, yeah. I'll field that one. And thank you, Dan. So about 24-hour market, I first want to say that with this product, we're on the bleeding edge of technology in trading. This product is not commonly available with such a large instrument base to customers.

是啊是啊。我會派出那個。謝謝你，丹。關於24小時市場，我首先想說的是，透過這個產品，我們處於交易技術的最前線。對於客戶來說，擁有如此龐大的儀器基礎的產品並不常見。

And with any new product, there's some -- sometimes things don't go exactly right. In this particular case, the third-party ATS that we route orders to, which is called Blue Ocean ATS, had some technology issues. They couldn't handle the extreme demand this Sunday. And they had to shut down, and this is disappointing for customers.

任何新產品都會有一些——有時事情並不完全正確。在這種特殊情況下，我們將訂單發送到的第三方 ATS（稱為 Blue Ocean ATS）存在一些技術問題。他們無法滿足這個週日的極端需求。他們不得不關閉，這讓顧客感到失望。

I mean, we've had our share of scaling pains in the past. This time, it's a third party, which is nonetheless, very, very frustrating. But we've been working with the team over at Blue Ocean, making sure that we're being as helpful as possible in them scaling their infrastructure, helping them with testing. And we are confident that they have a testing and scaling plan in place that will allow us to release this product safely and handle much larger load across all the symbols we offer. And I think that's planning to be instituted in the next week or so.

我的意思是，我們過去也曾經歷過規模擴張的痛苦。這次是第三方，但這仍然非常非常令人沮喪。但我們一直在與 Blue Ocean 的團隊合作，確保我們盡可能幫助他們擴展基礎設施，幫助他們進行測試。我們相信他們已經制定了測試和擴展計劃，這將使我們能夠安全地發布該產品並處理我們提供的所有符號的更大負載。我認為這計劃在下週左右實施。

I should also mention, 24-hour market has been incredibly successful, and that's partly the cause of all this attention. We're nearing $30 billion in volumes since launch in the overnight hours, and we're really excited because this product is one of the reasons why we believe that customers would be advantaged on Robinhood, and they would have access that they wouldn't have on other platforms.

我還應該提到，24 小時市場非常成功，這也是引起如此關注的部分原因。自發布以來，一夜之間我們的交易量已接近 300 億美元，我們非常興奮，因為這款產品是我們相信客戶將在 Robinhood 上受益的原因之一，並且他們將獲得他們無法獲得的訪問權限其他平台上都有。

So we're going to continue to invest in it. As with any product on the bleeding edge of innovation, you should expect the reliability and the quality to improve consistently over time. And we're going to make sure we continue to work with our partners, including Blue Ocean, so that we can deliver that for you all.

所以我們將繼續對其進行投資。與任何處於創新前沿的產品一樣，您應該期望其可靠性和品質會隨著時間的推移而不斷提高。我們將確保繼續與包括 Blue Ocean 在內的合作夥伴合作，以便我們能夠為大家提供這項服務。

Amazing momentum. Thanks again.

氣勢驚人。再次感謝。

Thanks, Dan.

謝謝，丹。

Steven Chubak, Wolf Research.

史蒂文‧查巴克，沃爾夫研究中心。

Vlad, Jason, Chris, good afternoon. Hope you're well. Hi there. So I wanted to start off with a question just on a bigger picture one, the crypto strategy. There's been some speculation that we could get some improved regulatory clarity on the crypto side, especially with the change in administration.

弗拉德、傑森、克里斯，午安。希望你一切都好。你好呀。所以我想從一個更大的問題開始，即加密策略。有人猜測，我們可以在加密貨幣方面提高監管透明度，特別是隨著管理的變化。

I was just hoping you could speak to the incremental revenue opportunity or how the strategy might evolve expanding your crypto offering, whether it's adding additional coins, staking, or lending. And specific to the quarter, what drove the higher crypto take rate in 2Q?

我只是希望您能談談增量收入機會，或策略如何發展以擴展您的加密貨幣產品，無論是添加額外的代幣、質押還是貸款。具體到本季度，是什麼推動了第二季度更高的加密貨幣採用率？

So I'll go ahead and start. It's Jason here, and Vlad can contribute with his thoughts as well. So in terms of what the implications would be of improved regulatory environment for crypto, I think what that would do is really allow us to innovate more rapidly and bring more to market what customers would like to see in crypto.

那我就開始吧。傑森在這裡，弗拉德也可以貢獻他的想法。因此，就改善加密貨幣監管環境的影響而言，我認為這實際上可以讓我們更快地創新，並將更多客戶希望在加密貨幣中看到的東西推向市場。

And in the current situation, we're able to do that more in the EU than we are in the US. And I know that can be frustrating for our customers. And so, I think you hit on some of the top things. We'd be able to offer more coins. And certainly, there's a wide selection of coins that because of the regulatory environment, we're not comfortable listing today.

在目前的情況下，我們在歐盟比在美國更能做到這一點。我知道這會讓我們的客戶感到沮喪。所以，我認為你談到了一些最重要的事情。我們可以提供更多的硬幣。當然，由於監管環境的原因，有多種代幣可供選擇，我們今天不方便列出。

We'd also be able to innovate in new products and services, things like lending and staking, and bring that to market. So in terms of the revenue opportunity, I mean, I think for tokens, you could just estimate looking at share of market and overall industry volumes as they are traded in other platforms here in the US and abroad, as well as the other services that we don't yet offer. So I think it could be meaningful, and we're continuing to work with our regulators to gain that clarity.

我們也能夠在新產品和服務（例如借貸和質押）方面進行創新，並將其推向市場。因此，就收入機會而言，我的意思是，對於代幣，您可以估計市場份額和整個行業的數量，因為它們在美國和國外的其他平台上進行交易，以及其他服務我們還沒有提供。所以我認為這可能是有意義的，我們將繼續與監管機構合作以澄清這一點。

Yeah. And I would just add that, of course, clarity is good, and we believe the US needs to be a leader in crypto, and we will get the clarity here in the domestic market. We haven't felt constrained by this with regards to our crypto business. We've been really happy at the speed of execution and innovation.

是的。我想補充一點，當然，清晰度很好，我們相信美國需要成為加密貨幣領域的領導者，我們將在國內市場上獲得清晰度。在我們的加密業務方面，我們並未感到受到限制。我們對執行和創新的速度感到非常滿意。

Of course, we built a system that offers different products, Solana staking, more asset selection in the EU. In the US, there's plenty of work to do, and we believe we can be successful regardless of what administration ultimately ends up taking power in November or if it's the same one.

當然，我們建立了一個系統，提供不同的產品、Solana 質押、歐盟更多的資產選擇。在美國，還有很多工作要做，我們相信，無論哪一屆政府最終在 11 月上台，或者是否是同一屆政府，我們都能取得成功。

We've done a lot of work to innovate on pricing. And you've seen year-over-year increases in market share and volumes of our crypto business as well. So there's plenty of work to do.

我們在定價創新方面做了很多工作。您也看到了我們的加密業務的市場份額和數量逐年增長。所以還有很多工作要做。

The second part of your question, Steven, was around take rates. And so, in the quarter, the crypto take rate was 38 bps. That's up 3 bps quarter over quarter. That's really due to pricing experiments.

史蒂文，你問題的第二部分是關於轉換率。因此，本季的加密貨幣採用率為 38 個基點。環比上升 3 個基點。這實際上是由於定價實驗造成的。

Looking at Q3 and July, the crypto take rates were in the low $0.40 range. And we'll see how we go from there. But we continue to offer great pricing to customers and we're excited to see how the quarter plays out.

從第三季和 7 月來看，加密貨幣的接受率處於 0.40 美元的低點區間。我們將看看接下來如何發展。但我們繼續為客戶提供優惠的價格，我們很高興看到本季的表現。

That's great color. And if I could just squeeze in one more just on the rate outlook. Fed future's now pricing in four additional cuts since the last earnings call. It might be helpful if you could just speak to the sensitivity to rate cuts or provide an update. But also, what are some of the potential offsets that you envisage on the revenue side that could help mitigate some of that pressure on NII?

那顏色真棒。如果我能再補充一點關於利率前景的話。自上次財報電話會議以來，聯準會期貨目前已定價四次額外降息。如果您能談談對降息的敏感度或提供最新情況可能會有所幫助。而且，您認為在收入方面有哪些潛在的抵銷措施可以幫助減輕國家資訊基礎設施的壓力？

Sure. I'll take that one. So first of all, we've got a lot of experience operating in different rate environments, high-rate environments, low-rate environments. One thing that we really like about our business is the natural offset between rates and trading.

當然。我會接受那個。首先，我們有許多在不同速率環境、高速率環境、低速率環境中運作的經驗。我們真正喜歡我們業務的一件事是匯率和交易之間的自然抵消。

So as rates fall, asset values and trading tend to increase. And overall, lower rates tend to be a tailwind for growth for our business. I think there's a couple of important things to call out.

因此，隨著利率下降，資產價值和交易往往會增加。整體而言，較低的利率往往會成為我們業務成長的推動力。我認為有幾件重要的事情需要指出。

First, we've been growing our interest-earning assets at a really nice pace. But not all of our interest-earning assets are sensitive to rate changes. So actually, over half of the balance of interest-earning assets relates to our cash sweep, and the spread we earn there is relatively fixed, which minimizes the impact of changes in rates.

首先，我們的生息資產一直以非常快的速度成長。但並非我們所有的生息資產都對利率變化敏感。所以實際上，生息資產餘額的一半以上與我們的現金週轉有關，而且我們賺取的利差相對固定，這最大限度地減少了利率變化的影響。

Second, we're broadening the way that we serve our customers. And that's leading to a much more diversified business for us. Specific to the question you asked about what the rate impact is, so assuming a 25-basis-point change or decline that would affect NIM by $40 million. And hard to predict the exact timing, but we feel good about the natural hedge. We have $1 billion of transaction-based revenue, and it takes a relatively small uptick in trading activity to offset that decline in interest.

其次，我們正在拓寬為客戶服務的方式。這使我們的業務更加多元化。具體到您詢問的利率影響是什麼的問題，假設 25 個基點的變化或下降將影響 NIM 4000 萬美元。很難預測確切的時間，但我們對自然對沖感覺良好。我們有 10 億美元的基於交易的收入，並且需要交易活動相對較小的增長來抵消利息的下降。

That's great color. Thanks so much for taking my questions.

那顏色真棒。非常感謝您回答我的問題。

Yeah, you bet.

是的，你打賭。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good afternoon, everyone. Hope you're all doing well. So my question is on big-picture organic growth. This was the second quarter in a row that your total organic growth has exceeded 40% annualized.

大家下午好。希望你們一切都好。所以我的問題是關於整體有機成長。這是您的總有機成長連續第二季超過年化 40%。

Now, there's a lot of drivers in there like the matching efforts, but some of your initiatives like the UK brokerage and Europe crypto are very early innings. So we wanted to get your thoughts on the potential organic growth rate in the second half just given all the moving pieces. So is 40% sustainable?

現在，有許多驅動因素，例如配對工作，但你們的一些舉措，如英國經紀和歐洲加密貨幣，還處於非常早期的階段。因此，考慮到所有變化，我們想了解您對下半年潛在有機成長率的看法。那麼40%可持續嗎？

So we have a long track record of 20%-plus organic growth rate, and we have a really strong first half of the year, as you pointed out. I think what I can say that would be helpful here is that that's continuing so far into Q3. We're seeing an incredibly strong July with activity across the three trading categories up 20% over the June levels, and we're seeing that continue in August. So over $4 billion of net deposits in July and over $1 billion in the first week of August.

因此，我們有著超過 20% 的自然成長率的長期記錄，正如您所指出的，我們今年上半年的表現非常強勁。我認為我能說的會有幫助的是，這種情況一直持續到第三季。我們看到 7 月的表現異常強勁，三個交易類別的活動比 6 月的水平增長了 20%，我們預計這種情況將在 8 月繼續下去。因此，7 月淨存款超過 40 億美元，8 月第一週淨存款超過 10 億美元。

So all signs at this point in the quarter are showing that our customers continue to engage with us, continue to deposit their money with us. And I think as Vlad mentioned, we now have eight businesses where the annualized revenue run rate is over $100 million. And so, we're much more diversified today than we were even just a couple of years ago, and I think very well positioned, especially as we continue innovating for customers and rolling out new products to continue driving outsized organic growth.

因此，本季此時的所有跡像都表明，我們的客戶繼續與我們互動，並繼續將資金存入我們。我認為正如弗拉德所提到的，我們現在有八家企業的年收入運行率超過 1 億美元。因此，今天我們比幾年前更加多元化，而且我認為我們處於非常有利的位置，特別是當我們繼續為客戶創新並推出新產品以繼續推動超大規模的有機成長時。

And I just want to emphasize one other thing I mentioned earlier in the remarks, which is that we haven't really taken the lid off of the new active trader products. Our active trader business is the most mature and investments that we make there have the most immediate impact on our business relative to our investments growing wallet share and also internationally.

我只想強調我之前在演講中提到的另一件事，那就是我們還沒有真正揭開新的活躍交易者產品的面紗。我們的活躍交易者業務是最成熟的，相對於我們不斷增長的錢包份額和國際投資，我們在那裡進行的投資對我們的業務產生最直接的影響。

And we've got an event for our active traders in October, where we're going to unveil some new products. And I think we're getting very, very excited about it. So those results that you're seeing, I mean, they're good results. We're proud of them, but I think we have plenty of room to run on the active trader side, and that includes margin, but it also includes new product innovations that we've been making for the majority of the year.

我們在 10 月為活躍交易者舉辦了一場活動，屆時我們將推出一些新產品。我認為我們對此感到非常非常興奮。所以你看到的這些結果，我的意思是，它們是很好的結果。我們為它們感到自豪，但我認為我們在活躍交易者方面有足夠的運行空間，其中包括保證金，但也包括我們今年大部分時間都在進行的新產品創新。

Vlad, that's great to hear. On the innovation side, I think there's still a few product gaps versus some of the more established online brokers. And I'm thinking like custody mutual funds, fixed income products, CDs. Now, you do have ACAT functionality now and I think that helps, but can you provide us an update on some of the near-term product gaps that you can fill?

弗拉德，很高興聽到這個消息。在創新方面，我認為與一些較成熟的線上經紀商相比，仍然存在一些產品差距。我想到的是託管共同基金、固定收益產品、CD。現在，您確實擁有了 ACAT 功能，我認為這會有所幫助，但是您能否向我們提供有關您可以填補的一些近期產品空白的最新信息？

Yeah. Well, what I'll tell you is that on the active trader front, we've talked a lot about futures. We've talked a lot about how we're great on mobile, but there's a lot of existing customers that need the more power of a web interface and a desktop interface so they can take advantage of extra screen real estate and use better tools and charting. So those are gaps in a way, but also opportunities for us to really differentiate and innovate and jump ahead of what we've seen elsewhere.

是的。好吧，我要告訴你的是，在活躍交易者方面，我們已經談論了很多關於期貨的內容。我們已經談論了很多我們在行動裝置上的表現，但是有很多現有客戶需要更強大的 Web 介面和桌面介面，以便他們可以利用額外的螢幕空間並使用更好的工具和繪製圖表。因此，這些在某種程度上是差距，但也是我們真正差異化、創新並超越我們在其他地方看到的機會的機會。

I think regarding more sort of like passive buy-and-hold assets like CDs and mutual funds, we're climbing the capability curve with our ACATS transfers product, and we made a ton of progress just this year, making the process of moving assets into Robinhood as easy as possible. I think that's really led to some of the bottom-line results that you're seeing, including net positive account transfers from every major incumbent brokerage firm for several quarters running now.

我認為，對於諸如 CD 和共同基金之類的被動購買並持有資產，我們正在通過 ACATS 轉移產品攀登能力曲線，今年我們就取得了很大進展，使資產轉移過程變得更加順利。地進入Robinhood。我認為這確實導致了您所看到的一些底線結果，包括每個主要現有經紀公司連續幾個季度的淨正帳戶轉移。

And the goal would be to actually accelerate that over time. We see plenty of opportunity. We want to remove reasons that customers have for withdrawing, and we think we can systematically reduce reasons for withdrawals over the long run and also increase reasons for customers to deposit.

我們的目標是隨著時間的推移實際加速這一進程。我們看到了很多機會。我們希望消除客戶提款的原因，我們認為從長遠來看，我們可以有系統地減少提款的原因，同時增加客戶存款的原因。

And so, this is one thing we're really focused on, and it's going to take some time to play out. But I think you should see that reflect over the long run and increased net deposit activity. We're going to go through and add all of the assets that are missing. We're going to add all the capabilities, and then we're going to make sure the process of transferring is better at Robinhood than anywhere else.

因此，這是我們真正關注的一件事，並且需要一些時間才能實現。但我認為你應該看到這反映了長期和淨存款活動的增加。我們將檢查並添加所有缺少的資產。我們將添加所有功能，然後我們將確保 Robinhood 的轉移過程比其他任何地方都更好。

And then the incentives that we offer because of our economics are just kind of the cherry on top that I think will really accelerate asset growth into the platform. So there's so much to do here and we're just at the beginning. And we only started offering incoming ACATS in the past couple of years, and we've already made a ton of progress here.

然後，我們因經濟原因而提供的激勵措施只是錦上添花，我認為這將真正加速該平台的資產成長。所以這裡有很多事情要做，而我們才剛開始。我們在過去幾年才開始提供傳入的 ACATS，我們在這方面取得了很大的進展。

Devin Ryan, Citizens JMP.

Devin Ryan，公民 JMP。

Hi. Good afternoon, Vlad, Jason. Great quarter. Question, would love to just dig in a little bit around how you guys are thinking about the incremental margin potential from here over the intermediate term. So you're obviously already at a mid-40% EBITDA margin, 90% of the current expense base is fixed. And I know 50%-plus is the objective, but you really aren't that far away from 50%.

你好。下午好，弗拉德，傑森。很棒的季度。問題，我很想深入了解你們如何思考中期增量利潤潛力。因此，顯然您的 EBITDA 利潤率已達到 40% 左右，當前費用基礎的 90% 是固定的。我知道 50% 以上是目標，但距離 50% 確實不遠了。

So just love to think about like what the ceiling looks like here. Is there, one, because you have such an efficient tech stack infrastructure? And then is there anything on the roadmap that could drive a material acceleration in fixed expenses from the core base? I'm just trying to think about where we could go. I know what the targets are, but just the algorithm. Thanks.

所以只是喜歡思考這裡的天花板是什麼樣子。是否有，因為您擁有如此高效的技術堆疊基礎設施？那麼路線圖上是否有任何內容可以推動核心基礎固定支出的實質加速？我只是想想想我們可以去哪裡。我知道目標是什麼，但只知道演算法。謝謝。

Yeah. I view the 50%, Devin, is more of a way station on our path to the longer-term margins. You've seen us drive substantial incremental margins over the last few years. This quarter it was 77%. And it's really a reflection of us driving up revenue and managing our costs closely.

是的。 Devin，我認為 50% 更像是我們通往長期利潤之路上的一個中繼站。您已經看到我們在過去幾年中大幅提高了利潤。本季為 77%。這確實反映了我們提高收入並密切管理成本的情況。

I think a good analogy to how we're thinking about costs long term is looking at what we did in 2024. We looked at our existing businesses and held those businesses to a low single digit and in some cases, negative OpEx growth rate. And we use those savings to help fund specific growth investments for the business. And there are many that we've been talking about and alluding to on this call.

我認為，我們如何考慮長期成本的一個很好的類比是我們在2024 年所做的事情。營運支出成長率為負。我們利用這些節省來為企業的特定成長投資提供資金。我們在這次電話會議上討論和提到了很多內容。

And we set aside an extra $100 million in marketing budget. And all of that translated to operating expense guidance that was up 5% at the midpoint, which we continue to reiterate. And so, I think we have a lot of opportunity to see continuing leverage in our existing business. And then you're going to see us on top of that continue to make very targeted high expected ROI investments for growth.

我們還額外撥出 1 億美元的行銷預算。所有這些都轉化為營運費用指引，中點成長了 5%，我們將繼續重申這一點。因此，我認為我們有很多機會看到我們現有業務的持續槓桿作用。然後您將看到我們在此基礎上繼續進行非常有針對性的高預期投資回報率投資以促進成長。

In terms of things that are out there on the roadmap, it's too early to give specific guidance. The one thing I'd point to is we are rolling out our credit card. And as Vlad talked about, we're being very patient in the short term in the way that we approach that, but there will certainly be some incremental investments next year. But we'll stay tuned for specific guidance on next year.

就路線圖上已有的內容而言，現在給出具體指引還為時過早。我要指出的一件事是我們正在推出信用卡。正如弗拉德所說，我們在短期內對此非常耐心，但明年肯定會有一些增量投資。但我們將繼續關註明年的具體指導。

Yeah. The only thing that I would add to that, which I think is interesting, is I think we've talked a lot -- you hear a lot about AI and the impact on different sorts of companies. I think one area that we maybe haven't emphasized as much is how we've been making use of that operationally, including for engineering.

是的。我唯一要補充的是，我認為很有趣的是，我認為我們已經談了很多——你聽到了很多關於人工智慧及其對不同類型公司的影響的內容。我認為我們可能沒有那麼強調的一個領域是我們如何在操作上利用它，包括在工程方面。

And as we look at kind of the core engine of our business, we're creating software. We're rolling out products to companies. And our business, even though we're in financial services, is technology at its core. And we've seen a lot of impact in applying these AI tools on the engineering side, just making different parts of software development process easier and simpler. That's an area we're investing a lot in.

當我們審視我們業務的核心引擎時，我們正在創建軟體。我們正在向公司推出產品。儘管我們從事金融服務業，但我們的業務的核心是技術。我們已經看到這些人工智慧工具在工程方面的應用產生了很大的影響，使軟體開發過程的不同部分變得更加容易和簡單。這是我們投入大量資金的領域。

And I think there's a lot of room to run. We've already seen significant productivity gains in the past year, and we think we're closer to the beginning than to the maturation point of that cycle.

我認為還有很大的運行空間。去年我們已經看到生產力顯著提高，我們認為我們更接近該週期的開始，而不是成熟點。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, good evening. Thanks for taking the question. So I had one on the Gold offering. You've added a number of things over the last few quarters. You're planning to add more before the end of the year with the web-based platform and options and futures trading -- or index options and futures trading, rather.

是的，晚上好。感謝您提出問題。所以我有一份關於黃金產品的資訊。在過去的幾個季度中，您添加了許多內容。您計劃在今年年底之前透過基於網路的平台以及選擇權和期貨交易（或更確切地說是指數選擇權和期貨交易）添加更多內容。

Just talk to us about your thoughts on pricing here. You're at $5 a month now. What's the appetite to go higher? And how do you kind of balance that pricing dynamic with your desire to continue to grow that subscriber base? Thanks.

請在這裡與我們談談您對定價的想法。你現在每月 5 美元。想要走得更高有什麼胃口？您如何平衡定價動態與繼續擴大用戶群的願望？謝謝。

Yeah. I'll go ahead and take this one. What I'd say is our focus right now is increasing the adoption rate of our customers in Gold, and we're doing that by just continuing to invest in the Gold program.

是的。我會繼續接受這個。我想說的是，我們現在的重點是提高客戶對黃金的採用率，我們透過繼續投資黃金計劃來做到這一點。

And we love the economics. I mean, it's great that we have the subscription revenue that's north of $100 million annually, but it leads to downstream effects, higher adoption faster net deposits, and seven times the ARPU. And so we're not feeling pressured in the short term to raise the price. It is something that we will continue to look at. And we don't have religion that we wouldn't touch the price over time. But right now, it's not the top priority.

我們熱愛經濟學。我的意思是，我們每年的訂閱收入超過 1 億美元，這很好，但這會帶來下游效應、更高的採用率、更快的淨存款以及七倍的 ARPU。因此，短期內我們不會感到漲價的壓力。我們將繼續關注這一問題。我們也沒有相信隨著時間的推移我們不會觸及價格。但現在，這還不是首要任務。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hi. Good evening. Maybe a question on margin balances. So the impact of cutting your margin rates and the subsequent margin balance growth of 20%, I guess is there any way you can disaggregate how much of that growth is coming from existing Robinhood margin clients, simply utilizing margin more versus maybe customers where you know they were utilizing margin elsewhere and has simply transferred or switch that activity to Robinhood? And if there is some of that switching that's happening, can you comment on if the customer margin inflows have generally been from one firm or broad-based for retail brokers across the industry?

你好。晚安.也許是關於保證金餘額的問題。因此，削減保證金率和隨後保證金餘額增長 20% 的影響，我想有什麼方法可以分解其中有多少增長來自現有的 Robinhood 保證金客戶，只需與您了解的客戶相比，更多地利用保證金他們在其他地方利用保證金，只是將該活動轉移或切換到Robinhood？如果發生了一些轉變，您能否評論一下客戶保證金流入通常來自一家公司還是整個行業零售經紀商的廣泛基礎？

Yeah. I'll go ahead and take this. So it's mostly from existing customers, but we're seeing both existing as well as new customers take advantage of the lower margin rates. And we continue to see this grow in July.

是的。我會繼續接受這個。因此，這主要來自現有客戶，但我們看到現有客戶和新客戶都利用了較低的利潤率。我們在 7 月繼續看到這一成長。

We talk about one of our top three strategic pillars is to be number one in active trading. And as Vlad mentioned, we've made a lot of progress on market share for both equities and options, and overall, are number two in active trading for those categories for trading, but we're a distant fifth in market share in margins.

我們談論我們的三大策略支柱之一是在活躍交易中排名第一。正如弗拉德所提到的，我們在股票和期權的市場份額方面取得了很大進展，總體而言，在這些交易類別的活躍交易中排名第二，但在利潤率市場份額方面，我們遠遠落後第五。

So it's a huge opportunity for us. We just lowered the rates in May, and we saw the 20% move to the end of the quarter, that's continuing in July. And we think that this is a really big opportunity, and we're definitely starting to take share there. We grew much faster than our peers in the second quarter, even with the May change in the rates.

所以這對我們來說是一個巨大的機會。我們剛剛在 5 月降低了利率，到季度末我們就降低了 20%，這種情況在 7 月仍在繼續。我們認為這是一個非常大的機會，我們肯定會開始在那裡分享。即使五月的利率發生變化，我們第二季的成長速度也遠遠快於同業。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey, good afternoon. Thanks for taking the question. Just wanted to ask for a little bit more color and update on the international expansion efforts, in particular in the UK, in Europe, and around the world. Just curious what sort of traction you're seeing so far, what steps are you looking to take here in the second half and into '25 in order to accelerate growth? And as you think about -- and look at building out the platform overseas, just curious what challenges you face versus having built out the business in the US and how you're looking to overcome some of those hurdles. Thank you.

嘿，下午好。感謝您提出問題。只是想了解更多有關國際擴張工作的信息和最新信息，特別是在英國、歐洲和世界各地。只是好奇到目前為止您看到了什麼樣的吸引力，您希望在下半年和進入 25 年採取哪些步驟來加速成長？當您考慮在海外建立平台時，只是想知道與在美國建立業務相比，您面臨哪些挑戰，以及您希望如何克服其中一些障礙。謝謝。

Yeah. Thanks for the question. I'll field that. In a nutshell, we like the early signs that we're seeing. So far, account balances overseas are a little bit smaller than the US on average, but the trading characteristics are pretty similar. And what we really like is as we hear from customers, both in the UK for brokerage and in the EU for crypto, they want things that we offer in the US. So UK customers are requesting margin and options, and EU customers are requesting the ability to trade stocks.

是的。謝謝你的提問。我會處理的。簡而言之，我們喜歡我們所看到的早期跡象。到目前為止，海外帳戶餘額平均略低於美國，但交易特徵非常相似。我們真正喜歡的是，我們從英國的經紀商和歐盟的加密貨幣客戶那裡聽到，他們想要我們在美國提供的東西。因此，英國客戶要求保證金和選擇權，而歐盟客戶要求能夠交易股票。

So that, I think, validates in part our strategy of expanding with one unified platform internationally. And having the same technology be available in as many markets worldwide as possible.

因此，我認為，這在一定程度上驗證了我們利用統一平台進行國際擴張的策略。並在全球盡可能多的市場上提供相同的技術。

So our focus really is rounding out the feature set in the UK and in the EU, making sure that all of the great products that we have available in the US can be made available there. And that involves working with the relevant regulators in these jurisdictions, taking them along, and giving their customers access to all of these awesome products. We feel really, really good about that. And then simultaneously, we are looking into expanding to other jurisdictions.

因此，我們的重點實際上是完善英國和歐盟的功能集，確保我們在美國提供的所有優質產品都可以在那裡提供。這涉及與這些司法管轄區的相關監管機構合作，帶領他們，並讓他們的客戶能夠使用所有這些出色的產品。我們對此感覺非常非常好。同時，我們正在考慮擴展到其他司法管轄區。

John Todaro, Needham.

約翰‧托達羅，李約瑟。

Hey, guys. Congrats on the quarter. Good results here. I just wanted to drill down a little bit more on the Bitstamp. They offer a number of crypto offerings and then also the trading payers. This first part of that is, do you anticipate growing products with that acquisition in the US? Or are you still a little bit hamstrung on regulation that is the deciding factor?

嘿，夥計們。恭喜本季。這裡有好的結果。我只是想進一步深入了解 Bitstamp。他們提供多種加密產品，然後還提供交易付款人。第一部分是，您預計透過在美國的收購會增加產品嗎？或者你仍然對作為決定因素的監管感到有點猶豫嗎？

And then just two within that, Bitstamp historically has had higher trading fees than HOOD? Do you think those fees on the platform could kind of go higher as we saw take rate going higher here? Or should we not read into that Bitstamp piece?

其中只有兩個，Bitstamp 歷史上的交易費用比 HOOD 更高？您認為平台上的費用是否會因為我們看到這裡的費用上漲而上漲？或者我們不應該閱讀 Bitstamp 的那篇文章嗎？

I think there's two interesting things about the Bitstamp acquisition that you should know. One of them is international, the second one is institutional. The business is a global business. It operates in a lot of jurisdictions, and we could see that accelerating our international expansion on the crypto side significantly and also dovetailing quite nicely with the large retail business that we currently have at Robinhood and the great product innovation that we're driving there.

我認為關於 Bitstamp 收購有兩件有趣的事情你應該知道。其中之一是國際性的，第二個是製度性的。該業務是一項全球業務。它在許多司法管轄區開展業務，我們可以看到，這顯著加速了我們在加密貨幣方面的國際擴張，並且與我們目前在Robinhood 擁有的大型零售業務以及我們在那裡推動的偉大產品創新非常吻合。

The other thing we're excited about is institutional business, and they have great relationships with institutions. It's an area that we believe we're well positioned to tackle because we've built great technology for consumers, and institutions also want low cost for market access to crypto. And so, we're really excited about the acquisition and working really closely with the team and making our joint products better and better.

我們感到興奮的另一件事是機構業務，他們與機構有著良好的關係。我們相信我們有能力解決這個領域，因為我們已經為消費者建立了出色的技術，而且機構也希望以較低的成本進入加密貨幣市場。因此，我們對此次收購感到非常興奮，並與團隊密切合作，使我們的聯合產品越來越好。

And I wouldn't over-index on their fee structure at this point. I'd tell you, philosophically, we want to be the market share leader, and we want to offer really competitive rates to customers. And that's kind of the North Star that Robinhood operates under. We'd rather offer low fees and due to our investments in technology and infrastructure operate at larger scale than our competitors. So you should see us continuing to be aggressive there.

目前我不會過度評價他們的費用結構。我想告訴你，從哲學上講，我們希望成為市場份額的領導者，並且我們希望為客戶提供真正有競爭力的價格。這就是 Robinhood 營運的北極星。我們寧願提供較低的費用，並且由於我們在技術和基礎設施方面的投資比我們的競爭對手規模更大。所以你應該看到我們繼續在那裡積極進取。

But we don't have any specific. I think it's premature to talk about the specific changes to the fee structure at this point.

但我們沒有任何具體的。我認為現在談論費用結構的具體變化還為時過早。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Thanks for taking the question, guys. I want to dig in a little bit on SEC lending, if possible. Seeing some really nice growth in the customers enrolled and the sort of custody enrolled.

謝謝你們提出問題，夥伴們。如果可能的話，我想深入研究美國證券交易委員會的貸款。看到登記的客戶和登記的託管類型有了非常好的增長。

Just maybe talk about the outlook here. Are you seeing customers enrolled putting more money to work here? Are you seeing just the momentum pick up? And just during the quarter, was there any -- how would you frame the environment from a SEC lending perspective because it's a little slower at some of your competitors out there?

也許只是在這裡談談前景。您是否看到註冊的客戶投入更多資金在這裡工作？您是否看到勢頭有所回升？就在本季度，您是否會從 SEC 貸款的角度來建立環境，因為您的一些競爭對手的貸款速度有點慢？

Sure. I'll go ahead and take that. I mean, the primary inputs to the business are signing up more customers, and we saw a really nice pick up there. About 400,000 customers joined the program in the quarter, and the assets that are enrolled, and that increased by a little over $6 billion. So really strong inputs into the business. I thought the trading desk did a really nice job.

當然。我會繼續接受它。我的意思是，業務的主要投入是簽約更多客戶，我們看到了非常好的成長。本季度約有 40 萬名客戶加入了該計劃，加入的資產增加了略高於 60 億美元。對業務的投入非常大。我認為交易台做得非常好。

The other input is just the rates that are available and the specific names that we call specials, where there's a higher rebate that we'll earn on lending activity. And we saw some nice attractive returns in the quarter. So I'd say the inputs and the momentum of growing that program is really strong. The trading desk is just doing a great job, and we'll have to see how the rest of the year plays out.

另一個輸入只是可用的利率和我們稱之為特價的具體名稱，我們可以透過貸款活動獲得更高的回扣。我們在本季看到了一些不錯的、有吸引力的回報。所以我想說，該計劃的投入和發展勢頭非常強勁。交易櫃檯做得很好，我們必須看看今年剩餘時間的表現如何。

Matthew O'Neill, FT Partners.

馬修‧歐尼爾，《金融時報》合夥人。

Yeah, hi. Good afternoon, good evening, everybody. Thanks so much for the question.

是的，嗨。大家下午好，晚上好。非常感謝你的提問。

Just wanted to follow up. Really, the only knit to pick here maybe was the monthly active user number, and I fully recognize the importance of that number is probably coming down over time as you diversify in some more products, and some are longer term and less frequently used. But just curious if there's anything to call out maybe around crypto activity or otherwise. Thanks.

只是想跟進。事實上，這裡唯一值得選擇的可能是每月活躍用戶數量，而且我完全認識到這個數字的重要性可能會隨著時間的推移而下降，因為你會在更多產品中實現多元化，而有些產品是長期且使用的頻率較低的。但只是好奇是否有任何關於加密貨幣活動或其他方面的事情值得指出。謝謝。

Yeah. I'll field that, and then maybe Jason will have some thoughts. What are the reasons we deemphasized monthly active users besides, as you mentioned, us investing in all these diversified products like Robinhood Gold, which is a yield-based product and retirement and us not directly monetizing monthly active users yet, like we don't have an advertising business, for instance, is that it's just volatile quarter to quarter. And a lot of the monthly active user variation is just driven by what's going on in the crypto market.

是的。我會處理這個問題，然後傑森也許會有一些想法。我們不強調月度活躍用戶的原因是什麼？ 此外，正如您所提到的，我們投資於所有這些多元化產品，例如Robinhood Gold，這是一種基於收益的產品和退休產品，而且我們還沒有直接將月度活躍用戶貨幣化，就像我們不直接將月度活躍用戶貨幣化一樣。許多每月活躍用戶的變化只是由加密貨幣市場的動態所驅動的。

So since we're so large in retail crypto, that can cause meaningful swings in monthly active users quarter over quarter. And that's pretty much what you see going on. When the crypto markets are hot, there's a huge immediate spike in monthly active user engagement metrics. But then when crypto cools down, that tends to drop more acutely as well.

因此，由於我們的零售加密貨幣規模如此之大，這可能會導致月度活躍用戶逐季出現有意義的波動。這就是你所看到的情況。當加密貨幣市場火熱時，每月活躍用戶參與度指標會立即大幅飆升。但當加密貨幣冷卻下來時，它往往也會急劇下降。

And I think that's pretty similar to what you'd see across the entire crypto market. I think that's not an idiosyncratic Robinhood phenomenon.

我認為這與你在整個加密市場看到的情況非常相似。我認為這並不是羅賓漢特有的現象。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi. Thanks for taking the question. I'd love to get a bit more color on how the recent market sell-off has impacted your customers. You gave us some color on trading activity, but margin balances have been growing as you called out, sort of recovering with the market, but then growing with the more competitive market rates that you announced going right into this sell-off.

你好。感謝您提出問題。我很想進一步了解最近的市場拋售對您的客戶有何影響。您向我們提供了有關交易活動的一些信息，但正如您所說，保證金餘額一直在增長，隨著市場的複蘇而增長，但隨後隨著您在這次拋售中宣布的更具競爭力的市場利率而成長。

So how did Robinhood customers perform in the sell-off in August in recent days? And can you distinguish the health of your equity long-only customers given their access to leverage versus those with option capabilities where they can both hedge and speculate with options?

那麼Robinhood的客戶在近幾天8月份的拋售中表現如何呢？您能否區分股票多頭客戶的健康狀況，因為他們可以使用槓桿，而那些擁有選擇權功能的客戶可以透過選擇權進行對沖和投機？

Yeah. I'll go ahead and take this, and Vlad, you can add some context. So first of all, customers who are trading options and those that are using leverage tend to be our more advanced customers, and they're using a variety of trading strategies to create returns.

是的。我會繼續講這個，弗拉德，你可以添加一些背景資訊。所以首先，交易選擇權和使用槓桿的客戶往往是我們更高級的客戶，他們正在使用各種交易策略來創造回報。

The thing that I would point to is that we feel great about offering low price and attractive rates. And the rates that we offer on the margin book, as an example, are on average, leading across the industry. And so, feel really good about that.

我要指出的是，我們對提供低廉的價格和有吸引力的價格感到非常高興。例如，我們在保證金帳簿上提供的平均利率在整個行業中處於領先地位。所以，對此感覺非常好。

I don't think we've shared any specifics on specific returns that individual customers are having or groups of customers. What I'll tell you is almost every time I look at the daily summary reports, when there is a sell-off our customers are buying, or when prices are up, our customers are selling. And that contributes to kind of a pretty attractive return capability for customers.

我認為我們沒有分享有關個人客戶或客戶群的具體回報的任何細節。我要告訴你的是，幾乎每次我查看每日總結報告時，當出現拋售時，我們的客戶就會買入，或者當價格上漲時，我們的客戶就會賣出。這為客戶帶來了相當有吸引力的退貨能力。

Yeah. The only thing that I'd add, Ken, is there's a number of areas that we're focused on, and I outlined them in the call. One of them is being the leader in the active trader market. And I think the goal there is when people think of Robinhood in the active trader space, they should associate us with being at the frontier of technology and innovation in trading. And I think products like 24-hour market reinforce that. And we do have work to do, both on the product side and in how we tell the story to move away from this like thought that for novices.

是的。肯，我唯一要補充的是，我們重點關注許多領域，我在電話中概述了它們。其中之一是成為活躍交易者市場的領導者。我認為，當人們在活躍交易者領域想到 Robinhood 時，他們的目標應該是將我們與處於交易技術和創新的前沿聯繫起來。我認為像 24 小時市場這樣的產品強化了這一點。我們確實還有很多工作要做，無論是在產品方面，還是在如何講述故事方面，以擺脫新手的這種想法。

The reality is most of our customers are in their 30s. They're definitely adults, and they're extremely sophisticated. And we're in a competitive market for serving this very real use case, and we're gaining market share, and it's a big part of the core business.

事實上，我們的大多數客戶都在 30 多歲。他們絕對是成年人，而且非常老練。我們處於一個競爭激烈的市場，為這個非常真實的用例提供服務，我們正在獲得市場份額，這是核心業務的重要組成部分。

But we also have customers that are coming to us for Robinhood Gold for our high-yield products, for our awesome retirement products that has been growing assets very, very tremendously. And they're less interested in trading actively, and that's fine, too. We think that we can be a leader in wallet share, particularly for the millennial generation. And that's something that we're also focused on.

但我們也有客戶來找我們購買 Robinhood Gold，購買我們的高收益產品，購買我們出色的退休產品，這些產品一直在非常非常巨大地增加資產。他們對積極交易不太感興趣，這也很好。我們認為我們可以成為錢包份額的領導者，特別是對於千禧世代。這也是我們關注的重點。

There's going to be tens of trillions of assets going from baby boomers down to Gen X and Gen Y and beyond. And we're putting Robinhood in a position to be one of the, if not the primary beneficiary of that long-term shift in assets, and that kind of how you're seeing the work we're doing in ACATS, diversifying the business and adding support for different assets.

從嬰兒潮世代到 X 世代、Y 世代乃至更遠的世代，將會有數十兆資產流向。我們讓 Robinhood 成為資產長期轉移的主要受益者之一（如果不是主要受益者的話），這就是您如何看待我們在 ACATS 中所做的工作，實現業務多元化並添加對不同資產的支持。

And so, we're very excited about that, but we think we can be leaders in both.

因此，我們對此感到非常興奮，但我們認為我們可以成為這兩方面的領導者。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi. Good evening, and thanks for taking the question. I was wondering -- maybe following up some your comments there, Vlad. If you could unpack a little bit the growth in options over the course of the year. What are you seeing in terms of like-for-like growth or almost the same unit or same sales, if you will? Are you seeing any stats you can share around the number of customers enabled for options? Or is it sort of the existing base sort of getting more active?

你好。晚上好，感謝您提出問題。我想知道——也許可以跟進你的一些評論，弗拉德。如果你能稍微分析一下這一年來選擇權的成長情況。如果您願意的話，您對同比增長或幾乎相同的單位或相同的銷售額有何看法？您是否看到任何可以分享的關於啟用選項的客戶數量的統計數據？還是現有的基地變得更加活躍？

And when you talk about market share, clearly, your options activity as a percentage of overall industry activity is going up. What about on the customer side? To what extent are you seeing customers coming to Robinhood for options? Or how much of the growth is coming from new customers versus increased activity from prior customers? Thank you.

當你談論市場份額時，很明顯，你的選擇活動佔整個行業活動的百分比正在上升。那麼在客戶方面呢？您在多大程度上看到客戶來到 Robinhood 尋求選擇？或有多少成長來自新客戶與老客戶活動的增加？謝謝。

Yeah. I mean, the thing I'd tell you and maybe Jason can jump in too, our options team has been doing a great job. We have one major advantage -- I mean, several major advantages relative to what you see elsewhere in the options market.

是的。我的意思是，我要告訴你的是，也許傑森也可以加入進來，我們的選擇權團隊一直做得很好。我們有一個主要優勢——我的意思是，與您在期權市場其他地方看到的相比，我們有幾個主要優勢。

First of all, we don't charge options contract fees. So most of our competitors charge $0.65 a contract, which can add up if you're an active trader. And so, purely economic perspective. You're kind of disadvantage if you trade options outside of Robinhood, particularly for active traders.

首先，我們不收取選擇權合約費用。因此，我們的大多數競爭對手每份合約收取 0.65 美元的費用，如果您是活躍的交易者，這個費用可能會增加。所以，純粹是經濟角度。如果您在 Robinhood 之外交易選擇權，您將處於不利地位，尤其是對於活躍的交易者而言。

The other area is the user experience. And we've built and announced some amazing tools in the past couple of quarters, including option-simulated returns, which gives people a pretty advanced analytic tool that they previously were downloading other products and paying subscription fees to get. Now that's built in with Robinhood.

另一個領域是使用者體驗。在過去的幾個季度中，我們建立並發布了一些令人驚嘆的工具，包括選擇權模擬回報，這為人們提供了一個非常先進的分析工具，他們以前需要下載其他產品並支付訂閱費用才能獲得。現在，這是 Robinhood 內建的。

And we've done awesome improvements to the user experience to make it easier for customers to do the transactions that they want to do. And we've got a lot of remaining work to do. We know a lot of our customers like trading options on desktop where they get additional screen real estate and have the opportunity to do more research on platform. And so, we're confident that we can keep growing that market share even further.

我們對使用者體驗進行了出色的改進，使客戶能夠更輕鬆地進行他們想做的交易。我們還有很多剩餘工作要做。我們知道很多客戶喜歡在桌面上交易選擇權，這樣他們可以獲得額外的螢幕空間，並有機會在平台上進行更多研究。因此，我們有信心能夠進一步擴大市場份額。

Yeah. I would just say that the number of customers' trading options are up about 25% year over year.

是的。我只想說，客戶的交易選項數量比去年同期增長了約 25%。

Yeah. The team has really been doing a great job.

是的。該團隊確實做得非常出色。

Thank you. I would now like to turn the conference back to Vlad Tenev for closing remarks. Sir?

謝謝。現在我想請弗拉德·捷涅夫（Vlad Tenev）致閉幕詞。先生？

Okay. Well, thank you, everyone, for listening. We really appreciate the engagement from shareholders and the analyst community.

好的。好的，謝謝大家的聆聽。我們非常感謝股東和分析師社群的參與。

And also, special shoutout to the retail analysts. We have a lot of retail analysts that cover the company as well. Maybe they're not on these calls, but they're on YouTube and on X. We appreciate you all. And look out for us on podcasts and other things in the next couple of days where we'll share more about the company.

另外，還要特別感謝零售分析師。我們還有很多零售分析師負責該公司的業務。也許他們沒有參加這些電話會議，但他們在 YouTube 和 X 上。請在接下來的幾天裡關注我們的播客和其他內容，我們將分享更多有關該公司的資訊。

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。您現在可以斷開連線。