Robinhood Markets Inc (HOOD) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Catherine, and I will be your conference operator today.

我叫凱瑟琳，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Robinhood Third-Quarter 2024 Earnings Conference Call.

此時此刻，我歡迎大家參加 Robinhood 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I will now like to turn the call over to Chris Koegel, Vice President of Corporate FP&A and Investor Relations.

現在我想將電話轉給公司 FP&A 和投資人關係副總裁 Chris Koegel。

Please go ahead.

請繼續。

Thank you, Catherine, and thank you to everyone for joining Robinhood's Q3 earnings call.

謝謝凱瑟琳，也謝謝大家參加 Robinhood 第三季財報電話會議。

With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick.

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.

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。

Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required.

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。

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.

我們今天發布的新聞稿、收益報告和 SEC 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.

今天的討論還將包括非公認會計準則財務指標。

Reconciliations to the GAAP measures we consider most comparable can be found in the earnings presentation.

我們認為最具可比性的 GAAP 指標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, Chris.

謝謝，克里斯。

Hi, everyone.

大家好。

Let me start by reiterating Robinhood's three areas of focus.

讓我先重申 Robinhood 的三個重點領域。

Number one, winning the active trader market; number two, increasing wallet share with our customers; and number three, expanding internationally.

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。

In Q3, we continued to make progress on all these fronts.

第三季度，我們在所有這些方面繼續取得進展。

In fact, our results after the first three quarters of the year have already broken through a number of full-year records, and we have another quarter in front of us to take these results even higher.

事實上，我們前三季後的業績已經突破了多項全年記錄，而且我們還有一個季度的時間可以將這些業績進一步提高。

Just to share a few examples.

只是分享幾個例子。

First, Q3 net deposits were $10 billion or more for the third straight quarter as we continue to increase wallet share.

首先，隨著我們繼續增加錢包份額，第三季淨存款連續第三個季度達到或超過 100 億美元。

This brings us to $34 billion year to date, above our 2020 record of $31 billion and also takes our customer assets under custody to a record high of $152 billion.

這使我們今年迄今的資產規模達到 340 億美元，高於 2020 年 310 億美元的記錄，也使我們託管的客戶資產達到 1,520 億美元的歷史新高。

Second, Q3 options contracts were up 47% year over year to a new record as we keep winning with active traders.

其次，隨著我們持續贏得活躍交易者的青睞，第三季選擇權合約年增 47%，創下新紀錄。

This brings our year-to-date total 1.2 billion contracts, edging out our full-year high from 2021.

這使得我們今年迄今的合約總數達到 12 億份，略高於 2021 年以來的全年最高水準。

And third, Q3 was another strong financial quarter with our second highest revenues ever.

第三，第三季度是另一個強勁的財務季度，我們的收入達到了第二高。

Revenues grew 36% year over year.

營收年增36%。

Adjusted EBITDA increased 96% from a year ago.

調整後 EBITDA 較上年同期成長 96%。

Looking year to date, revenues of nearly $2 billion have already broken last year's record $1.9 billion and GAAP diluted EPS of $0.55 is multiples of any prior year.

展望今年迄今為止，近 20 億美元的收入已經打破了去年 19 億美元的紀錄，GAAP 攤薄後每股收益為 0.55 美元，是往年的數倍。

It's energizing to see our business performing well like this, but we're even more excited about our product roadmap.

看到我們的業務表現如此良好令人振奮，但我們對我們的產品路線圖更加興奮。

A key part of increasing wallet share with customers is growing Robinhood Gold subscriptions, which hit an all-time high of 2.2 million in Q3.

增加客戶錢包份額的關鍵部分是增加 Robinhood Gold 訂閱量，該訂閱量在第三季達到 220 萬的歷史新高。

And one of the most exciting new parts of the Gold program is our Robinhood Gold Card. When I've talked to Robinhood customers in recent months, the Gold Card almost always comes up.

黃金計劃中最令人興奮的新部分之一是我們的 Robinhood 金卡。近幾個月來，當我與 Robinhood 客戶交談時，幾乎總是會提到金卡。

If someone has it, they love it.

如果有人擁有它，他們就會喜歡它。

If they don't have it, they want to know when they're going to get it.

如果他們沒有，他們想知道什麼時候可以獲得。

And I hear you.

我聽到了。

We are working hard to increase the rollout.

我們正在努力增加推廣。

But we're also being patient and carefully studying customer behavior as we grow so that we manage credit risk to profitably scale over time.

但隨著我們的發展，我們也會耐心、仔細地研究客戶行為，以便我們管理信用風險，以便隨著時間的推移實現獲利規模的擴大。

While it's still early, I wanted to share some emerging data from our 100,000 Gold Card customers.

雖然現在還為時過早，但我想分享一些來自我們 10 萬名金卡客戶的新數據。

First, customers love the Gold Card. App Store ratings continue to be five out of five with over 10,000 five-star reviews.

首先，客戶喜歡金卡。 App Store 評級仍為五分之五，有超過 10,000 條五星級評論。

Customers tell us they love the metal card, the digital apps, and of course, the 3% rewards.

客戶告訴我們，他們喜歡金屬卡、數位應用程序，當然還有 3% 的獎勵。

Second, the early customer behaviors in line with our expectations.

其次，早期客戶的行為符合我們的預期。

It looks like the Gold Card is top of wallet for most customers.

對大多數客戶來說，金卡似乎是最重要的。

And early data shows that we're retaining approximately 95% of Gold Card customers following their first transaction.

早期數據顯示，我們在首次交易後留住了約 95% 的金卡客戶。

We're also starting to see customer spending growth and loan balances revolved as expected.

我們也開始看到客戶支出成長和貸款餘額按預期變化。

Third, Gold Card customers are also contributing meaningfully higher net deposits versus similar customers.

第三，與類似客戶相比，金卡客戶貢獻的淨存款也明顯較高。

It's great to see the early additional benefits to the platform.

很高興看到該平台早期帶來的額外好處。

All in all, while it's still quite early, we're further increasing confidence that we can scale the Gold Cards significantly over time.

總而言之，雖然現在還為時過早，但我們進一步增強了信心，相信隨著時間的推移，我們可以大幅擴大金卡的規模。

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, and thanks, everyone, for joining us today.

謝謝弗拉德，也謝謝大家今天加入我們。

In Q3, we had another strong quarter, growing revenues 36% and driving 77% incremental adjusted EBITDA margins versus a year ago.

第三季度，我們迎來了一個強勁的季度，與去年同期相比，營收成長了 36%，調整後 EBITDA 利潤率成長了 77%。

Q3 business results also set a number of new highs, including assets under custody, options contracts, cash sweep balances and retirement AUC, as well as multiyear highs for equity volumes and margin balances.

第三季的業務表現也創下了多項新高，包括託管資產、選擇權合約、現金週轉餘額和退休 AUC，以及股本數量和保證金餘額的多年新高。

And as we enter 2024 focused on driving another year of profitable growth, we are excited that we have already broken records for our full-year revenue, adjusted EBITDA, and earnings per share.

當我們進入 2024 年，專注於推動另一年的獲利成長時，我們很高興我們已經打破了全年收入、調整後 EBITDA 和每股盈餘的記錄。

Looking at the progress we made in Q3 versus a year ago, assets under custody grew 76% to a record $152 billion.

從第三季與去年同期相比的進展來看，託管資產成長了 76%，達到創紀錄的 1,520 億美元。

Net deposits were $10 billion-plus for the third straight quarter and $39 billion over the past year.

淨存款連續第三個季度超過 100 億美元，去年為 390 億美元。

This translates to annualized net deposit growth rates of 29% in Q3 and 45% over the past year.

這意味著第三季的年化淨存款成長率為 29%，去年的年化淨存款成長率為 45%。

Total net revenues grew 36% to $637 million.

總淨收入成長 36%，達到 6.37 億美元。

Adjusted EBITDA nearly doubled to $268 million.

調整後 EBITDA 幾乎翻了一番，達到 2.68 億美元。

Adjusted EBITDA margins expanded by 13 points to 42% and net income grew to $150 million or $0.17 per share.

調整後 EBITDA 利潤率成長 13 個百分點，達到 42%，淨利潤成長到 1.5 億美元，即每股 0.17 美元。

This was reduced by $0.01 for a regulatory accrual in the quarter.

本季的監理應計費用減少了 0.01 美元。

We're pleased with these results, which marked our fourth straight quarter of GAAP profitability and ninth straight quarter of positive adjusted EBITDA.

我們對這些結果感到滿意，這標誌著我們連續第四個季度實現 GAAP 獲利能力，並且連續第九個季度實現正調整 EBITDA。

Now, let's look more closely at Q3 revenues, which increased year over year across all three categories.

現在，讓我們更仔細地看看第三季的收入，所有三個類別的收入均較去年同期成長。

Transaction-based revenues grew 72% as we drove higher volumes and market share gains across all trading products.

隨著我們提高所有交易產品的交易量和市場份額，基於交易的收入成長了 72%。

It was great to see option, equity, and crypto volumes up 47%, 65%, and over 100% from a year ago, respectively.

很高興看到選擇權、股票和加密貨幣交易量分別比一年前增加了 47%、65% 和 100% 以上。

Net interest revenues increased 9% as we grew interest-earning assets and securities lending activity improved.

由於我們生息資產的成長和證券借貸活動的改善，淨利息收入增加了 9%。

This included customers growing their cash sweep balances 80% year over year and margin balances building to a two-year high.

其中包括客戶的現金餘額年增 80%，保證金餘額創兩年新高。

Lastly, other revenues grew by 42% as we added over 850,000 Gold subscribers in the past year to reach a record 2.2 million subscribers and record annualized recurring Gold subscription revenue of over $110 million.

最後，其他收入成長了 42%，去年我們增加了超過 85 萬名黃金訂閱用戶，達到創紀錄的 220 萬訂閱用戶，年化經常性黃金訂閱收入超過 1.1 億美元。

I would also note that our Q3 revenues include the impact of contra revenues from amortizing matches on customer deposits and transfers.

我還要指出的是，我們第三季的收入包括攤銷匹配客戶存款和轉帳的對銷收入的影響。

Q3 contra revenues were $27 million, up $14 million sequentially, mostly driven by the 1% Gold deposit boost.

第三季的對銷收入為 2,700 萬美元，比上一季增加 1,400 萬美元，主要是由 1% 的黃金存款成長所推動的。

We expect contra revenues to grow sequentially by a similar amount in Q4 and then grow much slower in 2025.

我們預計第四季度的相反收入將連續增長類似的數量，然後在 2025 年增長速度要慢得多。

To provide some more context, customers love the matches we provide on asset transfers and IRA contributions, and we are seeing great payback periods on these matches.

為了提供更多背景信息，客戶喜歡我們在資產轉移和 IRA 繳款方面提供的匹配，並且我們看到這些匹配的回報期很長。

At the same time, the 1% Gold deposits boost has not driven as much incremental customer activity as our other promotions.

同時，1% 的黃金存款提升並沒有像我們的其他促銷活動那樣帶動更多的客戶活動增量。

So we've decided to wind down in November to focus on offers that resonate more with customers.

因此，我們決定在 11 月結束，專注於更能引起客戶共鳴的優惠。

As an example, we doubled down recently for our HOOD Week promotion by offering a range of matches on asset transfers.

舉個例子，我們最近在 HOOD Week 促銷活動中加倍努力，提供了一系列資產轉移比賽。

And in just two weeks, this led to $2 billion of transfers in from brokerage incumbents that averaged over $130,000 per customer.

在短短兩週內，這導致現有經紀公司轉帳 20 億美元，平均每位客戶超過 13 萬美元。

Stepping back, when we reflect on our revenue so far this year, it feels good that our last three quarters are the three highest in company history.

退一步來說，當我們回顧今年迄今為止的收入時，我們感覺很好，我們的最後三個季度是公司歷史上最高的三個季度。

Turning to Q3 expenses, we had another good quarter of expense discipline.

談到第三季的支出，我們又一個季度的支出紀律良好。

Combined adjusted OpEx and SBC was $476 million in Q3 in the middle of our '24 outlook range on a quarterly basis.

第三季調整後的營運支出和 SBC 合計為 4.76 億美元，位於我們 24 年季度展望範圍的中間位置。

Looking ahead to Q4, we are pleased that we are still on track for our full-year outlook range of $1.85 billion to $1.95 billion of adjusted OpEx and SBC, even while driving nearly 40% year-over-year revenue growth for the first three quarters of the year.

展望第四季度，我們很高興我們仍有望實現調整後營運支出和 SBC 18.5 億美元至 19.5 億美元的全年預期範圍，儘管前三個季度的收入同比增長近 40%一年中的幾個季度。

We anticipate we'll likely finish near the top end of that range given our continued growth investments to finish the year strong.

鑑於我們持續成長的投資以強勁的業績結束今年，我們預計我們的收盤價可能會接近該範圍的上限。

Turning to capital management, we started our $1 billion share repurchase program in July.

談到資本管理，我們在 7 月啟動了 10 億美元的股票回購計畫。

We allocated $97 million to repurchase 5 million shares in Q3 and made good initial progress on our expected two-to-three-year total timeline.

我們在第三季撥款 9,700 萬美元回購 500 萬股股票，並在我們預期的兩到三年總時間表上取得了良好的初步進展。

We love deploying capital like this.

我們喜歡這樣部署資本。

It lowers our share count and positions us to increase EPS and free cash flow per share over time.

它減少了我們的股票數量，並使我們能夠隨著時間的推移增加每股收益和自由現金流。

And when we look at last year's share repurchase, plus the start of our new program, we have deployed over $700 million to repurchase approximately 60 million of our shares, equivalent to about 7% of our current diluted count.

當我們查看去年的股票回購以及新計劃的啟動時，我們已經部署了超過 7 億美元來回購約 6,000 萬股股票，相當於我們目前稀釋後數量的約 7%。

And we are continuing to repurchase shares daily in Q4.

我們將在第四季繼續每天回購股票。

Before passing it back to Vlad, I'd like to comment on the strong momentum we are seeing so far in October.

在將其傳達給 Vlad 之前，我想對 10 月迄今為止我們所看到的強勁勢頭髮表評論。

Net deposits are north of $4 billion, and cash sweep balances are more than $25 billion.

淨存款超過 40 億美元，現金餘額超過 250 億美元。

As for trading, equity notional volumes highest month in over three years.

就交易而言，股票名目交易量達到三年多以來最高月。

Option contracts looked to be one of the highest months ever and crypto notional volumes are over $5 billion on track to exceed the Q3 monthly average.

選擇權合約看起來是​​有史以來最高的月份之一，加密貨幣名目交易量超過 50 億美元，預計將超過第三季的月度平均值。

I would also highlight that our crypto rebates have increased to 48 basis points in October, relative to our 44 basis points average in Q3 and 35 basis points at the start in the year strong.

我還要強調的是，我們的加密貨幣回饋在 10 月已增加至 48 個基點，而第三季的平均為 44 個基點，年初的平均為 35 個基點。

Longer term, we are energized by the progress we are making and 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, diversified business model, and 90% fixed cost base.

從長遠來看，我們對所取得的進步感到充滿活力，並相信隨著時間的推移，在我們20% 以上的淨存款成長、多元化的業務模式和90% 的固定利率的推動下，我們有能力推動更高的收益和每股自由現金流。

With that, I will turn the call back to Vlad.

這樣，我會將電話轉回弗拉德。

Thanks, Jason.

謝謝，傑森。

Now, I want to highlight our progress on the first part of our strategy, winning with active traders.

現在，我想強調我們在策略第一部分上取得的進展，即贏得活躍交易者的勝利。

Two weeks ago, we held our inaugural HOOD Summit in Miami.

兩週前，我們在邁阿密舉行了第一屆 HOOD 高峰會。

It was really awesome to have over 400 active trader customers together for a few days, and we introduced three exciting new products.

與 400 多名活躍交易者客戶一起度過幾天真是太棒了，我們推出了三種令人興奮的新產品。

First, we announced index options, which are one of the fastest growing retail products and make up nearly 10% of US retail options contracts.

首先，我們宣布了指數選擇權，它是成長最快的零售產品之一，占美國零售選擇權合約的近 10%。

Our customers have been trading them on other platforms to date.

迄今為止，我們的客戶一直在其他平台上進行交易。

So they're excited to bring their trades to Robinhood and leverage our industry-leading pricing, and we are excited to expand our addressable market.

因此，他們很高興將他們的交易帶到 Robinhood 並利用我們行業領先的定價，我們也很高興能夠擴大我們的目標市場。

Second, we announced futures.

其次，我們宣布了期貨。

Here, we're not only offering industry-leading pricing, but also a great customer experience with our awesome futures ladder.

在這裡，我們不僅提供業界領先的定價，還透過我們出色的期貨階梯提供出色的客戶體驗。

We continue to believe that futures can be a nine-figure revenue business for us over time.

我們仍然相信，隨著時間的推移，期貨可以為我們帶來九位數的收入業務。

Also, building out the infrastructure behind futures has also enabled us to offer events and contracts, including our new Presidential Election market that we launched.

此外，建立期貨背後的基礎設施也使我們能夠提供活動和合約，包括我們推出的新總統選舉市場。

It was great to see customers quickly engage with this new product, trading over 10 million contracts in the first full day and on track to more than double that today.

很高興看到客戶快速參與這項新產品，在第一個全天交易了超過 1000 萬份合約，並且預計在今天增加一倍以上。

Third, we launched Robinhood Legend, our new state-of-the-art desktop platform, which we built from the bottom up for active traders.

第三，我們推出了 Robinhood Legend，這是我們最先進的新桌面平台，是我們為活躍交易者自下而上構建的。

It's clear from customer feedback that Legend is really resonating.

從客戶的回饋中可以清楚看出，Legend 確實引起了共鳴。

So we're doubling down on this new domain.

因此，我們正在加倍努力開發這個新領域。

The team is hard at work to rapidly shift more functionality for customers.

團隊正在努力為客戶快速轉移更多功能。

As additional context, while we are number one in mobile trading, that's only half of the retail trading market today.

作為補充，雖然我們在行動交易領域排名第一，但這僅佔當今零售交易市場的一半。

The other half is on web where we have been meaningfully competed in the past.

另一半是在網路上，我們過去曾在網路上進行過有意義的競爭。

So launching Legend is doubling our addressable market.

因此，推出 Legend 將使我們的目標市場翻倍。

We have a lot of momentum in our active trader offering as we close out the year.

當我們結束這一年時，我們的活躍交易者產品有很大的動力。

As I said earlier, Q3 option volumes were up 47% year over year to a new record.

正如我之前所說，第三季期權交易量年增 47%，創下新紀錄。

In Q3, equity volumes also increased, up 65% year over year to a three-year high and this is even before the full rollout of index options, futures, and Robinhood Legend.

第三季度，股票交易量也有所增加，年增 65%，達到三年來的新高，甚至是在指數選擇權、期貨和 Robinhood Legend 全面推出之前。

In closing, we had another strong quarter in Q3, and you should know, our team continues to work incredibly hard to deliver even more value to our customers.

最後，我們在第三季度又迎來了強勁的季度，您應該知道，我們的團隊將繼續努力工作，為我們的客戶提供更多價值。

The roadmap is full, there is so much to do, and we are excited to share a lot more with you at our Investor Day in December.

路線圖已經很完整，還有很多事情要做，我們很高興在 12 月的投資者日與您分享更多資訊。

Now, let's move to questions.

現在，讓我們開始提問。

Thank you, Vlad.

謝謝你，弗拉德。

For the Q&A session, we will start by answering the top few shareholder questions from Say Technologies, ranked by number of votes.

在問答環節，我們將先回答 Say Technologies 提出的前幾名股東問題（以得票數排名）。

We passed over questions that we already addressed on this call or in prior quarters and grouped together questions that shared a common theme.

我們忽略了本次電話會議或先前幾季已經解決的問題，並將具有共同主題的問題組合在一起。

After the Say questions, we'll turn to live questions from our analysts.

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, which is for Vlad.

我將從 Say 向 Vlad 提出的第一個問題開始。

Vlad, when will the Robinhood Gold Card be available to all users?

Vlad，Robinhood 金卡何時可供所有使用者使用？

Yeah, thank you for the question.

是的，謝謝你的提問。

I think the first thing I want to say is we've really been humbled by the demand we've seen so far for the Gold Credit Card. The wait list is close to 2 million, and so far, we've rolled it out to about 100,000 customers.

我想我想說的第一件事是，迄今為止我們對金卡信用卡的需求確實讓我們感到謙卑。等候名單接近 200 萬人，到目前為止，我們已經向大約 10 萬名客戶推出了這項服務。

And I think if you compare this to how other successful credit card programs that are new have scaled, that is a pretty quick ramp.

我認為，如果你將其與其他成功的新信用卡計劃的規模進行比較，你會發現這是一個相當快的增長。

But of course, we also recognize it's small compared to the waitlist.

但當然，我們也意識到與候補名單相比，這個數字很小。

The waitlist, frankly, exceeded our expectations, and we are working as hard as we can to get it out as quickly as we can.

坦白說，候補名單超出了我們的預期，我們正在盡最大努力盡快刪除。

But it's also important for us to make sure we don't incur significant near-term losses.

但對我們來說，確保短期內不會遭受重大損失也很重要。

So we have to understand the customer behavior and the economics because the credit card business can get quite big.

因此，我們必須了解客戶行為和經濟狀況，因為信用卡業務可能會變得相當大。

And also, if we're not careful, that could mean losses.

而且，如果我們不小心，這可能意味著損失。

So as I mentioned earlier, we like the behavior we're seeing.

正如我之前提到的，我們喜歡我們所看到的行為。

And if the behavior we are seeing continues in this way, over the next year, we expect to roll to card out to multiples of where we are today.

如果我們所看到的行為繼續以這種方式發生，那麼在明年，我們預計將出現比今天多幾倍的情況。

Right.

正確的。

Thank you, Vlad.

謝謝你，弗拉德。

The next question is also for you, and it asks, are there any plans to introduce a way to send or receive money to other Robinhood users via the Robinhood ecosystem?

下一個問題也是問你的，它問，是否有計劃引入一種透過 Robinhood 生態系統向其他 Robinhood 用戶發送或接收資金的方式？

Yeah, we've actually experimented with this in the past when we rolled out Robinhood spending and the Robinhood Cash Card a couple of years ago.

是的，幾年前，當我們推出 Robinhood 支出和 Robinhood 現金卡時，我們實際上已經嘗試過這一點。

Right now, the focus is really on the credit card offering.

目前，焦點實際上集中在信用卡產品上。

We're seeing amazing feedback and strong demand for that.

我們看到了驚人的回饋和強烈的需求。

So we're focusing on making sure we scale that, but we do anticipate growing our offerings, so that anything that you can do on another consumer finance app or products can be done on Robinhood as well.

因此，我們專注於確保擴大規模，但我們確實預計會增加我們的產品，以便您在其他消費金融應用程式或產品上可以做的任何事情也可以在 Robinhood 上完成。

So this is certainly something that we're thinking about.

所以這肯定是我們正在考慮的事情。

All right.

好的。

The third question's also on Robinhood Gold.

第三個問題也是關於羅賓漢黃金的。

So rate cuts make Robinhood Gold worse each time.

因此，降息讓 Robinhood Gold 每次都變得更糟。

How will Gold continue to add value to users, and what new benefits is Robinhood planning to add for Gold users?

Gold 將如何繼續為用戶增加價值，Robinhood 計劃為 Gold 用戶增加哪些新的福利？

Also for Vlad.

也為弗拉德。

Yeah, so the strategy with Gold is to deliver an offering that provides customer with exceptional value in every market environment, regardless of whether the rates are increasing or decreasing, you should be able to get tremendous value from Robinhood Gold.

是的，所以 Gold 的策略是提供一種產品，在每個市場環境中為客戶提供卓越的價值，無論費率是增加還是減少，您都應該能夠從 Robinhood Gold 獲得巨大的價值。

Now, some of the value props naturally do well in an increasing rate environment.

現在，一些價值道具自然在利率不斷上升的環境中表現良好。

Cash sweep with high APY is one of them.

高APY的現金掃蕩就是其中之一。

Other products tend to be more attractive in declining rate environments.

其他產品在利率下降的環境中往往更具吸引力。

And as a matter of fact, at HOOD Summit, we recently announced that Gold customers will receive a differentiated, better pricing on a few of the products we announced.

事實上，在 HOOD 高峰會上，我們最近宣布，對於我們宣布的一些產品，金牌客戶將獲得差異化的、更優惠的價格。

So the pricing, while industry leading across the Board is even better on index options and futures for our Gold subscribers.

因此，對於我們的黃金訂戶來說，指數選擇權和期貨的定價雖然在業界全面領先，但甚至更好。

So while rates on sweeps may be coming down because of Fed cuts, we're going to keep investing in Gold and for every new product we launch, we ask ourselves how can we make it even better for our Gold subscribers?

因此，儘管由於聯準會降息，掃描利率可能會下降，但我們將繼續投資黃金，對於我們推出的每一個新產品，我們都會問自己，如何為我們的黃金訂戶提供更好的服務？

And as you see, we continue to roll out new products.

正如您所看到的，我們繼續推出新產品。

Gold should get even better and better.

黃金應該會變得越來越好。

Great.

偉大的。

Thank you, Vlad.

謝謝你，弗拉德。

And the last question is for you, Jason.

最後一個問題是問你的，傑森。

Jason, can you describe the plans for the live tax gain and loss monitoring that you are rolling out?

傑森（Jason），您能描述一下您正在推出的即時稅務損益監控計畫嗎？

Sure.

當然。

There's a couple of things I'd highlight on tax management.

關於稅務管理，我想強調幾點。

First of all, we recognize it's really important for customers.

首先，我們認識到這對客戶來說非常重要。

Just yesterday, we announced a realized P&L tool shipped.

就在昨天，我們宣布推出已實現的損益工具。

So that one's live for customers now.

所以現在就為客戶服務了。

And we also know that tax lot selection in the app is important for customers.

我們也知道應用程式中的稅號選擇對客戶來說很重要。

And I'm excited to tell you that we have employee beta testing going on right now for tax lots.

我很高興地告訴您，我們現在正在進行稅務批次的員工 Beta 測試。

And the team is pushing hard to get it in the hands of customers really soon.

該團隊正在努力爭取盡快交付給客戶。

We think it's really good.

我們認為這真的很好。

Yeah.

是的。

I think you're going to like it.

我想你會喜歡它的。

All right.

好的。

That concludes our shareholder questions from Say Technologies.

Say Technologies 向股東提出的問題到此結束。

We appreciate our shareholders taking time to ask these questions for Vlad and Jason, and look forward to more next quarter.

我們感謝股東花時間向 Vlad 和 Jason 提出這些問題，並期待下個季度有更多問題。

So now I'll turn the call over to Catherine to lead Q&A for our analysts.

現在我將把電話轉給凱瑟琳，讓她為我們的分析師主持問答。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Good afternoon, everyone.

大家下午好。

Hope everyone's doing well.

希望每個人都一切順利。

First, we want to congratulate you on the Legend launch.

首先，我們要祝賀您推出 Legend。

And I saw there were, I think, a thousand sign-ups in the first 40 seconds, Vlad, post the launch.

我發現，Vlad，在發布後的前 40 秒內就有一千人註冊。

But what is the level of sign-ups to date and how many of them are incremental sign-ups to the 24.4 million accounts there are at Robinhood as of September 30?

但截至 9 月 30 日，Robinhood 已有 2,440 萬個帳戶，迄今為止的註冊量是多少？

Yeah, I mean, we are still -- the product is not quite ungated in the sense that anyone can just access it.

是的，我的意思是，我們仍然 - 該產品還沒有完全開放，任何人都可以訪問它。

So we've been rolling out to multiples of that number but haven't yet sort of like opened it up to everyone.

因此，我們已經推出了這個數字的倍數，但還沒有向所有人開放。

Early feedback is extremely positive.

早期的回饋非常正面。

I mean, I know you guys probably see the level of live streamers and folks on social media has been tremendous.

我的意思是，我知道你們可能會看到社交媒體上的直播主播和人們的水平非常高。

And the team is, I'd say, even more motivated to keep the momentum and make sure the product is better and better because we really feel like we've got something great here.

我想說的是，團隊更有動力保持動力並確保產品越來越好，因為我們真的覺得我們在這裡有一些很棒的東西。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hey, Vlad.

嘿，弗拉德。

Hey, guys.

嘿，夥計們。

Great results again.

再次取得了很好的成績。

Very proud of you.

非常為你感到驕傲。

Thanks, Dan.

謝謝，丹。

You got it.

你明白了。

Yes, of course.

是的當然。

Well deserved.

當之無愧。

I was very intrigued with the Presidential Election market.

我對總統選舉市場非常感興趣。

And I wanted to know, it's gotten a lot of press and we've been getting a lot of questions on it.

我想知道，它得到了很多媒體的關注，我們也收到了很多關於它的問題。

So can you give us some color on how it's doing, how accretive it is to overall retention?

那麼您能否向我們介紹一下它的表現以及它對整體保留率的增加程度如何？

Anything you can tell us about it would be great.

如果您能告訴我們任何有關它的信息，那就太好了。

Thank you.

謝謝。

Yeah.

是的。

So first off, we just rolled out to 100% of customers after starting the rollout just this Monday.

首先，我們在本週一開始推出後就向 100% 的客戶推出了。

So a huge kudos to the team for that.

因此，我們對團隊表示極大的榮譽。

The path to offer this product was paved really less than 30 days ago, and we really moved quickly to make it available to customers ahead of the election.

提供該產品的道路實際上是在不到 30 天前鋪平的，我們確實迅速採取行動，在選舉前向客戶提供該產品。

So to give a little bit of context around this, one of our focus areas is to win the active trader market.

因此，為了提供一些相關背景信息，我們的重點領域之一是贏得活躍的交易者市場。

And I think really to do that, our approach is that if you're an active trader, using Robinhood should put you in a position, you should really associate Robinhood with being at the forefront of technology and innovation and trading.

我認為真正做到這一點，我們的方法是，如果您是活躍的交易者，使用 Robinhood 應該會讓您處於一個位置，您應該真正將 Robinhood 與處於技術、創新和交易的前沿聯繫起來。

And I think offering products like these, which you can't really find at many of our competitors, is the best way to do that.

我認為提供這樣的產品是實現這一目標的最佳方式，而我們的許多競爭對手都找不到這些產品。

So feedback is really, really good.

所以回饋真的非常非常好。

You can see on social that it's resonating with customers very, very clearly.

你可以在社交上看到它非常非常明顯地引起了客戶的共鳴。

But we rolled out to 100% right before the call started.

但就在電話會議開始之前，我們就已經完成了 100% 的部署。

So I think it's a little bit early to tell, to give you too much.

所以我認為現在說這個還為時過早，給你太多。

Other than yesterday, we did about 10 million contracts that was pre full rollout, and we've done even more than that already today.

除了昨天之外，我們在全面推出之前完成了大約 1000 萬份合同，而我們今天所做的甚至更多。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, good afternoon.

是的，下午好。

Thanks for taking the question.

感謝您提出問題。

I just had one on index options and futures trading.

我剛剛讀了一篇關於指數選擇權和期貨交易的文章。

Now that you've announced the pricing on this product, I was hoping you could help us better understand the economics there.

既然您已經宣布了該產品的定價，我希望您能幫助我們更好地了解那裡的經濟狀況。

I know index options carry relatively high exchange fees.

我知道指數選擇權的交易費用相對較高。

So what do your margins look like in offering those contracts, how much you expect to make per contract?

那麼，您在提供這些合約時的利潤情況如何？

And then maybe as part of that, your expectation for how much volume is going to come from Gold versus non-Gold members?

然後，也許作為其中的一部分，您對黃金會員與非黃金會員的交易量的預期是多少？

And then if I could add a follow-on modeling question.

然後我是否可以添加一個後續建模問題。

It looks like your equity fee capture declined by about 20% sequentially.

您的股權費用收入似乎比上一季下降了約 20%。

So any color there on what drove that would be helpful.

因此，驅動它的任何顏色都會有幫助。

Thanks.

謝謝。

Sure, Patrick, I'll go ahead and take both of those.

當然，派崔克，我會繼續做這兩件事。

This is Jason.

這是傑森。

So kind of just going to index options first.

所以首先要索引選項。

The non-Gold price will be kind of industry leading at $0.50 per contract and the Gold price will be even better, at $0.35 per contract.

非黃金價格將處於行業領先水平，為每份合約 0.50 美元，而黃金價格將更好，為每份合約 0.35 美元。

Cash-settled index options, as you know, is a really fast-growing segment within options.

如您所知，以現金結算的指數選擇權是選擇權中成長非常快的部分。

And so, we see this as a big opportunity for us to take market share even faster.

因此，我們認為這是我們更快佔領市場份額的巨大機會。

As context, we have been taking double-digit market share for some time now, and that's without having this hotter segment offer.

作為背景，我們一段時間以來一直佔據兩位數的市場份額，而這還是在沒有這個更熱門的細分市場報價的情況下。

Also, on fees like exchange fees, we'll be passing those through to the customers.

此外，對於兌換費等費用，我們會將這些費用轉嫁給客戶。

On futures, non-Gold $0.75 per contract and Gold gets an even better deal at $0.50 per contract.

在期貨方面，非黃金每份合約的價格為 0.75 美元，黃金的交易價格甚至更好，每份合約約 0.50 美元。

We said that futures over time, based on volumes we've seen at our competitors, we think it could be a nine-figure business for us.

我們說，隨著時間的推移，根據我們在競爭對手身上看到的銷量，我們認為這對我們來說可能是九位數的業務。

So big opportunity for us.

對我們來說真是一個巨大的機會。

The second part of your question was equity take rates.

你問題的第二部分是股權收購率。

There is really two things that affects our take rate on equity.

實際上有兩件事影響我們的股本率。

The first is volatility and the second is mix.

第一個是波動性，第二個是混合性。

And what we saw in the quarter was just customers are buying more kind of larger, more liquid names.

我們在本季看到的只是客戶正在購買更大、流動性更強的公司。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great.

偉大的。

Good evening, folks.

晚上好，各位。

Thanks for taking my question.

感謝您提出我的問題。

Maybe just on the cadence of customer pickup as we move into 4Q.

也許只是隨著我們進入第四季的客戶提貨節奏。

Just on futures and index contracts in terms of what portion of the user base have you ruled futures out to so far?

就期貨和指數合約而言，到目前為止，您排除了哪些用戶群的期貨？

And what are the rough plans in doing that for the rest of the quarter and then, same on the index options, timing of when you expect to roll that?

在本季度剩餘時間內執行此操作的粗略計劃是什麼，然後，在指數期權上也是如此，您預計何時滾動？

And if I could just sneak one more in on desktop users.

如果我能再向桌面用戶偷偷介紹一下就好了。

Good to hear the great feedback.

很高興聽到很好的回饋。

Any observation yet on increased velocity from the folks that are using it so far?

到目前為止，使用它的人們對速度的提高有什麼觀察嗎？

Yeah, I would say that the folks that use the Robinhood Legend product tend to be among our most active.

是的，我想說的是，使用 Robinhood Legend 產品的人往往是我們最活躍的人之一。

So the velocity is quite high.

所以速度還蠻高的。

That being said, we rolled it out to 1,000 people during the Robinhood Legend keynote, and it was the first 1,000 people that sort of like signed into their Robinhood accounts on desktop.

話雖這麼說，我們在 Robinhood Legend 主題演講期間向 1,000 人推出了它，這是第一批在桌面上登錄他們的 Robinhood 帳戶的 1,000 人。

And I think we filled the 1,000 slots in 45 seconds.

我認為我們在 45 秒內就填滿了 1,000 個空位。

So those customers were very keen and engaged to try the product.

因此，這些客戶非常熱衷並願意嘗試該產品。

Early feedback is very positive.

早期的回饋非常正面。

And I think it's really important to establish a great reputation among active traders because their networked in a way.

我認為在活躍交易者中建立良好的聲譽非常重要，因為他們以某種方式建立了人脈。

They talk to each other, they listen to other active traders, and what we've been seeing is really positive signs from the community about Robinhood Legend.

他們互相交談，傾聽其他活躍交易者的意見，我們所看到的是社區關於 Robinhood Legend 的積極跡象。

But that said, it's not rolled out fully yet.

但話雖如此，它還沒有完全推出。

So we don't have like the perfect picture of what it's going to look like at 100%.

所以我們並沒有 100% 的完美圖片。

But so far, we really like what we're seeing.

但到目前為止，我們真的很喜歡我們所看到的。

Timing on futures and index options?

期貨和指數選擇權的時機？

Yes, timing on index options and futures.

是的，指數選擇權和期貨的時機。

So the first Robinhood derivatives product that rolled out is our Presidential Election market.

因此，Robinhood 推出的第一個衍生產品是我們的總統選舉市場。

Futures out-rights will probably be rolled out in the coming months.

期貨出讓權可能在未來幾個月內推出。

But right now, the focus of the futures business is really just making sure everything goes as smoothly as possible for the election next week.

但目前，期貨業務的重點其實只是確保下週的選舉一切順利。

And then, of course, rolling out out-rights is a top priority, index options as well, in the coming months.

當然，未來幾個月的首要任務是推出認購權和指數選擇權。

Devin Ryan, Citizens JMP.

Devin Ryan，公民 JMP。

Great.

偉大的。

Hi, Vlad.

嗨，弗拉德。

Hi, Jason.

嗨，傑森。

How are you?

你好嗎？

I wanted to ask a question just on interest rate sensitivity.

我想問一個關於利率敏感性的問題。

So obviously, we saw the first 50 basis points in Fed cuts.

顯然，我們看到了聯準會首次降息 50 個基點。

Last quarter, I think you talked about 25 basis points to a $40 million impact.

上個季度，我認為您談到了 25 個基點對 4000 萬美元的影響。

And that was just essentially the simple math off of balances at the time.

這在當時本質上只是簡單的數學計算。

And I didn't take into consideration potential for accelerating margin utilization or higher sec lending activity or higher transaction activity, which often happens as rates come down.

而且我沒有考慮加速保證金利用率或更高的證券貸款活動或更高的交易活動的潛力，這通常會隨著利率下降而發生。

So I just wanted to get a sense of whether you're seeing or expecting this key kind of acceleration in margin, how you would frame the upside in sec lending?

所以我只是想了解一下您是否正在看到或預期利潤率會出現這種關鍵的加速，您將如何看待證券貸款的上行空間？

It seems like we're operating at a depressed level.

看來我們的營運水準很低。

Do you see a lot of upside in a more normal environment?

您在更正常的環境中看到了很多好處嗎？

And then, are there any other kind of offsetting forces we should be thinking about beyond just the simple math of a rate time to balance?

然後，除了簡單的費率時間平衡數學計算之外，我們還應該考慮任何其他類型的抵銷力量嗎？

Thanks.

謝謝。

Yeah, you bet.

是的，你打賭。

And the rate times, the balance again this quarter would be roughly $40 million for each rate cut.

以利率計算，本季每次降息的餘額將約為 4,000 萬美元。

On margin, we've been seeing a really nice growth in margin balances following the reduction of rates for customers.

在保證金方面，隨著客戶利率的降低，我們看到保證金餘額出現了非常好的成長。

That's continued into October, so that's been moving up.

這種情況一直持續到十月，所以一直在上升。

We'll share that number with you here in a couple of weeks.

我們將在幾週內與您分享該數字。

In terms of sec lending, yes, a couple of dynamics going on there.

就證券貸款而言，是的，那裡正在發生一些動態。

First on the -- just the business inputs themselves, we had about 400,000 additional customers join the program this year and several billion in equities added to the program, which is great for the long-term viability of that program.

首先，僅就業務投入本身而言，今年我們有大約 40 萬名額外客戶加入該計劃，並增加了數十億美元的股票，這對該計劃的長期生存能力非常有利。

At the same time, we saw rates on specials that we get, hard-to-borrows, come down a bit versus Q2.

同時，我們看到難以藉貸的特價產品的利率比第二季有所下降。

And I think that's what really what you're seeing.

我認為這就是你所看到的。

But in terms of the underlying business drivers, we feel really good about that.

但就潛在的業務驅動因素而言，我們對此感覺非常好。

And then lastly, we've talked about for some time about how we think we have a naturally hedged business model that as rates come down, we see interest rates turn into a tailwind for the business around growth.

最後，我們已經討論了一段時間我們如何認為我們有一個自然對沖的商業模式，隨著利率的下降，我們看到利率變成了圍繞增長的業務的順風。

I think you've already started to see some of that with the trading activity options that are at an all-time high in Q3 equities hitting a multiyear high.

我認為您已經開始看到其中的一些情況，第三季度股市的交易活動選項處於歷史新高，創下了多年來的新高。

Yeah, so I think I'm feeling even more confident about the tailwinds that come from falling rates, and we'll just have to see how it plays out from here.

是的，所以我認為我對利率下降帶來的順風感覺更有信心，我們只需要看看它從現在開始會如何發揮作用。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Sorry about that.

對此感到抱歉。

I have the phone stuck on mute.

我把手機調成靜音了

Well, thank you for taking the question.

嗯，謝謝你提出這個問題。

I was wondering if you could talk kind of generally about your path to product kind of innovation and launch.

我想知道您是否可以概括地談談您的產品創新和發布之路。

It looks like with the active trader offering, the credit card, you're being very kind of cautious and measured in terms of the rollout.

看起來對於活躍交易者提供的信用卡，您在推出方面非常謹慎和謹慎。

How should we read that into future product development?

我們應該如何將其解讀為未來的產品開發？

I think we're all expecting a lot to be in announced at the December Investor Day.

我認為我們都對 12 月投資者日宣布的內容抱有很多期待。

You've talked about broader ambitions and crypto global kind of brokerage offerings.

您談到了更廣泛的雄心壯志和加密貨幣全球類型的經紀產品。

So yes, could you talk about sort of your approach to like product velocity and how we should think about the pace of rollout for current and future product launches?

那麼，是的，您能否談談您對類似產品速度的方法以及我們應該如何考慮當前和未來產品發布的推出速度？

Thank you.

謝謝。

Yes, I think that it really depends on the product we're talking about.

是的，我認為這確實取決於我們正在談論的產品。

I mean, for example, just this week with Presidential Election market, we started the rollout on Monday and completed it on Wednesday, which is very quick, particularly for a new product.

我的意思是，例如，就在本週的總統選舉市場，我們在周一開始推出並在周三完成，速度非常快，特別是對於新產品而言。

Credit card is a little bit of a different animal.

信用卡有點不同。

I mean, nothing technological is preventing us from rolling that out.

我的意思是，沒有任何技術可以阻止我們推出這一點。

It's just really looking at other successful credit card programs in the past and making sure that with a wait list of 2 million customers, that business could get quite big.

它只是真正專注於過去其他成功的信用卡計劃，並確保在 200 萬客戶的等待名單上，該業務可以變得相當大。

But if we don't manage it carefully, losses could get big as well.

但如果我們不小心管理，損失也可能會很大。

So to avoid that, we want to make sure we prudently scale it.

因此，為了避免這種情況，我們希望確保謹慎地擴大規模。

And so far, we've onboarded about 100,000 customers who love it and early signs are good.

到目前為止，我們已經吸引了大約 100,000 名喜歡它的客戶，並且早期跡象良好。

And that's roughly in line with how fast other successful card programs have scaled in kind of like the first year of operations.

這與其他成功的信用卡專案在營運第一年的擴張速度大致一致。

So that one, it's just us making sure that we're understanding customer behavior, understanding credit since that's a new business for us.

因此，我們需要確保我們了解客戶行為、了解信用，因為這對我們來說是一項新業務。

And we're feeling good.

我們感覺很好。

But yes, we recognize the demand is extreme.

但是，是的，我們認識到需求是極端的。

So we're working to onboard people as quickly as possible, and we expect to get to multiples of our current level over the next year.

因此，我們正在努力盡快讓人員入職，我們預計明年將達到目前水準的數倍。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Hey, Vlad, Jason.

嘿，弗拉德，傑森。

Thanks for taking the question.

感謝您提出問題。

I guess, just going back to the futures, index offering, any expenses down the road that we should be thinking about increasing in the back of that?

我想，回到期貨、指數發行，我們應該考慮在背後增加任何費用？

I don't recall if we got to kind of that margin of where it should shake out.

我不記得我們是否達到了應該擺脫困境的程度。

And then also just what drove the crypto rebate higher to 48 basis points?

那麼到底是什麼推動加密貨幣回饋上漲至 48 個基點呢？

I'll go ahead and take both of those.

我會繼續把這兩個都拿走。

So first on the crypto rebates, we've been experimenting for some time on crypto rebates, and we've been seeing the rebate rate come up.

首先，在加密貨幣回扣方面，我們已經對加密貨幣回扣進行了一段時間的試驗，我們已經看到回扣率的上升。

We always want to have great prices for customers, but also balance the return that we generate for shareholders on that activity.

我們始終希望為客戶提供優惠的價格，同時也平衡我們在該活動中為股東創造的回報。

And so, we started the year about 35 basis points, and you've seen it move up, including in October where we're running at 48 basis points.

因此，我們年初的利率約為 35 個基點，您已經看到它有所上升，包括 10 月我們的利率為 48 個基點。

In terms of futures and index options, those products really benefit from the broader kind of technology structure that we have at the company.

就期貨和指數選擇權而言，這些產品確實受益於我們公司擁有的更廣泛的技術結構。

We have roughly 90% fixed cost base and relatively low variable costs and futures index options benefit from that as well, which leads to really high incremental margins as we grow those businesses.

我們擁有約 90% 的固定成本基礎和相對較低的變動成本，期貨指數選擇權也從中受益，這導致我們在發展這些業務時獲得非常高的增量利潤。

Steven Chubak, Wolfe Advisors.

史蒂文‧丘巴克，沃爾夫顧問。

Hi.

你好。

Good evening.

晚安.

I wanted to start off with a question on actually a chart that you had included in a recent presentation deck, just showing the strong relationship between revenues and AUC.

我想從一個關於您最近的簡報中包含的圖表的問題開始，該圖表只是顯示了收入和 AUC 之間的密切關係。

It's been a persistent trend over the last few quarters.

這是過去幾季的持續趨勢。

I mean, in this particular quarter, we did see some decoupling amid some of the rate cuts and subdued trading activity.

我的意思是，在這個特定的季度，我們確實看到了一些降息和交易活動低迷之間的脫鉤。

And we're just hoping you could speak to your confidence level that that relationship should ultimately still hold even amid the impact of further rate cuts from the Fed.

我們只是希望您能說出您的信心水平，即即使在聯準會進一步降息的影響下，這種關係最終仍將保持不變。

Yeah, I feel really good about that relationship, Steven.

是的，我對這段關係感覺很好，史蒂文。

One way to think about it is just bridging revenue from Q2 to Q3, there's really two things that distinguish our second quarter and our third quarter.

一種思考方式是將收入從第二季度過渡到第三季度，實際上有兩件事使我們的第二季和第三季有所不同。

The first is in the second quarter, we have seasonally high proxy revenue.

首先是在第二季度，我們的代理收入處於季節性高點。

That was about $30 million and you saw that reduction in Q3 as we move past that seasonal quarter.

這大約是 3000 萬美元，當我們過了那個季節性季度時，你會看到第三季的減少。

The second bridge item from Q2 to Q3 is the contra revenues on the match promotions.

從第二季到第三季的第二個過渡項目是比賽促銷的對銷收入。

In the quarter, we saw a step up to $27 million, that was an increase of about $14 million in contra revenues versus Q2.

在本季度，我們看到了 2700 萬美元的成長，與第二季度相比，相對收入增加了約 1400 萬美元。

And I think that's showing up in the relationship that you're drawing to AUC.

我認為這體現在你與 AUC 的關係中。

Importantly, most of the incremental $14 million related to the 1% boost on Gold deposits, and that's something that we're winding down in November.

重要的是，增加的 1,400 萬美元大部分與黃金存款增加 1% 相關，而這正是我們在 11 月逐步減少的。

So as we look forward to Q4, we expect Q4 to step up contra revenues in a similar amount that we saw from Q2 to Q3, but then subside and grow at a slower rate.

因此，當我們展望第四季時，我們預計第四季度的相反收入將增加與第二季到第三季類似的數量，但隨後會消退並以較慢的速度成長。

Zooming out, we feel really good longer term about the core business.

放眼長遠，我們對核心業務的長期發展感覺非常好。

Andrew Stein, FT Partners.

安德魯‧斯坦，《金融時報》合夥人。

Hi.

你好。

Thanks for taking the question.

感謝您提出問題。

Just wondering, could you discuss the deposit trends for some of the recent promotional offers?

只是想知道，您能討論一下最近一些促銷優惠的存款趨勢嗎？

And then, what's your strategy for deposit bonuses going forward?

那麼，您未來的存款獎金策略是什麼？

Thank you.

謝謝。

Yeah, we love the matches on deposits.

是的，我們喜歡存款比賽。

We're seeing customers really respond to it.

我們看到客戶對此做出了真正的反應。

From a finance perspective, we track the behavior of the cohorts and dollars that come in.

從財務角度來看，我們追蹤群體的行為和進來的資金。

And we've seen like, for example, the 2023 match promotions have already paid off.

例如，我們已經看到，2023 年的比賽促銷活動已經得到了回報。

The payback periods are around one year for 1% and kind of in the two-to-three-year zone, trending more towards three years on the retirement matches that are 3%.

1% 的投資回收期約為一年，約為兩到三年，而 3% 的退休配套則更趨向於三年。

So we feel really, really good about that.

所以我們對此感覺非常非常好。

It's our third straight quarter of $10 billion-plus in net deposits from our customers and continuing with the longer-term trend of 20%-plus growth.

這是我們的客戶淨存款連續第三個季度超過 100 億美元，並且繼續保持 20% 以上成長的長期趨勢。

The HOOD Week promotions that we did brought in $2 billion, so that was a two-week promotion and really, really strong response from customers.

我們進行的 HOOD 週促銷活動帶來了 20 億美元的收入，所以這是一個為期兩週的促銷活動，並且得到了客戶非常非常強烈的迴響。

And in addition to the relatively quick payback periods, we just love the potential for compounding effects for the business over time.

除了相對較快的投資回收期之外，我們還喜歡隨著時間的推移對業務產生複合效應的潛力。

Ken Worthington, J.P. Morgan.

肯‧沃辛頓，摩根大通。

Hi.

你好。

This is Madeline Daleiden on for Ken.

我是肯 (Ken) 的瑪德琳‧戴萊登 (Madeline Daleiden)。

Thanks for taking our question.

感謝您提出我們的問題。

You discussed it a bit already, but we wanted to dig a little more into the strategy around the election-related event contracts.

您已經對此進行了一些討論，但我們想進一步深入了解與選舉相關的事件合約的策略。

So could you walk us through your ultimate decision to list these event contracts, how they fit into the product roadmap?

那麼您能否向我們介紹您列出這些活動合約的最終決定，以及它們如何融入產品路線圖？

And ultimately, is Robinhood considering getting bigger into these more betting type products?

最終，Robinhood 是否正在考慮擴大這些投注類型產品的規模？

Thank you.

謝謝。

Yes, I'd say overall, as a philosophy, we want to make all product categories available for customers over time, particularly for active traders.

是的，我想說，總的來說，作為一種理念，我們希望隨著時間的推移向客戶提供所有產品類別，特別是對於活躍的交易者。

We want Robinhood to be associated with sort of being at the frontier of innovation and technology in financial services.

我們希望 Robinhood 能夠與金融服務領域創新和技術的前沿聯繫在一起。

So if you look specifically at these event contracts, the regulated swaps markets that really serve as legitimate hedging instruments for large institutions.

因此，如果你專門研究這些事件合約，你會發現受監管的掉期市場確實可以作為大型機構的合法對沖工具。

And we believe that if any tool or any instrument is available for institutions, then we have to make it available for retail as well.

我們相信，如果有任何工具或儀器可供機構使用，那麼我們也必須提供給零售。

I think a nice other secondary impact is it provides people with a reliable data source about where predictions -- where people predict the market will land.

我認為另一個很好的次要影響是它為人們提供了關於預測的可靠數據來源——人們預測市場將在哪裡落地。

This concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the call back over to Vlad Tenev, Chairman and CEO, for closing remarks.

現在，我將把電話轉回給董事長兼執行長弗拉德‧特內夫 (Vlad Tenev)，讓其致閉幕詞。

Yeah, thank you to everyone for listening and to our institutional and retail analysts for continuing to engage.

是的，感謝大家的聆聽，也感謝我們的機構和零售分析師繼續參與。

And really a special thank you all the folks on social media who've been posting content and streaming using Robinhood Legend and sharing feedback.

真的要特別感謝社群媒體上所有使用 Robinhood Legend 發佈內容和串流媒體並分享回饋的人。

We really appreciate it.

我們真的很感激。

Ladies and gentlemen, that concludes today's call, thank you all for joining.

女士們、先生們，今天的電話會議到此結束，感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。