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

Thank you for standing by. My name is Catherine, and I will be your conference operator today.

謝謝你的支持。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. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

此時此刻，我歡迎大家參加 Robinhood 2024 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作員說明）

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

現在我想將電話轉給公司 FP&A 和投資者關係副總裁 Chris Cagel。

Please, Go ahead.

請繼續。

Thank you, Catherine, and thank you to everyone for joining Robinhood's Q3 earnings call. With us today are CEO and co-founder Vlad Tenev and CFO Jason Warnick. Before getting started, I want to remind you that today's call will contain forward-looking statements.

謝謝凱瑟琳，也謝謝大家參加 Robinhood 第三季財報電話會議。今天與我們在一起的有執行長兼聯合創始人 Vlad Tenev 和財務長 Jason Warnick。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. 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.

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 GAAP measures 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 指標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 by reiterating Robinhood three areas of focus. Number one, winning the active trader market. Number two, increasing wallet share with our customers and number three, expanding internationally. In Q3, we continued to make progress on all these fronts.

謝謝，克里斯。大家好。讓我先重申 Robinhood 的三個重點領域。第一，贏得活躍的交易者市場。第二，增加顧客的錢包份額，第三，向國際擴張。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，我們的業績在今年前三季之後就已經突破了多項全年記錄，而且我們還有一個季度的時間來進一步提高這些業績。

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

只是分享幾個例子。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。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. This brings, our year-to-date total $1.2 billion contracts, edging out our full year high from 2021.

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。這使得我們今年迄今的合約總額達到 12 億美元，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 revenue ever. Revenues grew 36% year over year. Adjusted EBITDA increased 96% from a year ago. 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.

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。營收年增36%。調整後 EBITDA 較上年同期成長 96%。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. 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.

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。增加客戶錢包份額的關鍵部分是增加 Robinhood 黃金訂閱量，該訂閱量在第三季創下 220 萬美元的歷史新高。

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. If someone has it, they love it. If they don't have it, they want to know when they're going to get it. And I hear you. We are working hard to increase the rollout. But we're also being patient and carefully studying customer behaviour as we grow so that we manage credit risk to profitably scale over time.

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。如果有人擁有它，他們就會喜歡它。如果他們沒有，他們想知道什麼時候可以獲得。我聽到了。我們正在努力增加推廣。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. First, customers love the gold card. App Store ratings continue to be five out of five with over 10,000 5-star reviews. Customers tell us, they love the metal card, the digital apps and of course, the 3% rewards.

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。首先，顧客喜歡金卡。 App Store 評分仍然是五分之五，有超過 10,000 則 5 星評論。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 behaviours in line with our expectations. It looks like the Gold Card is top of wallet for most customers. And early data shows that we're retaining approximately 95% of Gold Card customers following their first transaction. We're also starting to see customer spending growth and loan balances evolved as expected.

其次，早期客戶的行為符合我們的預期。對大多數客戶來說，金卡似乎是最重要的。早期數據顯示，我們在首次交易後留住了約 95% 的金卡客戶。我們也開始看到客戶支出成長和貸款餘額按預期發展。

Third, Gold Card customers are also contributing meaningfully higher net deposits versus similar customers. It's great to see the early additional benefits to the platform. All in all, while it's still quite early, we're further increasing confidence that we can scale the Gold Cards significantly over time. Now let me turn it over to Jason to review our financial results, and then I'll offer some additional thoughts.

第三，與類似客戶相比，金卡客戶貢獻的淨存款也明顯較高。很高興看到該平台早期帶來的額外好處。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。現在讓我把它交給傑森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. In Q3, we had another strong quarter, growing revenues, 36% and driving 77% incremental adjusted EBITDA margins versus a year ago. Q3 business results also set a number of new hires, including assets under custody, options contracts, cash sweep balances and retirement AUC, as well as multiyear highs for equity volumes and margin balances.

謝謝弗拉德，也謝謝大家今天加入我們。第三季度，我們迎來了一個強勁的季度，營收成長了 36%，調整後 EBITDA 利潤率較去年同期成長了 77%。第三季的業務業績也創下了許多新員工的業績，包括託管資產、選擇權合約、現金清掃餘額和退休 AUC，以及股本數量和保證金餘額的多年高點。

And as we enter 2024 focused on driving another year of profitable growth, we are excited that we have already broken records for full year revenue, adjusted EBITDA and earnings per share. Looking at the progress we made in Q3 versus a year ago. Assets under custody grew 76% to a record $152 billion.

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。看看我們在第三季與一年前相比的進展。託管資產成長 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. This translates to annualized net deposit growth rates of 29% in Q3 and 45% over the past year. Total net revenues grew 36% to $637 million.

淨存款連續第三個季度超過 100 億美元，去年同期為 390 億美元。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%。總淨收入成長 36%，達到 6.37 億美元。

Adjusted EBITDA nearly doubled to $268 million. Adjusted EBITDA margins expanded by 13 points to 42% and net income grew to $150 million or $0.17 per share. This was reduced by $0.01cent for a regulatory accrual in the quarter.

調整後 EBITDA 幾乎翻了一番，達到 2.68 億美元。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。本季的監理應計費用減少了 0.01 美分。

We're pleased with these results, which marked our fourth straight quarter of GAAP profitability and ninth straight quarter of positive adjusted EBITDA. Now let's look more closely at Q3 revenues, which increased year over year across all three categories.

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。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. It was great to see option, equity and crypto volumes up 47%, 65% and over 100% from a year ago, respectively. Net interest revenues increased 9% as we grew interest-earning assets and securities lending activity improved.

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%。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% 和超過 100%。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. 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.

其中包括客戶的現金餘額年增 80%，保證金餘額創兩年新高。最後，其他收入成長了 42%，去年我們增加了超過 85 萬名黃金訂閱者，達到創紀錄的 220 萬訂閱者，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. Q3 contra revenues were $27 million, up $14 million sequentially, mostly driven by the 1% gold deposit boost.

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。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，主要是由於 1% 的金礦存款增加所致。

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

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

At the same time, the 1% gold deposits boost has not driven as much incremental customer activity as our other promotions. So, we've decided to wind down in November to focus on offers that resonate more with customers.

同時，1% 的黃金存款提振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。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 our hood week promotion by offering a range of matches on asset transfers. And in just two weeks, this led $2 billion of transfers in from brokerage incumbents that averaged over $130,000 per customer.

例如，我們最近透過提供一系列資產轉移比賽，加強了引擎蓋週的促銷。短短兩週內，這導致經紀公司轉帳 20 億美元，每位客戶平均轉帳超過 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. Turning to Q3 expenses, we had another good quarter of expense discipline. Combined adjusted Operating Expenses and SBC was $476 million in Q3 in the middle of our '24 outlook range on a quarterly basis.

當我們回顧今年迄今為止的收入時，我們感覺很好，過去三個季度是公司歷史上最高的三個季度。談到第三季的支出，我們又一個季度的支出紀律良好。第三季調整後的營運費用和 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 full year outlook range of $1.85 to $1.95 billion of adjusted OpEx and SBC.

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 的全年預期範圍 1.85 至 19.5 億美元。

Even while driving nearly 40% year over year revenue growth for the first three quarters of the year, we anticipate will likely finish near the top end of that range given our continued growth investments to finish the year strong.

儘管今年前三個季度的營收年增近 40%，但考慮到我們持續的成長投資以強勁的勢頭結束今年，我們預計最終收入可能會接近該區間的上限。

Turning to capital management, we started at our $1 billion share repurchase program in July. 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. We love deploying capital like this. It lowers our share count and positions us, to increase EPS and free cash flow per share over time.

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。我們在第三季撥款 9,700 萬美元回購 500 萬美元股票，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。我們喜歡這樣部署資本。它減少了我們的股票數量並為我們定位，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 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. And we are continuing to repurchase shares daily in Q4.

當我們考慮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 6000 萬美元的股票，相當於我們目前稀釋後數量的約 7%。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. Net deposits are north of $4 billion, and cash suite balances are more than $25 billion. As for trading, equity notional volumes highest month in over three years. Option contracts look to be one of the highest month's ever and crypto notional volumes are over $5 billion on track to exceed the Q3 monthly average.

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。淨存款超過 40 億美元，現金組合餘額超過 250 億美元。就交易而言，股票名目交易量達到三年多來的最高月。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. 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.

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。從長遠來看，我們對所取得的進展感到振奮，並相信，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。

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. Two weeks ago, we held our inaugural hoods summit in Miami. It was really awesome to have over 400 active trader customers together for a few days, and we introduced three exciting new products.

現在我想強調我們策略第一部分的進展，即贏得活躍交易者的勝利。兩週前，我們在邁阿密舉行了第一屆胡德峰會。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. Our customers have been trading them on other platforms to date.

首先，我們推出了指數選擇權，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%。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. Here we're not only offering industry leading pricing, but also a great customer experience with our awesome futures latter.

其次，我們宣布了期貨。在這裡，我們不僅提供業界領先的定價，而且還透過我們出色的未來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. Also, building out the infrastructure behind futures has also enabled us to offer event and contracts, including our new presidential election market that we launched it.

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。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，在第一個全天交易量就超過 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. It's clear from customer feedback that Legends really resonating. So, we're doubling down in this new domain.

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。從客戶的回饋中可以明顯看出，Legends 確實引起了共鳴。因此，我們正在這個新領域加倍努力。

The team is hard at work to rapidly shift more functionality for customers. As additional context, while we are number one in mobile trading, that's only half of the retail trading market today. The other half is on web where we have been meaningfully competed in the past. So, launching Legend is doubling our addressable market.

團隊正在努力為客戶快速轉移更多功能。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。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。因此，推出 Legend 將使我們的目標市場擴大一倍。

We have a lot of momentum in our active trader offering as we close out the year. As I said earlier, Q3 option volumes were up 47% year over year to a new record. In Q3, equity volumes also increased up 65% year over year to a three year high in this is even before the full rollout of index options Futures and Robinhood legend.

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。正如我之前所說，第三季期權交易量年增 47%，創下新紀錄。第三季度，股票交易量也年增 65%，達到三年來的最高水平，這甚至是在指數選擇權期貨和 Robinhood 傳奇全面推出之前。

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. 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. Now let's move to questions.

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。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內容。現在讓我們開始提問。

Thank you, Vlad. For the Q&A session we will start by answering top few shareholder questions, from Say technologies ranked by number of votes, we passed over questions that we already addressed on this call or in prior quarters and grouped together questions that shared a common theme. After the Say questions, we'll turn to live questions from our analysts. So, I'll kick it off with our first question from Say, which is for Vlad.

謝謝你，弗拉德。在問答環節，我們將首先回答前幾個股東的問題，根據按票數排名的技術，我們跳過了在本次電話會議或之前幾個季度已經解決的問題，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。因此，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 金卡什麼時候對所有用戶開放？

Yeah, Thank you for the question.

是的，謝謝你的提問。

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

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。我認為，如果你將其與其他成功的新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 that small compared to the waitlist, the waitlist, frankly, exceeded our expectations, and we are working as hard as we can to get it out as quickly as we can.

當然，我們也意識到，與候補名單相比，候補名單很小，坦白說，超出了我們的預期，我們正在盡最大努力盡快將其淘汰。

But it's also important for us to make sure we don't incur significant near-term losses. So, we have to understand the customer behaviour and the economics because the credit card business can get quite big. And also, if we're not careful that could mean losses. So, as I mentioned earlier, we like the behaviour we're seeing. And if the behaviour 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.

但對我們來說，確保短期內不會遭受重大損失也很重要。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。而且，如果我們不小心，這可能意味著損失。因此，正如我之前提到的，我們喜歡我們所看到的行為。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. Thank you, Vlad.

正確的。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. Right now, the focus is really on the credit card offering. We're seeing amazing feedback and strong demand for that. 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. So, this is certainly something that we're thinking about.

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。目前，焦點實際上集中在信用卡產品上。我們看到了令人驚嘆的回饋和對此的強烈需求。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。所以，這當然是我們正在考慮的事情。

All right. The third question's also on Robinhood Gold. So rate cuts make Robinhood Gold worse each time. How will Gold continue to add value to users, and what new benefits is Robinhood planning to add for Gold users? Also for Vlad.

好的。第三個問題也是關於羅賓漢黃金的。因此，降息讓 Robinhood Gold 每次都變得更糟。 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？也為弗拉德。

Yeah, So the strategy with gold is to deliver an offering that provides customer as 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. Now some of the value props naturally do well in an increasing rate environment.

是的，所以黃金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，無論利率是增加還是減少，您都應該能夠從 Robinhood 黃金中獲得巨大的價值。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 we put high APY, is one of them. Other products tend to be more attractive in declining rate environments. 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.

我們把現金放在高APY上，就是其中之一。其他產品在利率下降的環境中往往更具吸引力。事實上，在胡德峰會上，我們最近宣布，黃金客戶將獲得我們宣布的一些產品的差異化、更優惠的價格。

So, the pricing, while industry leading across the board is even better on index options and futures for gold subscribers. 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，雖然行業全面領先，但黃金訂戶的指數選擇權和期貨定價甚至更好。因此，儘管由於聯準會降息，掃款利率可能會下降，但我們將繼續投資黃金，對於我們推出的每一款新產品，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, as we continue to roll out new pay products called should get even better and better.

正如您所看到的，隨著我們繼續推出新的付費產品，所謂的應該會變得越來越好。

Great! Thank you. Vlad. And last question is for you Jason.

偉大的！謝謝。弗拉德。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. First of all, we recognize it's really important for customers. Just yesterday, we announced a realized P&L tool shipped. So that one's live for customers now. And we also know that tax slot selection in the app is important for customers. And I'm excited to tell you that we have in play [beta] testing going on right now for tax slots. And the team is pushing hard to get it in the hands of customers really soon.

關於稅務管理，我想強調幾點。首先，我們認識到這對客戶來說非常重要。就在昨天，我們宣布推出已實現的損益工具。所以現在就為客戶服務了。我們也知道應用程式中的稅位選擇對客戶來說很重要。我很高興地告訴您，我們現在正在進行稅收時段的 Beta 測試。該團隊正在努力爭取盡快交付給客戶。

We think it's really good. Yeah. I think you're going to like it.

我們認為這真的很好。是的。我想你會喜歡它的。

All right. That concludes our shareholder questions from, Say Technologies.

好的。 Say Technologies 向我們提出的股東問題到此結束。

We appreciate our shareholders taking time to ask these questions of Vlad, Jason, and look forward to more next quarter. So now I'll turn the call over to Catherine to lead a Q&A for analysts.

我們感謝我們的股東花時間向 Vlad、Jason 提出這些問題，並期待下個季度會有更多問題。現在我將把電話轉給凱瑟琳，讓她主持分析師問答會。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Craig Siegenthaler with Bank of America.

你的第一個問題來自美國銀行的克雷格‧西根塔勒 (Craig Siegenthaler)。

Please go ahead.

請繼續。

Good afternoon, everyone. Hope everyone's doing well. First, we want to congratulate you on the Legend launch. And I saw there were, I think a thousand sign-ups in the first 42 slide, post the launch. 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?

大家下午好。希望每個人都一切順利。首先，我們要祝賀您推出 Legend。我發現在發布後的前 42 張幻燈片中，我認為有一千人註冊。但截至 9 月 30 日，Robinhood 的 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 at. So we've been rolling out multiples of that number but haven't yet sort of like opened it up to everyone. Early feedback is extremely positive. I mean, I know you guys probably see the level of live streamers and folks on social media has been tremendous.

是的，我的意思是，我們的產品仍然沒有完全開放，任何人都可以使用。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。早期的回饋非常正面。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，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。

Our next question comes from the line of Dan Dolev with Mizuho. Please go ahead.

我們的下一個問題來自 Dan Dolev 和 Mizuho 的對話。請繼續。

Hey, guys, great results again. Very proud of you.

嘿，夥計們，又取得了好成績。非常為你感到驕傲。

Thanks, Dan.

謝謝，丹。

You got it. Yes, of course. Well deserved. I was very intrigued with the presidential election market.

你明白了。是的當然。當之無愧。我對總統選舉市場非常感興趣。

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

我想知道很多媒體和我們都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. Thank you.

如果您能告訴我們任何有關它的信息，那就太好了。謝謝。

Yeah. So first off, we just rolled out to 100% of customers after starting the rollout just this Monday. So, a huge kudos to the team for that. 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.

是的。首先，我們在本週一開始推出後就向 100% 的客戶推出了。因此，我們對團隊表示極大的榮譽。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. 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 would being at the forefront of technology and innovation and trading.

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。我認為，要真正做到這一點，我們的方法是，如果您是使用 Robinhood 的活躍交易者，您應該真正將 Robinhood 置於技術、創新和交易的前沿。

I think offering products like these, which you can't really find as many of our competitors, is the best way to do that. So, feedback is really good. You can see on social that it's resonating with customers very, clearly. But we rolled out to 100% right before the call started. So, I think it's a little bit early to tell to give you too much. Other than yesterday, we did about 10 million contract that was pre full rollout, and we've done even more than that already today.

我認為提供這樣的產品是實現這一目標的最佳方式，而我們的競爭對手卻找不到這些產品。所以，反饋確實很好。你可以在社群媒體上看到它與客戶產生了非常清晰的共鳴。但就在電話會議開始之前，我們就已經完成了 100% 的部署。所以，我認為現在告訴你給你太多還為時過早。除了昨天之外，我們在全面推出之前完成了大約 1000 萬份合約，而我們今天所做的甚至更多。

Thanks.

謝謝。

We can take the next one.

我們可以拿下一張。

Okay. Your next question comes from the line of Patrick Moley, the Piper Sandler's. Please go ahead.

好的。您的下一個問題來自 Piper Sandler 的 Patrick Moley。請繼續。

Yes, Good afternoon. Thanks for taking the question. I just had one on index options and futures trading. Now that you've announced the pricing when this product, I was hoping you could help us better understand the economics there. I know index options carry relatively high [exchange view]. So what are your margins look like in offering those contracts, how much we expect to make per contract?

是的，下午好。感謝您提出問題。我剛剛讀了一篇關於指數選擇權和期貨交易的文章。既然您已經公佈了該產品的定價，我希望您能幫助我們更了解那裡的經濟狀況。我知道指數選擇權的價格相對較高[交易所觀點]。那麼，你們提供這些合約的利潤是多少，我們預期每份合約賺多少錢？

And then maybe as part of that, your expectation for how much volume is going to come from Gold versus non-Gold members? And then if I could add a follow-on modeling question. It looks like your equity fee capture declined by about 20% sequentially. So, any color there on what drove that would be helpful.

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？然後我是否可以添加一個後續建模問題。您的股權費用收入似乎比上一季下降了約 20%。所以，任何驅動它的顏色都會有幫助。

Sure, Patrick, I'll go ahead and take both of those. This is Jason. So, I kind of just going Index Options.

當然，派崔克，我會繼續做這兩件事。這是傑森。所以，我只是選擇指數選擇權。

First, 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. Cash-settled index options, as you know, is a really fast-growing segment within options. And so, we see this as a big opportunity for us to take market share even faster as context.

首先，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。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。因此，我們認為這是一個巨大的機會，可以讓我們更快地獲得市場份額。

We have been taking double digit market share for some time now, and that's without having this hotter segment offer. Also on fees like exchange fees will be passing those through to the customers. On Futures non-Gold $0.75 per contract and Gold gets an even better deal at $0.50 per contract.

一段時間以來，我們一直佔據兩位數的市場份額，而且這還是在沒有這個更熱門的細分市場報價的情況下。此外，諸如兌換費之類的費用也將轉嫁給客戶。非黃金期貨每份合約 0.75 美元，而黃金則以每份合約 0.50 美元的價格獲得更好的交易。

We said that Futures over time based on volumes seen at our competitors, we think it could be a nine-figure business for us. So, it's a big opportunity for us. The second part of your question was equity take rates, there is really two things that affects our take rate on equity. The first is volatility and the second is mix. And what we saw in the quarter was just customers are buying more kind of larger, more liquid names.

我們說，隨著時間的推移，根據我們競爭對手的交易量，我們認為這對我們來說可能是一項九位數的業務。所以，這對我們來說是一個很大的機會。你問題的第二部分是股權佔用率，實際上有兩件事影響我們的股權佔用率。第一個是波動性，第二個是混合性。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。

Your next question comes from the line of Brian Bedell with Deutsche Bank. Please go ahead.

您的下一個問題來自德意志銀行的 Brian Bedell。請繼續。

Great. Good evening, folks. Thanks for taking my question. Maybe just on the cadence of customer pickup as we move into 4Q. Just on, futures and index contract in terms of what portion of the user base have you ruled features out to you so far?

偉大的。晚上好，各位。感謝您提出我的問題。也許只是隨著我們進入第四季的客戶提貨節奏。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功能？

And what 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, and if I could just sneak one more in on desktop users, good to hear the great feedback. Any observation yet on increased velocity from the folks that are using it so far?

以及在本季度剩餘時間內執行此操作的粗略計劃，以及您期望何時滾動的索引選項時間，如果我可以再向桌面用戶介紹一下，很高興聽到很好的反饋。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. So, the velocity is quite high. We rolled it out to a 1000 people during the Robinhood Legend keynote, and it was the first 1000 people that sort of like signed into their Robinhood accounts on desktop.

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。所以說，速度是相當高的。我們在 Robinhood Legend 主題演講期間向 1000 人推出了它，這是第一批在桌面上登入他們的 Robinhood 帳戶的 1000 人。

And I think we filled the 1,000 slots in 45 seconds. So those customers were very keen and engage to try the product. Early feedback is very positive. And I think it's really important to establish a great reputation among active traders because their network in a way 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.

我認為我們在 45 秒內就填滿了 1,000 個空位。因此，這些客戶非常熱衷並願意嘗試該產品。早期的回饋非常正面。我認為在活躍交易者中建立良好的聲譽非常重要，因為他們的網絡以相互交談的方式進行，他們傾聽其他活躍交易者的意見，而且我們看到社區關於 Robinhood Legend 的積極跡象。

But that said, it's not rolled out fully yet. So, we don't have like the perfect picture of what it's going to look like at 100%. But so far, we really like what we're seeing.

但話雖如此，它還沒有完全推出。所以，我們並沒有 100% 完美的畫面。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. Futures out rights will probably be rolled out in the coming months. 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. And then, of course, rolling out out-rights is a top priority index options as well in the coming months.

所以，第一個推出的 Robinhood 衍生產品就是我們的總統選舉市場。期貨賣出權可能會在未來幾個月內推出。但現在，期貨業務的重點其實只是確保下週的選舉一切順利。當然，推出認購權也是未來幾個月的首要任務。

Your next question comes from the line of Devin Ryan with Citizens JMP. Please go ahead.

您的下一個問題來自 Citizens JMP 的 Devin Ryan。請繼續。

Great. Hi, Vlad. Hi, Jason. How are you?

偉大的。嗨，弗拉德。嗨，傑森。你好嗎？

I wanted to ask a question just on interest rate sensitivity. So obviously, we saw the first 50 basis points of Fed cuts. Last quarter, I think you talked about 25 basis points to $40 million impact. And that was just essentially the simple math off of balances at the time.

我想問一個關於利率敏感性的問題。很明顯，我們看到了聯準會首次降息 50 個基點。上個季度，我認為您談到了 25 個基點對 4000 萬美元的影響。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. So, I just wanted to get a sense of whether you're seeing or expecting this key kind of a deceleration in margin, how you would frame the upside in SEC lending?

而且我沒有考慮加速保證金利用率或增加 SEC 貸款活動或增加交易活動的潛力，而這通常會隨著利率下降而發生。所以，我只是想了解一下您是否看到或預期利潤率會出現這種關鍵的減速，您將如何看待 SEC 貸款的上行空間？

It seems like we're operating at a depressed level. Do you see a lot of upside in a more normal environment? 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?

看來我們的營運水準很低。您在更正常的環境中看到了很多好處嗎？那麼，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. And the rate times the balance again, this quarter would be roughly $40 million for the trade, a rate cut. On margin, we've been seeing a really nice growth and margin balances following the reduction of rates for customers, that's continued into October, so that's been moving up. We'll share that number with you here in a couple of weeks.

是的，你打賭。再用利率乘以餘額，本季的交易金額約為 4,000 萬美元，降息。在保證金方面，隨著客戶利率的降低，我們看到了非常好的成長和保證金餘額，這種情況一直持續到十月份，所以一直在上升。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. 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.

在 SEC 貸款方面？是的，那裡正在發生一些動態。首先，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. And I think that's what really what you're seeing. But in terms of the underlying business drivers, we feel really good about that.

同時，我們看到我們很難[借用]的特價商品的利率比第二季度有所下降。我認為這就是你所看到的。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. 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. Yeah, So I think even more confident about the tailwinds that come from falling rates, and we'll just have to see how it plays out from here.

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。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。是的，所以我認為對利率下降帶來的順風更有信心，我們只需要看看它如何發揮作用。

Your next question comes from the line of Benjamin Budish with Barclays. Please go ahead. You might be on mute.

你的下一個問題來自巴克萊銀行的班傑明‧布迪什。請繼續。你可能處於靜音狀態。

Sorry about that. I have the phones stuck on mute. Thank you for taking the question.

對此感到抱歉。我把手機調成靜音了。感謝您提出問題。

I was wondering if you could talk kind of generally about your path to product kind of innovation and launch. 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. How should we read that into future product development? I think we're all expecting a lot to be in announced at the December Investor Day.

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。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。我們應該如何將其解讀為未來的產品開發？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. 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?

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。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. 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. Credit card is a little bit of a different animal.

是的，我認為這確實取決於我們正在談論的產品。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。信用卡有點不同。

I mean nothing technological is preventing us from rolling that out. It's just really looking at other successful credit card programs in the past and making sure that, you know, with a wait list of 2 million customers, that business could get quite big. But if we don't manage it carefully like losses could get big as well.

我的意思是沒有任何技術可以阻止我們推出這一點。它只是真正專注於過去其他成功的信用卡計劃，並確保，你知道，在等待名單上有 200 萬客戶的情況下，該業務可能會變得相當大。但如果我們不小心管理，損失也可能會變得很大。

So tool that we want to make sure we prudently scale it. And so far, we've onboarded about 100,000 customers who love it and early signs are good. And that's roughly in line with how fast other successful card programs have scaled in kind of like the 1st year of operations.

因此，我們希望確保我們謹慎地擴展它的工具。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。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. And we're feeling good. But yes, we recognize the demand is extreme. 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。我們感覺很好。但是，是的，我們認識到需求是極端的。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。

Your next question comes from the line of John Todaro with Needham and Company. Please go ahead.

你的下一個問題來自約翰·托達羅（John Todaro）與李約瑟公司（Needham and Company）的對話。請繼續。

Hey, Vlad, Jason. Thanks for taking the question.

嘿，弗拉德，傑森。感謝您提出問題。

I guess just going back to the futures index offering, any expenses down the road that we are increasing in the back of that. I don't recall if we got to kind of that margin of where it should shake out. And then also just what drove the crypto rebate higher to 48 basis points?

我想回到期貨指數產品，我們在這背後增加的任何費用。我不記得我們是否達到了應該擺脫困境的程度。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. 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. We always want to have a great prices for customers, but also balance the return that we generate for shareholders on that activity.

我會繼續把這兩個都拿走。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。我們始終希望為客戶提供優惠的價格，同時也平衡我們為股東在該活動中創造的回報。

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

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。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 a 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。

Your next question comes from the line of Steven Chubak with Wolfe Advisor. Please go ahead.

您的下一個問題來自 Steven Chubak 和 Wolfe Advisor 的對話。請繼續。

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

你好。晚安.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。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. 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。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，這種關係最終仍應保持不變。

Yeah, I feel really good about that relationship, Steven, if you one way to think about is just bridging revenue from Q2 to Q3, there's really two things that distinguish our second quarter and our third quarter.

是的，我對這種關係感覺非常好，史蒂文，如果你考慮的一種方式是將收入從第二季度轉移到第三季度，那麼確實有兩件事區分了我們的第二季度和第三季。

The first is in the second quarter, we have seasonally high proxy revenue. That was about 30 million and you saw that reduction in Q3 as we move past that seasonal quarter. The second bridge item from Q2 to Q3 is the contra revenues on the match promotions and up.

首先是在第二季度，我們的代理收入處於季節性高點。這大約是 3000 萬，當我們過了那個季節性季度時，你會看到第三季的減少。從第二季到第三季的第二個過渡項目是比賽促銷及以上的對銷收入。

In the quarter, we saw a step up to 27 million, that was an increase of about $14 million in contract revenues versus Q2. And I think that's showing up in the relationship that your drawing to AUC. 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.

本季度，我們看到合約收入成長至 2,700 萬美元，與第二季度相比增加了約 1,400 萬美元。我認為這體現在你繪製的與 AUC 的關係中。重要的是，增加的 1,400 萬美元大部分與黃金存款增加 1% 有關，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 and a similar amount that we saw from Q2 to Q3, but then subside and grow at a slower rate. Zooming out until really good longer term about the core business.

因此，當我們展望第四季時，我們預計第四季度的對銷收入將增加，與我們從第二季到第三季看到的金額類似，但隨後會消退並以較慢的速度成長。縮小核心業務的範圍，直到真正實現長期良好的發展。

Your next question comes from the line of Andrew Stein with FT Partners. Please go ahead.

您的下一個問題來自英國《金融時報》合夥人安德魯·斯坦 (Andrew Stein) 的電話。請繼續。

Hi. Thanks for taking the question. Just wondering, could you discuss the deposit trends for some of the recent promotional offers? And then what's your strategy for deposit bonuses going forward? Thank you.

你好。感謝您提出問題。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？那麼您未來的存款獎金策略是什麼呢？謝謝。

Yeah, we love the matches on deposits. We're seeing customers really respond to it. From a finance perspective, we track the behavior of the cohorts and dollars that come in. And we've seen like, for example, the 2023 match promotions have already paid off. The payback periods are around one year for 1% and kind of in the two to three years zone turning more towards three years on the retirement matches that are 3%. So, we feel really, really good about that.

是的，我們喜歡存款比賽。我們看到客戶對此做出了真正的反應。從財務角度來看，我們追蹤群體的行為和進入的資金。 1% 的投資回收期約為一年，而退休後的投資回收期為 3%，投資回收期為兩到三年。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. The third week promotions that we did brought in a 2 billion, so that was a two-week promotion and really, really strong response from customers.

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。我們進行的第三週促銷活動帶來了 20 億美元的收入，所以這是為期兩週的促銷活動，並且得到了客戶非常非常強烈的反響。

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。

Your next question comes from the line of Ken Worthington with J.P. Morgan. Please go ahead.

您的下一個問題來自肯·沃辛頓 (Ken Worthington) 與摩根大通 (J.P. Morgan) 的對話。請繼續。

Hi. This is Madeline Daleiden on for Ken. Thanks for taking our question. You discussed it a bit already, but we wanted to dig a little more into the strategy around the election-related event contracts.

你好。我是肯 (Ken) 的瑪德琳‧達萊登 (Madeline Daleiden)。感謝您提出我們的問題。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, can you walk us through your ultimate decision to list these event contracts, how they fit into the product roadmap? And ultimately, as Bob had considering getting bigger entities are betting type products?

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？最終，正如鮑勃所考慮的那樣，讓更大的實體成為博彩類產品？

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

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。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 a legitimate hedging instrument for large institutions. 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.

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。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 on 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可靠的數據來源，以預測人們預測市場將在哪裡落地。

This concludes our Q&A session. I will now turn the call back over to Vladimir Tenev, Chairman and CEO for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給董事長兼執行長 Vladimir Tenev 致閉幕詞。

Yeah, Thank you. Everyone, for listening and to our institutional and retail analyst for continuing to engage. 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. We really appreciate it.

是的，謝謝。請大家傾聽並感謝我們的機構和零售分析師繼續參與。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。我們真的很感激。

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

女士們、先生們，今天的電話會議到此結束，感謝大家的加入。您現在可以斷開連線。