Robinhood Markets Inc (HOOD) 2024 Q4 法說會逐字稿

Thank you to everyone for joining Robinhood's Q4 and full year 2024 earnings call.

感謝大家參加 Robinhood 2024 年第四季和全年財報電話會議。

Joining today are CEO and Co-Founder, Vlad Tenev; CFO, Jason Warnick; and Senior Manager of Investor Relations, Jack Riehemann.

今天加入的有執行長兼聯合創辦人 Vlad Tenev；財務長 Jason Warnick；以及投資者關係高級經理 Jack Riehemann。

Vlad and Jason will offer opening remarks and then open the call to Q&A.

Vlad 和 Jason 將致開幕詞，然後開始問答環節。

During the Q&A portion of the call, we will answer questions from institutional research analysts, and we'll also answer questions from retail analysts who may hold an ownership position in Robinhood.

在電話會議的問答環節，我們將回答機構研究分析師的問題，也將回答可能持有 Robinhood 所有權的散戶分析師的問題。

As a reminder, today's call will contain forward-looking statements.

提醒一下，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.

可能導致差異的潛在風險因素，包括我們持續監控的監管發展，在我們今天發布的新聞稿、收益報告和我們的 SEC 文件中進行了描述，所有這些都可以在 investor.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 指標的對帳表可在收益報告中找到。

With that, please welcome Vlad and Jason.

現在，請歡迎 Vlad 和 Jason。

All right.

好的。

Good to see everyone.

很高興見到大家。

Thank you for being here for our first live video earnings call.

感謝您參加我們的首次視訊直播收益電話會議。

Hopefully, this is both informative but also also entertaining for everyone.

希望這對大家來說既能提供資訊又能帶來樂趣。

Let me first start by saying that this was a big quarter for us.

首先我要說的是，這對我們來說是一個重要的季度。

So we did over $1 billion in revenue for the first time as a public company, really for the first time in the history of the company, and that capped off what was a record breaking year with over $3 billion in revenue for the whole year.

因此，我們作為上市公司首次實現了超過 10 億美元的收入，這實際上是公司歷史上的第一次，而這也為全年超過 30 億美元的收入創造了破紀錄的一年。

And yeah, I would say that this was driven by a lot of things.

是的，我想說這是由很多因素推動的。

And let me remind you the three priorities we have as a public company.

讓我提醒你們一下，作為一家上市公司，我們有三個優先事項。

So the first one is being number one in active traders.

因此，第一個目標是成為活躍交易者中的第一名。

Second one is being number one wallet share for the next generation and our long-term arc being the number one global financial ecosystem.

第二個目標是成為下一代第一的錢包份額，長期目標是成為全球第一的金融生態系統。

I'm really proud of the product velocity in 2024.

我對 2024 年的產品速度感到非常自豪。

So the team executed unbelievably well and there's a couple of things to point out.

因此，團隊的表現令人難以置信地出色，有幾點需要指出。

We began scaling the Robinhood Gold card.

我們開始擴大羅賓漢金卡的規模。

And Robinhood Gold card, it wasn't just a me-too credit card.

羅賓漢金卡不只是一張「我也有」的信用卡。

I think we did a nice job building a revolutionary credit card and it has both best in class rewards and user experience.

我認為我們在打造革命性的信用卡方面做得很好，它既具有一流的獎勵，又具有一流的用戶體驗。

Robinhood Legend, which we announced at the HOOD Summit event just a couple of months ago.

羅賓漢傳奇是我們幾個月前在 HOOD 峰會上宣布的。

Our first desktop platform built from the ground up just for active traders.

我們的第一個桌面平台專為活躍交易者從頭開始建立。

And I think what's been even more amazing than the initial launch is we not only rolled it out, but the team's been executing really well and adding new things on a weekly basis.

我認為比首次發布更令人驚奇的是，我們不僅推出了它，而且團隊的執行情況非常好，每週都在添加新的東西。

It's been energizing to see the customer feedback and to see the team respond to that.

看到客戶的回饋並看到團隊的回應令人振奮。

New things are landing, new indicators, new features pretty much every week.

幾乎每週都會有新事物、新指標、新功能出現。

And as a result -- I should mention one other exciting thing.

因此——我應該提到另一件令人興奮的事情。

We added a whole new derivatives business.

我們增加了全新的衍生性商品業務。

So Robinhood Derivatives launched also last year at the HOOD Summit and we're offering both futures outrights and event contracts, which is an innovative new asset class that our customers are super excited about.

因此，Robinhood Derivatives 也在去年的 HOOD 高峰會上推出，我們同時提供期貨直接交易和事件合約，這是一個創新的新資產類別，我們的客戶對此感到非常興奮。

So we're excited to do more there.

因此我們很高興能在那裡做更多的事情。

As a result of this product velocity, we saw fantastic business results.

由於這種產品速度，我們看到了出色的業務成果。

I mentioned the $1 billion in revenue quarter, $3 billion for the full year, which, by the way, up 58% from 2023 almost and 2x from two years ago.

我提到了本季收入 10 億美元，全年收入 30 億美元，順便說一句，這比 2023 年增長了近 58%，比兩年前增長了 2 倍。

And some of the things we track on a more input oriented basis.

有些事情我們會更加重視投入追蹤。

Market share, up 30% year over year both for equities and options.

股票和選擇權的市佔率年增30%。

Record net deposits of over $50 billion, which is over a nearly 50% growth rate, multiples of what traditional brokerages are seeing.

淨存款創紀錄超過 500 億美元，成長率接近 50%，是傳統經紀公司的數倍。

And Gold subscribers also had a banner year, up to a record of 2.6 million, which is 80% growth year over year.

黃金訂閱用戶數量也取得了豐碩的成果，達到創紀錄的 260 萬，年增 80%。

And now we're at over 10% attach rate if you look at the overall customer base, over 10% Gold attach rate.

現在，如果看一下整體客戶群，我們的附加率已超過 10%，黃金附加率也超過 10%。

And we've continued to see strength actually through 2025.

事實上，到 2025 年，我們仍將持續看到其強勁勢頭。

We're closing in on 3 million Gold subscribers.

我們的黃金訂閱用戶數量即將達到 300 萬。

And perhaps the thing that I'm most excited by is if you look at the net new customer funded accounts in Q4, of those new customers that joined Robinhood in Q4, over 30% have adopted Gold.

也許最讓我興奮的是，如果您看看第四季度的淨新客戶資助帳戶，您會發現在第四季度加入 Robinhood 的新客戶中，超過 30％ 採用了黃金。

So that 10% attach rate increases to well north of 30% if you look at new customers.

因此，如果您考慮新客戶，那麼 10% 的附加率將上升至 30% 以上。

So the team's been really executing well and there's more to do, but we're proud of the progress we've made there.

所以團隊的表現確實很好，而且還有更多的事情要做，但我們對所取得的進展感到自豪。

There's going to be three events in 2025, three new product events.

2025 年將會舉辦三場活動，三場新產品活動。

And the agendas are already packed.

議程已經排得滿滿的。

So we're very excited for them.

因此我們為他們感到非常興奮。

Gold event is coming up in March in San Francisco.

黃金活動將於三月在舊金山舉行。

We're going to be launching a bunch of new products and features, for the Gold program, including Advisory, which we've been working on.

我們將為黃金計劃推出一系列新產品和新功能，其中包括我們一直致力於的諮詢服務。

And I think you guys are going to like what you see there.

我想你們會喜歡那裡所看到的東西。

Our first crypto event in June, which will be in France.

我們的首場加密活動將於 6 月在法國舉行。

And then of course, HOOD Summit, our active trader event.

當然還有我們的活躍交易者活動 HOOD 高峰會。

Got great feedback.

得到了很好的回饋。

We're going to bring that back and that'll be later this year.

我們將在今年晚些時候將其恢復。

So I'll talk a little bit about what you can expect in 2025, but first, let me turn it over to Jason for business and finance results.

因此，我將稍微談談您對 2025 年的期望，但首先，讓我將業務和財務結果交給 Jason。

Thanks, Vlad.

謝謝，弗拉德。

Q4 was a record setting quarter, and 2024, a record setting year.

第四季是創紀錄的一個季度，2024 年是創紀錄的一年。

In both, we reached new highs for many of our financial measures and KPIs, including assets under custody, net deposits, Gold subscribers, revenues, adjusted EBITDA, and earnings per share.

在這兩方面，我們的許多財務指標和關鍵績效指標都創下了新高，包括託管資產、淨存款、黃金用戶、收入、調整後 EBITDA 和每股盈餘。

Here's some of the full year 2024 highlights.

以下是 2024 年全年的一些亮點。

Revenues up 58% to nearly $3 billion.

營收成長58%，達到近30億美元。

Adjusted EBITDA, up over 160% to $1.4 billion, and adjusted EBITDA margin grew to 48%.

調整後 EBITDA 成長超過 160%，達到 14 億美元，調整後 EBITDA 利潤率成長至 48%。

This really shows the operating leverage in our business with over 80% of top line growth dropping to the bottom line.

這確實顯示了我們業務中的經營槓桿，超過 80% 的營收成長都落到了利潤上。

And in our first full year of positive net income, earnings per share was $1.56. We've built strong momentum entering 2025 and we're staying focused on delivering another year of profitable growth.

在我們實現淨收入的第一個完整年度，每股收益為 1.56 美元。我們已經建立了強勁的勢頭，邁入 2025 年，我們將繼續專注於實現另一年的獲利成長。

So let's talk a bit about Q4.

那我們來談談 Q4。

Revenues more than doubled year over year to $1 billion driven by strong revenue growth -- strong growth across the board, including transaction volumes, interest earning assets, securities lending, and Gold subscriptions.

營收年增一倍以上，達到 10 億美元，這得益於強勁的收入成長——全面強勁成長，包括交易量、生息資產、證券借貸和黃金訂閱。

And like you said, Vlad, Robinhood Gold subscribers are closing in on 3 million, driving annualized Gold subscription revenue higher to now above $170 million.

正如您所說，弗拉德，羅賓漢黃金訂閱用戶數量已接近 300 萬，推動年化黃金訂閱收入上升至 1.7 億美元以上。

We also stayed disciplined on expenses in Q4.

我們在第四季也嚴格控制開支。

This brought full year adjusted OpEx and SBC to $1.94 billion, up 7% year over year and within our original outlook.

這使得全年調整後的營運支出和 SBC 達到 19.4 億美元，比去年同期成長 7%，並且符合我們最初的預期。

You may recall a couple of years ago, we set a goal to bring share-based compensation as a percentage of revenue into the zone of 10%, down from higher levels in the past.

您可能還記得，幾年前，我們設定了一個目標，將股權激勵佔收入的百分比從過去的較高水準降至 10% 左右。

So it feels really great.

感覺真的很棒。

We achieved that milestone in 2024 and we're staying focused on managing this even lower over time.

我們在 2024 年實現了這一里程碑，並且我們將繼續致力於隨著時間的推移將這一數字進一步降低。

And as you saw, we had a large tax benefit in Q4.

正如您所看到的，我們在第四季度獲得了巨額稅收優惠。

Given our recent strong performance and forecast of continued profits, we released most of our valuation allowance.

鑑於我們近期的強勁業績及持續獲利的預測，我們釋放了大部分估值準備金。

We now expect our long term tax rate to be more normalized in the mid 20% zone before any quarterly items.

我們現在預計，在任何季度項目之前，我們的長期稅率將更加正常化在 20% 中間區域。

Now as we look to 2025, we want to keep investing for profitable growth while driving efficiency.

展望2025年，我們希望在提高效率的同時繼續投資以實現獲利成長。

So for revenues, we're planning on another year of double-digit growth driven by product innovation, market share gains, and expanding into new markets.

因此就收入而言，我們計劃在產品創新、市場份額增加和新市場擴張的推動下，再過一年實現兩位數的成長。

And on expenses, we'll keep managing our existing businesses to low single digit growth or even lower and then make focused investments for growth for both new products on our roadmap and increasing marketing by another $100 million or so this year.

在費用方面，我們將繼續管理現有業務，使其保持低個位數增長甚至更低，然後重點投資於我們路線圖中的新產品的增長，並在今年再增加 1 億美元左右的營銷費用。

And we're keeping our hands on the wheel as we monitor the environment and evaluate potential investment opportunities.

我們將繼續密切關注環境並評估潛在的投資機會。

So our outlook for adjusted OpEX and SBC is a range of $2.0 billion to $2.1 billion.

因此，我們對調整後的 OpEX 和 SBC 的預期範圍是 20 億美元至 21 億美元。

Now it's important to note that this does not include provisions for credit losses, any large regulatory charges or anything related to our acquisitions of TradePMR or Bitstamp.

現在值得注意的是，這不包括信用損失準備金、任何大額監管費用或與我們收購 TradePMR 或 Bitstamp 相關的任何費用。

And the midpoint of our outlook range is up about 10% from 2024.

我們的預期中點比 2024 年上漲了約 10%。

As for provisions for credit losses, these have been in the zone of about $20 million for the past couple of quarters, and we expect they'll gradually increase over time from here.

至於信貸損失準備金，過去幾季一直維持在 2,000 萬美元左右，我們預計今後這一數字將隨著時間的推移逐漸增加。

As you know, this will really depend on balancing how quickly we on board more customers and the underwriting risk which we continue to manage closely.

如您所知，這實際上取決於平衡我們接納更多客戶的速度與我們繼續密切管理的承保風險。

There's a couple other areas I'd like to highlight.

我還想強調一下其他幾個面向。

First, we're now more than a quarter of the way through our $1 billion share buyback program, and we're on track for a two to three year total timeline.

首先，我們的 10 億美元股票回購計畫目前已完成四分之一以上，並且預計總時間表將持續兩到三年。

As a result of repurchases and other actions that we've taken over the past couple of years, we anticipate our diluted share count will be roughly flat in 2025.

由於我們在過去幾年採取的回購和其他行動，我們預計 2025 年的稀釋股數將基本持平。

This means shareholders will benefit even more as we grow earnings and free cash flow over time.

這意味著隨著我們的獲利和自由現金流逐漸增加，股東將受益更多。

Second, we have a strong momentum to start the year.

第二，新年伊始，我們勢頭強勁。

In January, net deposits were our second highest month ever.

一月份，我們的淨存款創歷史第二高。

And equities, options, and crypto trading volumes were all up double to triple digit growth rates from a year ago.

與一年前相比，股票、選擇權和加密貨幣的交易量都實現了兩位數到三位數的成長率。

In fact, January option volumes were an all-time high.

事實上，一月選擇權交易量創下了歷史新高。

It's also great to see January margin balances crossed $8 billion, doubling in the eight months since we moved to industry-leading pricing.

我們也很高興看到 1 月份保證金餘額超過 80 億美元，自我們轉向行業領先定價以來的 8 個月內翻了一番。

And while it's early, we love the progress we're seeing with new products that we launched in the past few months.

雖然還處於早期階段，但我們對過去幾個月推出的新產品所取得的進展感到滿意。

For example, looking at annualized trading revenue, Legend is now up to $50 million and index options are up to $15 million and both are showing nice incrementality and strong week over week growth rates.

例如，從年化交易收入來看，Legend 目前已高達 5,000 萬美元，而指數選擇權則高達 1,500 萬美元，兩者都顯示出良好的增量和強勁的周環比增長率。

So we feel great about our business and financial results and remain focused on driving another year of profitable growth in 2025.

因此，我們對我們的業務和財務業績感到非常滿意，並將繼續專注於在 2025 年實現另一年的獲利成長。

We're continuing to work to maximize earnings per share and free cash flow per share over time.

我們將繼續努力實現每股盈餘和每股自由現金流的最大化。

Back to you, Vlad.

回到你身邊，弗拉德。

It's really amazing to see how quickly Legend has become a $50 million business.

聯想集團能夠如此迅速地發展成為一家價值 5,000 萬美元的公司，實在令人驚嘆。

I mean that product launched and rolled out about two months ago.

我的意思是該產品大約兩個月前推出並投入使用。

So index options too at $15 million, incredibly strong.

因此指數選擇權的價值也達到了 1500 萬美元，非常強勁。

Many of you joined us for Investor Day just in December in New York where we outlined the long-term strategy.

去年 12 月，許多人參加了在紐約舉行的投資者日，我們在會議上概述了長期策略。

So in a nutshell, we believe there are multiple ways to grow Robinhood 10x over the next 10 years.

簡而言之，我們相信未來 10 年內有許多方法可以讓 Robinhood 成長 10 倍。

And it's an ambitious plan, but we believe we have the right team, the right talent, and the right culture to deliver upon that.

這是一個雄心勃勃的計劃，但我們相信我們擁有合適的團隊、合適的人才和合適的文化來實現這一計劃。

So let me tell you a little bit about what you can expect throughout 2025.

那麼，讓我告訴你一些 2025 年可以期待的事情。

So on the active trader front, we're going to keep pushing to make Legend the best platform for active traders on the market today.

因此，在活躍交易者方面，我們將繼續努力使 Legend 成為當今市場上活躍交易者的最佳平台。

Our active traders should feel like they would be at a disadvantage using any other platform.

我們的活躍交易者應該感覺使用任何其他平台都會處於劣勢。

We're also going to continue to add selection and a comprehensive platform for event contracts is top of mind.

我們也將繼續增加選擇，並將綜合的活動合約平台放在首位。

It's a new innovative asset class.

這是一種新的創新資產類別。

Robinhood's going to be front and center in leading the way, offering that to customers.

Robinhood 將站在最前沿，為客戶提供這項服務。

On the share of wallet front, we're going to grow the Robinhood Gold card from about 100,000 cardholders today to multiples of that size.

在錢包份額方面，我們將把羅賓漢金卡的持卡人數從目前的約10萬增加到該規模的數倍。

And that's very exciting.

這非常令人興奮。

You'll hear more about that and a bunch more Gold products for our members at our Gold event in March.

您將在我們三月份的黃金活動中了解更多有關該活動的資訊以及我們為會員提供的更多黃金產品。

And for global financial ecosystem, our 10 year arc.

對於全球金融生態系統，我們有一個 10 年的弧線。

There's actually a lot that we're going to get done this year.

事實上，今年我們要做很多事。

So maybe I'll go a little bit deeper here.

因此我或許可以在這裡更深入地探討一下。

So one, more selection of crypto tokens.

因此，加密代幣的選擇更多。

So in the existing app, the Robinhood main app, we're going to keep adding and we're going to continue to accelerate.

因此，在現有的應用程序，即 Robinhood 主應用程式中，我們將繼續添加功能，並將繼續加速。

In fact, we've added seven new assets since the election.

事實上，自選舉以來我們已經增加了七項新資產。

And as we continue to get more and more regulatory clarity, you should expect to see that continue and accelerate.

隨著我們不斷獲得越來越明確的監管規定，你應該會看到這一趨勢將持續並加速。

We're also investing in the Robinhood wallet, which is a separate app and it's our non-custodial crypto wallet.

我們還投資了 Robinhood 錢包，這是一個獨立的應用程序，也是我們的非託管加密錢包。

And that's the gateway to thousands of additional coins for our customers.

這也為我們的客戶帶來了數千枚額外硬幣的大門。

We've seen a lot of good signs, increased engagement, increased usage, and we're going to keep making it better and better.

我們已經看到了很多好的跡象，參與度增加了，使用率增加了，我們將繼續努力使它變得越來越好。

And then we have Bitstamp.

然後我們有了Bitstamp。

So as we integrate Bitstamp, it both, allows us access to the exchange market, which is an institutional market, and we really see an opportunity there to drive the same sort of Robinhood effect that we've brought to retail to the institutional space with crypto.

因此，當我們整合 Bitstamp 時，它既允許我們進入交易所市場（這是一個機構市場），也讓我們真正看到了一個機會，可以透過加密貨幣將我們帶給零售業和機構領域的那種羅賓漢效應推向市場。

It also allows us to tap into Bitstamp's global reach where they're live in 50 plus countries.

它還使我們能夠利用 Bitstamp 的全球影響力，其業務覆蓋 50 多個國家。

And so you should expect that to continue to accelerate this year.

所以你應該預期今年這股趨勢會持續加速。

But what I'm perhaps most excited about is tokenization.

但最讓我興奮的可能是標記化。

So I think Robinhood is uniquely positioned at the intersection of traditional finance in DeFi.

所以我認為 Robinhood 在 DeFi 與傳統金融的交會處有著獨特的地位。

We're one of the few players that has scale both in traditional financial assets and cryptocurrencies.

我們是少數在傳統金融資產和加密貨幣領域都具有規模的參與者之一。

And what that means for us is bringing real assets onto crypto technology.

對我們來說，這意味著將真實資產帶入加密技術。

And giving people access to real world productive assets using crypto rails where they benefit from the liquidity and the other advantages of that technology.

並讓人們能夠利用加密軌道來存取現實世界的生產資產，從而受益於流動性和該技術的其他優勢。

And what that means is equities, private investments and more should be brought onto crypto technology to really unleash the true power of the crypto revolution.

這意味著股票、私人投資等應該引入加密技術，以真正釋放加密革命的真正力量。

I talk a lot more about this in my op-ed in The Washington Post.

我在《華盛頓郵報》的專欄文章中詳細談論了這一點。

So I encourage you guys to check that out.

所以我鼓勵你們檢查一下。

And I think we can make a lot of progress on that, not just globally outside the US, but even in the US as well.

我認為我們可以在這方面取得很大進展，不僅在美國以外的全球範圍內，甚至在美國國內也是如此。

So with that, just close by saying, teams have been working incredibly hard.

因此，最後我想說的是，各團隊一直都非常努力地工作。

The roadmap is full.

路線圖已滿。

There's so much to do, and let's open it up to questions.

有很多事情要做，讓我們來回答問題。

Thanks, Vlad.

謝謝，弗拉德。

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

在問答環節，我們將首先回答 Say Technologies 提出的按投票數排序的前幾個股東問題。

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

我們忽略了在本次電話會議或前幾季已經討論過的問題，而是將具有共同主題的問題歸為一類。

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

回答完 Say 問題後，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.

因此我將從 Say 的第一個問題開始。

First question is from Ali D, who asks, when will the Gold credit card be available to a broader audience?

第一個問題來自 Ali D，他問什麼時候金卡信用卡才能向更廣泛的受眾開放？

Vlad?

弗拉德？

Thanks, Ali.

謝謝，阿里。

Very soon.

很快。

So thank you, by the way, to all the customers who have expressed interest and continue to express interest in the Gold card.

順便說一句，感謝所有對金卡表示興趣並繼續感興趣的客戶。

The demand for the card has been extreme, and I think that's really been driven by the product experience.

對該卡的需求一直非常強烈，我認為這實際上是由產品體驗驅動的。

So it's not just offering customers great rewards with 3% cash back, but the virtual cards, and the digital features have gotten really amazing reviews.

因此，它不僅為客戶提供 3% 現金回饋的豐厚獎勵，而且虛擬卡和數位功能也獲得了令人驚嘆的評價。

And we hear from customers every day how much they love it and how they can't believe that other credit cards don't have these features.

我們每天都會聽到客戶說他們非常喜歡這張卡，並且不敢相信其他信用卡沒有這些功能。

So today, we have a little over 100,000 cardholders.

今天，我們的持卡人數量略多於10萬。

We're working to roughly double that number in the next few months.

我們正努力在接下來的幾個月內將這個數字增加一倍左右。

And that's going to be on the way to growing that multiples of the 100,000 level this year.

今年，這一數字將會成長至 10 萬的倍數。

So we'd love to move even faster here.

因此，我們希望能夠加快腳步。

But this is about the speed at which successful credit card programs in recent years have rolled out.

但這就是近年來成功的信用卡計畫推出的速度。

And I think it's just important to balance the speed of roll out and satisfying the demand with being incredibly prudent regarding the spending and borrowing activity.

我認為，在推出速度和滿足需求與對支出和借貸活動保持謹慎之間取得平衡非常重要。

Jason, do you want to add anything to that?

傑森，你還有什麼要補充嗎？

Yeah.

是的。

I'll just say, Vlad, you and I have both heard Ravi, who runs credit at Robinhood several times, say how important it is that we be cautious in the short term so that we can be ambitious in the long term.

我只想說，弗拉德，你和我都聽過拉維（他曾多次負責羅賓漢的信貸業務）說過，短期內謹慎行事對於實現長期雄心壯志至關重要。

And I think we're striking the right balance, but obviously, we want to move as quickly as possible for customers.

我認為我們正在取得正確的平衡，但顯然，我們希望盡快為客戶提供服務。

Yeah.

是的。

The rollout's increasing.

推廣力度不斷加大。

So hopefully, you'll get one soon.

所以希望你很快就能收到。

Thank you, both.

謝謝你們兩位。

Our next question comes from Alex B, who asks, will Robinhood offer the ability to do deeper analysis on individual stocks within the app?

我們的下一個問題來自 Alex B，他問 Robinhood 是否提供在應用程式內對個股進行更深入分析的功能？

Will it have charts for financial data over time, such as revenue, net income, et cetera and have a feature to compare metrics versus other companies?

它是否會有隨時間變化的財務數據圖表，如收入、淨收入等，並具有與其他公司進行比較的功能？

Yeah.

是的。

Thank you.

謝謝。

I recognize that Alex B. Congrats on having the two of the top three voted questions.

我承認 Alex B. 恭喜你獲得了獲得最多投票的前三名問題中的兩個。

In short, yes.

簡而言之，是的。

So one of our goals is for Robinhood to have the very best information, research, and tools in app.

因此，我們的目標之一是讓 Robinhood 在應用程式中擁有最好的資訊、研究和工具。

I think we started out offering the best service for you to actually place the transaction, and over time we've been moving more upstream.

我認為我們一開始就為您提供最好的服務，以便您實際進行交易，並且隨著時間的推移，我們一直在向上游發展。

And the goal is to not just be the best place to complete the transaction, but also the best place to do your research and to generate ideas.

我們的目標不僅是成為完成交易的最佳場所，而且成為進行研究和產生想法的最佳場所。

And over the past year, we've really been focusing on furthering that across the charting and the technical analysis experience across the product.

在過去的一年裡，我們一直致力於進一步提升整個產品的圖表和技術分析體驗。

You've seen that with Robinhood Legend which, as we mentioned earlier, is already up to a $50 million annualized revenue rate just after a few months.

你已經看到了 Robinhood Legend 的情況，正如我們之前提到的，短短幾個月後，其年化收益率就已經達到 5000 萬美元。

So we've been focusing on making the charting experience really, really good.

因此，我們一直致力於讓圖表繪製體驗變得非常好。

Customers are now asking us to bring that into mobile.

客戶現在要求我們將其引入行動領域。

And the team's continuing to execute, constantly shipping new features.

且團隊持續執行，不斷推出新功能。

But there's more to do.

但還有很多事情要做。

You mentioned fundamental analysis and some of these more fundamental indicators.

您提到了基本面分析和一些更基本的指標。

Those are on the list as well.

這些也在名單上。

There's plenty more to do and the team is on it.

還有很多事情要做，團隊正在努力。

We're excited to share more later this year at HOOD Summit, which is our active trader event.

我們很高興能在今年稍後的 HOOD 高峰會上分享更多內容，這是我們的活躍交易者活動。

Thanks, Vlad.

謝謝，弗拉德。

And around outside of Q&A, we have another question from Alex B, who asks, will Robinhood offer loans such as microloans, auto loans, et cetera?

在問答環節之外，Alex B 還提出了另一個問題，他問 Robinhood 是否會提供小額貸款、汽車貸款等貸款？

So over the long term, the company will -- the company seeks and aims to fill all of our customers' financial needs.

因此從長遠來看，公司將尋求並致力於滿足所有客戶的財務需求。

So we want to be the place where you can buy, sell, or hold any financial asset and conduct any financial transaction.

因此，我們希望成為您可以購買、出售或持有任何金融資產並進行任何金融交易的地方。

And that's a big part of our second arc, which is being number one in wallet share for the next generation.

這是我們第二個弧線的重要組成部分，即成為下一代錢包份額的第一名。

So of course, lending needs are a big part of that.

因此，當然，貸款需求是其中很重要的一部分。

Customers need to -- customers have borrowing needs.

客戶需要－客戶有借貸需求。

And we're going to address that in a number of ways.

我們將透過多種方式解決這個問題。

So first, we've really been focusing on the margin product.

因此首先，我們一直關注保證金產品。

So we, a little bit under I guess a year ago, about six to seven months ago, we revamped our margin offering.

因此，我們大概在一年前，也就是六到七個月前修改了我們的保證金提供方式。

And we started offering industry leading rates.

我們開始提供業界領先的價格。

Since then, the margin book has more than doubled.

自此以後，保證金餘額已增加了一倍以上。

So we've really made tremendous progress there.

因此我們確實在那裡取得了巨大的進步。

Even after that doubling, we're -- we've got a long way to go to being competitive in terms of size with some of our incumbent competitors.

即使規模翻了一番，我們在規模方面與一些現有競爭對手相比還有很長的路要走。

So I think margin has a lot of room to run.

因此我認為保證金還有很大的上升空間。

We're going to continue to invest there.

我們將繼續在那裡投資。

On the credit card side, which, as well is a lending product, we've been making tremendous progress.

在信用卡方面（也是一種貸款產品），我們取得了巨大的進展。

That loan book's been growing as we get more and more customers on boarded.

隨著我們擁有越來越多的客戶，貸款餘額也不斷成長。

And as you guys know, we've got a lot more customers to go.

正如你們所知，我們還有更多的客戶需要接待。

So our focus is on nailing those two products, which obviously have a sizable lending component.

因此，我們的重點是確定這兩款產品，它們顯然具有相當大的貸款成分。

But if we do that, you should expect to see us cover the wide range of customer borrowing needs.

但如果我們這樣做了，你會看到我們能夠滿足廣泛的客戶借貸需求。

So I encourage you guys.

所以我鼓勵你們。

Once again, Robinhood Gold customer event in March is going to be exciting.

3月羅賓漢黃金客戶活動又要精彩了。

Thanks, Vlad.

謝謝，弗拉德。

That concludes our shareholder questions from Say Technologies.

這就是我們向 Say Technologies 股東提出的問題。

We appreciate our shareholders taking time to ask these questions of 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。

Now we will open the call to Q&A.

現在我們開始問答環節。

(Event Instructions)

(活動須知)

Mike Cyprys, Morgan Stanley.

摩根士丹利的麥克‧賽普里斯 (Mike Cyprys)。

Congrats on the strong results here.

恭喜您取得的優異成績。

Great to see.

很高興看到。

So you guys outlined a ambitious goal here to be number one in wallet share for the next generation and to broaden out services beyond trading.

所以你們在這裡概述了一個雄心勃勃的目標，即在下一代錢包份額中名列第一，並拓展交易以外的服務。

Given the early success that you've had so far with retirement and the waitlist for credit card, can you just maybe talk about what hurdles you might face to achieve this ambitious goal?

鑑於您目前在退休和信用卡等候名單上所取得的早期成功，您能否談談在實現這一雄心勃勃的目標時可能面臨哪些障礙？

How you might overcome them and the progress you expect to make here in '25?

您如何克服這些困難，以及您希望在 25 年取得什麼進展？

Yeah.

是的。

I'll take that one, Mike.

我要這個，麥克。

Thanks for the question.

謝謝你的提問。

I think we have a huge opportunity.

我認為我們擁有巨大的機會。

The goal is over the long run to be the place where customers can buy, sell, or hold any financial asset or conduct any financial asset or conduct any financial transaction and to not get stuck with what worked for millennials, but also make sure that we're relevant as the financial home for the next generation.

從長遠來看，我們的目標是成為客戶可以購買、出售或持有任何金融資產或進行任何金融資產或進行任何金融交易的場所，並且不受千禧世代的束縛，同時也確保我們能夠成為下一代的金融家園。

Now, there's a couple of things that we have to continue to do.

現在，有幾件事我們必須繼續做。

Number one, this opportunity isn't one that we're alone in wanting to pursue.

首先，並不是只有我們一個人想要追求這個機會。

I think that everyone wants to be the home for their customers' financial needs.

我認為每個人都希望成為滿足客戶金融需求的平台。

And so it's going to involve us continuing to innovate, invest in technology, continue to pick the right products to focus on and make sure we're well-positioned relative to our competitors in the two big technological shifts that are going to transform the financial industry which are artificial intelligence and crypto technology.

因此，我們將持續創新，投資技術，繼續選擇正確的產品進行重點關注，並確保我們在即將改變金融業的兩大技術變革（人工智慧和加密技術）中相對於競爭對手佔據有利地位。

And I think we're well-positioned.

我認為我們已做好準備。

We've got the team, the culture, and the people to do this.

我們擁有完成這項工作的團隊、文化和人才。

So.

所以。

And you should see us accelerate more products, more features to further wallet share and put us in a position where I think relatively few companies are in to capture the $84 trillion plus in assets that are going to be flowing down to younger generations in the next few decades.

你應該會看到我們加速推出更多產品、更多功能，以進一步擴大錢包份額，並使我們處於一個我認為相對較少公司能夠佔據的有利位置，從而獲取未來幾十年將流向年輕一代的 84 萬億美元以上的資產。

(Event Instructions)

(活動須知)

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Great job as always.

一如既往的出色。

Epic results again.

再次取得史詩般的成果。

I have a quick question on sports contracts.

我有一個關於體育合約的簡單問題。

You mentioned it at the Analyst Day, picked our interest.

您在分析師日提到了這一點，引起了我們的興趣。

We did our own internal survey work which showed massive opportunity with a significant amount of your users also engaged in sports betting.

我們進行了內部調查，結果顯示，大量用戶也參與體育博彩，其中蘊含著巨大的機會。

You started it out.

你開始了。

It was shut down temporarily.

該設施已暫時關閉。

So can you maybe lay out some of the long term plans or medium term plans for this very important part of the universe?

那麼您能否為宇宙中這個非常重要的部分制定一些長期計劃或中期計劃呢？

Thanks, Dan.

謝謝，丹。

Yeah, I'll field that one.

是的，我會回答這個問題。

I think prediction markets are the future.

我認為預測市場就是未來。

I think they're the future not just as an active trading asset, but also news and information, and Robinhood's going to be right there, leading the way.

我認為它們不僅僅是一種活躍的交易資產，而且還是新聞和訊息，而 Robinhood 將會引領這一潮流。

I think we're going to continue to innovate.

我認為我們將繼續創新。

And you saw this last year when we launched the Presidential Election market.

去年我們推出總統選舉市場時你們就看到了這一點。

So we were one of the few platforms that offered the ability to trade the election.

因此，我們是少數提供選舉交易功能的平台之一。

And that was very successful for us.

這對我們來說非常成功。

We had over 0.5 billion contracts traded in right around a week leading up to the election.

在選舉前一周左右，我們的合約交易量超過 5 億份。

And so what you should expect from us is a comprehensive events platform that will give access to prediction markets across a wide variety of contracts later this year.

因此，您應該期待我們在今年稍後推出一個綜合的活動平台，該平台將允許訪問各種合約的預測市場。

So the team's been hard at work at that.

因此團隊一直在努力工作。

As with any new innovative asset class, we're pushing the boundaries here.

與任何新的創新資產類別一樣，我們正在突破界限。

And there's not regulatory clarity across all of it yet in particular sports which you mentioned.

而對於您提到的特定運動項目，目前監管規定尚不明確。

But we believe in it and we're going to be a leader.

但我們對此充滿信心，而且我們將成為領導者。

So you should expect us to not just offer it but continue to drive and push for regulatory clarity industrywide.

因此，您應該期望我們不僅提供它，而且還會繼續推動和促進整個行業的監管清晰度。

Thank you, Vlad.

謝謝你，弗拉德。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

I have a kind of a two parter, Vlad.

我有一種兩部分的感覺，弗拉德。

So don't get mad at me.

所以別生我的氣。

But at first -- both crypto offerings, first, in terms of Ethereum, you mentioned that the available tokens on the platform, you're going to accelerate the rollout of tokens as we get more regulatory clarity.

但首先 - 兩種加密貨幣產品，首先，就以太坊而言，您提到平台上可用的代幣，隨著我們獲得更明確的監管規定，您將加速代幣的推出。

Can you maybe just specify what you mean by regulatory clarity?

能否具體說明一下監管清晰度是什麼意思？

Are we waiting for comprehensive legislation or do you feel like there's going to be something else that can give you the green light to expand that offering?

我們是否正在等待全面的立法，或者您是否覺得還有其他因素可以為您擴大該服務開綠燈？

And then secondly, I noticed that you didn't mention staking, I think, in your remarks.

其次，我注意到您在評論中沒有提到質押。

Is that still something that you're looking into on the crypto front?

您在加密方面仍在研究這個嗎？

Yeah.

是的。

Absolutely.

絕對地。

I mean let me just say that we don't have any technological barriers to adding tokens, or services like staking.

我的意思是，我們在添加代幣或權益質押等服務方面沒有任何技術障礙。

They're live in the EU, for example, where we've been seeing great adoption.

例如，他們在歐盟生活，我們在那裡看到了廣泛的採用。

And we have the engineering and the infrastructure capability to add tokens remarkably quickly.

我們擁有工程和基礎設施能力，可以非常快速地添加代幣。

You guys might have seen that.

你們可能已經看到了。

We were able to list the Trump token very quickly while maintaining the rigor and the approach around Inauguration Day.

我們能夠非常迅速地列出川普代幣，同時保持就職日前後的嚴謹性和方法。

So yeah, more regulatory clarity is needed across multiple domains.

是的，多個領域需要更清楚的監管。

We have been adding more assets, but as I mentioned earlier, I think the real power of crypto technology is one, It's able to be applied to real world productive assets which would be under the securities regime.

我們一直在增加更多資產，但正如我之前提到的，我認為加密技術的真正力量在於它能夠應用於證券制度下的現實世界生產性資產。

So we still need a comprehensive set of rules and regulations for listing crypto asset securities.

因此，我們仍然需要一套全面的加密資產證券上市規則和法規。

That will allow us to tokenize private companies as well as public securities.

這將使我們能夠對私人公司和公共證券進行標記。

And that's one of those things that we're going to be continuing to to work on both overseas and in the US.

這是我們將繼續在海外和美國努力的事情之一。

A couple of things that I would just add in terms of clarity that would be helpful, particularly for coins.

為了澄清問題，我想補充幾點，這些可能會很有幫助，特別是對於硬幣而言。

That have the characteristics of a security, I think it would be helpful to get additional guidance on being able to safely list those coins.

由於這些代幣具有證券的特徵，我認為獲得有關如何安全地列出這些代幣的額外指導將會很有幫助。

And I know the SEC has had remarks recently suggesting that they're looking at that.

我知道美國證券交易委員會最近表示正在關注此事。

And I think that there's also a need for additional clarity on staking as well.

我認為還需要對權益問題有更清楚的說明。

And again, it's encouraging to see the improved backdrop.

再次看到背景的改善是令人鼓舞的。

The administration appears very supportive of innovation in the crypto space which I think is going to be great for customers as well as great for the companies like Robinhood that are competing in this space.

政府似乎非常支持加密領域的創新，我認為這對客戶和像 Robinhood 這樣在該領域競爭的公司來說都是有益的。

Thank you both, Vlad and Jason.

謝謝你們，Vlad 和 Jason。

Tannor, Futurenvesting.

坦諾（Tannor），未來投資。

I just wanted to say you guys have some of the best pricing for crypto on the market for retail, and yet even then your take rate is essentially going up quite substantially.

我只是想說，你們對加密貨幣的定價在零售市場上是最優的，但即便如此，你們的收費率其實也大幅上升。

Can you give us some insight on your pricing strategy and where you perceive the pricing will settle over time?

您能否向我們介紹一下您的定價策略以及您認為定價會隨著時間的推移而穩定下來？

Sure.

當然。

Thanks, Tannor.

謝謝，坦諾。

I'll start and Vlad, you can -- feel free to add in.

我先開始，然後 Vlad，你可以 — — 歡迎隨意加入。

If you go back far enough, our take rate was only 10 basis points, and it was just a starting point.

如果回顧得夠久遠，我們的利率只有 10 個基點，而這只是一個起點。

And since then, what you've seen is that we've been experimenting, over time, balancing, ensuring customers continue to get a great value proposition, but we balance that with shareholder returns.

從那時起，您所看到的是，我們一直在進行長期的實驗和平衡，確保客戶繼續獲得巨大的價值主張，但我們會將其與股東回報進行平衡。

And we have been experimenting and we have been giving customers a great price even as the take rate has increased.

我們一直在進行嘗試，儘管收費率上升，但我們仍為客戶提供非常優惠的價格。

I think it's up 9 basis points this quarter versus last quarter.

我認為本季比上一季上漲了 9 個基點。

We're not done experimenting.

我們的實驗還沒完成。

It doesn't mean that it's going to keep going up.

但這並不意味著它會持續上漲。

One of the areas that we're focused on is how to give more compelling pricing to the highest volume traders and so we'll be experimenting there as well.

我們關注的領域之一是如何為交易量最大的交易者提供更具吸引力的定價，因此我們也會在那裡進行實驗。

But when we think of take rates for crypto, when we look at January, take rates are pretty much in line with what we saw in Q4.

但是當我們考慮加密貨幣的接受率時，我們看一月份的接受率與我們在第四季度看到的接受率基本上一致。

Yeah.

是的。

And the only thing I would add is, one of the things we're pretty excited about is a feature called smart exchange routing that we rolled out just a couple of weeks ago.

我唯一想補充的是，我們非常興奮的一件事是我們幾週前推出的智慧交換路由功能。

And this was really preparing for when we integrate Bitstamp and we have an exchange business and also a part of the integration with Robinhood Legend, which is our active trader platform.

這實際上是為我們整合 Bitstamp 和交易業務做準備，也是為與 Robinhood Legend（我們的活躍交易者平台）整合做準備。

A lot of active traders on the crypto side want to engage directly with the order book.

許多加密貨幣方面的活躍交易者希望直接參與訂單簿。

So giving customers an option to route to exchange, see the exact exchange pricing and pay a fee on top of that rather than rebate I think is something that people have been requesting.

因此，為客戶提供一個兌換選項，查看確切的兌換價格並在此基礎上支付一定費用而不是回扣，我認為這是人們一直要求的。

So we're going to continue to work on that.

因此我們將繼續努力。

Early results are promising.

早期結果令人鼓舞。

And we want to give customers more options, while still maintaining industry-leading pricing across the board.

我們希望為客戶提供更多選擇，同時仍保持業界領先的定價。

Thanks, Vlad.

謝謝，弗拉德。

Thanks, Jason.

謝謝，傑森。

Steven Chubak, Wolfe Research.

Steven Chubak, Wolfe Research.

So wanted to double click into the crypto discussion and the evolving competitive landscape.

因此想雙擊進入加密討論和不斷變化的競爭格局。

So as you both noted, just given the strength of your crypto offering is enabling for you to grow meaningfully while still flexing some pricing power.

因此，正如你們兩位所指出的，只要考慮到你們加密產品的實力，你們就能實現有意義的成長，同時還能發揮一些定價權。

Like once we have regulatory clarity, how would you frame the incremental revenue opportunity from launching additional all coins and leaning into opportunities of just taking and lending?

例如，一旦我們有了明確的監管規定，您將如何建立從發行更多代幣以及依靠吸收和借貸機會所帶來的增量收入機會？

And I was wondering if you can also speak to the risks.

我想知道您是否也可以談談風險。

One of the questions we get quite often is how do you handicap the risk of larger competitors entering the space and potentially at more competitive price points?

我們經常被問到的一個問題是，如何避免更大的競爭對手進入該領域的風險，並且可能以更具競爭力的價格進入？

Yeah.

是的。

I'd maybe take the risk point first.

我或許會先承擔風險。

I think consistent with more competitors entering the space, I think it's right to assume that crypto is becoming more mainstream and more accepted.

我認為，隨著越來越多的競爭對手進入該領域，可以正確地假設加密貨幣正變得更加主流和被接受。

And I think we're beginning to see that.

我想我們已經開始看到這一點了。

You saw the strength of crypto in the quarter.

您在本季看到了加密貨幣的實力。

A lot more customers were trading crypto.

越來越多的客戶開始交易加密貨幣。

So while there may be more competition over time, I do expect that there'll be greater demand for crypto as well.

因此，雖然隨著時間的推移競爭可能會更加激烈，但我確實預期對加密貨幣的需求也會更大。

I'm sorry.

對不起。

The first part of the question you had for me?

您問我的問題的第一部分是什麼？

Yeah.

是的。

I mean maybe I would just add that what customers really love about trading crypto on Robinhood is that they not only have access to crypto but they can trade equities, options, now futures.

我的意思是，也許我只想補充一點，客戶真正喜歡在 Robinhood 上交易加密貨幣的原因是，他們不僅可以使用加密貨幣，還可以交易股票、選擇權、現在的期貨。

Soon, a comprehensive suite of event contracts all in one place.

很快，一整套活動合約將會集中在一個地方。

And so I think obviously, we see some opportunity from continuing to roll out the offering and we've invested a lot in the technology.

因此我認為，顯然我們看到了繼續推出該產品所帶來的一些機會，而且我們已經在該技術上投入了大量資金。

And tokenization once permissible in the US I think is going to be a huge opportunity that Robinhood is going to be front and center in.

我認為，一旦代幣化在美國被允許，這將是一個巨大的機遇，而 Robinhood 將成為其中的核心。

Thanks for the question.

謝謝你的提問。

Brian Bedell, Deutsche Bank.

德意志銀行的布萊恩‧貝德爾 (Brian Bedell)。

If I can bundle one question in here on the new initiative, the Legend platform, the index options, and also futures.

如果我可以在這裡提出一個關於新舉措、Legend 平台、指數選擇權以及期貨的問題。

Just in terms of the revenue that you quoted, how should we think about how that is pacing in terms of a growth rate?

就您引用的收入而言，我們應該如何看待其成長率？

I guess in other words, did you get a lot of tick up initially and then the growth rate slowed, or do you see that growth accelerating, and if you can comment on all three of those areas?

換句話說，您是否最初獲得了很多成長，然後成長率放緩，或者您是否看到成長正在加速，您是否可以對這三個領域發表評論？

You want to take that?

你想拿走那個嗎？

Sure.

當然。

I mean as we mentioned, Legend is now up to a $50 million annual revenue run rate.

正如我們所提到的，聯想現在的年收入已達到 5,000 萬美元。

Index options, $15 million.

指數選擇權，1500 萬美元。

Index options just recently rolled out to everyone.

指數選擇權最近剛向所有人推出。

And then futures, we've just started rolling out.

然後我們才剛開始推出期貨。

In terms of the growth rates, these are strong week over week growth rates.

從成長率來看，這些是強勁的周環比成長率。

We feel really good about that.

我們對此感到非常高興。

Stepping back, looking at the long term, I would say each of these represent pretty substantial portions of the overall market.

回顧一下，從長遠來看，我想說，上述每個領域都佔據了整個市場的相當大一部分。

And we're demonstrating, I think, an ability to take market share, and compete.

我認為，我們正在展示佔領市場份額和參與競爭的能力。

And so early signals are strong.

因此早期訊號很強。

The week over week growth rates are strong and we've got a really positive feedback from customers.

每週的成長率都很強勁，我們得到了客戶的正面回饋。

So where I'm sitting today, I'm really optimistic.

因此，就今天而言，我感到非常樂觀。

Yeah.

是的。

And I'd say these things are compounding upon one another.

我想說這些事情是相互疊加的。

So we rolled out index options on Robinhood Legend and that further accelerated the growth.

因此，我們在 Robinhood Legend 上推出了指數選擇權，這進一步加速了成長。

And we see continued opportunities that I think will be tailwinds.

我們看到了持續的機遇，我認為這些機會將成為順風。

Not only is it going to continue to penetrate the customer base, but I think we see more opportunities on the option side for Robinhood Legend.

它不僅將繼續滲透客戶群，而且我認為我們在 Robinhood Legend 的選擇權方面看到了更多的機會。

Our customers are really happy with the equities trading experience.

我們的客戶對於股票交易體驗非常滿意。

I think that's world class on Legend.

我認為這是世界級的傳奇。

And I think we see some more opportunity on options to make it even better.

我認為我們看到了更多選擇的機會，可以使情況變得更好。

Thanks for the question.

謝謝你的提問。

Thanks, Vlad and Jason.

謝謝，Vlad 和 Jason。

Devin Ryan, Citizens JMP.

德文·瑞安（Devin Ryan），公民 JMP。

And congratulations on the great end of the year and the business momentum.

並祝賀今年取得了圓滿的成績並取得了良好的業務發展勢頭。

I want to shift gears a little bit and dig in on the custody opportunity for advisors.

我想稍微改變一下主題，深入探討顧問的託管機會。

We're obviously now a few months removed from the TradePMR announcement.

顯然，現在距離 TradePMR 公告發布已有幾個月了。

I know you still need to close that deal, but it would be great to get any anecdotes on how that deal's been received in the market, what the feedback has been from those advisors, and whether you're seeing demand from other advisors in the market?

我知道您仍然需要完成這筆交易，但如果您能了解這筆交易在市場上的反應如何、這些顧問的反饋如何以及您是否看到市場上其他顧問的需求，那就太好了？

And just really kind of big picture, how you're planning to differentiate in the RIA custody market?

那麼從整體來看，您計劃如何在 RIA 託管市場中實現差異化？

Obviously, a massive TAM but just would love an update on that as well.

顯然，這是一個巨大的 TAM，但我也希望對此進行更新。

Yeah.

是的。

I'll field that one.

我會處理這個。

I think we see the advisory as an enormous opportunity, and we're going to tackle it very, very aggressively.

我認為我們將該諮詢視為一個巨大的機遇，我們將非常積極地應對它。

When we talk to advisors including TradePMR customers, I think by far, the number one thing that gets everyone very excited is access to the Robinhood customer base.

當我們與包括 TradePMR 客戶在內的顧問交談時，我認為到目前為止，讓所有人興奮的頭等大事就是能夠接觸到 Robinhood 客戶群。

I think what gets Robinhood customers excited is being able to talk to a human advisor.

我認為讓 Robinhood 客戶興奮的是能夠與人工顧問交談。

I think in particular, for customers that are a little bit older, closer to retirement, and have a lot of assets.

我認為特別是對於年齡稍大、接近退休並且擁有大量資產的客戶。

Being able to access a human advisor to help them with their financial needs is absolutely critical.

能夠獲得人力顧問的幫助來滿足他們的財務需求是絕對關鍵的。

So I think we can solve both problems.

所以我認為我們可以解決這兩個問題。

I think we can appeal to customers that may be a little bit older that have more comprehensive needs, and they love the digital experience of Robinhood, but would love a human advisor.

我認為我們可以吸引那些年齡稍大、有更全面需求的客戶，他們喜歡 Robinhood 的數位體驗，但也更喜歡人工顧問。

And for a lot of these advisors, including TradePMR customers, these guys are entrepreneurs.

對許多顧問（包括 TradePMR 客戶）來說，這些人都是創業家。

And they see an opportunity for Robinhood to help them tap into the 25 million customers in the US that are going to have their wealth growing tremendously over the next several decades, particularly as they inherit tens of trillions of dollars from older generations.

他們看到了 Robinhood 幫助他們挖掘美國 2500 萬客戶的機會，這些客戶的財富將在未來幾十年內大幅增長，特別是當他們從老一輩那裡繼承了數十萬億美元時。

So we see this as a big part of being the number one platform for wallet share for the next generation.

因此，我們認為這是成為下一代錢包份額第一的平台的重要組成部分。

And really being the first truly multi-generational platform.

這確實是第一個真正跨世代平台。

We think that our customers' parents should be using Robinhood, their children should be using Robinhood.

我們認為我們客戶的父母應該使用 Robinhood，他們的孩子也應該使用 Robinhood。

And nobody's really nailed that product experience for what investment management and financial services looks like for the entire family.

沒有人真正確定適合整個家庭的投資管理和金融服務的產品體驗是什麼樣的。

And I think not a lot are trying.

但我認為沒有多少人做出嘗試。

We're having some success.

我們取得了一些成功。

The initial roll out there will be of the credit card where it's actually a wonderful experience for the entire family.

最初推出的是信用卡，它實際上為整個家庭帶來了美妙的體驗。

And you should expect to see us bringing more of that into investment management and advisory.

您應該期待看到我們把更多的這種理念帶入投資管理和諮詢領域。

Thanks, Vlad.

謝謝，弗拉德。

Amit, amitisinvesting.

阿米特（Amit），amitisinvesting。

Never heard of him.

從來沒聽過他。

Congrats again on an incredible quarter.

再次恭喜您度過了一個令人難以置信的季度。

Last year, you all told investors that as rates come down, you can expect more trading volumes, and that thesis has basically played out.

去年，你們都告訴投資人，隨著利率下降，可以預期交易量會增加，這論點基本上已經得到證實。

I think right now, we're in kind of a Goldilocks zone where rates are strong enough for your net interest income to sustain itself, but not low enough to take away that income.

我認為現在我們處於一種“金髮姑娘區”，即利率足夠高以使你的淨利息收入能夠維持下去，但又不會低到奪走你的收入。

So is the guide for 2025 similar to rates coming down would lead to an increase in trading volumes, or is there a diversified view that investors should have on the impact of rates on the business?

那麼，2025 年的指南是否類似於利率下降會導致交易量增加，或者投資者應該對利率對業務的影響持多樣化的看法？

Yeah.

是的。

I'll go ahead and take that.

我會繼續接受它。

Thanks for the question.

謝謝你的提問。

So the comments I gave on revenue is that we expect another year of double digit revenue growth.

所以我對收入的評論是，我們預計今年的收入將再次實現兩位數的成長。

So the precision that we were providing on guidance was really around OpEx at $2 billion to $2.1 billion.

因此，我們提供的指導精度實際上是營運支出在 20 億美元到 21 億美元之間。

We are seeing that relationship, that natural hedge play out where rates go one direction and trading goes the other.

我們看到了這種關係，即自然對沖，利率朝一個方向發展，而交易則朝另一個方向發展。

And just looking at the print this morning and the updated expectations around rate cuts, I think there's still room for rates to come down this year.

從今天早上的印刷版和圍繞降息的最新預期來看，我認為今年利率仍有下行空間。

Maybe perhaps it's one cut or maybe two.

或許是一刀，或許是兩刀。

But I feel like our business is really designed to thrive regardless of the macro backdrop on interest rates.

但我覺得無論利率的宏觀背景如何，我們的業務確實能夠蓬勃發展。

And we've seen the pick up in trading.

我們已經看到交易量回升。

Rates have come down.

利率已下降。

We're still to your point, making strong, interest.

我們仍然對你的觀點非常感興趣。

And we've been diversifying our business, as I mentioned at Investor Day a couple of months ago.

正如我幾個月前的投資者日上提到的，我們一直在實現業務多元化。

We now have nine business areas with revenues over $100 million.

我們現在有九個業務領域，收入超過1億美元。

So we feel like we're really well-positioned, and it has been nice to see our thesis play out that there's a natural hedge in this business.

因此，我們覺得自己確實處於有利地位，而且很高興看到我們的論點得到證實，即這項業務中存在著一種自然的對沖。

And it's really been playing out and showcased in Q4.

這在第四季度確實得到了體現和展示。

Yeah.

是的。

I just want to add there, we're building a business that's intended to not be reliant on external factors for revenue.

我只想補充一點，我們正在建立一個不依賴外部因素來獲取收入的業務。

So that's why even with our yield products like the Gold sweep, the goal would be to operate with a certain margin and vary that with the rates.

因此，即使對於像黃金掃描這樣的收益產品，我們的目標也是以一定的利潤率運營，並根據利率進行變化。

But we want to be competitive and offer customers a great deal regardless of the rate environment and generate a small but healthy margin regardless of the environment as well.

但我們希望保持競爭力，無論利率環境如何，都為客戶提供優惠的價格，無論環境如何，都能獲得雖小但健康的利潤。

Same goes for margin on the other side.

另一側的保證金也同樣如此。

That'll become more compelling with rates going down.

隨著利率下降，這一點將變得更具吸引力。

But it's still going to be a great business for us that we think we can continue to grow market share very quickly in.

但對我們來說這仍然是一項偉大的業務，我們認為我們可以繼續快速擴大市場份額。

Thanks for the question.

謝謝你的提問。

Alex Markgraff, KeyBanc.

KeyBanc 的 Alex Markgraff。

Maybe just as we think about some of the growth drivers for '25, we'd be curious to get your thoughts on how you're thinking about the approach to deposit incentive offerings in '25.

也許就在我們思考'25 年的一些成長動力時，我們很想知道您對'25 年存款獎勵措施的看法。

I think it proved pretty successful in '24.

我認為它在 24 年取得了相當大的成功。

So any updated thinking there for '25 would be great.

因此，對於 '25 年的任何更新想法都是很好的。

And then Jason, if you could just clarify on the Legend revenue composite or the Legend revenue number of $50 million.

然後 Jason，你能否澄清一下聯想集團的營收組成或 5000 萬美元的營收數字？

Is that viewed as entirely incremental at this point?

目前這是否被視為完全漸進的？

Yeah.

是的。

I'll start with the incrementality.

我將從增量開始。

So the date is still pretty early, but we've seen enough to be confident that there's strong incrementality here on Legend.

因此，這個日期還為時過早，但我們已經看到足夠多的信息，有信心 Legend 將會有強勁的增量。

We're going to let it play out a little bit more before we provide additional clarity.

在提供更多澄清之前，我們會讓它進一步發展。

But it is nice to see.

但很高興看到。

We are seeing a very strong uptake on Legend from existing customers.

我們看到現有客戶對 Legend 的接受度非常高。

We're also seeing new customers.

我們也看到了新客戶。

And I think over time, there's going to be, particularly as we round out the product suite and the user experience, an opportunity to really grow incrementally with existing customers and bringing on more new customers.

我認為隨著時間的推移，特別是隨著我們完善產品套件和用戶體驗，我們將有機會與現有客戶一起真正逐步成長，並吸引更多的新客戶。

Vlad, do you want to take deposit incentives?

弗拉德，你想獲得存款獎勵嗎？

Yeah.

是的。

On the deposit incentives front, we've got one going right now for retirement.

在存款激勵方面，我們目前已推出一項針對退休的激勵措施。

That's going to be on incoming transfers and rollovers.

這將是關於傳入轉移和展期。

And that's very exciting.

這非常令人興奮。

Actually we've been seeing a lot of rollovers.

事實上，我們已經看到很多翻車事件。

The rollovers experience is much smoother than it was last year.

翻車體驗比去年順暢許多。

So there's been tremendous improvement there.

因此那裡已經有了巨大的進步。

We also are offering and experimenting with APY boost incentives on the Gold program and those are much more personalized.

我們也在黃金計畫中提供並試驗 APY 提升激勵措施，這些激勵措施更加個人化。

So I think the future is more personalization where we actually really lean into our strengths as a technology organization.

因此，我認為未來將更加個人化，我們實際上將真正發揮我們作為技術組織的優勢。

And yeah, we expect to continue to make great progress.

是的，我們希望繼續取得巨大進步。

I mean $50 billion in net deposits over 2024, was a big number, multiples of how fast incumbents are growing.

我的意思是，2024 年的淨存款將達到 500 億美元，這是一個很大的數字，是現有銀行成長速度的數倍。

And we see plenty more opportunity to grow our business.

我們看到了更多發展業務的機會。

Yeah.

是的。

And I would just add that we love the economics on these deposit matches.

我還要補充一點，我們喜歡這些存款匹配的經濟效益。

The payback periods and the overall economics are very attractive.

投資回收期和整體經濟效益非常有吸引力。

And growing assets is just great for business.

而資產的成長對企業來說是一件大好事。

So we'll keep that going.

因此我們會繼續這樣做。

Thank you both.

謝謝你們兩位。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

I was wondering if you could unpack a little bit more detail around your new Gold members.

我想知道您是否可以詳細介紹一下您的新金牌會員。

How many of them are net new to Robinhood?

其中有多少人是 Robinhood 的新用戶？

What's the sort of activity associated with -- the credit cards.

與信用卡相關的活動有哪些？

So how many of them are net new to Robinhood?

那麼其中有多少人是 Robinhood 的新用戶呢？

How many of them are new Gold members?

其中有多少人是新金牌會員？

And what sort of activities are you seeing sort of associated with the adoption of the card itself?

您認為與該卡的採用相關的活動有哪些？

Are you seeing bigger balances, stronger deposits?

您是否看到餘額越來越大，存款越來越強？

How should we think about that as sort of a additive to kind of your platform approach to the customer?

我們應該如何將其視為您平台為客戶提供的一種附加方法？

Yeah.

是的。

I mean first off, we're investing a lot in the Gold program.

首先，我們在黃金計劃上投入了大量資金。

You and I think you guys are seeing the fruits there.

您和我認為你們都看到了那裡的成果。

When someone becomes a Gold subscriber, they grow AUC, assets under custody, much more rapidly, net deposits more rapidly and they adopt our products at a much higher rate.

當某人成為黃金訂戶時，他們的 AUC（託管資產）成長更快，淨存款成長更快，而且他們採用我們產品的速度也更高。

So the journey is basically someone joins Robinhood, they became a Gold member relatively quickly.

因此，整個過程基本上就是有人加入羅賓漢，然後相對快速地成為黃金會員。

And then their rate of assets under custody, net deposit growth and multi-product adoption increases.

然後，他們的託管資產率、淨存款成長率和多產品採用率就會增加。

And so we've really made a ton of progress growing the attach rate, particularly early on in the customer's journey with Robinhood.

因此，我們確實在提高附加率方面取得了巨大進展，特別是在客戶使用 Robinhood 的早期階段。

I think we mentioned in Q4, out of the new net funded accounts to Robinhood, 30% -- north of 30% ended the quarter as Gold subscribers, which I think is just tremendous as an attach rate.

我們在第四季度提到過，在 Robinhood 新增的淨資助帳戶中，30% 到本季末超過 30% 為黃金訂閱者，我認為這是一個非常高的附加率。

And I think we can continue to work on that.

我認為我們可以繼續努力。

With the Gold card in particular, one of the really interesting things, and I think we're actually one of the few that are capable of measuring this, as an integrated platform, but we are seeing strong second order effects between users of the credit card and the core brokerage business, which I think validates our thesis that there's a Gold flywheel.

特別是金卡，這是真正有趣的事情之一，我認為我們實際上是少數能夠作為綜合平台衡量這一點的公司之一，但我們看到信用卡用戶和核心經紀業務之間存在強大的二階效應，我認為這驗證了我們的論點，即存在一個金卡飛輪。

And if we sort of like make each of the individual pieces better, the overall customer value to the Robinhood ecosystem benefits tremendously.

如果我們能讓每個部分都變得更好，那麼 Robinhood 生態系統的整體顧客價值將會大大提升。

And in terms of the cardholders, so we're a little over 100,000 cardholders at this point.

就持卡人而言，目前我們的持卡人數略多於 10 萬名。

We plan to increase that by several hundred thousand this year.

我們計劃今年將這個數字增加幾十萬。

In terms of the mix between kind of new customers or new to Gold customers, there's a healthy portion of our waitlist that are not currently Gold members.

就新客戶和新金牌客戶的比例而言，我們的候補名單中有很大一部分目前還不是金牌會員。

So we see that as a big opportunity.

因此我們認為這是一個巨大的機會。

Roy, Crossroads Investing.

羅伊（Roy），Crossroads Investing。

Tremendous quarter.

出色的季度。

I love seeing the roll out of options that's at the UK this week.

我很高興看到本周英國推出的一系列選擇。

And I'd really like to hear more about the international expansion, specifically if future international expansions are going to follow a similar roadmap as the UK launched starting with equities, building on products from there.

我真的很想聽到更多關於國際擴張的信息，特別是未來的國際擴張是否會遵循與英國類似的路線圖，從股票開始，然後再建立產品。

And then specific country products such as ISAs and SIPPs in the UK.

然後是特定國家的產品，例如英國的 ISA 和 SIPP。

And I'd also like to know if those are coming out later this year in the UK as well.

我還想知道這些是否也會在今年稍晚在英國推出。

Hey, Roy.

嘿，羅伊。

Short answer, yes.

簡短的回答是，是的。

Yeah, we're spending a lot of -- we're going to make a lot of progress internationally this year.

是的，我們投入了很多——今年我們將在國際上取得很大進展。

We were extremely happy with the options launch.

我們對於該選項的推出感到非常高興。

That makes us one of the few brokers that are offering options trading in the UK.

這使我們成為在英國提供選擇權交易的少數經紀商之一。

And the response to that from customers, maybe you saw on socials was quite positive.

您可能在社交媒體上看到客戶對此的反應非常積極。

So customers in the UK wanted it.

所以英國的顧客想要它。

We're happy to deliver.

我們非常樂意送貨。

And I think in the future, we're going to continue to round out the offering.

我認為未來我們會繼續完善我們的服務。

And the benefits of having an integrated platform with a single technology stack is as we continue to roll out things in the US, they'll accrue to international markets.

擁有一個採用單一技術堆疊的整合平台的好處是，隨著我們繼續在美國推出產品，它們將進入國際市場。

24 Hour Market is an example.

24 小時市場就是一個例子。

Now that we have futures, once we get regulatory clarity, we'll look to be offering that in the UK as well.

現在我們有了期貨，一旦我們獲得監管明確性，我們也會考慮在英國提供該服務。

And in the EU, the focus is again on rounding out the product suites as well.

在歐盟，焦點再次放在完善產品套件上。

And we're also looking ahead to other markets.

我們也在展望其他市場。

The goal is for Robinhood to be everywhere.

我們的目標是讓 Robinhood 無所不在。

Be anywhere where customers have smartphones, you should be able to open up a Robinhood account and benefit from our suite of best in class financial services.

無論客戶在哪裡擁有智慧型手機，您都可以開設 Robinhood 帳戶並享受我們一流的金融服務套件。

So you should expect us to not just round out the product suite in our current geos but expand from there and the team's been doing a nice job accelerating that.

因此，你應該期待我們不僅能在當前的地理位置完善產品套件，還能從那裡擴展，而且我們的團隊在加速這一進程方面做得很好。

And I think in terms of the sequence of products, if you look to the EU, we started with crypto and in the UK, we started with brokerage.

我認為就產品順序而言，如果你看看歐盟，我們是從加密貨幣開始的，而在英國，我們是從經紀業務開始的。

I don't think that there's necessarily a set playbook on what goes first.

我認為沒有必要製定一套劇本來規定先做什麼。

It's going to depend on the market that we enter.

這取決於我們進入的市場。

Yeah.

是的。

And I'll tell you, yeah, look out for that.

我會告訴你，是的，要注意這一點。

I think we've been talking a lot about the Gold event, but we're going to have our first crypto event, which is going to be in France around mid-year.

我想我們已經討論了很多關於黃金活動的事情，但我們將舉辦我們的第一次加密活動，該活動將於年中左右在法國舉行。

So we've got that agenda already packed.

所以我們已經安排好了議程。

Thanks, Vlad and Jason.

謝謝，Vlad 和 Jason。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

So I wanted to dig in a little bit deeper on the credit card.

所以我想更深入地了解信用卡。

You have balances, I think, both on and off balance sheet.

我認為，你既有表內餘額，也有表外餘額。

How do the economics work between on and off balance sheet and what happens with credit risk between those two buckets?

表內和表外之間的經濟機制是怎麼樣的？

Yeah.

是的。

So credit risk is very similar between the two.

因此兩者的信用風險非常相似。

We're holding -- the risk and the economics are also very similar as well.

我們認為風險和經濟狀況也非常相似。

And I think as we go forward, this is something that the team is evaluating and will be optimizing over time.

我認為，隨著我們不斷前進，團隊正在評估這一點，並將隨著時間的推移不斷優化。

Thank you, Jason.

謝謝你，傑森。

Thanks, Ken.

謝謝，肯。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Congrats on a great quarter.

恭喜您度過了一個美好的季度。

A question on the crypto side.

關於加密方面的一個問題。

Vlad, I remember you called out stablecoins pretty positively back in December and they've obviously grown a ton over the last few months.

弗拉德，我記得你在 12 月對穩定幣的評價非常積極，而且它們在過去幾個月裡顯然有了很大的增長。

Just wondering if there's more possibilities of kind of doing some direct product launches around stablecoins and monetizing that adoption a bit more.

只是想知道是否還有更多可能性，例如圍繞穩定幣直接推出一些產品，並將其採用進一步貨幣化。

Yeah.

是的。

Absolutely.

絕對地。

As you guys probably know, we entered into -- we have USDG that we partner with a few other great companies on the Global Dollar Network, which is going to be a stablecoin that passes back yield to holders, which we think is the future.

大家可能已經知道，我們與全球美元網路上的其他幾家優秀公司合作推出了 USDG，這將是一種將收益回饋給持有者的穩定幣，我們認為這是未來的趨勢。

I think many of the leading stablecoins don't have a great way to pass yield to holders.

我認為許多領先的穩定幣並沒有很好的方法將收益轉嫁給持有者。

And that makes them not ideal for holding dollars in that form.

這使得它們不適合以這種形式持有美元。

So you see a lot of use for transaction, moving money back and forth, but in terms of actually like holding dollars in stablecoin form, yield is an important piece.

因此，您會看到交易有很多用途，來回轉移資金，但就以穩定幣形式持有美元而言，收益是一個重要因素。

I should say that we see the power of that, of the stablecoin ourselves as a company.

我應該說，我們作為一家公司，看到了穩定幣的力量。

So I don't think it's just interesting for retail, but there's benefits to the technology and the 24 hour instant settlements for us as a business.

因此，我認為這不僅對零售業有吸引力，而且這項技術和 24 小時即時結算對我們企業也有好處。

And in particular, we're using stablecoin to power a lot of our weekend settlements now and we're using it increasingly.

特別是，我們現在使用穩定幣來支援許多週末結算，而且我們正在越來越多地使用它。

And I think Robinhood's going to be an early adopter of that, but we should expect that those benefits that we're seeing other companies will eventually come to realize.

我認為 Robinhood 將成為該技術的早期採用者，但我們應該預期其他公司最終也會實現我們所看到的這些好處。

And that'll be a tailwind for institutional stablecoin adoption industrywide.

這將成為整個產業採用穩定幣的順風。

So stay tuned.

敬請關注。

There's going to be a lot more on the dollar global network, and yeah, we're going to be investing in this space.

美元全球網路上將會有更多的內容，是的，我們將在這個領域進行投資。

It's great.

這很棒。

Thanks, Vlad.

謝謝，弗拉德。

Evan, Stock Market News.

埃文，《股市新聞》。

Congratulations to you guys on the quarter.

恭喜你們本季的出色表現。

We've talked about a lot of very different opportunities here, and I appreciate a good job passing $1 billion.

我們在這裡談論了很多非常不同的機會，我很欣賞能夠順利突破 10 億美元。

You talked about a lot of different opportunities here, crypto, active traders, international opportunities for different markets.

您在這裡談論了很多不同的機會，加密貨幣、活躍交易者、不同市場的國際機會。

How do you go about ranking these different opportunities maybe in both the scale of them and how immediate you might be deploying these finite resources?

您如何對這些不同的機會進行排名，可能是根據它們的規模，也可能是根據您部署這些有限資源的速度？

And do you guys think you need more people, more resources to go in and attack all these opportunities you guys see?

你們是否認為需要更多的人力、更多的資源去抓住你們所看到的所有這些機會？

Yeah.

是的。

Capital allocation is kind of the job, right?

資本配置也是一種工作，對吧？

Resource allocation and capital allocation is what we do.

資源配置和資本配置是我們所做的。

I'd say these are the three arcs of our business.

我想說這是我們業務的三個面向。

So if you look at being number one in active traders, that's the near term arc.

因此，如果您希望成為活躍交易者中的第一名，這就是短期目標。

So improvements that we make to the products and new features immediately or very, very quickly generate more revenue.

因此，我們對產品和新功能所做的改進會立即或非常迅速地產生更多收入。

And then you're seeing that with Robinhood Legend and index options where a handful of months after the launch, Legend is already at a $50 million annualized revenue rate, which is pretty amazing.

然後你會看到，Robinhood Legend 和指數期權在推出幾個月後，Legend 的年化收益率就已經達到了 5000 萬美元，這是相當驚人的。

And active traders were scaled.

並且活躍交易者被擴大規模。

New product enhancements immediately result in more revenue for the business, more business value.

新產品的增強會立即為企業帶來更多的收入，帶來更高的商業價值。

That gives us fuel to pursue our other two arcs, which are longer term.

這為我們追求另外兩個更長期的弧線提供了動力。

So I would think about it not as we're going to nail active traders, then we're going to be number one in wallet share and then 10 years from now, we'll start working on international.

因此我會這樣想，我們不會先鎖定活躍交易者，然後我們會成為錢包份額的第一，然後 10 年後我們才會開始致力於國際化。

We're pursuing these independently.

我們正在獨立追求這些目標。

They're going to build off of each other and the tool, the revenue and the resources we get from active traders, they're going to fuel expansion into bigger and broader markets.

他們將相互依存，並利用我們從活躍交易者那裡獲得的工具、收入和資源，推動我們向更大、更廣闊的市場擴張。

So I think it's exciting.

所以我認為這很令人興奮。

What's even more exciting, and I'm sure, Jason agrees with this, is being able to do all of this and execute while keeping OpEx growth to a minimum.

更令人興奮的是，我確信 Jason 也同意這一點，能夠做到這一切並執行，同時將營運支出成長保持在最低水準。

So keeping our hands on the wheel, as you would say.

正如你們所說，我們要繼續掌控方向盤。

And I think that just comes down to our embracive technology.

我認為這完全取決於我們擁抱的技術。

I think we've seen a lot of benefits from adopting AI technologies, becoming more efficient.

我認為，我們已經看到採用人工智慧技術帶來的諸多好處，變得更有效率。

We've seen that on the software engineering side, but really across the board.

我們已經在軟體工程方面看到了這一點，但實際上是在各個方面。

And I think there's more tailwinds there.

我認為那裡還有更多順風。

There's a lot more we can do, but we do believe we can continue to increase product velocity, roll out more features and grow while keeping OpEx growth in check.

我們還可以做很多事情，但我們確實相信我們可以繼續提高產品速度，推出更多功能並在控制營運支出成長的同時實現成長。

I think that's just -- from any good company leveraging AI you should expect to see that in the future.

我認為——對於任何利用人工智慧的優秀公司來說，你都應該期望在未來看到這一點。

Yeah.

是的。

And there's no shortage of ambitions to drive growth.

並且，推動成長的雄心壯志從未消退。

And we've been allocating headcount where necessary.

並且我們已經在必要時分配人員。

But you saw the tremendous growth that we drove in 2024, yet the OpEx did not go up that much, and that's not an accident.

但是您看到我們在 2024 年實現了巨大的成長，但營運成本並沒有增加那麼多，這並非偶然。

We have a very expense-light business model.

我們的商業模式花費非常少。

I've talked a lot in the past about how 90% of our OpEx is fixed cost, and that was really showcased this quarter in Q4 as over 80% of the incremental revenue dropped to the bottom line in terms of profit.

我過去曾多次談到我們的營運支出中有 90% 是固定成本，而這一點在本季度第四季度得到了充分體現，超過 80% 的增量收入以利潤的形式落到了底線。

But when we look around, we're not constraining the business from -- with resources.

但當我們環顧四周時，我們會發現我們並沒有用資源來限制業務。

We're really doing as much as we think we can prudently manage and roll out with a high quality product for customers.

我們確實在盡我們所能，審慎管理並為客戶推出高品質的產品。

Thanks, Jason.

謝謝，傑森。

Thanks, Vlad.

謝謝，弗拉德。

That concludes the Q&A portion of our call.

這就是我們電話會議的問答部分。

Before we end the stream, I'd like to give it back to Vlad for any closing remarks.

在我們結束直播之前，我想將直播交還給 Vlad，請他做結束語。

Vlad?

弗拉德？

Well, I'd like thank Jack.

好吧，我想感謝傑克。

I know we promised Chris in the flesh, but he was under the weather.

我知道我們曾經向克里斯承諾過，但是他身體不舒服。

Jack, I think he did a very, very nice job with that.

傑克，我認為他在這件事上做得非常非常好。

Yeah.

是的。

I think that I want to thank you guys.

我想我要感謝你們。

Hopefully, you enjoyed the new format, both retail analysts and institutional analysts, who've been along for the journey.

希望你們，包括一直參與這趟旅程的零售分析師和機構分析師，都喜歡這種新的形式。

It's been a strong quarter, but we're nowhere close to done.

這是一個強勁的季度，但我們還遠未完成。

This is going to be a big intense year for us, and I think the team is super energized that the opportunity ahead and delivery even more for our customers.

對我們來說，這將是緊張忙碌的一年，我認為團隊對未來的機會充滿了期待，並將為客戶提供更多服務。

Thank you.

謝謝。

Thanks, everyone.

謝謝大家。