Robinhood Markets Inc (HOOD) 2025 Q1 法說會逐字稿

Thank you to everyone for joining Robinhood's Q1 2025 earnings call. Joining today are Chair and CEO, Vlad Tenev; CFO, Jason Warnick; and VP of Corporate Finance and Investor Relations, Chris Koegel. (Operator Instructions)

感謝大家參加 Robinhood 2025 年第一季財報電話會議。今天參加會議的有董事長兼執行長 Vlad Tenev；財務長 Jason Warnick；以及企業財務與投資者關係副總裁 Chris Koegel。（操作員指示）

As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not 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.

提醒一下，今天的電話會議將包含前瞻性陳述。實際結果可能與我們目前的預期有重大差異，除非法律要求，否則我們可能不會提供更新。我們今天發布的新聞稿、收益報告和 SEC 文件中描述了可能導致差異的潛在風險因素，包括我們持續監控的監管發展，所有這些都可以在 investors.robinhood.com 上找到。

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vlad and Jason.

今天的討論還將包括非公認會計準則財務指標。我們認為最直接可比較的 GAAP 指標的對帳可以在收益報告中找到。下面，歡迎 Vlad 和 Jason。

All right. Hey, everyone. Great to speak with you again today. Thank you for joining us. This is our second live video earnings call. I think the last one, hopefully, was informative and entertaining, so we're happy to be with you again. If I had to sum up the quarter, what I'm most excited about is the incredible product velocity. And it was across our three focus areas, which if you remember, are building the number one platform for active traders, being number 1 in wallet share for the next generation and building the number 1 global financial ecosystem.

好的。嘿，大家好。很高興今天再次與您交談。感謝您加入我們。這是我們第二次視訊直播收益電話會議。我認為上一次的節目內容豐富且有趣，因此我們很高興再次與你們相聚。如果我必須總結本季的話，最讓我興奮的就是令人難以置信的產品速度。它涵蓋了我們的三個重點領域，如果你還記得的話，那就是為活躍交易者構建第一的平台，成為下一代錢包份額第一的平台，以及構建第一的全球金融生態系統。

So let's get into it in a little bit more detail. When I look at our active trader offering, it just keeps getting more disruptive. We launched futures and prediction markets in Q1, and futures are accelerating nicely. So about 4.5 million contracts traded in April alone, which is more than all of Q1. So Q1, which was a strong quarter, greatly was accelerated in April. And prediction markets have done over 1 billion contracts in the last six months. And we've recently started to increase the breadth of the contracts we offer. So we're still very much in the early stages there.

讓我們更詳細地討論一下。當我看到我們為活躍交易者提供的服務時，它變得越來越具有破壞性。我們在第一季推出了期貨和預測市場，期貨市場正在穩步發展。因此，光是 4 月就交易了約 450 萬份合約，超過了第一季的總交易量。因此，第一季是一個強勁的季度，四月份的成長速度大大加快。過去六個月，預測市場已達成超過 10 億份合約。我們最近開始擴大我們提供的合約範圍。因此我們仍處於早期階段。

On Robinhood Legend, which if you remember, we announced at HOOD Summit late last year and launched fully a few months after that, we've been making a lot of improvements. We've upgraded speed. We've brought in new asset classes like crypto and index options. We've added support for joint accounts, more indicators and charts and really more features being shipped on a weekly basis.

關於 Robinhood Legend，如果您還記得的話，我們在去年年底的 HOOD 峰會上宣布了這一消息，並在幾個月後全面推出，我們已經做了很多改進。我們已提升速度。我們引入了加密貨幣和指數選擇權等新的資產類別。我們增加了對聯名帳戶的支援、更多指標和圖表，並且每​​週都會發布更多功能。

So the team has just been executing incredibly quickly on making Robinhood Legend the best platform for active traders. And all of that has been driving strong incremental volume on the Legend platform. There's actually a lot more to come. The team is already spending a lot of time preparing for the second annual active trader event, which we'll be holding this fall.

因此，該團隊一直在以極快的速度執行任務，使 Robinhood Legend 成為活躍交易者的最佳平台。所有這些都推動了 Legend 平台銷量的強勁成長。事實上，還有很多事情要做。團隊已經花費大量時間為今年秋季舉辦的第二屆年度活躍交易者活動做準備。

We're also working to serve far more of our customers' assets. So at our last City of Gold event just this past March, we announced three new products: Robinhood Strategies, Robinhood Cortex, and of course, Robinhood Banking. Pretty awesome that Robinhood Strategies already has over 40,000 customers and over $100 million in assets. So that's gone off to a very rapid start.

我們也致力於為更多的客戶提供服務。因此，在去年 3 月舉行的上一次黃金之城活動中，我們宣布了三款新產品：Robinhood Strategies、Robinhood Cortex，當然還有 Robinhood Banking。令人驚訝的是，Robinhood Strategies 已經擁有超過 40,000 名客戶和超過 1 億美元的資產。所以這是一個非常迅速的開始。

Robinhood Gold. So when you look at the Gold Credit Card, we doubled the Gold cardholders to 200,000 just in the past few weeks. And we love what we're seeing. We know that there's a ton of excitement about getting the credit card from customers. We see it on social media and in the questions, and we're excited to accelerate the rollout from here. So already doubled and it's going to continue.

羅賓漢黃金。因此，當您查看金信用卡時，我們在過去幾週內將金卡持卡人數量增加了一倍，達到 200,000 人。我們喜歡我們所看到的一切。我們知道，顧客對於獲得信用卡感到非常興奮。我們在社交媒體和問題中看到了它，我們很高興從這裡加速推出它。所以已經翻倍了，而且還會繼續。

Retirement assets, they're now up to $16 billion, which is up about 20% just from the start of the year. And we closed the acquisition of TradePMR, which was bringing over $40 billion of platform assets to Robinhood. So a lot of progress on wallet share. And on global financial ecosystem, this is our 10-year arc, we continue to make the UK brokerage offering better and better, and we're working on launching in Asia. So excited about that.

退休資產現已達到 160 億美元，比年初成長了約 20%。我們完成了 TradePMR 的收購，這為 Robinhood 帶來了超過 400 億美元的平台資產。因此錢包份額取得了很大進展。在全球金融生態系統中，這是我們的 10 年歷程，我們將繼續使英國經紀服務變得越來越好，並且我們正在努力在亞洲推出該服務。我對此感到非常興奮。

Bitstamp acquisition, still on track to close midyear. And we're heads down getting things ready for the crypto event, which will be in France in two months. So we're very excited about that. There's going to be some new things unveiled.

Bitstamp 收購仍有望在年中完成。我們正在全力以赴為兩個月後在法國舉行的加密貨幣活動做準備。所以我們對此感到非常興奮。將會有一些新事物被揭曉。

And wrapping it all up. As a result of the strong product velocity, we saw strong business results as well. Revenue is up 50% year-over-year. Trading volumes all up double digits year-over-year, including a record quarter for options trading. Record net deposits as well, $18 billion of net deposits in the quarter. So I'm glad to see the strategy is working. Customers are not only trading more with us, but they're entrusting us with more of their assets.

並將其全部包起來。由於產品速度快，我們也看到了強勁的業務成果。營收年增50%。交易量年均成長兩位數，其中選擇權交易創下季度新高。淨存款也創歷史新高，本季淨存款為 180 億美元。所以我很高興看到這個策略正在發揮作用。客戶不僅與我們進行更多交易，還將更多資產委託給我們。

Gold subscribers nearly doubling year-over-year to 3.2 million as of the end of the quarter and actually now 3.3 million in April. And that's a 12% plus adoption rate overall. But if you look at new customers who joined Robinhood in Q1, about won in 3 became Gold subscribers relatively quickly. And we look on international, that's continuing to accelerate. We are now up to over 150,000 international customers, and that's just going to keep going and going.

截至本季末，黃金訂閱用戶數量比去年同期幾乎翻了一番，達到 320 萬，而 4 月份實際訂閱用戶數量已達 330 萬。整體採用率已超過 12%。但如果你看看第一季加入 Robinhood 的新客戶，大約有三分之一的人相對較快地成為了黃金訂閱者。而從國際來看，這一趨勢仍在持續加速。現在，我們的國際客戶已超過 15 萬名，而且這一數字還會持續成長。

So we feel great about our product velocity and the business results that it's driving. I'll turn it over to you, Jason, to talk through financials, and then we'll go straight to Q&A.

因此，我們對我們的產品速度及其帶來的業務成果感到非常滿意。傑森，我將把它交給你來討論財務問題，然後我們直接進入問答環節。

Okay. Thanks, Vlad. Q1 was another quarter of profitable growth as revenues grew 50% year-over-year and EPS more than doubled. Our focus on profitable growth drove 72% incremental margins as adjusted EBITDA margin expanded by 11 points from a year ago. And over the past 12 months, revenues reached $3.3 billion, and adjusted EBITDA was $1.7 billion as we continue to grow and diversify our business.

好的。謝謝，弗拉德。第一季又是獲利成長的季度，營收年增 50%，每股盈餘成長一倍以上。我們對獲利成長的關注推動了利潤率的增量，調整後的 EBITDA 利潤率比一年前增加了 11 個百分點。在過去的 12 個月中，隨著我們業務的不斷發展和多元化，收入達到了 33 億美元，調整後的 EBITDA 為 17 億美元。

It's also great to see momentum continuing into the second quarter. April net deposits are around $6.5 billion. Equities trading is a four-year high. Options are in the zone of an all-time high, and crypto trading is north of $8 billion. Also, margin balances are about $8.4 billion, which is up 2x from last year.

很高興看到這股勢頭延續到了第二季。4月份淨存款約65億美元。股票交易量達到四年來的最高水準。選擇權價格處於歷史最高水平，加密貨幣交易額超過 80 億美元。此外，保證金餘額約為 84 億美元，比去年增加了 2 倍。

I'm pleased with our customers' continued engagement. It's driven by a greater share of active traders who tend to stay resilient through volatility, continued market share gains and diversification into newer areas like Robinhood Legend, advisory, futures and index options.

我很高興看到我們的客戶持續參與。這是由更大比例的活躍交易者推動的，這些交易者往往能夠在波動中保持韌性，持續增加市場份額，並向 Robinhood Legend、諮詢、期貨和指數期權等新領域多元化發展。

Let's take a closer look at our Q1 financials compared to a year ago. Q1 revenues were $927 million driven by strong growth across the board. Transaction volumes increased by double digits across all categories, including up 84% year-over-year in equities, and we saw record options volume in the quarter. Interest-earning assets and securities lending activity continued to grow, more than offsetting short-term rates, and other revenues grew as Gold subscriptions reached new highs.

讓我們仔細看看我們第一季的財務狀況與去年同期相比的情況。第一季營收為 9.27 億美元，受全面強勁成長的推動。所有類別的交易量均達到兩位數成長，其中股票交易量較去年同期成長 84%，且本季選擇權交易量創下歷史新高。生息資產和證券借貸活動持續成長，超過了短期利率的成長，隨著黃金認購量達到新高，其他收入也隨之成長。

We also stayed disciplined on expenses, leading to 51% adjusted EBITDA margins. In Q1, adjusted OpEx and SBC was $533 million, in the middle of our updated full year outlook range on a quarterly basis. As we previously announced, we anticipate approximately $85 million of costs from TradePMR in 2025. So we updated our full year outlook for adjusted OpEx and SBC to $2.085 billion to $2.185 billion. As a reminder, this outlook does not include costs from our anticipated acquisition of Bitstamp or provisions for credit losses.

我們也嚴格控制開支，調整後的 EBITDA 利潤率達到 51%。第一季度，調整後的營運支出和 SBC 為 5.33 億美元，處於我們按季度更新的全年預期範圍的中間。正如我們之前宣布的那樣，我們預計 2025 年 TradePMR 的成本約為 8500 萬美元。因此，我們將調整後的營運支出和 SBC 的全年預期更新為 20.85 億美元至 21.85 億美元。提醒一下，該展望不包括我們預期收購 Bitstamp 的成本或信貸損失準備金。

Let's talk for a moment about how we're diversifying our business. You've heard me say that we have nine businesses that each generate over $100 million in annualized revenues, nearly double the number we had just a couple of years ago. And I'm excited to say we have many more that are quickly scaling. For example, we've recently launched three new products, futures, index options, and prediction markets, where the ARR for each of them individually is already around $20 million.

讓我們來談談如何實現業務多元化。你們聽我說過，我們有九家企業，每家企業的年收入都超過 1 億美元，幾乎是幾年前的兩倍。我很高興地說，我們還有更多的公司正在快速擴張。例如，我們最近推出了三種新產品，期貨、指數選擇權和預測市場，其中每種產品的 ARR 已經達到 2,000 萬美元左右。

And with the addition of TradePMR, we've added a business that has a $50 million run rate and a nice track record for growth. And there are several more businesses that we recently announced and expect to begin contributing later this year, including Robinhood Strategies, Robinhood Banking, and our acquisition of Bitstamp in the middle of the year.

隨著 TradePMR 的加入，我們又增加了一個營運額達 5,000 萬美元、成長記錄良好的業務。我們最近宣布的另外幾項業務預計將於今年稍後開始貢獻，包括 Robinhood Strategies、Robinhood Banking 以及我們在今年年中收購的 Bitstamp。

So we're incredibly excited about all these new businesses, and I like our opportunity to build many of them into additional $100 million revenue businesses in the coming years. I also want to give an update on our share repurchase program. You'll recall we began executing on our $1 billion share repurchase plan in Q3 last year with target completion over two to three years. Since then, we've moved faster and have deployed over $650 million at an average price of $33 per share.

因此，我們對所有這些新業務感到無比興奮，而且我喜歡我們在未來幾年內將其中許多業務打造成額外 1 億美元收入的業務的機會。我還想介紹一下我們的股票回購計畫的最新情況。您會記得，我們​​從去年第三季開始執行 10 億美元的股票回購計劃，目標是在兩到三年內完成。自那時起，我們行動更快，以每股平均 33 美元的價格部署了超過 6.5 億美元。

This includes over $300 million of buybacks in Q1, which more than offset share issuance for TradePMR. Given our strong performance and positive outlook, our Board has increased the authorization by $500 million, taking the program up to a total of $1.5 billion. We expect to deploy the remaining $800 million plus over roughly the next two years, but we're keeping flexibility to accelerate if market conditions warrant. So we feel great about our business and financial results and remain focused on driving another year of profitable growth in 2025. We're continuing to work to maximize earnings per share and free cash flow per share over time.

其中包括第一季超過 3 億美元的回購，足以抵銷 TradePMR 的股票發行。鑑於我們強勁的表現和積極的前景，董事會已將授權金額增加了 5 億美元，使該計劃總額達到 15 億美元。我們預計將在未來兩年內部署剩餘的 8 億多美元，但如果市場條件允許，我們將保持靈活性以加速部署。因此，我們對我們的業務和財務業績感到非常滿意，並將繼續致力於在 2025 年實現另一年的獲利成長。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。

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

克里斯，讓我們進入問答環節。

All right. Thank you, Jason. For the Q&A session, we'll start by answering the top few questions from Say Technologies ranked by the number of votes. We passed over questions that we have 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.

好的。謝謝你，傑森。在問答環節，我們將首先回答 Say Technologies 按投票數排名的前幾個問題。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。在回答完 Say 問題後，我們將轉向分析師的現場提問。

So let's kick it off with our first question from Say. [Patrick] asks, what is Robinhood doing to accelerate credit cards and checking accounts to their Gold members?

那麼讓我們從 Say 的第一個問題開始吧。 [帕特里克] 問道，Robinhood 正在採取什麼措施來加速向黃金會員提供信用卡和支票帳戶服務？

Thanks for the questions. I'll start with the Gold Card and maybe turn it over to you, Vlad, for banking. As I've mentioned, it's really important for us to study customer behavior as we roll out the card. We've been doing that and have increased the number of cardholders from 100,000 to over 200,000 just in Q1.

感謝您的提問。我先從金卡開始，然後也許把它交給你，弗拉德，用於銀行業務。正如我所提到的，在推出這張卡時，研究客戶行為對我們來說非常重要。我們一直在這樣做，光是在第一季度，持卡人數量就從 10 萬人增加到了 20 萬多人。

So far, what we're seeing in terms of customer behavior is in line with our expectations, so we feel good. And we plan to continue increasing the number of cardholders throughout the year. But along the way, we're going to continue to be measured in the near term. Vlad?

到目前為止，我們看到的客戶行為符合我們的預期，所以我們感覺很好。我們計劃全年繼續增加持卡人數。但在此過程中，我們將在短期內繼續保持衡量。弗拉德？

Thanks, Jason. Yeah. On the banking side, so we announced at The Lost City of Gold event back in March Robinhood Banking. And the philosophy behind this product is that we want to build a compelling banking experience for the top of market. So if you're someone who's a high-net-worth individual with more assets, we wanted to provide a digital banking experience where you would feel like you're not making compromises relative to your brick-and-mortar bank. And I don't think any digital bank has taken that approach.

謝謝，傑森。是的。在銀行方面，我們在三月的「失落的黃金之城」活動上宣布了羅賓漢銀行。這款產品背後的理念是，我們希望為頂級市場打造引人注目的銀行體驗。因此，如果您是擁有更多資產的高淨值人士，我們希望提供一種數位銀行體驗，讓您感覺自己不會相對於實體銀行做出妥協。我認為沒有任何數位銀行採取過這種方法。

So we're extremely excited. We've been testing the product internally. It's looking really good. I think you're going to like it. And at the event, we announced rolling out to the public in Q3, and we feel good about that date. So stay tuned. The team has been working incredibly hard.

所以我們非常興奮。我們一直在內部測試該產品。看起來確實不錯。我想你會喜歡它。在此次活動中，我們宣布將在第三季向公眾推出該產品，我們對這個日期感到非常滿意。敬請關注。團隊一直非常努力地工作。

The next question is from [Nico] who asks, when will users be able to invest in private companies such as SpaceX?

下一個問題來自[Nico]，他問用戶什麼時候才能投資 SpaceX 等私人公司？

Yeah, so this is actually one of our top policy priorities. We believe that it's actually quite crazy that customers can't invest in private companies, given that private companies -- companies are staying private longer. The days of Microsoft going public at a multi-hundred million market cap or Apple at relatively low market caps and you being able to take advantage of a lot of the appreciation in public markets, they're fewer and far between. Now you have companies like OpenAI and SpaceX still private and in valuations of hundreds of billions. So those gains are accruing to a smaller and smaller group of insiders.

是的，這實際上是我們的首要政策重點之一。我們認為，考慮到私人公司保持私有狀態的時間更長，客戶無法投資私人公司實際上是相當瘋狂的。微軟以數億美元市值上市，或者蘋果以相對較低的市值上市，而你能夠利用公開市場大量升值的機會，這種日子已經越來越少了。現在，OpenAI 和 SpaceX 等公司仍是私人公司，但估值卻高達數千億美元。因此，這些收益只落入越來越小的內部人士手中。

We have the technology to do this. And in fact, I wrote in an op-ed for The Washington Post that tokenizing private equities is a huge unlock both for individuals, but also for these companies and for crypto technology, which can actually solve a lot of the problems in secondary market transactions that have been tried thus far.

我們擁有做到這一點的技術。事實上，我在《華盛頓郵報》的一篇專欄文章中寫道，私募股權代幣化不僅對個人，而且對這些公司和加密技術來說都是一個巨大的解鎖，它實際上可以解決迄今為止在二級市場交易中嘗試過的許多問題。

What's needed is comprehensive security legislation in the US and also for us to rethink the accredited investor rules, which shut out north of 80% of the public currently. So both of those we're making progress on. We're in active discussions. There's definitely a willingness from the administration and lawmakers to engage in these issues. So stay tuned, but we believe we're going to make progress here.

美國需要的是全面的安全立法，我們也需要重新考慮合格投資者規則，目前將 80% 以上的公眾拒之門外。因此我們在這兩方面都取得了進展。我們正在進行積極討論。政府和立法者確實願意參與解決這些問題。所以請繼續關注，但我們相信我們會取得進展。

Great. And then the last question is from [Paul] who asks, when will Robinhood offer 401(k) plans to businesses?

偉大的。最後一個問題來自 [Paul]，他問 Robinhood 何時會向企業提供 401(k) 計劃？

Yeah. Thanks, Paul. Our 10-year arc, our long-term arc is to build the number 1 global financial ecosystem. And what that means is expanding our business from retail only, which it pretty much is now, to also serving businesses and institutions and also expanding from primarily US to being a full global platform serving customers everywhere, regardless of whether they're individual retail, businesses, or institutions.

是的。謝謝，保羅。我們的十年目標、我們的長期目標是打造全球第一的金融生態系統。這意味著我們的業務將從現在的單純零售擴展到服務企業和機構，並從主要服務美國擴展到服務世界各地客戶的全方位全球平台，無論他們是個人零售商、企業還是機構。

And so when we look at that B2B opportunity, we think businesses and institutions have fundamentally similar needs in many ways to retail. The things that we're building, the innovations we're building for retail, things like 24-hour trading, rock-bottom margin rates also appeal to institutions and businesses.

因此，當我們審視 B2B 機會時，我們認為企業和機構在許多方面與零售有著基本相似的需求。我們正在建立的東西，我們為零售業建造的創新，例如 24 小時交易、最低保證金率等，也對機構和企業具有吸引力。

And there are so many opportunities. 401(k) administration for businesses is one. You also look at things like employee stock plan administration for public companies. You look at institutional prime brokerage, and of course, serving registered investment advisors, which we're now getting into through TradePMR.

並且有很多機會。企業 401(k) 管理就是其中之一。您也可以查看上市公司的員工股票計畫管理等內容。您可以看看機構主要經紀業務，當然還有為註冊投資顧問提供服務，我們現在正透過 TradePMR 進入這些領域。

And we think that's an enormous opportunity to serve businesses. If we look at registered investment advisors, it's a business that has an additional layer of compounding. So not only are we taking advantage of the great wealth transfer where young people are going to be making more and more money over time. We're getting more customers. But as we get more advisers, that's a third layer of asset growth.

我們認為這是為企業提供服務的巨大機會。如果我們看一下註冊投資顧問，就會發現這是一項具有額外複合層次的業務。因此，我們不僅可以利用巨大的財富轉移，年輕人還會隨著時間的推移而賺到越來越多的錢。我們正在獲得更多的顧客。但隨著我們獲得更多顧問，這就是資產成長的第三層。

So for the near term, we're working really hard to integrate the TradePMR team and technology, build a great experience serving registered investment advisors. We want to make sure we stay super focused and we don't take on too much. So that's been our B2B focus for the near term. But over the long term, we do think 401(k) is a sizable opportunity that we'd be excited to tackle alongside all of the other things in our 10-year arc.

因此，就短期而言，我們正在努力整合 TradePMR 團隊和技術，為註冊投資顧問提供優質的服務體驗。我們希望確保自己高度集中註意力，並且不會承擔太多。這就是我們近期的 B2B 重點。但從長遠來看，我們確實認為 401(k) 是一個巨大的機會，我們很樂意與我們 10 年計劃中的所有其他事情一起應對。

Great. All right. Thank you, Vlad. That concludes our shareholder questions from Say Technologies. Now we will open the call to Q&A. (Event Instructions)

偉大的。好的。謝謝你，弗拉德。這就是 Say Technologies 股東的問題。現在我們將進入問答環節。（活動須知）

Chris Allen, Citi.

花旗銀行的克里斯艾倫。

The health of the retail customer is a big focus in the current environment. I was wondering if you could peel back or provide some additional color on April -- metrics you provided were very solid. Curious if margin balances kind of improved towards the back half of the month, whether you've seen net new account openings. And the strong deposit numbers, are those coming from existing customers or new customers, too?

在當前環境下，零售客戶的健康是關注的重點。我想知道您是否可以回顧四月份的情況或提供一​​些額外的資訊——您提供的指標非常可靠。好奇的是，如果保證金餘額在本月下半月有所改善，是否看到了淨新開戶數量。如此強勁的存款數字是來自現有客戶還是新客戶？

Chris, thanks. It's Jason. I'll take it, and Vlad, feel free to add in. So we saw incredibly strong engagement across the board, not just in Q1, but it continued into April as we said. And it was throughout the month of April. So I wouldn't say it was front loaded or back loaded. It was really a strong month in total. We're seeing strong additions, as Vlad alluded to, to Robinhood Gold, and the strength in net deposits is pretty diverse.

克里斯，謝謝。是傑森。我會接受它，Vlad，請隨意添加。因此，我們看到了各方面的強烈參與，不僅是在第一季度，而且正如我們所說，這種參與度一直持續到四月。整個四月都是如此。所以我不會說它是前載式或後載式。總體來說，這確實是一個強勁的月份。正如 Vlad 所提到的，我們看到 Robinhood Gold 出現了強勁成長，而且淨存款的強度相當多樣化。

And what's different about us today than perhaps a few years ago is there's just a lot more options for customers to place their assets, whether it's the growth in retirement, the nascent growth in strategies, certainly brokerage. We're also seeing it go into crypto. So I'd say that there's a pretty broad-based strength of retail engagement that we're seeing, and all signs are positive throughout the month of April.

我們今天與幾年前的不同之處在於，客戶在配置資產方面擁有更多的選擇，無論是退休金的成長、策略的新興成長，當然還有經紀業務。我們也看到它進入了加密領域。因此我想說，我們看到零售參與度具有相當廣泛的實力，並且整個四月份的所有跡像都是積極的。

Yeah. The only thing I'd add to that is, unlike where the business was back in 2022 where we were predominantly focused on novice investors, the new focus on being the best platform for active traders has made us more resilient in times like these because we used to just not have a lot of mechanisms for customers that were more sophisticated that wanted to trade sideways or declining markets. They just couldn't engage in that super easily on Robinhood.

是的。我唯一想補充的是，與 2022 年我們的業務主要關注新手投資者不同，我們致力於成為活躍交易者的最佳平台，這使我們在這樣的時期更具彈性，因為過去我們沒有很多機制來應對那些想要在橫盤或下跌的市場中進行交易的更成熟的客戶。他們只是無法在 Robinhood 上輕鬆參與其中。

But just recently, we've launched futures. And as we shared, futures had a very, very significant growth in April with over 4.5 million contracts traded, outright contracts. We've rolled out an amazing experience for multi-leg options trading on mobile, the side-by-side chain, which will make it easier for advanced traders to engage in the multi-leg strategies. And Robinhood Legend continues to grow and get better.

但就在最近，我們推出了期貨。正如我們所分享的，4 月份期貨交易量出現了非常顯著的成長，直接交易合約超過 450 萬份。我們推出了一種令人驚嘆的行動多腳期權交易體驗——並行鏈，這將使高級交易者更容易參與多腿策略。羅賓漢傳奇還在不斷發展壯大。

So now we have multiple mechanisms for these active traders to engage no matter what the market environment is in. So even though we're diversifying the business with 9 business lines of over $100 million and we're getting less reliant upon trading in the revenue mix, even within trading, it's becoming more resilient. So I think we're very excited about that, and there's still more to come.

因此，現在無論市場環境如何，我們都擁有多種機制供這些活躍的交易者參與。因此，儘管我們正在透過 9 條超過 1 億美元的業務線實現業務多元化，並且我們在收入結構中對交易的依賴程度越來越低，但即使在交易領域，它也變得更具彈性。所以我認為我們對此感到非常興奮，並且未來還會有更多。

Great. Thank you, Jason. Thank you a lot.

偉大的。謝謝你，傑森。非常感謝。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey guys, hey Jason, hey Vlad, Great quarter as always, very impressive. Really quick, looks like Robinhood Gold is doing really, really well. And hopefully, I didn't miss and it was already addressed, but this seems to be growing way faster than we had expected. Like what should we be thinking about in terms of like the trajectory of the growth here? Because it seems to be -- I think you had $550,000 quarter-over-quarter increase this quarter. So maybe just some color on like how big it could be and just the velocity there, which seems to be very impressive. Thank you.

嘿，夥計們，嘿，傑森，嘿，弗拉德，一如既往的精彩，非常令人印象深刻。真的很快，看起來 Robinhood Gold 表現非常非常好。希望我沒有錯過，這個問題已經解決，但這個問題的成長速度似乎比我們預期的要快得多。例如，我們該如何思考這裡的成長軌跡？因為它似乎是——我認為本季環比增加了 55 萬美元。所以也許只是一些關於它有多大以及速度的顏色，這看起來非常令人印象深刻。謝謝。

Yeah. Maybe I'll share some higher-level thoughts. Jason, feel free to add in. Yeah, our aspiration -- I already think Robinhood Gold is the best deal in financial services. But I think the aspiration is to actually make it on par with the best membership loyalty programs out there. So we're not just looking at financial services as a benchmark.

是的。也許我會分享一些更高層次的想法。傑森，請隨意添加。是的，我們的願望——我已經認為 Robinhood Gold 是金融服務領域最好的交易。但我認為我們的目標是讓它真正與最好的會員忠誠度計劃相提並論。因此，我們不只將金融服務視為基準。

And in reality, these types of products are, until we came along, relatively unique in our industry. But we're looking at things like the Costco membership. Amazon Prime is an inspiration. And we're really sort of like students of this. And I think that the improvements that we've made in day one and Q1 attach rate, which have been tremendous, are just the beginning.

事實上，在我們出現之前，這些類型的產品在我們的行業中是相對獨特的。但我們正在關注 Costco 會員資格之類的事情。Amazon Prime 就是一個啟發。我們確實有點像這方面的學生。我認為我們在第一天和第一季的附加率方面所取得的進步是巨大的，但這只是個開始。

I think that when you keep hearing how crazy high of a value Gold is and why we don't raise the price, not just from analysts, but also customers, I think we feel very good we're on the right track in. Credit card is continuing to roll out; that's in the relatively early stages. Banking, which is going to be a Gold-only product, that's looking really, really good. So as far as we can see, the Gold road map is looking very solid.

我認為，當你不斷聽到分析師和客戶談論黃金的價值有多高以及為什麼我們不提高價格時，我認為我們感覺很好，我們走在了正確的軌道上。信用卡正在不斷推出；目前還處於相對早期的階段。銀行業務將成為僅限黃金的產品，這看起來真的非常好。因此，就我們所見，黃金路線圖看起來非常穩健。

Great.

偉大的。

Devin Ryan, Citizens.

德文·瑞安（Devin Ryan），公民。

Hey Vlad, hey Jason, how are you? I want to ask a question on crypto specifically. You've seen a little bit of a pullback. Record fourth quarter, and we know that was kind of particularly elevated. But would love to just get a little bit of color from what you're seeing or hearing from customers there because it's still very active. And I know you're going to have the update in June. So I don't want to completely front run it.

嘿，弗拉德，嘿，傑森，你好嗎？我想具體問一個關於加密的問題。您已經看到了一點回調。創紀錄的第四季度，我們知道這是一個特別高的成長。但我很想從那裡的客戶那裡看到或聽到的情況中獲得一些信息，因為它仍然非常活躍。我知道你們將在六月收到更新。所以我不想完全領先。

But at the same time, I'm curious kind of the level of urgency to do more as this industry is getting unlocked. We're hearing more about kind of a race on stablecoins. And so I'd just love to kind of get a sense of how hard you guys are pushing there and then also just the engagement from customers just given that we're off the highs a little bit.

但同時，我很好奇，隨著這個行業逐漸開放，採取更多行動的緊迫性程度如何。我們聽到越來越多有關穩定幣競賽的消息。因此，我很想了解你們在這方面的努力程度，以及考慮到我們已經略微偏離了最高點，客戶的參與度如何。

Yeah. So I mean crypto had an awesome quarter. We had about $260 million in revenue for the quarter, which was the second-highest quarter in recent years. Last quarter, obviously, was higher than that. But it's going to go up and down in terms of trading volumes. But what we like to look at is market share. And if industry volumes are going down but market share is going up for Robinhood and we're continuing to unlock and add more selection and add more products, we feel like we're doing very, very well.

是的。所以我的意思是加密貨幣度過了一個非常棒的季度。本季我們的營收約為 2.6 億美元，是近年來第二高的季度。顯然，上個季度的業績要高於這個數字。但交易量將會上下波動。但我們關注的是市場佔有率。如果行業交易量下降，但 Robinhood 的市場份額上升，並且我們繼續解鎖和增加更多選擇並增加更多產品，我們會覺得我們做得非常非常好。

So the team has been cranking. There have been a slew of improvements both for traders and coming down the pike, but more selection, smart exchange routing. And the team has been executing a lot, and there's so much to do. So we're excited for the June event. But I'd also tell you we're diversifying the business outside of the crypto business, which will make us less reliant on crypto transaction volumes. But also within crypto, there's going to be diversification over time. So crypto itself will diversify and be less reliant on transaction volumes in the future.

因此團隊一直在努力。對於交易者和未來交易者來說，已經有了一系列的改進，但選擇更多，交易路線更聰明。團隊已經執行了很多任務，還有很多事情要做。所以我們對六月的活動感到非常興奮。但我還要告訴你，我們正在加密業務之外實現業務多元化，這將使我們減少對加密交易量的依賴。但隨著時間的推移，加密貨幣領域也會呈現多樣化。因此，加密貨幣本身未來將會多樣化，並且對交易量的依賴程度將會降低。

Great, thanks a lot.

太好了，非常感謝。

[Roy, Crossroads].

[羅伊，十字路口]。

I really enjoyed getting that early look at Robinhood Strategies and seeing what that platform is about and what you guys have been building. And I'm curious if you could give us any early read on that product as far as how it's being approached by customers, how many are actually looking at that.

我很高興能夠提前了解 Robinhood Strategies，了解該平台的用途以及您一直在建立的內容。我很好奇，您是否可以向我們提供有關該產品的早期信息，例如客戶對該產品的看法，以及有多少客戶正在關注該產品。

Yeah, absolutely. So we shared earlier over 40,000 customers already, over $100 million in assets on Strategies. I'm sure you've seen some of the engagement on social, customers sharing their portfolios and talking about how, despite sort of like the volatility of the times we're in, product's been holding up very, very well. So it's continuing to grow. We're adding more and more features based on demand, but early read has been tremendously positive from the customers that have it.

是的，絕對是如此。因此，我們之前就分享過，Strategies 上已經有超過 4 萬名客戶，資產超過 1 億美元。我相信你已經看到了社交媒體上的一些互動，客戶分享他們的投資組合併討論儘管我們所處的時代有些動盪，但產品仍然保持得非常好。所以它還在繼續成長。我們正在根據需求添加越來越多的功能，但早期閱讀已經從擁有它的客戶那裡獲得了非常積極的評價。

Patrick Moley, Piper.

派崔克·莫利，派珀。

So I wanted to touch on the futures offering again. You mentioned that you've seen 4.5 million contracts traded in April. So it sounds like that's picking up pretty nicely. So just curious where that volume is coming from? Is that existing customers? Are you finding that you're winning customers from other brokerage platforms there?

所以我想再談談期貨發行。您提到 4 月交易了 450 萬份合約。聽起來情況進展得相當順利。所以我很好奇這個音量是從哪裡來的？那是現有客戶嗎？您是否發現您正在從其他經紀平台贏得客戶？

And then any specific commentary that you can give on whether there are specific products or specific asset classes that you're finding your customers are migrating to?

然後，您可以就客戶是否正在轉向特定產品或特定資產類別給予具體的評論嗎？

Yeah. So I think it's a little bit early to give you sort of like the full read, but we're seeing good signs of these volumes being incremental, actually. And the reason we can tell is we look at a lot of our futures traders, they also are trading equities and other assets. And you're actually seeing the power of having multiple assets in one platform shine through there.

是的。所以我認為現在給你完整的閱讀內容還為時過早，但實際上我們看到了這些卷正在增加的好跡象。我們之所以能知道這一點，是因為我們觀察了許多期貨交易員，他們也在交易股票和其他資產。您實際上看到了在一個平台上擁有多種資產的威力。

And really, the thing that futures allows customers to do, easy ability to take short positions, which we still don't have equity shorting. And while that's coming, it's sort of an outlet for that type of advanced systematic trading. We have the latter. And we also have those markets trading around the clock. So it's really opening up new behaviors and new styles of trading for our active traders.

事實上，期貨允許客戶輕鬆地做空，而我們目前還沒有股票做空。而當這種情況發生時，它就成為這種先進的系統交易的一種出口。我們擁有後者。而且我們的市場也是全天候交易的。因此，它確實為我們的活躍交易者開闢了新的行為和新的交易方式。

So that's, I think, why it's seen such good adoption, plus the product experience that the team -- the futures team has built. They've done a really nice job, particularly on the mobile ladder. And there's more to do, futures on Legend, for example, and making it available also to outside the US as we continue to expand there.

所以，我認為這就是為什麼它被如此廣泛採用的原因，再加上團隊——期貨團隊所建立的產品體驗。他們做得非常出色，特別是在移動階梯方面。我們還有更多的工作要做，例如 Legend 的期貨，隨著我們繼續在美國擴張，它也將在美國以外的地區推出。

Great.

偉大的。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

So my question is on Cortex. Are you going to charge for this product? Or is it offered -- or will it be offered for free to your Gold subscribers? And is the launch planned towards the end of the year, 4Q '25?

我的問題是關於 Cortex 的。您要對該產品收費嗎？或者它是否提供——或者是否免費提供給您的黃金訂閱者？是否計劃在今年底（2025 年第四季）推出？

For Cortex?

對於 Cortex？

Yeah.

是的。

Yeah. We'd like to -- I think we'd like to get it a little bit before then. Teams have been working hard to get that out. And Cortex is -- what you saw announced in The Lost City of Gold event is just the beginning. So we announced Cortex for Stock Digest that will help customers answer the question of what's going on with the stock, also Trade Builder, which will help customers execute on an options trading strategy given a viewpoint and a selection of a particular stock. And it will be for Gold subscribers.

是的。我們希望——我想我們希望在那之前就得到它。團隊一直在努力實現這一目標。而 Cortex —— 您在《失落的黃金城》活動中看到的公告只是個開始。因此，我們發布了 Cortex for Stock Digest，它可以幫助客戶回答股票市場動態的問題；此外，我們還發布了 Trade Builder，它可以幫助客戶根據特定股票的觀點和選擇來執行選擇權交易策略。它將適用於黃金訂閱者。

So right now, no plans to charge additional fee. We want to give this technology to our Gold customers. And you should see it actually permeating the entire Robinhood experience. So this is just the start, but we're already thinking about how to integrate it more deeply into flows for active traders across different platforms.

所以目前，沒有計劃收取額外費用。我們希望將這項技術提供給我們的黃金客戶。您應該會看到它實際上滲透到了整個 Robinhood 體驗中。所以這只是一個開始，但我們已經在思考如何將其更深入地融入不同平台活躍交易者的流程中。

And also, we're continuing to make progress improving the operations of the company and also the customer service through AI. So while maybe that's less overt, it's incredibly powerful because it gives customers resolution, really effective resolution whenever they run into issues.

此外，我們也持續透過人工智慧改善公司營運和客戶服務。因此，雖然這可能不那麼明顯，但它非常強大，因為它可以為客戶提供解決方案，無論何時遇到問題，都能提供真正有效的解決方案。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

So Vlad, I want to ask a longer-term crypto one for you. We've now seen all three US banking regulators shift their posture to allow them to participate in the crypto ecosystem. What role do you expect US banks to play across both retail and wealth versus institutional crypto? And what does this mean for competition and pricing in the US crypto markets?

所以 Vlad，我想為你問一個長期的加密貨幣問題。現在，我們看到美國三家銀行監管機構都轉變了態度，允許它們參與加密生態系統。您預期美國銀行在零售和財富與機構加密貨幣領域將扮演什麼角色？這對美國加密貨幣市場的競爭和定價意味著什麼？

Yes. I would just put out there, I like our positioning. It's always hard to speculate on what competitors may or may not do before they have products in market. And we're focused on driving innovation here. So obviously, we've done well on the trading side. We think crypto is interesting as a foundational technology that could actually improve a wide variety of financial services, not just spot crypto trading.

是的。我只是想說，我喜歡我們的定位。在競爭對手的產品進入市場之前，我們總是很難猜測他們可能會做什麼或不會做什麼。我們專注於推動創新。顯然，我們在交易方面做得很好。我們認為加密貨幣作為一種基礎技術很有趣，它實際上可以改善各種金融服務，而不僅僅是現貨加密貨幣交易。

So we think we're just in the early innings of having this technology permeate the financial system. And we're excited to see what not just we bring to market, but what others can do partnering with us and just independently as well.

因此我們認為，這項技術滲透到金融體係還處於早期階段。我們很高興看到，我們不僅能為市場帶來什麼，還能看到其他人與我們合作或獨立做出什麼。

I think as more competitors enter the market, it makes crypto more mainstream, which makes the market bigger. And I think we've been demonstrating our ability to take market share. So I really like our competitive position.

我認為隨著越來越多的競爭對手進入市場，加密貨幣將變得更加主流，從而使市場變得更大。我認為我們已經證明了我們佔領市場份額的能力。所以我真的很喜歡我們的競爭地位。

[Amit, AmitIsInvesting].

[阿米特，阿米特正在投資]。

Vlad, Jason, congrats again on a great quarter. My question here is on the promotion you guys ran for the 2% match in March. Jason, I know you said you love the unit economics on these matches. Can you give us a little bit of insight on the types of customers you brought over in March and if you think the 2% match is sustainable to continue bringing over more of the wealthier clients? Thank you.

弗拉德、傑森，再次恭喜你們取得了出色的季度業績。我的問題是關於你們 3 月份為 2% 匹配而開展的促銷活動。傑森，我知道你說過你喜歡這些比賽的單位經濟學。您能否向我們介紹您在三月吸引的客戶類型，以及您是否認為 2% 的配對政策可以持續吸引更多富裕客戶？謝謝。

You bet. So first of all, incredible engagement by customers, record level of net deposits. The promotions were not the majority of that. In fact, they were, in Q1, less than 15%. Customers love it. We love it. And you're right, Amit, I love the economics of it. The payback periods are really attractive, consistently below across all of our promotions, below the clawback periods on that.

當然。首先，客戶參與度令人難以置信，淨存款達到創紀錄的水平。促銷活動並不是其中的主要內容。事實上，第一季這一比例還不到 15%。顧客們很喜歡它。我們喜歡它。你說得對，阿米特，我喜歡它的經濟學。回報期確實很有吸引力，在我們所有的促銷活動中，回報期都低於追回期。

In terms of the kinds of customers that we're getting, we're getting large customers. The average customer transfer per user was $90,000 overall. So we're getting large customers. And then what's really interesting is for taxable accounts -- because we had taxable and nontaxable promotions. For taxable accounts, it was double that. So over $180,000 average ACAT transfer in for the promotion. So we really love these promotions. We like the customers that we're getting, and they tend to have larger balances.

就我們所獲得的客戶類型而言，我們獲得的是大客戶。每位用戶的平均客戶轉帳總額為 90,000 美元。因此，我們正在獲得大客戶。真正有趣的是應稅帳戶——因為我們有應稅和免稅促銷。對於應稅帳戶，這個數字是其兩倍。因此，平均有超過 180,000 美元的 ACAT 轉入用於促銷。所以我們真的很喜歡這些促銷活動。我們喜歡我們現在擁有的客戶，而且他們往往擁有更大的餘額。

Matt O'Neill, FT Partners.

馬特·奧尼爾（Matt O'Neill），FT Partners。

I joined a little bit late, so apologies if this has already been discussed. But just curious around crypto pricing. It seems like things are moving in the direction that they have been for a number of quarters now. Maybe you could just discuss kind of where that stands as far as the experimentation that continues as well as -- I believe there's some further experimentation going on with volume-based pricing.

我加入得有點晚，所以如果這個問題已經討論過了，我很抱歉。但只是對加密貨幣定價感到好奇。目前看來，事情正朝著過去幾季的方向發展。也許您可以討論一下就持續進行的實驗而言，目前的狀況如何——我相信正在進行一些基於數量的定價的進一步實驗。

Yeah. You want to hit that, Jason?

是的。你想打那個嗎，傑森？

Sure. I mean we're continuing to experiment. We've been seeing the take rates come up sequentially for several quarters now. What I'd say is that when we look at take rates for crypto for the month of April, it's in a similar zone to where we were at in Q1.

當然。我的意思是我們正在繼續進行實驗。我們已經看到接受率連續幾季上升。我想說的是，當我們查看 4 月加密貨幣的接受率時，它處於與第一季類似的水平。

I do think the big opportunity for us on experimenting is tiered pricing. While Robinhood has really attractive pricing on average, I think that there's a big opportunity for us for the highest volume traders of crypto to get a better price for Robinhood. And that's what we're really experimenting with. And we like what we're seeing so far, but we're still pretty early in those experiments.

我確實認為，分級定價是我們進行試驗的最大機會。雖然 Robinhood 的平均定價確實很有吸引力，但我認為，對於加密貨幣交易量最大的交易者來說，Robinhood 有很大機會獲得更優惠的價格。這正是我們真正在嘗試的。我們對目前所看到的結果感到滿意，但我們仍處於這些實驗的早期階段。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Thanks. Good afternoon. Maybe just going back to the net deposits in March and the continued traction in April on the actual active trader mix within those net deposits. So you talked about the $180,000 average balance on the taxable side. Either Jason or Vlad, can you talk about what you're seeing from active traders coming into the complex and the usage on Legend? I think the last time you quoted that, it was about a $50 million run rate. I don't know if there's an update to that. And maybe just talk about the plans for Legend as we roll out through the year.

謝謝。午安.也許只是回到 3 月份的淨存款，以及 4 月份淨存款中實際活躍交易者組合的持續牽引力。所以您談到了應稅方面的平均餘額 180,000 美元。無論是 Jason 還是 Vlad，您能否談談您看到活躍交易者進入該綜合體的情況以及對 Legend 的使用情況？我認為您上次引用這個數字時，其運行率約為 5,000 萬美元。我不知道是否有更新。也許只是談論一下我們全年推出的 Legend 計劃。

Maybe I'll start, Vlad, and then you can kind of fill in. So last quarter, we said $50 million ARR. We didn't update it this quarter. We'll just update that periodically. But I can tell you that we've seen strong growth sequentially in volumes through Legend as active traders continue to adopt and engage with the product and as we continue to (technical difficulty) Legend.

也許我先開始，弗拉德，然後你再填寫。因此，上個季度，我們說 ARR 為 5000 萬美元。本季我們沒有更新它。我們會定期更新。但我可以告訴你，隨著活躍交易者繼續採用和參與該產品，以及我們繼續（技術難度）Legend，我們已經看到透過 Legend 的交易量連續強勁增長。

One thing that's really nice is that when we look at incrementality, the vast majority of the volumes that are coming through Legend are incremental. So that's super encouraging.

真正令人欣慰的是，當我們觀察增量時，我們發現透過 Legend 傳輸的資料量絕大多數都是增量的。這非常令人鼓舞。

Yeah. And in terms of road map for Legend throughout the year, rounding out the feature set. So futures on Legend is oft requested. Customers want to see the latter, which they love on mobile, on Legend as well, and then continuing to refine and improve the active trader experience.

是的。就 Legend 全年的發展路線圖而言，其功能集已完善。因此，經常需要 Legend 的期貨。客戶希望在 Legend 上也能看到他們喜愛的行動裝置版本，然後繼續完善和改進活躍交易者的體驗。

And also the live streamer experience. So we've added a bunch of new widgets, snapshot to make live streaming on Legend better and better. So the velocity of this team continues to be really, really strong. And we've got more in store even prior to the active trader event in the latter half of the year.

還有直播主播的體驗。因此，我們添加了許多新的小部件和快照，以使 Legend 上的直播越來越好。因此，這支球隊的速度仍然非常非常快。甚至在下半年活躍交易者活動之前，我們還準備了更多東西。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

I was wondering if you could -- Jason, if could you talk a little bit more about what you're seeing on the credit side. I'm particularly curious about your expectations for credit loss provisioning for the year. I know it's a hard one to model and probably a hard one to guide to. I think in the last quarter, you said it should run maybe like around like the $20 million range. It came in a little bit higher than that, which I'm sure is somewhat in response to the changing macro backdrop.

我想知道你是否可以——傑森，你能否再多談談你在信用方面看到的情況。我特別好奇您對今年信用損失準備金的預期。我知道這是一個很難建模並且可能很難指導的過程。我認為在上個季度，您說過它的規模應該在 2000 萬美元左右。它比這個數字略高一點，我相信這在某種程度上是對宏觀背景變化的反應。

But how are you thinking about -- how should we be thinking about that line? And any other color you can provide in terms of credit behavior? Are people using this card as -- are they accruing balances? Are they maximizing for points? What sort of activity are you seeing? How do you think about sort of managing credit risk in this environment?

但是您如何思考—我們該如何思考這條線？在信用行為方面您還能提供其他什麼顏色嗎？人們是否正在使用這張卡——他們是否正在累積餘額？他們是否在最大限度地獲取積分？您看到了什麼樣的活動？您認為在這種環境下如何管理信用風險？

Yeah, sure. So first of all, we really like what we're seeing from our customers. Delinquency rates, write-offs are all very, very low and in line with our expectations. And when we look at broader industry data, there's nothing that we're seeing that's particularly concerning. That said, we're continuing to have pretty tight underwriting standards so that we build a book of business that can be resilient regardless of the backdrop.

是的，當然。首先，我們真的很喜歡客戶的表現。拖欠率、註銷率都非常非常低，符合我們的預期。當我們查看更廣泛的行業數據時，並沒有發現任何特別令人擔憂的事情。儘管如此，我們仍將繼續實施非常嚴格的承保標準，以便我們建立一本無論在何種背景下都具有彈性的業務帳簿。

In terms of the provision for credit losses this quarter, I'd actually point you to on the brokerage side, not on the credit card side. We had a step-up in some brokerage-related losses, not related to margin book, but more kind of fraud-related. Team is all over it, not something I'm worried about. But in terms of the Gold Card, we like what we're seeing in terms of the customer behavior. We are seeing a nice ramp in the revolve rates, which is in line with our expectations.

就本季的信貸損失準備金而言，我實際上要指出的是經紀方面，而不是信用卡方面。我們的一些經紀相關損失有所增加，這些損失與保證金帳簿無關，而更多地與詐欺有關。團隊已經完全了解了這一點，這不是我擔心的事情。但就金卡而言，我們對所看到的客戶行為感到滿意。我們看到週轉率穩定上升，這符合我們的預期。

And customers are engaging with the card in a variety of ways, using it for all types of purchases, and they're certainly enjoying the 3% rewards on the card. So far, so good. We continue to hold the path. We added 100,000 cardholders in Q1, and we intend to continue to add cardholders throughout the year. In terms of the expectations for provision, I would expect it to just increase gradually through the year as we roll out more cards.

客戶以多種方式使用該卡，將其用於各種類型的購買，當然他們享受該卡 3% 的獎勵。到目前為止，一切都很好。我們繼續堅持這條道路。我們在第一季增加了 10 萬名持卡人，並且我們打算全年繼續增加持卡人。就供應預期而言，我預計隨著我們推出更多卡，供應量將在全年逐漸增加。

Yeah. And product experience for the credit card app keeps getting better and better, and it's going to continue to improve, particularly when it becomes the banking app. So we're excited for that in the coming months.

是的。信用卡應用程式的產品體驗越來越好，而且還會繼續改進，特別是當它成為銀行應用程式時。因此，我們對未來幾個月的情況感到興奮。

Alex Markgraff, KeyBanc.

KeyBanc 的 Alex Markgraff。

Hey Vlad, hey Jason, maybe one for you on just sort of taking all of these new products together and understanding that there might be some yield differential, if you will, or an advisory and things like that. Could you just sort of speak to contribution margin and how you manage that line as you launch and scale new products at different price points, different monetization levels?

嘿，弗拉德，嘿，傑森，也許你可以把所有這些新產品放在一起，並了解可能會有一些收益差異，或者提供諮詢之類的東西。您能否簡單談談貢獻利潤率，以及當您以不同的價格點、不同的貨幣化水平推出和擴展新產品時，您如何管理這條線？

Yeah, absolutely. Every business that we go into has different economic characteristics. Some might have lower return on assets. Some might be more monetized just directly from trading activity. What I would tell you is that what we're trying to optimize for over time is just increasing earnings per share and free cash flow per share.

是的，絕對是如此。我們從事的每項業務都有不同的經濟特徵。有些資產報酬率可能較低。有些人可能僅透過交易活動就能獲得更多的金錢收益。我想告訴你的是，我們試圖隨著時間的推移進行優化的只是增加每股收益和每股自由現金流。

And I think as a technology company, we're incredibly well positioned to serve a variety of different businesses with a variety of different economic characteristics at a really low incremental cost, and that's leading to pretty high incremental margins. You can see this kind of in our overall business as we're growing revenue much, much faster than our bottom line costs. So we're seeing really nice leverage and 100% increase year-over-year in earnings per share.

我認為，作為一家科技公司，我們完全有能力以非常低的增量成本為具有不同經濟特徵的各種企業提供服務，從而帶來相當高的增量利潤率。您可以在我們的整體業務中看到這種情況，因為我們的收入成長速度遠遠快於我們的底線成本。因此，我們看到了非常好的槓桿率，每股盈餘年增了 100%。

So we feel really good about just continuing to stay focused on the customer, our three priorities of number 1 in active traders, number 1 in wallet share for the next generation, and number 1 in global financial ecosystem. And we think if we stay focused on the customer and keep our primary financial lens on growth of earnings per share, we're heading in the right direction.

因此，我們很高興能夠繼續關注客戶，我們的三大優先事項是：活躍交易者第一、下一代錢包份額第一以及全球金融生態系統第一。我們認為，如果我們繼續專注於客戶，並將我們的主要財務視角放在每股盈餘的成長上，我們就朝著正確的方向前進。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Hey guys. It's on prediction markets. So $1 billion traded over the last six months. Does that basically leave us with [$500 million] or so that are -- that was outside the November election? And then any sense how much was kind of March Madness or sports-related versus other events?

嘿，大家好。這是關於預測市場。因此過去六個月的交易額為 10 億美元。這基本上給我們留下了 [5 億美元] 左右的資金——這是 11 月大選之外的資金嗎？那麼與其他活動相比，瘋狂三月或體育相關活動有多少差異？

Yes, that's right. I'll be happy to field that one. So out of the $1 billion contracts traded, yeah, just less than half of that has been sports. And that's March Madness, but we also had the Masters, and now there's NHL and NBA contracts as well. So the plan is still continue making the product better.

是的，沒錯。我很樂意回答這個問題。所以，在交易的 10 億美元合約中，只有不到一半是體育合約。這就是瘋狂三月，但我們還有大師賽，現在還有 NHL 和 NBA 合約。因此計劃仍然是繼續改進產品。

Now that we have so many contracts, discoverability and organization is something that the team is looking at. And we think that this is an incredibly powerful, nascent asset class. And you should see more and more contracts and a wide variety of contracts over time. So we love what we're seeing, and it's so early that the potential of this is vast.

現在我們有這麼多合同，可發現性和組織性是團隊正在關注的事情。我們認為這是一個極其強大的新興資產類別。隨著時間的推移，你會看到越來越多的合約和各種各樣的合約。我們對所看到的結果非常滿意，而且現在還處於早期階段，因此其潛力巨大。

[Tenner, Future Investing].

[Tenner，未來投資]。

Great quarter. Can you hear me?

很棒的一個季度。你聽得到我嗎？

Yeah. We hear you. How are you doing?

是的。我們聽到了。你好嗎？

Within the new verticals like you guys have with event contracts and credit cards, are you guys attracting new users onto the platform without simply going to brokerage first? Any insights on that? And if they're upgrading to Gold or eventually cross-selling to other products would be great.

在你們的活動合約和信用卡等新垂直領域中，你們是否會吸引新用戶加入平台，而不是先簡單地進入經紀業務？對此有什麼見解嗎？如果他們升級到黃金級或最終交叉銷售其他產品，那就太好了。

Yes, absolutely. It's a mix. I think what you're starting -- what you typically see, to begin with, is we like to test it among existing users. Particularly, the most active users tend to be, yes, the earliest to adopt, and we have a large installed base of north of 25 million funded accounts, which I think has been a huge differentiator for us relative to other businesses launching products.

是的，絕對是。這是一種混合。我認為您開始做的事情——您通常首先看到的是我們喜歡在現有用戶中測試它。特別是，最活躍的用戶往往是最早採用的用戶，而且我們擁有超過 2500 萬個資助帳戶的龐大安裝基礎，我認為這對我們來說是相對於其他推出產品的企業的一個巨大的區別。

So we have lots of channels where customers can discover products, different cross-sell services in product and also marketing activities and referral activities. So depending on the product, we use one or multiple of those. And credit card is a little bit unique because that one top of funnel has been relatively easy. As you know, there's about 3 million on the wait list, and we're rolling it out rapidly. But our thesis that by offering a great product experience with great economics, we wouldn't have to pay the gigantic cost of customer acquisition that the incumbents have gotten used to paying seems to be bearing out. So we're excited about that.

因此，我們有許多管道，客戶可以透過這些管道發現產品、產品中的不同交叉銷售服務以及行銷活動和推薦活動。因此，根據產品的不同，我們會使用其中一種或多種。信用卡有點獨特，因為漏斗頂部相對容易。如您所知，等候名單上有大約 300 萬人，我們正在迅速推出這項服務。但我們的論點似乎正在得到證實：透過提供具有良好經濟效益的出色產品體驗，我們不必支付現有企業已經習慣支付的巨額客戶獲取成本。所以我們對此感到很興奮。

I would just add that Robinhood Gold does play a pretty important part in this. When you become a Robinhood Gold customer you bring in more balances, you deposit at a higher rate. And importantly, on the cross-sell point, you're much more likely to adopt more products. And so take retirement accounts as an example, like 4x more likely as a Gold customer versus an average customer to have a retirement account. And so I think they have 5 times the assets. And so being a Gold customer is kind of central to our strategy for cross-sell. And then as we continue to offer new and interesting products, our customers are discovering them at a faster rate.

我只想補充一點，Robinhood Gold 確實在其中發揮了相當重要的作用。當您成為 Robinhood Gold 客戶時，您可以帶來更多餘額，以更高的利率存款。重要的是，在交叉銷售點上，您更有可能採用更多產品。以退休帳戶為例，黃金客戶擁有退休帳戶的可能性是一般客戶的 4 倍。所以我認為他們的資產是原來的5倍。因此，成為黃金客戶對於我們的交叉銷售策略至關重要。隨著我們不斷提供新的、有趣的產品，我們的客戶正在以更快的速度發現它們。

Brett Knoblauch, Cantor.

布雷特·諾布勞赫，領唱。

Hi Vlad and Jason. This is Thomas Shinske on for Brett Knoblauch. Congrats on another great quarter. I just wanted to touch on the launch of the (technical difficulty) routing for crypto trading. I know we've touched a little bit on crypto pricing here, but I just wanted to see how adoption has been amongst traders for the smart exchange routing and how we should think about the impact on your blended crypto take rate over the next few quarters as adoption for this new product grows.

你好，Vlad 和 Jason。這是 Brett Knoblauch 的 Thomas Shinske。恭喜您又一個出色的季度。我只是想談談加密交易（技術難度）路由的推出。我知道我們在這裡稍微談到了加密貨幣定價，但我只是想看看交易者對智慧交易路由的採用情況，以及隨著這種新產品的採用率不斷增長，我們應該如何考慮未來幾個季度對混合加密貨幣接受率的影響。

Yeah. It's still early. It's in the relatively early stages of rolling out, and we're experimenting with it. So far, results look good. In particular, for the active traders that are engaging with the order book directly through tools like Legend or even on mobile, they want to be able to interact with the order book and see the price.

是的。時間還早。它目前處於推出的相對早期階段，我們正在對其進行試驗。到目前為止，結果看起來不錯。特別是，對於那些透過 Legend 等工具甚至行動裝置直接與訂單簿互動的活躍交易者來說，他們希望能夠與訂單簿進行互動並查看價格。

And we -- it also gives us the ability, as Jason mentioned earlier, to give preferential pricing to customers that trade more. So overall philosophy is as you bring more and more of your activity to Robinhood, whether that means crypto trading activity, if you're an active trader, or just assets, the experience should get even better for you. So that's kind of the long-term goal. The more of your activity, the more of your assets you bring to Robinhood and the longer you are with us, the better the experience gets.

正如 Jason 之前提到的，它還使我們能夠為交易更多的客戶提供優惠價格。因此，整體理念是，隨著您將越來越多的活動帶到 Robinhood，無論是加密交易活動、活躍交易者還是資產，您的體驗都會變得更好。這是一種長期目標。您的活動越多，您為 Robinhood 帶來的資產就越多，並且您與我們在一起的時間越長，您的體驗就越好。

And I don't think that's actually universal. Most other financial services products are the opposite. They kind of get worse for you the more money you have. So yes, stay tuned, but that's kind of where crypto is headed. I think in the future, there will be more customization and pricing depending on your activity and sort of your engagement with the overall Robinhood platform.

但我認為這其實並不具有普遍性。大多數其他金融服務產品則相反。你的錢越多，情況就越糟。所以是的，請繼續關注，但這就是加密貨幣的發展方向。我認為未來將會有更多的客製化和定價，具體取決於您的活動以及您對整個 Robinhood 平台的參與程度。

And I would just add that I don't think that tiered pricing necessarily means a lower blended rate. I think the big opportunity is bringing in volumes, trading volumes that are today not coming to Robinhood. And so we'll have to see how that plays out. As we mentioned, it's small today, and April take rates are in line with what we saw in Q1.

我還要補充一點，我認為分級定價不一定代表混合利率較低。我認為最大的機會是引入交易量，即目前 Robinhood 所沒有的交易量。所以我們必須看看結果會如何。正如我們所提到的，今天的規模很小，四月份的接受率與我們在第一季看到的一致。

Edward Engel, Compass Point.

愛德華‧恩格爾 (Edward Engel)，指南針點。

Most of my questions have been asked already, but I just wanted to touch on TradePMR. You talked about $85 million of incremental costs for this year. I guess as we kind of exit the year to 2026, what does kind of that core run rate cost base look like? Is there any opportunities for savings there?

我的大部分問題已經被問過了，但我只是想談談 TradePMR。您談到了今年 8500 萬美元的增量成本。我想，當我們進入 2026 年時，核心運行率成本基礎會是什麼樣子？那裡有節省開支的機會嗎？

Yeah. I would just say that in that $85 million is including deal-related costs. So we have an opportunity to take that number down, particularly by the -- by next quarter even as we move forward.

是的。我只想說，這 8500 萬美元包括與交易相關的成本。因此，我們有機會降低這個數字，特別是到下個季度，即使我們繼續前進。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Maybe another question on crypto, but on the regulatory side. Last quarter, you noted that more regulatory clarity was needed to offer crypto staking. I just wanted to get an update on that. And really wondering whether you'd be satisfied with guidance from the SEC. Or do you need to see a more comprehensive crypto market infrastructure bill or regulatory framework path to get comfort there?

也許還有關於加密的另一個問題，但涉及監管方面。上個季度，您指出需要更清晰的監管來提供加密貨幣質押服務。我只是想了解一下最新情況。我真的很想知道您是否對美國證券交易委員會的指導感到滿意。或者您需要看到更全面的加密市場基礎設施​​法案或監管框架路徑才能感到安心？

And then in terms of the comprehensive kind of crypto bill, was there anything proposed in the prior FIT21 digital asset bill that would cause or necessitate any material changes to your current operating model for crypto more broadly?

然後就綜合性的加密法案而言，之前的 FIT21 數位資產法案中是否提出了任何會導致或需要對您當前的加密營運模式進行更廣泛的重大改變的內容？

Yeah. We don't see anything that's concerning with regards to the crypto operating model. But there are opportunities. I think the big opportunity is clarity on listing crypto asset securities and actually not just for brokers to be able to list these assets, but also for issuers to issue these assets. I think that will unlock a ton of economic value for the crypto industry in the US. So that's been kind of our primary policy objective in Washington when it comes to crypto.

是的。我們沒有發現與加密操作模型有關的任何令人擔憂的事情。但機會還是有的。我認為最大的機會在於明確列出加密資產證券，實際上不僅經紀人能夠列出這些資產，發行人也可以發行這些資產。我認為這將為美國的加密產業釋放巨大的經濟價值。因此，這一直是華盛頓在加密貨幣方面的主要政策目標。

I think it's been good in the sense like not having a regulation by enforcement posture has been a boon to the industry. But now we have an opportunity to go further and make this technology useful to everyday people and to institutions in a real big way. So that's kind of what we're working towards in Washington.

我認為這是件好事，因為沒有執法監管對產業來說是件好事。但現在我們有機會更進一步，讓這項技術真正為一般民眾和機構所用。這就是我們在華盛頓努力的目標。

Evan, StockMKTNewz.

Evan，StockMKTNewz。

My question -- congrats to the entire team on a fantastic quarter. I want to talk a little bit more about -- you guys are adding a bunch of new products and features and business lines. I wanted to ask a little bit about time spent on the app and users' minutes and if you guys have seen any changes and if that's something you guys are watching and optimizing for.

我的問題是——祝賀整個團隊取得了出色的季度業績。我想再多談一點——你們正在添加一系列新產品、功能和業務線。我想問一下關於在應用程式上花費的時間和用戶的時間，以及你們是否看到任何變化，以及你們是否正在關注和優化這些變化。

Yeah, great question. We've traditionally done very, very well on those types of metrics. I mean people find the Robinhood app very engaging, despite the fact that we don't spend a ton of time or efforts driving that. The efforts are all on making great products, making sure that customers retain really well and build a great product experience and more recently, driving Gold subscription, the retention of Gold subscribers.

是的，很好的問題。我們在這些類型的指標上歷來做得非常非常好。我的意思是，儘管我們並沒有花費大量的時間或精力來開發 Robinhood 應用程序，但人們發現它非常吸引人。我們所做的一切都是為了打造優秀的產品，確保客戶能夠很好地留住他們，並打造出色的產品體驗，最近，我們也致力於推動黃金訂閱，留住黃金用戶。

So really, thus far, the focus has been on making it easy for customers to get in, making it easy for them to adopt the Gold subscription. And once they have Gold, sort of like facilitating them seeing the value across all of the products that are on the platform. And then making sure we uphold the commitment to having a great product experience throughout the journey.

所以，到目前為止，我們的重點一直是讓客戶輕鬆加入，讓他們輕鬆採用黃金訂閱。一旦他們擁有了黃金，這就像是幫助他們看到平台上所有產品的價值。然後確保我們堅持在整個旅程中提供出色的產品體驗的承諾。

Not to say that there aren't opportunities, and we're actually investing more in building out our related teams there on the growth in the marketing side. But yes, thus far, it's been focused on making sure the products are really, really high quality and customers are experiencing tremendous value from using that, and Robinhood Gold in particular.

並不是說沒有機會，事實上，我們在行銷方面的成長方面正在投入更多資金來建立相關團隊。但是的，到目前為止，它一直專注於確保產品確實非常高品質，並且客戶從使用產品中獲得巨大的價值，尤其是 Robinhood Gold。

One of the things I'm excited about is the potential for Cortex to make the app even that much more engaging throughout a day. So -- but looking forward to seeing the team execute on that one.

令我興奮的事情之一是 Cortex 有潛力讓應用程式在一天中變得更加引人入勝。所以——但期待看到團隊執行這一目標。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

I'd love to get some better insights into sort of the event and prediction market business. Are these participants more like your equity option or crypto customers today? What sort of penetration would you expect in the prediction markets of these customers over time?

我很想對事件和預測市場業務有更深入的了解。這些參與者是否更像您今天的股票選擇權或加密貨幣客戶？隨著時間的推移，您預期這些客戶的預測市場將達到何種程度？

And then do prediction market customers have sort of higher or lower velocity than the other segments of your business? Are these like super active? Or are they more or less active? Like where do they fit into the continuum of your customers?

那麼預測市場客戶的速度與您業務的其他部分相比是更高還是更低？這些像超級活躍嗎？或者說他們更活躍還是不那麼活躍？例如，他們在你的客戶群中處於什麼位置？

Yeah. I think the great thing about this business -- about the prediction markets business is it appeals to a broad range of customers. And we actually see very, very different behaviors even within prediction markets when you talk about different contracts. So for example, the group of customers that engages with the economic prediction markets is not the same group of customers that engages with the Masters, for instance.

是的。我認為預測市場這個業務的偉大之處在於它能夠吸引廣泛的客戶。當你談論不同的合約時，我們實際上會看到即使在預測市場中也存在非常非常不同的行為。例如，參與經濟預測市場的客戶群與參與大師賽的客戶群不同。

And so many of young people who are our customer base love sports and love following news and current events. So actually, what you see is like pretty wide dispersion. Yes, it's not like other assets where if you're an options trader, a number of options traders are coming and primarily engaging with that. You see these customers engaging in a wide spectrum of assets and sort of like trading activity quite broad and varied among the rest of our products.

我們的許多年輕人都是客戶，他們熱愛運動，喜歡關注新聞和時事。所以實際上，你所看到的是相當廣泛的分散。是的，它不像其他資產，如果你是一個期權交易員，許多期權交易員都會來並且主要參與其中。您會看到這些客戶參與了各種各樣的資產，並且我們的其他產品的交易活動也相當廣泛和多樣化。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, Ken.

謝謝，肯。

Steven Chubak, Wolfe.

史蒂文·楚巴克，沃爾夫。

Hi, good afternoon, and thanks for squeezing me in here. Jason, you typically provide near-term guidance on NII. And I was hoping you could speak to where you expect NII to land in 2Q based on spot or current balances. And with 4 cuts reflected in the forward curve, it might be helpful if you could provide an updated sensitivity to interest rate cuts.

大家好，下午好，感謝您抽空邀請我來這裡。傑森，您通常會提供有關 NII 的近期指導。我希望您能根據現貨或當前餘額談談您預計 NII 在第二季度會達到什麼水平。由於遠期曲線已經反映了 4 次降息，如果您能提供對降息的最新敏感度，可能會有所幫助。

Yeah. Thank you, Steven. So we didn't provide specific guidance for NII. What I'd tell you is that when we look at the effect, again, just isolating for a 25 basis point cut, the impact would be, on a stand-alone basis, about $50 million as a headwind. Now when we look at over the last year, the rates have come down quite a bit, yet we have grown our interest-earning assets at a pace that has outpaced the effect of dropping rates. And so it's a little misleading to just hold everything constant and say $50 million.

是的。謝謝你，史蒂文。因此我們沒有為 NII 提供具體指導。我想告訴你的是，當我們再次觀察其影響時，僅僅將 25 個基點的降息單獨考慮，其影響就將是 5000 萬美元左右的逆風。現在，當我們回顧過去的一年時，利率已經下降了不少，但我們生息資產的成長速度卻超過了利率下降的影響。因此，如果僅保持其他因素不變就說 5000 萬美元，那就有點誤導了。

So we're continuing to gather assets from customers, and we've seen a really nice growth in interest-earning assets. And then I know you've heard me say many times, we also believe that we've got a really nice natural hedge between interest rates and trading. So as rates come down, there's an expectation that we have that trading would go up and provide a nice offset to any impact there.

因此，我們繼續從客戶那裡收集資產，並且我們看到生息資產的良好成長。我知道你已經聽我說過很多次了，我們也相信我們在利率和交易之間有一個非常好的自然對沖。因此，隨著利率下降，我們預期交易量將會增加，並能很好地抵消由此產生的影響。

Mike Cyprys, Morgan Stanley.

摩根士丹利的麥克‧賽普里斯 (Mike Cyprys)。

Just a question on 24/5 markets. I was hoping you could talk about the traction that you're seeing from clients in your overnight sessions, how that's contributing today. And talk about some of the steps that you're taking to drive greater customer uptake of this. And if you look out three to five years, what does success look like here for your 24/5 markets? What portion of equities options line do you think this could represent for Robinhood?

這只是關於 24/5 市場的一個問題。我希望您能談談您在夜間會議中看到的客戶的關注度，以及這對今天有何貢獻。請談談您為推動更多客戶接受此產品所採取的一些措施。如果您展望三到五年，您的 24/5 市場將會取得怎樣的成功？您認為這對 Robinhood 來說代表了股票選擇權線的哪一部分？

Yes. I mean 24-hour market is continuing to grow. Obviously, you see bursts of engagement when macro events are happening after hours or on weekends. And there, you've just -- you see it in 24-hour market first. And I think you're seeing it become a standard. So probably 5 years from now, you're not really going to be talking about 24-hour market and sort of like core market. It will become table stakes for any platform servicing active traders to offer this type of feature and to kind of follow us in there.

是的。我的意思是 24 小時市場正在持續成長。顯然，當宏觀事件發生在下班後或週末時，你會看到參與度的激增。在那裡，你首先會在 24 小時市場上看到它。我認為你會看到它成為一種標準。因此，可能從現在起 5 年後，你就不會再談論 24 小時市場和核心市場了。對於任何為活躍交易者提供服務的平台來說，提供此類功能並在其中關注我們都會成為一項基本要求。

I think you're going to see the exchanges offered as well. So it will be an anomaly for something to not be available on 24-hour market. I think it becomes even more imperative when you start looking at international expansion. As we get into Europe and Asia where there's less and less overlap with US East Coast working hours, that's just going to be another tailwind for increased volumes and adoption. But I think the long-term trend is 24/7 for every tradable asset.

我想您也會看到所提供的交流。因此，如果某種商品在 24 小時市場上買不到，那將是一種異常現象。我認為當你開始考慮國際擴張時，這一點變得更加重要。隨著我們進入歐洲和亞洲，與美國東海岸的工作時間重疊越來越少，這將成為增加數量和採用率的另一個順風。但我認為，每種可交易資產的長期趨勢都是全天候的。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

I just want to touch on Bitstamp. When the deal is closed, could you just help us think about what that acquisition could mean for the way you route your crypto orders in terms of internalization as well as the crypto take rate? And obviously recognizing the deal will add institutional volumes, so that could pressure the blended take rate if you don't break that out. But -- so maybe if you could just isolate the impact on your retail crypto take rate.

我只是想談談 Bitstamp。交易完成後，您能否幫助我們思考一下，此次收購對您在內部化和加密貨幣接受率方面的加密貨幣訂單安排方式意味著什麼？顯然，認識到這筆交易將增加機構交易量，因此如果不突破這一點，可能會對混合接受率造成壓力。但是——也許你可以隔離對零售加密貨幣接受率的影響。

Yeah. We're very excited about Bitstamp, the oldest and longest-running crypto exchange out there. So that makes Robinhood the oldest and longest continuously running crypto exchange, which is very exciting. Still middle of the year for close. I don't want to front run any specific announcements on what we're going to do. But what I'll tell you is institutional is a big opportunity for us. We're obviously not really in that space yet, but we see a lot of opportunity. And also international, Bitstamp has a global presence. Crypto is increasingly global. We're going to do more and more there.

是的。我們對 Bitstamp 感到非常興奮，它是目前最古老、運行時間最長的加密貨幣交易所。因此，Robinhood 成為歷史最悠久、持續運行時間最長的加密貨幣交易所，這非常令人興奮。距離收官仍需時日。我不想預先宣布我們將要做什麼具體的事情。但我要告訴你的是，制度對我們來說是一個巨大的機會。顯然，我們還沒有真正進入這個領域，但我們看到了很多機會。Bitstamp 不僅在國際上具有影響力，而且在全球都有業務。加密技術日益全球化。我們將在那裡做更多的事情。

And in terms of customer execution quality, at the end of the day, the goal is to give customers choice and to provide a great execution experience. And Bitstamp certainly will play a role in that. We think it just gives us another lever to give our active traders more ways to execute their orders.

就客戶執行品質而言，最終的目標是為客戶提供選擇並提供良好的執行體驗。Bitstamp 肯定會在其中發揮作用。我們認為這只是為我們提供了另一個槓桿，讓我們的活躍交易者有更多的方式來執行他們的訂單。

Okay. Well, that concludes the Q&A portion of our call. Before we end the call, Vlad, I'll turn it back to you for any closing comments.

好的。好了，我們電話會議的問答部分到此結束。在我們結束通話之前，弗拉德，我會把電話轉回給你，請你發表任何結束語。

Yeah, I mean I just want to say thank you, guys, for joining us again. Second live video earnings call. I think we're going to continue to do it. I think they're going to get better and better.

是的，我的意思是我只想感謝你們再次加入我們。第二次現場視訊收益電話會議。我想我們會繼續這樣做。我認為他們會變得越來越好。

But really, we've got a lot of work to do. It's going to be a busy year. The road map is incredibly full. So thank you for being on this journey with us and for listening and to the analysts and investors, retail and institutional, who continue to engage with the company. So we're by no means slowing down. It's going to be a busy year for us. And looking forward to seeing many of you at the France crypto event.

但實際上，我們還有很多工作要做。這將是忙碌的一年。路線圖非常豐富。感謝你們與我們一起踏上這段旅程，感謝你們的傾聽，也感謝你們繼續與公司合作的分析師和投資者、散戶和機構投資者。所以我們絕對不會放慢腳步。對我們來說這將是忙碌的一年。並期待在法國加密貨幣活動上見到你們。