Robinhood Markets, Inc. (HOOD) 2026 Q3 法說會逐字稿

Thank you to everyone for joining Robinhood's Q3 2026 earnings call, whether you're tuning into the live stream or here with us in Menlo Park. With us today are Chairman and CEO, Vlad Tenev; CFO, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel. Vlad and Shiv will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we'll answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood and both institutional and retail shareholders.

感謝各位參加 Robinhood 2026 年第三季財報電話會議，無論您是收看直播，或是在門洛帕克與我們同在。今天與會者包括董事長兼執行長 Vlad Tenev；財務長 Shiv Verma；以及企業財務與投資人關係副總裁 Chris Koegel。Vlad 與 Shiv 將先發表開場談話，接著開放問答。在問答環節中，我們將回答觀眾的提問；觀眾包括機構研究分析師、可能持有 Robinhood 持股部位的財經內容創作者，以及機構與散戶股東。

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. 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.

提醒各位，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。可能導致差異的風險因素（包括我們持續關注的監管發展）已載於我們今日發布的新聞稿、財報簡報以及我們向 SEC 提交的文件中，皆可於 investors.robinhood.com 查閱。今天的討論也將包含非 GAAP 財務衡量指標。與我們認為最具可比性的 GAAP 指標之調節表，可於財報簡報中查閱。

With that, please welcome Vlad.

接下來，讓我們歡迎 Vlad。

All right. Thank you guys for coming. This is awesome, and it's great to see so many people in person. We're back at our headquarters in sunny Menlo Park. So thank you again for being on this journey with us and showing up in person and to everyone watching remotely.

好。謝謝大家到場。這太棒了，很高興看到這麼多人親自出席。我們回到陽光明媚的門洛帕克總部。所以再次感謝各位與我們一同走過這段旅程，親自到場，以及所有遠端收看的朋友。

So as you probably know, at Robinhood, we have a singular goal. We believe in ownership. We want to make everyone an owner. And we think that broad ownership is actually essential to a free, stable and prosperous society. So in order to execute on this vision, we have our three-part strategy.

如各位可能知道的，在 Robinhood，我們有一個單一的目標。我們相信「擁有權」。我們希望讓每個人都成為擁有者。我們認為廣泛的擁有權其實是自由、穩定且繁榮社會的必要條件。為了落實這個願景，我們有三部分的策略。

So to recap that, the first part, we want to build the #1 active trader platform. So we want to allow customers to own any tradable asset. And really an active trader should feel like they're at a disadvantage trading elsewhere. So we'll have more about that later. Second, strategic arc, #1 in wallet share for the next generation.

回顧一下，第一部分，我們要打造 #1 的活躍交易者平台。我們希望讓客戶能夠擁有任何可交易資產。而且真正的活躍交易者應該會覺得在其他地方交易反而處於劣勢。稍後我們會再談更多。第二個策略主軸：在下一代的錢包占有率（wallet share）方面做到 #1。

So we want to build our customers' financial home and not just for them, but for their families as well. Then the third, one global financial ecosystem. So take the ownership that we've been able to deliver and grow in the U.S. and expand it everywhere around the world. Q3, we made a lot of progress.

我們希望打造客戶的金融「家」，不只是為他們，也為他們的家人。第三個主軸：一個全球性的金融生態系。也就是把我們在美國已經交付並成長的「擁有權」推廣到全世界。在第三季，我們取得了很大的進展。

So our product velocity continued across each of these three arcs, and we saw strong business and financial results. So for active traders, again, the idea is if you're an active trader, you're at a disadvantage trading elsewhere.

我們在這三個主軸上的產品推出速度持續提升，同時也看到強勁的業務與財務成果。對活躍交易者而言，我們的理念仍然是：如果你是活躍交易者，在其他地方交易你會處於劣勢。

So what have we done for active traders? Last month, we held our third annual HOOD Summit event in Houston, Texas. And we launched not 1, not 2, but 17 new products and new services to our customers. So I'll hit a couple of highlights. Agentic Trading, which is near and dear to my heart, literally, I'm wearing the vest right now.

那我們為活躍交易者做了什麼？上個月，我們在德州休士頓舉辦了第三屆年度 HOOD Summit 活動。我們不是推出 1 個、不是 2 個，而是向客戶推出了 17 項新產品與新服務。我先提幾個重點。Agentic Trading（代理式交易）是我非常重視的項目，真的，我現在就穿著這件背心。

So our Agentic offerings have really increased in scope over the course of the year. If you remember, we started with our MCP, which has grown quite well. And now we've got Agentic Trading directly in the app, so you no longer need to use your external tool like your Claude Code and Codex. You can do it within the app. And we've also allowed customers to extend their MCP connectivity to Robinhood Legend.

我們的 Agentic 產品在今年的過程中，範疇確實大幅擴展。如果你還記得，我們從 MCP 開始，而它的成長表現相當不錯。現在我們把 Agentic Trading 直接整合到 App 裡，所以你不再需要使用外部工具，例如 Claude Code 和 Codex。你可以在 App 內完成。我們也讓客戶能把他們的 MCP 連線能力延伸到 Robinhood Legend。

So Robinhood Legend is now in scope for our MCP connectors as well. So we're just continuing to make it easier for anyone to trade on our platform, whether it's you directly or your agent. And while we're still very early in the in-app capabilities and the harness tooling, we've been seeing really strong early adoption across the entire suite of Agentic products. So customers have over 250 million in Agentic accounts. Remember, this is -- the account start at zero.

因此，Robinhood Legend 現在也納入我們 MCP 連接器的支援範圍。我們持續讓任何人在我們的平台上交易變得更容易，無論是你本人直接交易，或是你的代理（agent）代你交易。雖然 App 內能力與相關工具仍在非常早期階段，但我們已在整套 Agentic 產品上看到非常強勁的早期採用。客戶在 Agentic 帳戶中的資產已超過 2.5 億。請記得，這些帳戶——一開始是從零開始的。

So you have to make a choice to move money into them. And we look at the adoption curves, both across usage and trading, and they're sort of following an accelerating curve, which gets us very excited about the future of these products. And as we continue to add more asset classes, more features, those curves appear to be steepening. Next, perpetual futures. So we became the first US.

你必須主動選擇把資金轉入其中。我們觀察採用曲線，無論是使用量或交易量，都呈現加速上升的趨勢，這讓我們對這些產品的未來非常興奮。而且隨著我們持續加入更多資產類別與更多功能，這些曲線看起來還在變得更陡峭。接下來是永續期貨。我們成為第一家美國

broker to offer what we call true perpetual futures. So these are perpetuals powered by our global derivatives exchange Bitstamp, and they settle continuously around the day. So 15-minute settlement. We're also working on adding earnings contracts to our prediction markets hub. I think this will be particularly relevant for this audience because they'll allow you to trade EPS and revenue on individual companies as well as KPIs that are company specific.

券商提供我們所稱的「真正的永續期貨」。這些永續合約由我們的全球衍生品交易所 Bitstamp 提供支援，並在一天之中持續結算。也就是每 15 分鐘結算一次。我們也正在把財報合約（earnings contracts）加入我們的預測市場（prediction markets）中心。我認為這對在座各位特別相關，因為它們將允許你交易個別公司的每股盈餘（EPS）與營收，以及公司特定的 KPI。

And of course, something I've been very excited about for quite some time. We announced 24/7 equity trading that will be coming to Robinhood later this year. And again, this is something -- I think we'll be the first to offer this as well. And these are just a few of the many items we've shipped. So there's a lot more, and I encourage you all to check out the full keynote on YouTube or X if you haven't already.

當然，還有一項我期待已久的事情。我們宣布將在今年稍晚於 Robinhood 推出 24/7 股票交易。同樣地，這也是一項——我認為我們也會是第一個提供的。而這些只是我們已推出眾多項目中的一小部分。還有更多內容，我鼓勵各位如果還沒看過，可以到 YouTube 或 X 觀看完整主題演講。

So let's move to wallet share. A couple of things that I'd like to highlight here. Trump accounts achieved a really important milestone in Q3, auto enrollment. So as we said before, we've got nearly 70 million children in the US under the age of 18 that are eligible for the Trump account.

接著談錢包占有率（wallet share）。這裡我想強調幾點。Trump 帳戶在第三季達成了一個非常重要的里程碑：自動加入（auto enrollment）。如同我們先前所說，美國有將近 7,000 萬名未滿 18 歲、符合 Trump 帳戶資格的兒童。

And now the U.S. Treasury has opened accounts for all of them, for all these children. And because of the generous gift from Michael and Susan Dell through their foundation, 25 million of those children already had $250 invested for them by the Dell Foundation. So we're excited about this initiative. It's one of those things where it's just been snowballing and we're doing more.

現在，美國財政部已為他們所有人、為這些孩子全部開立了帳戶。而且由於 Michael 與 Susan Dell 透過其基金會提供的慷慨捐贈，其中有 2,500 萬名孩子已由 Dell 基金會替他們投資了 250 美元。我們對這項倡議感到非常振奮。這是一件會持續滾雪球的事情，我們也正在做得更多。

So there's just a ton of road map ahead. One of the things I'm particularly excited about is I think it can become the default vehicle for philanthropic giving in this country, right? And we're already seeing the beginnings of that with the Dell's, but also the other donors -- and we don't really have a great default option. I think Trump accounts can become that. So we're going to be doing more there in partnership with BNY and the US government.

因此，接下來的產品路線圖還有非常多內容。其中一件我特別興奮的事是：我認為它可以成為這個國家慈善捐贈的預設工具，對吧？我們已經從 Dell 家族以及其他捐贈者身上看到一些端倪——而我們目前其實沒有一個很好的預設選項。我認為 Trump 帳戶可以成為那個選項。因此，我們將與 BNY 以及美國政府合作，在這方面做得更多。

We're also continuing to make progress with Robinhood Gold, which today is one of the largest paid membership programs in consumer finance in the US. So a couple of years ago, we set out to actually completely revamp our gold product. And what we wanted to do is put something in gold for our mass market customer so that you didn't have to be an active trader to benefit from gold. And I think we've been able to achieve that. So in this quarter, Robinhood Gold reached 5 million subscribers.

我們也持續在 Robinhood Gold 方面取得進展；目前它已是美國消費金融領域規模最大的付費會員方案之一。因此在幾年前，我們著手對 Gold 產品進行全面改版。我們希望在 Gold 中為大眾市場客戶加入一些內容，讓你不必是活躍交易者也能從 Gold 中受益。我認為我們已經做到了。

okay? We see it really paying off. We see it paying off. We've got 5 million gold subscribers. And that's up over 30% year-over-year, and it's a 4x increase from when we began the journey to revamp the gold program just about 4 years ago.

好嗎？我們看到這確實開始帶來回報。我們看到它正在發揮成效。我們有 500 萬名 Gold 訂閱者。這比去年同期成長超過 30%，也比我們大約 4 年前開始改版 Gold 計畫時增加了 4 倍。

So that gets us to about an 18% overall gold adoption rate when you look at our customer base, but 40% if you look at in quarter. So of the customers that joined Robinhood in quarter, much higher adoption. And that's really great to see because then we see a path as we continue to grow, gold will just continue to increase. And I think there's actually much more room to grow.

因此，若以整體客戶基礎來看，Gold 的整體採用率約為 18%；但若只看本季度加入的客戶，採用率則達到 40%。也就是說，本季度加入 Robinhood 的客戶，採用率高得多。這非常令人振奮，因為我們看到隨著持續成長，Gold 只會繼續提升。而且我認為其實還有更大的成長空間。

Our big bets for growing the gold value proposition are banking and credit. And those are still despite getting to large scale, not generally available yet. So there's still limited release. And we've been really investing in more integration points. So things like easy sign-up for banking and Gold card if you're signing up for Robinhood, contextual upsells so that we detect when banking and credit is going to be appropriate for you when you're using the Robinhood app and kind of putting it there.

我們用來提升 Gold 價值主張的重大押注是銀行業務與信貸。儘管已達到相當規模，但這些服務目前仍未全面開放。因此仍屬於有限度釋出。我們也一直在加大投入更多整合觸點。例如：若你正在註冊 Robinhood，我們提供更容易的銀行業務與 Gold 卡申請流程；以及情境式加購推薦，讓我們在你使用 Robinhood App 時偵測何時銀行與信貸最適合你，並在適當位置呈現。

So we think we've got plenty of room to run. These can become even more meaningful drivers of higher gold adoption. Finally, let me get to global financial ecosystem. So on July 1, just a few months ago, we launched the Robinhood chain Mainnet. And in its first quarter, it's already a top 5 chain by volume and revenue. So far, we've seen over $100 billion in DEX volume. So it's $100 billion in decentralized exchange trading volume and over $50 million in chain fees.

因此我們認為仍有很大的發揮空間。這些都可能成為推動更高 Gold 採用率、更具意義的驅動因素。最後，我想談談全球金融生態系。7 月 1 日，也就是幾個月前，我們推出了 Robinhood chain 主網（Mainnet）。在第一個季度，它已經按交易量與收入躋身前五大鏈。截至目前，我們已看到超過 1,000 億美元的 DEX 交易量。也就是去中心化交易所的交易量達 1,000 億美元以上，鏈上手續費超過 5,000 萬美元。

DeFi perpetuals, it's an interesting innovative product, have seen solid growth on the chain as well. So in recent weeks, we've been seeing DeFi perpetuals volume of over $1 billion per day on the chain. So it's clear customers have demand for these tokenized assets on chain. And we think we not only believe we're building Robinhood chain to be the best place to own and trade all of these tokenized assets, of course, starting with stock tokens and perpetuals, but expanding much broader from that. We're also expanding our brokerage infrastructure globally.

DeFi 永續合約這類有趣且具創新的產品，在該鏈上也呈現穩健成長。最近幾週，我們看到鏈上 DeFi 永續合約的交易量每天超過 10 億美元。因此很明顯，客戶對這些鏈上代幣化資產有需求。我們相信我們正在打造 Robinhood chain，使其成為持有與交易所有這些代幣化資產的最佳場所；當然先從股票代幣與永續合約開始，並在此基礎上擴展到更廣泛的領域。我們也正在全球擴展我們的券商基礎設施。

And we're excited with that to announce that we received authorization from the Dubai Financial Services Authority to launch Robinhood in the region. This will broaden our international footprint even further. The product velocity that you've been seeing and the focus on the customer experience have led to really strong business results.

我們也很興奮地宣布，我們已獲得杜拜金融服務管理局（Dubai Financial Services Authority）的授權，可在該地區推出 Robinhood。這將進一步擴大我們的國際版圖。你們所看到的產品推出速度與對客戶體驗的專注，帶來了非常強勁的業務成果。

Market share continues to grow, up double digits year-over-year for each of the main assets, equities, options, crypto and margin as well. Revenues grew 12% year-over-year to a record $1.4 billion. Adjusted EBITDA, that's up 9%, record of over $800 million. And then net deposits, $16 billion in the quarter. And with a strong start to Q4, which Shiv will talk more about, we have already exceeded our annual goal of 20% net deposit growth, and that's with 2 months left to go.

市占率持續成長；在主要資產類別——股票、選擇權、加密貨幣以及融資融券——各項年增率皆達雙位數。營收年增 12%，達到創紀錄的 14 億美元。調整後 EBITDA 年增 9%，創下超過 8 億美元的紀錄。此外，本季度淨存入金額為 160 億美元。而且在第四季強勁開局（Shiv 會再多談），我們在距年底還有 2 個月的情況下，就已超越全年淨存入成長 20% 的目標。

So we're pleased with the strong results for our customers and for our business. We're pushing hard to make Robinhood your financial super app.

因此，我們對客戶與公司所取得的強勁成果感到滿意。我們正全力推進，讓 Robinhood 成為你的金融超級 App。

So with that, I'll ask Shiv to come up. How are you doing, sir?

那麼接下來，我請 Shiv 上台。先生，你最近如何？

All right. All right. So thank you, Vlad. Before we get into the results, I just wanted to share three big takeaways from Q3. First, as Vlad said, the core business is firing on all cylinders.

好。好。謝謝你，Vlad。在進入業績之前，我想先分享第三季的三個重點。第一，如 Vlad 所說，核心業務全面火力全開。

This led to our highest quarter ever for both revenue and adjusted EBITDA and really great to see platform assets were nearly $400 billion. And on top of that, we set new records for equities, options, event contracts and margin. So going well all around. Second, our product is driving a more diversified business. We're now up to 14 cylinders that have reached $100 million or more of annualized revenue as Rothera, our prediction markets exchange, hit this number in just its full -- first full quarter of operations.

這使我們在營收與調整後 EBITDA 兩項都創下史上最佳季度；同時也很高興看到平台資產接近 4,000 億美元。此外，我們在股票、選擇權、事件合約與融資融券方面也都創下新紀錄。整體表現都很不錯。第二，我們的產品正在推動業務更加多元化。目前已有 14 個「引擎」的年化營收達到或超過 1 億美元；其中 Rothera（我們的預測市場交易所）在其第一個完整營運季度就達到這個數字。

So really nice to see Rothera scaling well. And then finally, we drove another quarter of strong growth, profitability and scale. So we're a Rule of 80 company, but at our scale of over $5.5 billion of annualized revenue. So we remain disciplined on expenses even while investing for growth, which is fantastic to see.

因此很高興看到 Rothera 擴張得很好。最後，我們又交出一個強勁成長、獲利能力與規模同步提升的季度。我們是一家符合「80 法則（Rule of 80）」的公司，而且是在年化營收超過 55 億美元的規模之上。因此，即使在投資成長，我們在費用上仍保持紀律，這點非常令人振奮。

So let's get to our Q3 results, and all of these will be compared to a year ago. So revenues were up 12% to a record $1.4 billion, and this was driven by strong growth in both new products and existing products as well. Transaction revenues were a record as trading volumes were new highs across equities, options and margin. Each of these was up around 50% year-over-year, and this was on market share gains. And the event contracts continue to scale really nicely.

接下來看第三季業績，以下皆與一年前相比。營收年增 12%，達到創紀錄的 14 億美元；這主要由新產品與既有產品的強勁成長共同帶動。交易收入創新高，因為股票、選擇權與融資融券的交易量都達到新高。這三項年增率各約 50%，且是在市占率提升的背景下達成。事件合約也持續非常順利地擴張。

This was up 7x year-over-year. Additionally, the Robinhood chain in its first quarter of adoption saw really strong usage, as Vlad mentioned before. So that was another driver of transaction revenue in the quarter. And then on NIM or net interest revenues, really strong growth in margin, credit card book and Robinhood Banking, and these grew to new record balances. And our total interest-earning assets on the platform also hit new highs.

事件合約年增達 7 倍。此外，如 Vlad 先前提到，Robinhood chain 在採用的第一個季度就出現非常強勁的使用量。因此這也成為本季度交易收入的另一個驅動因素。至於 NIM（淨利息收入），融資融券、信用卡資產組合以及 Robinhood Banking 都呈現非常強勁的成長，並推升至新的紀錄餘額。我們平台上的總計生息資產也同樣創下新高。

So really nice to see both transaction revenue and the interest-earning assets do well. And then finally, in other revenues, as Vlad shared before, Gold subscribers reached a new all-time high of over 4 million subs, which is great to see. And then additionally, as we continue to build and expand the Trump accounts for customers, that generates some additional revenue as well.

因此很高興看到交易收入與生息資產兩者都表現出色。最後，在其他收入方面，如 Vlad 先前分享，Gold 訂閱者數達到新的歷史高點，超過 400 萬名訂閱者，這非常令人振奮。此外，隨著我們持續為客戶建立並擴展 Trump 帳戶，也會帶來一些額外收入。

And so while revenues grew to a quarterly record, we also see discipline on costs. And so adjusted OpEx in SBC was managed to $664 million. This was managed within our prior outlook range. And again, as we're investing for growth, we're still being really, really disciplined on our expenses. And our productivity also continues to do really well.

因此，在營收創下季度新高的同時，我們也看到成本端保持紀律。因此，調整後營運費用（OpEx）與以股份為基礎的薪酬（SBC）合計控制在 6.64 億美元。這落在我們先前給出的展望區間內。同樣地，即使我們在投資成長，我們仍在費用上保持非常、非常嚴格的紀律。而我們的生產力也持續表現得非常好。

So in this quarter, we hit revenue per employee of nearly $2 million, which would be a new record. So we're shipping for customers, but we're also doing it in our lean and disciplined way.

因此在本季，我們的每位員工營收接近 200 萬美元，這將創下新紀錄。因此我們在為客戶交付，但同時也以精實且自律的方式來完成。

And then finally, as we look ahead to Q4, while we plan to continue making growth investments, in particular, in the Trump accounts, we're also controlling our expenses and have driven more efficiencies across our business. So as we do that, we're going to lower the top end of our prior outlook range by $25 million, and we now expect full year adjusted OpEx in SBC to be between $2.675 billion and $2.75 billion, and this is $13 million lower at the midpoint versus our prior outlook. So you put them together, really strong top line growth, expense discipline, and this led to a strong quarter of profitability. So adjusted EBITDA was a record $808 million. This is up 9% year-over-year, and adjusted EBITDA margin continues to be strong at 57% in Q3.

最後，展望第四季，雖然我們計畫持續進行成長投資，特別是在 Trump 帳戶方面，但我們也在控管費用，並在整個業務中推動更多效率提升。因此在此之下，我們將把先前展望區間的上緣下調 2,500 萬美元；我們現在預期全年（含 SBC 的）調整後營業費用（OpEx）將介於 26.75 億至 27.50 億美元之間，而在中點上較先前展望低 1,300 萬美元。綜合來看，營收端強勁成長、費用紀律到位，帶來了本季強勁的獲利表現。因此，調整後 EBITDA 創下 8.08 億美元的紀錄。這較去年同期成長 9%，而第三季調整後 EBITDA 利潤率仍維持強勁，達 57%。

EPS for the quarter was $0.51. Now this includes a minus $0.07 of mark-to-market impact on investments that we hold. And so as we talk about EPS, we're continuing to expand our business into investments. One of them is such as Robinhood Ventures. And as we launch more and more of these products, we're now seeing some nonoperating movements on these investments.

本季 EPS 為 0.51 美元。其中包含我們所持投資的按市價評價（mark-to-market）影響 -0.07 美元。因此當我們談 EPS 時，我們也在持續把業務擴展到投資領域。其中之一例如 Robinhood Ventures。隨著我們推出越來越多這類產品，我們現在在這些投資上看到一些非營運性的波動。

So we're introducing adjusted EPS, and this is to just better reflect our core operating profitability before any gains or losses on investments or some of these other nonoperating items. But at the same time, we're going to remain accountable for all of our regular ongoing costs. So we're still including normal course SBC in our adjusted EPS. As I've said before many times, share count and the denominator matters. And so you put it all together, in Q3, adjusted EPS was $0.60.

因此我們引入「調整後 EPS」，用以更好地反映在投資損益或其他部分非營運項目之前，我們核心營運的獲利能力。但同時，我們仍會對所有例行且持續發生的成本負責。因此在調整後 EPS 中，我們仍納入正常流程的 SBC。我之前多次提過，股數與分母很重要。綜合以上，第三季調整後 EPS 為 0.60 美元。

And so moving forward, we hope that investors find this a useful measure of our core profitability in the business.

因此展望未來，我們希望投資人會覺得這是衡量我們業務核心獲利能力的一個有用指標。

Another area I wanted to touch upon is prediction markets. We believe it's really early innings for the asset class, and we're investing to be a leader in the space. We're constantly improving the in-app experience. We now have a vertically integrated exchange with Rothera. And as I mentioned before, it's off to a great start.

另一個我想談到的領域是預測市場。我們認為這個資產類別仍處於非常早期的階段，我們正投資以成為該領域的領導者。我們持續改善 App 內的使用體驗。我們現在透過 Rothera 擁有垂直整合的交易所。如我先前提到的，進展非常順利。

Additionally, we also announced a recent partnership with crypto.com and og.com. Now this is really exciting for both our customers, but also for our business and shareholders. It's really important for us that customers have a best-in-class selection with consistent pricing across exchanges and with these partnerships that now allows us to do that. But additionally, with no cash outlay, we received an initial 1% equity ownership stake in crypto.com and og.com. And we have the ability to earn up to 10% ownership depending on how much we partner together in the years to come.

此外，我們也宣布近期與 crypto.com 和 og.com 的合作夥伴關係。這對我們的客戶、我們的業務以及股東而言都非常令人振奮。對我們來說非常重要的是，客戶能在各交易所之間以一致的定價，取得同級最佳的產品選擇；而透過這些合作夥伴關係，我們現在得以做到這一點。另外，在不需現金支出的情況下，我們取得了 crypto.com 與 og.com 初始 1% 的股權持有；並且視未來幾年合作深度而定，我們有能力將持股提高至最多 10%。

So before we move to Q&A, I just wanted to give a little bit about how Q4 looks to start following a record Q3. October net deposits are over $13 billion in the month, great to see, and that includes $6 billion of the Dell family gift to Trump accounts, as Vlad mentioned earlier. And this brings our total year-to-date net deposits to over $68 billion. This is already a new annual record and north of our 20% growth target with just a few months -- with still a few months to go left in the year. And then compared to Q3, average daily volumes for equities, options and cryptos are off to a good start and are about 5% lighter relative to the really strong Q3.

在進入問答之前，我想簡單說明一下在創下第三季紀錄之後，第四季開局的情況。10 月單月淨存款超過 130 億美元，很高興看到這點，其中包含 Vlad 先前提到的 Dell 家族對 Trump 帳戶的 60 億美元贈與。這使得我們今年迄今的淨存款總額超過 680 億美元。這已經創下新的年度紀錄，且在今年還剩下幾個月的情況下，已高於我們 20% 的成長目標。另外，相較第三季，股票、選擇權與加密貨幣的平均每日成交量（ADV）在本季開局表現不錯，但相對於非常強勁的第三季約低 5%。

And then event contract ADVs are already up about 10% to start the quarter.

而事件合約的 ADV 在本季開局已上升約 10%。

So stepping back, it was great to see another strong quarter in Q3, and we're really excited about our momentum entering Q4. And as we've shared before, our financial North Star remains the same, maximize earnings per share and free cash flow per share for shareholders over time. All right. Chris, Vlad, should we take some questions?

回頭看，第三季再度出現強勁的一季令人振奮，我們也對進入第四季的動能感到非常興奮。正如我們先前分享過的，我們的財務北極星仍然不變：隨時間推進，為股東最大化每股盈餘與每股自由現金流。好。Chris、Vlad，我們要開始回答一些問題嗎？

All right. Thank you.

好。謝謝。

Let's do it.

開始吧。

For the Q&A session, we'll start by answering shareholder questions from Say Technologies. And after the questions, we'll turn to live questions from our audience and then go to the dial-in queue.

在問答環節，我們將先回答來自 Say Technologies 的股東提問。在這些問題之後，我們會轉向現場觀眾的即時提問，接著再進入電話撥入的排隊提問。

So I'll kick it off with our first question from , which comes from Bo Shen.

那我先從第一個問題開始，來自 Bo Shen。

Bo Shen, how are you doing?

Bo Shen，你好嗎？

Okay. I think we've lost Bo. So Bo asked, how is the expansion into banking going? And when will features such as the Zelle replacement arrive?

好。我想我們跟 Bo 斷線了。Bo 問的是：拓展到銀行業務的進展如何？以及像是 Zelle 替代方案這類功能何時會推出？

It's a great question. So I thought rather than talking about it, I'll actually just show you. I try not to launch new products during earnings, but I thought since we have a crowd here, I might as well give you a little bit more. By the way, before I get into it, I do want to say one thing about banking as it pertains to our super app vision. So one of the things we've been tracking for a really long time is what the top bank withdrawal destinations for our brokerage business have been.

這是個很好的問題。所以我想與其用講的，我乾脆直接示範給你們看。我通常不會在財報期間發布新產品，但我想既然現場有觀眾，不如多分享一點。順帶一提，在我開始之前，我確實想先說一點：銀行業務與我們「超級 App」願景之間的關聯。我們長期追蹤的一件事是：對我們券商業務而言，客戶提領資金時最常流向哪些銀行。

So this is the top institutions that people actually move money from brokerage into banking. And for the longest time, it's been kind of the expected big banks, not a huge surprise there. But as we've started to roll out Robinhood Banking, we've actually seen Robinhood Banking climbing up the list. And this quarter, for the first time, Robinhood Banking became the #1 withdrawal destination for Robinhood brokerage customers.

也就是人們實際上把資金從券商轉到銀行的主要機構。長期以來，名單上大多是大家預期中的大型銀行，這並不令人意外。但隨著我們開始推出 Robinhood Banking，我們實際看到 Robinhood Banking 在名單上逐步上升。而在本季，Robinhood Banking 首次成為 Robinhood 券商客戶提領資金的第一大去向。

This is actually even before it's generally available. So it is the #1 bank that customers withdraw money to by dollars, which I think is quite amazing. And obviously, we love this because that money is not leaving the Robinhood ecosystem. It just stays in people's accounts. And I think it's one major proof point that customers are choosing Robinhood for their totality of their financial needs.

而這甚至是在它尚未全面開放之前就發生了。因此以金額計算，它是客戶提領資金轉入的第一大銀行，我覺得這相當驚人。而且顯然我們很喜歡這點，因為那筆錢並沒有離開 Robinhood 生態系。它只是留在用戶的帳戶裡。我認為這是一個重要的證據，證明客戶正在選擇 Robinhood 來滿足其整體金融需求。

They're coming in, they're direct depositing their paycheck. They have their checking and savings account. Of course, they move money to invest and trade. They do their spending with gold and now Platinum. So increasingly, you don't really have to leave Robinhood because we offer best-in-class services kind of across the board.

他們進來，把薪資直接存入。他們有支票與儲蓄帳戶。當然，他們也會把資金轉去投資與交易。他們使用 Gold，現在也使用 Platinum 來進行消費。因此，越來越多情況下，你其實不需要離開 Robinhood，因為我們在各方面都提供同級最佳的服務。

Now one thing that people have been asking about is peer-to-peer payments. And of course, we didn't want to just do like a regular add-on bolt-on peer-to-peer payments feature. We wanted to make it really, really nice. So if you guys are ready, I can share my screen. So this is Robinhood banking.

現在大家一直在問的一件事是點對點（peer-to-peer）支付。當然，我們不想只是做一個一般的、外掛式的點對點支付功能。我們希望把它做得非常、非常好。所以如果各位準備好了，我可以分享我的螢幕。這就是 Robinhood banking。

So I've blurred out my balances. This is the new design, by the way. We've updated it to have the liquid glass UI. So there's this button on the bottom right, which is kind of your overall transaction action button. And if you open that, you see there's this new send money feature.

所以我把我的餘額做了模糊處理。順帶一提，這是新的設計。我們更新成了液態玻璃（liquid glass）UI。所以下方右側有一個按鈕，有點像你的整體交易操作按鈕。你打開它，就會看到這個新的轉帳功能。

So, Matt, can I send you -- would you accept a few dollars for me?

所以，Matt，我可以轉給你——你願意收我幾塊錢嗎？

Sure. Yeah, I don't know how much you like me based on how much you send.

當然。對啊，我不知道你有多喜歡我，得看你轉多少。

Okay, good. You know I like you a moderate amount. So it's just as simple as that. I'll send Matt, who's been doing a great job from our Investor Relations team, $5 from my joint checking account, okay? And you can put a little message here.

好，太好了。你知道我對你的喜歡程度算中等。所以就這麼簡單。我會從我的聯名支票帳戶轉 5 美元給 Matt——他是我們投資人關係團隊、表現很棒——好嗎？你也可以在這裡留個小訊息。

Of course, this is my favorite one. And so check this out. So I'm going to send it via text. One of the really annoying things about peer-to-peer payments, I don't know if you guys have experienced this, but you want to use an app and the person you send money to doesn't have it, which creates this like moment of friction. I don't want them to have to install anything.

當然，這是我最喜歡的一個。你們看這個。我會用簡訊把它送出去。點對點付款有一件很煩人的事，我不知道你們有沒有遇過：你想用某個 App 轉帳，但收款的人沒有那個 App，就會產生一個摩擦點。我不希望他們還得安裝任何東西。

And then they'll ask you, can you send it this way? Can you do it with one of the competitors and then you have to install it. Anyway, we've gotten rid of all of that, Matt, if you -- did you get it?

然後他們會問你：你能不能用那種方式轉？能不能用某個競品來做，結果你就得去安裝它。總之，我們把這些都去掉了。Matt，如果你——你收到了嗎？

I got the text.

我收到簡訊了。

Okay. If you want to show -- so there it is, he just taps on it, and you can accept money with Apple Pay or Google Pay without even having a Robinhood banking account, which is pretty awesome if you think about it. Of course, it gives us an opportunity to upsell Robinhood Banking, which is just a really clean experience for those of you that have tried it, but you don't have to have it. You can just get it right into your Apple Pay. So you don't have to worry about that friction of the recipient of the funds.

好。如果你願意示範——就在那裡，他只要點一下，就能用 Apple Pay 或 Google Pay 收款，甚至不需要有 Robinhood Banking 帳戶；想想看這很厲害。當然，這也給了我們一個向上銷售 Robinhood Banking 的機會；對於用過的人來說，那是一個非常乾淨俐落的體驗，但你不一定要有。你可以直接把錢收進你的 Apple Pay，所以你不必擔心收款方造成的摩擦。

So right now, still in limited release. If Matt sends money to someone, they'll get it. But yes, you should expect to see us rolling this out much more broadly in the coming weeks. And just another reason why everything we think can be better on Robinhood if you do more and more of your -- if you run more of your financial life through us.

所以目前仍是有限度釋出。如果 Matt 轉錢給某個人，對方會收到。但沒錯，你們應該會看到我們在接下來幾週更大範圍地推廣上線。這也再次說明：只要你把越多——如果你把更多的金融生活交給我們來運作——我們認為在 Robinhood 上一切都能做得更好。

Who needs sell, right?

誰還需要賣出（sell），對吧？

Yeah, I mean legacy technology, I think we can do better if we build everything in an integrated fashion.

是啊，我是說傳統的舊技術，我覺得如果我們用整合式的方式把所有東西都建起來，我們可以做得更好。

All right. Great demo. All right. So the next question is from Marcus M, who asks, how is global expansion going? And what countries are next?

好。很棒的示範。好。下一個問題來自 Marcus M，他問：全球擴張進展如何？接下來會是哪幾個國家？

Yeah, so I'll field that one. So when Shiv and I were kind of coming up with our plan and we thought what can Robinhood be in 10 years, we called our third arc global financial ecosystem. And we -- our vision, and I think this is backed up by how big these markets are and also sort of like wealth accumulation, people outside the U.S. keep getting wealthier.

好，我來回答這題。當 Shiv 和我在制定計畫、思考 10 年後 Robinhood 會是什麼樣子時，我們把第三個階段稱為「全球金融生態系」。而我們——我們的願景，我認為這也有市場規模以及財富累積的趨勢作為支撐：美國以外的人持續變得更富有。

Our vision is that over the long run, more than half of our business should be outside the U.S. And cut another way, more than half should be institutional. And what we didn't anticipate is products like Robinhood Chain, right? And we said Robinhood Chain already in quarter got out of the gate really quick with $100 billion in DEX volume and $50 million of chain fees, right? And you think about how much -- and we're actually continuing to invest, frankly, the growth of the chain and associated ecosystem and the wallet surprised and sort of like -- was higher than our expectations.

我們的願景是，長期來看，我們超過一半的業務應該在美國以外。換個角度看，超過一半也應該是機構端。而我們沒預料到的是像 Robinhood Chain 這樣的產品，對吧？我們說 Robinhood Chain 在一個季度內就非常快速起跑，DEX 交易量達到 1,000 億美元、鏈上手續費 5,000 萬美元，對吧？你再想想有多少——而且坦白說我們還在持續投資；鏈與相關生態系以及錢包的成長讓我們驚喜，某種程度上——高於我們的預期。

And so now we're spending a lot of time investing in how to make that even bigger, how to support the community. We know we've been hearing from a lot of builders that we could be doing more to support the community. And I think you should expect to see us really ramp that up because we want to make it the best developer ecosystem as well as the best sort of global on-chain community.

所以現在我們花很多時間投資：如何把它做得更大、如何支持社群。我們知道也聽到很多建設者（builders）反映，我們可以做更多來支持社群。我想你們會看到我們大幅加速這件事，因為我們希望把它打造為最好的開發者生態系，同時也是最好的全球鏈上社群。

So yes, you should expect to see us ramping the investment because you just don't see growth of a new ecosystem like this. It's an uncommon thing. I mean a lot of chains have launched over the past few months. that have just had not nearly like an incomparably small level of traction compared to this. So we're doubling down on that.

所以沒錯，你們應該會看到我們加碼投資，因為你很少看到一個新的生態系有這樣的成長。這並不常見。我的意思是，過去幾個月有很多鏈推出。但它們的牽引力（traction）跟這個比起來小得多，幾乎不可同日而語。所以我們會在這上面加倍下注。

And of course, as I mentioned earlier, we're expanding into MENA with our Dubai license, and we did get in principle approval from MAS to expand into Singapore, and that will be our Southeast Asia APAC hub, which we're very excited about. And by the way, we're continuing to get deeper in our more established markets of EU and U.K. U.K. now has crypto and brokerage in the same offering. So it's getting to parity.

當然，如我先前提到的，我們正透過杜拜牌照擴張到 MENA（中東與北非），而且我們也已獲得新加坡金管局 MAS 的原則性核准（in principle approval）以擴張到新加坡；那將成為我們東南亞的亞太（APAC）樞紐，我們非常興奮。順帶一提，我們也持續在更成熟的歐盟與英國市場深耕。英國現在在同一套產品中同時提供加密貨幣與券商服務。所以正在達到功能對等（parity）。

And you've seen us actually increasing our download share and getting more traction there.

而你們也看到我們在那裡的下載占比提升，並獲得更多牽引力。

So it's -- I would say, Shiv, I don't know if you would disagree, I think like for a while, our international business was sort of like a future -- very like far off into the future when we expected to see meaningful contributions. But we're starting to see that accelerate. And I'm seeing the most traction I have. So I feel probably the best that I've ever felt, and we're kind of accelerating so much in momentum there.

所以——我會說，Shiv，我不知道你會不會不同意：我覺得有一段時間，我們的國際業務有點像是未來——非常遙遠的未來——我們才預期會看到有意義的貢獻。但我們開始看到它在加速。而且我看到的牽引力是我至今看過最多的。所以我可能是有史以來感覺最好的一次，我們在那邊的動能正在大幅加速。

No, I agree. We built a 10-year plan. It's nice to see the seeds coming. And also Canada, you forgot to mention that as well.

不，我同意。我們做了一個 10 年計畫。很高興看到種子開始發芽。另外還有加拿大，你也忘了提到。

We're now with the crypto business through the WonderFi acquisition there for sure. So pretty soon, we'll have Robinhood all over the world.

我們現在透過收購 WonderFi，在那邊確實已經有加密貨幣業務了。所以很快，Robinhood 就會遍布全世界。

All right. Our next question comes from a special guest. You may have seen him driving the Robinhood NEON card during the last two NASCAR seasons, 3-time Cup series race winner and driver of the #23 Toyota for 23XI racing, Bubba Wallace.

好。下一個問題來自一位特別來賓。你們可能在過去兩個 NASCAR 賽季看過他駕駛 Robinhood NEON 卡的賽車：三度拿下 Cup 系列賽冠軍的車手、23XI 車隊 #23 Toyota 的駕駛 Bubba Wallace。

Are there any new major product plans for 2027 that could increase Robinhood's revenue?

2027 年是否有任何新的重大產品計畫，可能提高 Robinhood 的營收？

No easy questions, Bubba. It's just getting right into it. Yes. And by the way, it was fun watching Bubba compete at the Las Vegas Motor Speedway a couple of weeks ago, hot, but I don't know how he does that for so long. So I would say one of the things that I think people find attractive about Robinhood as a business is that it's a financial compounder, right?

Bubba，這問題一點都不簡單。你直接切入重點了。有的。而且順帶一提，幾週前在拉斯維加斯賽車場看 Bubba 比賽很過癮，天氣很熱，但我不知道他怎麼能撐那麼久。所以我會說，我認為大家覺得 Robinhood 這門生意有吸引力的一點是：它是一個金融複利機（financial compounder），對吧？

Even if you look at the core business of equities, options, crypto, margin, we're continuing to gain in market share. We get more customers. Those customers get wealthier as they get older. The market appreciation adds to that. So all of this is leading to total platform assets this quarter of about $400 billion.

即使你只看股票、選擇權、加密貨幣、融資融券等核心業務，我們也持續提升市占率。我們獲得更多客戶。這些客戶隨著年齡增長而變得更富有。市場升值也會推升這一點。因此，所有這些因素使得我們本季的平台總資產約為 4,000 億美元。

And I don't think it will be long before we're talking over $0.5 trillion and knock on wood into the trillions, right?

而且我不認為還要多久，我們就會開始談到超過 0.5 兆美元，並且（敲敲木頭）邁向數兆美元，對吧？

So just the core brokerage business and the crypto business has been remarkably strong. But we're not just like being complacent and seeing we have a strong core business. We're moving at incredible pace, not just adding all the products and features that our competitors have, but also, I think, just leading the industry across a couple of major domains. I mentioned Agentic Trading earlier. I think Agentic Trading, I don't think there's really another game in town in terms of financial companies that are really investing in Agentic Trading and making that a first-class experience.

所以，光是核心券商業務與加密貨幣業務就已經非常強勁。但我們並不是自滿地只看著自己有很強的核心業務。我們正以驚人的速度前進，不僅把競爭對手有的產品與功能都加上來，而且我認為我們也在幾個重要領域引領產業。我先前提到過 Agentic Trading（代理式交易）。我認為在金融公司之中，真正投入 Agentic Trading 並把它做成一流體驗的，幾乎沒有其他對手。

So I think we're at the very beginning there, and we're just continuing to invest in making the product experience really, really good. We've talked a lot about prediction markets. I'll also throw in perpetual futures. I mean we're super early to that, right? A lot of companies announce plans to offer these new assets, but we announce and then we ship and we roll out.

所以我認為我們才剛剛起步，而我們也會持續投資，把產品體驗做得非常、非常好。我們談了很多關於預測市場。我也要補充永續期貨。我的意思是，我們在這方面也還非常早期，對吧？很多公司會宣布計畫要提供這些新資產，但我們是宣布之後就交付、就上線、就推出。

We're seeing strong traction. That's another asset class where we expect to be the leader and gain market share. On the wallet share front, you've heard me talk about Trump accounts. Robinhood Ventures is another one where it's just other companies aren't really doing this where they're trying to -- they're going after the vision of democratizing private markets for retail investors. So we have RVI, RVII shipped, and you should expect even more.

我們看到很強的成長動能。那也是另一個資產類別，我們預期會成為領導者並提升市占率。在錢包份額（wallet share）方面，你們聽我談過 Trump 帳戶。Robinhood Ventures 也是其中之一，其他公司其實沒有真的在做這件事——他們並沒有去追求把私募市場民主化、讓散戶投資人也能參與的願景。所以我們已經推出 RVI、RVII，你們也應該期待更多。

I mean we are just -- we're really investing because we think it's important, and it's a big business opportunity, a new category that I think we can own. And then, of course, long term in the global financial ecosystem, tokenization and Robinhood Chain and Robinhood Wallet are unique products where it just really feels like we've got the tiger by the tail. So those are kind of several areas, not just one where we think we can surprise to the upside with the product bets that we're making.

我的意思是，我們確實在大力投資，因為我們認為這很重要，而且這是一個巨大的商業機會——一個我認為我們可以主導的新類別。然後，當然，從長期的全球金融生態系來看，代幣化、Robinhood Chain 與 Robinhood Wallet 都是獨特的產品，讓人真的感覺我們抓住了關鍵機會。所以我們認為不只是單一領域，而是好幾個領域，我們所做的產品押注都有可能帶來超預期的驚喜。

All right. Thank you, Vlad. That concludes our Say Technology questions. And now I'd like to go to questions from our live audience. So if you'd like to ask a question, please raise your hand.

好的。謝謝你，Vlad。以上是我們 Say Technology 的提問環節。接下來我想轉到現場觀眾的提問。如果你想提問，請舉手。

I know you've got active trading and you've got the strategy side of things. What are you doing to focus on the middle ground of customers who just kind of want to deposit and forget about it?

我知道你們有主動交易，也有策略這一塊。那對於那些只想存入資金、然後就不太管的中間族群客戶，你們做了什麼來聚焦？

Yeah, that's a great question. Actually, that's one thing I forgot to mention. I think Robinhood strategies which is our passive digital advice product. So over $2 billion in assets. It's been growing really quickly year-over-year.

是的，這是個很好的問題。其實這也是我剛剛忘了提的一點。我認為 Robinhood Strategies（我們的被動式數位投顧產品）就是其中之一。目前資產規模已超過 20 億美元。而且年增長非常快。

I think it's a bit of a dark horse just because we launched so many things. And I think the active trading products tend to get a lot more attention and mind share, but we have all these amazing passive products, strategies being one of them that provides a best-in-class experience. So we've been continuing to add things to the product suite.

我覺得它有點像黑馬，因為我們推出了太多東西。而且我認為主動交易產品往往更容易獲得關注與心佔率，但我們其實也有很多很棒的被動式產品，Strategies 就是其中之一，能提供同級最佳的體驗。所以我們一直在持續把更多內容加入產品組合。

We have this tool, Smart Income, which is part of Robinhood Strategies, where you basically just like can just really easily with a slider, just slide your time horizon and risk tolerance, and it will tell you what the sort of like expected return for your investments would be. And then the idea is you just put money in there, you drop money into that account, and it's a complete set it and forget it product. And then I think we've got some things like that team has ambitious plans. There's a bunch of things that we're working on to make that even better. So suffice it to say, strategies isn't staying still.

我們有一個工具叫 Smart Income，是 Robinhood Strategies 的一部分；你基本上只要用一個滑桿，就能很容易地調整你的投資期限與風險承受度，它就會告訴你投資的預期報酬大概會是什麼。然後概念就是你把錢放進去、把資金存入那個帳戶，這就是一個完全「設定好就不用管」的產品。而且我認為那個團隊也有很有企圖的計畫。我們正在做很多事情，讓它變得更好。總之可以說，Strategies 不會停在原地。

I think that's -- it's a dark horse product. I think it's one that could surprise people in the coming year.

我認為那——它是一個黑馬產品。我覺得它在接下來一年可能會讓大家感到驚喜。

All right. Thank you, Vlad. Next, I think, Hayden, did you have your hand up? Yes. We can get a mic to Hayden.

好的。謝謝你，Vlad。接下來我想，Hayden，你剛剛有舉手嗎？有。我們可以把麥克風拿給 Hayden。

We've been really impressed by the product velocity and traction at Robinhood, the 14 cylinders over $100 million. Can you speak to how many products your power users engage with versus your average user? And what would it mean for your business if you're able to convert the majority of your customers into power users?

我們對 Robinhood 的產品推出速度與市場牽引力印象非常深刻，那個「14 缸」以及超過 1 億美元的規模。你能談談你們的重度用戶（power users）會使用多少產品，相較於一般用戶呢？如果你們能把大多數客戶轉化為重度用戶，對你們的業務意味著什麼？

Yeah, I mean that's a great question. We look at this internally quite a bit. And we sort of see that basically the more products that someone uses once you get up to three or four products in the Robinhood ecosystem, the average revenue per user and the engagement just continues to increase with three or four products being really kind of the sweet spot. Also, we can cut it by asset classes.

是的，我的意思是，這是個很好的問題。我們內部其實經常看這個。我們大致看到的是：一個人使用的產品越多——一旦在 Robinhood 生態系中使用到三到四個產品——每位用戶平均收入（ARPU）與互動度就會持續上升，而三到四個產品大概是最甜蜜點。另外，我們也可以按資產類別來切分。

A lot of people come to us to trade equities or crypto first. But then if you look at the customers that trade equities, crypto options, futures and prediction markets, the revenue and the engagement with the platform really increases. And we've been making a lot of investments, maybe those of you that use Robinhood have been seeing our work there and just making the app more coherent and more discoverable. This is something I mentioned in the last earnings call. We have more work to do because we have all these products, how can we make sure that the app is coherent and that you kind of understand what we're about.

很多人一開始是為了交易股票或加密貨幣而來。但如果你看那些同時交易股票、加密貨幣、選擇權、期貨與預測市場的客戶，營收與平台互動度都會顯著提高。而我們也做了很多投資——也許你們之中有在用 Robinhood 的人已經看到我們在這方面的努力——讓 App 更一致、更容易探索。這也是我在上一通財報電話會議提到的。我們還有更多工作要做，因為我們有這麼多產品，如何確保 App 的體驗一致，並且讓你能理解我們的定位。

Well, I think you're starting to see some of that progress because our shared services, including social, search, home, I think we're doing a much better job in kind of surfacing relevant content to you. I think the focus has been on making sure prediction markets works really well because we're kind of doing a unique thing like combining this new asset class with other tools that are sort of like personal finance centered.

嗯，我想你們已經開始看到一些進展，因為我們的共用服務（shared services），包括社交、搜尋、首頁等，我認為我們在呈現與你相關的內容方面做得更好了。我認為重點一直放在確保預測市場運作得非常好，因為我們在做一件相當獨特的事：把這個新的資產類別與其他偏向個人理財的工具結合起來。

But I think you'll see us continue to invest in personalization and making it easy to discover things in subject to all the rules and regulations, being able to surface relevant content to customers. And I think that's another area where we're best-in-class and continuing to get better.

但我認為你會看到我們持續投資個人化，並讓探索內容變得更容易；在遵循所有規則與法規的前提下，能夠向客戶呈現相關內容。而我認為這也是我們同級最佳、並且持續變得更好的另一個領域。

If you want to look in terms of how big it could be, I think gold is the best way to see it. So gold, we don't view it as a subscription product. We view it as a loyalty product. And what you see is a customer comes for something. It doesn't matter whether it's an equity and option a crypto event contract.

如果你想從規模潛力來看，我認為 Gold 是最好的例子。所以 Gold，我們不把它視為訂閱產品。我們把它視為忠誠度產品。你會看到的是，客戶是為了某個需求而來。不管那是股票與選擇權，還是加密貨幣事件合約。

They discover gold, they then use more products. They then deposit more, they engage more, they trade more. And so for how big it could be, it's great. We have 5 million customers. It's only an 18% attach rate.

他們發現了黃金，接著就會使用更多產品。然後他們會存入更多資金、參與度更高、交易更多。所以就它可能做得多大而言，這很棒。我們有 500 萬名客戶。目前的附加率只有 18%。

And about 40% plus adopt it when they first come in, but there's still a large runway ahead of that.

而且大約有 40% 以上的用戶在第一次進來時就會採用，但前方仍然有很長的成長跑道。

All right. Thank you. Next question.

好。謝謝。下一個問題。

What is Robinhood's strategy for educating customers about active trading products like perpetual futures or Agentic Trading?

Robinhood 對於教育客戶了解像永續期貨或 Agentic Trading 這類主動交易產品的策略是什麼？

Yeah, I think that what we really try to do is make the products themselves understandable and clear within the app. And I think with our various learning modules and tools, we've done a really good job at taking advantage of the limited real estate of the app and giving people the information they need at the time that they onboard without just like the -- too much of the fluff and filler.

是的，我想我們真正努力做的是，讓產品本身在 App 內就容易理解、清楚明確。我也認為，透過我們各種學習模組與工具，我們很善於利用 App 有限的版面，在用戶上手（onboard）的當下提供他們所需資訊，而不是加入太多——過多的包裝與冗詞贅句。

Now as we expand into the Agentic products, and actually, one of the reasons I'm excited about Agentic Trading and our investments there is that a lot of our customers are using that as an education tool because these AI agents are really good. If you just ask them, hey, explain this to me. What is a wheel strategy? What is an option -- like what are the typical options trades? You can say, hey, I have this like plan, this point of view, can you break down, give me like the top 3 ways to capitalize on that.

現在當我們擴展到 Agentic 產品時，實際上，我之所以對 Agentic Trading 以及我們在那方面的投資感到興奮，其中一個原因是：很多客戶把它當作教育工具在用，因為這些 AI 代理真的很厲害。你只要問它們：嘿，跟我解釋一下。什麼是 wheel 策略？什麼是選擇權——例如常見的選擇權交易有哪些？你也可以說：嘿，我有這樣的計畫、這樣的觀點，你能不能幫我拆解，給我大概 3 個最能把握這個觀點的做法。

So I think there is strong potential, and we're actually seeing a lot of customers doing this of just explaining things, not even just placing the trade or fully trading autonomously, although we're pushing ahead in that direction, too, but just taking some of this complexity and kind of breaking it down for the customer.

所以我認為這裡有很強的潛力，而且我們確實看到很多客戶在這麼做：就是用它來解釋事情，甚至不一定是下單，或完全自動化交易——雖然我們也在朝那個方向推進——而是把一些複雜度拿掉，替客戶把內容拆解得更容易理解。

So yes, the plan is really each interface has somewhat different affordances. On mobile, it's really about how do you like clearly articulate what the functionality is, what it's for, how do you make it so that with as few taps as possible, you can actually do what you want to do as a customer. Web, I think you have a little bit more of like real estate to browse. And I think Agentic lends itself to like a back and forth, which is difficult with all of the interfaces. But yes, I mean, we're making a ton of progress on all of these simultaneously.

所以是的，計畫基本上是：每個介面都有些不同的操作特性。在行動端，重點是如何清楚表達功能是什麼、用途是什麼，以及如何讓客戶用盡可能少的點擊就能完成他想做的事。在 Web 端，我覺得你有更多版面可以瀏覽。而我認為 Agentic 很適合來回互動，這在所有介面上都不容易做到。但沒錯，我是說，我們在這些方面都同步取得了大量進展。

And I think the other thing we recognize is we do I mean we do produce some first-party educational content, video and so forth. But we also want to make it easier for you to discover all the great content that's out there. So I mean, there's just so many content creators and influencers that are making YouTube videos and they're quite entertaining. So one of the things we've been trying to do is can we make it easier for you to get some of those things in the right way through the experience, too.

另外我想我們也意識到：我們確實會製作一些第一方的教育內容，例如影片等等。但我們也希望讓你更容易發現外面那些很棒的內容。因為有非常多內容創作者和網紅在做 YouTube 影片，而且相當有趣。所以我們一直在嘗試的一件事是：我們能不能也在體驗流程中，用正確的方式，讓你更容易取得其中一些內容。

You also have Robinhood Social as well, where you can learn from the community each other. So just another surface for customers to talk to each other.

你們也有 Robinhood Social，在那裡可以從社群彼此學習。所以這也是讓客戶彼此交流的另一個入口。

Yeah, and that's a great point. I think I'm much more bullish on our ability to surface third-party user-generated content to you because we just have many more passionate people that can make it. So some of the content on Robinhood Social that we're seeing is actually like very deep investment analysis. And we've been working hard, giving people more tools to like share charts, share different data sources.

是的，這點說得很好。我其實更看好我們把第三方、使用者生成內容呈現給你的能力，因為有更多充滿熱情的人可以創作這些內容。所以我們在 Robinhood Social 上看到的一些內容，其實是非常深入的投資分析。而我們也一直很努力，提供更多工具讓大家分享圖表、分享不同的資料來源。

And yes, I think we like what we're seeing there. So we're going to do even more.

是的，我想我們喜歡目前看到的狀況。所以我們會做得更多。

All right. Any other questions from the audience?

好。現場還有其他問題嗎？

Does Robinhood plan to get into like exchange funds like cash and Titan? There's a lot of money that's locked in into other brokerages, which you don't want to sell. So having the ability to trade without selling can be a very big upside for Robin.

Robinhood 有計畫進入像現金與 Titan 那種交換基金（exchange funds）嗎？有很多資金被鎖在其他券商那裡，而你又不想賣掉。所以如果能在不賣出的情況下進行交易，對 Robin 來說可能會是很大的優勢。

Yes. And I talked a little bit about Robinhood strategies. And I think certainly, helping customers with concentrated positions to diversify and handle that in a tax-efficient way is something that we've been looking very carefully into. And the other thing is a lot of these products that are offered by the incumbents have really high minimum requirements. So of course, whenever we see that, we ask ourselves, is there an opportunity to create a really, really nice product and make it available to lots of people.

有的。而且我稍早也提到一些 Robinhood 的策略。我認為，協助持有高度集中部位的客戶進行分散，並以具稅務效率的方式處理，這是我們一直非常仔細在研究的方向。另外一點是，許多既有大型業者提供的這類產品，最低門檻要求都非常高。所以當然，每當我們看到這種情況，我們就會問自己：是否有機會打造一個非常、非常好的產品，並讓更多人都能使用。

All right. Any other questions from the audience? Okay. With that, let's move to the Zoom Q&A. So I think the first question we have today is from Devin Ryan from Citizens.

好。現場還有其他問題嗎？好，那我們接著進入 Zoom 的問答。我想今天第一個問題來自 Citizens 的 Devin Ryan。

Hey, Vlad. Hey, Shiv, how are you? Good to see you guys.

嗨，Vlad。嗨，Shiv，你們好嗎？很高興見到你們。

Good to see you, Devin.

很高興見到你，Devin。

Question on Robinhood chain. Obviously, great to see early traction there. Also appreciate it benefited from some congestion in late August and September, which helped gas fees. So maybe seeing some normalization in fees there. But volumes have been still pretty resilient.

關於 Robinhood Chain 的問題。顯然很高興看到早期的成效與動能。也感謝它在 8 月下旬與 9 月的一些壅塞情況中受益，這有助於 gas 費。所以那邊的費用可能正在回歸常態。但交易量仍然相當有韌性。

So my question is really just how should we be thinking about the financial opportunity over time? And really, what we should be looking for to drive maybe that next real inflection in activity? I know you mentioned perpetual is gaining traction. So maybe that's one example. But is it just more products being developed?

所以我的問題主要是：我們應該如何看待長期的財務機會？以及我們應該觀察什麼，才能推動下一次活動量真正的拐點？我知道你提到永續合約正在獲得動能。所以那可能是一個例子。但是否就是更多產品被開發出來？

You mentioned Robinhood can do things to support the chain. I'd love to hear about that. And then just bigger picture, too, can monetization improve over time without making the chain less competitive? Thanks.

你提到 Robinhood 可以做一些事情來支持這條鏈。我很想聽聽那部分。另外從更宏觀的角度來看，在不讓這條鏈變得較不具競爭力的前提下，變現能力是否能隨時間改善？謝謝。

Yeah, I mean I'll start. Maybe you can hit your thoughts on monetization. So another thing we look at for the chain that gets us so excited is developer activity. So I think last time I checked, we were #1 in on-chain developer activity.

是的，我先開始。也許你可以談談你對變現的看法。另外一個讓我們對這條鏈如此興奮的觀察點是開發者活動。我記得我上次查看時，我們在鏈上開發者活動方面排名第一。

And so developers are actually coming to Robinhood Chain because they see the traction that we've had, and they're making a bet that this is kind of the ecosystem that they want to invest in for their activities.

所以開發者其實正在來到 Robinhood Chain，因為他們看到了我們已經取得的動能，他們押注這會是他們想投入其活動的生態系。

And I think at the end of the day, the ecosystem is actually going to be driven by the developer activity. People haven't had very much time to build sophisticated on-chain applications yet. So that's why I think in the first instance, the applications that you've seen are relatively simple launch pads and linked pools and things of that nature. And people are working on really interesting things now that are more complex that connect stock tokens with crypto assets and technology. And just sort of imagine if you take a stock token and make it fully programmable, just like software, what can you do?

而我認為歸根結底，這個生態系會由開發者活動來驅動。大家其實還沒有太多時間去打造複雜的鏈上應用。所以我認為一開始你看到的應用相對比較簡單，例如發射平台、連結池（linked pools）之類的東西。而現在人們正在做一些非常有趣、也更複雜的事情，把股票代幣與加密資產及技術連結起來。你可以想像一下：如果你把一個股票代幣做成完全可程式化，就像軟體一樣，你能做什麼？

I mean, can you have tokenized options contracts, for example? Can you have products that we haven't seen before. So that's why we want to invest in the developer ecosystem.

我的意思是，例如，你能不能有代幣化的選擇權合約？能不能有我們以前沒見過的產品。所以這就是為什麼我們想投資在開發者生態系。

I think it's interesting, the whole fees and congestion and revenue. When Johann, who's our crypto GM and I talk about this, basically, we both agree that the most important thing to prioritize is a great experience for our users. So I don't really want to be in the business of like charging high fees for on-chain usage. What I'd rather do is gain the market share, make the developers choose us as the best chain, give them more products. And I think we have a pretty clear road map for what first-party products we need.

我覺得整個手續費、壅塞與營收的議題很有意思。當我和我們的加密業務總經理 Johann 討論這件事時，基本上我們都同意，最重要、最該優先的是為使用者提供很棒的體驗。所以我其實不太想做那種對鏈上使用收很高費用的生意。我更想做的是取得市占，讓開發者選擇我們作為最佳鏈，給他們更多產品。而且我認為我們對於需要哪些第一方產品，有一個相當清晰的路線圖。

Yes, the idea is anything that you can trade on Robinhood in the U.S. wherever possible, should be made available on on-chain versions for our international customers. So it's more stock tokens, but then expanding to other asset classes and making sure that these things become like LEGO building blocks that developers can incorporate into their on-chain applications. And since we offer the primitives, one of the reasons stock tokens have been so successful is people know that Robinhood stands behind them, and that makes it much more likely that they trust them in their applications than just some third party. So we're going to continue to execute on that.

是的，概念是：在美國只要能在 Robinhood 交易的任何東西，在可行的情況下，都應該以鏈上版本提供給我們的國際客戶。所以會有更多股票代幣，然後再擴展到其他資產類別，並確保這些東西能像樂高積木一樣，讓開發者可以把它們組合到自己的鏈上應用中。而且因為我們提供的是底層原語（primitives），股票代幣之所以這麼成功，其中一個原因是大家知道 Robinhood 會為它們背書，這也讓他們更可能在自己的應用裡信任並採用，而不是只信任某個第三方。所以我們會持續把這件事執行下去。

And I think the way we're tracking long-term sustainability is we obviously like to see DeFi TVL go up, but we're looking at -- we're specifically looking at stock token TVL, making sure that's on a healthy trajectory, and we have a path there because I think our differentiator with the chain and what's been working well for us is real-world assets. So we should expect to see real-world assets adoption just continue to increase.

我認為我們衡量長期可持續性的方式是：我們當然希望看到 DeFi 的 TVL 上升，但我們看的——我們特別在看股票代幣的 TVL，確保它走在健康的成長軌道上；而且我們有一條可行的路徑，因為我認為我們這條鏈的差異化、以及目前對我們效果最好的，是現實世界資產（RWA）。所以我們應該會看到現實世界資產的採用持續增加。

Yes. On monetization, only piece I'll add is it was about $50 million in gross revenue in the quarter. We shared the schedule before. We shared some of it with Arbitrum. It was about 50%.

是的。關於變現（monetization），我唯一想補充的是，本季的總營收大約是 5,000 萬美元。我們之前分享過分成時程表。我們把其中一部分分給了 Arbitrum。大約是 50%。

So even on a net basis, about $25 million or $100 million annualized. We didn't call it a cylinder just yet. We want to give it more time to bake. You should expect in a normalized environment, it's probably a couple of basis points on notional values what we monetize. But as Vlad said, the team is not gold on revenue at this point.

所以即使以淨額來看，大約是 2,500 萬美元，年化約 1 億美元。我們還沒有把它稱作一個「cylinder」（成熟的營收引擎） 。我們想再給它多一點時間發酵。你可以預期在正常化環境下，我們的變現大概是名目金額（notional value）的幾個基點。但如 Vlad 所說，團隊目前並不是以營收為唯一目標。

It's growing TVL, making developers happy, growing stock tokens. If we do that, a couple of basis points can add up to a really large number over time.

而是要把 TVL 做大、讓開發者滿意、把股票代幣做大。如果我們做到這些，幾個基點長期累積起來也會變成非常可觀的數字。

Yeah. And I know for the developers out there, they -- we have a lot of passionate Robinhood chain developers that are working on projects. Just be confident that we're talking about what we can do for the community. And I think you'll see -- since it caught us by surprise, we've had to like staff up a team here, I think you'll see a lot more for us supporting builders in the near future.

對。而且我也知道對外面的開發者來說——我們有很多充滿熱情的 Robinhood Chain 開發者正在做專案。請放心，我們正在討論我們能為社群做些什麼。而且我想你們會看到——因為這件事讓我們有點措手不及，我們不得不在這裡擴編團隊——我想在不久的將來，你們會看到我們對建設者（builders）提供更多支持。

Great. Thank you, Vlad and Shiv. Our next question is from Steven Chubak at Wolfe.

很好。謝謝你，Vlad 和 Shiv。下一個問題來自 Wolfe 的 Steven Chubak。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my question.

謝謝讓我提問。

So I wanted to just ask on the net deposit growth, which I know seasonally 3Q tends to be a touch lighter. I'm really evaluating this KPI on a core basis. But as the denominator has grown larger, you've been getting -- running a little bit below that 20% target. And I just wanted to get a better sense as to -- as we unpack some of the building blocks, how much of that 20% is expected to come from new account growth or new store growth versus same-store growth? And specifically, I wanted to get a better sense as you continue to expand internationally, how those efforts could potentially help close the gap.

我想問一下淨入金（net deposit）成長，我知道季節性上第三季通常會稍微淡一些。我主要是用核心口徑來評估這個 KPI。但隨著分母變大，你們的表現一直略低於 20% 的目標。我想更清楚了解——當我們拆解一些組成要素時，這個 20% 預期有多少會來自新帳戶成長或新門店成長（new store growth），相對於同店成長（same-store growth）？另外，隨著你們持續拓展國際市場，這些努力可能如何幫助縮小差距？

Yes. I'm happy to start on this one.

好的。我很樂意先回答這題。

Yeah, go for it.

好，你來。

So as we said before, we target 20% annualized, and we gave some October color on the call. We have already surpassed that. So we're just through October. We've already done over the $68 billion last year and surpassed our growth target. Now as you mentioned, it will not be linear.

如同我們之前說過的，我們的目標是年化 20%，而且我們在電話會議上也提供了一些 10 月的補充資訊。我們已經超過那個目標了。目前才到 10 月。我們已經超過去年 680 億美元的水準，並且超越了我們的成長目標。當然如你所提到的，它不會是線性的。

There was some higher growth in Q2 and then it came down a little bit in Q3. But we've said over and over again, I don't over-index in any one month, any week, any one quarter. But on an annualized basis, we are still seeing the business compound. The best driver of net deposits is just new products. And so as we keep shipping new product velocity, customers come, they adopt us more and they continue to deposit more.

第二季成長比較高，第三季就稍微回落一些。但我們一再強調，我不會對任何單一月份、任何一週、任何一個季度過度解讀。但以年化口徑來看，我們仍然看到業務在複利成長。推動淨入金最好的驅動因素就是新產品。所以只要我們持續以更快的節奏推出新產品，客戶就會來、採用我們更多，並且持續增加入金。

In terms of new store sales versus existing customers, it is both.

至於新門店銷售（new store sales）相對於既有客戶，兩者都有。

More recently, it's been a little bit more of the existing customers. We got a lot of customers very, very fast in the prior years. And now as we ship new products, we're gaining share of wallet and they're starting to trust us more. As we've said before, though, we are starting to turn the dial to try to accelerate net funded accounts again. And so Q3 was similar to Q1.

最近一段時間，既有客戶的貢獻稍微多一些。前幾年我們非常、非常快地獲得了大量客戶。現在隨著我們推出新產品，我們在提升錢包份額（share of wallet），他們也開始更信任我們。不過如同我們之前說過的，我們也開始調整策略，嘗試再次加速淨入金帳戶（net funded accounts）的成長。因此第三季的情況和第一季相近。

Q2, we saw a nice bump up because of some market backdrop and there was a couple of IPOs in there as well. But big picture, our existing customers are still using us for more, and we think we have some great products next year that should also drive the top of funnel.

第二季我們看到一個不錯的上升，因為市場環境的因素，而且其中也有幾個 IPO。但從大方向來看，我們的既有客戶仍然在用我們做更多事情；而且我們認為明年會有一些很棒的產品，也應該能推動漏斗上端（top of funnel）。

Yeah, and I'd also add to that, we've been pushing pretty hard on Trump accounts, making that a great product. You'll see this -- this isn't just an app. It's going to be increasingly an ecosystem. So we're plugging in employers now employers will be able to fund Trump accounts on behalf of their employees.

對，我也補充一下：我們一直很用力在推動 Trump 帳戶，把它做成一個很棒的產品。你會看到——這不只是個 App。它會越來越像是一個生態系。所以我們現在正在接入雇主端，雇主將能代表員工為 Trump 帳戶注資。

And then we're going to be plugging in donors. Donors are kind of done on a one-off basis now. But you can imagine if you're a corporate donor or a wealthy philanthropic individual, we'll make it really easy and delightful to go into the Trump accounts. We're already seeing meaningful net deposit impact on that. And I think that it can be much, much bigger.

接下來我們也會接入捐款人（donors）。目前捐款人多半還是以一次性（one-off）的方式進行。但你可以想像，如果你是企業捐款人或富有的慈善個人，我們會讓你把資金投入 Trump 帳戶變得非常容易、體驗也很愉悅。我們已經看到這對淨入金有顯著影響。而且我認為它可以變得大很多、很多。

Everyone -- a lot of people are aligned in having that be a bigger number. And we think that we have an opportunity, of course, if we continue to serve these customers very well as we expect to, for those to be compounding assets. What was the number, $70 million, $25 million funded by Michael and Susan Dell alone. I mean if we serve these customers well over time, I think a large portion should be Robinhood customers.

大家——很多人都希望這個數字能更大。而且我們認為，如果我們如預期般持續把這些客戶服務得很好，當然就會有機會讓這些資產形成複利成長。那個數字是多少來著，7,000 萬美元？光 Michael 和 Susan Dell 就投入了 2,500 萬美元。我的意思是，如果我們長期把這些客戶服務好，我認為其中很大一部分應該會成為 Robinhood 的客戶。

All right. Thank you, Vlad. So the next question is from Michael Cyprys at Morgan Stanley.

好的。謝謝你，Vlad。那下一個問題來自摩根士丹利（Morgan Stanley）的 Michael Cyprys。

Great. Thanks for taking the question. I just wanted to ask about peer-to-peer payments that you just launched here on the call here. I was hoping you could expand on your vision for this new offering, how you see this contributing in the coming years, including perhaps a funnel for new client acquisition, maybe even revenue monetization. So hoping you could talk about your expectations there and how you see this ramping? Thank you.

太好了。謝謝讓我提問。我想問一下你們剛在這通電話中推出的點對點（peer-to-peer）支付。希望你能進一步說明你們對這項新產品的願景、你們如何看待它在未來幾年的貢獻，包括可能作為新客戶獲取的漏斗，甚至是營收變現。所以想請你談談你們的預期，以及你們如何看待它的推進速度？謝謝。

Yeah, I mean where we started was really just -- we had a lot of customers saying that they want to send money to their friends via the question asked or asked about Zelle, but Zelle or other things, can we make that a little bit easier? And then we thought, well, what's the most simple, seamless thing we could do where you don't even have to enter anything. You could just send money via text. And I think we've delivered that experience.

是的，我的意思是，我們一開始其實是——有很多客戶表示他們想把錢轉給朋友，像是有人問到或提到 Zelle，但 Zelle 或其他方式，我們能不能讓它更容易一點？然後我們就想，最簡單、最無縫的做法是什麼，讓你甚至不需要輸入任何東西。你可以直接透過簡訊轉帳。我認為我們已經交付了那樣的體驗。

It's just if you want to just -- literally sending money from Robinhood is as easy as texting someone. So the first thing we're looking for as we roll this out is are our existing customers using it? Is it solving their problem. And I think once we've got that, by its very nature, the product should be viral, right? As they continue to send money to their friends, if they use it, then we have to make a compelling case for that recipient if they don't already have Robinhood to enter that ecosystem.

就是如果你想——真的，從 Robinhood 轉帳就跟傳簡訊給某人一樣簡單。所以我們在推廣這項功能時，首先要看的，是現有客戶有沒有在用？它是否解決了他們的問題。我想一旦做到這點，從產品本質來看，它應該會具備病毒式傳播效果，對吧？當他們持續把錢轉給朋友，如果他們在用，那我們就必須對收款方提出一個有吸引力的理由——如果對方還沒有 Robinhood——讓他們進入這個生態系。

But that gives us another opportunity, another potential touch point to get them as customers.

但這也給了我們另一個機會、另一個潛在觸點，把他們轉化為客戶。

All right. Thank you, Vlad. The next question is from Alex Markgraff at KeyBanc. All right. We may have lost Alex.

好的。謝謝你，Vlad。下一個問題來自 KeyBanc 的 Alex Markgraff。好的。我們可能跟 Alex 斷線了。

The next question is from Ben Budish at Barclays.

下一個問題來自巴克萊（Barclays）的 Ben Budish。

Hey, good evening and thank you for taking my question. One for Shiv on the expenses. So the number for the quarter came in, I think, a bit lower than a lot were expecting. Your full year guide was lower just a little bit. Curious if you could talk about the moving parts. I know there's some timing of Trump expenses that are expected to come in, in the back half.

嗨，晚安，謝謝讓我提問。有一題想問 Shiv，關於費用。本季的數字我覺得比很多人預期的要低一些。你們的全年指引也小幅下調。想請你談談其中的變動因素。我知道有一些 Trump 相關費用的時點，預計會在下半年入帳。

And curious what you can share on the run rate into '27. I know you're not giving guidance there yet. Obviously, the Trump expenses may be nonrecurring. And you've kind of talked before about sort of like a lower single-digit growth rate for existing businesses, but on top of that, there are new initiatives. So curious if you could talk a bit about the near-term moving pieces and how we should think about the run rate going into next year. Thank you.

也想了解你們對 2027 年的費用運行率（run rate）能分享些什麼。我知道你們還沒有提供那部分的指引。顯然，Trump 相關費用可能是一次性的。而你們之前也談過，既有業務大概是低個位數的成長率，但除此之外還有新計畫。所以想請你談談短期內的幾個變動項，以及我們應該如何看待進入明年的運行率。謝謝。

Yeah, great question. So what I'm really excited about is even with all the new products we're shipping, we're still staying lean and disciplined. As you mentioned, we lowered our outlook by $25 million at the top end. In Q4 specifically, there's a couple of things that we're rolling out that we're investing in.

是的，問得很好。我真正感到興奮的是，即使我們正在推出所有新產品，我們仍然保持精實並且有紀律。如你所提到的，我們把展望上限下調了 2,500 萬美元。特別是在第四季，有幾件我們正在推出、也正在投入資源的事情。

First, we're doing even more for the Trump account. So you should expect some more expenses there. Second is the credit card. We're continuing to scale the credit card, both Gold and Platinum. So there'll be some investments there.

第一，我們會在 Trump 帳戶上做得更多。所以你應該會看到那邊有更多費用。第二是信用卡。我們持續擴大信用卡規模，包括 Gold 和 Platinum。所以那邊也會有一些投資。

And then lastly, we're in the middle of annual planning right now, but there's a couple of items we're really excited for. And so we pulled those forward and we started to make a couple of investments there. For Trump accounts specifically that you asked about, for the full year, I shared earlier that we expect it to be about $100 million investment. It's still roughly going to be in that range for the full year. And so there was some timing things throughout the quarter, but that's what I would expect.

最後，我們目前正在進行年度規劃，但有幾個項目我們非常期待。因此我們把它們提前，並開始在那裡做一些投資。就你問到的 Trump 帳戶而言，全年部分，我先前分享過我們預期大約會投入 1 億美元。全年大致仍會落在那個區間。所以本季在時點上有一些因素，但我預期就是如此。

For next year, it is early, and we're going to finish our planning process, and we'll come back in January and February and share the full plan. So nothing to share on that yet. But as Vlad said, it is going really well. They're asking us to do more. And so I would expect that we'll be continuing to invest there.

至於明年，現在還早，我們會完成規劃流程，並在一月和二月回來分享完整計畫。所以目前還沒有可分享的。但如 Vlad 所說，進展非常順利。他們也要求我們做更多。因此我預期我們會持續在那裡投資。

And then in terms of our overall philosophy, very similar to prior years. As we go through planning, we're asking each of the teams to be more efficient in those core business. We take those efficiencies and then we reinvest it. We have so much more to do, as you've seen. And so it will be very, very similar to prior years.

另外，就我們整體的理念而言，和前幾年非常類似。在規劃過程中，我們要求各團隊在核心業務上更有效率。我們把這些效率節省下來，然後再投入再投資。如你所見，我們還有非常多事情要做。所以會和前幾年非常、非常相似。

All right. Thank you. The next question is from Patrick Moley at Piper Sandler.

好的。謝謝。下一個問題來自 Piper Sandler 的 Patrick Moley。

Thanks, guys. Thanks for taking the question. I do have one on crypto.com and og.com. You now own equity in two prediction market venues while running your own exchange with Susquehanna. How do you reconcile the routing decisions between the different venues? And what is the strategic logic of holding stakes and competitors to Rothera?

謝謝，各位。謝謝讓我提問。我有一題關於 crypto.com 和 og.com。你們現在持有兩個預測市場平台的股權，同時又與 Susquehanna 一起營運你們自己的交易所。你們如何在不同平台之間協調訂單路由決策？以及持有 Rothera 競爭對手股權的策略邏輯是什麼？

Maybe I can start. We want to give our customers the best prediction markets experience. And we want them to have choices, too. I don't think we can send all of our flow to one venue.

也許我先開始。我們希望為客戶提供最好的預測市場體驗。我們也希望他們有選擇。我不認為我們能把所有流量都送到單一平台。

So we think that the combination of Rothera and crypto.com is just positions us well to actually serve our customers well, have great execution quality and have broad coverage of all of the assets that our customers want to trade. Maybe you can take the financials.

所以我們認為，Rothera 與 crypto.com 的組合，能讓我們處於有利位置，真正把客戶服務好，提供優異的成交執行品質，並且廣泛覆蓋客戶想交易的所有資產。也許你可以談談財務面。

Yeah, as Vlad mentioned, it is good to have a resilient and a second exchange. What you should expect is -- rather will be our primary exchange and crypto.com/og.com will now be our main second exchange, and we'll be getting off most of our competitors. By the end of the year into early next year, you should expect the vast majority of our flow goes through both of those.

是的，如 Vlad 提到的，擁有一個具韌性、以及第二個交易所是好事。你們可以預期的是——Rothera 會是我們的主要交易所，而 crypto.com/og.com 現在會成為我們主要的第二交易所，我們也會逐步停止使用大多數競爭對手的平台。到今年底到明年初，你們應該會看到我們絕大多數的流量都會透過這兩個平台。

From the financial standpoint, what we're doing now is, in addition to sending them flow, we're also becoming owners. And so before we were sending our flow to other exchanges, and we weren't getting any financial incentives because of that. There is no conflicts to be clear. A product is listed on a particular exchange. It's depending on where you can get a product experience.

從財務角度來看，我們現在做的是，除了把流量導向他們之外，我們也成為股東。過去我們把流量送到其他交易所，但並沒有因此獲得任何財務誘因。先說清楚，這裡沒有利益衝突。某個產品會上架在特定交易所。這取決於你在哪裡能獲得該產品的體驗。

So there's no routing like equities or options. They're not interloable. You have to list it on either Rothera or either crypto.com. But now in addition to getting a great customer experience, we can also provide a little bit of monetization for shareholders. So that's why we're super excited to both build and get a great product experience for customers, but now also having some financial upside for shareholders as well.

所以不像股票或選擇權那樣有路由。它們不是可互通的。你必須把它上架在 Rothera 或 crypto.com 其中之一。但現在，除了能提供很好的客戶體驗之外，我們也能為股東帶來一些變現。所以我們對此非常興奮：一方面打造並提供給客戶很棒的產品體驗，另一方面也讓股東能享有一些財務上的上行空間。

All right. The next question is from Brian Bedell at Deutsche Bank.

好的。下一個問題來自德意志銀行（Deutsche Bank）的 Brian Bedell。

Hey, guys. Hopeful as well. Thanks for taking the question. If I can ask a two-parter. One, just the timing of company KPIs for launching those now that Cboe has final approval for that.

嗨，各位。我也抱持希望。謝謝讓我提問。如果可以的話我想問兩個部分。第一個，關於公司 KPI 的推出時程，現在 Cboe 已經拿到最終核准了，你們打算何時上線？

And then secondly, Shiv, if you could just talk about a little bit more color or give a little bit more color on the October volumes to date. I think you said down 5% on equity assumptions in crypto. If you could just sort of maybe bifurcate between those areas? And any comments on take rate in crypto? I know that tends to move around a lot.

第二個，Shiv，如果你能再多補充一些截至目前為止 10 月的成交量情況。我想你提到加密貨幣在股票假設下是下滑 5%。你能否把這些領域稍微拆分說明一下？另外對加密貨幣的 take rate 有沒有任何評論？我知道那通常波動很大。

You want to do the KPIs, and I'll do that.

你要講 KPI 的部分，我來講那個。

Why don't you take them all.

不如你全部一起回答。

Sure. So on the KPIs, we were actually just talking with the GMs this morning, Steve Quirk and Johann. They're both coming very soon. And so the teams are hard at work on them. We're getting the final approvals.

好的。關於 KPI，我們今天早上其實才剛跟各事業群總經理聊過，Steve Quirk 和 Johann。它們都會很快推出。所以團隊正在全力趕工。我們正在取得最後的核准。

We announced them at HOOD Summit. So you should expect them in the near term, we're just waiting for kind of all the approvals to come through, but we're ready to go and excited for customers.

我們在 HOOD Summit 已經宣布過。所以你們應該可以在近期看到，我們只是等所有核准流程走完，但我們已經準備就緒，也很期待讓客戶使用。

In terms of the October color, and so as a reminder, Q3 was a record quarter. So everything was our highest quarter ever for equities, options and margin. And so great to see in October for equities and options and crypto, they're within plus or minus 5%. And so I kind of group them all together, but they're all trending to similar levels and early in the quarter, call it, within 5% of the high watermark in Q3. And then I called out event contract specifically because that was a little bit different and up about 7x year-over-year.

至於 10 月的補充說明，提醒一下，第三季是創紀錄的一季。股票、選擇權和融資融券（margin）都是我們史上最高的季度。因此很高興看到 10 月在股票、選擇權與加密貨幣方面，都在正負 5% 的範圍內。所以我把它們放在一起講，因為趨勢都差不多；在本季初期，大致都在第三季高點的 5% 以內。另外我特別提到事件合約（event contract），因為那個比較不一樣，同比大約成長 7 倍。

And so starting to see some more increase there.

所以那邊開始看到更多的增長。

On take rate, what we're seeing to start the quarter is that spreads are a little bit tighter. And so we'll see where the full quarter shakes out, but early indications are spreads are a little bit tighter, and we'll see how it plays out for the next 2 months.

關於 take rate，我們在本季初看到的是點差（spreads）稍微變得更緊。所以我們會再看整季最後的結果，但初步跡象是點差略為收斂，接下來兩個月看看會怎麼發展。

Great. All right. The next question is from Gav Blaxberg from WOLF Financial.

很好。好的。下一個問題來自 WOLF Financial 的 Gav Blaxberg。

Hey, how's it going to go into an area that I don't think has been discussed too much yet, and that is Robinhood Social. I talked with you about this Vlad. I've been power using the platform, love it, spending probably an hour plus a day on there. And I'm talking to more and more people and people are like, well, what are the plans for this? What's the goals?

嗨，近況如何？我想切入一個我覺得目前還沒被討論太多的領域，也就是 Robinhood Social。Vlad，我之前跟你聊過這個。我一直在重度使用這個平台，很喜歡，我每天大概會花一個小時以上在上面。我也跟越來越多人聊，大家都在問：那這個的計畫是什麼？目標是什麼？

How does this create revenue? How does this drive things for the platform and create shareholder value? And I would just love to hear also how it's being prioritized and balanced with so many other things going on, building out a social media is no small undertaking. And so I wanted to hear some of the vision for this and how this is ultimately going to lead to revenue generation and increasing shareholder value.

它要如何創造營收？它如何為平台帶來推動力並創造股東價值？我也很想聽聽它在眾多進行中的事項之間，是如何被排定優先順序並取得平衡的；打造一個社群媒體並不是小工程。所以我想聽聽你們對此的願景，以及它最終將如何帶來營收成長並提升股東價值。

How have you been liking it? Have you -- any critical feedback, anything we could be doing better?

你用起來覺得怎麼樣？你有沒有——任何關鍵性的回饋，有沒有什麼我們可以做得更好？

I've been chatting with Anna Tork and some others on the team and given a ton of pieces of feedback and also trying to talk to the other power users and connect with them and get pieces of feedback. I think it's continuing to progress really nicely. There's certainly -- listen, if you want a feedback session at some point, I'll give it to you, but I don't know if that's the best use of your time right now.

我一直在跟 Anna Tork 以及團隊裡其他人聊天，給了很多回饋，也在嘗試跟其他重度使用者交流、蒐集回饋。我覺得它持續進展得很不錯。當然——聽著，如果你想找個時間做回饋會議，我可以給你，但我不確定現在這是不是你時間的最佳使用方式。

Yeah, that's good. Yes, you don't want to do that too much at earnings. He's a tough customer. Yes, look, I think that the reason we get excited about Robinhood Social is because, yes, I mean, frankly, I believe that it's the best way to learn rather than which way am I most bullish on Robinhood producing all the content that teaches people how to invest and gives them all the tools? Or am I more bullish on 28 million customers and those customers using our product and bringing the best ideas that they find from everywhere in the world to us.

對，這樣很好。是的，你不會想在財報電話會議上做太多那種事。他是個很挑剔的客戶。是的，你看，我覺得我們對 Robinhood Social 感到興奮的原因是，坦白說，我相信這是最好的學習方式；與其說我更看好 Robinhood 自己產出所有教人如何投資的內容、提供所有工具，不如說我更看好 2,800 萬名客戶，這些客戶使用我們的產品，並把他們從世界各地找到的最佳想法帶到我們這裡。

So definitely the latter.

所以肯定是後者。

And yes, I think if done well, we can just surface really good content for our customers that they can use to learn new things. And we're already seeing kind of a community form around this. So I mean, we've got a lot to do. Just we've made it so that people can share things outside of the platform. And we've continued to also increase the type of content that you can share on social.

而且我認為如果做得好，我們就能把非常優質的內容呈現給客戶，讓他們用來學習新事物。我們也已經看到某種社群正在形成。所以我們還有很多要做。我們已經讓大家可以把內容分享到平台外。同時我們也持續增加可以在社群上分享的內容類型。

It started out with just trades, but now you can share P&L, you can share charts -- you can do your portfolio. We have the creator offering. Also creators, a lot have been asking about creator monetization. So that's something we'll obviously want to look into. And I think at that point, yes, it becomes a business line for us.

一開始只能分享交易，但現在你可以分享損益（P&L）、可以分享圖表——也可以分享你的投資組合。我們也有創作者方案。另外，很多創作者一直在問創作者變現。所以那顯然是我們會想研究的方向。我認為到了那個階段，是的，它就會成為我們的一條業務線。

But as of now, I think we're thinking about it in the context of the broad Robinhood experience. And we think that if we do a really, really good job, it just gives people one more reason to not just do the execution of the trade on Robinhood, but just stay in Robinhood for getting the idea and the context behind the trade.

但就目前而言，我們是把它放在更廣義的 Robinhood 整體體驗脈絡下來思考。我們認為如果我們把它做得非常、非常好，它就能給人們多一個理由：不只是到 Robinhood 來執行交易，還會留在 Robinhood 取得交易想法以及交易背後的脈絡與背景。

All right. Thank you, Vlad. The next question is from James Yaro at Goldman Sachs.

好的。謝謝你，Vlad。下一個問題來自高盛（Goldman Sachs）的 James Yaro。

Thanks for taking the question. I was hoping you might be able to just update us on your Robinhood strategy -- your Rothera strategy at this point. How do you plan to generate market share gains? And maybe you could speak to the pricing strategy at this point. And then maybe finally, maybe just an update on how you're thinking about adding other FCMs to the platform beyond just the hood brokerage.

謝謝讓我提問。我希望你能更新一下你們的 Robinhood 策略——你們目前的 Rothera 策略。你們打算如何取得市占率的提升？也許你可以談談目前的定價策略。最後，也請更新一下你們如何看待在平台上新增其他 FCM（期貨佣金商），而不僅僅是 hood brokerage。

Yeah, that's a great question. And again, we don't -- we're a significant equity holder in Rothera, us and SIG, but we don't actually -- we're not actually operating Rothera ourselves. I mean, of course, Hopefully, they like to -- Tom and team do listen to us occasionally on retail, but it's like an independent business. Yes.

是的，這是個很好的問題。再說一次，我們——我們與 SIG 都是 Rothera 的重要股東，但我們其實——我們並沒有親自營運 Rothera。當然，希望他們願意——Tom 和他的團隊偶爾會在零售方面聽取我們的意見，但它是一個獨立的業務。是的。

And so I don't want to speak too much about their strategy for getting FCMs, though I know they're highly motivated. And I think Rothera could become the default neutral gateway for FCMs because a lot of the other prediction market venues, they have their first-party offerings where they are trying to acquire customers while they're offering a service to others. And I think when we talk to a lot of other FCMs, they don't like the idea and the potential conflict of their provider also operating a first-party business. So I think the great thing about Rothera for any FCMs that want to connect to it is that it's purely working with FCMs. So you don't have to worry about your provider also competing with you in the marketplace.

所以我不想過多談他們獲取 FCM 的策略，儘管我知道他們的動力非常強。我認為 Rothera 可能會成為 FCM 的預設中立入口，因為許多其他預測市場平台都有自營（第一方）產品：一方面對外提供服務，另一方面又在獲取客戶。而我認為，當我們與許多其他 FCM 交流時，他們不喜歡供應商同時經營第一方業務所帶來的想像空間與潛在利益衝突。因此，對任何想要連接 Rothera 的 FCM 來說，Rothera 的優勢在於它只與 FCM 合作。你不必擔心你的供應商同時在市場上與你競爭。

And at least from our standpoint, we have been investing a lot in the non-sports contracts. You saw us announce KPI prediction markets. We've been seeing a lot of growth in the crypto contracts and commodities. And I think that over time, we see an opportunity in integrating these financial -- I think we can own the financial category. because that's like a unique advantage we have.

至少從我們的角度來看，我們一直在非體育類合約上投入很多。你們看到我們宣布了 KPI 預測市場。我們也看到加密貨幣合約與大宗商品的成長很快。我認為隨著時間推進，我們在整合這些金融類產品上看到了機會——我認為我們可以主導金融這個類別。因為那是我們具備的獨特優勢。

And Rothera can support just more sophisticated financial contracts and be a leader there because I think we're less excited about doing what everyone else is doing, which is just all sports all the time because I think that's rapidly going to get commoditized and is just, frankly, a little bit less differentiated from my standpoint.

而 Rothera 能夠支援更複雜的金融合約，並在那裡成為領導者；因為我認為我們對做大家都在做的事沒那麼興奮——也就是永遠只做體育，因為我覺得那很快就會商品化，而且坦白說，從我的角度看差異化也比較小。

The two things I'll add there. On the non-sports side, if you look in the quarter, it was actually about 30% was non-sports, and that was up from 15% the quarter before. So as Vlad said, we're starting to see adoption across some of these other asset classes, which is great to see.

我再補充兩點。在非體育方面，如果你看本季，實際上約有 30% 來自非體育，較前一季的 15% 明顯提升。所以如 Vlad 所說，我們開始看到在其他資產類別上的採用度提升，這很令人振奮。

On the pricing side, we're really excited that our pricing is now official, but we lowered pricing for customers when we bought Rothera. And what we did is we made a dynamic pricing model. And so what we heard from customers was if you were trading something in the wing relative to the center, you actually paid a higher take rate. And so instead of just increasing monetization, what we decided to do is redo the pricing model. We made it dynamic.

在定價方面，我們很興奮我們的定價現在已經正式上線；但在我們收購 Rothera 時，其實我們就為客戶下調了價格。我們做的是動態定價模型。我們從客戶那裡聽到的是：如果你交易的是相對於「中心」更偏「兩翼」的標的，你實際上要支付更高的抽成率（take rate）。因此，我們不是單純提高變現，而是決定重做定價模型。我們把它做成動態的。

We listened to customers, but we didn't impact our take rate because we were able to share some with them and take some of that back. And then on top of that, we made it even better with gold. We talked a lot about gold. But now if you're a Robinhood customer and you're a gold member, you also get even better pricing as well. So a couple of different things all going on there at the same time.

我們聽取了客戶意見，但並沒有影響我們的抽成率，因為我們能夠把其中一部分讓利給他們，同時也把一部分收回來。此外，我們又透過 Gold 把體驗做得更好。我們談了很多 Gold。但現在如果你是 Robinhood 客戶且是 Gold 會員，你也能享有更優惠的定價。所以同時有幾件不同的事情在發生。

Yeah. And if you look at the experience, those of you that trade prediction markets on Robinhood, you can see we've really done a nice job just refining the experience, having like specific modules for different types of prediction markets. The midterms hub, in particular, I think, just looks amazing. So it's not just if you want to trade them, but just as a way to explore and find what's likely to happen through the midterms. I think we've done a really, really nice job.

是的。而且如果你看體驗，那些在 Robinhood 交易預測市場的人會看到，我們確實把體驗打磨得很好，針對不同類型的預測市場做了特定模組。尤其是期中選舉（midterms）專區，我覺得看起來非常棒。所以不只是用來交易，也是一種探索方式，讓你了解期中選舉最可能發生什麼。我認為我們做得非常、非常好。

And the 15-minute up and down markets on crypto have been looking good. So yes, I think you can see the chiseling that's happening on the product to make it even more usable.

而且加密貨幣的 15 分鐘漲跌市場看起來也很不錯。所以是的，我想你可以看到我們正在對產品進行精雕細琢，讓它更好用。

All right. The next question comes from somebody right off a plane, Dan Dolev from Mizuho.

好。下一個問題來自剛下飛機的 Mizuho 的 Dan Dolev。

Hey, Vlad. Hey, ship. How are you?

嗨，Vlad。嗨，Ship。你們好嗎？

Are you in the airport?

你在機場嗎？

I'm in Munich.

我在慕尼黑。

Nice.

不錯。

I'm in Munich. I just got back from Israel en-route to New York, travel today. Great results, as always, we've done some work. I'm very interested in perpetual futures. It sounds like you guys are headed to something really big there.

我在慕尼黑。我剛從以色列回來，正在前往紐約的途中，今天在旅行。一如既往，成果很棒，我們也做了一些研究。我對永續期貨非常感興趣。聽起來你們正朝著一個非常大的方向前進。

And I think we're getting a lot of questions on it. I just want to know like how big do you think this one could be? Because it sounds like it's a huge opportunity here. So I would love to get some more color on that. Thank you.

而且我想我們收到很多相關問題。我只是想知道，你們覺得這個業務可能會有多大？因為聽起來這裡有一個巨大的機會。所以我很希望能聽到更多細節。謝謝。

Yeah, I mean I think that if you look at the sort of like leaders in perpetual futures, the perpetual futures is a huge market by volume with daily volumes in the billions. In fact, some of the platforms globally have tens of billions in daily perps volume. And then we saw even on Robinhood chain, which again is just a couple of months old, we're seeing over USD 1 billion in notional in on-chain perks. So I see no reason why our offering can't get to a similar, if not greater scale than the DeFi offering as time goes on.

是的，我的意思是，我認為如果你看看永續期貨領域的領先者，永續期貨按成交量來看是一個非常大的市場，每日成交量達到數十億。事實上，全球有些平台的每日永續合約（perps）成交量達到數百億。而且即便是在 Robinhood chain 上——再次強調，它才上線幾個月——我們也看到鏈上永續合約的名目金額（notional）已超過 10 億美元。因此，隨著時間推進，我看不出我們的產品為什麼不能達到與 DeFi 產品相當、甚至更大的規模。

All right. The next question is from David Smith at Truist.

好。下一個問題來自 Truist 的 David Smith。

Can you flesh out a little bit more about what you're seeing in terms of the drivers on take rates as 3Q came in lighter than what a lot of us were expecting. It sounded like that declines continued to start the fourth quarter. Sure, it differs across asset class, but is this a mix issue on the user front or on the sub-asset class front, trade sizes, volumes, other dynamics? What would you point to there?

你能否再更詳細說明一下，你們看到哪些因素在驅動抽成率（take rates）？因為第三季的結果比我們很多人預期的要低一些。聽起來第四季初期下滑仍在延續。當然不同資產類別會有差異，但這是使用者端的組合問題、子資產類別的組合問題、單筆交易規模、成交量，還是其他動態因素？你會把原因歸結到哪裡？

Yeah, I'm happy to take this one. So on equities, it's usually a mix shift between single names and ETFs, and it also depends on what the spreads are. Options is also similar. It depends on what the vol is and also the spreads. And then is it -- are they trading more index options?

好的，我很樂意回答。在股票方面，通常是單一個股與 ETF 之間的組合轉移（mix shift），也取決於點差（spreads）大小。期權也類似。它取決於波動率（vol）以及點差。另外還有——他們是否在交易更多指數期權？

Are they trading more single names? Is it more indices? That tends to be a bigger driver there. On crypto, the main driver was our Robinhood Earn, our stablecoin product. So that product is doing great and now has over $500 million of assets there.

他們是在交易更多單一個股嗎？還是更多指數？這往往是更主要的驅動因素。在加密貨幣方面，主要驅動因素是我們的 Robinhood Earn，也就是我們的穩定幣產品。所以那個產品表現很好，目前那裡的資產已超過 5 億美元。

But because it's stablecoin, we monetize it less than the normal platform. And so that's what drove it down. If you take out the stablecoin, it was basically similar to the quarter before in the same ZIP code. So that was the main driver there.

但因為是穩定幣，我們對它的變現程度低於一般平台。所以這就是拉低抽成率的原因。如果把穩定幣因素剔除，基本上就和前一季差不多，在同一個區間。所以那是主要驅動因素。

And then ECs, as I mentioned, we updated our pricing. And so it will depend on what the customer is trading. Are they trading the money line? Are they trading at the wings? Are they using Robinhood Gold.

然後在 ECs（事件合約）方面，如我提到的，我們更新了定價。因此會取決於客戶在交易什麼。他們是在交易讓分盤（money line）嗎？他們是在交易兩翼（wings）嗎？他們是否使用 Robinhood Gold。

And so that's why we saw it moving a little bit. So I would say each of them is a little bit different. And that what we're seeing in October is as the start, they're similar to what we saw and maybe a touch lighter as spreads are a little bit tighter. But again, it's about 3 weeks into the quarter, and so we'll see what the full quarter shakes out.

所以這就是我們看到它有些波動的原因。因此我會說，每一項的情況都略有不同。而我們在 10 月看到的情況是：作為季度初期，與我們之前看到的相近，可能還略微偏輕一些，因為點差稍微更緊。但畢竟本季才過了大約 3 週，所以我們還要看整個季度最終會如何發展。

Great. The next question is from Dr. Crossroads.

很好。下一個問題來自 Crossroads 博士。

Hey, guys. Thanks for taking my call. I just wanted to ask, given that you've given us last year some information regarding the impact of rate hikes, and we're in a very different -- rate cuts, and we're in a very different situation with rate hikes. I'm wondering if it's going to be a similar impact on the ecosystem. I believe you guided for a negative $50 million impact for each rate cut on net interest income, especially now that banking is a part of your ecosystem and also credit cards are a meaningful part as well.

嗨，各位。謝謝接聽我的電話。我想問的是，鑑於你們去年曾提供一些關於降息影響的資訊，而我們現在處於一個非常不同的情境——升息，而且情況差很多。我想知道這對生態系的影響是否會類似。我記得你們曾指引每降息 1 次（每次 50 個基點）對淨利息收入的影響約為負 5,000 萬美元，尤其是現在銀行業務已成為你們生態系的一部分，而且信用卡也占了相當重要的比重。

You remember, by the way, a -- was it like a year ago, everyone was like, what's your business going to do? You've done so well in a high rate environment with all this interest income. How will you survive in a low rate environment? And now it's funny, every couple of years, it's like the question reverses, you've been doing so well with these declining rates. How are you -- now rates are going to go up again, but-

順帶一提，你還記得——大概一年前吧，大家都在問，你們的業務會怎麼樣？在高利率環境下，你們靠著這些利息收入表現得非常好。在低利率環境下你們要怎麼生存？現在很有趣，每隔幾年問題就會反過來：你們在利率下降時做得很好。那你們——現在利率又要上升了，但——

I'm happy to take it. It is great. I mean, first-

我很樂意回答。這很好。我的意思是，首先——

Good to see you, by the way. I hope you're doing well.

順便說，很高興見到你。希望你一切都好。

The first thing we like, as Vlad said, is the business is diversified. So some products do well in a low rate environment, such as the trading products and others do better in a high interest rate environment, such as the NIM products. The actual math is for every 25 basis point hike or decline, it's about a 1.5% change to revenue. So all else being equal, if the Fed hikes another 25 basis points, that should be a lift. The really simple math is we have about $80 billion of interest-earning assets.

第一點我們喜歡的是，如 Vlad 所說，我們的業務是多元化的。因此有些產品在低利率環境下表現較好，例如交易類產品；而另一些在高利率環境下表現更好，例如 NIM（淨利息收益率）相關產品。實際的數學關係是：每升或降 25 個基點，對營收約有 1.5% 的變動。所以在其他條件不變下，如果聯準會再升息 25 個基點，應該會帶來提振。非常簡單的算法是：我們大約有 800 億美元的生息資產。

About half of that $40 billion is interest-sensitive assets because the sweep program and a few other things aren't interest sensitive. So the dv01, $25 million -- 25 basis points and $40 billion is about $100 million of a change and then $100 million on about a $5.5 billion to $6 billion run rate gets you to about that 1.5%. So big picture, though, we like being diversified and a rate hike is a tailwind. But regardless of the rate environment, we've got a business that does well in both of them.

其中大約一半、也就是 400 億美元，是對利率敏感的資產，因為 sweep（資金掃轉）計畫以及其他一些項目對利率並不敏感。所以 dv01 的概念下，25 個基點乘以 400 億美元，大約就是 1 億美元的變動；而 1 億美元相對於約 55 億到 60 億美元的年化運行水準（run rate），就對應到約 1.5%。不過從大方向來看，我們喜歡多元化，而升息是一個順風。但不論利率環境如何，我們都有一個在兩種環境下都能表現良好的業務。

Thank you, Shiv. The next question is from Adam Frisch from Evercore.

謝謝你，Shiv。下一個問題來自 Evercore 的 Adam Frisch。

Hey, guys. Good afternoon and thanks for taking my question. I wanted to follow up a little bit on net deposit growth and actually monthly actives as a percentage of fully funded. Both were a little weaker this quarter. So I would appreciate some color on what drove that in the quarter, if we should be aware of any new or incremental initiatives you're thinking about or acting already to reverse that? Or if it's just a 90-day period that isn't necessarily indicative of the overall trends and what you're seeing so far in 4Q?

嗨，各位。下午好，謝謝讓我提問。我想追問一下淨存款成長，以及月活躍用戶（monthly actives）占 fully funded（全額入金/資金到位）用戶的比例。這兩項在本季都稍微偏弱。所以希望你們能多說明一下本季是什麼因素造成的；以及是否有任何你們正在思考或已經在執行的新措施或增量措施來扭轉這個趨勢？或者這只是 90 天期間的波動，不一定代表整體趨勢，以及你們目前在第四季看到的情況？

Yes, I would say it's more of the latter. We don't over-index in any 1 month or quarter. And the best way to see it is October. As we mentioned, October was already a record of over $13 billion of net deposits.

是的，我會說比較偏向後者。我們不會對任何單一月份或單一季度過度解讀。最好的觀察方式是看 10 月。如我們提到的，10 月的淨存款已經創下超過 130 億美元的紀錄。

And in ADVs were very similar or just a touch lighter than what we saw in a record Q3. And so things are going to move around. There's timing of when we launch new products. There's timing of when promos happen. There is some seasonality.

而 ADVs（平均每日交易量）也非常接近，或僅比我們在創紀錄的第三季看到的水準略低一點點。事情本來就會有波動。新產品推出的時點會影響。促銷活動發生的時點也會影響。也存在一些季節性因素。

There's macro events, there's the IPO market. So all of those come together. But if you look at it on an annualized basis or if you just look at October alone, already seeing really healthy engagement across trading and net deposits.

還有總體事件、IPO 市場等因素。所以這些因素會一起作用。但如果你用年化角度來看，或甚至只看 10 月單月，我們已經看到在交易與淨存款方面都有非常健康的參與度。

All right. Thank you. The next question is from Ramsey El-Assal at Cantor.

好的。謝謝。下一個問題來自 Cantor 的 Ramsey El-Assal。

Hi, thanks so much for taking my question tonight. I wanted to ask if you could elaborate a little bit, Vlad, on the rationale for the Ripple partnership. How is that going to benefit you guys? I know there's a few different dimensions there, internal treasury operations, also external facing benefits for Bitstamp, et cetera. Where do you see the nearest-term opportunity, the greatest near-term opportunity? And just sort of if you could expand a little bit on the overall strategic rationale. Thanks.

嗨，非常感謝今晚讓我提問。我想請你再多談一點，Vlad，關於與 Ripple 合作的理由。這將如何讓你們受益？我知道這裡面有幾個不同面向，包括內部的資金/金庫（treasury）運作，以及對 Bitstamp 等面向外部的好處，等等。你認為近期最近的機會在哪裡、最大的近期機會是什麼？以及如果可以的話，請再多延伸一下整體的策略性理由。謝謝。

Yeah, I mean, yes, I think I like Brad and the team at Ripple. And I think that we were excited to do more business together. I think that there's a lot of ways in which we offer complementary things. And we're never afraid to get more integration into -- I think more integration, more products, more selection for the Robinhood ecosystem, both in the app and in chain is just strictly better.

是的，我的意思是，是的，我想我很欣賞 Brad 以及 Ripple 的團隊。我們也很期待能一起做更多業務。我認為我們在很多方面提供的是互補的能力。而且我們從不害怕做更多整合——我認為更多整合、更多產品、為 Robinhood 生態系提供更多選擇，不論是在 App 內或在鏈上，都是純粹更好。

And I think we kind of bring complementary things to the table with their institutional business and our more retail-oriented business.

我認為他們的機構業務與我們較偏零售導向的業務，能在桌面上帶來互補的價值。

And in fact, today is another example of this, Ondo integrating into Robinhood chain. Now Ondo also has tokenized products, but our thought is, well, we want our chain to be the best home of tokenized products. They don't need to be our own. And in fact, it's important for us to just make sure everyone has an equal opportunity to list on our chain and on our properties for our customers because that just leads to the best product. So of course, if we would like our own first-party products to always be used, but if they also have to be better than the competition.

事實上，今天又是一個例子：Ondo 整合進 Robinhood chain。Ondo 也有代幣化產品，但我們的想法是，我們希望我們的鏈成為代幣化產品最好的家。它們不一定要是我們自家的。而且對我們來說很重要的是，確保每個人都有同等機會在我們的鏈上以及我們的各項平台上架，讓客戶可以使用，因為那樣才能帶來最好的產品。所以當然，我們希望自家第一方產品能一直被使用，但它們也必須比競品更好才行。

All right. Thank you, Vlad. The next question is from Ed Engel at Compass Point.

好的。謝謝你，Vlad。下一個問題來自 Compass Point 的 Ed Engel。

Hey, thanks for taking my question how are you thinking about bringing stock tokens onshore in the U.S. after the SEC's innovation exemption? And then is there anything regulatory-wise in your radar that might unlock private stock tokens that you announced last year?

嗨，謝謝讓我提問。你們如何看待在 SEC 的創新豁免（innovation exemption）之後，把股票代幣（stock tokens）在美國境內（onshore）推出？另外，在監管方面，你們雷達上是否有任何可能解鎖你們去年宣布的私募股票代幣（private stock tokens）的因素？

Yeah, that's a great question, something we've been very passionate about. For private companies, we basically have two bets, one being Robinhood Ventures, which is in the form of fund products in the U.S. and then stock tokens overseas where we have the ability to tokenize individual companies. And in a sense, through our -- what we benefit from these two things help each other because with Robinhood Ventures, we have relationships with companies. We've been investing in a lot of companies.

是的，這是個很好的問題，也是我們非常投入的方向。針對私營公司，我們基本上有兩個押注：一個是 Robinhood Ventures，在美國以基金產品的形式；另一個是在海外推出股票代幣，我們有能力把單一公司進行代幣化。某種程度上，透過我們——我們從這兩件事中獲得的好處會彼此相互促進，因為透過 Robinhood Ventures，我們與公司建立了關係。我們投資了很多公司。

We have like an active pipeline. And a lot of those companies actually inquire about what tokenization is and can they join and we've been -- we have the relationships, and we've been a leader in this space. So I would say we have a path to doing it overseas. We know how to do it. We've demonstrated the technology and the capability. So it's just a question of getting all the regulatory stuff in place, but we do intend to launch these products overseas.

我們有一個相當活躍的案源管道（pipeline）。而其中很多公司其實會詢問什麼是代幣化、他們能不能加入；而我們——我們有這些關係，也一直是這個領域的領先者。所以我會說，我們在海外推進是有路徑的。我們知道怎麼做。我們已經展示了技術與能力。所以接下來只是把所有監管事項就位的問題，但我們確實打算在海外推出這些產品。

Now when it comes to in the U.S. for private stocks specifically, there's another layer to it, which is the accreditation requirements. And so we are working hard to find a path that satisfies the current accreditation requirements and also leads to a great customer experience. I think Robinhood Ventures is an example of this in the construct of funds. But of course, a lot of customers want exposure to individual names as well.

現在談到美國、特別是私募股票時，還有另一層因素，也就是合格投資人（accreditation）要求。因此，我們正努力尋找一條路徑，既能符合現行的合格投資人要求，也能帶來很好的客戶體驗。我認為 Robinhood Ventures 在基金架構上就是一個例子。但當然，很多客戶也希望能投資到個別標的。

And so we're working hard to do that within the constraints. As far as the innovation exemption goes, I think it's a really positive step. We're supportive of it. We think that, obviously, the U.S. needs to be a leader in this new technology.

所以我們正努力在這些限制之內做到這點。至於創新豁免（innovation exemption），我認為這是非常正向的一步。我們支持它。我們認為，很明顯，美國需要在這項新技術上扮演領導者。

I do think more needs to be done to give people a little bit of certainty because as we talk to customers, I think the uncertainty of what happens in five years is likely to be an impediment to like putting serious assets onto this technology. So I still think some rule-making or legislation is going to be necessary, even though, of course, it's a positive step, and we hope to have more to share on our own U.S. tokenization plans in the near future.

我確實認為還需要做更多，來給大家多一些確定性；因為我們在和客戶交流時，我覺得對於五年後會發生什麼的不確定性，很可能會成為把大量資產投入這項技術的阻礙。所以我仍然認為需要一些規則制定或立法；儘管這當然是正向的一步，我們也希望在不久的將來，能分享更多我們自己在美國的代幣化（tokenization）計畫。

All right. Thank you, Vlad. The next question is from John Todaro at Needham.

好的。謝謝你，Vlad。下一個問題來自 Needham 的 John Todaro。

Hey, guys. Good to see you and thanks for taking my question. I was hoping we could just get some commentary on maybe the health of the retail trader within equities. In particular, AI stocks have come down quite a bit in the last several weeks, and many of those were traffic in quite a bit by retail. So just wondering if we can get any commentary there on engagement post the sell-off.

嗨，各位。很高興見到你們，也謝謝讓我提問。我想請你們評論一下，股票市場中散戶交易者的健康狀況如何。特別是，AI 股票在過去幾週下跌了不少，而其中很多股票散戶交易得相當多。所以想請問，拋售之後的參與度（engagement）有沒有什麼可以分享的觀察？

Yes, I'm happy to take this one. Engagement continues to be really strong. I mean the best way to see that is through the ADVs and through net deposits, and both of those were incredibly strong in the start of October. And so as we said before, our customers, they tend to be younger. They tend to be techno-optimists.

好的，我很樂意回答這題。參與度仍然非常強勁。我的意思是，最好的觀察方式是看 ADVs（平均每日成交量）以及淨入金（net deposits），而這兩項在 10 月初都非常強。因此如同我們之前說的，我們的客戶通常比較年輕。他們往往是科技樂觀派（techno-optimists）。

They tend to be technology forward. They use sell-offs as a buying opportunity. And so when you saw a sell-off in AI stocks or in chip makers or in semis, our customers leaned in and continue to buy more. On down days, we tend to see some of our strongest net buying. And so -- but the best metrics I would look at are just net deposits and ADVs, and both of those were really strong in the start of October.

他們通常更走在科技前沿。他們會把下跌視為買入機會。所以當你看到 AI 股票、晶片製造商或半導體股出現拋售時，我們的客戶反而加大投入，並持續買得更多。在下跌的日子，我們往往會看到一些最強的淨買入。所以——但我會看的最佳指標就是淨入金和 ADVs，而這兩項在 10 月初都非常強。

All right. Thank you, Shiv. The next question is from Andrew Harte from BTIG.

好的。謝謝你，Shiv。下一個問題來自 BTIG 的 Andrew Harte。

Hey, thanks for taking my question. Shiv, you talked about turning up the dial a bit on top of funnel. Just wondering if you can share some details on the strategy there and any traction you've seen? And then a bit of a follow-up on the MAU question. I realize it's kind of just one period. But in the past year, we've been in that 13 million to 14 million user range on MAUs.

嗨，謝謝讓我提問。Shiv，你提到在漏斗上端（top of funnel）會把力度稍微加大一些。想請問你能否分享一下那邊的策略細節，以及你們看到的任何進展？另外再追問一下 MAU 的問題。我知道這可能只是單一期間的波動。但在過去一年，我們的 MAU 一直在 1,300 萬到 1,400 萬用戶的區間。

Just curious, anything you can do there to try to drive that number higher as well? Thanks.

想請問，你們有沒有什麼方式也能把這個數字往上推？謝謝。

Yes. Could you repeat what was the first part of the question? Apologies, before the MAUs.

有的。你可以重複一下問題的第一部分嗎？抱歉，是在 MAU 之前那段。

Anything on top of funnel that you're doing? And then similar question, but how to increase the MAU number as well?

你們在漏斗上端做了哪些事情？然後類似的問題是，如何也把 MAU 數字提高？

Yeah, on the top of funnel, there's two things. First is product and the second is marketing. What we've been focusing on this year is primarily product. We've been testing a tiny bit on marketing, but we haven't done it yet.

好的，關於漏斗上端，有兩件事。第一是產品，第二是行銷。我們今年主要聚焦在產品。我們在行銷上做了一點點測試，但還沒有真正大規模推行。

But if you look at a lot of the things that Vlad shared, whether it was P2P or banking or other products, we think those can be pretty meaningful drivers. So we're making some investments, and we pulled some of that forward to make them and develop them this year, and you'll see them launch in 2027. But the big drivers are generally just products and a little bit of marketing.

但如果你看 Vlad 分享的很多內容，不論是 P2P、銀行或其他產品，我們認為這些都可能是相當重要的驅動因素。所以我們正在做一些投資，而且我們把其中一部分時程往前拉，讓今年就能投入並開發；你會在 2027 年看到它們上線。但主要驅動因素通常就是產品，再加上一點行銷。

On MAUs, the honest answer is we don't goal on it. The teams are goal on our customers are engaged, are they using the platform? Are they trusting us? Are they depositing? All of those are incredibly healthy.

至於 MAU，坦白說我們不把它當作目標指標。團隊的目標是：我們的客戶是否有參與、是否在使用平台？他們是否信任我們？他們是否在入金？這些指標都非常健康。

MAUs is an output metric. It's going to move around a little bit with the market. As I mentioned before, it could be seasonal, it could be the macro, it's what they're doing. everything we're seeing is customers are incredibly healthy. And if they're depositing more and they're engaging more, they're using more of our products, we call that a win and then MAUs are just going to move around.

MAU 是一個結果型指標。它會隨著市場有一些波動。如我之前提到的，可能有季節性因素、可能是總體環境，也可能是他們在做什麼。我們看到的一切都顯示客戶狀況非常健康。如果他們入金更多、參與更多、使用我們更多產品，我們就把那視為勝利，而 MAU 只是會跟著上下波動。

Yeah, and I think longer term, we have some bets that we're working on. I think, obviously, having the opportunity to serve upwards of 70 million children with the Trump accounts and serving as the broker and -- the initial trustee of the program with BNY. I think it's a big opportunity for us to just be in front of the next generation there. We've also been thinking about how to invest.

是的，而且我認為從更長期來看，我們正在做一些押注。我想，很明顯，透過 Trump 帳戶（Trump accounts）有機會服務多達 7,000 萬名兒童，並與 BNY 合作擔任該計畫的券商以及——初始受託人（initial trustee）。我認為這對我們而言是個很大的機會，能在那裡接觸到下一代。我們也一直在思考要如何投資。

I mean, we have custodial accounts, which have been a nice addition to the platform, but how can we actually invest in getting customers as they're even younger and build an even better experience because we're starting to see some smoke there.

我的意思是，我們有監護型帳戶（custodial accounts），這對平台來說是很好的補充；但我們要如何真正投入資源，在客戶更年幼的時候就把他們帶進來，並打造更好的體驗，因為我們開始看到一些初步跡象。

So yes, I think that in the next year, we're going to be making several bets that yes, I believe will not just increase top of funnel net funded account growth, but also MAU growth. I mean the two are sort of like high level interconnected. So you should see those move and that's outside of marketing and outside of, I think, the long-term opportunity of serving as the trustee of the Trump accounts initiative. You're muted.

所以是的，我認為在接下來一年，我們會做幾個押注；我相信這不只會提升漏斗上端的淨入金帳戶（net funded account）成長，也會帶動 MAU 成長。我的意思是，兩者在高層次上是相互連動的。所以你應該會看到它們一起變動；而這是在行銷之外，也是在我認為擔任 Trump 帳戶倡議受託人的長期機會之外。你靜音了。

Can you hear me?

你聽得到我嗎？

Now you're back, yeah.

現在回來了，對。

I told you last quarter, my son was born and I signed up and I can confirm it was a very easy onboarding process for Trump account. So well done there.

我上季跟你說過，我兒子出生了，我也註冊了；我可以確認 Trump 帳戶的上線／開戶流程（onboarding process）非常容易。所以那部分做得很好。

Thank you. That warms my heart. Hopefully, you'll have many more.

謝謝。這讓我很感動。希望你還會有更多。

Also, you can see if your employer will match you now and get a little bit more for your son in there as well.

另外，你也可以看看你的雇主現在是否會提供配對提撥（match），這樣也能讓你兒子的帳戶裡多一點。

Yeah, good call.

對，好建議。

All right. The next question is from Alex Markgraff at KeyBanc.

好的。下一個問題來自 KeyBanc 的 Alex Markgraff。

Hi, guys. Thanks for taking my question. It sounds like things are going quite well in banking. I certainly appreciate the withdrawal destination data point that you shared. What should we be looking for to determine when the product is in a state that warrants more sort of intentional marketing efforts or when you're ready to pour fuel on the fire, so to say? Thanks.

嗨，各位。謝謝讓我提問。聽起來銀行業務進展得相當順利。我也很感謝你們分享的「提款去向（withdrawal destination）」那個數據點。我們應該觀察哪些指標，來判斷產品何時已經到了一個狀態，值得投入更多、更有目的性的行銷，或者說你們何時準備好要「火上加油」？謝謝。

Yeah, that's a good question. That's going to be tied with the general availability of the product. So right now, you kind of have to be a Robinhood brokerage customer to be eligible for banking, which essentially means there's no like independent onboarding -- sorry, my hair makes these tough. No independent onboarding yet in the banking app. Of course, we do intend to roll that out.

是的，這是個好問題。這會與產品的全面可用性（general availability）綁在一起。所以目前你基本上必須是 Robinhood 券商客戶，才有資格使用銀行服務；這實際上意味著目前還沒有獨立的註冊／導入流程——抱歉，我的頭髮讓這些有點難處理。銀行 App 目前還沒有獨立導入。當然，我們確實打算推出這個。

And if -- once we have independent onboarding, then that unlocks the possibility of performance marketing, which will be a new capability of ours because now we're marketing multiple things.

而且如果——一旦我們有了獨立導入，那就會解鎖績效行銷（performance marketing）的可能性；這對我們來說會是一項新能力，因為現在我們是在行銷多個產品。

So we're still early, but I think we're -- we've got a great team on the marketing side, and we're going to be investing more in the capability. But we do believe that Banking will actually give growth to brokerage and not just the other way around. So this is just -- yes, just a greenfield opportunity for us, which will also impact net funded account growth and MAUs.

所以我們仍在早期，但我認為——我們在行銷端有一支很棒的團隊，我們也會在這項能力上投入更多。但我們確實相信，銀行業務實際上會帶動券商業務的成長，而不只是反過來。所以這對我們來說——是的——就是一個全新的綠地機會（greenfield opportunity），也會影響淨入金帳戶成長以及 MAU。

And banking is a little different than the credit card. So credit card, we're rolling out more delivery because you have to get the unit economics right, you have to get the credit risk right. Banking is just like any of the other products that we launch. You make sure that customers like it, you fix their pain points once you find product market fit. So it will be much more akin to a regular software product relative to the credit card, which took a little bit longer to roll out.

而銀行業務和信用卡有點不同。信用卡方面，我們會更偏向逐步擴大發卡／寄送，因為你必須把單位經濟（unit economics）做對、把信用風險做對。銀行業務則更像我們推出的其他產品。你要確保客戶喜歡它，當你找到產品市場契合（product-market fit）後，就去修正他們的痛點。所以相較於信用卡（推出花了更久），它會更像一般的軟體產品。

Yes. And I'd also add that it's a little bit more of a predictable compounder because the trading products, there is a dependence on the market and seasonality, but banking, people just receive their paychecks, they spend, they're in the ecosystem week in, week out. It's -- which counterbalances the trading business quite nicely.

是的。我也想補充，它更像是一個可預期的複利成長器（predictable compounder），因為交易產品會依賴市場與季節性；但銀行業務方面，人們就是領薪水、消費，每週都在這個生態系裡進進出出。這——能很漂亮地對沖／平衡交易業務。

All right. And finishing strong here. Our next question is from Ken Worthington at JPMorgan.

好的。我們要強勢收尾。下一個問題來自摩根大通（JPMorgan）的 Ken Worthington。

Hi, good afternoon. Thanks for the last looks here keeping it sort of high picture, ARPU doubled over the last two years to about [$200 million] road map of new products and new cross-selling, how do you see ARPU evolving from here? And if I pick an ARPU figure like $300, do you see this as feasible? And given all that you've got going on, what does Robinhood need to get right to get to a figure like that?

嗨，下午好。謝謝。最後幾個問題我會維持在比較宏觀的層次：過去兩年 ARPU 翻倍，來到大約（$200 million）——在新產品與交叉銷售的路線圖之下，你們怎麼看 ARPU 接下來的演變？如果我選一個像 300 美元的 ARPU 數字，你覺得可行嗎？在你們手上這麼多事情同時進行的情況下，Robinhood 需要把哪些事情做對，才能達到那樣的數字？

Yeah, I think that's an interesting question. I mean the reason I'm reluctant to just give you our ARPU goal is I think we also think there's a lot of opportunity to grow customers and grow down market. I mean if we get more younger customers, you could see, for example, ARPU decreasing, but the total size of the customer base increasing dramatically. I mean, particularly depending on how you count Robinhood chain users and international customers as we continue to put our foot on the gas of the international expansion, which I think we're still in the relative early days.

是的，我覺得這是個有意思的問題。我的意思是，我之所以不太願意直接給你我們的 ARPU 目標，是因為我們也認為在擴大客戶數、往更下沉市場拓展方面有很大的機會。如果我們吸引到更多年輕客戶，你可能會看到例如 ARPU 下降，但客戶基數的總規模大幅增加。尤其是取決於你如何計算 Robinhood chain 使用者與國際客戶；因為我們持續加速國際擴張，我認為我們仍處於相對早期階段。

I mean we crossed 1 million international customers, but not hard to imagine that itself growing exponentially on the way to the majority of our customers being international over the long run.

我的意思是，我們已經突破 100 萬名國際客戶，但不難想像，長期來看這本身會呈指數成長，最終我們的大多數客戶會是國際客戶。

So it's a complicated optimization of our existing customers continuing to get more valuable, get wealthier and their ARPU should be continuing to increase, but there's going to be a counterbalancing effect of us just getting plenty of more customers from international markets and who are younger.

所以這是一個複雜的最佳化：一方面是讓既有客戶持續變得更有價值、更富有，他們的 ARPU 應該會持續上升；但另一方面，我們也會從國際市場獲得大量新增、且更年輕的客戶，形成一個相互抵銷的效果。

Yeah, a couple of things I'll add there. ARPU is an output metric. So we actually don't go to teams on that. We grow them on market share and then ROI.

是的，我再補充幾點。ARPU 是一個輸出型指標（output metric）。所以我們其實不會用這個去要求各團隊。我們推動的是市占率，然後是投資報酬率（ROI）。

And what we've said before is we believe Robinhood can 10x from here. And so you can take any metric you want, whether that's revenue, net deposits, et cetera. The highest predictor in correlation to revenue is just net deposits. So if we keep gaining that deposits, if the customers keep trusting us, whether it's new funded customers, whether that's an existing customer trusting us with more, that's how you grow the business, and that's how you grow revenue. ARPU is going to grow wherever it's going to go.

而我們之前說過，我們相信 Robinhood 從現在起可以成長 10 倍。所以你可以選任何你想看的指標，不管是營收、淨存款（net deposits）等等。與營收相關性最高的預測因子就是淨存款。所以如果我們持續提升淨存款、客戶持續信任我們——不論是新的入金客戶，或是既有客戶把更多資金交給我們——這就是你擴大業務、提升營收的方式。ARPU 會成長到它該去的地方。

But again, that's not what we go on. We just grow on market share and giving a great customer experience.

但再說一次，這不是我們用來驅動的指標。我們只專注於提升市占率並提供很棒的客戶體驗。

All right. Well, that concludes the Q&A portion of the call. Vlad, would you like to make any closing comments?

好的。以上就是本次電話會議的問答環節。Vlad，你想做一些結語嗎？

Yeah, I just wanted to tell you guys, again, thank you for being here for those of you in person and also those of you watching remotely. We're building a community here, not just of customers, but also shareholders, investors, retail and institutional, had some content creators on the call. And you should know that we are far from done, and we are not complacent and the road map just continues to be incredibly full. So rolling out all the things from HOOD Summit and a bunch of other things in the hopper to make this your financial super app and to deliver the power of ownership to people worldwide.

是的，我只是想再一次跟各位說聲謝謝：謝謝親臨現場的各位，也謝謝遠端收看的各位。我們正在建立一個社群，不只是客戶，也包括股東、投資人、散戶與機構；這通電話會議上也有一些內容創作者。你們應該知道，我們離完成還差得遠；我們不會自滿，而且路線圖仍然非常滿。所以我們會把 HOOD Summit 上宣布的所有事情，以及一大堆正在籌備中的其他項目逐步推出，讓這成為你的金融超級 App，並把所有權的力量帶給全球的人們。

So thank you for being with us on the journey. And thank you for listening, bearing the heat.

所以謝謝你們一路與我們同行。也謝謝你們收聽、承受這股熱度。