Robinhood Markets Inc (HOOD) 2021 Q4 法說會逐字稿

Thank you for standing by, and welcome to Robinhood's Fourth Quarter and Full Year 2021 Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

感謝您的支持，歡迎參加 Robinhood 2021 年第四季度和全年電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）

I would now like to hand the conference over to your host, Irvin Sha. Please go ahead.

我現在想將會議交給您的主持人 Irvin Sha。請繼續。

Thanks, Latif, and welcome, everyone, and thank you for joining us for Robinhood's Fourth Quarter and Full Year 2021 Earnings Conference Call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick.

謝謝 Latif，歡迎大家，並感謝您加入 Robinhood 的 2021 年第四季度和全年收益電話會議。今天與我們在一起的是首席執行官兼聯合創始人 Vlad Tenev；和首席財務官傑森·沃尼克。

Before getting started, I want to remind you that today's presentation will contain forward-looking statements about Robinhood's outlook for the first quarter and full year of 2022 as well as our strategic and operational plans. Actual results could differ materially from our expectations. We continue to monitor regulatory developments relating to market structure matters such as statements from the SEC on payment for order flow and digital engagement practices. Other potential risk factors that could cause differences are described in our press release issued this afternoon, the related slide presentation on our Investor Relations website, our Form 10-Q filed October 29, 2021, and in our other SEC filings.

在開始之前，我想提醒您，今天的演示文稿將包含有關 Robinhood 2022 年第一季度和全年展望以及我們的戰略和運營計劃的前瞻性陳述。實際結果可能與我們的預期大相徑庭。我們將繼續監控與市場結構事項相關的監管發展，例如美國證券交易委員會關於訂單流支付和數字參與實踐的聲明。其他可能導致差異的潛在風險因素在我們今天下午發布的新聞稿、我們投資者關係網站上的相關幻燈片演示、我們於 2021 年 10 月 29 日提交的 10-Q 表格以及我們向 SEC 提交的其他文件中進行了描述。

We remind you that from time to time, we intend to use our blog, Under the Hood, on our website at blog.robinhood.com as a means of disclosing material information to the public. And investors should routinely monitor our blog as information posted there could be deemed to be material information.

我們不時提醒您，我們打算在我們的網站 blog.robinhood.com 上使用我們的博客 Under the Hood 作為向公眾披露重要信息的一種方式。投資者應定期監控我們的博客，因為在那裡發布的信息可能被視為重要信息。

All information on the call is as of today, January 27, 2022, and we undertake no duty to update it for subsequent events, except as required by law.

電話會議上的所有信息截至今天，即 2022 年 1 月 27 日，除法律要求外，我們不承擔為後續事件更新信息的義務。

As we discuss our results, all percentage growth comparisons will be to the same period in the prior year, unless otherwise noted.

在我們討論我們的結果時，除非另有說明，否則所有百分比增長比較都將與上一年同期進行比較。

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP results we consider most comparable can be found in the earnings presentation on our Investor Relations website at investors.robinhood.com.

今天的討論還將包括非公認會計準則財務指標。與我們認為最具可比性的 GAAP 結果的對賬可以在我們的投資者關係網站investors.robinhood.com 上的收益報告中找到。

With that, let me turn it over to Vlad.

有了這個，讓我把它交給弗拉德。

Thanks, Irv, as always, and thanks, everyone, for joining. I'd like to start by briefly reflecting on 2021, which has been a momentous year for us.

一如既往地感謝 Irv，感謝大家的加入。我想首先簡要回顧一下 2021 年，這對我們來說是重要的一年。

We're really proud to have added over 10 million net funded accounts to Robinhood in 2021 with over half of them new to investing. We finished the year with $1.8 billion in total net revenues, up from $959 million in 2020. The story of the first half of 2021 was one of firming up our foundations and putting ourselves in a strong position to accelerate product development and future growth.

我們真的很自豪能夠在 2021 年為 Robinhood 增加超過 1000 萬個淨資金賬戶，其中超過一半是新投資賬戶。我們以 18 億美元的總淨收入結束了這一年，高於 2020 年的 9.59 億美元。2021 年上半年的故事是鞏固我們的基礎，使我們在加速產品開發和未來增長方面處於有利地位。

During the year, we've invested heavily in our platform, leading to high service reliability and uptime. We've made huge strides in education and customer service, including successfully adding 24/7 live phone support. We completed our acquisition of Say Technologies, which, as usual, will be on display in this earnings call. We more than doubled our team, including in important areas like engineering, product, customer service and compliance. And we're continuing to add senior talent to help us take Robinhood to the next level. I'm especially excited to welcome Steve Quirk, who joined us this month, as Chief Brokerage Officer and a member of our senior management team.

在這一年中，我們在我們的平台上進行了大量投資，從而提高了服務可靠性和正常運行時間。我們在教育和客戶服務方面取得了巨大進步，包括成功添加 24/7 實時電話支持。我們完成了對 Say Technologies 的收購，與往常一樣，這將在本次財報電話會議上展示。我們的團隊增加了一倍多，包括在工程、產品、客戶服務和合規等重要領域。我們將繼續增加高級人才，以幫助我們將 Robinhood 提升到一個新的水平。我特別高興地歡迎本月加入我們的史蒂夫·奎克（Steve Quirk）擔任首席經紀官和我們高級管理團隊的成員。

I want to take a moment to thank our employees. The work we've done in 2021 firming up our foundations while going through hypergrowth involved long nights and weekends and lots of personal sacrifice. We're starting to see the fruits of that work. In the third quarter, we started once again accelerating our product engine. This acceleration has continued through Q4 and into the new year. We're now in a position where much of our resources are going toward new product development and innovating for our customers.

我想花一點時間感謝我們的員工。我們在 2021 年所做的工作是在經歷高速增長的同時鞏固我們的基礎，這涉及到漫長的夜晚和周末以及大量的個人犧牲。我們開始看到這項工作的成果。在第三季度，我們再次開始加速我們的產品引擎。這種加速一直持續到第四季度並進入新的一年。我們現在處於一個位置，我們的大部分資源都用於新產品開發和為我們的客戶進行創新。

Here are some of the meaningful things we've delivered for customers in Q4. We recently introduced first trade recommendations, which help new customers get started with a diversified ETF portfolio based on their risk profile and investment objectives. We've also introduced ACATS In, which enables our customers to transfer assets from other brokerages into Robinhood. We launched this a few weeks ago to a small set of customers and have been gradually expanding its availability with early results looking promising. We expect to complete the customer rollout later this quarter. In addition, we've made a number of enhancements to our options product, introducing Options Alerts, Options Watchlist as well as a simple way to roll options contracts.

以下是我們在第四季度為客戶提供的一些有意義的東西。我們最近推出了首個交易建議，幫助新客戶根據其風險狀況和投資目標開始使用多元化的 ETF 投資組合。我們還推出了 ACATS In，使我們的客戶能夠將資產從其他經紀商轉移到 Robinhood。幾週前，我們向一小部分客戶推出了這項服務，並且一直在逐步擴大其可用性，早期結果看起來很有希望。我們預計將在本季度晚些時候完成客戶推廣。此外，我們對我們的期權產品進行了許多改進，引入了期權警報、期權觀察列表以及一種簡單的期權合約展期方法。

We have made progress on our fully paid securities lending program. And while we continue to discuss it with our regulators, we believe we will be able to launch the program during the first half of the year. We're also close to delivering a feature that our customers have been asking for, an even larger window of available trading hours. We call this feature hyper-extended hours and anticipate rolling it out later this quarter. And we added 2 new venues for executing equity trades, not only adding competition for customer orders, but improving our ability to handle surges in volume.

我們的全額支付證券借貸計劃取得了進展。在我們繼續與監管機構討論的同時，我們相信我們將能夠在今年上半年啟動該計劃。我們也即將提供客戶一直要求的功能，即更大的可用交易時間窗口。我們將此功能稱為超長時間，並預計在本季度晚些時候推出。我們增加了 2 個執行股票交易的新場所，不僅增加了對客戶訂單的競爭，而且提高了我們處理交易量激增的能力。

We're also continuing to invest in crypto. We launched our public beta of Crypto Wallets earlier this month and plan to release the product to everyone later this quarter. Just in time for the holidays, we introduced crypto gifting, which we believe is the most seamless way for customers to send crypto to their family and friends. We've rolled out intelligent crypto price alerts, an often requested feature. And similar to equities, we added another venue for crypto, increasing capacity and liquidity for our crypto volume, increasing price competition for orders. As Jason will touch on in a moment, along with this change, we've improved the revenue share we receive from our venues.

我們還在繼續投資加密貨幣。我們本月早些時候推出了加密錢包的公開測試版，併計劃在本季度晚些時候向所有人發布該產品。正好趕上假期，我們推出了加密禮物，我們認為這是客戶向家人和朋友發送加密貨幣的最無縫方式。我們推出了智能加密價格警報，這是一項經常被要求的功能。與股票類似，我們為加密貨幣增加了另一個場所，增加了我們加密貨幣量的容量和流動性，增加了訂單的價格競爭。正如 Jason 稍後將談到的那樣，隨著這一變化，我們提高了從場地獲得的收入份額。

We continue to hear from customers that they want us to list more coins. We've been proactively engaging with regulators on this. They're expressing concerns about cryptocurrency platforms adding coins that the regulators believe are unregistered securities, and they're watching this space closely. That said, we have robust coin-listing protocols in place. We're comfortable with how we've analyzed the coins currently on our platform. We've invested in the technology that will allow us to seamlessly add more coins, and we intend to add more coins going forward.

我們繼續聽到客戶希望我們列出更多硬幣。我們一直在積極與監管機構進行溝通。他們對加密貨幣平台添加監管機構認為是未註冊證券的硬幣表示擔憂，他們正在密切關注這一領域。也就是說，我們有強大的代幣上市協議。我們對目前在我們平台上分析代幣的方式感到滿意。我們已經投資了可以讓我們無縫添加更多代幣的技術，並且我們打算在未來添加更多代幣。

Now I'd like to talk about where we're going. I've talked a little bit already about how the foundation we built through most of 2021 has allowed us to invest more in product development in Q4. While we're proud of what we delivered in Q4, it's nothing compared to what we have planned for 2022 and beyond. Our work is focused on 3 things: one, being the best place to get started investing; two, helping first-time investors grow into long-term investors; and three, continuing to serve our advanced investors with the power and simplicity they need. Over the next several years, we plan to create an ecosystem of financial products and services that will enable people across the world to become investors. We believe the products on our road map will go a long way toward making that a reality.

現在我想談談我們要去的地方。我已經談到了我們在 2021 年大部分時間建立的基礎如何使我們能夠在第四季度對產品開發進行更多投資。雖然我們為第四季度交付的成果感到自豪，但與我們在 2022 年及以後的計劃相比，這根本算不上什麼。我們的工作集中在三件事上：一，成為開始投資的最佳場所；二、幫助首次投資者成長為長期投資者；第三，繼續為我們的高級投資者提供所需的功能和簡單性。在接下來的幾年裡，我們計劃創建一個金融產品和服務生態系統，讓世界各地的人們成為投資者。我們相信，我們路線圖上的產品將大大有助於實現這一目標。

Here are a few things you can expect in 2022. First, long-term investing. We're working to roll out more offerings that make investing routine, give people more ways to build wealth for the future, bring them closer to the companies they invest in. And as we mentioned last quarter, tax-advantaged retirement accounts are on the road map, and the teams are already hard at work to develop this functionality. And we'll begin rolling it out to customers midyear.

以下是您在 2022 年可以期待的幾件事。首先，長期投資。我們正在努力推出更多產品，使投資成為常態，為人們提供更多為未來積累財富的方式，讓他們更接近所投資的公司。正如我們上個季度提到的那樣，稅收優惠的退休賬戶在路線圖，並且團隊已經在努力開發此功能。我們將在年中開始向客戶推出它。

Second, spending and saving. In the coming months, we'll be introducing a new experience for day-to-day spending. With this new experience, we believe we can serve customers who aspire to be investors but aren't quite ready to set aside money to get started. We can help them build their portfolios while serving their daily spending needs, all with the delightful and innovative user experience they have come to expect from Robinhood.

第二，消費和儲蓄。在接下來的幾個月中，我們將推出一種全新的日常消費體驗。憑藉這種新體驗，我們相信我們可以為渴望成為投資者但還沒有準備好投入資金開始的客戶提供服務。我們可以幫助他們建立他們的投資組合，同時滿足他們的日常支出需求，所有這些都具有他們對 Robinhood 所期望的令人愉快和創新的用戶體驗。

Next, payments. You've already begun to see some initial progress here with crypto gifting. It's really our first peer-to-peer product. We want to build upon this and make it easy for customers to send value to others. We also want to make it easier for customers to deposit and withdraw funds. Today, ACH is the primary way our customers move money. But it's slow. In 2021, customer deposits and withdrawals totaled $136 billion. We want to give customers faster ways to move their money. And in the next few months, we'll be introducing instant debit card deposit and withdrawals, and we'll look for additional rails from there.

接下來，付款。您已經開始在加密禮物方面看到一些初步進展。這確實是我們的第一個點對點產品。我們希望以此為基礎，讓客戶能夠輕鬆地向他人傳遞價值。我們還希望讓客戶更輕鬆地存入和提取資金。今天，ACH 是我們客戶轉移資金的主要方式。但它很慢。 2021年，客戶存款和取款總額為1360億美元。我們希望為客戶提供更快的轉移資金的方式。在接下來的幾個月裡，我們將推出即時藉記卡存款和取款，我們將從那裡尋找更多的軌道。

Finally, international. We believe serving customers across the globe is a big opportunity for us. And the investments we've made in crypto over the past year have put us in a great position to expand. In 2022, we've set aggressive goals to start opening our crypto platform up to customers internationally.

最後，國際化。我們相信為全球客戶提供服務對我們來說是一個巨大的機遇。過去一年我們對加密貨幣的投資使我們處於擴張的有利位置。 2022 年，我們設定了雄心勃勃的目標，開始向國際客戶開放我們的加密平台。

This next phase of growth will not only be about adding new customers, but also deepening our relationship with the over 22 million customers we already have. We expect that our growth will continue to come in waves with periods of both outsized and slower growth, much of it linked to product launches, geographic expansion and, of course, market factors. We will remain focused on our customers and delivering innovative products that make it easier for everyone to become an investor.

下一階段的增長將不僅是增加新客戶，還將加深我們與我們已經擁有的超過 2200 萬客戶的關係。我們預計，我們的增長將繼續呈波浪式增長，增長速度過快和放緩，其中大部分與產品發布、地域擴張，當然還有市場因素有關。我們將繼續專注於我們的客戶並提供創新產品，讓每個人都更容易成為投資者。

And with that, let me turn it over to Jason to discuss our financial results.

有了這個，讓我把它交給傑森來討論我們的財務業績。

Thanks, Vlad. 2021 was a strong year for our key metrics in revenues. Net funded accounts increased to 22.7 million, up 81% year-over-year. Monthly active users increased to 17.3 million, up 48% from December 2020 to December 2021. Assets under custody increased to $98 billion, up 56%. Total net revenues grew to $1.8 billion, up 89%. And adjusted EBITDA was $34 million. Additionally, we ended the year with over $6 billion of unrestricted cash and cash equivalents. We've never been in a stronger capital position as a company.

謝謝，弗拉德。 2021 年是我們收入關鍵指標的強勁一年。淨資金賬戶增加到 2270 萬個，同比增長 81%。從 2020 年 12 月到 2021 年 12 月，月活躍用戶增至 1730 萬，增長 48%。託管資產增至 980 億美元，增長 56%。總淨收入增長至 18 億美元，增長 89%。調整後的 EBITDA 為 3400 萬美元。此外，我們在年底擁有超過 60 億美元的非限制性現金和現金等價物。作為一家公司，我們從未處於更強大的資本地位。

Turning to Q4. We added 300,000 net funded accounts during the quarter. New funded accounts totaled 800,000. Churned accounts totaled 700,000, and resurrected accounts totaled 200,000. For churn, we saw a 19% reduction compared to Q3. And on a percentage basis, churn hit its lowest mark in the last 1.5 years. Lastly, we had $4.4 billion in net deposits from customers for the quarter, up 93% sequentially but down 32% on a year-over-year basis.

轉向第四季度。我們在本季度新增了 300,000 個淨資金賬戶。新增資金賬戶80萬個。流失賬戶總計 70 萬個，復活賬戶總計 20 萬個。對於客戶流失，我們看到與第三季度相比減少了 19%。從百分比來看，流失率達到了過去 1.5 年來的最低點。最後，我們本季度的客戶淨存款為 44 億美元，環比增長 93%，但同比下降 32%。

Now let's turn to revenue. Total net revenues were $363 million in Q4, up 14% year-over-year and in line sequentially. Our results for Q4 exceeded our previously communicated expectations as we saw stronger-than-anticipated trading activity. Transaction-based revenues were $264 million for the quarter, up 12% year-over-year and down 1% sequentially. Equities revenue was $52 million, down 35% year-over-year and up 3% sequentially. Options revenue was $163 million, up 14% year-over-year and roughly flat to Q3. And crypto revenue was $48 million, up 304% year-over-year but down 5% sequentially.

現在讓我們轉向收入。第四季度總淨收入為 3.63 億美元，同比增長 14%，與上一季度保持一致。由於我們看到強於預期的交易活動，我們第四季度的業績超出了我們之前傳達的預期。本季度基於交易的收入為 2.64 億美元，同比增長 12%，環比下降 1%。股票收入為 5200 萬美元，同比下降 35%，環比增長 3%。期權收入為 1.63 億美元，同比增長 14%，與第三季度大致持平。加密收入為 4800 萬美元，同比增長 304%，但環比下降 5%。

As Vlad mentioned, in late December, we updated our pricing agreements with crypto market makers and added another venue to increase capacity and further improve competition for our customers. Our rebate, which is subject to change from time to time, more than doubled with these changes. As a reminder, this is the first time since launching our crypto business that we've updated the economic split between us and our venues.

正如 Vlad 提到的，在 12 月下旬，我們更新了與加密貨幣做市商的定價協議，並增加了另一個場所來增加容量並進一步改善我們客戶的競爭。我們的回扣會不時發生變化，隨著這些變化增加一倍以上。提醒一下，這是自推出我們的加密業務以來，我們首次更新了我們與我們的場所之間的經濟分配。

Looking at trading activities, there are a few callouts. For equities trading, customers placing trades were up 21% year-over-year, which was offset by lower DARTs, down 12%, and lower notional volumes per trader, down 43%. For options trading, customers placing trades were up 6% year-over-year. And options contracts per trader was up 20%, offset by lower DARTs, which were down 1%. And for crypto, customers placing trades were up 218% year-over-year. Crypto DARTs were up 176%, and notional volumes per trader increased 19%.

查看交易活動，有一些標註。對於股票交易，進行交易的客戶同比增長 21%，這被 DART 下降 12% 和每位交易者的名義交易量下降 43% 所抵消。對於期權交易，進行交易的客戶同比增長 6%。每位交易者的期權合約增加了 20%，但被下降 1% 的 DART 所抵消。對於加密貨幣，進行交易的客戶同比增長 218%。加密 DART 增長了 176%，每位交易者的名義交易量增長了 19%。

Moving to assets under custody. Equities was $72.1 billion, up 36% year-over-year. Options was $1.5 billion, which was down 28% as customers shifted their purchasing activity more towards short-dated positions. And crypto increased to $22.1 billion, up 528%.

轉移到託管資產。股票為 721 億美元，同比增長 36%。期權為 15 億美元，下降 28%，因為客戶將購買活動更多地轉向短期頭寸。加密貨幣增加到 221 億美元，增長 528%。

And for net revenues, they were $63 million for the quarter, up 1% year-over-year and in line sequentially. Primary components include securities lending totaled $29 million, was down 19% year-over-year and down 15% sequentially. We've been increasing the amount of securities loan to counterparties. However, market rate declines have more than offset these gains. As we look toward adding fully paid securities, we anticipate a significant opportunity to increase the monetization of this program. We believe fully paid securities lending at scale should be 1 to 2x the size of margin securities lending, depending on opt-in rates by customers.

本季度淨收入為 6300 萬美元，同比增長 1%，與上一季度保持一致。主要組成部分包括證券借貸總額為 2900 萬美元，同比下降 19%，環比下降 15%。我們一直在增加對交易對手的證券貸款金額。然而，市場利率的下降遠遠抵消了這些收益。隨著我們尋求增加全額支付的證券，我們預計將有一個重要的機會來增加該計劃的貨幣化。我們認為，規模化全額付清融券規模應為保證金融券規模的 1 至 2 倍，具體取決於客戶的選擇加入率。

Margin interest totaled $39 million in the quarter, up 45% year-over-year. Our margin book closed out the year at $6.5 billion, a 93% increase versus the prior year. At the end of the quarter, about 1% of our funded accounts maintained a margin balance. And interest expense was a $6 million offset to net interest revenues in Q4.

本季度的保證金利息總額為 3900 萬美元，同比增長 45%。全年我們的保證金賬簿為 65 億美元，比上年增長 93%。在本季度末，我們大約 1% 的資金賬戶保持保證金餘額。第四季度的淨利息收入抵消了 600 萬美元的利息支出。

As we anticipate Fed rate increases during 2022, we expect that for every 25 basis points of rate increase, we'll generate approximately $40 million of additional annualized net interest revenue based on balances at year-end 2021 while continuing to pass on value to customers.

由於我們預計美聯儲將在 2022 年加息，我們預計每加息 25 個基點，我們將根據 2021 年底的餘額產生約 4000 萬美元的額外年化淨利息收入，同時繼續向客戶傳遞價值.

Moving to other revenues. They were $35 million in Q4, an 84% increase versus the prior year and in line with Q3. The year-over-year increase was primarily driven by growth in our gold subscriptions and increased proxy delivery fees resulting from growth in assets under custody. As Vlad mentioned, we're working toward enabling faster money movement for our customers. This represents a meaningful opportunity for us to earn service fees to the extent customers select this higher level of service. For context, in 2021, customer withdrawals totaled $54 billion.

轉移到其他收入。第四季度為 3500 萬美元，與去年同期相比增長 84%，與第三季度持平。同比增長主要是由於我們的黃金訂閱增長以及託管資產增長導致代理交付費用增加。正如弗拉德所提到的，我們正在努力為我們的客戶實現更快的資金流動。這對我們來說是一個有意義的機會，可以在客戶選擇這種更高水平的服務的情況下賺取服務費。就背景而言，2021 年，客戶提款總額為 540 億美元。

Now for operating expenses. We finished the quarter with nearly 3,800 employees, up 134% year-over-year and up 12% sequentially. During the quarter, we made sequential progress reducing fraud losses, down 28% versus Q3. We've got more work to do here, and this is constantly evolving. But I'm proud of the progress our teams are making.

現在是運營費用。本季度末，我們擁有近 3,800 名員工，同比增長 134%，環比增長 12%。在本季度，我們在減少欺詐損失方面取得了連續進展，與第三季度相比下降了 28%。我們在這裡還有更多工作要做，而且還在不斷發展。但我為我們的團隊所取得的進步感到自豪。

Lastly, our teams are working diligently to improve our operating leverage and efficiency. One area I'm particularly pleased with is web hosting, where the team is focused on efficiency and delivered a sequential improvement of 19% in Q4 versus Q3 for a savings of $15 million.

最後，我們的團隊正在努力提高我們的運營槓桿和效率。我特別滿意的一個領域是網絡託管，該團隊專注於效率，在第四季度與第三季度相比，連續提高了 19%，節省了 1500 萬美元。

Now let's turn to measures of profitability. Net loss for Q4 was $423 million, which includes $318 million in share-based compensation. This compares to net income of $13 million in the prior year quarter. Adjusted EBITDA was negative $87 million compared with positive $79 million in the prior year quarter. As a reminder, adjusted EBITDA primarily excludes the impact of share-based compensation.

現在讓我們轉向盈利能力的衡量標準。第四季度的淨虧損為 4.23 億美元，其中包括 3.18 億美元的股票薪酬。相比之下，去年同期的淨收入為 1300 萬美元。調整後的 EBITDA 為負 8700 萬美元，而去年同期為正 7900 萬美元。提醒一下，調整後的 EBITDA 主要不包括基於股份的薪酬的影響。

Before I get to our outlook, I'd like to mention that we've been carefully monitoring the behavior of our customers in this market environment. Since the start of the year, our customers have been continuing to deposit funds into their accounts on a net basis, but they've been making fewer trades and in smaller amounts. In these first few weeks of the new year, we're seeing trading activity below what we saw in Q4 of 2021. However, in the few days leading up to our call, we've seen some higher levels of engagement, net deposits and trading, versus the start of the year. It's too soon to say whether what we've seen these last few days will be a sustained trend or not.

在談到我們的前景之前，我想提一下，我們一直在仔細監控客戶在這個市場環境中的行為。自今年年初以來，我們的客戶一直在以淨額形式將資金存入他們的賬戶，但他們的交易量和金額一直在減少。在新年的前幾週，我們看到交易活動低於 2021 年第四季度的水平。但是，在我們召開電話會議之前的幾天裡，我們看到了一些更高水平的參與度、淨存款和交易，與年初相比。現在說我們最近幾天所看到的是否會是一個持續的趨勢還為時過早。

And so for Q1, we're anticipating that total net revenues will be less than $340 million, which assumes some incremental improvement in trading volumes versus what we've seen so far. At the top end, this implies a year-over-year revenue decline of 35%. As a reminder, in Q1 last year, we had outsized revenue due to heightened trading activity, particularly relating to certain meme stocks.

因此，對於第一季度，我們預計總淨收入將低於 3.4 億美元，這假設交易量與我們迄今為止所看到的相比有所增加。在高端，這意味著收入同比下降 35%。提醒一下，去年第一季度，由於交易活動增加，尤其是與某些表情包股票相關的交易活動增加，我們的收入過大。

Now for full year 2022 operating expenses. We expect total operating expenses, excluding share-based compensation, to increase between 15% and 20% year-over-year. Additionally, we expect share-based compensation to decline between 35% and 40% year-over-year. During 2022, we expect to meaningfully slow our hiring pace as we grow into the larger workforce we've built over the past 2 years. While we exited 2021 with a higher run rate for employee compensation costs, we expect these costs to be partially offset as we begin realizing efficiencies across several areas of our business. We expect to realize improvements in such areas as customer service, cloud web hosting and fraud losses as we focus on productivity and benefit from our increasing scale and investments we're making in technology.

現在是2022年全年的運營費用。我們預計總運營費用（不包括基於股票的薪酬）將同比增長 15% 至 20%。此外，我們預計基於股票的薪酬將同比下降 35% 至 40%。在 2022 年，隨著我們成長為過去 2 年建立的更龐大的員工隊伍，我們預計將顯著放緩招聘步伐。雖然我們在 2021 年以更高的員工薪酬成本運行率退出，但隨著我們開始在我們的多個業務領域實現效率，我們預計這些成本將被部分抵消。我們希望在客戶服務、云網絡託管和欺詐損失等領域實現改進，因為我們專注於生產力，並從我們不斷擴大的規模和技術投資中受益。

Actual results for total operating expenses, excluding share-based compensation, may differ materially from our outlook due to several factors, including the rate of growth in net new funded accounts, which affects several costs, including variable marketing costs, the degree to which we are successful in preventing fraud, our ability to manage web hosting expenses efficiently and our ability to achieve productivity improvements in customer service, among other factors.

總運營費用的實際結果（不包括基於股份的薪酬）可能與我們的前景存在重大差異，原因包括淨新增資金賬戶的增長率，這會影響多項成本，包括可變營銷成本、我們成功地防止欺詐、我們有效管理網絡託管費用的能力以及我們在客戶服務中實現生產力提高的能力，以及其他因素。

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

有了這個，Irv，讓我們進入問答環節。

Leading into this quarter's Q&A session, we'll start by answering the top questions from Say ranked by number of votes. We will pass over any questions that were already addressed, and we'll group together questions that share a common theme. After that, we'll turn to live questions from the analyst community.

進入本季度的問答環節，我們將首先回答 Say 按票數排名的熱門問題。我們將忽略已經解決的任何問題，並將具有共同主題的問題組合在一起。之後，我們將轉向分析師社區的實時問題。

And with that, I'll kick it off with our top questions from Say. First question comes from Ronak P. and Keith W., who asked, when can we expect Robinhood to be profitable? What steps are being taken to make this happen?

有了這個，我將從 Say 的最重要問題開始。第一個問題來自 Ronak P. 和 Keith W.，他們問，我們什麼時候可以期待 Robinhood 盈利？正在採取哪些措施來實現這一目標？

Thanks for the question. Our primary measure internally for profitability is adjusted EBITDA. We actually, for the full year 2021, had a small positive adjusted EBITDA.

謝謝你的問題。我們內部衡量盈利能力的主要指標是調整後的 EBITDA。實際上，在 2021 年全年，我們的調整後 EBITDA 小幅為正。

When we look forward, it's possible that we'll have a positive adjusted EBITDA in 2022, but we've got a much better line of sight for that in 2023. It's obviously going to depend on a few things, including overall market conditions and how well we execute against the new product road map. It's also going to be impacted by how effective we are at managing our costs, which we're definitely committed to do.

展望未來，我們有可能在 2022 年實現調整後的 EBITDA，但我們在 2023 年的前景要好得多。這顯然取決於一些事情，包括整體市場狀況和我們對新產品路線圖的執行情況如何。它也將受到我們在管理成本方面的有效性的影響，我們肯定會致力於這樣做。

Okay. Next, we have a few questions on our recent share price activity from Olan B., Saajan P. and [Hamid N.] Paraphrasing a bit, the question is, Robinhood's share price has dropped significantly since the IPO. What steps are being taken to increase shareholder value? Why should investors continue to believe in the company?

好的。接下來，我們對 Olan B.、Saajan P. 和 [Hamid N.] 最近的股價活動提出了一些問題。稍微解釋一下，問題是，Robinhood 的股價自 IPO 以來已大幅下跌。正在採取哪些措施來增加股東價值？為什麼投資者要繼續相信公司？

Yes. Let's not sugarcoat it. We've been disappointed with the stock price over the past few months. The way that we're thinking about it is, as I wrote in my letter in the S-1, we're never going to be sacrificing long-term performance or what's right for the company to make a quarter. We're focused on the long term. We have an exciting road map. We have a big opportunity, and we've grown a great team. We also have over 22 million customers. So we'll benefit from our scale as we roll out new products and new functionality for them.

是的。我們不要粉飾它。我們對過去幾個月的股價感到失望。我們正在考慮的方式是，正如我在 S-1 的信中所寫的那樣，我們永遠不會犧牲長期業績或公司獲得季度收益的正確方法。我們專注於長期。我們有一個令人興奮的路線圖。我們有一個很大的機會，我們已經成長為一支偉大的團隊。我們還擁有超過 2200 萬客戶。因此，當我們為他們推出新產品和新功能時，我們將從我們的規模中受益。

In addition, as Jason mentioned, we expect to grow our costs much more slowly from here on out. And you've seen, starting in Q3 and accelerating through Q4, we've been able to allocate much more of our resources towards new product development on top of the foundation that we built throughout most of 2021 and 2020. So over 2022, you should see that to continue. We've got a lot more products, a lot more improvements coming to customers. And I've never been more optimistic about the future of Robinhood and how we can serve and innovate for our customers.

此外，正如 Jason 所提到的，我們希望從現在開始我們的成本增長速度會慢得多。你已經看到，從第三季度開始到第四季度加速，我們已經能夠在我們在 2021 年和 2020 年大部分時間建立的基礎之上分配更多資源用於新產品開發。所以在 2022 年，你應該看到繼續。我們有更多的產品，更多的改進帶給客戶。我對 Robinhood 的未來以及我們如何為客戶服務和創新感到前所未有的樂觀。

Great. Next, we have some questions on adding new crypto coins to the platform from Zach W. and Israh B. The general question is, does Robinhood plan to open trading to other cryptocurrencies? And are we going to list Shiba Inu? Vlad?

偉大的。接下來，我們有一些關於向 Zach W. 和 Israh B 平台添加新加密貨幣的問題。一般的問題是，Robinhood 是否計劃向其他加密貨幣開放交易？我們要列出柴犬嗎？弗拉德？

So we've been hearing from customers loudly. We know they want more cryptocurrencies on the platform, and we've actually been proactively engaging with regulators. So the main concern with adding a large number of coins is that platforms that are adding lots of them could be adding unregistered securities. So they're watching the space closely.

因此，我們一直在大聲聽取客戶的意見。我們知道他們希望平台上有更多的加密貨幣，我們實際上一直在積極與監管機構合作。因此，添加大量硬幣的主要問題是，添加大量硬幣的平台可能會添加未註冊的證券。所以他們正在密切關注這個空間。

We're being deliberate. We want to avoid triggering SEC registration requirements for cryptocurrencies. That said, we have robust protocols in place. We feel very confident about the coins that we have on the platform, and we intend to add more coins going forward. But we want to do it prudently.

我們是故意的。我們希望避免觸發 SEC 對加密貨幣的註冊要求。也就是說，我們有強大的協議。我們對我們在平台上擁有的代幣感到非常有信心，並且我們打算在未來增加更多的代幣。但我們要謹慎行事。

Great. Next, we have another question from Saajan P. who asked, "Can Robinhood lay out a road map of features to come in 2022 on the Robinhood website?"

偉大的。接下來，Saajan P. 提出了另一個問題，他問道：“Robinhood 能否在 Robinhood 網站上列出 2022 年推出的功能路線圖？”

Thank you, Saajan. We've been seeing your name a little bit. We appreciate the engagement with the company and the community.

謝謝你，薩詹。我們已經看到你的名字一點點。我們感謝與公司和社區的合作。

So I've talked a little bit about a few of our key focus areas, including retirement, spending and saving, payments and, of course, crypto and international expansion. So as you may have seen over the past few months, we have been building our Crypto Wallets in public. So we announced our intent to roll out wallets. We had an alpha. We've collected great feedback from our community and customers to make the product better, and that's continued through beta.

所以我已經談了一些我們的重點關注領域，包括退休、支出和儲蓄、支付，當然還有加密和國際擴張。因此，正如您在過去幾個月中可能看到的那樣，我們一直在公開構建我們的加密錢包。因此，我們宣布了推出錢包的意圖。我們有一個阿爾法。我們從社區和客戶那裡收集了很好的反饋，以使產品變得更好，並且通過測試版繼續進行。

So while we won't be putting our full road map out in public and we won't be building everything in public, we do see an opportunity to engage with our community even earlier than we normally would in the future and announce some of the really ambitious things that we're working on early in the cycle. We think it's a great way to get direct feedback from our customers and a great way to make sure the products really, really resonate with them. So we're happy with what we've seen, and you should expect a little bit more of that as we get further along into 2022.

因此，雖然我們不會公開我們的完整路線圖，也不會公開構建所有內容，但我們確實看到了一個機會，可以比我們通常在未來更早地與我們的社區互動，並宣布一些我們在周期早期正在做的真正雄心勃勃的事情。我們認為這是從客戶那裡獲得直接反饋的好方法，也是確保產品真正引起他們共鳴的好方法。所以我們對我們所看到的感到滿意，隨著我們進入 2022 年，你應該期待更多。

From Santosh I., "Is Robinhood planning to extend after-hours trading from 4 a.m. to 8 p.m.? Thanks."

來自 Santosh I.，“Robinhood 是否計劃將盤後交易時間從凌晨 4 點延長至晚上 8 點？謝謝。”

Thanks, Santosh. Yes, I mentioned this a little bit earlier that we are close to actually rolling out what we're calling hyper-extended hours for equities trading on the platform. Customers have been asking for it. We hear you, and we plan to roll it out later this quarter. So thank you for the feedback there.

謝謝，桑托什。是的，我早些時候提到過這一點，我們即將真正推出我們所說的平台上股票交易的超延長時間。客戶一直在要求它。我們聽到了你的聲音，我們計劃在本季度晚些時候推出它。所以謝謝你那裡的反饋。

Our next question comes from Ben N. Is there anything Robinhood can do to repair the relationship with the retail traders upset about the handling of the meme stock situation that occurred last year? Can we bring these traders back to the platform?

我們的下一個問題來自 Ben N。Robinhood 可以做些什麼來修復與零售交易商的關係，因為他們對去年發生的 meme 庫存情況的處理感到不安？我們可以將這些交易者帶回平台嗎？

Yes. Thank you, Ben. This is something that I've spent a lot of time thinking about, and the Robinhood team has been thinking about a lot. So first, let me say that the events of the meme stock frenzy January of last year were hard. They were hard on Robinhood. They were hard on our customers. We stand for giving people access to markets and letting them trade what they want to trade. And it was disappointing to customers, we realized that. And we've done a lot of investments to make sure that what happened then doesn't happen again.

是的。謝謝你，本。這是我花了很多時間思考的事情，Robinhood 團隊也一直在思考很多。所以首先，讓我說去年 1 月的 meme 股票狂熱事件是艱難的。他們對羅賓漢很苛刻。他們對我們的客戶很苛刻。我們主張讓人們進入市場，讓他們交易他們想交易的東西。這讓客戶感到失望，我們意識到這一點。我們已經進行了大量投資，以確保當時發生的事情不會再次發生。

So we've raised a lot of capital. We've upgraded our infrastructure to handle surges in volume. We've added things like 24/7 support. So the best way is to just make sure that we communicate these things and take all the steps necessary to avoid similar restrictions surprising customers.

所以我們籌集了很多資金。我們已經升級了我們的基礎設施以應對數量激增的情況。我們添加了諸如 24/7 全天候支持之類的功能。因此，最好的方法是確保我們傳達這些信息並採取所有必要步驟，以避免讓客戶感到驚訝的類似限制。

Now looking forward to customers that have been disappointed, we've actually seen over the past year a greater number of customers that had left the platform that are interested in coming back and reengaging. And one of the things that we noticed was that it wasn't as easy as it should have been for customers to come back to the platform. And that's something that we've been investing in. You see that with ACATS In. So prior to us rolling that out, there was no way for customers to bring outside assets into Robinhood. And we've also looked at the user experience of a returning customer and are making lots of improvements in how easy it is to reopen your account and start using Robinhood again. And we're starting to see results. So the results are looking promising, and that's an area that we'll continue to make progress in.

現在期待失望的客戶，我們實際上在過去一年中看到更多離開平台的客戶有興趣回來並重新參與。我們注意到的一件事是，讓客戶回到平台並不像應有的那麼容易。這就是我們一直在投資的東西。你在 ACATS In 中看到了這一點。因此，在我們推出之前，客戶無法將外部資產引入 Robinhood。我們還研究了回頭客的用戶體驗，並正在對重新打開您的帳戶並重新開始使用 Robinhood 的難易程度進行大量改進。我們開始看到結果。所以結果看起來很有希望，這是我們將繼續取得進展的領域。

Okay. Donte F. is asking, when are wallets and staking coming to Robinhood?

好的。 Donte F. 在問，Robinhood 什麼時候可以使用錢包和 Staking？

Yes. I can field this one again. So we launched the public beta of our Crypto Wallets earlier this month, and we've been continuing to make refinements to those. And we're looking to release those later this quarter to everyone.

是的。我可以再打一次。因此，我們本月早些時候推出了加密錢包的公開測試版，並且我們一直在繼續對其進行改進。我們希望在本季度晚些時候向所有人發布這些內容。

As for staking, so we know staking is an area of customer interest. And we've actually been investing a lot in the crypto team and the technology to enable things like this. I should say there's lots of regulatory attention here. We need to make sure that staking products are safe and clear to customers and, of course, are compliant. And I would say we're looking at the area. And we're going to be investing heavily in crypto, in general, as we've discussed.

至於質押，我們知道質押是客戶感興趣的領域。我們實際上已經在加密團隊和技術上投入了大量資金來實現這樣的事情。我應該說這裡有很多監管關注。我們需要確保質押產品對客戶來說是安全和清晰的，當然，它們也是合規的。我會說我們正在研究該地區。正如我們所討論的，總的來說，我們將大力投資於加密貨幣。

Great. So the next question is coming from Peter D., who asks, what was the cause of the price drop? And what are you doing to rectify it? Maybe Jason?

偉大的。所以下一個問題來自 Peter D.，他問，價格下跌的原因是什麼？你正在做什麼來糾正它？也許傑森？

Yes. Thanks for the question, Peter. It's a number of factors, and some of it is certainly on us at Robinhood, and some of it is the general market. Clearly, the Fed signaling increasing rates, along with inflation. We've seen a rotation away from growth stocks like Robinhood. It's affected the industry, but it's absolutely affected our shares as well.

是的。謝謝你的問題，彼得。有很多因素，其中一些肯定是 Robinhood 的，還有一些是一般市場。顯然，美聯儲發出加息和通脹信號。我們已經看到了像 Robinhood 這樣的成長型股票的輪換。它影響了整個行業，但也絕對影響了我們的股票。

But there's also things that we need to be doing. And it's questions around our strategy, our speed of execution and also, I think, providing just additional clarity about what we're working on and when you should expect progress from us. And we've been trying very hard in this call and in the materials that we're sharing today to give you a really good insight into the road map and also the expected timing and impact of our road map.

但也有我們需要做的事情。這是圍繞我們的戰略、我們的執行速度的問題，而且我認為，它還提供了關於我們正在做什麼以及何時你應該期待我們取得進展的額外清晰度。在這次電話會議和我們今天分享的材料中，我們一直在努力讓您對路線圖以及我們路線圖的預期時間和影響有一個非常好的了解。

So we're working on it. We're going to stay, as Vlad mentioned, focused on the long term. But we're definitely very optimistic about where we can go from here.

所以我們正在努力。正如弗拉德所說，我們將繼續專注於長期。但我們絕對對我們能從這裡走向何方感到非常樂觀。

Thanks for that. G C and Donald D. are both asking about NFTs. And the questions were, does Robinhood have any plans to extend its crypto offerings to include a non-fungible token marketplace?

感謝那。 G C 和 Donald D. 都在詢問 NFT。問題是，Robinhood 是否有任何計劃擴展其加密產品以包括不可替代的代幣市場？

Yes. We've been watching this space carefully as well. We know there's a lot of customer interest in this area, and we've grown our crypto team and are investing heavily in crypto. I mentioned some of the really ambitious things that we've got planned for 2022, including using crypto to expand internationally, obviously making more progress on wallets, rolling them out and continuing to improve them. And I think you should see -- you should expect to see that and more. So I don't want to get too specific on any of the other new products you have in crypto, but we're very excited to keep investing in this space. And we think it's still early innings.

是的。我們也一直在仔細觀察這個空間。我們知道這個領域有很多客戶的興趣，我們已經發展了我們的加密團隊，並且正在大力投資加密。我提到了我們計劃在 2022 年進行的一些真正雄心勃勃的事情，包括使用加密技術在國際上擴張，顯然在錢包方面取得了更多進展，推出並繼續改進它們。我認為你應該看到 - 你應該期望看到更多。所以我不想對你在加密領域擁有的任何其他新產品過於具體，但我們很高興能繼續投資這個領域。我們認為這仍然是早期的一局。

Next question is going to be from Gennadii K., hope I'm pronouncing that right. When will Robinhood be available in Europe?

下一個問題將來自 Gennadii K.，希望我說得對。 Robinhood 什麼時候在歐洲上市？

So as we mentioned earlier on the call, we've set aggressive targets to start opening our crypto platform internationally this year. So I'm -- we aren't able to say exactly when or which countries. But I would tell you, international is especially interesting for crypto, which is built to be global by default. And being a global company is core to our vision. We look forward to updating you as soon as possible in making Robinhood available all over the world. We think there's a huge opportunity there.

因此，正如我們之前在電話會議上提到的，我們已經設定了積極的目標，今年開始在國際上開放我們的加密平台。所以我 - 我們無法確切說明何時或哪些國家。但我會告訴你，國際化對於加密特別有趣，它默認構建為全球性的。成為一家全球性公司是我們願景的核心。我們期待盡快更新您的信息，以便在全球範圍內提供 Robinhood。我們認為那裡有巨大的機會。

Great. I think this will be the last question that we have time for. This one comes from Alexander X. who is asking, "Will Robinhood add more advanced features into the app, such as allowing people to specify mailing address or a tax center to preview realized gains and losses? The app is sometimes too bare."

偉大的。我認為這將是我們有時間回答的最後一個問題。這個來自 Alexander X，他在問：“Robinhood 是否會在應用程序中添加更多高級功能，例如允許人們指定郵寄地址或稅務中心來預覽已實現的收益和損失？應用程序有時過於簡單。”

Yes. In terms of advanced features, look, one of the best ways to prioritize features is by hearing directly from our customers. And as I mentioned, 1 of our 3 areas is making sure that our advanced investors have all the tools and support they need. And I think there's a lot of opportunity here. Steve Quirk, who joined recently as our Chief Brokerage Officer, is looking very closely at this area and brings a wealth of experience serving advanced investors at places like thinkorswim and TD Ameritrade.

是的。在高級功能方面，看，確定功能優先級的最佳方法之一是直接聽取客戶的意見。正如我所提到的，我們三個領域中的一個是確保我們的高級投資者擁有他們需要的所有工具和支持。我認為這裡有很多機會。最近加入我們擔任首席經紀官的史蒂夫·奎克 (Steve Quirk) 正在密切關注這一領域，並帶來了在 thinkorswim 和 TD Ameritrade 等地為高級投資者服務的豐富經驗。

Great. I think that's all the time we have for Say questions right now. Thanks, everyone, for those questions.

偉大的。我想這就是我們現在可以用來提問的所有時間了。謝謝大家，這些問題。

With that, I'm going to ask the operator to please open up the line.

有了這個，我要請接線員打開線路。

(Operator Instructions) Our first question comes from Ross Sandler of Barclays.

（操作員說明）我們的第一個問題來自巴克萊的羅斯桑德勒。

So a question on the gross adds. So your new funded accounts were running around 600,000 per quarter pre-pandemic. We're now at around 800,000. Is this the right level to think about? And Vlad, of all those initiatives you mentioned in '22, which new products could potentially unlock a faster cadence in gross adds?

因此，關於總額的問題增加了。因此，您的新資金賬戶在大流行前每季度運行約 600,000 個。我們現在大約有 800,000 人。這是正確的思考水平嗎？還有弗拉德，在你在 22 年提到的所有這些舉措中，哪些新產品可能會釋放出更快的總增長節奏？

And then second question is just on international, a housekeeping. Can you remind us, outside of the U.K., which markets are you fully licensed to operate the full stack brokerage business today versus just dealing with the crypto?

然後第二個問題是關於國際的，一個家政服務。您能否提醒我們，在英國以外的地區，您在哪些市場獲得了完全許可來經營今天的全棧經紀業務，而不是僅僅處理加密貨幣？

I'll start, and then I think Vlad will probably jump in. Thanks, Ross, for the questions. In terms of the expectation for future adds, what I would say is we think that there's a significant opportunity ahead of us, starting first with the U.S. and investing to have more customers join the platform. We've done some internal research. It suggests that of the demographic of 18- to 49-year-olds, a little over half have a brokerage account. And in our research, it suggests that currently, there's about 10 million or more that are -- currently don't have an account and are interested in participating in the stock market. There's a long-term trend of increasing retail participation, and we think that's a great place to be able to leverage and participate. We also have opportunity, I think, as Vlad mentioned with the road map, to generate interest in new customers with the other products. And also, international is an even bigger opportunity, we believe, over the long term.

我會開始，然後我認為 Vlad 可能會加入。謝謝，羅斯，你的問題。就未來增加的預期而言，我想說的是，我們認為我們面前有一個重要的機會，首先從美國開始，並投資讓更多客戶加入該平台。我們做了一些內部研究。這表明在 18 至 49 歲的人群中，有一半多一點的人擁有經紀賬戶。在我們的研究中，它表明目前大約有 1000 萬或更多的人 - 目前沒有賬戶並且有興趣參與股票市場。增加零售參與度是一個長期趨勢，我們認為這是一個可以利用和參與的好地方。我認為，正如弗拉德在路線圖中提到的那樣，我們也有機會通過其他產品引起對新客戶的興趣。而且，我們相信，從長遠來看，國際化是一個更大的機會。

Vlad, I'll turn it to you for kind of areas we're most excited about.

弗拉德，對於我們最感興趣的領域，我會把它交給你。

Yes. Absolutely. I think of the areas that we talked a little bit about, if you're looking at net new funded accounts, international certainly is a big opportunity with more addressable new accounts over the long run than even in the U.S.

是的。絕對地。我想到了我們討論過的領域，如果您正在查看淨新資金賬戶，從長遠來看，國際肯定是一個巨大的機會，擁有比美國更多的可尋址新賬戶。

With our work on spending and saving and payments, we also believe that we can access a broader type of investor, people that are not quite ready to invest, but could use Robinhood to help manage their day-to-day spending needs. And then we could help them become investors over time. And we think that, that's an exciting market. And then there's always just the work in making our core experience better, making our core investing products better, making the flows and the user experience even stronger and getting customers to consequently refer their friends to Robinhood in greater numbers. So that's net new funded accounts.

通過我們在支出、儲蓄和支付方面的工作，我們還相信我們可以接觸到更廣泛類型的投資者，這些人還沒有準備好投資，但可以使用 Robinhood 來幫助管理他們的日常支出需求。然後我們可以幫助他們隨著時間的推移成為投資者。我們認為，這是一個令人興奮的市場。然後總是有工作讓我們的核心體驗更好，讓我們的核心投資產品更好，讓流程和用戶體驗更加強大，並讓更多的客戶將他們的朋友推薦給 Robinhood。所以這是淨新的資金賬戶。

And as we've also mentioned, there's opportunities to increase ARPU and to monetize our accounts by giving them more functionality over time. And those include things like retirement and some of the other areas of focus through the year as well.

正如我們還提到的，隨著時間的推移，我們有機會通過為賬戶提供更多功能來增加 ARPU 和貨幣化我們的賬戶。其中包括退休和全年其他一些重點領域。

The last question was brokerage licenses.

最後一個問題是經紀執照。

Brokerage licenses overseas, yes. So we have a license by the FCA to operate a brokerage business in the U.K. And that's right now the only international jurisdiction that we have a brokerage license for.

海外經紀執照，是的。因此，我們獲得了 FCA 的許可，可以在英國經營經紀業務。這是目前我們擁有經紀許可的唯一國際司法管轄區。

Our next question comes from Ken Worthington of JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

I've got 2, I think, for Jason. One, the press release and you highlighted $6.3 billion of cash and cash equivalents. How much do you want to hold to run the business as it exists today? And how much of that cash is truly excess, above regulatory, operational needs, including what you might need to post at a clearinghouse during peak trading periods?

我想，我有 2 個給 Jason。一，新聞稿和您強調了 63 億美元的現金和現金等價物。你想持有多少來經營今天存在的業務？這些現金中有多少是真正過剩的，超出了監管和運營需求，包括您在交易高峰期可能需要在票據交換所發布的內容？

Yes. Thanks, Ken. Great question. On a typical day, the vast majority of that is not needed to support our business. Since last year around the surges that we saw, obviously, we raised cash, but we also opened up increasing lines of credit as well. And so to support the trading, it's not just the corporate cash that we have but also lines of credit. Additionally, we substantially increased the capital at the clearing broker. And the level of capitalization actually affects the calculation of how much deposits you have to put on -- put for the clearinghouse. In fact, right now, we're over 20x above the required capital for our clearing brokers.

是的。謝謝，肯。好問題。在一個典型的日子裡，絕大多數都不需要支持我們的業務。自去年以來，我們看到了大幅上漲，顯然，我們籌集了現金，但我們也開放了越來越多的信貸額度。因此，為了支持交易，我們擁有的不僅僅是公司現金，還有信用額度。此外，我們大幅增加了清算經紀人的資本。資本化水平實際上會影響您必須存入多少存款的計算 - 為票據交換所存入。事實上，目前，我們的清算經紀商所需資本超過了 20 倍。

So we're looking very solid. As I said, the vast majority of our corporate cash is not needed on a daily basis. And there's things that we can do from a process perspective, particularly around funding, buying activity and selling activity over weekends for crypto, that will further alleviate the need for the cash. So we're sitting in a really good spot. We've got more that we can do, and we feel great that we're in a position to make sure we can handle customer trades no matter the environment.

所以我們看起來非常穩固。正如我所說，我們絕大多數的公司現金並不是每天都需要的。從流程的角度來看，我們可以做一些事情，特別是圍繞加密貨幣週末的融資、購買活動和出售活動，這將進一步減輕對現金的需求。所以我們坐在一個非常好的地方。我們有更多可以做的事情，我們感到很高興我們能夠確保無論環境如何都能處理客戶交易。

Okay. Great. And then I just was hoping you could flesh out your comments on the $40 million, I believe, of net interest revenue that comes with higher rates per 25 bps. What part of that incremental revenue is anticipated from stock loan versus the impact of higher rates and margin borrowing versus, say, the float on customer cash balances? Does that $40 million come from the majority of one or the other? Or is it sort of equal across all 3? How are you sort of allocating or how should we allocate that $40 million across the different interest rate-generating buckets?

好的。偉大的。然後我只是希望你能充實你對 4000 萬美元的評論，我相信，每 25 個基點的更高利率帶來的淨利息收入。股票貸款的增量收入與較高的利率和保證金借款的影響相比，與客戶現金餘額的浮動相比，預期的增量收入有多少？這 4000 萬美元是否來自其中的大部分？或者它在所有3個中都相等？你是如何分配的，或者我們應該如何將這 4000 萬美元分配給不同的利率產生桶？

Yes. Thanks for the question, Ken. The biggest components are around -- obviously, corporate cash, we just talked about having over $6 billion there. That will certainly be affected by a rising interest rate environment. Free credit balances from customers, those balances fluctuate. But it's many billion -- over $6 billion of customer margin balances as well. There's also anticipated that will be some earnings from rising interest rate on the collateral that we receive on the securities lending program, which is also a few billions. So those are the biggest components.

是的。謝謝你的問題，肯。最大的組成部分是——顯然，公司現金，我們剛剛談到那裡有超過 60 億美元。這肯定會受到利率上升環境的影響。來自客戶的免費信用餘額，這些餘額會波動。但它是數十億美元——超過 60 億美元的客戶保證金餘額。還預計我們在證券借貸計劃中收到的抵押品利率上升將帶來一些收益，這也是數十億美元。所以這些是最大的組成部分。

Our next question comes from Devin Ryan of JMP Securities.

我們的下一個問題來自 JMP Securities 的 Devin Ryan。

Great. I guess first question here on the product road map. So the stock is down a little bit over 10% in the after hours here. Some of the feedback I've gotten initially is just you had a first quarter outlook and a little disappointment. But you guys gave a pretty ambitious road map here, and a lot of the products that you talked about aren't actually going to be in the first quarter but are coming later this year. So there should be a pretty good acceleration. So I don't know if we can maybe parse through maybe some of the ARPU implications.

偉大的。我猜這是產品路線圖上的第一個問題。因此，該股在盤後數小時內下跌了 10% 以上。我最初得到的一些反饋只是你對第一季度的展望有點失望。但是你們在這裡給出了一個非常雄心勃勃的路線圖，你們談到的很多產品實際上不會在第一季度推出，而是會在今年晚些時候推出。所以應該有一個很好的加速。所以我不知道我們是否可以解析一些 ARPU 影響。

And maybe just to not get too acute here, but Jason, I heard the comment about adjusted EBITDA this year, not ruling out that it could be positive. And so that would imply that you'd actually see potentially some decent revenue growth over the year. So first quarter notwithstanding, which, I think, maybe a little disappointing to people, it seems like there's a lot of things here that should drive revenues higher. So I just want to maybe walk through some of those if possible.

也許只是在這裡不要太尖銳，但傑森，我聽到了關於今年調整後 EBITDA 的評論，不排除它可能是積極的。因此，這意味著您實際上會在一年中看到一些可觀的收入增長。因此，儘管第一季度，我認為這可能會讓人們有點失望，但似乎這裡有很多事情可以推動收入增長。因此，如果可能的話，我只想了解其中的一些內容。

Yes. Devin, thanks for the question. What I would say is we provided some indication on when to expect some of these products to roll out, and then there's going to be ramp-up time for customer adoption as well. And so it's going to be back half of the year loaded and into 2023. And also, certainly, our revenue for the year is going to depend on the overall market environment for trading. But we're particularly excited about the fully paid stock lending program, which we're expecting to be able to roll out kind of midyear. That can have a meaningful impact, 1 to 2x the size of our margin securities business. We're kind of thinking internally that it's going to take several months for that to ramp, so just to give you a sense on that.

是的。德文，謝謝你的問題。我想說的是，我們提供了一些關於這些產品何時推出的指示，然後客戶採用的時間也將增加。因此，它將在今年下半年加載到 2023 年。而且，當然，我們今年的收入將取決於整體交易市場環境。但我們對全額支付的股票借貸計劃感到特別興奮，我們預計該計劃能夠在年中推出。這可能會產生有意義的影響，是我們保證金證券業務規模的 1 到 2 倍。我們內部在想，這需要幾個月的時間才能實現，所以只是為了讓您對此有所了解。

Excited also about offering customers the ability to move their money faster. And we haven't talked about the monetization yet for -- particularly for withdrawals. But we do anticipate to see some uplift in revenue to the extent customers choose to move their money faster. But definitely, for new products, I would say it's back of the year weighted and getting more momentum in 2023.

也很高興為客戶提供更快轉移資金的能力。而且我們還沒有談到貨幣化——尤其是提款。但我們確實預計，隨著客戶選擇更快地轉移資金，收入會有所增加。但可以肯定的是，對於新產品，我會說這是今年的重頭戲，並在 2023 年獲得更多動力。

Okay. Great. Just a quick follow-up here on some of the international conversations. So if we think about the crypto market outside the U.S., is there an opportunity to maybe roll out more features and functionality? My sense is from Vlad's comments that the regulatory regime in the U.S. is just a little bit more cautious. And so you want to make sure that you're abiding by that. But outside the U.S., there may be some looser standards in different areas, different jurisdictions. So I'm curious if the international offering will look different outside the U.S. where maybe you can add additional features and then you flip those into the U.S. to the extent we have more visibility on U.S. policy.

好的。偉大的。這裡只是對一些國際對話的快速跟進。因此，如果我們考慮美國以外的加密市場，是否有機會推出更多特性和功能？我的感覺來自弗拉德的評論，即美國的監管制度更加謹慎。所以你要確保你遵守了這一點。但在美國以外，不同地區、不同司法管轄區可能會有一些更寬鬆的標準。因此，我很好奇國際產品在美國以外的地區是否會有所不同，也許您可以在其中添加其他功能，然後將這些功能轉移到美國，以使我們對美國政策有更多的了解。

Yes. I'd be happy to field that one. Certainly, the environment and regulatory regimes are different, depending on where you're offering your products. We have a particular environment in the U.S., and we have a large U.S. business with crypto and the core brokerage. So regulatory compliance, it's the center of everything that we do. We have to make sure that we operate prudently and work with our regulators.

是的。我很樂意派出那個。當然，環境和監管制度會有所不同，具體取決於您在哪裡提供產品。我們在美國有一個特殊的環境，我們在美國擁有龐大的加密業務和核心經紀業務。因此，合規性是我們所做一切的中心。我們必須確保我們謹慎經營並與監管機構合作。

And overseas in some jurisdictions, the environment might be different. So yes, there will be opportunities to add products internationally that won't necessarily be available in the U.S. And I think vice versa is also the case.

而在海外的某些司法管轄區，環境可能會有所不同。因此，是的，將有機會在國際上添加不一定在美國可用的產品。我認為反之亦然。

Our next question comes from Craig Siegenthaler of Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

I wanted to see if you could provide an update on your fully paid securities lending launch for the first half. And I wanted to see what do you think the economic impact will be to your clients and your business. And I also see that you're in regulatory discussions. So what does the regulatory process look like for this initiative?

我想看看您是否可以提供有關上半年推出的全額支付證券借貸的最新信息。我想看看您認為這將對您的客戶和您的業務產生什麼經濟影響。我還看到您正在討論監管問題。那麼，該計劃的監管流程是怎樣的呢？

Yes. So it's -- we have to work closely with FINRA to make sure that they understand the program and the terms and all the operational details of the program. We're meeting with them proactively and making sure that we're -- have a common understanding of how the product will be introduced. We aren't at the point to share the economic split with customers, but we do see this as an opportunity for customers to get enhanced yield on their portfolios.

是的。因此，我們必須與 FINRA 密切合作，以確保他們了解該計劃以及該計劃的條款和所有運營細節。我們正在積極與他們會面，並確保我們 - 對如何引入產品有一個共同的理解。我們不適合與客戶分享經濟分裂，但我們確實認為這是客戶提高其投資組合收益的機會。

In terms of like the impact to the company, it's going to depend on the adoption rate. It is an attractive opportunity for customers. So there's a good opportunity, I think, for us to see a nice customer uptake on the program. And we think it could be 1 to 2x the size of our margin securities lending business at scale.

就對公司的影響而言，這將取決於採用率。這對客戶來說是一個有吸引力的機會。因此，我認為這是一個很好的機會，讓我們看到客戶對該計劃的接受度很高。我們認為這可能是我們融資融券業務規模的 1 到 2 倍。

Great. And then just as my follow-up, and I'm sorry if I missed it, but what are your plans to roll out IRAs and other retirement products at this point?

偉大的。然後就像我的後續行動一樣，如果我錯過了，我很抱歉，但是您目前有什麼計劃推出 IRA 和其他退休產品？

Yes. So this is a key area of focus for 2022. As I mentioned on the call earlier, taking our first-time investors and helping them become long-term investors is a big thread that we've been pulling on. You've seen that with recurring investments. ACATS In also helps with that, and retirement and long-term automated investing is another area we're very closely looking at. So we expect to roll out in 2022.

是的。因此，這是 2022 年的重點關注領域。正如我在之前的電話會議中提到的，吸引我們的首次投資者並幫助他們成為長期投資者是我們一直在努力的一個重要方向。您已經在經常性投資中看到了這一點。 ACATS In 也對此有所幫助，退休和長期自動投資是我們非常密切關注的另一個領域。因此，我們預計將在 2022 年推出。

And we've heard lots of customer demand for this. They want multiple account types, including IRAs and Roths. And I think that coupled with ACATS In and the work that we've done in recurring, this creates a meaningful opportunity to increase account balances.

我們已經聽到很多客戶對此的需求。他們需要多種賬戶類型，包括 IRA 和 Roths。我認為，再加上 ACATS In 和我們經常性所做的工作，這為增加賬戶餘額創造了一個有意義的機會。

Yes. And Craig, we're signaling for the retirement accounts that we'll start rolling that out in midyear.

是的。克雷格，我們正在向退休賬戶發出信號，我們將在年中開始推出這項服務。

Our next question comes from Will Nance of Goldman Sachs.

我們的下一個問題來自高盛的 Will Nance。

I wanted to follow up on some of the commentary you made in the prepared remarks around the changes to the market maker list on crypto. I mean, you mentioned a pretty big increase in the rebate levels. I think you said it more than doubled, and it sounded like that happened kind of towards the end of the quarter. I'm just -- am I missing something there that if the rebate levels are doubled, is that a sustainable increase in rebate levels? And I guess an important caveat of all else equal, should we not see the same increase in revenues as we go into the first quarter?

我想跟進你在準備好的評論中就加密貨幣做市商名單的變化所做的一些評論。我的意思是，您提到了回扣水平的大幅提高。我想你說它增加了一倍多，聽起來好像是在本季度末發生的。我只是 - 我是否遺漏了一些東西，如果回扣水平翻倍，那麼回扣水平是否會持續增加？我想一個重要的警告是，我們不應該看到與第一季度相同的收入增長嗎？

Yes. Thanks, Will, for the question. So the rebate did more than double. It was effective really at the beginning of this year. And all else being equal, you'd expect the revenue to fall in line. We have seen, as I mentioned at the beginning of the year, slower trading levels but for the last several days leading into the call. And that's what we used to inform the guidance that we gave.

是的。謝謝，威爾，這個問題。所以回扣確實翻了一番還多。今年年初確實奏效了。在其他條件相同的情況下，您會期望收入會下降。正如我在年初提到的那樣，我們已經看到交易水平放緩，但在最後幾天進入電話會議。這就是我們用來告知我們提供的指導的內容。

And in terms of whether it's -- yes. Sorry, you'd asked, Will, about the sustainability of it. We do expect from time to time that these will be negotiated, but I think that we feel really good about the level that we're at now.

就它是否——是的而言。對不起，你問過，威爾，關於它的可持續性。我們確實希望不時就這些問題進行談判，但我認為我們對目前的水平感覺非常好。

Got it. That's helpful. I appreciate it. And then just like a general -- more of a high-level question on crypto maybe for Vlad. It strikes me that there's a bit of an unlevel playing field in the crypto markets right now. It sounds like some of your Fed-regulated brokers are basically insinuating that regulators don't want them rolling out anything in the crypto space. You guys seem to be completely restricted on adding new coins. And then the crypto exchanges, some of even the more tightly regulated ones like Coinbase, kind of continue to add new coins to their platform. The SEC seems to have a lot on their plate right now in terms of new regulatory guidance. So I guess the question is, is there any line of sight to these issues actually resolving? And what is your confidence level that you'll actually be able to roll out new cryptocurrencies on the platform in 2022?

知道了。這很有幫助。我很感激。然後就像一個將軍一樣——對於弗拉德來說，更多的是關於加密的高級問題。令我震驚的是，現在加密市場中存在一些不公平的競爭環境。聽起來你的一些受美聯儲監管的經紀人基本上是在暗示監管機構不希望他們在加密領域推出任何東西。你們似乎完全被限制在添加新硬幣上。然後加密貨幣交易所，甚至一些監管更嚴格的交易所，比如 Coinbase，繼續在他們的平台上添加新的代幣。就新的監管指導而言，美國證券交易委員會目前似乎有很多事情要做。所以我想問題是，這些問題是否真的可以解決？您對 2022 年能夠在該平台上推出新的加密貨幣的信心水平如何？

Yes. I wouldn't say that we've been prevented from adding any coins. I think what I'd say is that we've been proactively engaging with the regulators. They're concerned that a lot of these platforms that are adding a lot of coins may be adding unregistered securities, and there's been a lot of scrutiny in this space, as you've seen.

是的。我不會說我們被阻止添加任何硬幣。我想我想說的是，我們一直在積極與監管機構接觸。他們擔心這些增加大量代幣的平台可能會增加未註冊證券，正如你所見，在這個領域已經進行了很多審查。

So we're definitely being deliberate. We want to avoid triggering SEC registration requirements. Getting it wrong could harm users. So we are happy with the protocols we have in place, and we do intend to add more coins going forward. But we want to make sure we do it prudently.

所以我們肯定是故意的。我們希望避免觸發 SEC 註冊要求。弄錯可能會傷害用戶。因此，我們對現有的協議感到滿意，並且我們確實打算在未來添加更多代幣。但我們要確保我們謹慎行事。

Our next question comes from Rich Repetto of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Rich Repetto。

Yes. So first, I want to congratulate you on the hiring of Steve Quirk. He's definitely an experienced and a talented brokerage executive.

是的。首先，我要祝賀你聘用了 Steve Quirk。他絕對是一位經驗豐富且才華橫溢的經紀公司高管。

Next, I guess the question is, Jason, I can see you have gone out of your way to try to give us insight into sort of the contribution of some of these new initiatives. And I guess another cut at it would be, if we were looking a year from now and doing this call next year, which do you think -- which products -- so we can get a feel for your belief in the products, like which products do you think will have the biggest revenue contribution? And you did talk about margin lending being 1 to 2x -- the fully paid lending being 1 to 2x. Like what type of a ramp-up period do you need for that to get to that 1 to 2x?

接下來，我想問題是，傑森，我可以看到你已經竭盡全力試圖讓我們深入了解其中一些新舉措的貢獻。我想另一個削減是，如果我們從現在開始展望一年並在明年進行這個電話會議，你認為哪些產品 - 哪些產品 - 所以我們可以了解你對產品的信念，比如您認為會產生最大收入貢獻的產品是什麼？你確實談到了保證金貸款是 1 到 2 倍——全額支付貸款是 1 到 2 倍。比如你需要什麼樣的加速期才能達到 1 到 2 倍？

Yes. We're kind of assuming it's going to take up to about 5 months to get the program ramped. It's hard to know exactly how long it will take. That may prove to be conservative. We may prove to not be conservative enough by a few months, but that's kind of the general way we're thinking about the timing for that.

是的。我們有點假設將需要大約 5 個月的時間才能使該計劃加速。很難確切知道需要多長時間。這可能被證明是保守的。幾個月後我們可能會證明不夠保守，但這是我們考慮時機的一般方式。

And look, I think there's a lot of interesting opportunities that can contribute to revenue in the areas that we're talking about. Certainly, international crypto could be one of those areas. We talked about fully paid securities lending. Our spending product, obviously, depending on adoption, it could be also a meaningful way to not just earn revenue but attracting customers. So I really think that this is an opportunity that has many components, and we're really excited about that.

看，我認為在我們正在談論的領域有很多有趣的機會可以為收入做出貢獻。當然，國際加密貨幣可能是這些領域之一。我們談到了全額支付的證券借貸。顯然，我們的消費產品取決於採用情況，它也可能是一種有意義的方式，不僅可以賺取收入，還可以吸引客戶。所以我真的認為這是一個包含許多組成部分的機會，我們對此感到非常興奮。

One other thing that we actually didn't talk about in the call, you've probably heard me in the past talk about Robinhood Gold and the subscription opportunity. We've assembled a team, and we're building a plan and are excited relatively soon to start adding value into our Robinhood Gold subscription. And I think that, that, in particular, if we do that right, can add a lot of positive synergy to the platform and the customer experience.

我們實際上沒有在電話會議中談論的另一件事，您可能在過去聽過我談論 Robinhood Gold 和訂閱機會。我們已經組建了一個團隊，我們正在製定一個計劃，並且很高興能夠很快開始為我們的 Robinhood Gold 訂閱增加價值。我認為，特別是，如果我們做得對，可以為平台和客戶體驗增加很多積極的協同作用。

Got it. And I have one follow-up on the cash question. A lot has been written about the meme stock volatility. Glad you talked about how unique of an event it was last year. So -- and then, Jason, you went through all the efficiencies you're doing with the capital as well. So I guess the question is, do you really need this same level of capital? And what would you do -- are you going to just maintain it and have it sit in the balance sheet? Or what will you do if you -- we don't see that same level of pretty unique activity from the first quarter of last year?

知道了。我有一個關於現金問題的後續行動。關於模因股票波動性的文章很多。很高興你談到去年的活動是多麼獨特。所以 - 然後，傑森，你也經歷了你在資本方面所做的所有效率。所以我想問題是，你真的需要同樣水平的資本嗎？你會怎麼做——你會維持它並讓它留在資產負債表中嗎？或者如果你 - 我們沒有看到去年第一季度的相同水平的非常獨特的活動，你會怎麼做？

Yes. Rich, we're in, as I said, a much better position, including capitalizing the broker-dealer 20x or more off the regulatory required amounts. We also run, as you would expect, stress scenarios, and those include events that look like what we saw a year ago. And so we need to make sure that we're comfortable that no matter what the trading environment is that we can support our customers.

是的。里奇，正如我所說，我們處於一個更好的位置，包括將經紀自營商資本化到監管要求金額的 20 倍或更多。正如您所料，我們還運行壓力情景，其中包括看起來像我們一年前看到的事件。因此，我們需要確保無論交易環境如何，我們都能為客戶提供支持。

Now there's more efficient ways to accomplish that than just parking a bunch of cash on your balance sheet. And like I said, we've made some progress with our lines of credit. And there's some operational things that we can do to help fund the crypto business more efficiently, particularly over weekends. Over time, I'd like to see us having a working capital structure, a capital structure that is more balanced between debt and equity. So that's something that we'll think about over time. But we're also a growth company, and we've got big ambitions. And so I think it makes sense that we have enough dry powder to be able to pursue those growth opportunities.

現在有更有效的方法來實現這一目標，而不僅僅是在資產負債表上存放大量現金。就像我說的，我們在信用額度方面取得了一些進展。我們可以做一些操作來幫助更有效地為加密業務提供資金，尤其是在周末。隨著時間的推移，我希望看到我們擁有一個營運資本結構，一種在債務和股權之間更加平衡的資本結構。因此，隨著時間的推移，我們會考慮這一點。但我們也是一家成長型公司，我們有遠大的抱負。所以我認為我們有足夠的干粉來追求這些增長機會是有道理的。

And so that's kind of how we're thinking about it. It's evolving. And as we get better with our procedures and get access to more lines of credit, it will give us even more flexibility.

這就是我們的想法。它正在發展。隨著我們的程序變得更好並獲得更多的信貸額度，這將為我們提供更大的靈活性。

Our next question comes from Steven Chubak of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

So I wanted to start off with a question on the expense management strategy or philosophy. You guided to a meaningful step-up in expense as part of an ambitious investment agenda in the coming year. I was hoping you could walk through how we should be thinking about the payback period for those investments you're making and how you're building some expense flexibility into the model if the revenue environment remains more challenging.

所以我想從一個關於費用管理策略或理念的問題開始。作為來年雄心勃勃的投資議程的一部分，您指導了有意義的支出增加。我希望您能了解我們應該如何考慮您正在進行的投資的投資回收期，以及如果收入環境仍然更具挑戰性，您如何在模型中建立一些費用靈活性。

Yes. Thanks, Steve. So the guidance is a meaningful slowdown versus how we've been growing these last couple of years, our cost basis. It is assuming a deceleration of hiring, which is owing to the fact that we've more than doubled each of the last couple of years and really find ourselves in a great position across the board, whether it's engineering and product, which are important for doing new things, and compliance and customer service with 24/7. And so really across the board, we feel really good about the team that we've assembled so much so that we can grow at a much, much slower rate.

是的。謝謝，史蒂夫。因此，與我們過去幾年的增長方式（我們的成本基礎）相比，該指導是一個有意義的放緩。它假設招聘減速，這是因為過去幾年我們每年都增加一倍以上，並且確實發現自己處於全面的有利位置，無論是工程和產品，這對我們來說都很重要做新的事情，以及 24/7 的合規性和客戶服務。所以真的全面，我們對我們組建的團隊感覺非常好，所以我們可以以非常非常慢的速度增長。

And then looking across the business, there's just opportunity for us to be more efficient and use technology to deliver greater productivity. And so I mentioned briefly just the progress we're making on web hosting. It's a meaningful expense line item for us, down sequentially about $15 million. And there's more opportunity there. And we have line of sight on that even in Q1 and through the rest of the year, greater opportunity to be even more efficient serving our customers through customer support.

然後縱觀整個業務，我們有機會提高效率並使用技術來提高生產力。所以我簡單地提到了我們在網絡託管方面取得的進展。這對我們來說是一個有意義的支出項目，環比下降了約 1500 萬美元。那裡有更多的機會。即使在第一季度和今年餘下的時間裡，我們也有這樣的看法，通過客戶支持更有效地為客戶服務的機會更大。

A big piece of that is just kind of relentlessly identifying reasons why customers have to contact us in the first place and solve those issues at the root, give customers an ability to self-serve, making it to where that we can take the team that we have and focus on the really higher-level challenges and questions that our customers have so that the paper cuts, if you will, that are on the platform today just get resolved or handled directly by customers, which is a much better path for them to get a quick resolution. So it's really those kinds of efforts that we're making that's going to drive kind of leverage in the business.

其中很大一部分只是不斷地找出客戶必須首先與我們聯繫並從根本上解決這些問題的原因，使客戶能夠自助服務，從而使我們可以帶領團隊我們擁有並專注於客戶面臨的真正更高層次的挑戰和問題，因此今天平台上的剪紙（如果您願意的話）只需由客戶直接解決或處理，這對他們來說是一條更好的道路快速解決問題。因此，我們所做的這些努力確實會推動業務的影響力。

In terms of kind of the payback time and how we're thinking about investments, we're able to, for the most part in our engineering team, focus incremental investments on kind of the new things. We've, as I said, made just a lot of progress on staffing the teams. And so we feel really, really good about incremental investments contributing to the business.

就投資回報時間的種類以及我們如何考慮投資而言，我們的工程團隊中的大部分人都能夠將增量投資集中在新事物上。正如我所說，我們在為團隊配備人員方面取得了很大進展。因此，我們對有助於業務的增量投資感覺非常非常好。

Just for a quick follow-up, just on the operating backdrop. Given the recent sell-off in growth equities in crypto, where retail, in general, but certainly your clients are more heavily invested, you spoke of declining activity levels to start the year. I was hoping you could provide some perspective on what you're seeing in terms of margin utilization and whether you've experienced any losses on margin accounts.

只是為了快速跟進，只是在操作背景上。鑑於最近加密增長股票的拋售，一般來說，零售，但你的客戶肯定投資更多，你談到今年開始活動水平下降。我希望您能提供一些關於您在保證金利用率方面所看到的情況以及您是否在保證金賬戶上經歷過任何損失的觀點。

Yes. So definitely, when stock prices decline, there will be some level of margin calls and margin maintenance from customers. Given the collateral that we have in our program and the timeliness of those kinds of margin calls, we're not experiencing any meaningful losses on that at all.

是的。因此，當股價下跌時，客戶肯定會有一定程度的追加保證金和維持保證金。鑑於我們在我們的計劃中擁有的抵押品以及這些追加保證金的及時性，我們根本沒有經歷任何有意義的損失。

At this time, I'd like to turn the call back over to Irvin Sha for closing remarks. Sir?

此時，我想將電話轉回給 Irvin Sha 以結束髮言。先生？

Great. We appreciate the time, everyone. Thank you, and we'll be talking to you again next quarter.

偉大的。我們珍惜時間，每個人。謝謝，我們將在下個季度再次與您交談。

Thank you. Appreciate the questions.

謝謝你。欣賞這些問題。

Thanks, everyone.

感謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。