Robinhood Markets Inc (HOOD) 2021 Q2 法說會逐字稿

Thank you for standing by, and welcome to Robinhood's Second Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Robinhood 第二季度財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your host, Head of Investor Relations and Capital Markets, Irvin Sha. Please go ahead.

現在我想將會議交給東道主投資者關係和資本市場主管 Irvin Sha。請繼續。

Thanks, Latif, and welcome, everyone, and thank you for joining us for Robinhood's Second Quarter 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，並感謝您參加 Robinhood 2021 年第二季財報電話會議。今天與我們在一起的有執行長兼聯合創始人 Vlad Tenev；和財務長傑森·沃尼克。

Before getting started, I want to remind you that today's presentation will contain forward-looking statements about Robinhood's expectations for the third quarter as well as our strategic and operational plans. Actual results might differ materially from our expectations. Potential risk factors that could cause differences are described in the Form 10-Q we just filed with the SEC. All information on the call is as of today, August 18, 2021, and we undertake no duty to update it for subsequent events.

在開始之前，我想提醒您，今天的簡報將包含有關 Robinhood 對第三季的預期以及我們的策略和營運計劃的前瞻性陳述。實際結果可能與我們的預期有重大差異。我們剛剛向 SEC 提交的 10-Q 表中描述了可能導致差異的潛在風險因素。電話會議中的所有資訊截至今天，即 2021 年 8 月 18 日，我們不承擔為後續活動更新資訊的責任。

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。我們認為最具可比性的 GAAP 結果的調節可以在我們的投資者關係網站 Investors.robinhood.com 的收益演示中找到。

With that, let me turn it over to Vlad.

那麼，讓我把它交給弗拉德。

Thank you, Irv, and thank you to all of our listeners for joining Robinhood's first earnings call.

謝謝 Irv，也感謝所有聽眾參加 Robinhood 的第一次財報電話會議。

Before sharing some of the highlights from Q2, I want to briefly introduce the company for those of you who are new to our story. We founded Robinhood on the belief that everyone should be welcome to participate in our financial system. The U.S. financial markets are one of the greatest sources of wealth creation in the world. However, access has been unevenly distributed, with institutions and high net worth individuals enjoying better access and tools than others. We built Robinhood to fix that through a mobile-first product that removes the economic, educational and emotional barriers that have kept so many millions from participating.

在分享第二季的一些亮點之前，我想向那些不熟悉我們故事的人簡要介紹該公司。我們創立 Robinhood 的信念是，應該歡迎每個人參與我們的金融體系。美國金融市場是世界上最大的財富創造來源之一。然而，存取權限分佈不均，機構和高淨值個人比其他人享有更好的存取權限和工具。我們創建 Robinhood 是為了透過一款以行動為優先的產品來解決這個問題，該產品消除了阻礙數百萬人參與的經濟、教育和情感障礙。

But our mission is bigger than investing. We want to become the most trusted and most culturally relevant money app worldwide. We believe we're already on the path and have many of the foundational elements in place, including a track record of attracting new customers to our platform, clear leadership in mobile, strong customer engagement and a vertically integrated platform.

但我們的使命比投資更重要。我們希望成為全球最值得信賴、最具文化相關性的貨幣應用程式。我們相信我們已經走上這條道路，並且已經具備了許多基本要素，包括吸引新客戶使用我們平台的記錄、移動領域明確的領導地位、強大的客戶參與度和垂直整合的平台。

For our quarterly updates, we're going to frame our progress through the lens of our 4 values. These values aren't just posters that we hang up on the wall in the office. We actually use them to allocate resources and to run our business. So in priority order, our first value is safety first. We've been allocating the majority of our resources here. So let me go through some of the progress we've made on safety first.

對於我們的季度更新，我們將透過 4 個價值觀來框架我們的進展。這些價值觀不僅僅是我們掛在辦公室牆上的海報。我們實際上使用它們來分配資源和運作我們的業務。因此，按照優先順序，我們的首要價值觀是安全第一。我們已經將大部分資源分配在這裡。讓我先介紹一下我們在安全第一方面取得的一些進展。

Number one, stability and scale have been the highest priority for our engineering team for well over a year. We've continued to double-down here. We've added engineering talent and filled important senior leadership roles, and we're methodically working to eliminate single points of failure, upgrade our systems and enhance the redundancy and resiliency of our services. I'm especially pleased by the progress we've made with our crypto services in Q2, making them more resilient to surges in trading volume.

第一，一年多來，穩定性和規模一直是我們工程團隊的首要任務。我們在這裡繼續加倍努力。我們增加了工程人才並填補了重要的高階領導職位，我們正在有條不紊地努力消除單點故障，升級我們的系統並增強我們服務的冗餘和彈性。我對第二季度我們的加密服務取得的進展感到特別高興，這使它們能夠更好地應對交易量激增的情況。

Number two, we're also investing heavily in customer support. In the second quarter of this year, we expanded live phone support to additional high-priority topics, and we're now serving customers on issues related to options trading, equities trading and account security. We're working towards being able to provide 24/7 phone support for substantially all of our customer contacts by the end of the year.

第二，我們也在客戶支援方面投入了大量資金。今年第二季度，我們將即時電話支援擴展到其他高優先主題，現在我們正在為客戶提供與選擇權交易、股票交易和帳戶安全相關的問題。我們正在努力在年底前為幾乎所有客戶聯絡人提供 24/7 電話支援。

We're also eliminating reasons customers contact us and are applying technology to increase the quality and speed of our customer service responses. And we've hired and trained hundreds of licensed representatives, doubling the size of our customer support team since the beginning of the year. We aren't done though. We want the quality of customer service at Robinhood to be a reason customers stay with us over the long run.

我們也消除了客戶聯繫我們的原因，並應用技術來提高客戶服務回應的品質和速度。自今年年初以來，我們已經聘請並培訓了數百名獲得許可的代表，使我們的客戶支援團隊的規模擴大了一倍。但我們還沒完成。我們希望 Robinhood 的客戶服務品質成為客戶長期選擇我們的原因。

And number three, we remain focused on building educational content that helps first-time investors become long-term investors. This quarter, we started to roll out our first set of educational modules in the app, which allow customers to take quick interactive courses on the basics of investing. We're continuing to build this out and look forward to introducing more advanced interactive learning tools in the coming months. So that's safety first, our top value.

第三，我們仍然專注於建立幫助首次投資者成為長期投資者的教育內容。本季度，我們開始在應用程式中推出第一套教育模組，使客戶能夠學習有關投資基礎知識的快速互動課程。我們正在繼續開發此功能，並期待在未來幾個月內推出更先進的互動式學習工具。所以這是安全第一，也是我們的首要價值觀。

Let me talk a little bit about our second value, participation is power. So this is our oldest value as a company, and it's focused on expanding access for customers worldwide. At Robinhood, everyone is treated equally regardless of their income or wealth. And as we continue to build new products, you'll consistently see that at Robinhood, wealthier customers don't get a better deal.

我講我們的第二個價值觀，參與就是力量。因此，這是我們作為一家公司最古老的價值觀，它專注於擴大全球客戶的訪問範圍。在 Robinhood，每個人都受到平等對待，無論其收入或財富如何。隨著我們不斷開發新產品，您會不斷看到，在 Robinhood，富裕的客戶無法獲得更好的交易。

A great example of this is our new IPO Access product, which lets our customers invest in companies at their IPO price before trading on public exchanges just as institutional and high net worth investors have been able to do for decades. We view this as another meaningful step towards increasing access to financial markets for everyday investors. Six companies, excluding our own, have offered IPO shares to customers through IPO Access so far.

一個很好的例子是我們新的 IPO Access 產品，它讓我們的客戶可以在公共交易所交易之前以 IPO 價格投資公司，就像機構投資者和高淨值投資者幾十年來所做的那樣。我們認為這是為普通投資者增加金融市場准入而邁出的另一個有意義的一步。到目前為止，除我們自己之外，已有六家公司透過 IPO Access 向客戶發售 IPO 股票。

We've seen meaningful customer engagement on these deals with our share of the allocations oversubscribed by greater than 5x on all 6 deals. We're pleased to see that about 80% to 85% of the allotted shares to our customers were still held 30 days following the IPO for the 2 deals that priced in Q2. We're optimistic that more and more new issuers will view Robinhood as a way to better align themselves with their retail shareholders. We're also encouraged to see the response from customers to our Cash Management product, which grew to over 5 million customers at the end of Q2. So that's participation is power.

我們看到客戶對這些交易進行了有意義的參與，我們在所有 6 筆交易中的分配份額超額認購了 5 倍以上。我們很高興看到，在第二季定價的 2 筆交易中，IPO 後 30 天仍持有約 80% 至 85% 的分配給客戶的股票。我們樂觀地認為，越來越多的新發行人將把 Robinhood 視為更好地與散戶股東保持一致的一種方式。我們也很高興看到客戶對我們的現金管理產品的反應，該產品在第二季末已成長到超過 500 萬客戶。所以這就是參與就是力量。

Now for our third value, radical customer focus. So we exist to make our customers happy. We listen to customers. We innovate on their behalf to deliver more products and features that deepen our relationship with them. Our customers are showing a lot of interest in crypto. In fact, this is the first quarter where we saw a larger share of new customers place their first trade in crypto rather than in equities. And our customers are asking for more from us. We're investing heavily in our team. We're working on rolling out new crypto features, such as more points, recurring investments, the ability to deposit and withdraw your crypto. We're excited about the future of our crypto product.

現在談談我們的第三個價值，徹底以客戶為中心。所以我們的存在就是為了讓我們的客戶滿意。我們傾聽客戶的意見。我們代表他們進行創新，提供更多產品和功能，加深我們與他們的關係。我們的客戶對加密貨幣表現出極大的興趣。事實上，這是我們看到更多新客戶首次進行加密貨幣交易而不是股票交易的第一季。我們的客戶對我們提出了更多要求。我們對我們的團隊進行了大量投資。我們正在努力推出新的加密貨幣功能，例如更多積分、經常性投資、存入和提取加密貨幣的能力。我們對加密產品的未來感到興奮。

And now a bit on our final value, first principles thinking. So our foundation is in art, math and physics. We have a deep appreciation for breaking down complex problems and finding new ways to solve them. While we do play close attention to what others have been doing, we strive to make bold bets that challenge the status quo regardless of how difficult the challenge is. We believe that over time, our first principles thinking will be a bigger and bigger differentiator for us.

現在談談我們的最終價值、第一原則思考。所以我們的基礎是藝術、數學和物理。我們非常重視分解複雜的問題並尋找新的解決方法。雖然我們確實密切關注其他人所做的事情，但無論挑戰有多麼困難，我們都會努力做出挑戰現狀的大膽賭注。我們相信，隨著時間的推移，我們的首要原則思維將成為我們越來越大的差異化因素。

Now before I hand it off to Jason, I'd like to take this moment to welcome the team at Say Technologies. We are thrilled to have Say join our team and excited by the possibilities of connecting Robinhood customers more deeply with the companies they invest in. With Say's Q&A technology, retail customers can engage with company management, ask questions and have their voices heard. And with Say's focus on proxy services, we think there's a really interesting opportunity for us to make it simple for retail investors to exercise their right to vote, truly empowering them like never before.

現在，在將其交給 Jason 之前，我想藉此機會歡迎 Say Technologies 的團隊。我們很高興Say 加入我們的團隊，並對Robinhood 客戶與其投資的公司更深入地聯繫起來的可能性感到興奮。借助Say 的問答技術，零售客戶可以與公司管理層互動、提出問題並表達他們的聲音。由於 Say 專注於代理服務，我們認為這對我們來說是一個非常有趣的機會，可以讓散戶投資者輕鬆行使投票權，真正以前所未有的方式賦予他們權力。

With that, let me turn it over to Jason to discuss our second quarter financial results.

接下來，讓我將其交給 Jason 來討論我們第二季度的財務表現。

Thanks, Vlad. I'll first talk about our Q2 performance and then provide some commentary on Q3.

謝謝，弗拉德。我將首先討論我們第二季的表現，然後對第三季進行一些評論。

We had a strong growth in Q2 across our primary KPIs driven by customer interest in crypto. In Q2, net cumulative funded accounts reached 22.5 million, up 130% year-over-year. Monthly active users reached 21.3 million, growing 109% year-over-year. And assets under custody reached $102 billion, up 205% year-over-year. Increases in AUC since Q1 were seen across all 3 primary asset classes, with crypto leading the way, up $11 billion; followed by equities, up $7.5 billion; and options, up $300 million. The growth was driven by $10 billion of customer net deposits during the quarter as well as increases in the market value of underlying customer assets.

在客戶對加密貨幣的興趣的推動下，我們的主要 KPI 在第二季度實現了強勁成長。第二季度，累計資金淨帳戶達2,250萬戶，年增130%。月活躍用戶達 2,130 萬，較去年同期成長 109%。託管資產規模達1,020億美元，較去年成長205%。自第一季以來，所有 3 個主要資產類別的 AUC 均有所增加，其中加密貨幣處於領先地位，增加了 110 億美元；其次是股票，上漲 75 億美元；和選擇權，增加 3 億美元。這一成長是由本季 100 億美元的客戶淨存款以及基礎客戶資產市場價值的成長所推動的。

Now let's turn to revenue. We achieved record total net revenues of $565 million in Q2, up 131% year-over-year. Transaction-based revenues were $451 million in Q2, up 141% year-over-year, driven by the growth in our user base and strong interest in crypto during the quarter.

現在讓我們轉向收入。第二季我們實現了創紀錄的總淨收入 5.65 億美元，年增 131%。第二季基於交易的收入為 4.51 億美元，年增 141%，這得益於本季用戶群的成長和對加密貨幣的濃厚興趣。

In Q2, we saw the number of active crypto traders increase significantly versus the previous quarter. At the same time, we saw a decline in equity activity as our customers' interest rotated from equities to crypto. Crypto revenues increased to $233 million in Q2, up from just $5 million last year. Robinhood is now clearly on the map for crypto trading. Options increased to $165 million, up 48% year-over-year; and equities were $52 million, down 26% year-over-year.

在第二季度，我們看到活躍的加密貨幣交易者數量與上一季相比顯著增加。同時，隨著客戶的興趣從股票轉向加密貨幣，我們看到股票活動有所下降。第二季加密貨幣收入從去年的 500 萬美元增至 2.33 億美元。 Robinhood 現在顯然已躋身加密貨幣交易領域。選擇權增加至 1.65 億美元，年增 48%；股票為 5,200 萬美元，年減 26%。

For an overview of trading activity in Q2, equities DARTs were relatively flat year-over-year. 59% of funded accounts traded equities, which was down from 66% in the same quarter last year. DARTs for options were up 28% year-over-year. 5.6% of funded accounts traded options, which was down from 8.2% in the same quarter last year. And DARTs for crypto set a record as 63% of funded accounts traded crypto, up from 11% in the same quarter last year. Notably, 62% of crypto trading volume was in Dogecoin in Q2, which compares to 34% in Q1.

縱觀第二季的交易活動，股票 DART 年比相對持平。 59% 的資金帳戶進行股票交易，低於去年同期的 66%。期權 DART 年增 28%。 5.6% 的資金帳戶進行選擇權交易，低於去年同期的 8.2%。加密貨幣 DART 創下了紀錄，有 63% 的資金帳戶進行加密貨幣交易，高於去年同期的 11%。值得注意的是，第二季 62% 的加密貨幣交易量是狗狗幣，而第一季這一比例為 34%。

Now over time, as our various products achieve maturity, you should see continued diversification and less reliance on any one revenue stream, such as payment for order flow. We are already seeing promising signs of this in Q2, with payment for order flow for equities and options as a percentage of our revenue declining to 38% from 64% in the prior quarter as customer interest in crypto increased. We expect the makeup of revenue to continue to fluctuate and payment for order flow in the near term may again increase. But over the long run, the trend should be continued diversification as we add additional products.

現在，隨著時間的推移，隨著我們的各種產品日趨成熟，您應該會看到持續的多元化，以及對任何一種收入來源（例如訂單流支付）的依賴減少。我們已經在第二季度看到了這方面的有希望的跡象，隨著客戶對加密貨幣的興趣增加，股票和選擇權訂單流量支付占我們收入的百分比從上一季的 64% 下降到 38%。我們預期收入組成將繼續波動，短期內訂單流支付可能再次增加。但從長遠來看，隨著我們添加更多產品，趨勢應該是持續多元化。

Now turning to net interest revenues. They grew 69% year-over-year to $68 million. Securities lending totaled $39 million, up 38% year-over-year as we increased our securities lending balance but experienced some softness in the average market rates we earn.

現在轉向淨利息收入。銷售額年增 69%，達到 6,800 萬美元。由於我們增加了證券借貸餘額，證券借貸總額為 3,900 萬美元，年增 38%，但我們賺取的平均市場利率有所疲軟。

Margin interest totaled $31 million in the quarter, up 185% year-over-year as customers took advantage of our 2.5% APY on amounts borrowed over $1,000. Our margin book reached $5.4 billion at the end of the quarter, an increase of 303% year-over-year.

本季保證金利息總額為 3,100 萬美元，年增 185%，因為客戶利用我們對超過 1,000 美元的借款金額提供 2.5% 的年利率。截至本季末，我們的保證金帳面達到 54 億美元，年增 303%。

Interest expense, which is related to our credit facilities and is an offset to net interest revenues, was $5.3 million in Q2. We've significantly increased our ability to borrow for working capital and today have $2.8 billion in available funds through committed lines of credit. And other revenues increased 177% year-over-year to $46 million driven by an increase in subscription revenue from Robinhood Gold and proxy-related revenues.

第二季的利息支出為 530 萬美元，與我們的信貸額度相關，是淨利息收入的抵銷。我們顯著提高了借貸營運資金的能力，目前透過承諾的信貸額度擁有 28 億美元的可用資金。由於 Robinhood Gold 訂閱收入和代理相關收入的成長，其他收入年增 177% 至 4,600 萬美元。

Moving now to operating expenses, I have a few call-outs. Brokerage and transaction expenses were $38 million, up 32% year-over-year, representing 7% of total net revenues. We saw some leverage in this line year-over-year, particularly from a reduction in the rate we're charged for certain clearing and regulatory-related fees.

現在談到營運費用，我有幾點要注意。經紀和交易費用為 3,800 萬美元，年增 32%，佔總淨收入的 7%。我們看到這條線比去年出現了一些槓桿作用，特別是我們收取的某些清算和監管相關費用的費率有所下降。

Technology and development expenses were up 248% year-over-year to $156 million or 28% of total net revenues. Following high trading activity on our platform earlier this year and ahead of our IPO, we decided to procure additional cloud resources to help ensure site stability, particularly through June and July. Additionally, as we continue to invest in our development capabilities, we've been aggressively hiring technology-related head count. But over time, we expect to see this line item decrease as a percentage of revenue.

技術和開發費用年增 248%，達到 1.56 億美元，佔總淨收入的 28%。繼今年稍早我們平台上的高交易活動和 IPO 之前，我們決定購買額外的雲端資源以幫助確保網站穩定性，特別是在 6 月和 7 月期間。此外，隨著我們繼續投資於我們的開發能力，我們一直在積極招募與技術相關的員工。但隨著時間的推移，我們預期該訂單項佔收入的百分比將會下降。

And for operations expenses, they were up 232% year-over-year to $101 million or 18% of total net revenues. We're increasing significantly -- investing significantly in our customer support function, including rolling out live phone support and by increasing the number of dedicated customer support professionals.

營運費用年增 232%，達到 1.01 億美元，佔總淨收入的 18%。我們正在大幅成長——大力投資於我們的客戶支援功能，包括推出即時電話支援以及增加專門的客戶支援專業人員的數量。

We're also incurring losses from debit card charge-backs and reverse deposit transactions. These costs totaled $40 million during Q2. We're focused on this. And as you know, it's an industry-wide issue. We're using both technology and customer service to address this, and we're looking forward to making some progress here.

我們也因簽帳卡退款和反向存款交易而蒙受損失。第二季這些成本總計 4000 萬美元。我們專注於此。如您所知，這是一個全行業的問題。我們正在利用技術和客戶服務來解決這個問題，我們期待在這裡取得一些進展。

Stock-based compensation is included in each of our operating expense line items. As a reminder, prior to our IPO, we did not record any stock-based compensation on restricted stock units. In Q3, we'll record a onetime cumulative charge of $1 billion in stock-based compensation for RSUs and begin recognizing RSU stock comp going forward.

以股票為基礎的薪酬包含在我們的每個營運費用項目中。提醒一下，在我們首次公開募股之前，我們沒有記錄任何限制性股票單位的股票補償。在第三季度，我們將記錄 RSU 一次性累積 10 億美元的基於股票的補償費用，並開始確認未來 RSU 的股票補償。

Now for measures of profitability. Net loss for Q2 was $502 million compared to net income of $58 million in the prior year. Included in Q2 was a $528 million charge related to the change in fair value of our convertible notes and related warrant liability. We will record a final charge of approximately $25 million for these notes and warrants in Q3. Adjusted EBITDA was $90 million in the quarter, up from $63 million in the prior year.

現在來衡量獲利能力。第二季淨虧損為 5.02 億美元，而前一年的淨收入為 5,800 萬美元。第二季包括與可轉換票據公允價值變動和相關認股權證負債相關的 5.28 億美元費用。我們將在第三季記錄這些票據和認股權證的最終費用約為 2,500 萬美元。本季調整後 EBITDA 為 9,000 萬美元，高於去年同期的 6,300 萬美元。

Now let's turn to Q3. As a reminder, our business is subject to seasonality, which generally shows strong growth numbers in Q1 and into Q2 and less so in the back half of the year. We've experienced volatility from period to period that makes it difficult to accurately predict results in the short term, and so we'll not be providing forward-looking guidance for key operating or financial measures.

現在讓我們轉向第三季。提醒一下，我們的業務受季節性影響，通常在第一季和第二季表現出強勁的成長勢頭，而在下半年成長幅度較小。我們經歷了一段時期的波動，因此很難準確預測短期結果，因此我們不會為關鍵營運或財務指標提供前瞻性指導。

That said, we'll provide some commentary on what we're seeing in the first several weeks of the quarter that's underway. And for Q3, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and considerably fewer new funded accounts than we saw in Q2. We're focused on the long term, and we're very excited about our product road map. We are introducing the next generation to investing and all things money, and we believe there's a big opportunity ahead of us.

也就是說，我們將就本季前幾週所看到的情況提供一些評論。對於第三季度，我們預計整個行業的季節性逆風和交易活動減少將導致收入下降，新資金帳戶比第二季度大幅減少。我們著眼於長期，我們對我們的產品路線圖感到非常興奮。我們正在向下一代介紹投資和所有金錢的知識，我們相信我們面前有一個巨大的機會。

With that, let's turn it over to questions.

有了這個，讓我們把它轉向問題。

So last week, we announced that we'll be using Say Technologies to enable all Robinhood shareholders to submit questions for our management team. As of yesterday, we had received over 1,300 questions from our shareholders. We'll start today's Q&A by answering the top questions by number of votes, although we'll pass over any questions that are already being addressed. After that, we'll turn to live questions from the analyst community.

因此，上週，我們宣布將使用 Say Technologies 使所有 Robinhood 股東能夠向我們的管理團隊提交問題。截至昨天，我們已收到股東提出的 1,300 多個問題。我們將透過回答票數最高的問題來開始今天的問答，儘管我們將忽略任何已經解決的問題。之後，我們將轉向分析師社群的即時提問。

First, will Hood pay out a dividend in the future?

首先，胡德未來會派發股利嗎？

I'll take that, Irv. Thanks for the question. At this point, we think the best use of our capital is deploying it in the business. We're very much in the growth stage. And so for now, we have no plans to issue any dividends.

我會接受的，歐文。謝謝你的提問。在這一點上，我們認為資本的最佳用途是將其部署到業務中。我們正處於成長階段。因此，目前我們沒有計劃發放任何股利。

Great. Number two, is Robinhood getting a crypto wallet?

偉大的。第二，Robinhood 會推出加密錢包嗎？

I'll be happy to field that question. And I know that there's been a ton of enthusiasm from the crypto community and the Dogecoin community, in particular, on getting access to wallets. And it's something that our teams are working on.

我很樂意回答這個問題。我知道加密貨幣社群和狗狗幣社群對獲取錢包充滿熱情。這是我們團隊正在努力的事情。

So let me tell you a little bit about sort of why this is difficult and challenging. So this year, clearly, Robinhood has had explosive growth in crypto during Q1 and Q2, and we've had to grow out the team. We made a lot of progress growing out the team and really hiring great talent on to crypto and scaling our systems to make sure that we can handle the increased load. And we're very proud of the work that the team has done.

因此，讓我告訴您一些為什麼這是困難和具有挑戰性的。因此，今年，顯然，Robinhood 在第一季和第二季的加密貨幣領域出現了爆炸性成長，我們必須擴大團隊規模。我們在團隊發展方面取得了很大進展，並真正聘請了加密領域的優秀人才，並擴展了我們的系統，以確保我們能夠處理增加的負載。我們對團隊所做的工作感到非常自豪。

Of course, offering crypto wallets and the ability to deposit and withdraw cryptocurrencies is tricky to do at scale. We want to make sure it's done correctly and properly, and we want to make sure that everything from a security and operations standpoint is as bulletproof as possible because our top value is safety first, and we hold ourselves to a very high standard for that.

當然，大規模提供加密錢包以及存入和提取加密貨幣的能力是很棘手的。我們希望確保它正確無誤地完成，我們希望確保從安全和運營的角度來看，一切都盡可能萬無一失，因為我們的最高價值觀是安全第一，並且我們對此要求自己保持非常高的標準。

So I think as with all these things, we'll want to make sure it's right. But we have made a lot of progress in the crypto team and the platform, and we're excited to roll this out for our customers. And we definitely hear you, and it's a key priority for our teams at Robinhood as well.

所以我認為，與所有這些事情一樣，我們要確保它是正確的。但我們在加密貨幣團隊和平台方面取得了很大進展，我們很高興能為我們的客戶推出這一點。我們肯定聽到了您的聲音，這也是我們 Robinhood 團隊的首要任務。

Thanks, Vlad. Number three, what are Robinhood's plans for IRA, 401(k) and HSA accounts? Are any or all of them a possibility for the future? And if yes, how soon?

謝謝，弗拉德。第三，Robinhood 對 IRA、401(k) 和 HSA 帳戶的計畫是什麼？它們中的任何一個或全部都有可能成為未來的可能性嗎？如果是的話，需要多長時間？

I'd say, at the top level, we want Robinhood to be the most trusted, most culturally relevant money app worldwide. For the investing business, the goal is really to take our first-time investors and turn them into long-term investors onto the platform. You've seen that with some of our recent product launches like recurring investments in DRIP, which are built on top of our fractional shares infrastructure.

我想說，在最高層，我們希望 Robinhood 成為全球最值得信賴、與文化最相關的金錢應用程式。對於投資業務來說，我們的目標實際上是吸引我們的首次投資者並將他們轉變為平台上的長期投資者。您已經從我們最近推出的一些產品中看到了這一點，例如對 DRIP 的經常性投資，這些產品建立在我們的部分股份基礎設施之上。

So we're continuing to invest in the technology, the tools and the educational content to empower our first-time investors and make them long-term investors. We're also looking at multiple account types. So giving people access to tax-advantaged accounts like IRAs and Roth IRAs as well as things like joint accounts and beneficiaries. And we see all of that in the future.

因此，我們將繼續投資科技、工具和教育內容，以增強我們的首次投資者的能力，並使他們成為長期投資者。我們還在考慮多種帳戶類型。因此，讓人們可以使用 IRA 和 Roth IRA 等稅收優惠帳戶，以及聯名帳戶和受益人等帳戶。我們將在未來看到這一切。

And I think what you'll find from us is we're not going to use earnings as a mechanism to announce new products. We don't intend to do that at least for the foreseeable future. But you're going to see continued product development in this area. We've been really proud of the work that we've done, scaling our product and engineering and operations teams. So multiple account types are certainly on our radar.

我認為您會從我們這裡發現的是，我們不會使用收益作為發布新產品的機制。至少在可預見的未來我們不打算這麼做。但您將看到該領域的持續產品開發。我們對我們所做的工作感到非常自豪，擴大了我們的產品、工程和營運團隊。因此，我們肯定會關注多種帳戶類型。

Great. Number four, are there any plans to launch Robinhood in other countries? If yes, what is the time line?

偉大的。第四，有計劃在其他國家推出Robinhood嗎？如果是的話，時間是什麼？

So we've said from the very beginning that we want Robinhood to be a global company, and we actually think that we have a lot of advantages in going global. I think the value proposition of offering the best customer experience and low cost to our customers resonate perhaps even more strongly overseas than in the U.S. where people, by and large, have access to reasonable quality financial tools. So we think there's a great global opportunity for us, and it's very mission-aligned for us as well.

所以我們從一開始就說我們希望Robinhood成為一家全球化公司，而且我們實際上認為我們在走向全球化方面有很多優勢。我認為，為客戶提供最佳客戶體驗和低成本的價值主張在海外可能比在美國更能引起共鳴，因為美國的人們整體上可以獲得合理優質的金融工具。因此，我們認為這對我們來說是一個巨大的全球機會，而且這對我們來說也非常符合我們的使命。

So in the past 18 months or so, as we've dealt with a global pandemic and the strains on our business from having to scale our business dramatically, we have been focused more on the domestic business, the U.S. opportunity, over the global opportunity. That said, due to improvements in our infrastructure, our staffing and our ability to handle the scale that we've seen, we feel well positioned to turn some of our attention to international. So we do anticipate that we'll be able to focus a little bit more. No specific dates and time line at this point, but we do find a lot of excitement in the opportunity.

因此，在過去18 個月左右的時間裡，當我們應對全球大流行病以及因必須大幅擴展業務而給我們的業務帶來的壓力時，我們更加關注國內業務、美國的機會，而不是全球的機會。也就是說，由於我們的基礎設施、人員配備以及處理所見規模的能力有所改善，我們感覺自己處於有利位置，可以將部分注意力轉向國際。因此，我們確實預計我們將能夠更加集中精力。目前還沒有具體的日期和時間表，但我們確實發現這個機會令人興奮。

Next question, as initial investors, can we get a Robinhood hat and hoodie jacket?

下一個問題，作為初始投資者，我們可以獲得羅賓漢帽子和連帽衫嗎？

I'll take this one, Vlad. So love the enthusiasm for the brand. I know Robinhood employees get really excited about swag. We'd love to find a way to get that in the hands of our customers. So I can't make a commitment right now, but I will say that we'll go look at this. I think it's a great idea to get our branded merchandise in the hands of our community.

我要這個，弗拉德。所以熱愛這個品牌的熱情。我知道 Robinhood 的員工對贓物非常興奮。我們很樂意找到一種方法將其交付給我們的客戶。所以我現在不能做出承諾，但我會說我們會看看這個。我認為將我們的品牌商品交到社群手中是個好主意。

I agree, yes.

我同意，是的。

Thanks. How do you assure HOOD's price is not manipulated on Robinhood?

謝謝。您如何確保 HOOD 的價格在 Robinhood 上不會被操縱？

I'll take this one as well. Like all brokerages, we monitor the trading activity on our platform. And when we see any potentially manipulative activity on any stock, we take action. Primarily, that includes sharing that information with regulators so that they can take it from there. So that's our commitment, and we've got a strong team looking at this.

我也拿這個吧。與所有經紀公司一樣，我們監控平台上的交易活動。當我們發現任何股票有任何潛在的操縱行為時，我們就會採取行動。主要包括與監管機構分享這些信息，以便他們可以從那裡獲取信息。這就是我們的承諾，我們有一個強大的團隊來關注這個問題。

What's next for Robinhood, if PFOF, or payment for order flow, is regulated, what can you do?

Robinhood 的下一步是什麼，如果 PFOF（訂單流支付）受到監管，你能做什麼？

So what I'd tell you is that payment for order flow is regulated already. It's been primarily focused on disclosures, and we do provide all the required disclosures, and we do our best to explain how we make money and what payment for order flow is. It's an often misunderstood component of our business. And so appreciate the question.

所以我要告訴你的是，訂單流的支付已經受到監管。它主要關注披露，我們確實提供了所有必需的披露，並且我們盡力解釋我們如何賺錢以及訂單流的付款是什麼。這是我們業務中經常被誤解的一個組成部分。所以很欣賞這個問題。

What I'd tell you is that, over the long term, our intention is to be the single money app. That implies more products, more features and innovation, as Vlad was talking about, not just on the existing products that we have but certainly on new products. We want to be the single place that our customers go to for all things money. And that will lead naturally to diversification in our revenue streams over time.

我要告訴你的是，從長遠來看，我們的目標是成為單一的貨幣應用程式。正如弗拉德所說，這意味著更多的產品、更多的功能和創新，不僅是我們現有的產品，而且肯定是新產品。我們希望成為客戶為所有金錢而去的唯一地方。隨著時間的推移，這自然會導致我們的收入來源多元化。

Next, what are your plans to maximize shareholder value over the next year?

接下來，您明年有哪些計畫來最大化股東價值？

So I would tell you that we tend as a management team to really focus on the long term. And as I just mentioned, we want to be the single money app. And so that really is about rolling out new products and new features. That said, in the short term, we have a number of things that are on our road maps that we're going to deliver. We take a lot of cues from our customers. And as Vlad mentioned earlier, they're asking for more functionality, more coins in the crypto space.

所以我想告訴你，作為一個管理團隊，我們傾向於真正專注於長期目標。正如我剛才提到的，我們希望成為單一的貨幣應用程式。這實際上是關於推出新產品和新功能。也就是說，在短期內，我們的路線圖上有許多我們將要實現的事情。我們從客戶那裡得到了很多線索。正如弗拉德之前提到的，他們要求加密貨幣領域有更多的功能和更多的硬幣。

I think there's opportunities to roll out products that will increase returns for customers as well as us through fully paid securities lending. And we're pretty excited about our Cash Management product. We announced that our Cash Management now has over 5 million customers. And we think that's a really interesting place for us to offer more value, get higher adoption and also generate more returns for shareholders. So a lot of opportunity in front of us.

我認為有機會推出產品，透過全額支付證券借貸來增加客戶和我們的回報。我們對我們的現金管理產品感到非常興奮。我們宣布我們的現金管理現已擁有超過 500 萬客戶。我們認為這對我們來說是一個非常有趣的地方，可以提供更多價值，獲得更高的採用率，並為股東創造更多回報。所以我們面前有很多機會。

Great. Are we getting a feature where we can post comments and discuss more about the stock in the near future?

偉大的。我們是否會獲得一個功能，可以在不久的將來發表評論並討論有關該股票的更多資訊？

Well, I'll take this one. I would say that through our acquisition of Say, we're excited to give retail customers the chance to interact closer with companies through this format as a great example. And we're interested in further exploring that. I think that there's a lot of possibilities to connect Robinhood customers more deeply with companies that they're shareholders in and with each other. And of course, we want to be careful and make sure that we do that safely for everyone. But we do see opportunity there. And that's why we're very excited about joining forces with Say.

好吧，我就拿這個吧。我想說，透過收購 Say，我們很高興為零售客戶提供透過這種形式與公司進行更密切互動的機會，這是一個很好的例子。我們有興趣進一步探索這一點。我認為，有很多可能性可以將 Robinhood 客戶與他們作為股東的公司更深入地聯繫起來。當然，我們要小心謹慎，確保我們為每個人都安全地這樣做。但我們確實在那裡看到了機會。這就是為什麼我們對與 Say 聯手感到非常興奮。

Skipping over this one, it's been answered. Is there a plan to allow users to gift stocks to one another?

跳過這個，已經回答了。是否有計劃允許用戶互相贈送股票？

Yes, I'll take that one as well. So we really appreciate the enthusiasm for this. I think that in general, we'll be looking at how to make our referrals program and system even better. A lot of our customers do find out about our product through other customers that are already using us. And so you should expect continued product innovation there. And this is -- gifting stocks is certainly something that we've thought about and would continue to explore.

是的，我也會選擇那個。所以我們非常感謝大家對此的熱情。我認為總的來說，我們將研究如何使我們的推薦計劃和系統變得更好。我們的許多客戶確實透過其他已經使用我們的客戶了解了我們的產品。因此，您應該期待那裡持續的產品創新。這就是——贈送股票肯定是我們已經考慮過並將繼續探索的事情。

I think we have time for just a few more questions, and then we'll get to the analysts. So IPO Access has been an exciting new feature and further differentiates Robinhood from other investing platforms. Does the company see IPO Access as a substantial driver of revenue growth in the next few years? How many IPOs can users expect on Robinhood for the rest of calendar year 2021?

我想我們還有時間再問幾個問題，然後我們會聯絡分析師。因此，IPO Access 是一項令人興奮的新功能，進一步將 R​​obinhood 與其他投資平台區分開來。公司是否將 IPO 視為未來幾年營收成長的重要推手？在 2021 年剩餘時間內，用戶預期 Robinhood 會進行幾次 IPO？

Yes, I think the way we thought about it is very much in line with our mission. Access to IPOs at the IPO price has been something that, when offered to retail investors, typically has been reserved for high net worth individuals in the past. So we're really excited to see that product go live and get such a good reception from customers.

是的，我認為我們的思考方式非常符合我們的使命。過去，向散戶投資者提供以IPO價格參與IPO的機會通常是為高淨值人士保留的。因此，我們非常高興看到該產品上線並受到客戶的好評。

And I think one of the other things that we're happy about, as Jason mentioned, is that customers that have been participating in these IPOs have been relatively diamond handed, so to speak. So they've been holding on to these stocks for over 30 days and haven't been flipping them. So I think that addresses a misconception that a lot of folks have had about retail in IPOs.

我認為，正如傑森所提到的，我們感到高興的另一件事是，可以說，參與這些首次公開募股的客戶相對來說是鑽石級的。所以他們已經持有這些股票 30 多天了，並且沒有炒過它們。所以我認為這解決了許多人對首次公開募股中零售業的誤解。

In general, the way we think about it with any feature, we're optimizing for happy customers. We want to deliver value to them. We didn't really roll out IPO Access with an eye to generate revenue growth in the immediate term. But we do expect it to be a growing business, and we do expect to deliver more IPOs that customers can have access to as it becomes clearer to companies and issuers that this is a valuable constituency and valuable to them as well.

總的來說，我們對任何功能的思考方式都是為了讓客戶滿意而進行最佳化。我們希望為他們創造價值。我們推出 IPO Access 並不是為了在短期內實現收入成長。但我們確實預計它將成為一項不斷增長的業務，並且我們確實預計會提供更多客戶可以參與的首次公開募股，因為公司和發行人越來越清楚這是一個有價值的選民，對他們來說也很有價值。

Okay. Maybe one last one. What are the future steps taken to make Robinhood a better app and compete in the market with other apps like Webull, Fidelity, et cetera?

好的。也許是最後一張。未來將採取哪些措施使 Robinhood 成為更好的應用程式並與 Webull、Fidelity 等其他應用程式在市場上競爭？

Yes, absolutely. Product development has been something that Robinhood has been prioritizing. So over time, you've seen, over the past few years, we've continued to listen to customers. We've continued to take advantage of our unique user research and design teams to understand what customers want and what they could use, and you should see that continue and hopefully accelerate over time. So we'll look to continue delivering great value, improving our existing products and services and expanding our existing businesses to really become the most trusted and most culturally relevant money app worldwide. And that's the goal.

是的，一點沒錯。產品開發一直是 Robinhood 優先考慮的事情。所以隨著時間的推移，你已經看到，在過去的幾年裡，我們一直在傾聽客戶的意見。我們繼續利用我們獨特的用戶研究和設計團隊來了解客戶想要什麼以及他們可以使用什麼，您應該會看到這種情況繼續存在，並有望隨著時間的推移而加速。因此，我們將繼續提供巨大的價值，改進我們現有的產品和服務，並擴展我們現有的業務，真正成為全球最值得信賴、最具文化相關性的貨幣應用程式。這就是目標。

Great. Thanks for that, guys. And with that, I will ask the operator to open up the line and remind the analysts on how to enter into the queue.

偉大的。謝謝你們，夥計們。然後，我會要求接線員開放線路，並提醒分析師如何進入佇列。

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

（操作員說明）我們的第一個問題來自巴克萊銀行的羅斯桑德勒。

Going back to the single money app comment, as we look outside of investment and brokerage, what do you see in terms of product road map and logical areas for Robinhood to explore? And if we look to the east to something like Ant Financial, which is kind of the gold standard for the single money app concept, it took them about 4 years to get the majority of their users to adopt new services outside of the core Alipay payment product. So how do you feel about attach rate as you go outside of brokerage?

回到單一貨幣應用程式的評論，當我們將目光投向投資和經紀業務之外時，您對 Robinhood 探索的產品路線圖和邏輯領域有何看法？如果我們把目光投向東方，例如螞蟻金服，這是單一貨幣應用程式概念的黃金標準，他們花了大約 4 年的時間才讓大多數用戶採用核心支付寶支付之外的新服務產品。那麼，當您走出經紀行業時，您對附加費率有何看法？

Yes. Thanks for the question. I think that's an important one. I'll share my thoughts. So as we think about offering new services to customers, generally, the way we prioritize is we want to optimize for product market fit. So we don't rely too much on sort of the innate ability to cross-sell within our platform. We task our product teams with making sure that products independently achieve product market fit.

是的。謝謝你的提問。我認為這是很重要的一點。我會分享我的想法。因此，當我們考慮向客戶提供新服務時，一般來說，我們優先考慮的方式是我們希望優化產品市場契合度。因此，我們並不太依賴我們平台內交叉銷售的固有能力。我們的產品團隊的任務是確保產品獨立實現產品市場契合。

And then aside from that, we look for daily habits, so things that customers use and engage with on a daily basis, because we think that if customers trust us with their daily habits then, over time, they'll trust us with their sort of lower-frequency, higher-value transactions as well. So that's why we've started with investing and expanded beyond equities into options and then with our cryptocurrency business. And that's also why we're interested in spending and paycheck direct deposit.

除此之外，我們還尋找日常習慣，即客戶每天使用和參與的事物，因為我們認為，如果客戶信任我們的日常習慣，那麼隨著時間的推移，他們也會信任我們的日常習慣以及較低頻率、較高價值的交易。這就是為什麼我們從投資開始，從股票擴展到選擇權，然後擴展到我們的加密貨幣業務。這也是我們對支出和薪水直接存款感興趣的原因。

So one of the things that we've talked a little bit about is that our Cash Management product, which is our debit card and high-yield savings, grew to over 5 million customers at the end of Q2. So we're really encouraged by that adoption, and we're very, very excited to double-down on that, keep investing more, keep delivering more value to customers using those products.

因此，我們討論過的一件事是，我們的現金管理產品（即我們的金融卡和高收益儲蓄）在第二季末成長到超過 500 萬客戶。因此，我們對這種採用感到非常鼓舞，我們非常非常興奮地加倍努力，繼續加大投資，並繼續為使用這些產品的客戶提供更多價值。

And we see an opportunity to be a substantial player in that space. I mean 5 million Cash Management subscribers in just a couple of years since launch, I think, is something to be proud of. And with cryptocurrency, it took a couple of years before that really started showing a massive sort of impact on our business. And we have that long-term perspective with future product lines. I think we're encouraged by what we see. But we also recognize it's a long-term business, and we want to keep adding functionality and keep making our customers happy by improving the products and services over time.

我們看到了成為該領域重要參與者的機會。我的意思是，自推出以來的短短幾年內，現金管理訂閱者就達到了 500 萬，我認為這是值得自豪的事情。對於加密貨幣，花了幾年時間才真正開始對我們的業務產生巨大影響。我們對未來的產品線有長遠的眼光。我想我們對所看到的感到鼓舞。但我們也認識到這是一項長期業務，我們希望不斷增加功能，並透過隨著時間的推移改進產品和服務來不斷讓我們的客戶滿意。

Our next question comes from Steven Chubak of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的史蒂文·丘巴克。

So I appreciate some of the earlier comments on payment for order flow, Jason. Thinking through a number of different scenarios for PFOF, if the regulators do ultimately institute an outright ban, is internalization of order flow a viable alternative? And under such a scenario, how much of the revenue hit could you offset from internalization? And if the path to buy versus building a market maker, which one makes the most sense in your mind?

所以我很欣賞早期關於訂單流支付的一些評論，傑森。考慮到 PFOF 的多種不同情況，如果監管機構最終實施徹底禁令，訂單流內部化是否是可行的替代方案？在這種情況下，您可以透過內部化抵消多少收入損失？如果購買路徑與建立做市商路徑相比，您認為哪一種最有意義？

Yes. Thanks for the question. What I'd tell you in terms of like our capability, Robinhood has a history of doing challenging projects. Going self-clearing, for an example, was certainly a heavy lift and something that the team successfully did. It helped us verticalize our platform. I think it positions us well to grow incredibly fast over time and really control our own destiny more than if we had just partnered with a third-party. So I think we have the capability to do it. And certainly, others in the industry do internalize or even market-make as a way to monetize the flow. So I think it's a viable option for us.

是的。謝謝你的提問。我想告訴你的是，就我們的能力而言，Robinhood 有著從事具有挑戰性專案的歷史。例如，自我清理無疑是一項艱鉅的任務，但團隊成功地做到了這一點。它幫助我們垂直化我們的平台。我認為，與剛剛與第三方合作相比，這使我們能夠隨著時間的推移以難以置信的速度快速成長，並真正掌控自己的命運。所以我認為我們有能力做到這一點。當然，行業中的其他人確實將內部化甚至做市作為流量貨幣化的一種方式。所以我認為這對我們來說是一個可行的選擇。

In terms of the economics, before I even go there, I'd tell you that our view internally is that we don't expect payment for order flow to be banned. That's just not what we think. We expect it to be an active dialogue. I think that the regulators are asking for a study to be done, and we'll definitely engage.

就經濟學而言，在我去那裡之前，我想告訴你，我們內部的觀點是，我們不希望訂單流支付被禁止。我們不是這麼想的。我們希望這將是一次積極的對話。我認為監管機構正在要求進行一項研究，我們肯定會參與。

What I'd tell you is that, with a little bit of context, before Robinhood, small investors were paying commissions on top of payment for order flow, and it kept a lot of people out. And so never before has investing in this country been cheaper. And I think you can see by the 22.5 million customers that we have that breaking down that barrier of commissions has been just good. And so we'll be definitely defending our customers and making sure that we don't put up barriers that have been taken down and kept people out.

我要告訴你的是，稍微了解一下背景，在 Robinhood 之前，小投資者在支付訂單流的基礎上還要支付佣金，這讓很多人望而卻步。因此，在這個國家進行投資從未如此便宜。我想你可以從我們擁有的 2250 萬客戶中看到，打破佣金障礙是一件好事。因此，我們一定會保護我們的客戶，並確保我們不會設置已被拆除的障礙物並將人們拒之門外。

In terms of internalization, I probably don't want to go too far in terms of the economics. We have looked at it. We do think because payment for order flow is such a small revenue stream, it's about $0.02 to $0.025 per $100 traded, that it's not a terribly difficult revenue stream for us to replace. Buy versus build, I think I don't want to go too far down on that, but I'd tell you that we've got confidence enough to build it, but buying certainly is an option for us, and we would look at both of that scenario.

就內部化而言，我可能不想在經濟學方面走得太遠。我們已經研究過了。我們確實認為，由於訂單流支付的收入來源很小，每 100 美元交易的收入約為 0.02 至 0.025 美元，因此對我們來說，這並不是一個非常難以取代的收入來源。購買與建造，我想我不想在這一點上走得太遠，但我想告訴你，我們有足夠的信心來建造它，但購買當然是我們的一個選擇，我們會考慮兩種情況。

Great. For my follow-up, I was hoping to just ask on the topic of graduation risk. You're certainly well positioned to capture the growing wealth of the millennial cohort. Now the ACATS data that you guys have provided does suggest that the average account that's leaving is about 4x larger than the typical Robinhood account. I was hoping you could maybe unpack the strategy to address graduation risk. As your clients accumulate more wealth, what are the biggest pain points that you feel you really need to address to try to mitigate some of those pressures?

偉大的。對於我的後續行動，我希望只問畢業風險的話題。您當然有能力抓住千禧世代不斷增長的財富。現在，你們提供的 ACATS 數據確實表明，離開的平均帳戶比典型的 Robinhood 帳戶大約大約 4 倍。我希望你能解開解決畢業風險的策略。隨著您的客戶累積更多的財富，您認為真正需要解決的最大痛點是什麼，以減輕其中一些壓力？

Yes, I can share some thoughts there. Thank you. I'd say at a high level, we're actually really happy with the retention and engagement on our platform. We think we compare very favorably there. I think looking at the ACATS channel, in particular, one thing that a lot of people don't realize is that we only have ACATS out live to customers right now.

是的，我可以在那裡分享一些想法。謝謝。我想說，從高水準來看，我們實際上對我們平台上的保留率和參與度感到非常滿意。我們認為我們在那裡比較非常有利。我認為，特別是在 ACATS 頻道上，很多人沒有意識到的一件事是，我們現在只向客戶提供 ACATS。

So a lot of customers actually are expressing an interest in consolidating their accounts into Robinhood through ACATS in, and that is something we're listening to, and we're very, very keen to provide through our self-clearing conversion, which we did back in 2018. We had to temporarily turn off ACATs in functionality. So a lot of brokers will say, "Oh, we never lose an ACATS to Robinhood." Well, part of the reason is because we don't actually support ACATS in right now.

因此，許多客戶實際上都表示有興趣透過 ACATS 將他們的帳戶整合到 Robinhood，這是我們正在傾聽的內容，我們非常非常熱衷於透過我們的自我清算轉換提供服務，我們確實做到了早在2018 年，我們就得暫時關閉ACAT 的功能。所以很多經紀人會說，“哦，我們從來沒有把 ACATS 輸給 Robinhood。”部分原因是我們現在實際上並不支援 ACATS。

So ACATS is typically a channel where you will see higher assets than ACH. So I think the sort of observation is more channel-specific than customer-specific. You do typically see larger account sizes with ACATS, and we do anticipate that this will change when we allow ACATS in to the platform.

因此，ACATS 通常是您會看到比 ACH 更高資產的管道。所以我認為這種觀察更多的是針對特定管道而不是針對特定客戶。您通常會看到 ACATS 的帳戶規模更大，我們預計當我們允許 ACATS 進入平台時，這種情況將會改變。

In terms of the part of your question about graduation risk, what I would tell you is that we fully intend to grow with our customers. You see that in our product road map, as we talked about wanting new investors to become long-term investors, that's really going to inspire the products that we've allowed and the account features that we roll out so that we don't see that. And then what I would tell you is when we look at churn, we're not seeing any kind of customer demographic concentrations as a big concern.

關於你提到的畢業風險問題，我想告訴你的是，我們完全願意與客戶一起成長。你可以看到，在我們的產品路線圖中，當我們談到希望新投資者成為長期投資者時，這確實會激發我們允許的產品和我們推出的帳戶功能，這樣我們就不會看到那。然後我要告訴你的是，當我們考慮客戶流失時，我們沒有看到任何類型的客戶人口集中度是一個大問題。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask a little bit about the new cohort that you brought in in 2Q. Jason, I think you had commented a bit, and Vlad as well, about the propensity to invest in crypto. So certainly, that was notable. Are there any other maybe compare/contrast that you would do with prior new cohorts that you felt was notable?

我想詢問一些有關您在第二季度引入的新團隊的情況。 Jason，我想你和 Vlad 都對投資加密貨幣的傾向發表了一些評論。當然，這是值得注意的。您是否會與您認為值得注意的先前新群體進行任何其他比較/對比？

Yes. What I would say is, in Q2, certainly, a large cohort came in, about 4.5 million net funded accounts in the quarter, which was near a record. Q1 was slightly higher. So this was the first time that we've seen more first trades in crypto versus equities. And we love the momentum of our cryptocurrency business, with over 60% of our customers overall trading in crypto during the period.

是的。我想說的是，在第二季度，肯定會有一大批人進來，該季度淨資金帳戶約為 450 萬個，接近歷史記錄。第一季略高。因此，這是我們第一次看到加密貨幣的首次交易多於股票的首次交易。我們喜歡加密貨幣業務的勢頭，在此期間，超過 60% 的客戶整體進行加密貨幣交易。

What I'd tell you on cohorts, it's a bit early to look at the newer cohorts and project out. But when we look at cohorts over time, I think you've heard us say that they tend to start small. They're highly engaged. They grow with us both in terms of the revenue that they generate for us as well as the net deposits that they put on the platform. And so far, there's nothing to suggest that that won't continue.

關於同類群組，我想告訴您的是，現在研究較新的同類群組並進行預測還為時過早。但當我們隨著時間的推移觀察同類群體時，我想你已經聽我們說過，他們往往從小規模開始。他們非常投入。他們為我們帶來的收入以及他們在平台上的淨存款都與我們一起成長。到目前為止，沒有任何跡象表明這種情況不會繼續下去。

Very helpful. And then maybe just a follow-up. What has the channel composition of referral and marketing spend looked like in Q2? And how are you thinking about that for the rest of the year?

很有幫助。然後也許只是後續行動。第二季推薦和行銷支出的管道組成如何？今年剩下的時間你對此有何看法？

Yes. So as you know, kind of historically, we've seen the majority of our customers coming to us either organically or through our customer referral channel. We saw similar rates by channel in Q2. Looking forward, we expect to continue to have a robust customer referral platform. We are investing in more broad scale brand advertising to get our message out to customers. And so you should expect to see us to continue to invest in those kinds of messaging. But structurally, we've been very efficient in the way that we acquire our customers, and we expect to be diligent going forward as well.

是的。如您所知，從歷史上看，我們看到大多數客戶都是透過自然方式或透過我們的客戶推薦管道來找我們的。我們在第二季度看到了按通路劃分的類似比率。展望未來，我們希望繼續擁有強大的客戶推薦平台。我們正在投資更廣泛的品牌廣告，以向客戶傳達我們的訊息。因此，您應該期望看到我們繼續投資於此類訊息傳遞。但從結構上講，我們在獲取客戶方面一直非常高效，我們希望未來也能繼續努力。

Our next question comes from Sean Horgan of Rosenblatt.

我們的下一個問題來自羅森布拉特的肖恩霍根。

First one is on Cash Management. I wanted to get a sense for your monetization strategy longer term. And more specifically, do you have any aspirations to offer things like interest-earning crypto accounts or crypto rewards to retain users and drive inflows on your platform?

第一個是現金管理。我想了解你們的長期獲利策略。更具體地說，您是否有願望提供諸如生息加密貨幣帳戶或加密貨幣獎勵之類的東西來留住用戶並推動平台上的資金流入？

Yes, I can field the second one. So certainly, we see a lot of enthusiasm from our crypto community. I think the nearer term kind of foundational feature that we'll be looking to roll out will be wallets or deposit and withdrawal functionality. We've also heard a lot of excitement and enthusiasm for increasing the listings that we have on our platform. So adding more coins, that's something we're looking to. And crypto interest and rewards are something that we're hearing as well.

是的，我可以派出第二個。當然，我們看到加密社群充滿熱情。我認為我們近期希望推出的基本功能將是錢包或存款和提款功能。我們也聽到了很多對增加我們平台上的清單的興奮和熱情。所以添加更多的硬幣，這就是我們所希望的。我們也聽到了加密貨幣利息和獎勵。

So crypto started off 2021 as a very small team. The team has been growing. It's really become a great center of excellence for engineering and product within the company. We're proud of the work there. And I think we're excited to build for customers.

因此，加密貨幣從 2021 年開始只是一個非常小的團隊。團隊一直在成長。它確實成為公司內部工程和產品的卓越中心。我們為那裡的工作感到自豪。我認為我們很高興能為客戶打造。

I think there was a question as well that you asked about Cash Management monetization, maybe Jason...

我認為您也問過一個關於現金管理貨幣化的問題，也許是傑森…

Yes. What I would tell you, Sean, is that our intention is to pass a ton of value back to customers who are participating with our debit card and Cash Management product. We're excited about rewards and incentives.

是的。肖恩，我要告訴您的是，我們的目的是將大量價值回饋給使用我們的金融卡和現金管理產品的客戶。我們對獎勵和激勵感到興奮。

And today, we pass along the majority of the interest that we earn to customers. Certainly, it's a low interest rate environment. It becomes interesting, I think over time, as the interest rate environment will fluctuate. But we want our customers to look to Robinhood's debit card as their primary form of payment. And we think that that's a really interesting monetization opportunity for us over time.

今天，我們將賺取的大部分利息轉嫁給客戶。當然，這是一個低利率環境。我認為隨著時間的推移，隨著利率環境的波動，這會變得有趣。但我們希望客戶將 Robinhood 的金融卡作為主要付款方式。我們認為，隨著時間的推移，這對我們來說是一個非常有趣的貨幣化機會。

Great. That's really helpful, guys. And then just another follow-up, I guess, on crypto. It's obviously grown very rapidly. And so I want to get a sense for market share trends and the competitive landscape. Vlad, I think you mentioned listings as being an area of interest for customers. So whether it's speed to listing, new in-demand assets or pricing, just want to get a sense for what makes a user choose Robinhood over a different platform.

偉大的。這真的很有幫助，夥計們。我想，然後是關於加密貨幣的另一個後續行動。顯然它的成長速度非常快。因此，我想了解市場佔有率趨勢和競爭格局。弗拉德，我認為您提到清單是客戶感興趣的領域。因此，無論是上市速度、新的熱門資產或定價，只是想了解用戶選擇 Robinhood 而不是其他平台的原因。

Yes. I think that this year, in particular, I think customers have really started to appreciate the 2 key value propositions behind crypto, which are the fact that it's a low-cost offering. We're very proud of the pricing and the cost that we offer to customers and especially relative to our competitors. Some companies are charging multiple percents transaction fees and commissions. And Robinhood has been commission-free, and we're proud of the deal that we offer, and I think customers choose us for that.

是的。我認為，特別是今年，客戶已經真正開始欣賞加密貨幣背後的兩個關鍵價值主張，即它是一種低成本產品。我們對我們為客戶提供的定價和成本感到非常自豪，尤其是相對於我們的競爭對手。有些公司收取多個百分比的交易費和佣金。 Robinhood 一直是免佣金的，我們對我們提供的優惠感到自豪，我認為客戶選擇我們就是因為這一點。

And also the fact that it's accessible, that everything is in one place with securities, with cash management and with crypto and that it's easy to understand and it meets customers where they are, I think, has continued to be an attractive aspect of our offering. And I think that's something we'll be looking to continue as we build out more functionality, add new coins and give people the ability to move their coins onto and off the platform.

事實上，它是可訪問的，一切都與證券、現金管理和加密貨幣集中在一個地方，而且它很容易理解，並且可以滿足客戶的需求，我認為，這仍然是我們產品的一個有吸引力的方面。我認為，隨著我們建立更多功能、添加新代幣並讓人們能夠將代幣移入和移出平台，我們將繼續致力於這一點。

Our next question comes from Jason Bazinet of Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just had a question about your accounts. If you took your current account base at 22 million and said that certain percentage have never had a brokerage account anywhere else, based on whatever that number is, how deeply penetrated do you think you are in that segment of the market before you sort of run out of growth and have to start stealing accounts from someone that has an account at a competitor?

我只是有一個關於你的帳戶的問題。如果你的經常帳戶基數為2200 萬，並表示其中一定比例的人從未在其他地方擁有過經紀帳戶，那麼無論這個數字是多少，在你開始行動之前，你認為自己在該市場領域的滲透程度有多深失去成長並不得不開始從在競爭對手擁有帳戶的人那裡竊取帳戶？

Yes. Thanks, Jason. I think what you're referring to is that our customers tell us when they join. About 50% of the time, they tell us that they're new to investing, that this is their first brokerage account. I think that's really speaking kind of directly to our mission, to provide access to the financial system. And we're really, really proud of that. By definition, the other half have brokerage accounts elsewhere.

是的。謝謝，傑森。我想你指的是我們的客戶在加入時告訴我們的。大約 50% 的情況下，他們告訴我們他們是投資新手，這是他們的第一個經紀帳戶。我認為這確實直接體現了我們的使命，即提供進入金融體系的機會。我們對此感到非常非常自豪。根據定義，另一半在其他地方擁有經紀帳戶。

And so I really think this speaks to an opportunity for us to continue to reach out to people who don't have investing accounts. We think there's no reason why anyone shouldn't be an investor. Investing is literally for everybody. And so that, in terms of the way we think about it, globally, anyone with a checking account, possibly with crypto where you don't even need a checking account, we think, is part of the addressable market for us.

因此，我真的認為這為我們提供了繼續接觸沒有投資帳戶的人的機會。我們認為沒有理由任何人不應該成為投資者。投資實際上適合每個人。因此，就我們的思考方式而言，在全球範圍內，任何擁有支票帳戶的人，甚至可能不需要支票帳戶的加密貨幣，我們認為都是我們潛在市場的一部分。

And then as we continue to roll out products and features to grow with our customers, I think more and more, you're going to see Robinhood, particularly with our mobile-first platform and ease of use, become incredibly attractive to folks that haven't previously considered Robinhood as the go-to place. So we're pretty optimistic about the opportunity ahead of us. And that's limiting the response to investing. I think there's a lot more that we can do when we talk about being the single money app for our customers globally.

然後，隨著我們繼續推出與客戶一起成長的產品和功能，我認為，您將越來越多地看到Robinhood，特別是憑藉我們的行動優先平台和易用性，對那些還沒有體驗過的人們變得極具吸引力。以前並沒有將 Robinhood 視為首選地點。因此，我們對擺在我們面前的機會非常樂觀。這限制了人們對投資的反應。我認為，當我們談論成為全球客戶的單一貨幣應用程式時，我們可以做更多的事情。

Yes. I would also say that according to some recent research, about 60% of Americans don't have investments outside of retirement. And a greater percentage of 18 to 29-year-olds, 68% have no money invested altogether. So even though we've made progress, I think there's a lot to do to encourage greater participation in the markets.

是的。我還想說，根據最近的一些研究，大約 60% 的美國人在退休後沒有投資。在 18 至 29 歲的人群中，68% 的人完全沒有錢進行投資。因此，儘管我們已經取得了進展，但我認為，為了鼓勵更多人參與市場，還有很多工作要做。

Our next question comes from Steven Chubak of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的史蒂文·丘巴克。

I just had one question on some of the 3Q outlook commentary. You mentioned in the prepared remarks, activity levels and net account growth are moderating. I know you attributed that to seasonality. Some of your peers and the volume data that we're tracking suggest that particularly, among some of the crypto coins like Dogecoin, we're seeing a more pronounced decline.

我只是對一些第三季展望評論有一個疑問。您在準備好的評論中提到，活動水準和淨帳戶成長正在放緩。我知道您將其歸因於季節性。您的一些同行和我們追蹤的交易量數據表明，特別是在一些加密貨幣（如狗狗幣）中，我們看到了更明顯的下降。

And I was hoping you could just contextualize just in terms of orders of magnitude how pronounced of a slowdown you're seeing in 3Q just to help frame just overall activity levels you're seeing within the Robinhood ecosystem.

我希望您能夠根據您在第三季度看到的經濟放緩的數量級來具體化，以幫助確定您在 Robinhood 生態系統中看到的整體活動水平。

Yes. Thanks for your question. What I'd tell you -- you highlighted seasonality for brokerages. Traditionally, the first quarter and into the second quarter tend to be the highest activity quarters in terms of trading as well as new accounts, with the back half of the year being less so. Robinhood is becoming a bigger portion of the overall market. And so seasonality is something that we pay attention to.

是的。謝謝你的提問。我要告訴你的是──你強調了經紀公司的季節性。傳統上，第一季和第二季度往往是交易和新帳戶活躍度最高的季度，而下半年則較少。 Robinhood 正在佔據整個市場的更大份額。因此，季節性是我們關注的問題。

The other thing that we benefit from over time is volatility. And there's been several moments of pretty notable volatility in the markets not just in equities, which was mostly in Q1, but also with crypto, which is in Q2. Makes it incredibly difficult to predict when those moments will continue or happen again, but when they do happen, Robinhood tends to have an outsized benefit from that, a really strong tailwind. And because of that, we're not really predicting short-term results. We're more focused on kind of the long-term opportunity. And there, we have some pretty dramatic and helpful tailwinds for us.

隨著時間的推移，我們受益的另一件事是波動性。市場出現了幾次相當顯著的波動，不僅是股票市場（主要是在第一季），還有加密貨幣市場（第二季）。很難預測這些時刻何時會繼續或再次發生，但當它們確實發生時，羅賓漢往往會從中獲得巨大的好處，這是一個非常強大的順風車。正因為如此，我們並沒有真正預測短期結果。我們更關注長期機會。在那裡，我們有一些非常戲劇性和有益的順風車。

I think crypto, as you saw in Q2, is becoming incredibly more mainstream and accepted in a way that didn't previously exist even a year ago. If you go back 1 year, we had $5 million in revenue from crypto, very, very small. This year, it's 45x higher than that. It really put Robinhood on the map for crypto. And in terms of trading levels overall, I would just point you to kind of the external market factors. That will give you a pretty strong indication of how we're doing so far. But we think it's appropriate to provide the commentary about Q3, and we'll continue to deliver on products for customers.

我認為，正如您在第二季度所看到的，加密貨幣正在變得令人難以置信地變得更加主流，並以一種在一年前還不存在的方式被接受。如果你回到一年前，我們從加密貨幣中獲得的收入為 500 萬美元，非常非常小。今年，這一數字比這個數字高出 45 倍。它確實讓 Robinhood 在加密領域聲名大噪。就整體交易水平而言，我只想向您指出一些外部市場因素。這將為您提供一個非常有力的指示，讓您了解我們迄今為止的表現。但我們認為提供有關第三季的評論是合適的，我們將繼續為客戶提供產品。

And just one final one for me, just on a longer-term opportunity. You alluded to your interest in expanding internationally. I was hoping you could unpack what the potential strategy could be to expand abroad, maybe what gives you confidence you can scale given a number of U.S. brokerages over the years have certainly tried and failed to expand abroad. And PFOF, your primary source of revenue, is also banned in a number of international jurisdictions.

對我來說，這只是最後一件事，只是一個長期的機會。您提到了您對國際擴張的興趣。我希望你能解開海外擴張的潛在策略，也許是什麼讓你有信心能夠擴大規模，因為多年來許多美國券商確實嘗試過海外擴張，但都以失敗告終。 PFOF 作為您的主要收入來源，在許多國際司法管轄區也被禁止。

Yes. What I would tell you, and I'm sure Vlad has some comments here, is we've done a lot of work over the last year to 1.5 years expanding the platform here domestically. We're in a position to look at each international market kind of uniquely based on the assets that we have. Today, we've got a very strong crypto business. We certainly have an investing business. And we also have a growing cash management business. And so there's a variety of ways that we can approach each international market depending on the circumstances there.

是的。我想告訴你的是，我確信 Vlad 對此有一些評論，我們在過去一年到 1.5 年間做了很多工作，在國內擴展了這個平台。我們能夠根據我們擁有的資產來獨特地審視每個國際市場。今天，我們擁有非常強大的加密業務。我們當然有投資業務。我們的現金管理業務也在不斷成長。因此，我們可以根據每個國際市場的具體情況，採取多種方式進入該市場。

In terms of whether or not payment for order flow is accepted, it's not something that we look at as a terribly high barrier for us, for our investing product internationally. We think, generally speaking, and certainly there's a distinction from geography to geography, there's a lot of interest in investing, particularly in U.S. companies. And there's opportunities, whether it's internalization, as was mentioned earlier, Forex fees. There's just a number of ways that we could look at monetizing those businesses in the absence of payment for order flow.

就是否接受訂單流支付而言，對於我們的國際投資產品來說，這並不是一個非常高的障礙。我們認為，一般來說，不同地區之間確實存在差異，人們對投資有很大興趣，特別是對美國公司。如同前面所提到的，無論是內部化或外匯費用，機會都是存在的。在沒有訂單流支付的情況下，我們可以透過多種方式來實現這些業務的貨幣化。

All right. Thank you, everyone, for taking the time for the call today, and we look forward to catching on the next one.

好的。謝謝大家今天抽空接聽電話，我們期待下次電話會議。

Appreciate the questions. Thank you.

感謝您提出的問題。謝謝。

Yes. Very much. Thank you.

是的。非常。謝謝。

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。您現在可以斷開連線。