Robinhood Markets Inc (HOOD) 2022 Q1 法說會逐字稿

Thank you for standing by, and welcome to Robinhood's First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's call may be recorded. (Operator Instructions) I would now like to hand the call over to your host for today, Irvin Sha, Head, Investor Relations and Capital Markets. Please go ahead.

感謝您的支持，歡迎參加 Robinhood 2022 年第一季度收益電話會議。 （操作員說明）請注意，今天的通話可能會被錄音。 （操作員說明）我現在想將今天的電話轉交給您的主持人，投資者關係和資本市場主管 Irvin Sha。請繼續。

Thanks, Latif. Welcome, everyone, and thank you for joining us for Robinhood's First Quarter 2022 Earnings Conference Call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick.

謝謝，拉蒂夫。歡迎大家，感謝您參加 Robinhood 2022 年第一季度收益電話會議。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 our financial outlook and 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-K filed February 24, 2022, 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我們的財務前景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 2022 年 2 月 24 日提交的 10-K 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 the Overview page of our Investor Relations website and our blog, Under the Hood, as means of disclosing material information to the public, and investors should routinely monitor those sites as information posted there could be deemed to be material information. All information on the call is as of today, April 28, 2022, and we undertake no duty to update it for subsequent events, except as required by law.

我們不時提醒您，我們打算使用我們的投資者關係網站的概述頁面和我們的博客 Under the Hood 作為向公眾披露重要信息的方式，投資者應定期監控這些網站上發布的信息可被視為重要信息。電話會議上的所有信息截至今天，即 2022 年 4 月 28 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. 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.

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的同一時期進行比較。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。

And with that, let me turn it over to Vlad.

有了這個，讓我把它交給弗拉德。

Thanks, Irv, and thanks to everyone for joining. So this quarter was the story of 2 competing forces, our accelerating product development juxtaposed against a difficult macroeconomic climate. On the last call, I laid out an ambitious road map that will expand the ecosystem of financial products Robinhood offers to our customers. We made tremendous progress on it this quarter and we built a strong foundation for our future growth.

謝謝，Irv，也感謝大家的加入。因此，本季度是兩股競爭力量的故事，我們加速的產品開發與艱難的宏觀經濟環境並列。在最後一次電話會議上，我制定了一份雄心勃勃的路線圖，該路線圖將擴展 Robinhood 為我們的客戶提供的金融產品生態系統。本季度我們在這方面取得了巨大進展，為我們未來的增長奠定了堅實的基礎。

At the same time, we faced a challenging macro environment, one most of our customers have never experienced in their lifetimes. While we were pleased to see strong net deposits and our lowest level of churn in years, we also saw decreased trading volumes, monthly active users and assets under custody, and our financial results reflect this. Our company has been in a period of hypergrowth, and we hired and scaled to keep pace with the business, but we're at a place where it's important to stay focused on efficiency and optimize our business for the long term.

與此同時，我們面臨著一個充滿挑戰的宏觀環境，這是我們大多數客戶一生中從未經歷過的。雖然我們很高興看到強勁的淨存款和多年來最低的流失率，但我們也看到交易量、月活躍用戶和託管資產減少，我們的財務業績反映了這一點。我們的公司一直處於高速增長時期，我們招聘並擴大規模以跟上業務的步伐，但我們正處於一個重要的地方，即保持專注於效率並長期優化我們的業務。

So I've challenged the team to dig deeper on cost discipline and get us to adjusted EBITDA profitability by the end of the year. We're moving back towards a leaner operating model, starting with the reduction in force that we announced earlier this week. But make no mistake, Robinhood is still playing offense and charging ahead. We are continuing to execute on our 2022 road map. And we've got several new products in flight that we believe will add value to customers while generating significant revenues.

因此，我要求團隊更深入地研究成本紀律，並讓我們在年底前調整 EBITDA 盈利能力。我們正在向更精簡的運營模式邁進，從我們本週早些時候宣布的削減力量開始。但不要誤會，Robinhood 仍然在進攻並向前衝鋒。我們將繼續執行我們的 2022 年路線圖。我們已經推出了幾款新產品，我們相信這些新產品將為客戶增加價值，同時產生可觀的收入。

I know there's a lot to unpack here and we'll walk through all of this over the course of the call. So let's start with the product updates. So in short, our product engine is humming and I'm super excited about that. Just since we last spoke, we introduced the Robinhood Cash Card. We extended our trading hours. We began the rollout of our fully paid securities lending product. We began the rollout of instant debit card funding and withdrawals. We completed the rollout of our Crypto Wallets. We added 4 new crypto currencies to our crypto selection. And we entered into an agreement to acquire Ziglu, which will help accelerate our international expansion.

我知道這裡有很多東西要解開，我們將在通話過程中介紹所有這些。因此，讓我們從產品更新開始。簡而言之，我們的產品引擎正在嗡嗡作響，我對此感到非常興奮。就在我們上次發言之後，我們介紹了 Robinhood Cash Card。我們延長了交易時間。我們開始推出全額支付證券借貸產品。我們開始推出即時藉記卡資金和取款。我們完成了加密錢包的推出。我們在我們的加密選擇中添加了 4 種新的加密貨幣。我們簽訂了收購 Ziglu 的協議，這將有助於加速我們的國際擴張。

There's a lot here for us to be proud of and we're still just getting started. Now let me get into the details on what we've delivered, starting with the Robinhood Cash Card. It's one of the few debit cards to offer rewards similar to what you'd expect from a credit card. We're also giving customers who direct deposit access to their money 2 days early, and we're letting them automatically invest a portion of their paycheck. We view the Cash Card as a simple way to bring in new customers that are interested in investing but have less disposable income. And as the product scales, we'll start to see additional revenues from interchange, which we expect to be roughly 130 basis points of transaction volume.

這裡有很多值得我們自豪的地方，而我們才剛剛開始。現在讓我詳細介紹一下我們交付的內容，從 Robinhood Cash Card 開始。它是為數不多的提供類似於您對信用卡的期望的獎勵的借記卡之一。我們還讓直接存款的客戶提前 2 天訪問他們的資金，並且我們讓他們自動投資一部分薪水。我們將現金卡視為吸引對投資感興趣但可支配收入較少的新客戶的簡單方式。隨著產品規模的擴大，我們將開始看到來自交換的額外收入，我們預計交易量約為 130 個基點。

We also expect to see more customers direct depositing their paychecks directly into Robinhood and using Robinhood for anything they would use their bank for, except with lower fees and a much better user experience. We're still in the early stages here, rolling out slowly to ensure we understand user behavior and points of friction. We're happy with what we're seeing so far, bright spots around adoption of direct deposit and repeat card usage, and we'll expand access to all of our customers by midyear. So with the coming anticipated rate hikes, we will also be bringing back high yield on uninvested brokerage cash for our customers. Stay tuned for more on that.

我們還希望看到更多的客戶將他們的薪水直接存入 Robinhood，並將 Robinhood 用於他們將使用銀行進行的任何事情，但費用更低且用戶體驗更好。我們仍處於早期階段，緩慢推出以確保我們了解用戶行為和摩擦點。我們對目前所看到的情況感到滿意，圍繞採用直接存款和重複卡使用的亮點，我們將在年中擴大對所有客戶的訪問。因此，隨著即將到來的預期加息，我們還將為我們的客戶帶來未投資經紀現金的高收益。請繼續關注這方面的更多信息。

Now let's talk about crypto. As you can tell, we've been making major investments here. We believe that crypto is more than just an asset class. By allowing anyone with a smartphone and an Internet connection to create and utilize powerful financial tools, the technology behind crypto has the potential to become the operating system that powers the future of financial services. However, crypto is complicated, and the fees on other platforms are so high that a lot of the products are mainly serving wealthy early adopters. In the coming months, you'll see more from us on our plans to contribute to this ecosystem.

現在讓我們談談加密貨幣。如您所知，我們一直在這裡進行重大投資。我們相信加密不僅僅是一種資產類別。通過允許任何擁有智能手機和互聯網連接的人創建和使用強大的金融工具，加密背後的技術有可能成為驅動金融服務未來的操作系統。然而，加密是複雜的，其他平台的費用非常高，以至於很多產品主要服務於富有的早期採用者。在接下來的幾個月裡，您會從我們這裡看到更多關於我們為這個生態系統做出貢獻的計劃。

Now here are a few updates on the progress in crypto we've already made. First, we're so excited to have completed the rollout of Crypto Wallets to all of our customers. The Wallet is an important primitive that enables our customers to engage with the broader crypto ecosystem. Just like with crypto trading, customers using our Wallets can expect low fees and a simple user experience.

現在這裡有一些關於我們已經取得的加密進展的更新。首先，我們很高興能夠向所有客戶推出加密錢包。錢包是一個重要的原語，使我們的客戶能夠參與更廣泛的加密生態系統。就像加密交易一樣，使用我們錢包的客戶可以期待低費用和簡單的用戶體驗。

Second, we recently announced our planned integration with the Lightning Network, which will power near-instantaneous Bitcoin transfers globally, with transaction fees of less than $0.01, hugely beneficial to our customers. While we don't have specific updates on timing yet, we'll share more in the coming months as we build out the integration. Eventually, once we're fully integrated, we expect this technology will accelerate our ability to serve Bitcoin remittances on a global scale at virtually no cost and will be an important component of our international expansion.

其次，我們最近宣布了與閃電網絡的計劃整合，該網絡將為全球近乎瞬時的比特幣傳輸提供動力，交易費用低於 0.01 美元，對我們的客戶非常有利。雖然我們還沒有具體的時間更新，但我們將在接下來的幾個月裡隨著我們構建集成而分享更多信息。最終，一旦我們完全整合，我們預計這項技術將加速我們在全球範圍內幾乎免費為比特幣匯款提供服務的能力，並將成為我們國際擴張的重要組成部分。

Third, we added 4 new coins: Compound, Polygon, Shiba Inu and Solana. We feel good about the listing framework we're using to evaluate new coins and expect to add more over time. Behind the scenes, we've also been refining our core crypto infrastructure to effortlessly custody and support new coins, tokens and chains. This is part of a process that began last year, and we'll soon be able to add new coins with relatively minimal effort.

第三，我們添加了 4 個新幣：Compound、Polygon、Shiba Inu 和 Solana。我們對我們用來評估新硬幣的列錶框架感覺很好，並希望隨著時間的推移增加更多。在幕後，我們還一直在完善我們的核心加密基礎設施，以輕鬆託管和支持新的硬幣、代幣和鏈。這是去年開始的一個過程的一部分，我們很快就能以相對最小的努力添加新硬幣。

Lastly, we recently entered into an agreement to acquire Ziglu for $170 million, primarily in cash. Ziglu is a U.K.-based crypto platform that lets customers transact in 11 different cryptocurrencies, earn yield on Bitcoin and pound sterling through Ziglu's Boost products and move and spend money even abroad without fees. Over the past few months, I've had the pleasure of getting to know Mark and the Ziglu team.

最後，我們最近簽署了一項以 1.7 億美元收購 Ziglu 的協議，主要是現金。 Ziglu 是一家總部位於英國的加密貨幣平台，客戶可以使用 11 種不同的加密貨幣進行交易，通過 Ziglu 的 Boost 產品賺取比特幣和英鎊的收益，甚至可以在國外免費轉移和消費。在過去的幾個月裡，我有幸結識了 Mark 和 Ziglu 團隊。

They share our love for building great products. They bring years of financial services and crypto expertise. And they have local knowledge that will be incredibly helpful as we expand our operations in the U.K. and beyond. They've also demonstrated a real commitment to regulatory compliance, being one of the first U.K. companies to obtain a cryptoasset registration from the FCA. Together, we believe we'll be well positioned to move even faster on our international expansion plans once we close, which is expected to be later this year.

他們和我們一樣熱愛打造偉大的產品。他們帶來了多年的金融服務和加密專業知識。他們擁有本地知識，這對於我們在英國及其他地區擴展業務非常有幫助。他們還表現出對監管合規的真正承諾，成為首批從 FCA 獲得加密資產註冊的英國公司之一。我們相信，一旦我們關閉（預計將在今年晚些時候），我們將有能力更快地推進我們的國際擴張計劃。

Last but not least, we've been laser-focused on serving our more advanced customers, a large and critical customer segment. These customers, while relatively small in number, drive a significant portion of our revenue. They love the simplicity of the interface and the ability to trade with no commissions, particularly in options where we also have no contract fees. But they want more, the flexibility to dive deeper and get more information through advanced charting and screening tools as well as improvements to the core trading flows. Providing all of this while making the simplicity of the platform continue to stay that way is the type of design challenge that we excel at solving.

最後但並非最不重要的一點是，我們一直專注於為我們更高級的客戶提供服務，這是一個龐大而重要的客戶群。這些客戶雖然數量相對較少，但占我們收入的很大一部分。他們喜歡界面的簡單性和無佣金交易的能力，特別是在我們也沒有合約費用的期權中。但他們想要更多，通過先進的圖表和篩選工具以及對核心交易流程的改進，更深入地研究和獲取更多信息的靈活性。在保持平台簡單性的同時提供所有這些是我們擅長解決的設計挑戰類型。

We've recently introduced 2 important features for advanced customers. Extended trading hours, which we launched earlier this quarter, was one of their top requests. And earlier this week, we rolled out fully paid securities lending to a small set of customers. This will give advanced customers a great way to enhance the yield on their portfolios, and we look forward to sharing it more broadly in the next few weeks. There's so much more that we're doing for our advanced customers in the coming months, and we're confident this work will not only benefit all of our customers but also increase our top line revenue.

我們最近為高級客戶推出了 2 個重要功能。我們本季度早些時候推出的延長交易時間是他們的首要要求之一。本週早些時候，我們向一小部分客戶推出了全額支付的證券借貸服務。這將為高級客戶提供一種提高其投資組合收益的好方法，我們期待在接下來的幾週內更廣泛地分享它。在接下來的幾個月裡，我們將為我們的高級客戶做更多的事情，我們相信這項工作不僅會使我們所有的客戶受益，而且還會增加我們的收入。

Now at the top of the call, I mentioned the challenges presented by the macro environment. For most of our history, Robinhood has operated in a period of low interest rates, low inflation and rising markets. Our customers are now experiencing all 3 of these trends going in the opposite direction, perhaps for the first time in their lives. As a result, some are engaging with us less regularly and reducing their trading activities. We've been watching customer behavior and let me tell you what we're seeing.

現在在電話會議的開頭，我提到了宏觀環境帶來的挑戰。在我們歷史的大部分時間裡，Robinhood 一直在低利率、低通脹和不斷上漲的市場中運作。我們的客戶現在正在經歷這三種相反的趨勢，這也許是他們一生中的第一次。因此，有些人與我們的接觸頻率降低，並減少了他們的交易活動。我們一直在觀察客戶的行為，讓我告訴你我們所看到的。

So overall, our customers are continuing to engage with us. But the total numbers have come down a bit with MAUs falling to 15.9 million in March. When we look a level deeper, our larger customers are still remaining active, but we are seeing more pronounced declines from those that have lower balances. With the uncertainty in the market, our customers became more cautious with their portfolios, trading less frequently and in smaller amounts across all asset classes, although crypto activity, in particular, came down pretty significantly.

因此，總體而言，我們的客戶正在繼續與我們互動。但總數有所下降，3 月份的月活躍用戶數降至 1590 萬。當我們更深入地觀察時，我們的大客戶仍然保持活躍，但我們看到那些餘額較低的客戶下降更明顯。由於市場的不確定性，我們的客戶對他們的投資組合變得更加謹慎，在所有資產類別中交易的頻率和數量都減少了，儘管特別是加密貨幣活動顯著下降。

But we've seen some encouraging signs. Net deposit levels are continuing to rise and churn has reached its lowest point in years. So how are we responding to the environment we're in? We're going to remain focused on building for the long term. We're in a great position. We have nearly 23 million customers, a strong team, great technology and strong product momentum. Together with our focus on operational efficiency, the future ahead of us remains bright.

但我們已經看到了一些令人鼓舞的跡象。淨存款水平繼續上升，流失率已達到多年來的最低點。那麼我們如何應對我們所處的環境呢？我們將繼續專注於長期建設。我們處於一個很好的位置。我們擁有近2300萬客戶，強大的團隊，強大的技術和強大的產品動力。加上我們對運營效率的關注，我們的未來依然光明。

And with that, let me turn it over to Jason.

有了這個，讓我把它交給傑森。

Thanks, Vlad. Before we get to the numbers, I'd like to talk about how we're thinking about getting back to positive adjusted EBITDA. As I just heard from Vlad, he's challenged us to achieve a positive run rate by year-end. So how do we get there? It's critical that we execute on our 2022 road map and be more lean. From where we stand today, we see top line upside from delivering better service to our advanced customers, rolling out fully paid securities lending, generating stronger net interest revenue and monetizing instant withdrawals.

謝謝，弗拉德。在我們得到數字之前，我想談談我們如何考慮恢復正調整 EBITDA。正如我剛剛從弗拉德那裡聽到的那樣，他向我們提出了挑戰，要求我們在年底前實現正運行率。那麼我們如何到達那裡呢？執行 2022 年路線圖並更加精益是至關重要的。從我們今天的情況來看，我們看到為我們的高級客戶提供更好的服務、推出全額支付的證券借貸、產生更強勁的淨利息收入以及將即時取款貨幣化帶來的收入增長。

We also think over a longer time horizon, there will be even more benefits coming from interchange on the Robinhood Cash Card, investments we're making in crypto and several other new initiatives that we have in the works. We're also focused on costs. We recently went through a period of get big fast as we hired to keep up with the pace of our business. We grew our headcount from about 700 at the end of 2019 to nearly 3,900 in just 2 years. We needed to grow that fast but it resulted in inefficiencies in the organization, duplicate roles and sometimes just more headcount than is needed, particularly as we deliver on optimizing our workflows.

我們還認為，在更長的時間範圍內，Robinhood Cash Card 的交換、我們對加密貨幣的投資以及我們正在進行的其他幾項新舉措將會帶來更多好處。我們還關注成本。我們最近經歷了一段快速增長的時期，因為我們聘請來跟上我們的業務步伐。我們的員工人數從 2019 年底的約 700 人增加到短短 2 年的近 3,900 人。我們需要快速增長，但這會導致組織效率低下、重複角色，有時甚至超出所需的人數，尤其是在我們致力於優化工作流程時。

So earlier this week, we announced a reduction in force, affecting 9% of our team. But as we look at our aggressive product plans for the year, we believe we can accomplish our goals with an even leaner team than we were previously planning. So in addition to our reduction in force, we have significantly cut our plans for hiring this year.

所以本週早些時候，我們宣布減少兵力，影響了我們團隊 9% 的成員。但當我們審視今年積極的產品計劃時，我們相信我們可以通過比我們之前計劃的更精簡的團隊來實現我們的目標。因此，除了裁員之外，我們還大幅削減了今年的招聘計劃。

Last quarter, I guided 2022 operating expenses, excluding share-based compensation, to grow between 15% and 20%. We now expect these costs to increase between 2% and 5% versus 2021. We're aiming to keep headcount roughly flat versus the end of last year. We're also looking at all of our other costs and believe we have opportunity there as well. We have a lot to reach -- a lot to do to reach this goal on profitability but I've got confidence in the team.

上個季度，我指導 2022 年的運營費用（不包括基於股票的薪酬）增長 15% 至 20%。我們現在預計這些成本將比 2021 年增加 2% 到 5%。我們的目標是使員工人數與去年年底大致持平。我們也在考慮所有其他成本，並相信我們也有機會。我們有很多事情要做——要實現這個盈利目標還有很多事情要做，但我對團隊充滿信心。

Now let's talk about corporate cash, specifically how much is needed to run the business and how much is true excess. We're currently holding about $6 billion in cash on our balance sheet. During most days, we use only a small fraction of this for working capital. We also hold some liquidity for high stress scenarios such as last year's meme stock and doge rallies. Including credit facilities, we currently have about $2.5 billion of excess liquidity beyond our stress scenarios. We also have line of sight to free up an additional $1 billion by optimizing the way we move our money. And why do we have this excess cash? We think it's prudent to have a strong balance sheet while we are growing our business, and it also gives us flexibility to grow inorganically when it makes sense to do so.

現在讓我們談談企業現金，特別是經營企業需要多少現金，以及真正的過剩有多少。我們目前在資產負債表上持有約 60 億美元的現金。在大多數日子裡，我們只使用其中的一小部分作為營運資金。我們還為去年的表情包和狗狗反彈等高壓力情景持有一些流動性。包括信貸額度在內，我們目前在壓力情景之外擁有約 25 億美元的過剩流動性。通過優化我們轉移資金的方式，我們還可以騰出額外的 10 億美元。為什麼我們有這些多餘的現金？我們認為，在我們發展業務的同時擁有強大的資產負債表是審慎的做法，而且它還為我們提供了在合理的情況下進行無機增長的靈活性。

I'd also like to talk about the effects of rate hikes by the Fed. With this first rate change, we captured an annual run rate effect of about $40 million. Looking ahead, we think the incremental effect from each of the next several rate hikes will be in the range of $30 million to $35 million and will be determined by the size of our margin book, the value our banking partners pass to us and how much we pass along to customers.

我還想談談美聯儲加息的影響。通過第一次費率變化，我們獲得了大約 4000 萬美元的年運行費率效應。展望未來，我們認為接下來幾次加息的增量效應將在 3,000 萬美元至 3,500 萬美元之間，這將取決於我們的保證金規模、銀行合作夥伴傳遞給我們的價值以及多少我們傳遞給客戶。

Now let's move to the numbers for the first quarter of 2022. As a reminder, Q1 is lapping a very strong quarter in the prior year, owing to the meme stock rally last year. Cumulative net funded accounts reached 22.8 million, up 27% year-over-year. During the quarter, we had 500,000 new accounts, 100,000 resurrections and 500,000 churned accounts. Churn continues to improve and has reached one of the lowest rates we've seen in the past several years. We had 15.9 million monthly active users, down 10% year-over-year and 8% sequentially. In this market, we're seeing customers with lower balances engaging less, which is driving the significant majority of our sequential decline in MAUs.

現在讓我們轉向 2022 年第一季度的數字。提醒一下，由於去年 meme 股票的上漲，第一季度在上一年的表現非常強勁。累計淨資金賬戶達到2280萬個，同比增長27%。在本季度，我們有 500,000 個新帳戶、100,000 個複活帳戶和 500,000 個流失帳戶。流失率繼續改善，並已達到我們在過去幾年中看到的最低比率之一。我們每月有 1590 萬活躍用戶，同比下降 10%，環比下降 8%。在這個市場上，我們看到餘額較低的客戶參與度較低，這在很大程度上推動了我們 MAU 連續下降的大部分原因。

Assets under custody were $93.1 billion, up 15% year-over-year, and net deposits were $5.7 billion in the quarter. Total revenues were $299 million for the quarter, down 43% year-over-year and down 18% versus Q4. Revenues came in softer than our expectations. We anticipated some incremental improvement to the trading environment from what we had seen during the first several weeks of the quarter, but trading volumes remained soft across all asset categories.

託管資產為 931 億美元，同比增長 15%，本季度淨存款為 57 億美元。本季度總收入為 2.99 億美元，同比下降 43%，與第四季度相比下降 18%。收入低於我們的預期。與本季度前幾週的情況相比，我們預計交易環境會有所改善，但所有資產類別的交易量仍然疲軟。

Transaction-based revenues were $218 million for the quarter, down 48% year-over-year and 17% sequentially. This was driven by declines in the number of customers trading as well as the average notional size of their trades, a pattern that we saw across all asset classes. Equities revenue was $36 million, down 73% year-over-year and 31% sequentially. Customers placing trades were down 46% year-over-year, while notional volumes per trader were down 24%.

本季度基於交易的收入為 2.18 億美元，同比下降 48%，環比下降 17%。這是由於客戶交易數量的下降以及他們交易的平均名義規模的下降，我們在所有資產類別中都看到了這種模式。股票收入為 3600 萬美元，同比下降 73%，環比下降 31%。進行交易的客戶同比下降 46%，而每位交易者的名義交易量下降 24%。

Options revenue was $127 million, down 36% year-over-year and 22% sequentially. Customers placing trades were down 44% year-over-year and options contracts per trader were down 33%. And crypto revenue was $54 million, down 39% year-over-year but up 13% sequentially. Customers placing trades were down 61% year-over-year and notional volumes per trader decreased by 22%. These declines significantly offset the recent increase in venue rebate rates.

期權收入為 1.27 億美元，同比下降 36%，環比下降 22%。進行交易的客戶同比下降 44%，每位交易員的期權合約下降 33%。加密收入為 5400 萬美元，同比下降 39%，但環比增長 13%。進行交易的客戶同比下降 61%，每位交易者的名義交易量下降 22%。這些下降大大抵消了最近場地回扣率的增加。

Moving to assets under custody. Equities was $68.5 billion, up 5% year-over-year. Options was $1.1 billion, down 45% year-over-year. Crypto increased to $19.7 billion, up 70% year-over-year. And customer cash increased to $9.2 billion, up 21% year-over-year, offset by $5.4 billion of receivables from users. And for net interest revenues, they were $55 million for the quarter, down 11% year-over-year and 13% sequentially. Primary components include securities lending and margin interest.

轉移到託管資產。股票為 685 億美元，同比增長 5%。期權為 11 億美元，同比下降 45%。加密貨幣增至 197 億美元，同比增長 70%。客戶現金增至 92 億美元，同比增長 21%，被來自用戶的 54 億美元應收賬款所抵消。本季度淨利息收入為 5500 萬美元，同比下降 11%，環比下降 13%。主要組成部分包括證券借貸和保證金利息。

Securities lending was $24 million, down 31% year-over-year and 17% sequentially as we saw lower demand for hard-to-borrow securities. Margin interest was $35 million, up 25% year-over-year but down 10% sequentially. Over the course of the quarter, we saw our margin users actively managing their borrowing. As a result, our margin book declined to $5.3 billion, putting it roughly flat with the prior year. As of March 23, we increased our margin rates to 3%, up 50 basis points, and we anticipate floating this rate along with Fed rate changes moving forward. And offsetting interest revenue was interest expense, which was $6 million.

證券借貸為 2400 萬美元，同比下降 31%，環比下降 17%，原因是我們看到對難以藉入證券的需求下降。保證金利息為 3500 萬美元，同比增長 25%，但環比下降 10%。在本季度，我們看到我們的保證金用戶積極管理他們的借貸。結果，我們的保證金賬簿降至 53 億美元，與上一年基本持平。截至 3 月 23 日，我們將保證金率提高到 3%，提高了 50 個基點，我們預計隨著美聯儲利率變化的推進而浮動這一利率。抵消利息收入的是利息支出，即 600 萬美元。

Moving to other revenues. They were $26 million this quarter, a 35% decrease versus the prior year and 26% decline sequentially. The year-over-year decline was driven by an 87% reduction in our ACATS Out fees as we experienced elevated churn last year.

轉移到其他收入。本季度為 2600 萬美元，同比下降 35%，環比下降 26%。同比下降的原因是我們的 ACATS Out 費用減少了 87%，因為我們去年經歷了較高的客戶流失率。

Before closing out, I'd like to note that starting this quarter, we'll begin providing monthly metrics for our top KPIs. These disclosures will include information about user growth, engagement and trading, including trading volumes and DARTs by asset class. We'll post these metrics to the Investor Relations website at investors.robinhood.com mid-month after the end of each of the first 2 months of the calendar quarter. The metrics for the last month of each quarter will be shared at earnings.

在結束之前，我想指出，從本季度開始，我們將開始為我們的頂級 KPI 提供月度指標。這些披露將包括有關用戶增長、參與度和交易的信息，包括按資產類別劃分的交易量和 DART。我們將在日曆季度的前 2 個月每個月結束後的月中將這些指標發佈到投資者關係網站 Investors.robinhood.com。每個季度最後一個月的指標將在收益中共享。

With this change, we will no longer be providing revenue guidance. Given the volatility of our revenue, particularly transaction-based revenues from trading activity, we believe providing monthly disclosures of our top KPIs is preferable to forward-looking guidance. So far in April, we're seeing trading volumes in line with what we were seeing throughout most of Q1.

隨著這一變化，我們將不再提供收入指導。鑑於我們收入的波動性，特別是來自交易活動的基於交易的收入，我們認為每月披露我們的最高 KPI 優於前瞻性指導。 4 月到目前為止，我們看到的交易量與我們在第一季度大部分時間看到的一致。

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

有了這個，Irv，讓我們進入問答環節。

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

謝謝，傑森。在本季度的問答環節中，我們將首先回答 Say 的熱門問題，按票數排名。我們將跳過已經解決的所有問題，並將具有共同主題的問題組合在一起。之後，我們將把它交給分析師社區的實時問題。

And with that, our first question is from Andrew K. echoed a couple of times by Jasvinder B. and Abdul-Basir M. The question is, what are management's plans to grow and/or regain market cap?

有了這個，我們的第一個問題來自 Andrew K. Jasvinder B. 和 Abdul-Basir M 的幾次回應。問題是，管理層增長和/或重新獲得市值的計劃是什麼？

Sure, I'll field that one. Thank you, Andrew. So first, let me say that we all know this is a challenging time in the markets. And our focus during this time is on building a great company for the long term. You've heard us talk about several large areas of investment throughout the beginning of this call. And we're going to continue to invest in new product areas. Our product momentum and velocity across both our core business and these new developments is going to continue to accelerate.

當然，我會派出那個。謝謝你，安德魯。首先，讓我說，我們都知道這是市場充滿挑戰的時期。在此期間，我們的重點是建立一個長期的偉大公司。在本次電話會議開始時，您已經聽到我們談論了幾個大的投資領域。我們將繼續投資新產品領域。我們在核心業務和這些新發展方面的產品勢頭和速度將繼續加速。

You also heard we're going to be focused on operational discipline and getting to positive adjusted EBITDA by the end of the year. I think throughout the course of this year, deepening the relationships with our customers, especially the most engaged customers that use Robinhood a lot, will lead to greater monetization over time and will allow us to get to positive adjusted EBITDA by the end of the year.

您還聽說我們將專注於運營紀律，並在年底前實現正調整 EBITDA。我認為在今年的整個過程中，加深與我們客戶的關係，尤其是與經常使用 Robinhood 的最活躍的客戶的關係，將隨著時間的推移帶來更大的貨幣化，並使我們能夠在年底前實現調整後的 EBITDA .

But have to completely reiterate that we're going to continue to invest in new products. And over time, we believe that building a great company for the long term will lead increases in market cap and smoothing out variations in market activity over time.

但必須完全重申，我們將繼續投資於新產品。隨著時間的推移，我們相信建立一家長期的優秀公司將導致市值增加，並隨著時間的推移消除市場活動的變化。

Thanks, Vlad. Our next question comes from Sony P. who asks, when is HOOD going to pay a dividend? Jason?

謝謝，弗拉德。我們的下一個問題來自 Sony P。他問，HOOD 什麼時候會派發股息？傑森？

Thanks, Sony. This is Jason. It's too early for us to be paying out dividends. We think it's better right now to be investing in the business. We've got a lot of opportunity ahead of us as we've been talking about today, and we think that's the best use for our capital right now. But I appreciate the question.

謝謝，索尼。這是傑森。我們現在支付股息還為時過早。我們認為現在投資該業務會更好。正如我們今天所說的那樣，我們面前有很多機會，我們認為這是目前我們資金的最佳用途。但我很欣賞這個問題。

Great. Next up from Daniel L. What will Robinhood do to combat declining monthly active users?

偉大的。接下來是 Daniel L。Robinhood 將如何應對每月活躍用戶的下降？

Sure. I'll take that one. So we have seen recent declines but I think it's important to look at the broader context. Robinhood has grown very quickly over the last few years. For instance, if you look at monthly active users, over the past 2 years, we've nearly doubled MAUs from 8.6 million to right around 15.9 million. So looking ahead, we're going to continue to innovate and roll out new products.

當然。我會拿那個。因此，我們看到了最近的下跌，但我認為著眼於更廣泛的背景很重要。在過去的幾年裡，Robinhood 的發展非常迅速。例如，如果您查看每月活躍用戶，在過去 2 年中，我們的 MAU 幾乎翻了一番，從 860 萬增加到大約 1590 萬。因此，展望未來，我們將繼續創新並推出新產品。

And we see our customers engage with us in new ways. A good example is the recently rolled out Cash Card, which we're rolling out to our customers. I think it's a great way to have customers using us for more than just investing, direct depositing their paychecks into Robinhood and using us for anything that they would use their local bank for, except with lower cost and a much better customer experience.

我們看到我們的客戶以新的方式與我們互動。一個很好的例子是最近推出的現金卡，我們正在向我們的客戶推出。我認為這是讓客戶使用我們的好方法，而不僅僅是投資，將他們的薪水直接存入 Robinhood 並將我們用於他們將使用當地銀行的任何事情，除了成本更低和更好的客戶體驗。

So as we continue to add these new products while also adding more products to investing and in crypto, we're confident in our ability to not only retain our existing customers but significantly grow new ones over time.

因此，隨著我們繼續添加這些新產品，同時也為投資和加密貨幣添加更多產品，我們相信我們不僅有能力留住現有客戶，而且隨著時間的推移顯著增加新客戶。

Great. Next up from Kevin L. What is the #1 focus this year?

偉大的。接下來是 Kevin L. 今年的第一重點是什麼？

Yes, I'll field that one. The #1 focus for us is focusing on our customers, building products that our customers love. And of course, we'll balance that with focusing on operating lean and making smart decisions with our capital. As we said last quarter, you look to our road map and there's lots of ambitious things that we know customers could benefit from. So there's more that we have to do for retirement and long-term investing; securities lending, which allows customers to get additional yield on their portfolios, which started rolling out earlier this week; and of course, crypto. So what we saw this quarter is demonstrating a lot of momentum in execution. And I think that's really, really exciting, and we're excited to continue that moving forward.

是的，我會派出那個。我們的第一重點是關注我們的客戶，打造客戶喜愛的產品。當然，我們將在這與專注於精益運營和利用我們的資本做出明智的決策之間取得平衡。正如我們上個季度所說，您查看我們的路線圖，我們知道客戶可以從中受益的許多雄心勃勃的事情。因此，對於退休和長期投資，我們還有更多工作要做；證券借貸，允許客戶從他們的投資組合中獲得額外收益，本週早些時候開始推出；當然，還有加密貨幣。因此，我們在本季度看到的情況顯示出很大的執行動力。我認為這真的非常令人興奮，我們很高興能繼續向前發展。

Okay. Next up, we've got a couple of questions on retirement accounts from Ryan B. and Tsering L. Basically, will retirement accounts be available soon?

好的。接下來，我們有幾個來自 Ryan B. 和 Tsering L. 關於退休賬戶的問題。基本上，退休賬戶會很快推出嗎？

Yes. So retirement accounts have been a focus for us this year and we've been making great progress. I think that when customers see what we have in store, they'll be really excited. It will bring the same design and user experience that customers have come to expect from Robinhood customers, from Robinhood products, and it will be a great product. And we're excited to roll it out later this year.

是的。因此，退休賬戶一直是我們今年的重點，我們一直在取得很大進展。我認為當顧客看到我們店裡的東西時，他們會非常興奮。它將帶來與客戶對 Robinhood 客戶和 Robinhood 產品的期望相同的設計和用戶體驗，這將是一款出色的產品。我們很高興在今年晚些時候推出它。

Excellent. From Abhinav S., what are the next top 3 big changes Robinhood is bringing to customers this year?

優秀的。從 Abhinav S. 看來，Robinhood 今年為客戶帶來的下一個三大變化是什麼？

Sure. Abhinav, so I've mentioned a lot about our product velocity accelerating, and we've made lots of improvements to our customer experience and feature set across the board. Three themes to mention: one, the active investor experience. We're really excited to better serve our active investors, the people that are most engaged into our platform. And we've seen the experience getting better and better with new products and also a lot of small improvements to the day-to-day process of trading and setting up an account on Robinhood. So it's been a huge area of focus, valuable for these customers but also valuable to the top line of the company. So that's one.

當然。 Abhinav，所以我已經提到了很多關於我們的產品速度加快的問題，並且我們對我們的客戶體驗和功能集進行了很多改進。三個主題要提：一、積極的投資者體驗。我們真的很高興能夠更好地為我們的活躍投資者提供服務，這些人是最常參與我們平台的人。我們已經看到新產品的體驗變得越來越好，並且對日常交易和在 Robinhood 上設置賬戶的過程也進行了許多小改進。所以這是一個巨大的關注領域，對這些客戶很有價值，對公司的收入也很有價值。所以這是一個。

Number two, the Cash Card. We, I've talked a little bit about this, are excited to see customers engaging with us in different ways. This is one of the only debit cards on the market that gives customers rewards for spending, similar to what they would get from a credit card. And our experience around direct deposits is also incredibly high quality, where we not only give customers the ability to get paid 2 days early, but we also make it easy to invest your paycheck and direct deposit into securities as well as crypto.

第二，現金卡。我們，我已經談了一點，很高興看到客戶以不同的方式與我們互動。這是市場上僅有的為客戶提供消費獎勵的借記卡之一，類似於他們從信用卡中獲得的獎勵。而且我們在直接存款方面的經驗也非常高品質，我們不僅讓客戶能夠提前 2 天獲得付款，而且我們還可以輕鬆地將您的薪水和直接存款投資到證券和加密貨幣中。

Then the third area is crypto. No surprise that we've been investing a lot here. We've increased our selection and we've also improved cost for customers as well.

然後第三個領域是加密貨幣。毫不奇怪，我們在這裡投入了大量資金。我們增加了選擇，也為客戶降低了成本。

And I'll throw a bonus #4. You've heard me talk about retirement. I think that this is a very, very important need for our customers to get help investing for the long term with the same low cost and user experience customers have grown to love and expect from Robinhood. So we're very excited to deliver that for our customers, and we think you'll really like it.

我會拋出一個獎金#4。你聽說過我談論退休。我認為，對於我們的客戶來說，這是一個非常非常重要的需求，以幫助他們以同樣的低成本和用戶體驗進行長期投資，而客戶已經越來越喜歡和期待 Robinhood。因此，我們很高興為我們的客戶提供這種服務，我們認為您會非常喜歡它。

Awesome. Thanks, Vlad. I think maybe we have time for just 1 last question and then we'll shift to the analyst community. So the last 1 from Eduardo V. is, when is Robinhood going global?

驚人的。謝謝，弗拉德。我想也許我們只有最後一個問題的時間，然後我們將轉向分析師社區。所以 Eduardo V. 的最後一個問題是，Robinhood 何時走向全球？

Well, we're excited to have announced the acquisition of Ziglu. We expect to have the acquisition closed later this year. And we think it's a great accelerant. We intend to build from that base and roll out an awesome product to our customers in the U.K. first and then Europe and the rest of the world.

好吧，我們很高興宣布收購 Ziglu。我們預計將在今年晚些時候完成收購。我們認為它是一種很好的促進劑。我們打算在此基礎上進行構建，並首先向英國的客戶推出一款出色的產品，然後是歐洲和世界其他地區。

Awesome. Thanks to everyone who posted questions on Say. And with that, I will ask the operator to open up the line. Thank you.

驚人的。感謝所有在 Say 上發布問題的人。有了這個，我會要求接線員打開線路。謝謝你。

(Operator Instructions) Our first question comes from Devin Ryan of JMP Securities.

（操作員說明）我們的第一個問題來自 JMP Securities 的 Devin Ryan。

First of all, thanks for the monthly disclosure. I think that will be very helpful moving forward. I guess first question here. Appreciate expectations around getting through breakeven by year-end. I think what a lot of folks are trying to kind of figure out here is you've launched a lot of new products and hopefully you see traction around them. But can you help us maybe think about just the revenue contribution from some of the larger initiatives and how you expect those might scale given that they weren't in the prior quarter's results?

首先，感謝每月的披露。我認為這將非常有助於向前發展。我想這裡的第一個問題。讚賞對在年底前實現盈虧平衡的期望。我認為很多人在這裡試圖弄清楚的是，你推出了很多新產品，希望你能看到它們的吸引力。但是，您能否幫助我們考慮一下一些較大計劃的收入貢獻，以及考慮到上一季度的結果中沒有這些計劃，您預計這些計劃將如何擴展？

And then the second part of that question is, if you succeed in getting to kind of profitability, how do you expect to manage from there? Should we think about just kind of maintaining around that level, that breakeven? Or should it inflect through, and then to the extent revenues continue to expand, there's a lot more operating leverage from there?

然後這個問題的第二部分是，如果你成功地獲得了某種盈利能力，你期望如何從那裡進行管理？我們是否應該考慮維持在那個水平，即盈虧平衡？還是應該通過影響，然後在收入繼續擴大的範圍內，從那裡有更多的經營槓桿？

Thanks, Devin. This is Jason. I'll take it and Vlad can contribute if he has some additional thoughts. The biggest contributors from where we are today and where we need to get by the end of the year to kind of achieve this goal of adjusted EBITDA breakeven or better, we had ARPU of about $53 for this quarter. We need to get to kind of mid-$80s by the end of the year to be able to get to that goal.

謝謝，德文。這是傑森。我會接受它，如果弗拉德有其他想法，他可以做出貢獻。我們今天所處的位置以及我們需要在年底前達到的最大貢獻者，以實現調整後的 EBITDA 盈虧平衡或更好的目標，我們本季度的 ARPU 約為 53 美元。我們需要在年底前達到 80 美元左右才能實現這一目標。

The biggest contributors -- you heard Vlad talk about the improvements that we're just making to the platform, primarily listening to some of our more active customers. We think it's going to serve them incredibly well. It's going to have a halo effect to all of the customers that we have on the platform. We just started out -- started rolling out fully paid securities lending. We talked a bit last quarter about the revenue opportunity there. It's about 1 to 2x what we have for margin securities lending, depending on the attach rate of our customers.

最大的貢獻者——您聽到 Vlad 談到我們剛剛對平台進行的改進，主要是聽取我們一些更活躍的客戶的意見。我們認為它將為他們提供非常好的服務。這將對我們在平台上擁有的所有客戶產生光環效應。我們剛剛開始 - 開始推出全額支付證券借貸。我們上個季度談到了那裡的收入機會。這大約是我們的保證金證券借貸的 1 到 2 倍，具體取決於我們客戶的附加率。

The rising interest rates by the Fed, we're going to be able to capture meaningful NIM as that continues to progress. And then instant withdrawals is another contributor. All in, we think that we can get there. It's an aggressive goal. It's going to take, I think, a lot of focus on operating costs, and we've got the commitment of the whole team to get there.

隨著美聯儲利率的上升，我們將能夠獲得有意義的淨息差，因為這會繼續發展。然後即時提款是另一個貢獻者。總而言之，我們認為我們可以到達那裡。這是一個激進的目標。我認為，這將需要大量關注運營成本，並且我們已經得到了整個團隊的承諾來實現這一目標。

In terms of how are we going to manage it going forward, what I'll tell you is that we're going to continue to invest aggressively for long-term growth. But I think as we continue to roll out products that add monetization to the platform, you're going to see that the investments that we're making are relatively less relative to the overall profitability of the company as we gain momentum. But we'll -- it's not a 1-year thing for maintaining operational discipline. We want to be a lean company. We want that to be part of our DNA and I would expect that to continue beyond this year.

至於我們將如何管理它，我要告訴你的是，我們將繼續積極投資以實現長期增長。但我認為，隨著我們繼續推出為平台增加貨幣化的產品，你會看到隨著我們獲得動力，我們所做的投資相對於公司的整體盈利能力而言相對較少。但是我們會 - 維持運營紀律不是一年的事情。我們想成為一家精益公司。我們希望這成為我們 DNA 的一部分，我希望這會持續到今年之後。

Yes. And I would just add, Devin, that it's very much part of Robinhood's DNA to operate lean and efficient. And over the past year, we've made a lot of improvements to our technology and infrastructure. So what we expect is we want to make sure we demonstrate that the business model works very, very well during slow economic times. .

是的。我只想補充一點，德文，這是 Robinhood 精益高效運營的重要組成部分。在過去的一年裡，我們對我們的技術和基礎設施進行了很多改進。所以我們期望的是，我們要確保我們證明商業模式在經濟低迷時期非常非常有效。 .

And so when volatility does come back to equities markets and to crypto, we should see upside from that. But we also want to make sure that in hard economic times, our business remains resilient and strong. And I think the DNA of efficiency and the fact that we've improved our infrastructure tremendously is going to help with that.

因此，當波動性確實回到股票市場和加密貨幣時，我們應該會從中看到好處。但我們也希望確保在經濟困難時期，我們的業務保持彈性和強勁。我認為效率的 DNA 以及我們極大地改善了基礎設施的事實將對此有所幫助。

Okay. Great. I appreciate that. And then I'll just ask 1 quick follow-up here. You gave the interest rate sensitivity on, I think, a couple of hikes here. Are you not providing it kind of in a maybe more normalized rate environment because of kind of maybe the earlier comments around reinstating kind of high-yield opportunities on cash? Or how should we -- should we continue to roll those types of revenues forward if we normalize to 200 basis points or higher on the short end of the curve?

好的。偉大的。我很感激。然後我會在這裡問1個快速跟進。我認為，您在這裡給出了幾次加息的利率敏感性。您是否沒有在可能更加正常化的利率環境中提供它，因為之前可能有關於恢復現金高收益機會的評論？或者我們應該如何——如果我們在曲線的短端正常化到 200 個基點或更高，我們應該繼續推動這些類型的收入嗎？

Yes. Appreciate that question. What I'd say there is that there's some variability in the interest-earning accounts that we have. If you look at the margin balances, for example, this quarter came down meaningfully during the quarter as our customers managed their borrowing levels. It also depends on how much we're able to realize from the banking partners. And depending on the balances involved, we're able to realize more or less. And then to the point that you just raised, we do intend to pass some back to customers as well.

是的。欣賞這個問題。我想說的是，我們擁有的生息賬戶存在一些差異。例如，如果您查看保證金餘額，則本季度在本季度顯著下降，因為我們的客戶管理了他們的借貸水平。這還取決於我們能夠從銀行合作夥伴那裡獲得多少收益。根據所涉及的平衡，我們能夠或多或少地實現。然後就您剛剛提出的觀點而言，我們確實打算將一些回饋給客戶。

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。

You have a number of initiatives underway, and I think it would be helpful to get a sense of the opportunity for these future initiatives by seeing how some of your past initiatives have gone. I thought of a couple, maybe there's some others, but I think you guys had rolled out incoming ACATS. How much engagement are you seeing there? And if you could, where is the money coming from?

您有許多計劃正在進行中，我認為通過了解您過去的一些計劃的進展情況，了解這些未來計劃的機會會很有幫助。我想到了幾個，也許還有其他一些，但我認為你們已經推出了即將到來的 ACATS。你在那裡看到多少參與度？如果可以的話，錢從哪裡來？

I think you've offered direct deposits for some time. How many clients are sort of utilizing those? I know during the IPO, you guys told us about Gold accounts and the number of members there. If you could just update us on how that initiative continues to grow. And I know debit cards are new but you've had a waiting list, I think, for some time. How many clients were on that waiting list? And how many are using the card in the early days of usage?

我想你們提供直接存款已經有一段時間了。有多少客戶在使用這些？我知道在首次公開募股期間，你們告訴我們黃金賬戶和那裡的會員數量。如果你能告訴我們該倡議如何繼續發展。而且我知道借記卡是新的，但我想你已經有一個等候名單了一段時間。等候名單上有多少客戶？有多少人在使用初期使用該卡？

Thanks, Ken. So I'm just kind of ticking through some of these. So for ACATS In, we've seen that be one of the channels where customers are inflowing deposits into Robinhood. It's simply a portion of the channel, I guess, is what I'd say. Last quarter, we had $5.7 billion in net deposits come in, a portion of that from ACATS In. We do have thousands of customers using it. I'd tell you that, that particular functionality is going to be really helpful as we roll out new account types like retirement in the future as well as for customers that are just joining with us. And the feedback has been good, but we kind of view that as just a foundational functionality that we just needed to have on the platform.

謝謝，肯。所以我只是略過其中的一些。因此，對於 ACATS In，我們已經看到這是客戶將存款流入 Robinhood 的渠道之一。我想這只是頻道的一部分，這就是我要說的。上個季度，我們有 57 億美元的淨存款進入，其中一部分來自 ACATS In。我們確實有成千上萬的客戶在使用它。我會告訴你，隨著我們在未來推出新的賬戶類型（如退休賬戶）以及剛剛加入我們的客戶，該特定功能將非常有用。反饋很好，但我們認為這只是我們需要在平台上擁有的基礎功能。

Direct deposits, while we've had the functionality, hasn't been something that we've been really pushing until more recently. We wanted to have a great offering around the Cash Card so that when customers do direct deposit their paycheck, they're able to spend as well as invest. And it's really early but the early signal on the Cash Card is that we're seeing a nice adoption of the direct deposit.

直接存款，雖然我們有這個功能，但直到最近我們才真正推動。我們希望圍繞現金卡提供出色的產品，以便當客戶直接存入他們的薪水時，他們能夠消費和投資。這真的很早，但現金卡上的早期信號是我們看到直接存款的採用很好。

In terms of Gold, the overall attach rate is about 5.5%. That subscription product today largely appeals to more advanced customers. And we have a small team working on the Gold subscription product to add value propositions that are going to appeal to a larger swath of our customers. And that's something that we'll update you on later this year.

就黃金而言，整體附加率約為 5.5%。今天的訂閱產品在很大程度上吸引了更高級的客戶。我們有一個小團隊致力於黃金訂閱產品，以增加將吸引更多客戶的價值主張。這是我們將在今年晚些時候向您更新的內容。

And then debit cards, we've just started rolling out the new Robinhood Cash Card. So rolling it out slowly. We had hundreds of thousands on the waitlist of customers. And the prior cash card that we had, debit card, reached about 6 million customers on it. And so we feel really good about the value proposition of this card as we continue to roll it out, that it will appeal to our customers.

然後是藉記卡，我們剛剛開始推出新的 Robinhood Cash Card。所以慢慢推出來。我們有成千上萬的客戶候補名單。而我們之前的現金卡，即藉記卡，已經覆蓋了大約 600 萬客戶。因此，隨著我們繼續推出這張卡，我們對這張卡的價值主張感到非常滿意，它將吸引我們的客戶。

I'll just throw in there one that you didn't ask about, extended trading hours. So during our rollout, we were seeing some lift in trading behavior versus the control group. But I would say that it's still pretty early. We have to determine that it's not just the novelty of the new feature. But we've been really pleased with the customer response. As you probably know, it's been one of the most asked-about features for advanced users. And it's a huge step along the way into our goal of allowing 24/7 trading in equities markets.

我只是把你沒有問過的一個放在那兒，延長交易時間。因此，在我們推出期間，我們看到交易行為與對照組相比有所提升。但我會說現在還為時過早。我們必須確定這不僅僅是新功能的新穎性。但我們對客戶的反應非常滿意。您可能知道，它是高級用戶最常被問到的功能之一。這是我們實現股票市場 24/7 全天候交易目標的一大步。

Awesome. I knew I missed at least something so thank you for that.

驚人的。我知道我至少錯過了一些東西，所以謝謝你。

Thanks for your question, Ken.

謝謝你的問題，肯。

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。

So I guess my question, you talked a lot about focusing on advanced users. And traditionally, if you look at the e-brokerage industry, from what we understand about it, that there was sort of an 80-20 rule where 20% of the accounts generated 80% of trades and generally the revenue. So I guess my question is, how are you defining the users? It may be different by asset -- whether it's crypto or option, but any sort of feel for how you define it so we get some sort of feeling of how many advanced users? And does this 80-20 rule, does it bring home to, the way you're looking at it, advanced users to your overall customer base?

所以我想我的問題是，你談到了很多關於關注高級用戶的問題。傳統上，如果你看一下電子經紀行業，根據我們對它的了解，有一種 80-20 規則，即 20% 的賬戶產生 80% 的交易和通常的收入。所以我想我的問題是，你如何定義用戶？它可能因資產而異——無論是加密貨幣還是期權，但對你如何定義它有任何感覺，所以我們對有多少高級用戶有某種感覺？這條 80-20 規則是否會以您看待它的方式將高級用戶帶回家到您的整體客戶群？

Thanks, Rich. It's Jason. I'll take this one. So we do have a power law where a smaller portion of the customers do contribute more of the revenue. This is one of the reasons why we're rolling out new products that we're excited about like the Robinhood Cash Card, for example, that is going to help customers, particularly those that don't feel like they're able to really set aside extra money, to start investing. With roundups and the roundup matches that Robinhood provides, it's giving them an opportunity to contribute. But the -- in terms of like how many, we haven't said that it is hundreds of thousands of customers. So it's a big portion of our customer base.

謝謝，里奇。是傑森。我要這個。所以我們確實有一個冪律，其中一小部分客戶確實貢獻了更多的收入。這就是我們推出讓我們興奮的新產品的原因之一，例如 Robinhood Cash Card，這將幫助客戶，尤其是那些感覺自己無法真正做到的客戶留出多餘的錢，開始投資。通過 Robinhood 提供的綜述和綜述比賽，這讓他們有機會做出貢獻。但是 - 就數量而言，我們並沒有說它是數十萬客戶。所以這是我們客戶群的很大一部分。

But I guess have you sought to have some internal definition of how -- what an advanced user is or cutoff?

但我想你是否試圖對如何進行一些內部定義 - 高級用戶是什麼或截止？

We do have ways to look at it internally but it's not something that we've shared outside the company.

我們確實有辦法在內部查看它，但這不是我們在公司外部分享的東西。

Yes. A lot of it is based on engagement with different products. So we have some advanced customers that are trading options. We have ones that are utilizing our competitive margin rates. And we also have customers that love Robinhood for our low crypto fees and our great user experience and are trading crypto quite a bit on our platform.

是的。其中很多是基於對不同產品的參與。所以我們有一些高級客戶正在交易期權。我們有一些正在利用我們具有競爭力的保證金率。我們也有一些客戶喜歡 Robinhood，因為我們的低加密費用和出色的用戶體驗，並且在我們的平台上進行了大量的加密交易。

And the way -- the reason we're saying that we believe improvements to the experience for advanced customers will help everyone is whenever there's an issue, since these customers are more engaged, they're more likely to run into them than a typical customer. So by making the experience really, really good for them as well as adding new features, we think the experience for the typical customer will be pristine and more flawless. So we think there's high leverage here, and there's a lot more to do for our more advanced customers.

以及方式 - 我們之所以說我們相信改進高級客戶的體驗將幫助每個人的原因是每當出現問題時，因為這些客戶更投入，他們比典型客戶更有可能遇到他們.因此，通過使體驗對他們真正非常有益以及添加新功能，我們認為典型客戶的體驗將是原始的，更加完美無瑕。因此，我們認為這裡有很高的槓桿率，對於我們更高級的客戶還有很多事情要做。

Okay. And just 1 quick follow-up. Jason, when you said 2% to 5% on the expense growth now, I believe that's what you said in the beginning, so the way to build this out would be, you build out the expenses, sort of back out what that expenses would be in -- on an EBITDA basis and then that's the goal for revenues and all the new products.

好的。只需 1 次快速跟進。傑森，當你說現在的支出增長 2% 到 5% 時，我相信你一開始就是這麼說的，所以建立這個的方法是，你建立支出，有點收回那些支出會以 EBITDA 為基礎，這就是收入和所有新產品的目標。

Yes, the primary thing that you back out on operating expenses would be share-based compensation. We have a relatively small restructuring-related charge as well on the reduction in force that we just announced, but that's the right way to think about it, about 2% to 5% year-over-year increase in OpEx.

是的，您在運營費用上的主要支出將是基於股份的薪酬。對於我們剛剛宣布的削減力量，我們也有相對較小的重組相關費用，但這是正確的思考方式，運營支出同比增長約 2% 至 5%。

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。

First, I want to say thanks for all the new disclosures. Echo the earlier comments, I think the monthlies will be very helpful going forward and looking forward to following that. I also wanted to ask a question on some of the trends in net cumulative deposits or net new assets. I mean despite the slowdown in trading activity, the last 3 months have actually been quite strong in terms of new flows, and it seems like you're growing the asset base at something like a 15% to 20% annualized clip. So maybe could you talk about strategies in place to continue to deepen the wallet share with customers from just an overall AUM perspective?

首先，我要感謝所有新的披露。與之前的評論相呼應，我認為月刊將非常有幫助，並期待後續跟進。我還想問一個關於淨累積存款或淨新資產的一些趨勢的問題。我的意思是，儘管交易活動放緩，但過去 3 個月的新流量實際上相當強勁，而且您的資產基礎似乎以 15% 到 20% 的年化增長率增長。那麼，也許你能談談從整體 AUM 的角度繼續深化與客戶的錢包份額的策略嗎？

And then as you think about monetization going forward, be it through increased cash monetization, asset-based fees from third parties or investment advisory relationships, it seems like tying revenue to AUM levels is a solid long-term opportunity for the company. Just how do you kind of size that on the opportunity set?

然後，當您考慮未來的貨幣化時，無論是通過增加現金貨幣化、來自第三方的基於資產的費用還是投資諮詢關係，似乎將收入與 AUM 水平掛鉤對公司來說是一個可靠的長期機會。您如何在機會集上確定它的大小？

Yes. I mean we've certainly seen a correlation between assets under custody and revenue on the platform. And we think that wallet share and assets under custody are correlated with deepening our relationships with customers and kind of the long-term health of the business and some of the things that we're doing there.

是的。我的意思是，我們當然已經看到了託管資產與平台收入之間的相關性。我們認為，錢包份額和託管資產與加深我們與客戶的關係以及業務的長期健康狀況以及我們在那裡所做的一些事情相關。

On the new Cash Card side, you've heard us talk about direct deposits and getting customers to deposit their paychecks into Robinhood. And we see them depositing those and using our Cash Card for their day-to-day spending and also using the paycheck auto invest feature to automatically and seamlessly invest a portion of their paychecks directly into stocks and crypto.

在新的現金卡方面，您聽說過我們談論直接存款和讓客戶將他們的薪水存入 Robinhood。我們看到他們將這些存入並使用我們的現金卡進行日常支出，還使用薪水自動投資功能自動、無縫地將部分薪水直接投資到股票和加密貨幣中。

Retirement accounts, obviously, a big one. Tax-advantaged accounts are really valuable to customers. And we think that, that's a great long-term opportunity and also a building block for other passive products down the road. And on the crypto side, we also see a correlation between new asset additions and assets under custody over the long term. So as we continue to expand our selection there and look out over a longer time horizon, we think that, that will drive assets under custody pretty significantly as well.

顯然，退休賬戶是一個大賬戶。稅收優惠賬戶對客戶來說非常有價值。我們認為，這是一個很好的長期機會，也是未來其他無源產品的基石。在加密方面，我們還看到了新資產增加與長期託管資產之間的相關性。因此，隨著我們繼續擴大我們的選擇範圍並展望更長的時間範圍，我們認為這也將大大推動託管資產。

In terms of, well, monetizing some of these asset gathering activities, obviously, there'll be some trading. Securities lending should be available, interest on uninvested cash. And then over time, we can layer on value-added services.

就這些資產收集活動的貨幣化而言，顯然會有一些交易。證券借貸應該可用，未投資現金的利息。然後隨著時間的推移，我們可以疊加增值服務。

Got it. That's super helpful. I appreciate all the color. And just maybe if I can follow up with 1 quick technical question on the interest rate modeling. As you're thinking about the margin loan repricing as interest rates rise, could you talk about how much of the margin balances would actually be subject to that interest rate rise? And because I know a decent or some amount of the margin balances are interest-free under the Robinhood Gold program, so I just wanted to get a sense for how significant that is.

知道了。這非常有幫助。我欣賞所有的顏色。如果我能跟進 1 個關於利率建模的快速技術問題，也許就可以了。當您考慮隨著利率上升而重新定價保證金貸款時，您能否談談實際有多少保證金餘額會受到利率上升的影響？而且因為我知道在 Robinhood Gold 計劃下，相當數量或一定數量的保證金餘額是免息的，所以我只是想了解這有多麼重要。

Yes. So the first -- if you're a Gold member, you get your first $1,000 of margin borrowing for free. And so what I would do, Will, is just look at average borrowing per customer, which is disclosed, and you can kind of get a pretty good sizing there of how much is interest earning above the $1,000.

是的。所以第一個——如果您是黃金會員，您可以免費獲得第一筆 1,000 美元的保證金借款。所以，威爾，我要做的就是看看每個客戶的平均借款，這是公開的，你可以從中得到一個相當不錯的規模，即超過 1,000 美元的利息收入有多少。

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。

This is Eli filling in for Craig. I had a question on your digital wallet. So what's the timetable for launching it to the entire client base, not just from the waitlist? And then also, can you help us quantify the magnitude of the impact that you expect the digital wallet to have, wallet share account growth and trading activity?

這是伊萊替克雷格做的。我對你的數字錢包有疑問。那麼向整個客戶群推出它的時間表是什麼，而不僅僅是從候補名單中推出呢？然後，您能否幫助我們量化您期望數字錢包產生的影響、錢包份額賬戶增長和交易活動的程度？

So yes, we're very excited about the rollout of our wallet. We think that this is an important primitive for customers who are engaging with crypto. We think it's a long-term driver of new customers onto our crypto platform, less so revenue because very few customers actually utilize deposit and withdrawal functionality. They just like to see that it's there, especially early adopters because crypto is all about having control of your own assets.

所以，是的，我們對錢包的推出感到非常興奮。我們認為這對於參與加密的客戶來說是一個重要的原語。我們認為這是新客戶進入我們的加密平台的長期驅動力，收入較少，因為很少有客戶真正使用存款和取款功能。他們只是想看到它的存在，尤其是早期採用者，因為加密就是要控制自己的資產。

And so being a legitimate crypto platform for our customers involves giving customers that control. And we think that over time, we're going to add more things, more ways for our customers to engage in the broader ecosystem. So wallets enabled that, but at this point, on a stand-alone basis, we actually don't view wallets as a revenue driver.

因此，為我們的客戶提供合法的加密平台需要讓客戶擁有控制權。我們認為，隨著時間的推移，我們將添加更多的東西，更多的方式讓我們的客戶參與更廣泛的生態系統。所以錢包實現了這一點，但在這一點上，在獨立的基礎上，我們實際上並不將錢包視為收入驅動因素。

Yes, I would say, so Eli, you asked about the timetable for full rollout. It is actually fully rolled out, not just the waitlist but its now general availability as well. And probably remiss not to mention that customers get an amazing deal on the coins that we offer. No commission, absolutely fantastic deal there. And so having Robinhood offer that kind of pricing to our customers, and if they want to be able to come to Robinhood, buy and then interact with the broader ecosystem through the wallet functionality, we're super happy to provide that.

是的，我會說，Eli，您詢問了全面推出的時間表。它實際上已全面推出，不僅是候補名單，而且現在也普遍可用。更不用說客戶在我們提供的硬幣上獲得了驚人的交易。沒有佣金，絕對很棒的交易。因此，讓 Robinhood 為我們的客戶提供這種定價，如果他們希望能夠來到 Robinhood，購買然後通過錢包功能與更廣泛的生態系統互動，我們非常樂意提供。

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。

This is Michael Anagnostakis on Steven. My question is, one of your largest competitors announced rather substantial hiring efforts, and other public peers are continuing to invest in talent at a rapid pace to support growth. How confident are you in your ability to win market share over the long term after rationalizing your headcount, particularly given the war for talent in the industry and your orientation of growing the business over the long term?

這是史蒂文的邁克爾·阿納諾斯塔基斯。我的問題是，你們最大的競爭對手之一宣布了相當大的招聘工作，而其他公共同行正在繼續快速投資人才以支持增長。在合理安排員工人數後，您對長期贏得市場份額的能力有多大信心，特別是考慮到行業人才爭奪戰以及您的長期業務發展方向？

Yes, I can field that one. So it's no surprise, we grew very fast in terms of headcount. So we were 700 full-time employees at the end of 2019, grew to 3,900 at the end of Q1. And at the time, we thought that this was right to keep up with the pace of the business, but it also led to some inefficiency, some redundant roles. And we've shown that we've been able to execute rather quickly on the product road map in the past couple of quarters. And we actually think that despite rightsizing our headcount and reducing kind of the planned hiring progression, we're still going to hire in key roles and we're still going to accelerate our pace of innovation and achieve our goals. So I think that while it was hard, this was a necessary step for the long-term health of the business.

是的，我可以派出那個。所以毫不奇怪，我們在員工人數方面增長得非常快。因此，我們在 2019 年底有 700 名全職員工，到第一季度末增長到 3,900 名。而當時，我們認為這樣跟上業務的節奏是對的，但也導致了一些效率低下，一些多餘的角色。我們已經證明，在過去幾個季度中，我們能夠在產品路線圖上相當迅速地執行。我們實際上認為，儘管調整了我們的員工人數並減少了計劃中的招聘進度，我們仍將招聘關鍵職位，我們仍將加快創新步伐並實現我們的目標。所以我認為雖然這很困難，但這是企業長期健康發展的必要步驟。

I'd also just add in that Robinhood at its core is a tech company. And so over time, I would expect revenue per employee to be an advantage for this company. So we're going to seek to be nimble, lean and just drive for innovation.

我還要補充一點，Robinhood 的核心是一家科技公司。因此，隨著時間的推移，我預計每位員工的收入將成為這家公司的優勢。因此，我們將尋求靈活、精益和公正的創新驅動力。

Great. As my follow-up, could you provide some detail around the drivers of the sequential movement in the crypto rebate, given that renegotiation you disclosed and some of the mix dynamics? And could you give some color as well around the go-forward impact you're expecting with the new coins? Secondly, with the rollout of those coins, are you seeing any early indications that these launches are driving increased interest in your platform from those -- from prospective customers, understanding it's only been a few weeks?

偉大的。作為我的後續行動，鑑於您披露的重新談判和一些混合動態，您能否提供一些有關加密回扣順序運動驅動因素的詳細信息？您能否就您對新硬幣的預期影響提供一些顏色？其次，隨著這些代幣的推出，您是否看到任何早期跡象表明這些發布正在推動那些潛在客戶對您的平台的興趣增加，了解這只是幾週的時間嗎？

Yes, you bet. So Michael, last quarter, we talked a little bit about slightly more than doubling the rebate rate that we were getting from our venues. In that context, we had added an additional venue, so more competition, which we think is great for customers. We also just rationalized our share of the profitability between ourselves and the venues and felt really good about the increase that we got there.

是的，你打賭。所以邁克爾，上個季度，我們談到了將我們從場地獲得的回扣率提高一倍多一點。在這種情況下，我們增加了一個額外的場地，所以競爭更加激烈，我們認為這對客戶來說非常棒。我們還剛剛合理化了我們在我們自己和場館之間的盈利份額，並對我們實現的增長感到非常滿意。

In terms of new coins, our customers are thrilled that we added more coins. Response has been good. I'm not going to share specifically how that's doing. We will provide our monthly metrics about mid-month next week, so just -- or next month, so just a couple of weeks away, and we'll be able to see kind of the progress that we're doing there. But the overall sentiment has been very, very strong and customers are happy that we've added more selection there.

在新硬幣方面，我們的客戶很高興我們添加了更多硬幣。反響一直很好。我不打算具體分享它是如何做的。我們將在下週提供關於月中的月度指標，所以只是 - 或下個月，所以只有幾週後，我們將能夠看到我們在那裡所做的進展。但整體情緒非常非常強烈，客戶很高興我們在那裡增加了更多選擇。

Our next question comes from Trevor Young of Barclays.

我們的下一個問題來自巴克萊的 Trevor Young。

Vlad, just dovetailing on that last question. Could you talk a little bit about the listing framework that you alluded to in selecting the 4 new coins that were recently added? And now that this framework is in place, should we expect the cadence of new coins to kind of accelerate from here? And then lastly on this point, should the 8 or 9 coins that have real-time data but aren't tradable yet on the platform be viewed as the road map for new coins going forward?

弗拉德，只是與最後一個問題相吻合。您能否談談您在選擇最近添加的 4 種新硬幣時提到的列錶框架？現在這個框架已經到位，我們是否應該期望新硬幣的節奏從這裡開始加速？最後在這一點上，是否應該將具有實時數據但尚未在平台上交易的 8 或 9 個硬幣視為未來新硬幣的路線圖？

Sure. Yes. So we do have a comprehensive evaluation framework for new coins, and we're comfortable with our listing protocol. So the framework looks at things like the technology behind the coin, the security of the protocol, obviously, legal considerations around the coin, and liquidity, making sure that customers can get into and out of positions flexibly, and of course, customer demand based both on kind of our internal research and external.

當然。是的。所以我們確實有一個新幣的綜合評估框架，我們對我們的上市協議很滿意。因此，該框架著眼於代幣背後的技術、協議的安全性，顯然，圍繞代幣的法律考慮和流動性，確保客戶可以靈活地進出倉位，當然，基於客戶需求無論是我們的內部研究還是外部研究。

We do expect that we'll be continuing to add more coins over time. I think you heard us say that we've also been, under the hood, improving our infrastructure to make it easier to safely add new coins. In terms of the time lines and how many, I won't be able to share that with you guys at this time. But I will say that to your question on should we expect coins that we have market data to be listed by the platform, I think we've said that there's no connection. So it's certainly -- yes, you shouldn't expect that a coin listed for just market data and price tracking will have any likely -- any higher likelihood of eventually being listed on the platform relative to an arbitrary coin.

我們確實希望隨著時間的推移我們會繼續添加更多的硬幣。我想你聽到我們說，我們也在幕後改進了我們的基礎設施，以便更容易安全地添加新代幣。至於時間線和多少，我暫時無法和大家分享。但是我會說，對於您關於我們是否應該期望我們擁有市場數據的硬幣被平台列出的問題，我認為我們已經說過沒有聯繫。所以它肯定 - 是的，你不應該期望僅用於市場數據和價格跟踪的代幣有任何可能 - 相對於任意代幣最終在平台上上市的可能性更高。

That's really helpful. And just a quick follow-up for Jason. Just any color on marketing spend and strategy in this current environment to either attract new users or to reengage dormant users? And relatedly, any details on how you're thinking about CAC in light of the higher ARPU goal later in the year?

這真的很有幫助。只是對 Jason 的快速跟進。在當前環境下，為了吸引新用戶或重新吸引休眠用戶，營銷支出和策略有什麼不同嗎？與此相關的是，鑑於今年晚些時候更高的 ARPU 目標，您如何看待 CAC 的任何細節？

Yes. So thanks for the question on that. Pretty lean on marketing this past quarter. I'd expect some increase to marketing throughout the end of the year to support awareness of our new products, general brand awareness. So we'll increase our spending a bit there on marketing and I think that's the right thing to do. .

是的。所以謝謝你的問題。上個季度非常依賴營銷。我預計今年年底市場營銷會有所增加，以支持對我們新產品的認識，以及一般的品牌知名度。因此，我們將在營銷方面增加一些支出，我認為這是正確的做法。 .

We are very mindful of our CAC and have done a lot of experiments over the past to understand diminishing return by channel and the quality of customers that we get. And so we've taken that learning and we've been mindful of that in this particular market environment where the interest in investing has generally cooled off from prior periods.

我們非常注意我們的 CAC，並且在過去做了很多實驗來了解渠道收益遞減和我們獲得的客戶質量。因此，我們已經吸取了教訓，並且在這個特殊的市場環境中，我們一直注意到這一點，在這個特殊的市場環境中，對投資的興趣通常比之前的時期有所降溫。

Yes. And I'd also just add that one of the things we're proud of is despite our low marketing spend this past quarter, Robinhood still remained #1 for self-directed brokerages when you look at weekly downloads. So that's something that makes us feel very confident. We like our position. We love the product road map. And we look forward to creating more ways for our customers to engage with us and get more value from the offering.

是的。我還要補充一點，我們引以為豪的一件事是，儘管我們在上個季度的營銷支出很低，但當您查看每週下載量時，Robinhood 仍然是自主經紀公司的第一名。所以這讓我們感到非常自信。我們喜歡我們的立場。我們喜歡產品路線圖。我們期待為客戶創造更多與我們互動的方式，並從產品中獲得更多價值。

Probably just add, too, that most of our customers come to us either organically or through referrals from their friends. And the more that we improve the platform and add more products that our customers love, I think the more that will spin that flywheel of referrals.

可能還需要補充一點，我們的大多數客戶都是自然而然地或通過他們朋友的推薦來找我們的。而且，我們改進平台並添加更多客戶喜愛的產品越多，我認為轉介的飛輪就越多。

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 go back to, I believe, it was Jason's comment about ARPU and kind of the waterfall between, say, the low 50s and the mid-80s. Certainly, it sounds like what's happening with sec lending, what's happening with the rates are big contributors of that gap. I'm just curious if there's other components, whether it's perhaps the Cash Card or activity, or if there's other factors there that we should be thinking about just in terms of bridging that gap.

我想回到，我相信，這是 Jason 對 ARPU 的評論，以及介於 50 年代和 80 年代中期之間的那種瀑布。當然，這聽起來像是 sec 貸款正在發生的事情，利率正在發生的事情是造成這種差距的重要因素。我只是好奇是否還有其他組件，可能是現金卡或活動，或者是否還有其他因素我們應該考慮只是為了彌合這一差距。

Yes. So improvements that we've been talking about for advanced traders that will give a halo effect to just the user experience on the platform, that's a big piece of it. Fully paid securities lending, increases in NIM as the Fed increases their rates, instant withdrawals, those are the big ones. The interchange revenue that we get on the Cash Card, I think that's more of a longer-term opportunity for us. So the other areas are the bigger ones bridging where we are today to where we need to get to.

是的。因此，我們一直在為高級交易者討論的改進將為平台上的用戶體驗帶來光環效應，這是其中很大一部分。全額支付的證券借貸，隨著美聯儲加息而增加的淨息差，即時提款，這些都是重要的。我們在現金卡上獲得的交換收入，我認為這對我們來說更多的是一個長期的機會。因此，其他領域是更大的領域，將我們今天所處的位置與我們需要到達的地方聯繫起來。

Okay. Very helpful. And then one of the other comments that I picked up on was certainly trying to garner more direct deposits within the Cash Card. Obviously, winning those inflows are, I think, really important to having that holistic financial relationship. So just curious, tactically, what you're thinking about in terms of being able to gain some of those direct deposit flows.

好的。很有幫助。然後我收到的其他評論之一肯定是試圖在現金卡中獲得更多的直接存款。顯然，我認為，贏得這些資金流入對於建立這種整體的財務關係非常重要。所以只是好奇，戰術上，你在想什麼能夠獲得一些直接的存款流量。

Yes. Well, I'd tell you, we've had some experience with this because even prior to the Cash Card, we had cash management, which we rolled out as an added feature to the investment account. And when we talk to customers, we heard a couple of things. One was that they really like their spending and investing to be sort of in their own lane. So separating out into a different balance was something that was very important as we rolled out the Cash Card.

是的。好吧，我會告訴你，我們在這方面有一些經驗，因為甚至在現金卡之前，我們就有現金管理，我們將其作為投資賬戶的附加功能推出。當我們與客戶交談時，我們聽到了幾件事。一是他們真的很喜歡自己的支出和投資。因此，當我們推出現金卡時，分離到不同的餘額是非常重要的。

The other thing is just they need to have a reason to direct deposit into Robinhood. And I think having no fees with the Cash Card and having just a great customer experience is table stakes. We wanted to go beyond that and add a really compelling debit card rewards as well as 2-day early pay for the paycheck and the ability to seamlessly invest the paycheck into not just stocks but also crypto.

另一件事是他們需要有理由將資金直接存入 Robinhood。而且我認為使用現金卡不收取任何費用並且擁有良好的客戶體驗是賭注。我們希望超越這一點，增加真正引人注目的借記卡獎勵以及提前 2 天支付薪水的能力，以及將薪水無縫投資於股票和加密貨幣的能力。

So I think as the equities and crypto offerings continue to mature and progress over time and as we continue to add new products, this will -- this should spin the direct deposit flywheel as well, and there will be more compelling reasons for customers to deposit their paychecks onto the platform.

因此，我認為隨著股票和加密貨幣產品的不斷成熟和進步，以及隨著我們繼續添加新產品，這也將推動直接存款飛輪，客戶存款將有更多令人信服的理由他們的薪水到平台上。

And ladies and gentlemen, that does conclude today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議結束了。感謝您的參與。您現在可以斷開連接。

Thank you, everyone.

謝謝大家。

Thank you.

謝謝你。