2024-10-30 Robinhood Markets, Inc. (HOOD) Q3 2024 Earnings Call Transcript

Robinhood Markets, Inc. (NASDAQ:HOOD) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET

Robinhood Markets, Inc. (NASDAQ:HOOD) 2024 年第三季度收益电话会议 2024 年 10 月 30 日下午 5:00 ET

Company Participants 公司参与者

Chris Koegel - VP of Corporate, FP&A and IR

Chris Koegel - 企业副总裁，财务计划与分析及投资者关系

Vlad Tenev - CEO and Co-Founder

Vlad Tenev - 首席执行官兼联合创始人

Jason Warnick - CFO Jason Warnick - 首席财务官

Conference Call Participants

电话会议参与者

Craig Siegenthaler - Bank of America Merrill Lynch

克雷格·西根塔勒 - 美国银行美林证券

Dan Dolev - Mizuho

Patrick Moley - Piper Sandler

Brian Bedell - Deutsche Bank

Devin Ryan - Citizen JMP

德文·瑞安 - 公民 JMP

Benjamin Budish - Barclays

本杰明·布迪什 - 巴克莱

John Todaro - Needham and Company

Steven Chubak - Wolfe Advisor

Andrew Stein - FT Partners

Operator 操作员

Thank you for standing by. My name is Catherine and I will be your conference operator today. At this time, I would like to welcome everyone to the Robinhood Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

感谢您的耐心等待。我叫凯瑟琳，我将是您今天的会议主持人。此时，我想欢迎大家参加 Robinhood 2024 年第三季度收益电话会议。所有线路已静音，以防止任何背景噪音。在发言者讲话后，将进行问答环节。[操作员说明]谢谢。

I will now like to turn the call over to Chris Koegel, Vice President of Corporate, FP&A and Investor Relations. Please go ahead.

现在我想把电话交给企业、财务计划与分析及投资者关系副总裁 Chris Koegel。请继续。

Chris Koegel

Thank you, Catherine, and thank you to everyone for joining Robinhood's Q3 earnings call. With us today are CEO and co-founder Vlad Tenev and CFO Jason Warnick.

谢谢你，Catherine，也感谢大家参加 Robinhood 的第三季度财报电话会议。今天和我们在一起的是首席执行官兼联合创始人 Vlad Tenev 和首席财务官 Jason Warnick。

Before getting started, I want to remind you that today's call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation, and our SEC filings, all of which can be found at investors.robinhood.com.

在开始之前，我想提醒您，今天的电话会议将包含前瞻性声明。实际结果可能与我们的预期有重大差异，除非法律要求，否则我们没有义务提供更新。可能导致差异的潜在风险因素，包括我们持续监控的监管发展，已在我们今天发布的新闻稿、收益报告和我们的 SEC 文件中描述，所有这些都可以在 investors.robinhood.com 找到。

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most comparable can be found in the earnings presentation.

今天的讨论还将包括非 GAAP 财务指标。我们认为最具可比性的 GAAP 指标的对账可以在收益报告中找到。

With that, let me turn it over to Vlad.

这样的话，让我把它交给弗拉德。

Vlad Tenev

Thanks, Chris. Hi, everyone. Let me start by reiterating Robinhood's three areas of focus. Number one, winning the active trader market. Number two, increasing wallet share with our customers. And number three, expanding internationally.

谢谢，Chris。大家好。让我先重申一下 Robinhood 的三个重点领域。第一，赢得活跃交易者市场。第二，增加客户的份额。第三，国际扩张。

In Q3, we continue to make progress on all of these fronts. In fact, our results after the first three quarters of the year have already broken through a number of full-year records. And we have another quarter in front of us to take these results even higher.

在第三季度，我们在所有这些方面继续取得进展。事实上，我们在今年前三个季度的业绩已经突破了多项全年记录。我们还有一个季度的时间来将这些业绩推向更高水平。

Just to share a few examples. First, Q3 net deposits were $10 billion or more for the third straight quarter as we continue to increase wallet share. This brings us to $34 billion year-to-date, above our 2020 record of $31 billion, and also takes our customer assets under custody to a record high of $152 billion.

仅分享几个例子。首先，第三季度净存款连续第三个季度达到或超过 100 亿美元，因为我们继续增加钱包份额。这使我们今年迄今为止达到 340 亿美元，超过了我们 2020 年创下的 310 亿美元的纪录，并且也使我们托管的客户资产达到创纪录的 1520 亿美元。

Second, Q3 options contracts were up 47% year-over-year to a new record as we keep winning with active traders. This brings our year-to-date total to $1.2 billion contracts, edging out our full-year high from 2021. And third, Q3 was another strong financial quarter with our second highest revenues ever. Revenues grew 36% year-over-year, adjusted EBITDA increased 96% from a year ago. Looking year-to-date, revenues of nearly $2 billion have already broken last year's record of $1.9 billion, and GAAP diluted EPS of $0.55 is multiples of any prior year. It's energizing to see our business performing well like this, but we're even more excited about our product roadmap.

其次，第三季度期权合约同比增长 47%，创下新纪录，因为我们在活跃交易者中持续获胜。这使得我们年初至今的总量达到 12 亿份合约，超过了我们 2021 年的全年最高纪录。第三，第三季度是我们又一个强劲的财务季度，创下了历史第二高的收入。收入同比增长 36%，调整后的 EBITDA 同比增长 96%。从年初至今来看，近 20 亿美元的收入已经打破了去年的 19 亿美元纪录，GAAP 稀释每股收益为 0.55 美元，是以往任何一年的倍数。看到我们的业务表现如此出色令人振奋，但我们对产品路线图更加感到兴奋。

A key part of increasing wallet share with customers is growing Robinhood Gold subscriptions, which hit an all-time high of $2.2 million in Q3. And one of the most exciting new parts of the Gold program is our Robinhood Gold card. When I've talked to Robinhood customers in recent months, the Gold card almost always comes up. If someone has it, they love it. If they don't have it, they want to know when they're going to get it. And I hear you.

增加客户钱包份额的一个关键部分是增长 Robinhood Gold 订阅，第三季度达到创纪录的 220 万。而 Gold 计划中最令人兴奋的新部分之一是我们的 Robinhood Gold 卡。在最近几个月与 Robinhood 客户交谈时，Gold 卡几乎总是被提及。如果有人拥有它，他们会喜欢它。如果他们没有，他们想知道什么时候能得到它。我听到了你的声音。

We're working hard to increase the rollout, but we're also being patient and carefully studying customer behavior as we grow so that we manage credit risk to profitably scale over time. While it's still early, I wanted to share some emerging data from our 100,000 Gold card customers. First, customers love the Gold card. App store ratings continue to be five out of five with over 10,000 five-star reviews. Customers tell us they love the metal card, the digital app, and of course, the 3% rewards.

我们正在努力加快推广，但我们也在耐心地仔细研究客户行为，以便随着我们的增长来管理信贷风险，从而实现盈利的规模化。虽然还处于早期阶段，但我想分享一些来自我们 10 万名金卡客户的新兴数据。首先，客户喜欢金卡。应用商店的评分继续保持五分满分，超过一万个五星好评。客户告诉我们，他们喜欢金属卡、数字应用程序，当然还有 3%的奖励。

Second, the early customer behavior is in line with our expectations. It looks like the Gold card is top of wallet for most customers, and early data shows that we're retaining approximately 95% of Gold card customers following their first transaction. We're also starting to see customer spending grow and loan balances revolve as expected.

其次，早期的客户行为符合我们的预期。看起来大多数客户将金卡作为首选卡片，早期数据显示，在首次交易后，我们保留了大约 95%的金卡客户。我们也开始看到客户支出增长和贷款余额按预期周转。

Third, Gold card customers are also contributing meaningfully higher net deposits versus similar customers. It's great to see the early additional benefits to the platform. All in all, while it's still quite early, we're further increasing confidence that we can scale the Gold card significantly over time.

第三，金卡客户的净存款也明显高于类似客户。很高兴看到平台的早期额外收益。总的来说，尽管还处于早期阶段，但我们对未来能够大幅扩展金卡的信心进一步增强。

Now, let me turn it over to Jason to review our financial results, and then I'll offer some additional thoughts.

现在，我把时间交给杰森来审查我们的财务结果，然后我会提供一些额外的想法。

Jason Warnick

Thanks, Vlad, and thanks everyone for joining us today. In Q3, we had another strong quarter, growing revenues 36% and driving 77% incremental adjusted EBITDA margins versus a year ago. Q3 business results also set a number of new highs, including assets under custody, options contracts, cash suite balances, and retirement AUC, as well as multi-year highs for equity volumes and margin balances. And as we enter 2024 focused on driving another year of profitable growth, we're excited that we've already broken records for full-year revenue, adjusted EBITDA, and earnings per share.

谢谢，Vlad，谢谢大家今天加入我们。在第三季度，我们又迎来了一个强劲的季度，收入增长了 36%，调整后的 EBITDA 利润率同比增长了 77%。第三季度的业务结果也创下了多项新高，包括托管资产、期权合约、现金组合余额和退休托管资产，以及股票交易量和保证金余额的多年新高。随着我们进入 2024 年，专注于推动又一年盈利增长，我们很高兴已经打破了全年收入、调整后的 EBITDA 和每股收益的记录。

Looking at the progress we made in Q3 versus a year ago. Assets under custody grew 76% to a record $152 billion. Net deposits were $10 billion plus for the third straight quarter and $39 billion over the past year. This translates to annualized net deposit growth rates of 29% in Q3 and 45% over the past year.

与一年前相比，我们在第三季度取得的进展。托管资产增长了 76%，达到创纪录的 1520 亿美元。净存款连续第三个季度超过 100 亿美元，过去一年达到 390 亿美元。这转化为第三季度年化净存款增长率为 29%，过去一年为 45%。

Total net revenues grew 36% to $637 million. Adjusted EBITDA nearly doubled to $268 million. Adjusted EBITDA margins expanded by 13 points to 42% and net income grew to $150 million or $0.17 per share. This was reduced by one cent for a regulatory accrual in the quarter. We're pleased with these results which mark our fourth straight quarter of GAAP profitability and ninth straight quarter positive adjusted EBITDA.

总净收入增长 36%至 6.37 亿美元。调整后的 EBITDA 几乎翻了一番，达到 2.68 亿美元。调整后的 EBITDA 利润率扩大了 13 个百分点至 42%，净收入增长至 1.5 亿美元或每股 0.17 美元。由于本季度的监管应计，这一数字减少了一美分。我们对这些结果感到满意，这标志着我们连续第四个季度实现 GAAP 盈利和连续第九个季度实现正调整后的 EBITDA。

Now let's look more closely at Q3 revenues which increased year-over-year across all three categories. Transaction based revenues grew 72% as we drove higher volumes and market share gains across all trading products. It was great to see option, equity and crypto volumes up 47%, 65% and over 100% from a year ago respectively. Net interest revenues increased 9% as we grew interest earning assets and securities lending activity improved. This included customers growing their cash suite balances 80% year-over-year and margin balances building to a two year high.

现在让我们更仔细地看看第三季度的收入，这些收入在所有三个类别中同比增长。交易收入增长了 72%，因为我们在所有交易产品中推动了更高的交易量和市场份额的增长。很高兴看到期权、股票和加密货币的交易量分别比去年增长了 47%、65%和超过 100%。净利息收入增长了 9%，因为我们的生息资产增加，证券借贷活动有所改善。这包括客户的现金组合余额同比增长 80%，保证金余额达到两年来的最高水平。

Lastly, other revenues grew by 42% as we added over 850,000 gold subscribers in the past year to reach a record 2.2 million subscribers and record annualized recurring gold subscription revenue of over $110 million. I'd also note that our Q3 revenues include the impact of contra revenues from amortizing matches on customer deposits and transfers. Q3 contra revenues were $27 million up $14 million sequentially, mostly driven by the 1% gold deposit boost. We expect contra revenues to grow sequentially by a similar amount in Q4 and then grow much slower in 2025.

最后，其他收入增长了 42%，因为我们在过去一年中增加了超过 85 万名黄金订阅用户，达到创纪录的 220 万订阅用户和创纪录的年化经常性黄金订阅收入超过 1.1 亿美元。我还要指出，我们的第三季度收入包括客户存款和转账的摊销匹配的对冲收入影响。第三季度对冲收入为 2700 万美元，环比增长 1400 万美元，主要由 1%的黄金存款提升推动。我们预计对冲收入将在第四季度环比增长类似的金额，然后在 2025 年增长速度会慢得多。

To provide some more context, customers love the matches we provide on asset transfers and IRA contributions and we're seeing great payback periods on these matches. At the same time, the 1% gold deposit boost has not driven as much incremental customer activity as our other promotions. So we've decided to wind it down in November to focus on offers that resonate more with customers.

为了提供更多背景信息，客户非常喜欢我们在资产转移和 IRA 供款方面提供的匹配，我们在这些匹配上看到了很好的回报周期。同时，1%的黄金存款提升并没有像我们的其他促销活动那样推动更多的客户活动。因此，我们决定在 11 月逐步取消这一活动，以专注于更能引起客户共鸣的优惠。

As an example, we doubled down recently for our hood week promotion by offering a range of matches on asset transfers. And in just two weeks, this led to $2 billion of transfers in from brokerage incumbents that averaged over $130,000 per customer. Stepping back, when we reflect on our revenue so far this year, it feels good that our last three quarters are the three highest in company history.

例如，最近我们加大力度进行我们的“连帽周”促销活动，提供一系列资产转移的匹配服务。仅仅两周时间，这就导致从经纪公司转入的转移金额达到 20 亿美元，平均每位客户超过 13 万美元。回顾一下，当我们反思今年迄今为止的收入时，感觉很好，因为我们最近的三个季度是公司历史上最高的三个季度。

Turning to Q3 expenses, we had another good quarter of expense discipline. Combined adjusted OpEx and SBC was $476 million in Q3 in the middle of our ‘24 outlook range on a quarterly basis. Looking ahead to Q4, we're pleased that we're still on track for our full year outlook range of $1.85 billion to $1.95 billion of adjusted OpEx and SBC, even while driving nearly 40% year-over-year revenue growth for the first three quarters of the year. We anticipate we'll likely finish near the top end of that range given our continued growth investments to finish the year strong.

转向第三季度的费用，我们在费用控制方面又度过了一个良好的季度。第三季度的合并调整运营费用和 SBC 为 4.76 亿美元，处于我们 2024 年季度展望范围的中间。展望第四季度，我们很高兴仍然在全年调整运营费用和 SBC 为 18.5 亿至 19.5 亿美元的展望范围内，即使在今年前三个季度实现了近 40%的同比收入增长。鉴于我们为强劲收官而持续的增长投资，我们预计可能会在该范围的高端完成。

Turning to capital management, we started our 1 billion share repurchase program in July. We allocated 97 million to repurchase 5 million shares in Q3 and made good initial progress on our expected two to three year total timeline. We love deploying capital like this. It lowers our share count and positions us to increase EPS and free cash flow per share over time.

转向资本管理，我们在七月份启动了 10 亿美元的股票回购计划。我们在第三季度分配了 9700 万美元用于回购 500 万股，并在预期的两到三年总时间线上取得了良好的初步进展。我们喜欢这样部署资本。这降低了我们的股票数量，并使我们能够随着时间的推移增加每股收益和每股自由现金流。

And when we look at last year's share repurchase, plus the start of our new program, we've deployed over $700 million to repurchase approximately 60 million of our shares, equivalent to about 7% of our current diluted count. And we're continuing to repurchase shares daily in Q4.

当我们查看去年的股票回购以及我们新计划的启动时，我们已经动用了超过 7 亿美元回购了大约 6000 万股，相当于我们当前稀释股数的约 7%。我们将在第四季度继续每天回购股票。

Before passing it back to Vlad, I'd like to comment on the strong momentum we are seeing so far in October. Net deposits are north of $4 billion, and cash suite balances are more than 25 billion. As for trading, equity notional volumes highest month in over three years. Option contracts look to be one of the highest months ever and crypto notional volumes are over $5 billion on track to exceed the Q3 monthly average.

在交还给 Vlad 之前，我想评论一下我们在十月份迄今为止看到的强劲势头。净存款超过 40 亿美元，现金套件余额超过 250 亿美元。至于交易，股票名义交易量是三年多来的最高月份。期权合约看起来是有史以来最高的月份之一，加密货币名义交易量超过 50 亿美元，有望超过第三季度的月平均水平。

I'd also highlight that our crypto rebates have increased to 48 basis points in October relative to our 44 basis point average in Q3 and 35 basis points at the start of the year strong. Longer term, we're energized by the progress we're making and believe we are well positioned to drive higher earnings and free cash flow per share over time, driven by our 20% plus net deposit growth, diversified business model and 90% fixed cost base.

我还要强调的是，我们的加密货币回扣在 10 月份增加到 48 个基点，相对于我们第三季度的平均 44 个基点和年初的 35 个基点。长期来看，我们对所取得的进展感到振奋，并相信我们有良好的定位，能够随着时间的推移推动更高的每股收益和自由现金流，这得益于我们超过 20%的净存款增长、多元化的商业模式和 90%的固定成本基础。

With that, I'll turn the call back to Vlad.

说完这些，我将电话交还给弗拉德。

Vlad Tenev

Thanks, Jason. Now, I want to highlight our progress on the first part of our strategy winning with active traders. Two weeks ago, we held our inaugural Hood Summit in Miami. It was really awesome to have over 400 active trader customers together for a few days and we introduced three exciting new products.

谢谢，杰森。现在，我想强调我们在战略第一部分中与活跃交易者一起取得的进展。两周前，我们在迈阿密举办了首次 Hood 峰会。能够与 400 多位活跃交易客户共度几天真是太棒了，我们还推出了三款令人兴奋的新产品。

First, we announced Index Options, which are one of the fastest growing retail products and make up nearly 10% of U.S. retail options contracts. Our customers have been trading them on other platforms to date, so they're excited to bring their trades to Robinhood and leverage our industry-leading pricing and we're excited to expand our addressable market.

首先，我们宣布了指数期权，这是增长最快的零售产品之一，占美国零售期权合约的近 10%。到目前为止，我们的客户一直在其他平台上交易这些期权，因此他们很高兴能将交易带到 Robinhood，并利用我们行业领先的定价，我们也很高兴能扩大我们的可服务市场。

Second, we announced Futures. Here, we're not only offering industry-leading pricing, but also a great customer experience with our awesome Futures ladder. We continue to believe that Futures can be a nine-figure revenue business for us over time. Also, building out the infrastructure behind Futures has also enabled us to offer event contracts, including our new presidential election market that we launched. It was great to see customers quickly engage with this new product, trading over 10 million contracts in the first full day, and on track to more than double that today.

其次，我们宣布了期货。在这里，我们不仅提供行业领先的定价，还通过我们出色的期货阶梯提供了极佳的客户体验。我们始终相信，期货可以在未来为我们带来九位数的收入。此外，构建期货背后的基础设施也使我们能够提供事件合约，包括我们推出的新总统选举市场。很高兴看到客户迅速参与这一新产品，在第一个完整的交易日内交易了超过 1000 万份合约，并有望在今天翻倍。

Third, we launched Robinhood Legend, our new state-of-the-art desktop platform, which we built from the bottom up for active traders. It's clear from customer feedback that Legend is really resonating, so we're doubling down on this new domain. The team is hard at work to rapidly ship more functionality for customers.

第三，我们推出了 Robinhood Legend，我们全新的最先进的桌面平台，这是我们从头开始为活跃交易者打造的。从客户反馈来看，Legend 确实引起了共鸣，因此我们正在加倍努力拓展这一新领域。团队正在努力工作，以快速为客户提供更多功能。

As additional context, while we are number one in mobile trading, that's only half the retail trading market today. The other half is on web, where we haven't meaningfully competed in the past. So launching Legend is doubling our addressable market. We have a lot of momentum in our active trader offering as we close out the year. As I said earlier, Q3 option volumes were up 47% year-over-year to a new record. And Q3 equity volumes also increased, up 65% year-over-year to a three-year high. And this is even before the full rollout of index options Futures and Robinhood Legend.

作为额外的背景信息，虽然我们在移动交易中排名第一，但这仅占今天零售交易市场的一半。另一半在网络上，我们过去没有进行有意义的竞争。因此，推出 Legend 是将我们可服务的市场翻倍。随着我们年终的临近，我们在活跃交易者产品上有很大的动力。正如我之前所说，第三季度期权交易量同比增长 47%，创下新纪录。第三季度股票交易量也增加了，同比增长 65%，达到三年来的新高。这甚至是在指数期权期货和 Robinhood Legend 全面推出之前。

In closing, we had another strong quarter in Q3, and you should know, our team continues to work incredibly hard to deliver even more value to our customers. The roadmap is full, there's so much to do, and we're excited to share a lot more with you at our Investor Day in December.

最后，我们在第三季度又度过了一个强劲的季度，你应该知道，我们的团队继续努力工作，为客户提供更多的价值。路线图已经排满，还有很多事情要做，我们很高兴在十二月的投资者日与您分享更多内容。

Now, let's move to questions.

现在，让我们进入提问环节。

Question-and-Answer Session

问答环节

A - Chris Koegel

Thank you, Vlad. For the Q&A session, we'll start by answering the top few shareholder questions from Say Technologies, ranked by number of votes. We passed over questions that we already addressed on this call or in prior quarters, and grouped together questions that shared a common theme. After the Say questions, we'll turn to live questions from our analysts.

谢谢，Vlad。在问答环节中，我们将首先回答 Say Technologies 上股东投票数最多的几个问题。我们跳过了在此次电话会议或之前季度中已回答的问题，并将具有共同主题的问题归为一组。在 Say 的问题之后，我们将转向分析师的现场提问。

So I'll kick it off with our first question from Say, which is for Vlad. Vlad, when will the Robinhood Gold card be available to all users?

那么我将从 Say 的第一个问题开始，这个问题是给 Vlad 的。Vlad，Robinhood Gold 卡什么时候会向所有用户开放？

Vlad Tenev

Yeah, thank you for the question. I think that the first thing I want to say is we've really been humbled by the demand we've seen so far for the Gold credit card. The waitlist is close to 2 million, and so far we've rolled it out to about 100,000 customers. And I think if you compare this to how other successful credit card programs that are new have scaled, that's a pretty quick ramp. But of course, we also recognize it's small compared to the waitlist. The waitlist, frankly, exceeded our expectations, and we're working as hard as we can to get it out as quickly as we can.

是的，谢谢你的提问。我想首先要说的是，我们对目前看到的金卡需求感到非常谦卑。等待名单接近 200 万，到目前为止，我们已经向大约 10 万名客户推出了这张卡。我认为，如果你将此与其他成功的新信用卡计划的扩展速度进行比较，这是一个相当快的增长。当然，我们也认识到，与等待名单相比，这个数字很小。坦率地说，等待名单超出了我们的预期，我们正在尽最大努力尽快推出。

But it's also important for us to make sure we don't incur significant near-term losses. So we have to understand the customer behavior and the economics because the credit card business can get quite big. And also, if we're not careful, that could mean losses. So as I mentioned earlier, we like the behavior we're seeing. And if the behavior we're seeing continues in this way, over the next year we expect to roll the card out to multiples of where we are today.

但对我们来说，确保不产生显著的短期损失也很重要。因此，我们必须了解客户行为和经济状况，因为信用卡业务可能会变得相当大。而且，如果我们不小心，这可能意味着损失。所以正如我之前提到的，我们喜欢我们所看到的行为。如果我们看到的行为继续这样下去，明年我们预计将把卡推广到我们今天所在位置的多倍。

Chris Koegel

Right. Thank you, Vlad. The next question is also for you. And it asks, are there any plans to introduce a way to send or receive money to other Robinhood users via the Robinhood ecosystem?

好的。谢谢你，弗拉德。下一个问题也是给你的。它问道，是否有计划通过 Robinhood 生态系统引入一种方式来向其他 Robinhood 用户发送或接收资金？

Vlad Tenev

Yeah, we've actually experimented with this in the past when we rolled out Robinhood Spending and the Robinhood Cash Card a couple years ago. Now, right now the focus is really on the credit card offering. We're seeing amazing feedback and strong demand for that. So we're focusing on making sure we scale that. But we do anticipate growing our offerings so that anything that you can do on another consumer finance app or product can be done on Robinhood as well. So this is certainly something that we're thinking about.

是的，实际上我们在几年前推出 Robinhood Spending 和 Robinhood Cash Card 时就对此进行过实验。现在，目前的重点确实是信用卡产品。我们看到了惊人的反馈和强劲的需求。因此，我们专注于确保其规模化。但我们确实预计会扩大我们的产品，以便在其他消费金融应用或产品上可以做的任何事情也可以在 Robinhood 上完成。所以这肯定是我们正在考虑的事情。

Chris Koegel

All right. The third question is also on Robinhood Gold. So rate cuts make Robinhood Gold worse each time. How will gold continue to add value to users, and what new benefits is Robinhood planning to add for gold users? Also for Vlad.

好的。第三个问题也与 Robinhood Gold 有关。因此，每次降息都会使 Robinhood Gold 变得更糟。Gold 将如何继续为用户增加价值，Robinhood 计划为 Gold 用户增加哪些新福利？也问 Vlad。

Vlad Tenev

Yeah. So the strategy with gold is to deliver an offering that provides customers with exceptional value in every market environment, regardless of whether the rates are increasing or decreasing. You should be able to get tremendous value from Robinhood Gold.

是的。因此，黄金的策略是提供一种在每个市场环境中都能为客户提供卓越价值的产品，无论利率是上升还是下降。你应该能够从 Robinhood Gold 中获得巨大的价值。

Now, some of the value props naturally do well in an increasing rate environment. Cash sweep with high APY is one of them. Other products tend to be more attractive in declining rate environments. And as a matter of fact, at Hood Summit, we recently announced that gold customers will receive differentiated better pricing on a few of the products we announced. So the pricing, while industry-leading across the board is even better on index options and futures for our gold subscribers.

现在，一些价值主张在利率上升的环境中自然表现良好。高年收益率的现金清算就是其中之一。其他产品在利率下降的环境中往往更具吸引力。事实上，在 Hood Summit，我们最近宣布黄金客户将在我们宣布的几款产品上获得差异化的更好定价。因此，尽管整体定价在行业中处于领先地位，但我们的黄金订阅者在指数期权和期货上的定价更好。

So while rates on sweeps may be coming down because of Fed cuts, we're going to keep investing in gold. And for every new product we launch, we ask ourselves, how can we make it even better for our gold subscribers? And as you see, as we continue to roll out new products, gold should get even better and better.

因此，尽管由于美联储的降息，清算利率可能会下降，但我们将继续投资于金卡。对于我们推出的每一款新产品，我们都会问自己，如何才能让我们的金卡订阅者获得更好的体验？正如您所见，随着我们不断推出新产品，金卡应该会变得越来越好。

屁话循环。

Chris Koegel

Great. Thank you, Vlad. And last one for you Jason. Jason, can you describe the plans for the live tax gain and loss monitoring that you're rolling out?

太好了。谢谢你，弗拉德。最后一个给你，杰森。杰森，你能描述一下你正在推出的实时税收收益和损失监控计划吗？

Jason Warnick

Sure. There's a couple things I'd highlight on tax management. First of all, we recognize it's really important for customers. Just yesterday, we announced a realized P&L tool shipped. So that one's live for customers now. And we also know that tax lot selection in the app is important for customers. And I'm excited to tell you that we have employee beta testing going on right now for tax lots. And the team is pushing hard to get it in the hands of customers really soon.

当然。在税务管理方面，我想强调几点。首先，我们认识到这对客户来说非常重要。就在昨天，我们宣布了一款已实现的损益工具已上线。因此，现在客户可以使用该工具。我们也知道应用程序中的税批选择对客户很重要。我很高兴地告诉你，我们目前正在进行税批的员工测试。团队正在努力尽快将其交到客户手中。

Vlad Tenev

We think it's really good. Yeah. I think you're going to like it.

我们认为这真的很好。是的。我想你会喜欢的。

Chris Koegel

All right. That concludes our shareholder questions from Say Technologies. We appreciate our shareholders taking the time to ask these questions of Vlad and Jason and the board and more next quarter.

好的。这就结束了我们来自 Say Technologies 的股东提问。我们感谢股东们花时间向 Vlad、Jason 和董事会提出这些问题，更多问题将在下个季度解答。

So now I'll turn the call over to Catherine to lead Q&A from our analysts.

现在我将把电话交给 Catherine，由她来主持分析师的问答环节。

Operator 操作员

[Operator Instructions] Your first question comes from the line of Craig Siegenthaler with Bank of America. Please go ahead.

[操作员说明] 您的第一个问题来自美国银行的 Craig Siegenthaler。请继续。

Craig Siegenthaler

Good afternoon, everyone. Hope everyone's doing well. First, we want to congratulate you on the Legend launch. And I saw there were, I think, a thousand signups in the first 40 seconds, Vlad, post the launch. But what is the level of signups to date and how many of them are incremental signups to the 24.4 million accounts that are Robinhood as of September 30th?

下午好，大家。希望大家一切都好。首先，我们要祝贺你们传奇的发布。我看到在发布后的前 40 秒内有一千个注册，Vlad。但是截至目前的注册水平如何，其中有多少是截至 9 月 30 日 Robinhood 的 2440 万个账户的新增注册？

Vlad Tenev

Yeah, I mean, we are still, the product is not quite ungated in the sense that anyone can just access it. So we've been rolling out to multiples of that number, but haven't yet sort of like opened it up to everyone.

是的，我的意思是，我们仍然，产品还没有完全开放到任何人都可以访问的程度。所以我们已经向这个数字的倍数推出，但还没有完全向所有人开放。

Early feedback is extremely positive. I mean, I don't know, you guys probably see the level of live streamers and folks on social media has been tremendous. And the team is, I'd say, even more motivated to keep the momentum and make sure the product is better and better because we really feel like we've got something great here.

早期反馈非常积极。我的意思是，我不知道，你们可能看到直播和社交媒体上的人们的水平非常高。而且我会说，团队甚至更有动力保持这种势头，并确保产品越来越好，因为我们真的觉得我们有一个很棒的东西。

Operator 操作员

Our next question comes from the line of Dan Dolev with Mizuho. Please go ahead.

接下来的问题来自瑞穗的 Dan Dolev。请继续。

Dan Dolev

Hey, Vlad. Hey, guys. Great results again. I'm very proud of you.

嘿，弗拉德。嘿，伙计们。又是很棒的结果。我为你们感到非常自豪。

Vlad Tenev

Thanks, Dan. 谢谢，丹。

Dan Dolev

Yeah, of course. Well-deserved. I was very intrigued with the presidential election market. And I wanted to know, it's got a lot of press and we've been getting a lot of questions on it. So can you give us some color on how it's doing, how creative it is to overall retention? Anything you can tell us about it would be great. Thank you.

是的，当然。实至名归。我对总统选举市场非常感兴趣。我想知道，它受到了很多媒体的关注，我们也收到了很多关于它的问题。你能给我们一些关于它的表现以及它对整体保留率的创造性影响的信息吗？任何你能告诉我们的都很好。谢谢。

Vlad Tenev

Yeah. So first off, we just rolled out to 100% of customers after starting the rollout just this Monday. So huge kudos to the team for that. The path to offer this product was paved really less than 30 days ago. And we really moved quickly to make it available to customers ahead of the election.

是的。首先，我们在本周一刚开始推出后，已经向 100%的客户推出了这个产品。对此，团队值得大大的赞赏。提供这款产品的道路实际上是在不到 30 天前铺就的。我们确实迅速行动，使其在选举前可供客户使用。

So to give a little bit of context around this, one of our focus areas is to win the active trader market. And I think really to do that, our approach is that if you're an active trader, using Robinhood should put you in a position, you should really associate Robinhood with being at the forefront of technology and innovation and trading. And I think offering products like these, which you can't really find at many of our competitors is the best way to do that. So feedback is really, really good. You can see on social that it's resonating with customers very, very clearly.

为了给这件事提供一些背景信息，我们的重点领域之一是赢得活跃交易者市场。我认为要做到这一点，我们的方法是，如果你是一个活跃的交易者，使用 Robinhood 应该让你处于一个位置，你应该真正将 Robinhood 与技术、创新和交易的前沿联系在一起。我认为提供像这样的产品，这是你在许多竞争对手那里找不到的，是实现这一目标的最佳方式。因此，反馈非常好。你可以在社交媒体上看到它非常清晰地引起了客户的共鸣。

But we rolled out to 100% right before the call started. So I think it's a little bit early to tell to give you too much. Other than yesterday, we did about 10 million contracts. That was pre-full rollout. And we've done even more than that already today.

但就在电话开始之前，我们已经全面推出了。所以我觉得现在说太多还为时过早。除了昨天，我们做了大约 1000 万份合约。那是在全面推出之前。而今天我们已经做得更多了。

Dan Dolev

Thanks. 谢谢。

Vlad Tenev

We can take the next one.

我们可以坐下一个。

Operator 操作员

Yes, okay. Your next question comes from the line of Patrick Moley with Piper Sandler. Please go ahead.

好的，您的下一个问题来自 Piper Sandler 的 Patrick Moley。请继续。

Patrick Moley

Yes. Good afternoon. Thanks for taking the question. I just had one on index options and futures trading. Now that you've announced the pricing on those products, I was hoping you could help us better understand the economics there. I know index options carry a relatively high exchange fee. So what do your margins look like in offering those contracts? How much do you expect to make per contract? And then maybe as part of that, your expectation for how much volume is going to come from gold versus non-gold members.

是的。下午好。感谢您提出问题。我只有一个关于指数期权和期货交易的问题。既然您已经宣布了这些产品的定价，我希望您能帮助我们更好地理解那里的经济状况。我知道指数期权的交易所费用相对较高。那么，提供这些合约的利润率如何？您预计每份合约能赚多少钱？然后，作为其中的一部分，您对来自金卡会员与非金卡会员的交易量有何预期？

And then if I could add a follow on modeling question, it looks like your equity fee capture declined by about 20% sequentially. So any color there on what drove that would be helpful. Thanks.

如果我可以再补充一个关于建模的问题，看来你的股权费用捕获环比下降了大约 20%。所以关于是什么导致的任何信息都会有所帮助。谢谢。

Jason Warnick

Sure, Patrick. I'll go ahead and take both of those. This is Jason. So just going index options first, the non-gold price will be industry leading at $0.50 per contract and the gold price will be even better at $0.35 per contract. Cash settled index options, as you know, is a really fast growing segment within options. And so we see this as a big opportunity for us to take market share even faster. As context, we have been taking double digit market share for some time now and that's without having this hotter segment offer. Also on fees, like exchange fees, we'll be passing those through to the customers.

当然，Patrick。我会继续处理这两个。这是 Jason。首先是指数期权，非金卡价格将是行业领先的每份合约$0.50，而金卡价格将更好，每份合约$0.35。正如您所知，现金结算指数期权是期权中增长非常快的一个领域。因此，我们认为这是一个让我们更快抢占市场份额的重要机会。作为背景，我们已经在一段时间内获得了两位数的市场份额，而这还没有提供这个热门领域的产品。此外，关于费用，比如交易所费用，我们将把这些费用转嫁给客户。

On futures, non-gold, $0.75 per contract and gold gets an even better deal at $0.50 per contract. We've said that futures over time, based on volumes we've seen at our competitors. We think it could be a nine figure business for us. So big opportunity for us.

在期货方面，非金卡每份合约 0.75 美元，而金卡的交易条件更好，每份合约 0.50 美元。我们曾说过，基于我们在竞争对手那里看到的交易量，期货随着时间的推移可能会成为我们的一项九位数业务。因此，这是一个巨大的机会。

The second part of your question was equity take rates. There's really two things that affect our take rate on equity. The first is volatility and the second is mix. And what we saw in the quarter was just customers buying more larger, more liquid names.

您问题的第二部分是股权提成率。实际上有两件事会影响我们的股权提成率。第一是波动性，第二是组合。在这个季度，我们看到的只是客户购买更多更大、更具流动性的股票。

Operator 操作员

Your next question comes from the line of Brian Bedell with Deutsche Bank. Please go ahead.

接下来的问题来自德意志银行的 Brian Bedell。请继续。

Brian Bedell

Great. Good evening, folks. Thanks for taking my question. Maybe just on the cadence of customer pickup as we move into 4Q. Just on futures and index contracts in terms of what portion of the user base have you rolled the futures out to so far? And what are the maybe rough plans in doing that for the rest of the quarter. And then same on the index options timing of when you expect to roll that. And if I could just sneak one more in on desktop users, good to hear the great feedback. Any observation yet on increased velocity from the folks that are using it so far?

太好了。晚上好，大家。感谢您回答我的问题。也许只是关于客户提货的节奏，因为我们进入第四季度。关于期货和指数合约，目前为止您已经向多少用户推出了期货？对于本季度剩余时间的计划是什么？然后同样是关于指数期权的推出时间。关于桌面用户，很高兴听到很好的反馈。对于目前使用它的人，是否有关于使用速度增加的观察？

Vlad Tenev

Yeah. I would say that the folks that use the Robinhood Legend product tend to be among our most active. So, the velocity is quite high. That being said, we rolled it out to 1,000 people during the Robinhood Legend keynote and it was the first 1,000 people that sort of like signed into their Robinhood accounts on desktop. And I think we filled the 1,000 slots in 45 seconds. So, those customers were very keen and engaged to try the product.

是的。我会说使用 Robinhood Legend 产品的人往往是我们最活跃的用户之一。因此，速度相当快。话虽如此，我们在 Robinhood Legend 主题演讲期间向 1000 人推出了该产品，这是最早在桌面上登录其 Robinhood 账户的 1000 人。我想我们在 45 秒内就填满了这 1000 个名额。因此，那些客户非常热衷并积极尝试该产品。

Early feedback is very positive. And I think it's really important to establish a great reputation among active traders because they're networked in a way. They talk to each other, they listen to other active traders and what we've been seeing is really positive signs from the community about Robinhood Legend. But that said, it's not rolled out fully yet, so we don't have the perfect picture of what it's going to look like at 100%, but so far we really like what we're seeing.

早期反馈非常积极。我认为在活跃交易者中建立良好声誉非常重要，因为他们以某种方式相互联系。他们互相交流，听取其他活跃交易者的意见，而我们看到的关于 Robinhood Legend 的社区反馈非常积极。但话虽如此，它还没有完全推出，所以我们还没有看到 100%的完整图景，但到目前为止，我们非常喜欢我们所看到的。

Chris Koegel

Timing on futures and index options?

期货和指数期权的时机？

Vlad Tenev

Yeah, timing on index options and futures. So, the first Robinhood derivatives product that rolled out is our presidential election market. Futures Outrights will probably be rolled out in the coming months, but right now the focus of the futures business is really just making sure everything goes as smoothly as possible for the election next week. And then, of course, rolling out Outrights is a top priority. Index options as well coming in the coming months.

是的，指数期权和期货的时机。因此，第一个推出的 Robinhood 衍生品是我们的总统选举市场。期货合约可能会在未来几个月推出，但目前期货业务的重点是确保下周选举一切顺利。当然，推出合约是首要任务。指数期权也将在未来几个月推出。

Operator 操作员

Your next question comes from the line of Devin Ryan with Citizen JMP. Please go ahead.

您的下一个问题来自 Citizen JMP 的 Devin Ryan。请继续。

Devin Ryan

Great. Hi, Vlad. Hi, Jason. How are you?

太好了。嗨，弗拉德。嗨，杰森。你好吗？

Vlad Tenev

Great. 太好了。

Devin Ryan

Want to ask a question just on interest rate sensitivity. So, obviously, we saw the first 50 basis points in Fed cuts. Last quarter, I think you talked about 25 basis points as a $40 million impact and that was just essentially the simple math off of balances at the time and didn't take into consideration potential for accelerating margin utilization or higher SEC lending activity or higher transaction activity, which often happens as rates come down.

想问一个关于利率敏感性的问题。所以，很明显，我们看到了美联储首次降息 50 个基点。上个季度，我想你谈到了 25 个基点对 4000 万美元的影响，这基本上只是当时余额的简单计算，并没有考虑到加速保证金使用、更高的 SEC 借贷活动或更高的交易活动的可能性，这些通常在利率下降时发生。

So, I'd just love to get a sense of whether you're seeing or expecting to see kind of an acceleration in margin, how you would frame the upside in SEC lending. It seems like we're operating at a depressed level. Do you see a lot of upside in a more normal environment? And then are there any other kind of offsetting forces just that we should be thinking about beyond just the simple math of a rate times the balance? Thanks.

所以，我很想了解一下您是否看到或预计会看到利润率的加速，您会如何看待证券借贷的上升空间。我们似乎在一个低迷的水平上运作。您认为在一个更正常的环境中有很大的上升空间吗？那么，除了利率乘以余额的简单计算之外，还有其他任何我们应该考虑的抵消因素吗？谢谢。

Jason Warnick

Yeah, you bet. And the rate times the balance, again, this quarter would be roughly $40 million for each rate cut. On margin, we've been seeing really nice growth in margin balances following the reduction of rates for customers. That's continued into October. So, that's been moving up. We'll share that number with you here in a couple of weeks.

是的，没错。利率乘以余额，这一季度每次降息大约是 4000 万美元。在利润方面，我们看到在为客户降低利率后，利润余额有了非常好的增长。这种趋势持续到了十月。因此，这一直在上升。我们将在几周后与您分享这个数字。

In terms of SEC lending, a couple of dynamics going on there. First, on just the business inputs themselves, we had about 400,000 additional customers join the program this year and several billion in equities added to the program, which is great for the long-term viability of that program. At the same time, we saw rates on specials that we get hard to borrows, come down a bit versus Q2. And I think that's really what you're seeing. But in terms of the underlying business drivers, we feel really good about that.

就证券借贷而言，有几个动态在进行。首先，就业务投入本身而言，今年我们有大约 40 万名额外客户加入该计划，并增加了数十亿的股票，这对该计划的长期可行性非常有利。同时，我们看到难以借入的特殊利率相比第二季度有所下降。我认为这正是你所看到的。但就基本业务驱动因素而言，我们对此感到非常满意。

And then lastly, we've talked about for some time about how we think we have a naturally hedged business model that as rates come down, we see interest rates turn into a tail wind for the business around growth. I think you've already started to see some of that with the trading activity, options at an all-time high in Q3, equities hitting a multi-year high. So, I'm feeling even more confident about the tailwinds that come from falling rates. And we'll just have to see how it plays out from here.

最后，我们已经讨论了一段时间，我们认为我们有一个天然对冲的商业模式，当利率下降时，我们看到利率转变为业务增长的顺风。我认为你已经开始看到一些这样的情况，第三季度的交易活动，期权达到历史新高，股票达到多年新高。所以，我对来自利率下降的顺风更加有信心。我们只需看看接下来会如何发展。

Operator 操作员

Your next question comes from the line of Benjamin Budish with Barclays. Please go ahead. You might be on mute, Benjamin.

您的下一个问题来自巴克莱的本杰明·布迪什。请继续。您可能处于静音状态，本杰明。

Benjamin Budish

Hi, sorry. This is Ben. Can you hear me?

嗨，抱歉。我是本。你能听到我吗？

Vlad Tenev

Yes. We can hear you now.

是的。我们现在能听到你。

Benjamin Budish

Hey, sorry about that. I had the phone stuck on mute. Well, thank you for taking the question. I was wondering if you could talk kind of generally about your path to product kind of innovation and launch. It looks like with the active trader offering, the credit card, you're being very kind of cautious and measured in terms of the rollout. How should we read that into future product development?

嘿，抱歉。我把电话静音了。感谢您提问。我想知道您是否可以大致谈谈您在产品创新和发布方面的路径。看起来在活跃交易者产品和信用卡方面，您在推出时非常谨慎和有节制。我们应该如何解读这对未来产品开发的影响？

I think we're all expecting a lot to be announced at the December Investor Day. You've talked about broader ambitions in crypto, global kind of brokerage offerings. So yeah, could you talk about sort of your approach to product velocity and how we should think about the pace of rollout for current and future product launches? Thank you.

我想我们都期待在 12 月的投资者日上会有很多公告。你谈到了在加密货币、全球经纪服务方面的更大抱负。那么，你能谈谈你对产品速度的看法，以及我们应该如何看待当前和未来产品发布的节奏吗？谢谢。

Vlad Tenev

Yeah. I think that it really depends on the product we're talking about. I mean, for example, just this week with presidential election market, we started the rollout on Monday and completed it on Wednesday, which is very quick particularly for a new product.

是的。我认为这真的取决于我们谈论的产品。我的意思是，例如，就在本周的总统选举市场，我们在周一开始推出，并在周三完成，这对于新产品来说非常快。

Credit card is a little bit of a different animal. I mean, nothing technological is preventing us from rolling that out. It's just really looking at other successful credit card programs in the past and making sure that with a wait list of 2 million customers that business could get quite big. But if we don't manage it carefully, losses could get big as well. So to avoid that, we want to make sure we prudently scale it. And so far, we've onboarded about 100,000 customers who love it and early signs are good. And that's roughly in line with how fast other successful card programs have scaled in kind of like the first year of operations. So that one, it's just us making sure that we're understanding customer behavior, understanding credit, since that's a new business for us.

信用卡有点不同。我是说，没有什么技术障碍阻止我们推出它。只是要真正研究过去其他成功的信用卡项目，并确保在有 200 万客户的等待名单的情况下，业务可能会变得相当大。但如果我们不谨慎管理，损失也可能会很大。为了避免这种情况，我们希望确保谨慎地扩大规模。到目前为止，我们已经吸引了大约 10 万名客户，他们很喜欢它，早期迹象也不错。这大致符合其他成功卡项目在运营第一年扩展的速度。所以这一点，只是我们确保理解客户行为，理解信用，因为这是我们的新业务。

And we're feeling good. But yeah, we recognize the demand is extreme. So we're working to onboard people as quickly as possible. And we expect to get to multiples of our current level over the next year.

我们感觉很好。但是，是的，我们认识到需求非常大。因此，我们正在努力尽快让人们加入。我们预计在明年达到我们目前水平的多倍。

Operator 操作员

Your next question comes from the line of John Todaro with Needham and Company. Please go ahead.

接下来的问题来自 Needham and Company 的 John Todaro。请继续。

John Todaro

Hey, Vlad, Jason, thanks for taking the question. I guess just going back to the futures index offerings, any expenses down the road that we should be thinking about increasing on the back of that? I don't recall if we got to kind of that margin of where it should shake out. And then also just what drove the crypto rebates higher to 48 basis points?

嘿，Vlad，Jason，谢谢你们回答这个问题。我想回到期货指数产品，未来是否有任何费用需要我们考虑增加？我不记得我们是否达到了应该达到的利润率。还有是什么原因导致加密货币回扣提高到 48 个基点？

Jason Warnick

Yeah, I'll go ahead and take both of those. So first on the crypto rebates, we've been experimenting for some time on crypto rebates and we've been seeing the rebate rate come up. We always want to have great prices for customers, but also balance the return that we generate for shareholders on that activity. And so we started the year at about 35 basis points and you've seen it move up, including in October where we're running at 48 basis points.

好的，我会继续处理这两件事。首先是关于加密货币回扣，我们已经在加密货币回扣上进行了一段时间的实验，并且看到回扣率在上升。我们始终希望为客户提供优惠的价格，同时也要平衡我们为股东在这项活动中产生的回报。因此，我们年初的回扣率大约是 35 个基点，你已经看到它在上升，包括在 10 月份我们运行在 48 个基点。

In terms of futures and index options, those products really benefit from the broader technology structure that we have at the company. We have roughly 90% fixed costs base and relatively low variable costs and futures and index options benefit from that as well, which leads to really high incremental margins as we grow those businesses.

就期货和指数期权而言，这些产品确实受益于我们公司更广泛的技术结构。我们的固定成本基数大约占 90%，可变成本相对较低，期货和指数期权也从中受益，这使得随着我们业务的增长，增量利润率非常高。

Operator 操作员

Your next question comes from the line of Steven Chubak with Wolfe Advisor. Please go ahead.

您的下一个问题来自 Wolfe Advisor 的 Steven Chubak。请继续。

Steven Chubak

Hi, good evening. I wanted to start off with a question on actually a chart that you had included in a recent presentation deck, just showing the strong relationship between revenues and AUC. It's been a persistent trend over the last few quarters. I mean, in this particular quarter, we did see some decoupling amid some of the rate cuts and subdued trading activity. And we're just hoping you could speak to your confidence level that, that relationship should ultimately still hold even amid the impact of further rate cuts from the Fed.

嗨，晚上好。我想先问一个关于您最近演示文稿中包含的一张图表的问题，该图表显示了收入和 AUC 之间的强关系。这在过去几个季度中一直是一个持续的趋势。我的意思是，在这个特定季度，我们确实看到了一些脱钩现象，原因是一些降息和低迷的交易活动。我们希望您能谈谈您的信心，即使在美联储进一步降息的影响下，这种关系最终仍应保持。

Vlad Tenev

Yeah, I feel really good about that relationship, Steven. I mean, one way to think about it is just bridging revenue from Q2 to Q3. There's really two things that distinguish our second quarter and our third quarter.

是的，我对那段关系感觉很好，史蒂文。我的意思是，一种思考方式就是将收入从第二季度过渡到第三季度。实际上，有两件事将我们的第二季度和第三季度区分开来。

The first is in the second quarter, we have seasonally high proxy revenue. That was about $30 million, and you saw that reduction in Q3 as we moved past that seasonal quarter. The second bridge item from Q2 to Q3 is the contra revenues on the match promotions. And in the quarter, we saw a step up to $27 million. That was an increase of about $14 million in contra revenues versus Q2. And I think that's showing up in the relationship that you're drawing to AUC.

首先，在第二季度，我们有季节性较高的代理收入。大约是 3000 万美元，而在第三季度你会看到随着我们过了那个季节性季度，这一收入有所减少。第二个从第二季度到第三季度的桥接项目是比赛促销的抵消收入。在这个季度，我们看到抵消收入增加到 2700 万美元，比第二季度增加了大约 1400 万美元。我认为这反映在你与 AUC 的关系中。

Importantly, most of the incremental $14 million related to the 1% boost on gold deposits, and that's something that we're winding down in November. So as we look forward to Q4, we expect Q4 to step up contra revenues in a similar amount that we saw from Q2 to Q3, but then subside and grow at a slower rate. Zooming out, I feel really good longer term about the core business.

重要的是，大部分新增的 1400 万美元与黄金存款的 1%提升有关，而这将在 11 月逐步减少。因此，当我们展望第四季度时，我们预计第四季度的抵消收入将以与第二季度到第三季度相似的金额增加，但随后会减缓并以较慢的速度增长。放眼长远，我对核心业务的长期前景感到非常乐观。

Operator 操作员

Your next question comes from the line of Andrew Stein with FT Partners. Please go ahead.

接下来的问题来自 FT Partners 的 Andrew Stein。请继续。

Andrew Stein

Hi, thanks for taking the question. Just wondering, could you discuss the deposit trends for some of the recent promotional offers? And then what's your strategy for deposit bonuses going forward? Thank you.

嗨，谢谢你提问。我想知道，你能讨论一下最近一些促销优惠的存款趋势吗？然后，您未来的存款奖金策略是什么？谢谢。

Jason Warnick

Yeah, we love the matches on deposits. We've seen customers really respond to it. From a finance perspective, we track the behavior of the cohorts and dollars that come in, and we've seen, for example, the 2023 match promotions have already paid off.

是的，我们喜欢存款匹配。我们看到客户对此反应非常积极。从财务角度来看，我们跟踪群体的行为和进来的资金，例如，我们已经看到 2023 年的匹配促销活动已经取得了成效。

The payback periods are around one year for 1% and kind of in the two to three year zone, trending more towards three years on the retirement matches that are 3%. So we feel really, really good about that. It's our third straight quarter of $10 billion plus in net deposits from our customers and continuing with a longer term trend of 20% plus growth.

回报周期大约为1%时是一年左右，而对于3%的退休匹配资金，回报周期大约在两到三年，更趋向于三年左右。所以我们对此感到非常满意。这是我们连续第三个季度客户净存款超过100亿美元，并且保持着长期20%以上的增长趋势。

The Hood Week promotions that we did brought in $2 billion. So that was a two-week promotion and really, really strong response from customers. And in addition to the relatively quick payback periods, we just love the potential for compounding the facts for the business over time.

我们进行的连帽周促销活动带来了 20 亿美元的收入。这是为期两周的促销活动，客户反响非常强烈。除了相对较快的回报期外，我们也非常看好随着时间推移对业务事实的复利潜力。

Operator 操作员

Your last question comes from the line of Ken Worthington with JPMorgan. Please go ahead.

您的最后一个问题来自摩根大通的 Ken Worthington。请继续。

Unidentified Analyst 未具名分析师

Hi, this is Madeline Gliden [ph] on for Ken. Thanks for taking our question. You discussed it a bit already, but we wanted to dig a little more into the strategy around the election-related event contracts. So could you walk us through your ultimate decision to list these event contracts, how they fit into the product roadmap, and ultimately, is Robinhood considering getting bigger into these more betting-type products? Thank you.

你好，我是代替肯的马德琳·格莱登[ph]。感谢您回答我们的问题。您已经讨论过这个问题，但我们想更深入地了解与选举相关的事件合约策略。您能否向我们介绍一下您最终决定列出这些事件合约的过程，它们如何融入产品路线图，最终，Robinhood 是否考虑在这些更类似于博彩的产品上做大？谢谢。

Vlad Tenev

Yeah. I'd say overall, as a philosophy, we want to make all product categories available for customers over time, particularly for active traders. We want Robinhood to be associated with being at the frontier of innovation and technology in financial services. So if you look specifically at these event contracts, they're regulated swaps markets that really serve as legitimate hedging instruments for large institutions. And we believe that if any tool or any instrument is available for institutions, then we have to make it available for retail as well.

是的。我想总体来说，我们的理念是希望随着时间推移为客户提供所有类别的产品，特别是针对活跃交易者。我们希望Robinhood能够与金融服务领域的创新和技术前沿联系在一起。具体来看这些事件合约，它们是受到监管的掉期市场，确实为大型机构提供了合法的对冲工具。我们认为，如果有任何工具或产品是提供给机构的，那么我们也必须将其提供给散户。

这个理由的思考方向有点问题。

I think a nice other secondary impact is it provides people with a reliable data source about where predictions, where people predict the market will land.

我认为另一个很好的次要影响是，它为人们提供了一个可靠的数据来源，关于预测市场将落在哪里。

Operator 操作员

This concludes our Q&A session. I will now turn the call back over to Vlad Tenev, Chairman and CEO, for closing remarks.

这就结束了我们的问答环节。现在我将把电话交还给董事长兼首席执行官 Vlad Tenev，进行结束语。

Vlad Tenev

Yeah. Thank you. Thank you to everyone for listening and to our institutional and retail analysts for continuing to engage. And really, a special thank you to all the folks on social media who've been posting content and streaming using Robinhood Legend and sharing feedback. We really appreciate it.

是的。谢谢。感谢大家的聆听，也感谢我们的机构和零售分析师的持续参与。特别感谢所有在社交媒体上发布内容并使用 Robinhood Legend 进行流媒体和分享反馈的人。我们非常感激。

Operator 操作员

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士们，先生们，今天的电话会议到此结束。感谢大家的参与。现在可以断开连接。

2024-10-30 Robinhood Markets, Inc. (HOOD) Q3 2024 Earnings Call Transcript

2024-10-30 Robinhood Markets, Inc. (HOOD) Q3 2024 Earnings Call Transcript

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