Robinhood Markets (HOOD) 2 Aug 232023 Q2 Earnings call transcript

Good day and thank you for standing by. Welcome to the Robinhood Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be question-and-answer session [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Chris Koegel, Head of Investor Relations. ahead. go Please

And QX Gigi. and to for everyone Vlad Thank call. thank With Robinhood's Warnick. Jason earnings and CEO us joining Tenev, you, CFO, you today Co-Founder, are

could statements. remind press started, our the we getting today's to Investor XXXX contain monitor, risk filed SEC including differ we the other expectations, I Potential from are to presentation have to that issued May Actual Before unless you no legally could results filings. required. regulatory cause duty our developments we earnings in today, that want Relations continue call that described website Form will our XX, differences, release on our and materially in at forward-looking and investors.robinhood.com, provide factors updates XX-Q

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

With to me Vlad. over that, turn let

thanks it profitability was of to us Chris. serve we the joining to expenses GAAP reach reached a In of tenacity intro, our for the QX, and IPO important our two for the announce milestone I'm excited today. And Thanks an everyone innovative to time public week year Last ship today. team this for for as customers and resourcefulness and incredibly I'm products, the company. first manage level. proud to took anniversary

billion. to billion several grew by $XX progress customer and to starting driven continued grow our with valuations net to Customer QX, from our under $XX QX billion more In in continued me about custody you by July, equity over Let tell business results. up assets higher assets deposits. QX, in XX%

This continue translating past $X customers over trust Looking billion XX% growth Robinhood at over billions over the QX, we total annualized the investment to their in dollars. net to as brings $XX deposits, a with of year to billion had rate.

our increasing a costs results, in results with XX% our operating nice QX. lean, grew of of and keeping $X.XX. of leverage in EBITDA high total XX%. up we EPS million, our QX, from to revenues margin And new to net at These $XXX GAAP by drove million we financial business positive income Looking $XX to net contributed adjusted

revenue mentioned that withdrawals, and lending two $XX continue had million, new well these which roughly is of progress, is trading QX to Each I'd stock equity This team I'm XX% how QX executing. proud combined products that and products QX over grew of size I also is levels. the last annualized accelerate. quarter, highlight business. instant is above of incredibly their The two our another revenues exciting our

areas, which, customers, let's traders, and we've to relationships Now, innovating organized launching know, opportunities. our roadmap, into turn our for our three deepening you growth XXXX active as new with

XX deepening Let's customers. million than our about talk how more with first relationships we're existing

of the goal recently, Our more saving financial customers' and, our investing with needs. and to serve we spending, products. is We and retirement started entirety trading launched

level highest great We growth the grew track net the assets In ARPU XX% looking We're deposits annualized deposits per ARPU. two progress by also QX, net past years. and increased in to at progress at growing customer. and making rate our here a $XX,

Over average gold the on for customers. AUC XX% per XX% increased past and year, customer

term One and money. customers has their save invest focus helping long been

are great as business, can add part $X billion. retirement believe especially As IRA match, no a reminder, launched necessary, assets a IRA employer in that the our into a now X% to January, see products of to like we advisory. with close additional Robinhood it's much Retirement, we first grow and larger We

offer our with compelling makes times X adding To end, aren't business. help customers, Gold Gold we're for the are Robinhood retirement customers features for already grow quarter, going Gold we offering. progress Last believe retirement we're that with happy be that I to to and match also really the and mentioned more introducing made this IRA even that Gold us subscribers, value and X% incredibly will We X% a standard that match. we've

to the is offers also FDIC Gold week, grew most year-to-date million insurance customers on cash billion. grow. sweep and $XX cash, nearly the interest among in yields $X QX up competitive continuing cash increased reach X.X%. in Gold to XX% to we and sweep, XXX% which balances to Last rate

drive more spin attracted and growth even our and revenue them customers, flywheel we're the match, their deposit new With this more X% continues cash we've rate As accounts. competitive our into seen customers. from to starting this Gold and gold IRA to we've And strong Robinhood X.X% on engaged ARPU faster.

bit if even or to one we're to customer you our talk diversify view down revenues, and opportunity the have million customers. salary acquisition. of credit our immigrant to customers our help credit. so, build And are market Many credit primary. to is problems a an potential This card solve. diversify student, also Right doing if business. go people to our by both now, as Now, with believe base, let our example, strategic help we earnings see XX it. we it's grow hard XX And the will credit and We support me a get an our about a for opportunity younger further you're and excited customers deepen relationship of the we

to team XX XX million from holders is several for stainless customer a to to credit there. friendly ship working and The finally offer business. a customers, and provides found space years, to scale right new DNA defining consumer credit attractive and category user an with great awesome we're and steel card, card the a XX,XXX XX, has the card our a excited rewards that sleek that mobile and we build Robinhood with exploring their we'll After expand hard platform. team values

traders. active let's Now discuss

builder, Robinhood market. cash features screeners over As Robinhood make hour advanced past strategy stock the and know, most year, destination traders. products accounts, aggressively to recently, continue active ship include you for the These best and, we to charts, XX

during we brokerage we we single market, of strong early retail July offering, customers and love the are XX We've rollout trade tickets total particularly US volumes it to We're easier seen With see. hour they customers to will first expand more extended our trading market our XX. XX/X the and of stocks. offer to our be hours want. even Robinhood uptake XX and XXX% name in to finished to of continue the bringing We in we excited earnings the hour whenever we to adding makes for nine offer, season, quite soon, selection names

share equities seeing that grow. product our continue to to to more we turn happy experience the market As of our Last trajectory were were that of trading trading for on. active We with traders, our I we're mentioned business. was options retail enhance attention core we the starting our quarter,

scanners. In users. awesome tools, hours to enhancements and shipped cash new we tools screeners returns instant and XX equities ago, just rolled traders, addition and history, a and our for market, chart few our several accounts we including to comparison hour all And active longer deposits out

improvements, market ago. XX% from love share. QX, market share these and options a was up from up our was and that we're in our over a XX% ago, seeing share year Customers In year market equity

many in both working in can't to market we QX, with on more wait customers. move equities and improvements to our far And share options. that continues So higher share we're

Turning staying while regulations. to mindful of grow applicable crypto, we continue share to innovate market and

and with launches most to safest, crypto. our see Robinhood with place in to trusted crypto. customers transact for customers hold, is Robinhood goal invest to be their Our Wallet forward We Connect of and continuing we the and look resonating trade recent to

products, is of so end roadmap more new and our XXXX exploring our operations broaden the focused over of around The and time. year. can third goal we We remain in part brokerage add UK scope the opportunities of to ambitious launching reach customers our our increase the of growth on revenues geographical

to MacKenzie and As you a with like have starting a getting we the innovation We've to US. Robinhood running UK. market, hire brand and key leaders on spending more on UK time resonates like been Sinclair the that we've in lot bringing even ground, to lead license positions the of We're in an excited effort. done place, customers are Jordan the in experienced know, JB existing drive including

is is financial a culture best company the technology money. markets, business business, economics, Sherwood we and the that of providing on the recently launched covering Another Media, focused content media new

success Our partners. which to Robinhood XX the with US We've the weekly is in build newsletters with financial goal other already partnerships on Snacks, over multiyear readers. of CBOE largest advertising one is and signing of million the started NASDAQ,

believe We're and revenues. lines. these investments across multiple business while serve us We will diversifying our also growing enable more our and customers, to excited about progress geographies

us as decade. I'm on and assets, our do. gain As energized our ahead that excited I huge in about has next million We're to so all far reflect democratize potential by change industry come. accomplished over to innovate opportunity the so our to more the roadmap for much grow market and XX Robinhood and share, of We many history, better, finance our even really we there's larger the for all customers the a see customers, for

turn I'll to the that, Jason. With call over

time term all our public with today. profitability we year, the past our shareholder positioning us incredibly business growing progress the on quarters reached of company. I'm as of financial QX, costs, After and five Thanks, team Vlad. GAAP their in everyone long for profile drive proud of the transforming over first value. It's to good to for straight for and speak lean revenue a getting

about withdrawals, investing like time. businesses. share on GAAP we're over revenue excited well to just started drive and milestone, streams, EPS as reaching remain this as higher focused the We for instant growth journey our gain While levels getting market new add we're in lending of existing securities to on

ways from to the working get we're detract time, At our that don't growth. in leaner same

teams, our for targeted can and greater increased QX, confident drive efficiency. great and saw a We're customers opportunities shareholders reductions growth over for For where outcomes across made example, time. we that few in we productivity efficiency and some efforts

funded the and look We our business progress custody of mission. how at assets quarter now grew make measure we as in progress accounts. under second our terms in net our on Let's

and under sequentially deposit in Robinhood. equity money $XX QX Our billion, primarily into to continuing customers' custody to XX% assets higher to increased due valuations customers

deposits time. were net as for growth XX% in We continued relative $X.X customer asset well over rate billion really AUC. growth, net which a at translates these deposits, us position rise to believe annualized QX, Looking markets they resilient to QX

platform, our QX, represent in Turning on they which $XX,XXX $XXX,XXX and increased customers ago. unique to funded quarter a up year million $XX.X net from from to last accounts,

are X.X product, to and XXX,XXX million, XXX,XXX January. growth in we the up from since row which a in last seeing offering. and subscribers accounts, retirement are we in quarter, yield XX,XXX excited high Gold launched quarter over we Additionally, our sequentially the Gold yield over launched third XX,XXX up We have retirement now we about about increased for funded the

income to net OpEx at a and $XX GAAP SBC Looking positive broad improvement $X.XX. our When increase see million $X.XX in was of great we QX to the and at it's that revenue, results, led ago, across look result. our financial QX we generated EPS the from year

In derive addition, million an to in the adjusted to new basis. a a XX%. we also our new profitability higher high grew of high margin quarter reached $XXX EBITDA and have It on adjusted continued EBITDA of

We from are points XX with ago. made progress margins over EBITDA the on we've about adjusted a excited year margin up

quarter. Now up XXXX. let's quarter during from was highest revenues a were since and the $XX, $XXX increase QX last review net $XX from net Total interest QX as and the QX revenues. revenues other XX% level million, increased ARPU

lower to $XXX lower in X% primarily due revenue Transaction per options based were contract. revenues and QX, million crypto volumes down sequentially,

billion, Moving they or rates driven to earning activity. driven earning $X Gold sequentially, in by QX Robinhood. million The continuing bring to to primarily interest higher by assets XX% short billion $XXX was sequentially. securities assets, increase up interest interest interest up more and revenues, deposits $XX lending term QX, customers XX% were net were

versus zone Fed million XX addition anticipate lending deposit today's line fund Looking revenues the ahead, of securities assumes rates increase with net QX we QX. This in QX, level and rates. the and will revenue outlook in interest of balances, $XX of

be the plays could depending lower on course, results higher QX out. how Of our or quarter

in million QX, QX, to to proxy on revenues. $XX primarily million other from seasonally higher revenues, up they $XX Moving were due

QX anticipate to return we revenues other ahead, zone, given typical Looking proxy the mid $XX will seasonality. million

in during valuations and also were with month. to July. I roughly saw the want some what their increased in average. deposits deposited assets into Accounts as continued to accounts share QX grow color and July the monthly equity we net line customers on

trading saw to equities, volumes as In addition, our compared we Vlad to, monthly in alluded options crypto up QX averages. pick and

sharing on Finally, the of customers grow in our cash margin balances forward full and engage a levels. sweep to QX from platform to We're look continued monthly their to couple to and see continue glad weeks. our metrics

off $XXX It prior end lower to review in SBC. with our was range. of at Now outlook OpEx the million prior QX, starting let's QX expenses,

efficient. of Looking half year, forward the to second more getting the we're

of even XX, outlook onboarding keeping year we are So unchanged. range our while the midpoint full

ranges. the tightening also year. halfway We're We're our now through

Taken updated range billion. $X.XX a for is to SBC billion our prior together, to outlook XXXX of OpEx $X.XX

Turning million range. QX, of to the in SBC, it full-year was end our outlook prior around right $XXX lower

given ahead, through the we've first outlook of quarter. year, Looking lowering the the half progress SBC made our again we're this

updated Our SBC implies year. half range in a XXXX the improve outlook SBC of $XXX to second to which of million will is for continue $XXX the million,

by We or for was has also count, $XXX Our outlook dilution now of at to X% our end increase progress which here million means this the improved. less expect share that year. diluted XXXX our XXXX,

management. capital to Turning

strong We day is so sheet that run of our portion to small balance billions a deploy. of billion $X and over we of day, excess use cash cash to business investments. with to have Our

we profitable XX and a months. addition, GAAP In basis, the generated over million now adjusted nearly we past EBITDA on of are $XXX

we to and growth drive we value. believe over time shareholder are to well deploy So capital positioned

provides Robinhood's rewards no their incredibly And each credit roadmap. a accelerates platform One with customers. bring way XX to we XX,XXX excited a The card steel term card great fee, is our to purchase. M&A which credit XX, customers. we million In capability as roughly offering capital holders new QX, we to our acquired to product we're way begin see XX a deploy stainless on long attractive efficient capital that

with opportunities ahead, M&A we development this product that fit like Looking Robinhood. a our organic and are to look can strategic, good for continue and complement efforts financial cultural

deploy over we is through capital repurchases. way to Another time plan share

months XX Emergent know, you been that As purchase million the Robinhood summer. the last past shares bought we've working to for Fidelity six

you we We share. more have have continue to update we'll discussions to when and

continuing In as a the EBITDA adjusted new past company not closing, QX over quarter year, and of with growth. to really we've capabilities fifth I'm revenue customer experience. made profitability and consecutive enhancing And done. while the pleased first our GAAP financial progress was deliver public quarter we're of and

time. profitable over focus We driving to continue on growth

Chris, that, ahead and With Q&A. let's go to move

Jason. you, Thank

over already also a prior in analysts. the For call by answering questions questions by start questions on number that any this that, session, theme. we'll the live Q&A shareholder together We'll are After Technologies. These Say we ranked common from we'll votes. addressed share pass We'll turn group or of to that from quarters. questions

This it I'll Say. P kick off Suraj one's top Jason. [ph] So is question with stock? what keeps selling for first asks, management reason our from the

compensation have want think with interests We structure we management does shareholders. to our align their our And that.

a of this, compensation most is And sell team's the for of in So our of to form because management stock. income. small it's normal portion holdings as a management of team their

through. they over These sell small automatic They're come see of that trades stock well might selling of automatic time. up are their XXbX-Xs, management portions sets So plans. the in you advance called and

that create across look see large we're you stock. holders be management you'll team, value. continue highly certainly we shareholder our motivated And As Robinhood to in to also

question comes that [ph], from on The an Lance you asks, next the Vlad, can to hour do going? want trading take G provide and you who how one? XX it's update

XX offer trade tickers name out nine were broker in it to customers excited of We We ago. we'll hour XXX% XX were we to rolled hour weeks July, first And few adding US soon XX/X. the and stocks, just single of to our market. super be new a launch trading to

you hearing City feedback offering marketing great us around we're more and may that particularly are for better. customers, continuing actively, from invest the trade doing seen those that have the We're even you New especially Plus, it. York to our area, to some in those of make

for a take [ph] to question your have one? next Atanu confidence? regain The to IPO Jason, you for rebuild a buybacks do under been M want is more is investor What from confidence? has valuation to plan share you than way asks, do now. a investor Robinhood year who plan that

value over number working There's shareholders we're that delivering time. of on for a ways

in roadmap, we've as new that. investing our as we're And about delivered ones recently are First, organically on and super we're well you us the that the about excited products hear talk that business.

sheet a using strong way faster. move us we've for to Second, for it M&A super balance got a we're and as

You saw XX. that more acquisition this quarter of with think opportunities out our and I like there's this, also them. looking for we're

work we'll consider we another capital know, to on to the shareholders. And Fidelity. And you lever. share time, to mentioned, Over million is purchasing XX continue return our by other were you repurchases shares as acquired ways that Emergent as

hit of for terms the we've our more milestones In business. progress, big pretty recent financial some

in adjusted down nearly millions, margin hundreds high QX reached this are revenues of our XX% this of last and the led up from months. of year, million last also generating Our in over EBITDA XX new costs quarter. adjusted $XXX XX% us to are We've EBITDA a

So happy time And we've with the per first public as profitability course, reached for $X.XX about really really a that GAAP proud of that. company share.

So momentum a got we've in to even deliver really time for all I in, great we're And position. shareholders. better customers over good and results think

share. of I couple next and maybe Vlad Jason can questions, The think,

at talk will Omar users about [ph] will XX help the this how So then does exactly? card future Anuj Robinhood? Robinhood the D provider plans? this bring to time of integrated with XX B of users Gold asks, strategically agreement? XX? the can credit into How acquisition a and [ph] more be purchase you profitable Was asks, And company Robinhood And

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help call, just as financial trade in wide And accessible use mentioned perform but earlier I and high home be the a variety provide customers their easy of to interfaces and we value needs. want want the not of invest, financial their for is One we to Robinhood, goals to and products.

to it we've is lot Robinhood credit want Credit years. And getting incredibly exploring of a space customers A many of that's many from something our customers. important a our feedback we've card been that for customers. lot addresses of a directly been from It's that us.

young immigrants. well something had We actually we people, aligns credit provide our can to students mission. haven't it access and do in and who always believe people really here – good that And easy

And one really leverage a this XX And simple about to experience. Robinhood, joining is, of of they as like the problem. with things think we seamless really, technology a liked user build technology they and

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their that And we're their good underwriting, of really say was the also quality a We in economics spot. so growing acquisition. the were I'd credit business overall liked leading the Qualitatively, as into and well. improving

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progress. just more about updates the we'll potential So super excited share and Also we as here make

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some we similar have products. Today,

X.X% For have cash there's not we we're offers example, insurance. going we ETFs add, up and million bond that that to more FDIC Robinhood on know in to and with Gold that to stop. uninvested things $X But

to to over listen more and even us continuing time, So options. see investment you'll customers adding

will capabilities next S Victor in [ph] for AI The when begin one appearing the also asks, application? is you.

think be a to It's I the operating AI is time, business, companies many every Over our strategic have and really think in And make company how Robinhood we company. about innovation up and will lot. to will Robinhood think become technologies need given to think shift something I track an competitive, about that and lead can we financial quality their the think in AI record leader actively become how talent important. of a and of our products recruiting we're in aspects further excited our naturally the engaged these experience improve to offering, AI. We're positioned We're we services run all explore efforts at the offer customers efficiencies business. Robinhood. and Robinhood to for technology to our high for in the create also how

who B is Richard question it dividends? think next to The do to Robinhood [ph], too that strong that is from asks, enough is early

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I'm strength the and position right the that we're liking So really in business now. the of

mentioned, the that versus front, we're the In that we'll we repurchases returning to we repurchases. dividends. working value And as some share XX is more terms use and Fidelity share make shares purchasing million traditional on on more to inclined I'm of progress. Personally, debate as on share shareholders, Emergent

more I think for question. have Say time we one

I'm going together put to So two.

Have retirement you offer A X% been seeing to plan to for many So employer growth asks, Thomas the does accounts the ever transferring match? retirement sponsored Michael P [ph] accounts, as of [ph] been? accounts people XXX(k)s? how Robinhood such over asks, is Robinhood And

our offering. gives customers wealth that of the Glad offerings. use to very time. control another our finances to over retirement build they can It their tool hear our and in of We're retirement proud interest continuing

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if we for and without match, a you're you. will So an Robinhood come employee match to

time our questions ask And shareholder Vlad Technologies. of appreciate forward and that these next from to taking Jason, we and We shareholders questions Say concludes to our more look quarter.

we'll to over the from to analysts. turn Gigi Now lead call our Q&A

from [Operator Instructions]/ from of Our question JMP first line comes the Ryan Securities. Devin

on I expenses. headcount I'm noted, reduction savings that June, then associated something The still guess related that. that in costs first in would there's X% guide. you with cost but probably that to [indiscernible] question guess I I with I'm if are think I that the assume come the could reported press future one-time the there's And curious others, any assuming

did costs. we management we of included in Devin, changes of the ongoing as It's kind for one-time of reduction. costs we some more reported have OpEx viewed that that on QX. And these

the not And of from did so, quarter. them exclude adjusted we calculation this EBITDA

go of the savings integrating XX there terms tightened the the kind effects all the of for reductions, the well on unchanged as gave, and into the factored of rest forward, we costs and And guide that additional the year. in are then as OpEx we left cost range of the midpoint forward of the

improve still and you're you improvements deposit activity seeing and trends. some good just stabilize of the and we're of mentioned transaction recently investor engagement, some obviously, margin seeing terms in balances In

that's all July. continuing like Sounds into

of the a little some whether active trader the kind really cohort you're more want seeing to or in these this of is of sense broadly. Just improvements across base if customer get

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where Just today. sentiment is

Sounds like early of maybe signs recovery. some

to talk love So about that.

I'll a weigh and well. maybe bit as in you little then, Vlad, lead can

well our quarter, about We So, from is continuing XX up overall focus in experience things improvements encouraging. last adding scanners just to market. really NPS our for about up doing screeners year-over-year over which talked hour average like customers XX Robinhood points active in we're and is Robinhood's user XX improving. year-over-year traders, on as points overall, more stock on the And sentiment and and as

noticing. investors Vlad both options year-over-year, and share our are XX% up over equities an think I in XX%. mentioned So in up increase market

of think quarter. and look picked deposits deposits continue the of then we And Robinhood, commented quarter. $X progressed. over kind low trading throughout And kind good our as the July. April, as our seasonally funds just And was I accelerated strong at see And with we also up formal I as in customers billion continue was we in July deposit the to their in comments. more quarter in to

would So, customers. for and overall, I work is improving selection through really user experience doing, say product that the that been we've showing our

active trade. I traders, It's been market to translating our see good We've customers share Jason really NPS particularly been think Yeah, I have improvements, pleased our And assets don't to across to the add. really good. reiterated by that all for much really have gains. progress. been mentioned and the really gains that the share market

Dolev for comes question next Mizuho. from Dan Our the line of

you work we your know showed crypto. gaining this that from Great results. And some were But in was share I competitor if addressed. that don't did

was up. why So quick on a you're competitor? I there from crypto addressed. share? if gaining But driving this can call is apologies then biggest out at you follow the have And What anything Robinhood share is your gains and

we're crypto in we the like share share. offer. analysis, measure harder is as it with It's by that gaining does coins little it as look in a to easy market options. equities our and But It's not

I'd user we think crypto just for we've terms coins proposition. of also, think why, we're to the value In got the that the experience. point for we to We traders offer. buy probably best retail place a And great

things. so, And the those two are

And your most a add addition offered Robinhood, we've you communicating user than experience. dollar interface. Like great the do to great of in also I we've that at think competitors. value to a more for get our job I'd crypto customer started customers in better that

they're clear more how more getting. a it customers, So, to it just to we're value clear – to we're good make making and trying incredibly of

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MAUs from increase to May June. did

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small active investments, subset relatively overall trader a traders the of base. Active user are of kind

making So a of they happy. really them revenue, and disproportionate drive amount really,

as probably that You're reflected metric. MAU the not to see going in

axis that's engagement. like And sort a I than of over lot and another made we've the on that's think MAUs progress past progress been So, of year. trader

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investment excited One Dan, X% really that them of I'm the customers. really today, in We the continuing is our that about And retirement relationships with as cash their things, X.X% match. deepens our on announced balances. sweep we Gold a offer

we product naturally we our over as our think selection, I you're up deepen relationships so, time. customers, our And to engagement see expand as going with tick

Great results. Congrats again.

of Chubak from Research. the next question from line comes Our Steven Wolfe

efficiency we when brokerage a geographic is delivering a on footprint. sense per you benchmark while as product projecting expand gains to You as guys still see metric elevated well done fintech roadmap. this get I employee retail Why said, as the expense where scales don't your you on versus peers. want with business a question relatively executing job I have to your expense? as start as the nice That and

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reached Remind give GAAP next And how hit milestone, normalized was now about on can what business update thinking the us aspiring now scale. you that GAAP Looking to. profitability. you're milestone at ahead, hoping is this margins us for you've an you're that just you've the

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Morgan from Stanley. question the Michael comes next Our of Cyprys from line

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could of is options, and the is index where investment your just settled And sort enable cash on Or flip that platform required that switch on what list? you the Similarly, priority that? enable today? on to

something very that Futures is we're about. excited

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some of the this potential get about talk there, credit manage just underwriting much the criteria have risk that you may history? you and the not process comfortable How or the do customers Can and income introduces? given credit

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follow to wanted on users earlier. monthly up I the question

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but growth market with I'd an dependency in kind stocks, of here, also like the continued has has add and equities, crypto sort side been particularly of rather to soften. that brokerage there's doing that asset like well QX,

conflicting well. sort see you is reflected So because the customer that MAU multiple numbers trade things. that as of percentage our significant be customers base a can And in of crypto

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bit. to little of up and a appears it stabilizing So be back kind moving

numbers Just two questions. simple

us that use the you clients sec have for fully numbers. retirement thanks Gold accounts the So give the to chance Any card? and would lending and opted paid account that cash

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to I and complement nice XX card the other. think so, each a cash And are

question Budish next Barclays. from the Ben line comes from Our of

line question Barclays. of next comes Our Ben the from Budish, from

related you up follow in to Jason, interest I come. prepared revenue to XX. on XX. income Robinhood Mike's to some revenues? Can Robinhood – think expecting income And remarks that mentioned interest between on on you actually earlier And sort take with how you're the wanted exposure profile some question and expected for credit of maybe there's acquisition? credit talk I the does much from that's about the interchange

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that. of part a was XX So,

presented revenues for revolving When credit. I earn income income. the That's got net and you've for for interest that think you the the XX, funding interest on of offset about geography cost by

to that looks netted You'll that have it'll be some accounting on interchange – costs. revenue, rewards conclusion be but our the with

revenue, be presented but transaction based in that'll net. So,

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

My question brokerage UK is the launch. on

ban. going to the US this So payment different as with PFOF are order rules monetize in how you're the I'm curious in UK effort flow the for than

sec in. details operate and income. there's regulatory What lending of out all that interest in is revenue working environment us. still number team are the The there, but the say the of mindful for We're a available is geographies that I'd we streams certainly

of do US have ways. Gold offering. We number a there's a in So the

I a flow. this for with good potential unit payment be business think attractive without an a to order on economic there's perspective or for

us of efficient manner for has capital a been, headcount. excessive without company, in we focus big in technology internationally expanding a investments since a are And sort

just equities versus you the last my XXXX quarter curious report I both on same year. in fault, equity know also the trends it don't trade trend this, per level exactly cash high and Just the in of options revenue period the second on

share of across shift that's kind down. market, This really overall trading towards the has been options. volatility of are and ETF the on kind a options take in of been the reflective coming also rate we is greater industrywide that seeing options, a lower industry On the on seen

quarter July slightly It take the the for quarter. $X.XX versus through QX, it's about bounced come contract. for to was we in That back so, up the per quarter. rate June And was as And average the progress in did the $X.XX. down

an what that's it. we've on been we've eye So, keeping there. And been seeing

this At conference Vlad the to remarks. time, for Tenev over back turn I would to like now closing

for very questions. today. continue to us we're again innovating, Thank you And you, for delivering customers. the all everyone, Thank joining for excited

Thanks, everyone.

you conference concludes participating. today's call. This for Thank

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