Robinhood Markets (HOOD) 8 May 242024 Q1 Earnings call transcript

Hello and welcome to Robinhood First Quarter 2024 Earnings Conference Call. [Operator Instructions].

I would now like to turn the call over to Chris Coegel, VP of Corporate FP&A and Investor Relations.

You may begin.

Thank you, Joana, and thank you, everyone, for joining Robinhood's Q1 earnings call. CEO Vlad are Jason and today Warnick. us and Tenev Co-Founder, CFO, With

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

over also at comparable All the measures. non-GAAP can me in GAAP to be of presentation. With it to be can which investors.robinhood.com. Vlad. found Today's Reconciliations earnings most discussion will let the include results found consider we that, financial turn

everyone. my Thanks, we for I, so that of keep have questions. again, short will can remarks plenty time Chris. Hi,

to So three, strong strategy one, market; and to the business active remind is things: our it QX. is X outcomes and Robinhood increasing with number just believe focused led the winning internationally. share We customers; two, everyone, number working, on in wallet expanding number

First, by trading product really QX, was and market bolstered increase can share. it to retail continue in innovation. our It

retirement. deposit continues trading rate notional XX% growth. translates a growth result, delivering and significantly track were options across to net equities, crypto. organic were As year-over-year a multiyear annualized and Net record billion This volumes brokerage, record with sweep across plus cash up $XX.X and XX% a they deposits, our of strong diversity

major totaling QX twice we from second more ] also was Robinhood nearly quarter a And [ had in our row, brokerage moving other $X customers record the to inflows assets asset every net level. QX are in their than numbers.

gold highlight in other cash, margin led I gold our offerings credit to across in QX at finding and compelling Customers any reach point high-yield than gold higher card. million rates now retirement, This gold subscribers $X.X subscribers. also are our our to wanted history.

exciting subscribers that past gold XX% the led record gold, year QX year-over-year new and QX together more GAAP a in of XXX,XXX revenues to to expense double than see added we in in was fastest discipline Putting continued all also EPS with nearly to this subscribed customers that's record and the The up It's positive years. XX% X of ago. $X.XX. funded

what's deliver amazing to results. customers. Now Jason we financial more to before gold what have our let's is And our I exciting even more doing we're review continue that about for share customers, value

Thanks, Vlad. It's today. everyone good to with speak

we expanding revenue year, adjusted profitable from year expansion up points. driving growth, EBITDA ago. with profitable another XX% growth we're In margin focused XX and revenue year-over-year last significant points with reminder, drove of growth had and a on year a strong of QX we XX% margins As a by and XX XXXX,

records We revenues, in adjusted and quarterly income also QX for GAAP EPS. adjusted set EBITDA, net EBITDA margin,

closely million, at our doubled Total the were scalability to And investments. growth see EBITDA incumbents. we XX over from to as the and marketing points adjusted net incremental grew a more than to towards XX%, increased we margins XX%, year we progress of Looking levels expanded XX% while million. to more even time structure, XX%-plus compared $XXX margins revenues cost our Adjusted EBITDA by $XXX QX demonstrating results make ago.

in All growth delivering We're QX, EPS. of XXXX. this continue with profitable we $X.XX income pleased of to of to led or million in aim $XXX net and results our

business first let's move Now to our results. quarter

durability year's a than rate. encouraged of key that strong translates up average finished custody a driver the is breadth We're growth double under and deposits. quarterly year-over-year. which XX% $XXX record $XX billion and deposits was A growth at XX% QX Assets net to asset around of by of at more QX last net QX billion, annualized over

color. more little a share me let So

strong saw been from a of at and we Robinhood for net customers customers from over existing participation year. who've about with deposits new both coming XX% First,

of our little balanced were across deposits to from from product contributions another platform And the a brokerage, wins went net XX% more into deposits contributions saw QX customers incumbents. we net half mix Second, customers from continued nice incumbents. The strong and third, was to quarter retirement. than A categories. went mix wins and versus about sweep and cash to XX% XX% brokerage of last

across with So the deposits really engage customers diversity us pleased of we're overall, net our as with platform.

year deposits And so as progress was billion. early to brought the off a far, month We're continued as year than in start our it's May, Robinhood us. April did XXXX billion most with net we all year-to-date we good QX, at still in also with the with well in of in of growth $X our Gold. more Looking $XX delivering nearly the for net front in of highest deposits of

had $XX,XXX, of over of twice reminder adoption. with a QX, deposits Xx Xx As account subscribers average to average how our on grew and in an gold gold compared customers as roughly fast -- overall, retirement had subscribers the net

average annualized of as added also another we half continued XXX,XXX And Gold recurring gold This momentum than growth. into in to subscribers XX% grew QX of revenue gold or we subscribers approaching includes QX, multiples our more customer, QX, in million, $X.X $XXX,XXX April, ARPU year. has which last million. subscription our from and is up $XXX

sequentially our income results. grew to disciplined revenues net In stayed expenses. $XXX Xx turn up and of now the first quarter, on Let's as generated million, we financial we

activity. and Transaction-based higher revenues. and crypto. securities across result QX at options lending Looking And equities, grew revenues increased sequentially interest of net a revenues balances as

trading. billion. crypto So billion. $XX record $XXX roughly robust were contracts April, of far about Options were notional to million volumes a see equity in around were and monthly notional $XX we've In volumes QX, continued

expenses. adjusted marketing $XXX Now as million increased we let's we on SBC disciplined turn stayed expenses and to was QX investments first quarter OpEx in Combined as in even growth. in

know start, it's a important to Looking disciplined ahead, strong is we off the stay expenses. on year while to

unchanged full in our outlook billion to So OpEx range $X.XX of billion. SBC $X.XX year the adjusted is and

pass the by growth and expanding years call perspectives to to Vlad, revenues I come and to the Before I XXXX opportunity drive some margins. in to our share back want about profitable growing

multiyear share net of First, we deposit plus believe by young growth. more can gaining product share us gains supported wealth, markets a categories global continue our in existing growth rates, of into track record base and and that delivering we give for opportunity customer new XX% markets, expansion

we well. and this new enter we new assets as we naturally continue as as drive grow strong products growth to rates Second, and revenue time, trading, customer introduce believe our between We're hedged interest business diversify over will markets. and

fixed scalable about company XX% and platform with costs. highly And third, we're a technology a

revenues can and significant we So believe we margin flow. our as increase, expansion drive free cash

the had second per We In we in profitable and closing, XXXX strong remain to cash for to momentum and share and we a growth of come. free on shareholders lot driving EPS we the flow a quarter. years QX, as work maximize have focused to start

Now I'll call back turn to the Vlad.

Thanks, Jason.

unlimited half As on all-new keynote I In for is and strategy X.X which X that's amazing more first-ever how boost of that Robinhood is to which word. starting with said commentary the We're Robinhood customers Gold gold including hit launching Card gold Robinhood's waitlist, have growing subscribers people even an Gold part customizable only we earlier, the in to we're customers brand-new today. back million of wallet of an including providing our a up increasing happy subscriptions, X% soon QX. second that deposit of about deal signed held customers, spread all event are with all-time purchases. Over value introduce experience March, gold a the customers, and lots app share high Gold gold we're seeing and a credit card recognizing for X% million are of

the substantially we roll can adoption out we believe card. gold we So as grow

the making, relationships. attracting, gold expanding progress seeing love we're We and retaining customer

working On The our for even position in to worldwide. trust incredibly of the know map is because platform and journey we're finance progress value our started. democratize getting deliver is been lowest most advocate to mission app so all. hard on for And great The we you customers more road you. There's to much you. the a continuing team should money full. and to relevant to the I and business has our culturally do. just on for thank as make to want cost most trusted,

let's questions. to now on move And

All you, Vlad. right. Thank

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

to start notice So [ you will M. that off with the the one? business. Alexander want do question first from I'll kick asks impact what ] Jason, wells our have on it SEC on Say.

Vlad maybe I'll add some then thoughts. Yes. can start and

not usual We're, are business our notice. by accounts for for First, disappointed received have of course, affected the to this. customers, It's Robin crypto. your and as

you our crypto way business to and our a run for our we're same approach been regulated we've We've and in compliance very As conservative have we standards faith. applied coins know, offered. brokerage in in And operated and terms business. the good highly we listed services our the of crypto use company legal

Vlad? So by to see it's disappointing enforcement here. more regulation

the all be end mean, We with believe access Yes. on asset our over class. echoing and to have for development. customers. consumers disappointing defend this Jason, this to of the I world. footing to day, And going is advocate the deserve the to U.S. continue should people firm at a firmly They we're equal

Joseph credit are question many next you fully what ] C. the one? start are getting The on the cards Vlad, is from want seems to who waiting asks released? It that that still list. new do [

that the take for question. I'll Yes, Yes. Thanks one.

going of wait ton to the up value the for so really customers Card and over demand, seen a all, products I of have looking and mentioned the about to signed Gold the providing we're earlier, that excited First great. be X customers. We've far million list we're

the might the credit Store, out App have to noticed we've of dropped outside we've customers the first it card rolled and on company. the app You

customers think really we we're we as enter making sure can card balance want we new that the to desire with As quickly about capital as risk rollout, we well the to managing this for get to the us. to market as a

the to group over and weeks. data, spending at of really customers So want of next going with do new And them since that we're the tens we inform starting thousands watch this the carefully, the the line use We to activity of very And initial in roll as prudent that for borrowing very, a card. the the sure being going we're an we're look then make we're observe activity. business broader to information is rollout to the company. out few

the platform who from then future question is being market we Daniel And from what implemented ] markets third can Say, handle that [ when the was XX-hour Vlad. you, How to are Thank [ R., steps become trust halted. ] volatile asks, volatility?

in it's this $XX been market the much to XX-hour one Over ago in names. volumes how transacted in satin overnight year core now there awesome really, billion trading offer And since differentiators XXX of in launched see interest it we overnight and have First, the Robinhood. a really is over of our offering. is

You don't find this type offering elsewhere easily. of

we to ] for [ support third-party handful effect it. in to in firms was trades, trading again ATS down ATS the other a route to to The hours. able wide also us, of ATS. that trading order but evening. route This so a use went for the affected As But facilitate we these

in as over But invest Looking it will frontier offering. we're will this on ahead, more we resilient. continue and the get improve to really the time, it, with offering

we believe forward. us making committed we're and is this say sure feature-rich more So when reliable to going that offering

our appreciate to time Vlad. the taking quarter. you, next our questions Vlad That concludes Thank Jason these shareholders right. to to We look shareholder forward Say and questions Technologies. All and ask more from

turn I'll over from to the Q&A Joana lead analysts. call the Now to

[Operator Instructions].

with line the Ryan Citizens JMP. from comes question first Our Devin of

And on you're on the a in really in scratching hear out it a quarter As market. surface new the I also is mean the I feels to deposits. and just impressive lot adoption, gold as really stands the about. growth just accelerating talked offering think I like second there you think good And momentum question further.

the So gold trying coming seeing of revenue dollars that under of economics acceleration prior aren't kind I'm in like Jason's it connected But or customers. under in is unpack with on heard gold you're just you're nice that simplistically kind new relative to these ARPU there. even these said, model about per promotions comments because deposits on expecting it account new I to possible the deposits better a a to for of the to real economics think asset seems kind coming promotions? to like --

Yes. Thanks, Devin. and It's Jason. I'll take that. ahead go

we running. the match that So in been love we've short, of the economics promotions

year. the little the kind mentioned XXXX payback quarter that watching already well is basis We're the And the I over promotion. years. said to annualized that XX% have net at really on that a cohorts of the over kind strength it's great is our between deposits. X% in customers. X% are that and growth cohort match those of a Robinhood between also prepared representing different too, remarks, rate start. XX% is we're we're customers monthly for that is on last to have on think been We a unrelated company for XXXX match, seeing -- And been XX% X paying diversified with a way a year, off at deposit our on the X a seeing I that closely, of and the off, And

it's strength of of So overall for small promotion quarter. really response, strong deposits the but part the the a only

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

Great really results out there, nice. really,

Yes. course. Of

So in April, would views regarding maybe strong you elaborate So second really any the greatly more you appreciated. mentioned additional really the quarter? momentum momentum and heading some that be momentum. the seeing into little color you're numbers on strong a Can

we're Yes, gold kind of nearly mentioned seeing business -- Dan. well net seeing the into mentioned and trading We billion. strength strength absolutely, of terms new as the crypto so in deposits, you I continuing the across equities, quarter. $X next across options We're in subscribers. and mean strong

or to Retirement crossing $X now over assets seeing the really for of the so love a share you going and to lending our board, picture growth there. the just But is on month week sec long us. diversity are deposits. net really get strength. We're think, great our remarkable or billion we which of metrics, it's customers the with see we're term whether saving and across I next it's April trading So fuller

add, to customers and We're have really the the excited look at and strongly X% that the I entering The just quite And been WebPro as feedback Well, would medium- I including hard category of polished on to And an yet deposit product products resonated we're, we've the and for benefits been based credit active announced traders. new which our with about with building, what March, product course, launch. to excited here has also card. we some tailwinds to And we working we're the in match, have products QX. a we we're on Yes. about. start longer-term teams QX get incredibly very early we performance think working business. futures incredibly the and gold the make believe are early that

long a this get So things but think about I think the quarterly excited we on running I we're to a you'll us. basis, business for more see from that term. tend And lot

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

Yes.

margin ex on with a outcome. wanted the incremental good off SBC just at XX%, a certainly I coming to question So start in

is with to or spend further And expectation reasonable there's XX% quarter operating profitability bogey well? was to underwrite? gauge for for elevated just as the think investors we room as relatively about given trying in the that whether even sales, upside As marketing the incremental leverage actually a

Thanks question. Yes. for the

our of is, providing costs previous necessarily our in are we're variable margins. of guidance sessions platform. that fixed. to Meaning as activity about What of is So cost on I'd you XX% tell I've of our relative XX% that said the not incremental kind structure

the gives incremental that us to bottom revenue a drop opportunity line. lot to So of

we're this sitting of Vlad in margins touching last was plan -- marketing, even year to for spend last and as on incremental year. lot a with a growth, year-over-year marketing $XXX as all in investments we make versus really You're us And and And investments making in the about seeing our step-up question, big step-up still. marketing at not this in XX%. delivering we're million

watch going per million. So see our crossed continue $X we to that. really We're over about to excited to good costs employee feel revenue

that lot expand to opportunity margins think there's a going I of forward.

by stand for question. Please you. Thank next our

KBW. comes Next Kyle of the from with Our Voigt line question

the wondering offering the a the acted Card. very Obviously, and to bit. waitlist question with compelling million Maybe already. X But Gold if you could just on see at the demand just upon economics expand great over a users is

in those carry you You've that small Are previously, to relatively monetize ultimately the clients? noted still a this for with the ability ] offering. subset XX don't but part users profitably confident your attractive $XXX was some might and ARPU types potential And a range that given you to more just with [ of balance. how ramp be broad transactor of for new a

I if the maybe give of for flavor expect specifically? then us kind and level just out frame on wondering add that after might headwind what of side you of can any you revenue you but part I'm can on transaction that. And second assuming some netting question, a interchange the offering rewards, if

Yes, Thanks, take you Kyle, go Jason. I'll that. It's the bet. and ahead question. for

that said, going we that the vision few The the card way point, things is and in sense card, really and all customers' really serve that that we a think, economically in our that process a first I of think our we transactions. having it's all makes fundamental think value do great us. benefit that a on got aligned I to prudent need I'd vision. point is this And with make their assets of way to credit strategically company. to to are we've That credit want And financial that for a on

scale. be going able low leverage our We're CAC. to seeing play already of a out with that First we're all, to

dollars look perhaps marketing $XXX to that. no waitlist spending on several against customer over you have customers customer. a per competitors, they're when essentially dollars, acquire at We X million hundred the with And

leverages of to that strong in we XX CAC And able the low financial our points platform. XXX over example, so basis our versus We're of balance we've cost opportunity get improve to strength by even to really our funds, already because results. better economics. been also the able sheet love -- and for of because And

a areas so that out. those couple of are And I'd point

And opportunity would time, deeper offer cards, understand to underwriting benefit over and which our that and going then help help are customers make we us economics. with relationship that thirdly, to with the because an It's to say opportunity I'd sense customers. an we also better, better have have collateralized of our

Vlad, be prudent and here. going Vlad would thousands how activity, pointed to X/X it with, take of the make rolling at terms to and We're I in to and our I they're card, rating. their prime of to are or are really and as months rollout. customers responding, that higher finish out, look going to use last our our the customers careful of As broader we're to just out customers tens we're repayment point we're using of borrowing going And inform credit is how

high-quality have base. we so And do customer a

And prudent high-quality so economic with and with outcome deeper relationships good our scale together Robinhood. customers, the we and benefiting we for the from a land can customers rollout think our and

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

allocation. billion balance wanted just investments. to your around ask with about of $X Just sheet cash update here thoughts, you and could capital us Hoping latest

appetite side? criteria and for on And just be card your platform M&A M&A., Just about most hurdle curious how you're remind you the there. a at then us just minute, point maybe just dividends, on rates given where the added could this additive thinking buybacks, of

investing of is $XXX Mike. to the step-up organic in our in this you're marketing growth, seeing Three strong benefit of balance growth, including Yes. ways million the corporate We year. that love sheet, for the over incremental capital do to the $X for just Thanks, the use with One business and shareholders. us billion investments cash.

M&A. The second is

seen recently You've XX. us acquire

returning dev augment the several is very then announce, active We and our to team And have has active. of the team, our we're at category capital accelerate either map. team, road there that but talent team last the opportunities certainly And a to or looking corp nothing shareholders. product can our

purchase do third last of about year our outstanding million X% $XXX in shares. to saw us You that quarter, the

across so X. all And capital we're of deploying kind

In hurdle And we're looking and our nothing allocation. something of now mindful use you terms on at. to constantly cost expect capital us least, rates, It's of update capital you'd at that of that. we're further of to kind

Please for next stand question. by our

from comes question the of next Needham & Our Todaro with line John Company.

as to you're in just results post guess, [ of business understand, guess of fair you make a great we're Or at. kind not if bit where that treated the notice have almost thinking I course, side and it? look does way listings guys at fairly And is of you because on And it think here. crypto and broader it start you where way the wells to at hey, coin-based, I conservative color sense more been just same being ] kind the you particular, the look that little of trying get really on go, to more about a front.

Yes.

in I I think offer seen selective in the platform. extremely you're that have market the right in about that on the remarks side. increases we've on we that and assets prepared mentioned share crypto the we volumes been in

I time, through were communicating to that sorts of customers communicating and I a services. pricing assets, starting think on purchasing And long marketing a think for user all we And weren't through pick crypto the offering are on it. now up fact. job interface it are but of we great customers great doing we

You're you the crypto about there talked getting more on media to on how deal social seeing transactions.

provide great service and great we, And believe we're customers. to that expanding again, the can we offerings in where EU,

experience So There's the map the been product for there to a hard. is has customers. team full. lot to crypto better do The tremendously road working quite make

the selection list not that on continue apply that platform. the standard our we we've I that would just and ] we [ are or add coin does that we've incredibly securities, any and of that And include high selective been would anything that listed on in coins to confident

line the from comes Brian Bank. question next Bedell Our of with Deutsche

course, in crypto seeing the was think EU that said crypto surgeon theme, just of at is about March can And and between I maybe appreciate, U.S. $XX still April if of what maybe whether nature in crypto if can small, talk but of for EU to volumes you staying volumes billion. is Maybe then about like you very the just I that just specs a Jason, this March. just again? activity on Vlad, see is volatile. mix but the you and sense just that we of heavy and the think very you the And trying you're the get could maybe drove talk that.

into market terms in do. our as to approved, volumes, of prognosticating mean difficult think activity And been I what drives crypto market. I global There want what get a crypto I don't do. to Yes. modular, thing That's for the does going really crypto know. our gains, have ETFs to you market is share market. obviously broader a It's the all track anyone

business. on business. conditions, run, share And And then anywhere because less goal in our at business the throughout on the also that's trader we're and But reliant so asset market is across any to the that business drive for approach over very of kind all category do to sort if side X the share all active diversify we're growing is the how long to why that's we of the like up of volumes our classes doing But results. market of and look well we'll peers relative that markets go down. very,

net is the the wallet with of company even asset across really growth and share results think you're across performance this kind I deposit to the quarter's that's of classes starting in all see numbers. what

your terms thousands we're Europe, right. share from like we tens a what mix question In and contribution. there. U.S. modest business. relatively of of It's of you're But the came lion's still seeing our The of element on customers crypto

there. investing continue we'll So

by question. stand Please our for next

line from Patrick Molly comes Sandler. question of the Piper with Next

So it's I in remarks. see the I options. mentioned in deck, prepared index I didn't the hear one just on but had a reference

options you are the than brokers the planning roll out it's economics, index are to options just And for that multi-listed year? options this my understanding much less later on profitable index still are. So then

you expectations commission when your to are if roll could And on curious your by of any much thought around you trading be what given options? have out, options a index do or index charging if So just how it you options? cannibalized current potentially do

Yes.

So of tools of to traders we part This their have announced best goal giving to overall our index and be value active the the services. that options. is access the we're launching going for best

So our launching X And futures also Robinhood the index as also in on there's with One experience. any user but the marketplace. as the past. active mentioned is we've areas are easy are on make new QX. the stand like coming to be We use, particularly traders sure mobile, with broader want we'd in that product, out that's for where options to coming there. new economics. in We'll tools then to web offering And

to also intend we company economics, very, competitive, the yes, very make So but profitable the for basis. on a

going if to specific more Jason, don't anything there? know I So add

on structure options. team for the working pricing We're Yes. index the still with

to us that for to lot for want it Vlad sense have customers and agree also economically. stay I be tuned a of we'll So value But with make we there. a great

trade become is options around why one popular. And we should note clock index so of they reasons the the which

of cannibalization there. ton a seeing anticipate don't we So

Thank line next comes FT Partners. our next you. question stand Matthew of question. by from the for with Please O'Neill

since more ones card, and of and X.X user more MAUs you asked and in good there or some non-gold rest focused? wondering, answered you each. seeing incremental from of point parse the just help million A growth anecdotally, I already. lot we clear the a was around details and though, such gave inflection are like crypto-focused Could options the monthly growth, both equity even gold the sounds maybe the like

with and we saw interest absolutely. that crypto MAUs to There surges, quarter. an impact in Yes, win is the

I look of Equities net the quarter, very a broad-based. up, crypto But when certainly it deposits. retirement, it. So across part options that's was certainly gold members the at activity up, activity

was in really we reflected engagement saw so the seeing. that you're overall And lift that an numbers

for by next stand question. our Please

Our Worthington next line question with Ken from of comes the JPMorgan.

of term When or might competition are or endure not in promotions able Any your follow to think target promotions you Do your such on even target, some a the you to for assets. want at not to gathering other They might we why the either others business term you longer at at we look just be look And as with as customer own. you we seem promotions behaviors there about reasons strategy. point could might intermediate over think additional future? promotions -- make asset-focused sense promotions. the their focused when that

Yes. can with start I that.

more first that's inception a we've product a now invested note to from and AI more and And promotions. started all I it customer behavior. types And in that become we We across key starting in building of think science seeing. cohorts of that data running at thing the now different capability what I very sorts becoming like ways is we're should I them the we've these analytics look think And closely. track is, can We strong differentiator and company. important.

the mentioned well. XXXX payback, And that already and we've XXXX in cohorts the have X% that's sub-X matches, the looking between good promotions. paid a I and X% Jason from earlier back as the been for year targeting with call think years X for X

we I capability this should don't from that we can the team see built. creativity really forward. the offering. fully think with more about going we've that good excavated we've feel what So And you do

we're that, with winning our medium highly reason longer any promotions how offer that realizing. we're Ken, platform durable that we're to I terms scalable love continue we is We about term, paybacks taking of like and that especially against don't the the incumbents in to love question we with the share. attractive it in see can't your and assets

question your copied could it's be something that by competitors. about On whether

or cost love come reasons here the challenging them, we we installed it's that. up that just it I and promotion whether And taking structure like again, our handful be a with their of think base of Robinhood. But share. through we why would defending all could that at we're for promotions a

Stand by our for question. next

Our the Barclays. line next Budish of from question with comes Benjamin

behavior? this the similar kind of for the coming talk Like cohort, competition, just the base? savings coming rate, high to the net customer like Are Are of other traders? deposit different on Can you customer cohort customer XX% seeing they compare they base? any any that you engaging brokerages. crypto? your they from in are of transfers bonus? about existing for sort of characteristics came coming preexisting active Are do how Are from highlighted Just or topic they like are are -- of you this they they they

They're probably different. more than similar

that One I'd higher is coming of that balances our average things highlight with than in they're the historical customers. are much

products the So of periods in loving really that and about engage in the revenue are we're us. that a we reflected the promotions And comments way making the with it's payback that on assets brought activity to the being quality for our generates seeing customers these of customers.

queue. I'm like I further remarks. would now closing questions back showing no the to in to over for Vlad call

love the the We the And you Thank for quarter. look, guys is where we love all questions. business heading.

will their really a older to generational now think goal term, we're from Robinhood us And and progress transfer towards be wealth only of generational generations assets that. positioning that all of Gen see all long their benefit I make X over should our for company through you're to Robinhood. I that the a of and to financial think is that from all the should significant starting customers, is Robinhood custodied at millennials. go And run starting be transactions long

on with being us journey. the for the call you thank and on So

Ladies call. this you and your for Thank concludes conference participation. gentlemen, today's

may You now disconnect.