Q3 2025 Robinhood Markets Inc Earnings Call

Speaker #1: And then open the call to Q&A . During the Q&A portion of the call , we will answer questions from the audience , which includes institutional research analysts , finance content creators who may hold an ownership position in Robinhood in both institutional and retail shareholders .

Speaker #1: As a reminder , today's call will contain forward looking statements . Actual results could differ materially from our current expectations , and we may not provide updates unless legally required .

Speaker #1: Potential risk factors that could cause differences , including regulatory developments that we continue to monitor , are described in the press release we issued today .

Speaker #1: The earnings presentation and our SEC filings , all of which can be found at investors , Robinhood . Com today's discussion will also include non-GAAP financial measures , reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation .

Speaker #1: With that , please welcome Vlad and Jason .

Speaker #2: Good to see you . Good to see everyone . It's great to be here with all of you today . We have a live audience again .

Speaker #2: This time from downtown San Francisco . And also great to , I think for the first time in our earnings call , have institutional and retail shareholders .

Speaker #2: So buy side joining us . So welcome and thank you . Also we have our institutional analysts . So good to see a lot of familiar faces here Q3 was another quarter of relentless product velocity .

Speaker #2: So we were excited to see that . It was really across our three focus areas , which as a reminder , number one in active traders , number one in wallet share for the next generation .

Speaker #2: Number one , global financial ecosystem . So I'll briefly go through each of these active traders . We want active traders to feel like they are at a disadvantage if they trade anywhere other than Robinhood .

Speaker #2: And we've rolled out a ton of great new products for active traders . You guys might have seen second annual Hood Summit in Vegas .

Speaker #2: Just a couple of weeks ago, we announced a bunch of brokerage updates, including shorting multiple brokerage accounts, AI-driven custom indicators powered by Robinhood Cortex, and a whole new social platform.

Speaker #2: Robinhood social , and we've got more . We've got more for you guys . We can't wait to share more next month at our first ever AI event on December 16th , innovation like this really has the active Trader engine humming in Q3 .

Speaker #2: We had record equity and option trading volumes in October . Looks even better for both equities and options in the month of October .

Speaker #2: We had new single day all time and new monthly records . So both of those businesses just continuing to perform strongly . Prediction markets are really on fire .

Speaker #2: It's hard to believe that we launched this just about a year ago with the presidential election . Markets . We've doubled volume every quarter since then to 2.3 billion contracts in Q3 .

Speaker #2: And the month of October alone was up to 2.5 billion contracts. So October by itself was all of Q3 combined. Customers really love the product, and we're bringing them even more.

Speaker #2: We're now at over 1000 live contracts , and we've expanded categories . So it's not just sports , but also economics , politics , culture .

Speaker #2: We're making the UI much cleaner . The experience even better . And I think it's really exciting to see where this can go .

Speaker #2: I mean , we love being early to this new asset class , and some people are saying this could be one of the largest asset classes because you can price risk in pretty much anything bigger than .

Speaker #2: We have a massive opportunity with assets as well , turning to wallet share our assets are now up to over a third of a trillion as the generational wealth transfer of 120 trillion is fully in motion .

Speaker #2: So I think it's really great to see our financial super app accelerating on the long term money side . Retirement now up over 25 billion , which more than doubled in the past year .

Speaker #2: And Robinhood Strategies , which we just launched in March , now has over 1 billion in assets and is one of the fastest growing digital advisors on the banking front , Robinhood Gold Card now over half a million cardholders with over 8 billion in annual spend .

Speaker #2: So the numbers there just keep growing . That's five x growth in cardholders since the beginning of the year , and we'll get into this a little bit more in Jason's section .

Speaker #2: But we like what we see there . The customer behavior is good and that's given us confidence to accelerate the rollout . And we're going to accelerate it even further .

Speaker #2: And Robinhood Banking started early . Customer readout early customer rollout quite recently . So far we like what we're seeing . There too .

Speaker #2: Customers are direct depositing . You might have seen some nice screenshots of the user experience and the onboarding flow . And you know , people really love that they're getting interest not just on their savings , but they have an opportunity to earn a good interest on checking .

Speaker #2: So it's really about simplifying things for customers . And the plan is to just keep scaling this , keep adding more services , more products .

Speaker #2: And last but not least , we've been really grinding to build out the number one global financial ecosystem . So ten years from now , the aim is to have over half of our revenue be outside the US and also cut another way .

Speaker #2: Right now we're majority retail . We think we can get to over half being non-retail institutional . And these are tough goals . But I think the opportunity is there and we're going after it .

Speaker #2: Three areas of progress to highlight from Q3 tokenization , which are stock tokens in the EU , we're now up to 400 plus public companies and growing .

Speaker #2: There's a lot of innovation to be done . We're working hard . Robinhood ventures in the US , so we've found a way to give exposure to non-accredited retail to private companies , which we think is super important and a huge opportunity for us .

Speaker #2: We've already made some initial investments . We're working towards the public offering for Robinhood Ventures in the coming months . Bitstamp around the world , our first scaled institutional business .

Speaker #2: We're very excited about that . We are continuing to grow . We're adding capabilities , we're adding more institutional customers . Volumes are up 60 plus percent quarter over quarter for Bitstamp , and it's great to see that we're accelerating even as we're integrating .

Speaker #2: And I think that's like not a common thing . It's a it's a big business . I think the team's done a really nice job kind of integrating and making sure that product velocity just continues to increase .

Speaker #2: And as a result of all this great business results in Q3 , revenues up over 100% year over year to a record of nearly 1.3 billion , record net deposits in the quarter , over 20 billion .

Speaker #2: We've already exceeded last year's record of 50 billion in net deposits , and we still have another quarter to go . So we feel really good about the traction there .

Speaker #2: Gold subscribers up to a record 3.9 million . And that's 14 plus percent adoption . When you look at the overall net account base .

Speaker #2: And it's nearly 40% for customers that joined in quarter , our new customers , international customers , nearly 700,000 international funded , including Bitstamp .

Speaker #2: So the UK and EU are continuing to grow nicely . And we feel great about Q3 product velocity and results . I think it was a strong quarter and I'll turn it over to Jason to go through financials before we get into Q&A .

Speaker #3: Sounds good . Thanks , Vlad . In Q3 , we delivered another quarter of strong , profitable growth . Revenue doubled while margins expanded , and earnings per share more than tripled from last year .

Speaker #3: Year to date through Q3 , revenues are up 65% . Earnings per share is up 150% , and we continue to stay disciplined on expenses to deliver 75% incremental adjusted EBITDA margins .

Speaker #3: And it's exciting that as our business grows , we're continuing to diversify . In Q3 , two more businesses , prediction markets and Bitstamp , each surpassed 100 million in annualized revenue , bringing us to 11 in total .

Speaker #3: And underscoring the growing diversification and strength of our business prediction markets reached that milestone in less than a year . It's our fastest in history , and it's already tracking towards a $300 million run rate based on October volumes .

Speaker #3: So just really , really going , going fast . Now let's take a closer look at our Q3 results compared to a year ago , revenues doubled to an all time high of nearly 1.3 billion as our customers remained engaged and continue to bring more of their assets to the platform .

Speaker #3: Trading volumes were up double to triple digits across equities , options and crypto , and we continue to grow market share across product categories .

Speaker #3: We're also seeing strong contributions from newer products like prediction markets , index options and futures interest earning assets were up over 50% , driven by strong margin and cash sweep growth .

Speaker #3: It's great to see margin continuing to hit new highs as we win larger customers and gain market share and securities lending also hit an all time high with a strong market backdrop as IPO activity continued to pick up and Robinhood Gold grew to 3.9 million subscribers .

Speaker #3: That's over 75% year over year growth as we continue to broaden the value proposition , including Robinhood Banking , which is just beginning to roll out .

Speaker #3: Turning to expenses , Q3 adjusted OpEx and share based compensation came in at 613 million . It's about 40 million above the midpoint of our prior outlook range .

Speaker #3: This was driven by two items that are both related to our strong performance . First , stronger year to date results led to higher Q3 employee bonus accrual that is higher for Q3 , but also includes a catch up for the first half of the year .

Speaker #3: And second , the significant increase in our stock price this year triggered vesting on the remaining tranche of the 2019 . CEO , market based award .

Speaker #3: This resulted in unplanned payroll tax expense in G&A. We are through that award now. So glad you get to go back to your $40,000 a year.

Speaker #2: Apologies .

Speaker #3: Yeah , looking looking ahead to the rest of the year , we're tracking toward full year 2025 adjusted opex plus SBC of around 2.28 billion , but it could be higher or lower depending on how the rest of the year plays out .

Speaker #3: This reflects our strong year to date business results , which had us tracking to the top end of our prior outlook range , as well as some increased investment in new growth areas like prediction markets and Robinhood Ventures .

Speaker #3: I think each of these areas have significant potential for us . And lastly , this also incorporates the cost of Vlad's market based award , which were not previously included in our outlook .

Speaker #3: I'll also provide a quick update on the strong results we're seeing so far in Q4 . As you may have seen in the release , October was a strong month across the business .

Speaker #3: We saw continued momentum in net deposits , new records set across equities , options prediction markets and margin , and a nice step up in crypto volumes .

Speaker #3: And before we go to Q&A , I'm sure you saw on the release that I'm going to be retiring next year . I'll transition in Q1 from my operating role into an advisory role and will stay on until September 1st .

Speaker #3: I'm incredibly happy and proud to share that . Shiv Verma will be stepping into the role of CFO . I've worked closely with Shiv these past seven years , and I've got absolutely complete confidence in him .

Speaker #3: You're going to find that he's he's seriously world class .

Speaker #2: At this time . I'd like to invite Shiv Verma to join us up here . Long time no see , Shiv . Okay , first of all , I want to thank Jason for all he's done for Robinhood .

Speaker #2: He's been an incredible steward of the company , not just the finance team , but . But the entire company . And is leaving the finance team in a much stronger position than when he joined .

Speaker #2: Among his many assets . And you guys are obviously familiar with some of them . I would be remiss to not mention that his good looks were a main reason why we wanted to do these earnings on video , which everyone can can agree .

Speaker #2: So I'm sure he'll be missed . By by this audience as well . I also want to congratulate Shiv . He's been working closely with me for some time now .

Speaker #2: You guys will increasingly see he's an exceptional operator . He's got a strong track record of not just being lean and disciplined , but also advocating for growth .

Speaker #2: And I think that balance is critical to to so much that we do here tomorrow . Shiv celebrates seven years at Robinhood . So while he's got his hands on nearly everything , he's currently SVP of Finance and Strategy and also our treasurer .

Speaker #2: So Shiv , welcome . Maybe you'll say a few words as well .

Speaker #3: Yeah .

Speaker #4: Thank you Vlad I'm so excited and humbled for the opportunity to to serve our customers and shareholders . Much appreciation to you , the board and the entire leadership team for the trust .

Speaker #4: To Jason , a heartfelt thank you . We joined six weeks apart and we've been on quite the journey together . Many of you know Jason as a fantastic CFO , but he's also an incredible colleague , mentor and friend .

Speaker #4: I just want to express my sincere gratitude for today . I'll keep it short and just want to introduce myself . As Vlad said , I've been here a little over seven years and I've seen the company scale from a couple million customers and a few billion assets to now 27 million customers in over 300 billion in assets globally .

Speaker #4: I work closely with Vlad , Jason and the entire team . I've gotten to learn a lot of different hats , and as Vlad said today , I lead four teams .

Speaker #4: Finance , Strategy , Corp , dev and Treasury . In terms of what to expect , big picture , more of the same .

Speaker #4: Our top goal is still to grow and keep delivering for customers to ship . Amazing products with high velocity . We also believe in a lean and disciplined culture and this is personally where I spend a lot of time .

Speaker #4: We obsess about capital allocation and ROI . We pride ourselves on small teams that can deliver outsized results , and we believe in profitable growth .

Speaker #4: And lastly , our Financial North Star is going to remain the same . Grow earnings per share and free cash flow per share .

Speaker #4: And compound long term shareholder value . Plain and simple . So I'm excited to partner with everyone . I'll turn it back to Vlad and Jason .

Speaker #4: We can talk about this great quarter .

Speaker #3: Thanks , Shiv . And I do look forward to seeing Shiv competing on jeopardy someday . Chris , why don't we go ahead and and take some questions ?

Speaker #5: All right . Thank you . Jason , for the Q&A session . We'll start by answering shareholder questions from , say technologies from shareholders who are joining us on video .

Speaker #5: And after the say questions , we'll turn to live questions from our audience . And then go to dial in participants . So I'll kick it off with our first question from , say , which comes from Preston .

Speaker #6: Low Blood . And Jason , can you guys see me ? Okay .

Speaker #3: We can hear you .

Speaker #2: I can hear you . Well .

Speaker #6: Okay. Yeah. Thank you for giving me this opportunity to ask a question here. Oh.

Speaker #2: I see you now . There you are . Hello .

Speaker #3: Yeah , he's down .

Speaker #2: Look at that . He's got the Robin Hood logo . Did you .

Speaker #6: Draw that yourself ? I painted that in class a couple days ago .

Speaker #2: Oh . Awesome .

Speaker #6: But I was wondering, how quickly did you expect to roll out Robinhood banking to users?

Speaker #2: Yeah , great question . This will be a relatively fast rollout when you compare banking to the credit card . There's not the same considerations around making sure the economics between the borrowing and the spending are perfectly calibrated .

Speaker #2: I think banking is a simpler product in that way . And so the rollout will just be governed by customer feedback . We like what we see thus far , and so we're going to continue to to roll out .

Speaker #2: And we expect that if there's no surprises , it should be it should be pretty quick . We've already got customers trying it including cash delivery available in some markets .

Speaker #2: And early results are really good . So if you're in the state of New York and have access to banking , you can try it right now .

Speaker #5: All right . Thank you Vlad . The next question is from women . All right . I'll read it . So women's question was there was a there was a recent AWS , AWS related outage .

Speaker #5: How are you strengthening platform resiliency to address that ?

Speaker #2: Sure . Yeah . That's a great question . So for those of you that don't recall this , even though pretty much the entire internet was , was briefly affected , including my kids elementary school , they couldn't take attendance .

Speaker #2: AWS had an outage , a few weeks back , and that led to degraded app performance for a significant number of our customers .

Speaker #2: Now , the good news is it actually demonstrates how much progress we've made in the resilience of our systems over the past few years .

Speaker #2: You know , if this had happened to us like a an outage of the infrastructure provider of this magnitude , if it had happened a few years ago , we probably would have been fully down .

Speaker #2: But we made a lot of investments in that time period . And so even though things were slower and there were higher latencies , a lot of customers could manage their risk and place orders .

Speaker #2: Although we didn't provide them with the type of experience that we would want , that's for sure . And one thing that you can be assured of is every opportunity , every outage like this , even if it's a third party related , is an opportunity for us to further strengthen our resilience .

Speaker #2: So we've been hard at work looking at how we could become even better . And that's internally and also in in conversations with all of our partners .

Speaker #2: So this is part and parcel of what we have to do . We want to be our customers , not just primary financial account , but we want to be their their secondary financial account as well , which means that we have to continue to be to B robust .

Speaker #5: All right . Thank you , lad , and let's take one more question from San Diego and see if we can go two for three here .

Speaker #5: So the next question is from Griffin .

Speaker #2: Hello . How are .

Speaker #6: You doing ?

Speaker #7: Hello . Doing great . Hey . Yeah . Hey , Vlad . Jason and Shiv , thanks so much for taking the question .

Speaker #7: And really great quarter . First of all . But I wanted to ask around the super app nature and kind of the evolution of Robinhood .

Speaker #7: So obviously it was started to democratize investing for everyone . And now as you evolve into the full financial kind ecosystem and also the true super app for the next generation , how do you see this ecosystem maturing ?

Speaker #7: So what products do you think will kind of be the core tie around all of this ? And also , how do you see the biggest opportunities for this next generation as everyone's finances get more complex ?

Speaker #7: Thanks .

Speaker #2: Yeah , I think that's a great question . I mean , you're seeing that part of this vision is somewhat predictable in a sense .

Speaker #2: We have to look at , you know , how does money enter our ecosystem . And of course , we have all of the existing mechanisms .

Speaker #2: But Robinhood Banking , the the goal with Robinhood Banking is to be the place where , where our customers deposit their paychecks as well , so that will handle the inflow of money .

Speaker #2: And , you know , a lot of the assets over time . We do believe will be invested . But the question is , can we minimize the reasons customers have for ever withdrawing money and make it as easy as possible for , for for people to get money in and over time , there will be new products , new product categories like prediction markets that arise .

Speaker #2: And we want to use our combination of best in class user experience and also . Economics to to make sure we're we're a big player in everything that customers want to do with their money , not just in the US , but increasingly globally .

Speaker #2: So it's going to be a combination of getting broader , but but also selectively going deeper in areas where we feel like we have competitive advantage .

Speaker #2: .

Speaker #5: All right . Thank you Vlad . That concludes our shareholder questions from say technologies . And so now we'll move to Q&A from our live audience .

Speaker #5: The first question is going to be from Patrick Moley at Piper Sandler .

Speaker #8: Yes . Thank you for taking the question . For my question , I to say congratulations to both Jason and Shiv . Jason , really enjoyed working with you , Shiv .

Speaker #8: Looking forward to getting to know you a little better . So I had one on prediction markets . You've obviously become one of the leaders in the space , but there's been a lot of new entrants recently , so I was hoping you could talk about just the strategy there and what you think gives you the right to win long term .

Speaker #8: And then as a second part to that , can you talk through some of the strategic considerations around maintaining your position today as kind of a retail distribution for the venues versus maybe trying to develop something internally , whether that's organic or inorganic ?

Speaker #8: Thanks .

Speaker #2: Yeah , yeah . So I think one of the advantages we have entering any market prediction markets aren't an exception , is that we have distribution and we have lots of customers , 26 million plus funded accounts in the US that are trading and using us for , for all sorts of things .

Speaker #2: And from an infrastructure standpoint, we actually have an increasing set of tools that can plug in and are being built to be multi-asset.

Speaker #2: So not just our mobile app , but increasingly on web , we have Robinhood legend , we have all of these things that , that , that we announced at hood Summit .

Speaker #2: And it's really an ecosystem of financial services . And you'll see great integration between all of our platforms and all of our assets .

Speaker #2: And account types , increasingly so in the future . I think when we think about vertical integration , like , should we be a market maker or should we be an exchange in any asset ?

Speaker #2: One thing we look at is , is the vertical integration going to be accretive to us ? Is it going to be something that is increasingly commoditized over time ?

Speaker #2: And in my my feeling for how this is going to evolve in prediction markets , at least , is there's going to be a lot of entrants in the space , a lot of exchanges .

Speaker #2: And in the same way that across equities and options , customers are well served because there's a wide variety of venues that are competing on cost to to offer great execution .

Speaker #2: I think prediction markets will will evolve that way to and I think in that world , the customer certainly benefits because different DCMS and markets will compete for who offers the lowest cost .

Speaker #2: And I think the the . Power continues to be in in our distribution and offering a wide variety of of products and services .

Speaker #2: I think we're the only ones currently that have , you know , this powerful combination of for traders , not just being able to trade prediction markets , but crypto options , equities , futures .

Speaker #2: I think it's a great , great combination . And there's certain advantages for everything being in one place under under a simple , easy to use platform .

Speaker #2: I think we can keep pressing on that advantage . And as you've noticed , I think the product has continued to evolve at a pretty rapid pace .

Speaker #2: I think you should expect that to continue and and to even accelerate .

Speaker #5: All right . Next question from Alex Marggraff from KeyBanc .

Speaker #3: Thanks . So all right , I'll keep talking . There we go . Thanks , everyone .

Speaker #4: Jason .

Speaker #9: Shiv , congrats . Congrats . Maybe Jason won on on crypto . The crypto business , for a second . Just want to understand better as you've moved through the third quarter and early part of the fourth quarter , the mix of smart exchange routing and how that sort of , you know , factored into to the numbers that we're seeing .

Speaker #3: Yeah . So the the blended take rates kind of in the high 60 cent zone and we , we are liking what we're seeing for smart exchange routing .

Speaker #3: Really robust interest by customers . And the , the the take rate that we're seeing so far into Q4 is kind of in the same in the same zone .

Speaker #3: We'll have to watch how the mix plays out . But we like what we're seeing from customers . They're bringing more when they select Smart Exchange routing .

Speaker #3: They're bringing more of their trading volume to Robinhood, so we feel really good about the offering that we have.

Speaker #2: Yeah , and I would just add one thing there . It's a big step towards pricing being a little bit more personalized . Right .

Speaker #2: And what we had before , a lot of people asked us , well , you're your take rate is is so much lower across the board .

Speaker #2: Can you raise your take rate . But I think the real story is a little bit more complex than that because , you know , certainly if if you're an active trader , you're trading huge volumes , you're able to use advanced offerings on exchanges .

Speaker #2: And in the past, we didn't have tools to offer those customers who we might not have been super competitive for lower take rates.

Speaker #2: And that's what Smart Exchange routing really unlocks for us for for those that are super active and bringing a ton of volume , almost like prosumer traders , which we're seeing more of now that we've got Robinhood legend , can we make Robinhood a no brainer for them ?

Speaker #2: And we've seen we've seen more and more of those customers choosing us . And coming in here after Smart Exchange routing , which is very exciting because that's just a customer segment that we we felt we were under with .

Speaker #5: All right . The next question is from Devin Ryan from Citizens . And if you want to ask a question after Devin , please put your hand up after as he's wrapping up .

Speaker #10: Thanks , Chris . Vlad , Jason , Shiv and Shiv , welcome to the call . I know you've been a big part of the story already , so kind of welcome to the stage here .

Speaker #10: And Jason to you as well . The success to date and the best practices you've put in place . Really put the firm on strong footing .

Speaker #10: So congratulations . Thanks , Devin . Question on private markets demand and activity that we're tracking is recovering . Last week Morgan Stanley announced the acquisition of Equity Zen .

Speaker #10: I know there can be some barriers with accredited investors . Maybe that makes a little bit complicated , but can you just talk about whether there's demand from your customer base and especially as companies stay private longer ?

Speaker #10: Just and a lot of the value is created in the private markets , it would seem like Robinhood is in a great position to both be a trading hub and help create liquidity in the system .

Speaker #10: But then also maybe even in primary capital for private markets . So the question is just whether there's an increasing interest in private markets .

Speaker #10: If there's a plan there to do more , I know it connects to tokenization as well . And also if M&A would make sense there as well .

Speaker #10: Thanks .

Speaker #2: Yeah , maybe maybe I'll start . But she's also been working on the Robin Ventures front . So maybe I'll ask him to say a few words as well .

Speaker #2: Look , I think private markets are a huge opportunity and just let's focus on the US . Perhaps first because because that's where we have the largest portion of our business .

Speaker #2: Although international with tokenization provides some interesting opportunities as well . In the US , I think it's one of the biggest inequities that we think is part of our mission to help resolve .

Speaker #2: You mentioned yourself . You have a lot of these companies that are staying private longer . They're avoiding the the , the public markets .

Speaker #2: They're private valuations of , you know , hundreds of billions . Now . Right ? So and , you know , if you want access to the AI innovation economy or , you know , space technologies , you don't have a ton of pure play public companies to select from .

Speaker #2: So so we think it's a bigger problem , particularly these as these technologies have so much potential to upend the lives of retail consumers , giving access to that is is is a big part of it .

Speaker #2: A few years ago , we rolled out IPO access , and I would say that at first , you know , people were kind of skeptical about it , right ?

Speaker #2: Like we we would have to really work hard to get companies to be interested , to give retail IPO allocations and , you know , recently pretty much every company that's notable , that's thinking about as retail engagement strategy , and now they're looking at , you know , how do we engage retail better earnings calls , not just shareholder Q&A , but doing , you know , making earnings more compelling so that retail wants to actually watch and participate and learn as well .

Speaker #2: And we've noticed the allocations to retail going up in public companies , public IPOs , which we've been very happy about . And I think that's a trend that's going to continue .

Speaker #2: And we want to do that at earlier stage . And I think that's really the thesis behind Robinhood Ventures . And we found a way to do it .

Speaker #2: We believe unaccredited and maybe maybe Shiv can talk a little bit more about that .

Speaker #4: Yeah , we've been working on this for a while and we're super excited . In terms of the demand , when we talk to customers , it's one of the top things they want .

Speaker #4: They want access to these best in class technology companies that they use and love . And when you ask them , there's three big things they want .

Speaker #4: First is daily liquidity. Second, not to be accredited. Eighty-five percent of Americans aren't accredited today, so they get left out.

Speaker #4: And third , more concentrated portfolios . They want access again , the names they love . And so when we designed the product that was our main use case .

Speaker #4: How do we do that? And we think we found a great way to do that. We're on file with the SEC for Robinhood Ventures One.

Speaker #4: We're in the quiet period , so we can't say too much more . There , but we think this vehicle will be great and expect pretty strong customer demand .

Speaker #4: And then the other thing we're working on is how do you make it great for for companies ? Because you need both the customers but also the companies .

Speaker #4: And so we're trying to think , what's the best way to partner and innovate with these customers . And companies as well , and have some really great traction there .

Speaker #4: So we're excited to hear more about the fund in the coming months . But as Vlad said , this is just fun . One and just the start .

Speaker #4: Our ambitions in the space are pretty large .

Speaker #5: All right , the next question is going to come from Jeff . John Roberts from Fortune .

Speaker #11: Hi guys . My question is about tokenized equities , which seem to be the future and they seem very cool . But I'm curious when do you think they're going to scale ?

Speaker #11: Vlad . And also what implications they might have for Robinhood's revenue when it comes to payment for order flow or otherwise ? Thank you .

Speaker #2: Yeah , great to see you . By the way . I forgot to mention we have some folks from the media joining us today too .

Speaker #2: So thanks for the question . So tokenized equities as as you might remember from the event in France , there's three phases to the rollout .

Speaker #2: And we're still in phase one , but we're really ramping up the number of tokens available on the platform . So we're now up over 400 available .

Speaker #2: And I think that makes us the largest in terms of selection . I think the largest , maybe one of the largest , at the very least .

Speaker #2: But I think we're at really starts to get interesting is phase two and phase three , which is them available for secondary trading on Bitstamp .

Speaker #2: And then eventually them being on DeFi , where the possibilities really start to multiply . You start thinking about Self-custody collateralized lending and borrowing , which we think could be very , very disruptive as well .

Speaker #2: Currently , the model is just foreign exchange in in the EU . Yeah , we take a relatively low simple foreign exchange fee for tokens and actually we're pretty happy with that .

Speaker #2: I think that that's ten basis points , if I'm not mistaken , which is actually slightly higher than what we would be forgoing with with payment for order flow .

Speaker #5: All right . The next question in the front row .

Speaker #12: I think thanks for taking the question , Vlad . This is for you . Anyone who has had the pleasure of being an investor or customer over the last many years , I think has been an incredibly inspirational change in product execution .

Speaker #12: Pace, I’m curious to understand from you guys what have been the contributing factors there. How do you see that maintaining or increasing over the coming years?

Speaker #12: But really incredible job and it's so fun to be a customer .

Speaker #2: Well thank you . Yeah , we appreciate that . I think that we've grown as a company and you know , I think it's easy to sort of dismiss what happened during Covid as , you know , we were sort of like too bloated and got too big and got away from us .

Speaker #2: But I think a lot of what we did actually was we built the foundation for the company subsequent to that . So we brought great people into the company , and I think we realized , well , we realized that , you know , we had to ask ourselves serious questions about what kind of culture we wanted , what we wanted to be .

Speaker #2: Did we want to ship fast ? And I think that set the foundation both infrastructurally and from a people standpoint , to the the product velocity that that you see now .

Speaker #2: So I think we obviously had to make some tough decisions getting fit . I think we've also I think this is sort of under reported .

Speaker #2: I think a lot of people don't like to talk about this , but we were pretty early to adopt AI and actually drive that through the organization , particularly in the areas where we think there's maximum impact customer service and and engineering , where we actually , I believe , are our best in class , in our industry .

Speaker #2: So you'll you'll hear more about that at the AI event . But I think that , you know , the there's not a lot said about that because we're not a foundation model company .

Speaker #2: But but I think we're right up there leading the financial services industry with how we're deploying it at scale .

Speaker #3: Two things that I would add , which I think both relate to speed of decision making . We made the change to a general manager model , and I think having leaders over their specific business owning goals and driving against their milestones helped us move faster .

Speaker #3: The second piece was alignment on what our financial tenants were around , kind of what the ROI and other financial guardrails are and just getting a complete alignment across the teams that build and and the teams that support on what those hurdles are and what those requirements are allowed us to move even faster .

Speaker #3: Once there was alignment on that . So so those are two aspects that I think helped us move faster .

Speaker #5: All right . Yes . And also in the front row .

Speaker #13: Hi . Thanks for taking my question . Cryptocurrency related products and revenue have been an important part of Robinhood's growth story . What are your thoughts on adopting Bitcoin or other digital assets as part of your corporate treasury strategy ?

Speaker #2: Shiv, what do you think about that one?

Speaker #4: So we spent a lot of time thinking about this . We like alignment with the community . We are a big player in crypto .

Speaker #4: We want to keep doing it . We like that our customers are engaged in it . What we always try to figure out is , is it the right thing for shareholders as well ?

Speaker #4: If you put it on your balance sheet , it has the positives and that you're aligning with the community , but it does take up capital .

Speaker #4: Our shareholders can also go and buy Bitcoin directly on Robinhood . And so are we . Are we making that decision for them .

Speaker #4: And is it the best use of our capital ? There's a lot of different things you're doing , you know , from new products for growth , investing in engineering .

Speaker #4: So we have this debate constantly . And I think the the short answer is we're still thinking about it . There's pros and cons to both of it .

Speaker #4: And it's one that we're going to keep actively looking at .

Speaker #5: All right . Before we move to the the the the virtual Q are there any other questions from folks in person ? All right .

Speaker #5: Now to the dial in community . All right . So for those who are dialing in , please press star one one on your phone to enter the queue .

Speaker #5: And if you'd like to remove yourself from the queue , please press star one one again . So the first question is from James Yaro at Goldman Sachs .

Speaker #5: All right . We're not we don't have James at the moment . So we'll go to the next question . And James jump back in .

Speaker #5: If you if you can hear us . All right . So the next question is from Ben Budish at Barclays . All right .

Speaker #5: Well , in the meantime , while we work to connect with our virtual community , Alex Margraf , do you have another question ?

Speaker #5: All right . Let's get Alex and Mike . Do you want to share any more about yourself while we're waiting ?

Speaker #4: I think we're getting Alex and Mike , so we're in good shape . Yeah .

Speaker #3: Thanks for your patience as we work through .

Speaker #9: Thanks . Vlad . You mentioned that the wealth transfer in your prepared remarks . And just be curious to get your thoughts as to in that sort of longer arc opportunity where we are today .

Speaker #9: And then Jason or Shiv , maybe just thinking about the contribution to growth again , sort of a longer term question , but when we think about the contribution to growth from the wealth transfer , how should we sort of think about that over a 510 year arc ?

Speaker #2: Yeah , maybe , maybe I'll start with some of the things we're thinking about on the product side , we've been really thinking about how to make Robinhood more useful for you .

Speaker #2: The more of your family is on it . So . And you see this with credit card . And now the banking offering , like the product is really a family product , family is a first class experience .

Speaker #2: You can get , you know , your partner credit card or a bank account . Make it really easy to create accounts for for children and other household staff as well .

Speaker #2: And a lot of people have been using it as like a family financial hub . And I think you should expect that to be broader and deeper across the entire ecosystem .

Speaker #2: You guys might probably recognize , even though we've added a bunch of account types to the product a few years ago , Robinhood just used to be a single individual brokerage account .

Speaker #2: We didn't even have retirement accounts . Now you have . Retirement accounts . You can have recently launched up to ten custom individual brokerage accounts , which people have been really loving , but we still have a ways to go .

Speaker #2: We don't have trust . We don't have custodial . But but we think that's a that's an opportunity to continue to both get people in there younger .

Speaker #2: But also , you know , when customers get wealthier , they tend to start diversifying , putting things into trusts . So we see that as a as an opportunity as well .

Speaker #2: And I think this is an area where Tradepmr is also going to become increasingly important as we work to integrate that platform , particularly as financial needs become a little bit more complicated .

Speaker #2: Having a person there to help you navigate the entire thing and give a little bit more customized advice, I think, will be a great complement to our suite of digital services.

Speaker #2: So over the next year , you'll you'll see a lot more . We're attacking this this problem and this huge , you know , 100 plus trillion opportunity from multiple angles .

Speaker #2: And I actually I don't think it's on the radar of a lot of our competitors . I mean , you don't hear about people designing with the whole family in mind .

Speaker #2: And and I think that's a big opportunity for us to differentiate .

Speaker #3: Stepping back , we've been winning market share really across every category that we're in . And I think , you know , as as we execute against the vision that that Vlad was sharing , we're position has taken outsized share of that .

Speaker #3: The wealth transfer . .

Speaker #5: All right . The next question I'm going to read on behalf of James Yaro from Goldman Sachs . We are seeing tokenization across Robinhood and other firms .

Speaker #5: And tokenized equities product . And those of peers are not interoperable as they are slightly differently structured and on different blockchains . In many cases , does this result in fragmentation of liquidity across the equity market ?

Speaker #5: How do you expect this market to develop , and how do you make these tokenized stocks interoperable ?

Speaker #2: Yeah , yeah , I can I can field that one . So right now certainly Robinhood stock tokens are not as interoperable as we would like .

Speaker #2: But that's just because they're actually not on DeFi yet . So they're very much in the Robinhood walled garden which which has certain advantages .

Speaker #2: You know , right now , every trade that a customer does is backed by a traditional equities trade in a , in a tradfi market .

Speaker #2: And as we continue to build up the liquidity and the collection of and the supply of tokens , I think that's going to lead to actually a really great initial customer experience over time .

Speaker #2: I do expect greater interoperability , as you've seen with other assets in the crypto world , even if they're on other chains . The community tends to get involved and build bridges and wrappers .

Speaker #2: And so I think that that's less of a concern. I think every major tokenized asset will eventually end up being multi-chain. So it's just a question of how do we get there?

Speaker #2: But interoperability not not a huge concern , I think . I think it will come in terms of liquidity fragmentation . I mean , that's nothing new , especially if you look at it on a global level across all asset classes .

Speaker #2: There's multiple exchanges, and there are multiple market makers involved. And, you know, this is something that they know how to deal with.

Speaker #2: You know , managing liquidity and trading across different venues . And I think in some ways crypto technology and infrastructure makes that a somewhat easier problem because the the cost and complexity of integration from an engineering standpoint is just tends to be much simpler .

Speaker #5: All right . Thank you , Vlad . The next question is for Jason and it's from Ben Budish at Barclays . I'll read it on his behalf .

Speaker #5: You've called out a number of cost items impacting this year , some of which it sounds like won't recur . How should we think about the run rate into 2026 ?

Speaker #3: Yeah , so we're working through planning right now for 2026 . But what I would tell you is that we're approaching it the same way that we've approached the last couple of years , which is we think that we can invest for growth while delivering profitable growth , meaning margin expansion .

Speaker #3: You know , the way that we approach that is that , you know , we ask the existing businesses to find efficiencies and and when we set targets and build our plans , we ask them to grow their cost base in the low single digits and in some cases , even lower .

Speaker #3: And we use those savings then to reinvest into growth things like increasing spend in marketing , which we love . The ROI efficiency of our marketing spend .

Speaker #3: But then also investing in new businesses and you see the kind of outcomes that we've been able to deliver the last couple of years in terms of fast revenue growth and relatively more modest expense growth .

Speaker #3: And that's the approach that we're taking right now for as we plan for 2026 .

Speaker #5: All right . Thank you , Jason . We're going to take another shot at going to the live phone . Queue . All right .

Speaker #5: So the next question is from Brian Bedell at Deutsche Bank .

Speaker #14: Great . Thanks . Can you hear me okay .

Speaker #2: We hear you .

Speaker #3: The telephone works .

Speaker #14: Excellent . All right . The old the old fashioned tradfi telephone . Yeah . Finally work . Well , well , I just want to say , first of all , congrats , Jason , on retirement .

Speaker #14: It's been great working with you . And welcome , Shiv . Looking forward to working with you as well . Maybe my question will go to prediction markets .

Speaker #14: So maybe if you could just talk about how the customer behavior has been forming just in the last few months , we've seen a big increase in volume .

Speaker #14: Obviously, in September, with the NFL and college games added, how are you seeing that maybe sort of shape coming into October?

Speaker #14: Or are you seeing that volume increase coming from more new users coming into the prediction markets or , or rather , greater usage of existing users ?

Speaker #14: And then if you can talk about maybe just your your thoughts around timeline of launching new contracts and potentially even weaving in things , things around maybe single stocks that active traders can start using .

Speaker #2: Yeah , I can start . We are working on this . We've actually increased the diversity of the contracts we offer tremendously in the past few weeks , launching entirely new categories .

Speaker #2: I mean , recently , lots of new entertainment and culture markets . You've seen us broaden out the technology markets as well . So now we're offering over 1000 live event contracts for customers to trade .

Speaker #2: We're seeing a lot of adoption . It might not be surprised because we have such a large established customer base , a lot of adoption from existing users , particularly traders .

Speaker #2: But we're seeing new customers as well . So there's customers that join Robinhood because they want access to our prediction markets , offering .

Speaker #2: And I think there's plenty more we could do , not just increasing contract diversity , but making the user experience better , making it a little bit more discoverable in the product and the team continues to to work hard , you should see the product continue to improve week over week .

Speaker #3: Much like our active trader offering a relatively smaller portion of our customers are participating in the market . And I think as we continue to work on the user interface and discoverability of the product , we we've got expectation that we can take that higher .

Speaker #5: All right . Thank you . The next question is from Dan Dolloff at Mizuho .

Speaker #15: Hey guys . Great job again on an outstanding quarter . I wanted to thank you , Jason . It was you're welcome . And thank you Jason .

Speaker #15: It was a pleasure working with you . And I look forward to working with you . Shiv . And my question for you .

Speaker #15: Vlad , is Bitstamp's very , very strong . I think over 60% growth quarter over quarter . This seems incredibly strategic to Robinhood .

Speaker #15: Can you maybe elaborate on the long term strategic importance of this ? Because it seems to be off to a great start . Thank you .

Speaker #2: Yeah. And actually, you know, it was—we've had the pleasure of having the Bitstamp team on the engineering side actually at our offices.

Speaker #2: So we got to hang out with a lot of them yesterday with John . And really talk through , you know , what's our plan for next year .

Speaker #2: And you're right that we've had , you know , pretty tremendous success growing growing volumes . And , you know , improving the product post .

Speaker #2: But we definitely aren't getting complacent . We're not slowing down . We see a huge opportunity . We I think Bitstamp can be very key to our tokenization plans as we enter phase two of of our tokenization vision .

Speaker #2: We really want to lean in there and give people access to real assets that have fundamental utility on the platform. It's also our first institutional business.

Speaker #2: And , you know , the one thing I really appreciate with institutional customers is they have lots of choices for where they take their business , and they're definitely not shy about telling us all of the things that we do that we need to do better , which there are a lot of , believe it or not , I think we , you know , there's so many , so many things that that we hear from our institutional customers .

Speaker #2: So we're going to have a busy year . And I think that as we continue to to be successful and build more things , I think we'll see that that volumes and market shares will follow .

Speaker #5: All right. Thank you. The next.

Speaker #2: Very nervous watching me say all .

Speaker #11: This .

Speaker #5: All right . The next question is from Brett Knoblauch at Cantor .

Speaker #16: Perfect . Hey , guys . Congrats on the congrats on the quarter . Thank you for taking my question on the Robinhood Social .

Speaker #16: Could you maybe just dive into that a bit deeper? And when do you expect for that to roll out, and how do you expect maybe users to begin using that? And how should it impact maybe financials, and when would you expect it to impact financials going forward?

Speaker #2: Yeah , I think this is something where it it may be somewhat challenging to forecast precisely the impact because the way we see it is , this is going to be a new source of information for customers .

Speaker #2: It'll it'll be a source of trading ideas . We really want the product to be to be great . And we think that it can be just a source of , of information .

Speaker #2: We want to we think we can be the place where a lot of business and financial related discussion can happen , and hopefully originate .

Speaker #2: And , you know , we've done some experiments with social features over the years , and we have seen that , you know , when executed properly .

Speaker #2: And I think we're being very thoughtful with how to, you know, make sure all of the content is high quality.

Speaker #2: Of course , with verification of traders , we have an advantage there . We think it can be an engaging product that makes Robinhood not just useful when you have an idea that you want to trade on , but it can be actually where your ideas originate , which I which I think is a big opportunity because it allows us to close the loop .

Speaker #2: And if the ideas come from Robinhood and we're the place where where they execute on the trades , the the platform just becomes more powerful .

Speaker #2: And that that power and the network effect will continue as we continue to to roll out more assets . I think we're going to be the only place where you're going to have live verified trades across not just equities , options and crypto , but also prediction markets and futures .

Speaker #2: And so the diversity of content , I think , should be quite compelling for for folks that are interested in business and finance .

Speaker #3: In terms of monetization , we really see this as an opportunity to spend the flywheel attract more customers to the platform because of the rich social experience , and then be able to capture a greater share of trading activity and other financial activities across the platform .

Speaker #5: All right. Next question is from Ed Engel at Compass Point.

Speaker #17: Hi. Thanks for taking the question. You talked about aspirations outside the U.S., and you guys mentioned that hopefully one day over half of your user base would be outside the U.S.

Speaker #17: How does M&A play into that strategy . And can we expect you to kind of continue kind of launching market by market . Or could they bring the opportunity to kind of launch in a couple markets simultaneously given a bigger transaction ?

Speaker #17: Thanks .

Speaker #3: Over time , I think it's probably a mix . I mean , we naturally gravitate towards organic growth , and you're seeing examples of that .

Speaker #3: For example , in the UK . But we do have a active corp dev team . Actually , Shiv has been leading that for some time now .

Speaker #3: And you know when when deals make sense for us . Great team , great technology , ability to accelerate the roadmap . You know we don't shy away from those kinds of opportunities as well .

Speaker #5: Okay . The the next question is from Steven . Stephen Chubak at Wolfe .

Speaker #18: Thanks , Chris . And congrats , Jason . And Shiv wanted to start with a question just on the international strategy and the growth that you've seen thus far .

Speaker #18: I was hoping to get some perspective in terms of how that growth is tracking relative to plan . Is there more that you can do in terms of product deployment and innovation to maybe help accelerate that growth just hasn't gotten as much airplay as some of the other opportunities .

Speaker #18: So hopefully you can unpack that a little bit further .

Speaker #2: Yeah , I think it's still early in our international plan . That's why when we talk about this opportunity , it's really a ten year tenure vision because , you know , unlike the US , when we expand into these markets , we don't have an existing established customer base to cross-sell into .

Speaker #2: But we're really seeing signs that we like. And so we've continued to invest even more in cohort activity. Both in the UK and the EU, it has been improving.

Speaker #2: And that's actually led us to start doing marketing initiatives because we're we're starting to see like real Rois to marketing activity as revenue goes online in the EU with the to catch a token event , just a few months ago , we launched in 30 countries with stock tokens , which we're really excited about .

Speaker #2: I mean , you've seen that ramp up , but again , who was a a couple of months ago . So not much time has passed .

Speaker #2: So I think this is one of those things where , you know , five , ten years from now , we'll look back and we'll say , man , we underestimated the growth of that business as we tend to do with with things that are early .

Speaker #2: But we like the early signs and we're continuing to increase our investment . And there's so much to build . I mean , even I mentioned with tokenization , we're still just in in phase one .

Speaker #2: So I think over time it'll become clear how those products actually have significant advantages over what you might find elsewhere .

Speaker #5: All right . Thank you . The next question is from Amit . Amit , it is investing .

Speaker #19: Hey , Vlad . Hey , Jason . Thank you guys for taking my question . And a big thank you , Jason . Over the years on your execution .

Speaker #19: And congrats to you . Shiv on your new role . My question is for you , Vlad . Going back to . Tokenization , you recently said tokenization will eat the broader financial system outside of just tokenized equities .

Speaker #19: Can you give us a more larger look on how big of a size the opportunity is ? Why right now is the time to go after it ?

Speaker #19: And what Robinhood is really thinking about over the next couple of years in terms of taking advantage of the opportunity. I know there's a lot of different other assets besides equities that could be tokenized.

Speaker #19: So can you just speak a little bit more on how you guys are thinking of the opportunity ?

Speaker #2: Yeah , I think the opportunity is very exciting . One of the things that I think is both a problem and an opportunity with the traditional crypto is that crypto and the traditional financial system , up until fairly recently , have kind of been two separate worlds .

Speaker #2: And I think Robinhood has a unique position as a scaled crypto business , but also a scaled business in traditional finance to bridge the two .

Speaker #2: And actually make room for what we consider traditional assets . But really , things like securities products with real fundamental utility to leverage blockchain technology and actually be tradable on chain , where customers can self-custody they can engage with a variety of protocols collateralized borrowing and lending , and where those assets can be traded 24 over seven real time and fractional quantities .

Speaker #2: You've obviously seen some efforts in private companies in the EU with our OpenAI and SpaceX token giveaways . There . So I think we're we're really interested in , in continuing to pull on that and making those products available to customers .

Speaker #2: The other opportunities that I'm personally excited about is real estate , private credit , unique assets and collectibles like art . If you think about , you know , what's a a part of your portfolio , if you're a high net worth individual , there's a lot of these assets that actually retail can't access currently .

Speaker #2: And I think that tokenization is a way to enable that at scale . And of like reduce some of the downsides that would would typically be associated with holding those assets , like lack of liquidity being locked into positions , not being able to like , chunk the assets out and , and invest in portions of them .

Speaker #2: So that's why we're continuing to push on it , both in the US and and outside . And you should expect this to become bigger and bigger in the coming years .

Speaker #2: Of course , starting with stocks , which is the asset class that we think has the most potential . And we're also closest to .

Speaker #2: .

Speaker #5: Okay . Thank you , Vlad . The next question is from Roy from crossroads .

Speaker #20: Thanks for taking my question . And huge congratulations to Jason . And also Shiv and congrats to everybody on a great quarter . Two and very impressive .

Speaker #20: There's been a huge increase in predictions , market activity . And I'm curious if the volumes shown in the platform is a mix of calcium and Robinhood .

Speaker #20: Or is it just pure Robinhood ? And also is Robinhood considering expanding this internationally even alongside or even ahead of its current trading expansion plans ?

Speaker #2: Good question . You want to field it ?

Speaker #3: Yeah . I mean , sure , the the volumes that we're showing are the volumes that are on on Robinhood . I'm sure Kelsey is counting our the activity that we send to them , which is quite substantial .

Speaker #3: And for contracts that we offer , I think a very large chunk of courses volume is actually coming from Robinhood in terms of international .

Speaker #3: Vlad , I'll let you cover that one .

Speaker #2: Yeah , we're definitely looking into it closely . And , you know , you talk about tokenization as some of the previous callers have have brought up prediction markets .

Speaker #2: Is another another asset class that actually has a strong crypto component , particularly outside the US . So we're definitely taking a look at what's the most effective way to get that to our customers .

Speaker #2: And I think it's going to be on a case by case basis . Maybe slightly different in each jurisdiction . But we have some options as a scaled traditional player , but also on the on the crypto side , I think we will have our our pick of what's best in each jurisdiction .

Speaker #2: And that's something we're we're definitely closely looking at .

Speaker #5: Okay . The next question is from Matty Dalton from JPMorgan .

Speaker #21: Hi . Good afternoon . This is Maddie on for Ken . Thank you for taking our question on shorting . Has Robinhood experienced a noticeable pickup in customers applying for margin accounts in order to participate in the short selling ?

Speaker #21: Since your three Q launch , what have early adoption numbers and customer behavior looked like in these first few months ? Thank you .

Speaker #2: Yeah . So shorting is something that we've announced at the Hood Summit event in Vegas . A couple of weeks ago . Customers are very excited about it .

Speaker #2: It's it's somewhat hard to believe that we've been able to get to this point without without offering shorting . But we've been we've been rolling it out to employees and doing final testing .

Speaker #2: It's actually not yet rolled out to external customers . So we think people will love it . But too , too early to tell .

Speaker #2: And I guess to answer your question , no , I mean , I don't think the increase in margin usage has been in anticipation of shorting because it's just not yet available .

Speaker #5: Okay . Thank you . The next question is from Tanner with future investing .

Speaker #22: Hey guys . First off , I just wanted to start off with a can you guys hear me ?

Speaker #11: Yes .

Speaker #2: We can hear you .

Speaker #22: Okay . Sorry . With a crypto question around crypto staking on the Robinhood platform so far . If there's any insights there and then also just maybe a small request if you guys are open to publishing event contracts , volume on their monthly metrics updates going forward , that's it .

Speaker #3: On the amount staked . I think it's we exited the quarter at about a billion . You know , the market's been pretty volatile over the last few days .

Speaker #3: So I think it's come down a little bit . But but you know customers are responding very well to to the ability to stake .

Speaker #2: And what about what about the event contract volume published in Monthly metrics .

Speaker #3: Yeah I'll I'll I'll leave that with Shiv as something to consider . I don't want to promise that for him . But we do .

Speaker #3: We do like , you know , seriousness being as transparent as possible for investors . And and we're always looking at ways to , to provide incremental disclosure to , to help you understand the business .

Speaker #3: So that's something we'll look at .

Speaker #2: Yeah . Thanks for the suggestion .

Speaker #5: All right . That is the last question from our virtual Q is there anybody else in the audience here who didn't get to ask a question earlier that wants to ask a question .

Speaker #2: Perhaps one of the .

Speaker #5: Virtual .

Speaker #2: No .

Speaker #5: No , all right . Well , then I think let's pass it back to pass it back to you , Vlad .

Speaker #2: Okay . I think you guys should know that we are not slowing down the team remains incredibly excited to continue our mission , and there's so much to do .

Speaker #2: Roadmap is full AI event is coming up , which I think will be very , very exciting . So hopefully some of you will be able to join us .

Speaker #2: There . At least virtually . And to commemorate this , this occasion , bittersweet though it might be , I've learned that Jason has a favorite dessert and so we've actually brought one here .

Speaker #2: And Jason wanted to share this with with everyone in person and virtually vicariously . A baked Alaska .

Speaker #3: You you all wonder why I'm retiring .

Speaker #2: Unfortunately , they wouldn't let us light it here , even though that that would have been very cool . So this is .

Speaker #3: It looks incredible . It's the first time I've ever had it actually grow . Growing up , my favorite was lemon meringue pie .

Speaker #3: And this . This brings back fond memories . So . And underneath I anticipate there's ice cream , which is my favorite dessert .

Speaker #2: I wish they gave me the lighter and I just like , tried unsuccessfully to to light it , but .

Speaker #3: Well , thank you . And I appreciate all the kind words of encouragement and and I do believe we're we're leaving the company in an incredible position and I think you're going to you're going to find in short order that that shiv is if not an upgrade , equally as as good at driving the company forward .

Speaker #3: So so thank you .

Speaker #2: Thank you . We'll see if he can finish an entire one of these . It looks like there's one for each of us up here .

Speaker #4: We'll bring some of the team to help with that okay .

Speaker #3: All right . Thank you .

Speaker #2: Thank you all .