Vlad Tenev: Thank you.
Operator: One moment for our next question. It comes from the line of Steven Chubak with Wolfe Research. Please proceed.
Michael Anagnostakis: Hey, good afternoon. This is Michael Anagnostakis on for Stephen. Maybe just one for Jason here on expense. You had noted that you will continue to be disciplined on the expense front. You highlighted largely fixed expense base. As we think about expense beyond ’23, what do you see as a reasonable core expense growth rate to sustain that 20% growth — organic growth that you consistently delivered recently. Thank you.
Jason Warnick: Yeah. Thanks, Michael. Appreciate the question. We’ve made a ton of progress on operating costs and running lean and driving for productivity and efficiency across our platform over the last 1.5 years. And I’d say that we’re not done. We’ve got more work to do there to be even more efficient and more lean in the way that we operate. That said, we’re going to continue to invest for growth. We see a lot of opportunity ahead of us than behind us in terms of the business, including international. So we’re going to place some smart investments in a number of areas. I’m sure you can appreciate this is the time of the year when the teams are huddled doing 2024 planning. So it’s a bit early for me to comment specifically on the growth rate we expect to see in OpEx next year.
But you should expect that over a longer horizon, our intention is to grow revenue faster than OpEx. And we think that there’s — even while making investments, there’s opportunity for us to be lean in the way that we manage our costs.
Michael Anagnostakis: Great. Thanks. And then my follow-up, I just wanted to touch on crypto, again, here. We’ve seen some stronger performance in Bitcoin and Ethereum, for example, but the volume trends have remained pretty subdued, both industry-wide and at Robinhood, but can you speak to what’s driving that divergence there? And what do you think needs to happen for activity to pick back up in crypto? Thank you.
Vlad Tenev: Yeah. I think it’s hard for me to speculate on activity predictions and the broader cryptocurrency market. I can tell you what we’re focused on. We’re focused on using this as an opportunity to build our capabilities, build the platform. You’ve heard me talk in this call about how we want to make sure customers who are using Robinhood for crypto know that they’re getting terrific pricing. And so we’ve continued to make progress there. We are improving the customer experience and the team is hard at work launching in the EU, which will expand the addressable market of customers that we serve by hundreds of millions. So we’re excited about that. We’re going to continue to innovate and improve the offering in the space. I think there’s lots of promising signs, lots of people are spending time building the industry. We’re going to continue to be a leader there.
Jason Warnick: I think the one thing that I’d add is — I think it would be helpful to continue to get some regulatory clarity in the various markets that we’re going to be operating in, and that will allow us to innovate even faster.
Michael Anagnostakis: Thank you for taking my questions.
Operator: Thank you. One moment for our next question please. Is from the line of Michael Cyprys with Morgan Stanley. Please proceed.
Chris Koegel: There, Mike?
Operator: Mike, please check your mute button, please. All right. Please rejoin using the call me feature. One moment for our next question. It comes from the line of John Todaro with Needham. Please proceed.
John Todaro: Great. Thanks for taking my question. Vlad, you mentioned earlier that the EU had a clearer regulatory framework around crypto in the US. Just trying to understand in that context, what kind of products or services that you could tangibly point to there? Would you envision kind of more assets for trading in the EU and the US? Just anything that we can kind of tangibly look to?
Vlad Tenev: I really don’t want to get ahead of the launch that’s coming in a couple of weeks and tell you what the value props are going to be. But yes, in general, we do expect, given the clarity to be able to offer a different set of assets and capabilities in Europe as in the US.
John Todaro: Okay. Thanks for that. And I guess just quickly if I can add another one on. Taking the other side of that and looking at the US market, you guys recently delisted some of the crypto assets. What would give you comfortability to relist some? Is it some of these ongoing suits maybe with Coinbase that need to get resolved? Any clarity there?
Vlad Tenev: Yeah. I think that, yes, it’s hard to say what specifically we’re waiting for to give us comfort. I think that rules — rule-making court case data, that all helps. And of course, we’ll continue to push for regulatory clarity because I think it would be a shame for the innovation that we’ve been seeing in crypto to be co-opted overseas. I think it’s very, very important for the US to remain a leader in every new technology in the industry that we possibly can.
John Todaro: Yep, I agree with that. Thank you. I appreciate it.
Operator: Thank you. One moment for our next question, please. Our next question is from the line of Ken Worthington with JPMorgan. Please proceed.
Ken Worthington: Hi, good evening, and thanks for taking the question. One of the footnotes in the release today talked about ACATS in and out, and you mentioned getting inflows from former Ameritrade and E-Trade customers. I’d love you to compare and contrast where ACATS to Robin Hood are coming from generally and where ACATS going out of the firm are generally going to. And then you mentioned the 1% match. When did that go into effect? And then maybe lastly, what sort of ACAT activity are you seeing from firms that are more traditionally known for active trading? Thanks.
Vlad Tenev: Yes. As I mentioned earlier in the call, we have been seeing elevated ACATS from the firms that are going through integrations. I mean the active trading firms, TD Ameritrade has been very strong with active traders, and we’ve been seeing really healthy and growing inflows there. The 1% match, as you probably know, that started out being a retirement offering. We’ve expanded it to ACATS in taxable accounts. And I think that’s currently in the process of rolling out and being communicated to customers. So it’s pretty new. But what we’re seeing there has been really, really good. I think that just gives customers an added incentive, the ones that were already thinking about it and using Robinhood to consolidate their assets here. We’ve been really happy at the trends there.
Jason Warnick: In terms of the more active trader locations, the ins and outs are actually pretty modest overall. So nothing really to call out there.
Ken Worthington: Okay. And then so are the — you’ve got ACATS going out as well? Are they going to the same firms where you’re getting assets coming in? Or is it a different sort of set of firms where clients are heading out towards?
