$HOOD (-1,11 %) - Robinhood Q2 - Result highlights:
- Diluted earnings per share: USD 0.21 (estimated USD 0.15)
- Revenue: USD 682 million (estimated USD 641.5 million); increase of +40% compared to the previous year
- The number of Robinhood Gold subscribers reached 2 million
Key operating figures:
- Assets under custody (AUC): USD 139.7 billion (estimated USD 138.34 billion) ; increase of 57 % compared to the previous year
- Net deposits: USD 13.2 billion (estimated USD 11.23 billion; increase of +222 % compared to the previous year)
- Monthly active users (MAUs): 11.8 million (estimated 13.2 million); increase of 9 % compared to the previous year
- Funded customers: 24.2 million (estimated 24.23 million); increase of +4 % compared to the previous year
- Average revenue per user (ARPU): USD 113 (estimated USD 106.29); increase of +35 % compared to the previous year
Outlook:
- Operating costs in financial year 2024: USD 1.85 to 1.95 billion (unchanged, estimated USD 1.91 billion)
- It is expected that a share buyback worth USD 1 billion will be carried out within 2-3 years.
Revenue breakdown:
- Transaction-based revenue: USD 327 million (estimated USD 296 million) ; up 69% year-on-year
- Net interest income: USD 285 million (estimated USD 275.8 million); increase of 22% compared to the previous year
- Other income: USD 70 million (estimated USD 67.2 million); increase of +19% compared to the previous year
Segment performance:
- Options revenue: USD 182 million (estimated USD 163.6 million) ; increase of +43 % compared to the previous year
- Crypto turnover: USD 81 million (estimated USD 84.3 million); increase of +161% compared to the previous year
- Income from the equities business: USD 40 million (estimated USD 38.2 million); increase of 60% compared to the previous year
Business highlights:
- Number of Robinhood Gold subscribers reached 2 million
- Agreement signed to acquire Bitstamp Ltd.
- Introduced industry-leading margin rates
- Announced first customer conference, Hood Summit 2024
Commentary from CEO Vlad Tenev:
- "This quarter, we kept up the pace with rapid product launches and a relentless pursuit to deliver the best value to our customers. With Robinhood Gold reaching 2 million subscribers, we are seeing the flywheel accelerate."
Additional operating data for Q2 2024:
- Net income: $188 million ( increased by $25 million year-over-year)
- Adjusted EBITDA: USD 301 million (estimated USD 262.5 million); increase of 99% compared to the previous year
- Adjusted EBITDA margin: 44 % (previous year: 31 %)
- Pension AUC: USD 8.7 billion (previous year: USD 0.8 billion)
- Cash sweep: USD 20.9 billion (increase of 76% compared to the previous year)
- Margin book: USD 5.0 billion (up 52% on the previous year)
- Nominal trading volume in equities: USD 243.6 billion (up 57% on the previous year)
- Options contracts traded: 389.7 million (up 38% on the previous year)
- Nominal trading volume for cryptocurrencies: USD 21.5 billion (increase of 137% compared to the previous year)