Asset Growth and Market Share
Q: What are you seeing now with account transfers and asset growth?
A: Robinhood is gaining significant market share, with net positive account transfers from all major competitors in Q4. We saw over $3 billion in ACATS transfers from our 1% bonus promotion, with average transferred accounts being much larger than our typical account size. Our focus is on driving asset growth and becoming a destination for serious investors.

Interest Rates Impact on Trading and ARPU
Q: How do falling interest rates affect trading activity and ARPU?
A: There's a strong inverse correlation between interest rates and trading activity; as rates fall, trading tends to increase, positively impacting ARPU. This natural hedge means we expect increased trading activity if rates decline. We're passing along a significant portion of interest rates to customers through Gold sweep, and we anticipate average interest rates for 2024 to be roughly in line with 2023.

Expense Management and Marketing Investment
Q: How are you approaching expenses and marketing investment?
A: We're planning to reduce core expenses by up to 10% this year and redirect those savings into growth initiatives like marketing. We're aiming to spend up to an additional $100 million on marketing in 2024 to attract high lifetime value customers. Over the intermediate term, we expect core expense growth to be low single digits or even lower as we continue to drive efficiencies.

International Expansion into UK and Europe
Q: What's the progress on your UK and European expansion?
A: We're excited about the initial traction, with tens of thousands of customers already in the EU and UK. The UK app is rolling out and will be generally available to any customer in the coming months. International growth is key to our strategy, and we see a huge opportunity for it to become a significant part of our business.

Crypto Investments and Partnerships
Q: How will crypto contribute to your business in the next few years?
A: We're heavily investing in crypto, both domestically and in the EU. We've enhanced the trader experience and improved pricing, which is reflected in increased crypto trading market share. Our partnership with MetaMask through Robinhood Connect allows us to collect fees on on-ramp activity. We aim to be a leading player in bridging traditional finance and crypto, expecting crypto to significantly contribute to our business over time.

Securities Lending Program Growth
Q: What's the outlook for your fully paid securities lending program?
A: We're pleased with the progress, increasing equities enrolled from $10 billion to $14 billion from Q3 to Q4 and adding 500,000 customers to the program. There's substantial room for further penetration, and as industry rebate rates normalize, we expect revenue from this program to grow.

Robinhood Gold Subscription Model
Q: How do you view pricing and expansion of Robinhood Gold?
A: At $5 per month, Robinhood Gold offers high-value services without high balance requirements, making it an obvious choice for customers. Gold members have an ARPU that's multiples of our average. We're working to enhance the experience, increase adoption, and plan to introduce Gold internationally, where subscription models are well accepted.

24-Hour Market Trading Activity
Q: How is the 24-hour market offering performing?
A: Our 24-hour market now includes around 900 tickers, with hundreds of thousands of customers using the product. We've seen particularly strong activity around earnings releases. We're continuing to invest in this offering, focusing on improving tools for active traders.

Options and Equities Fee Capture Rates
Q: What is the trend in options and equities fee capture rates?
A: Options fee capture stabilized at $0.41 per contract in both Q3 and Q4, and this trend has continued into January with an improving mix. There's nothing significant to report on equities fee capture rates.

SEC Market Structure Changes Impact
Q: How will SEC market structure changes affect you?
A: We anticipate that several changes will be implemented leading up to the election season, with best execution being important. We participated in the comment process, and many of our suggestions were incorporated, which is reflected in our planning for 2024.

Headcount and Efficiency Improvements
Q: How are you managing headcount and expense per employee?
A: Our headcount will be roughly flat to slightly up this year. We're focusing on business process efficiencies using technology, such as optimizing our recruiting process to save 20% to 40% of time. There's potential to relocate roles to lower-cost locations over time. We're also focusing on increasing revenue per employee.