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| Statement |
|---|
| So really seeing strong engagement and increasing market share |
| I mean, you had a fantastic quarter |
| I think there's a lot to do, particularly as we improve the active trading tooling and offerings because this product is resonating particularly well among our key active trader customers |
| It's very good with all the momentum you have there |
| We're working hard to make great improvements to our tax law and P&L tracking this year and we hope you will like them |
| Gold subscribers were up 25% to 1.4 million and assets under custody exceeded $100 billion, fueled by the strength of our 27% organic growth in net deposits, and we've launched brokerage in the UK and crypto in the EU |
| We're really pleased with the progress that we're making on the inputs of the securities lending business, particularly fully paid securities lending equities enrolled in the program increased from Q3 to Q4 from $10 billion to $14 billion |
| So overall, we feel really good about delivering strong revenue growth in this current macro-environment |
| So really, really pleased with that, added 500,000 customers into the program a sequential quarter basis |
| So I love the momentum we're building and I'm excited about 2024 |
| We had a strong Q4 and 2023, and we have a lot of momentum starting 2024 |
| Looking at 2023, we delivered significant profitable growth with record full-year revenues, record adjusted EBITDA, and record adjusted EBITDA margins |
| We grew revenues 37% to $1.9 billion, delivered adjusted EBITDA of $536 million, which is more than three times our prior high, drove 124% incremental margins as revenues grew by more than $500 million, even while we lowered costs |
| And we expanded adjusted EBITDA margins of 29%, as we make progress over time towards the 50% plus levels we see from incumbents |
| And as we continue to execute here, you should be able to track the progress and continued market-share gains across all the assets that we offer including equities, options, and crypto |
| So we're very excited about that |
| Q4 was also our sixth straight quarter of positive adjusted EBITDA |
| We're pleased with our results in 2023 and aim to continue delivering profitable growth in 2024 |
| I think the team has done tremendous work making the 24 Hour Market offering better and better |
| We delivered strong Q4 net deposit growth at a 21% annualized rate |
| For winning in the active trader market, there is user experience improvements, new assets like futures and index options |
| When we look at historical customer cohorts, we see they have consistently added to their net deposits over time, which we think provides a strong foundation for sustainable long-term asset growth |
| And so we feel really good that we've got a nice natural hedge in the business between interest rates falling and interest in trading picking up |
| So we feel really good about the head count posture that we have |
| And we're really excited about the momentum that's giving us to start the year |
| There is a lot of improvements in our passive offerings like retirement, the roadmap there is full and we're very excited about the credit card |
| So we're really pleased to be offering all 11 of the Bitcoin ETFs on the first day of trading, I think that was a great outcome for customers |
| So we feel really good to offer the selection for customers |
| We also have strong momentum to start the year, as we added another 60,000 gold subscribers in January alone, that is nearly three times the monthly average we saw in 2023 |
| Amazing results, congratulations team, really good, making me proud |
| Statement |
|---|
| I think it really has the potential to disrupt the wealth management industry just in the same way that we've been disrupting trading |
| Equities declined again |
| These increases were partially offset by the anticipated decline in net interest revenues from lower sec lending demand across the industry |
| Your stock price is down 70% since the IPO |
| And then just a follow-up on the equities and options take rate, those have been coming down for the last couple of quarters |
| Again I want to emphasize, we're not getting complacent |
| At the at the moment, the rebate rates that we're seeing are lower across the industry |
| And so not having that in the UK is not a big concern |
| So we think 2024 is the year when we'll see interest rates shift from being a headwind for our business growth into a tailwind |
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