Webull Corporation (BULL) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.674 In the second quarter, interest rate income grew 14% year-over-year 00:00:04.737 -- 00:00:09.843 to $36.3 million, largely attributable to higher client cash balance, 00:00:09.843 -- 00:00:16.668 increased margin activity, and importantly, the successful adoption of Webull premium. 00:00:16.731 -- 00:00:22.238 Finally, let's turn to slide 11 for a closer look at operating expenses. 00:00:22.238 -- 00:00:26.508 Operating expenses increased both sequentially and year-over-year. 00:00:26.508 -- 00:00:31.594 The primary drivers were higher activity on the platform, including brokerage and transaction 00:00:31.594 -- 00:00:36.620 costs, as well as payment fees on customer deposits made through a debit card, a 00:00:36.620 -- 00:00:39.203 new feature we introduced in the second quarter. 00:00:39.203 -- 00:00:43.007 We also stepped up our marketing spend during this period. 00:00:43.007 -- 00:00:47.312 We saw some growth in technology and development expenses as well, mainly related to 00:00:47.312 -- 00:00:52.558 headcount and infrastructure investments. But this was offset by a reduction in general 00:00:52.558 -- 00:00:58.549 and administrative expenses. Overall, we remain disciplined in managing our expenses. 00:00:58.549 -- 00:01:04.295 At the same time, we're investing in innovation, customer growth, and wallet share expansion, 00:01:04.295 -- 00:01:08.880 ensuring we balance near-term discipline with long-term opportunity. 00:01:08.880 -- 00:01:12.864 Thank you, everyone. With that, I'll turn the call back to Anthony before we open the 00:01:12.864 -- 00:01:14.346 line for questions. 00:01:14.346 -- 00:01:18.270 Thanks, HC, and thank you, everyone, for joining us today for our second quarter earnings 00:01:18.270 -- 00:01:23.567 co...