Robinhood Markets, Inc.

Thank you for standing by and welcome to the Robin Hood Market's fourth quarter and full year 2023 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Chris Cagle, Vice President of Corporate FP&A and Investor Relations. Please go ahead.

All right. Thank you, Jonathan. And thank you to everyone for joining Robinhood's Q4 earnings call. With us today are CEO and co-founder Vlad Tenev and CF... Before getting started, I want to remind you that today's call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments we continue to monitor, are described in the press release we issued today, the earnings presentation, and our SEC filings, all of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures. Reconciliation to the GAAP results we consider most comparable can be found in the earnings presentation. With that, let me turn it over to Vlad.

Thanks, Chris. Hi, everyone. We're going to try something a little bit different today. I'm going to keep my remarks brief so that we can spend more time on Q&A. Robinhood's focused on three things. Number one, winning the active trader market. Two, increasing wallet share as we deepen relationships with our customers. And three, expanding internationally. I first off want to congratulate our team for a strong 2023. Trading market share was up 14% for equities and 19% for options year over year. 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. A couple points to call out. In Q4, we finished with $1.3 billion of net positive brokerage account transfers into Robinhood. And we've already exceeded that total halfway through Q1. We've been taking trading market share for some time, and now we're winning net asset inflows from every one of our major competitors, averaging over $100,000 per transfer. And as for funded customers, We've already grown more in the first half of Q1 than we did in each of the last eight quarters. So I love the momentum we're building, and I'm excited about 2024. Before I discuss our roadmap, let's have Jason review our financial results.