Robinhood Markets, Inc.

Hello, and welcome to Robin Hood first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. We ask that you limit yourself to one question. To withdraw your question, please press star 11 again. I would now like to turn the call over to Chris Cagle, VP of Corporate FP&A and Investor Relations. You may begin.

Thank you, Jawanda, and thank you, everyone, for joining Robinhood's Q1 earnings call. With us today are CEO and co-founder, Vlad Tenev, and CFO, Jason Warnick. 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 that 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. Reconciliations 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. I, again, will keep my remarks short so that we can have plenty of time for questions. So just to remind everyone, Robinhood is focused on three things. Number one, winning the active trader market. Number two, increasing wallet share with our customers. And number three, expanding internationally. We believe the strategy is working, and it led to strong business outcomes in Q1. First, retail trading market share. It can continue to increase in Q1, and it was really bolstered by our product innovation. As a result, year-over-year notional trading volumes were up significantly across equities, options, and crypto. Net deposits, they were a record $11.2 billion with strong diversity across brokerage, cash sweep, and retirement. This translates to a 44% annualized organic growth rate and continues our multi-year track record of delivering 20% plus net deposit growth. And customers are also moving their assets to Robinhood in record numbers. Q1 was the second quarter in a row we had net asset inflows from every other major brokerage, totaling nearly $3 billion, more than twice our Q4 level. I also wanted to highlight gold subscribers. Customers are finding our gold offerings compelling across high-yield cash, retirement, margin rates, and now our gold credit card. This led gold subscribers to reach 1.7 million in Q1, higher than at any other point in our history. The 260,000 gold subscribers we added in Q1 was the fastest in the past three years. It's also exciting to see that nearly 20% of new funded customers in Q1 subscribe to gold, and that's more than double a year ago. Putting this all together with continued expense discipline led to record revenues of 40% year over year and record gap EPS of positive 18 cents. Now, what's even more exciting is that we continue to deliver amazing value to customers. And before I share more about what we're doing for our gold customers, let's have Jason review our financial results.