Robinhood Markets, Inc.

Thank you for standing by and welcome to Robin Hood's second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, please press star 1-1 again. I would now like to hand the call over to Chris Cagle, VP of Corporate FP&A and Investor Relations. Please go ahead.

Thank you, Lateef, and thank you to everyone for joining Robinhood's Q2 earnings call. With us today are CEO and co-founder, Vlad Tenev, and CFO, Jason Warnick. Before getting started, I just 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. Let me start with the three things Robinhood is focused on. Number one, winning the active trader market. Number two, increasing wallet share with our customers. And number three, expanding internationally. We're making progress across all three of these. And in Q2, we delivered another quarter of strong outcomes and several financial records. More specifically, our retail trading market share continued to increase, leading to year-over-year growth in equity, option, and crypto volumes. Net deposits were a new record of $13 billion in the quarter, translating to a 41% annualized growth rate. With $11 billion in Q1, we've already exceeded our long-term annual target of 20% plus, and we're only halfway through the year. Gold subscribers reached a record 2 million, which is over 60% year-over-year growth, and now over 8% of funded customers are gold members. And these results, combined with continued expense discipline, drove 40% year-over-year revenue growth to a record $682 million, as well as record EPS of $0.21. There's still so much to do, so we're not slowing down. On the active trader front, we've been consistently growing our market share among equities and options, But until recently, one area where candidly our progress has not been so great is margin. And this is a huge opportunity for us as brokerage incumbents generate far more revenue on margin than even trading. In particular, we were not getting much adoption from customers with larger margin balances because our rates were not very competitive. So we introduced industry-leading rates for active traders in May. And this, coupled with the continued improvements we're making to the account's transfers flow, led margin balances to grow by over 20% in the last five weeks of the quarter to a two-year high of $5 billion. Now, 75% of that growth came from customers with margin balances over $100K. So we're really pleased with the progress we're making on margin with our large active customers. And we're continuing to see strong margin balance growth in Q3. Finally, we're nowhere close to being done building for active traders. There's plenty more coming, including our inaugural hood summit in October. We have a lot of positive feedback from our gold event in March. So we decided to host a special event just for our active traders. And this will be much bigger than the gold event. We'll be launching some awesome new products that we can't wait to tell you about. Now, let me turn it over to Jason to review our financial results, and then I'll offer some additional thoughts.