Robinhood Markets, Inc. (NASDAQ:HOOD) Q1 2023 Earnings Conference Call May 10, 2023 5:00 PM ET

Company Participants

Chris Koegel - VP and Head, IR

Vlad Tenev - CEO and Co-Founder

Jason Warnick - CFO

Conference Call Participants

Rich Repetto - Piper Sandler

Dan Dolev - Mizuho

Alex Markgraff - KeyBanc Capital Markets

Devin Ryan - JMP Securities

Michael Cyprys - Morgan Stanley

Will Nance - Goldman Sachs

Ken Worthington - JP Morgan

Matthew O'Neill - FT Partners

Mark McLaughlin - Bank of America Merrill Lynch

Operator

Good day, and thank you for standing by. Welcome to the Robinhood First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be question and answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Chris Koegel, Vice President of Investor Relations for Robinhood. Please go ahead.

Chris Koegel

Thank you, Liz. And thank you everyone for joining Robinhood’s first quarter 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 issued today, the earnings presentation on our Investor Relations website at investors.robinhood.com. Our Form 10-Q filed this afternoon and in our other SEC filings.

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.

Vlad Tenev

Thanks for the intro Chris. And thanks to everyone for joining us today. We had a strong quarter. I want to call out three things that I am especially proud of. First our product velocity continued to accelerate with several innovative products delivered to customers. And we’re not slowing down, we’re enabling 24-hour individual stock trading for customers by launching 24 Hour Market next week. Second, we’re continuing to see significant growth from the new products we launched last year. And third, in the face of uncertainty in the banking sector, we’re continuing to see strong net deposits and improving customer satisfaction. All of this is leading to financial results that keep getting better as we move closer to GAAP profitability. I’m excited to tell you about all this. So, let's start with our business results.