Robinhood Markets, Inc. (NASDAQ:HOOD) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET

Company Participants

Chris Koegel - VP, IR

Vladimir Tenev - Co-Founder, President, CEO & Chairman

Jason Warnick - CFO

Conference Call Participants

Josh Beck - KeyBanc Capital Markets

Devin Ryan - JMP Securities

Richard Repetto - Piper Sandler & Co.

Michael Cyprys - Morgan Stanley

Benjamin Budish - Barclays Bank

Steven Chubak - Wolfe Research

Craig Siegenthaler - Bank of America Merrill Lynch

Operator

Hello, everyone, and good day. Thank you for standing by. Welcome to the Robinhood Third Quarter 2022 Earnings Conference Call. [Operator Instructions].

Please be advised that today's conference call is being recorded. I would like to now hand the conference call over to Chris Kagal, our Vice President of Investor Relations. Go ahead.

Chris Koegel

Thank you, Haley. Welcome, everyone, and thank you for joining us for Robinhood's Third Quarter 2022 Earnings Call. With us today are CEO and Founder, Vlad Tenev; and CFO, Jason Warrick. Before getting started, I want to remind you that today's presentation will contain forward-looking statements about our financial outlook and our strategic and operational plans. 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 our press release issued today the related slide presentation on our Investor Relations website, our Form 10-Q filed August 30, 2022 and in other SEC filings.

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 on our Investor Relations website at investors.robinhood.com.

With that, let me turn it over to Vlad.

Vladimir Tenev

Thanks for the intro, Chris, and thanks to everyone for joining. 6 months ago, we set an ambitious goal for us to return to adjusted EBITDA profitability by the end of the year, I'm proud to that we achieved this milestone a quarter ahead of schedule, and I'm incredibly proud of our team. In Q3, we had adjusted EBITDA of $47 million, in spite of a tough macro backdrop, we were able to simultaneously decrease cost, increase revenues and demonstrate diversification of our business model. We feel our cost structure is in a good place. So we're now fully focused on delivering great products and service for our customers and growing our business. I'll tell you more about our plans here.