Coinbase Global, Inc. (NASDAQ:COIN) Q4 2023 Earnings Conference Call February 15, 2024 5:30 PM ET

Company Participants

Anil Gupta - Vice President of Investor Relations

Brian Armstrong - Co-Founder and Chief Executive Officer

Alesia Haas - Chief Financial Officer

Paul Grewal - Chief Legal Officer

Emilie Choi - President and Chief Operating Officer

Conference Call Participants

Kenneth Worthington - JPMorgan Chase & Co.

Chase White - Compass Point Research & Trading

Owen Lau - Oppenheimer

John Todaro - Needham & Company

Devin Ryan - JMP Securities LLC

Benjamin Budish - Barclays Bank PLC

Peter Christiansen - Citigroup Inc.

Bo Pei - US Tiger Securities

Joseph Vafi - Canaccord Genuity LLC

Alexander Markgraff - KeyBanc Capital Markets Inc.

Operator

Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Fourth Quarter and Full-Year 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

Anil Gupta, Vice President, Investor Relations, you may begin your conference.

Anil Gupta

Good afternoon, and welcome to the Coinbase fourth quarter and full-year 2023 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer. I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

Our discussion today will also include references to certain non-GAAP financial metrics. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using Say Technologies to enable our shareholders to ask questions. In addition, we will take some live questions from our research analysts.

And with that, I'll turn it over to Brian for opening comments.

Brian Armstrong

Thanks, Anil. I'm proud to say that in 2023, we cut costs by 45% year-over-year and managed to ship product faster with a lean team. This led to $95 million of positive net income for 2023, $964 million in positive adjusted EBITDA and total revenue of $3.1 billion. Coinbase has always taken a long-term approach focusing on building in a compliant manner even when it wasn't the popular choice. Many of our competitors cut corners and broke laws to get big fast, and we've seen how that strategy played out.