Robinhood Markets, Inc. (NASDAQ:HOOD) Q1 2024 Earnings Conference Call May 8, 2024 5:00 PM ET

Company Participants

Chris Koegel - VP, Corporate FP&A and IR
Vlad Tenev - Chief Executive Officer and Co-Founder
Jason Warnick - Chief Financial Officer

Conference Call Participants

Devin Ryan - Citizens JMP
Dan Dolev - Mizuho
Steven Chubak - Wolfe Research
Kyle Voigt - KBW
Mike Cyprys - Morgan Stanley
John Todaro - Needham & Company
Brian Bedell - Deutsche Bank
Patrick Moley - Piper Sandler
Matthew O'Neill - FT Partners
Ken Worthington - JPMorgan
Benjamin Budish - Barclays

Operator

Hello, and welcome to the Robinhood First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I'd now like to turn the call over to Chris Koegel, VP of Corporate FP&A and Investor Relations. You may begin.

Chris Koegel

Thank you, Joanna, and thank you to everyone for joining Robinhood's Q1 earnings call.

With us today are our 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. Reconciliation 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, 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 market -- 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.