Welcome to the 2025 Annual Meeting of Stockholders of Robinhood. Thank you for joining us today. First, after the meeting is called to order, our Chair and CEO, Vlad Tenev, will provide a few words and answer questions from our stockholders. Following that, our General Counsel and Corporate Secretary, Lucas Moskowitz, will cover the three proposals that stockholders have been asked to vote on, as well as any other matters that are properly presented. During today's sessions, we may make forward-looking statements, including about our business outlook. Actual results could differ materially from our expectations. Potential risk factors that could cause differences are described in our Form 10-Q for the quarter ended March 31, 2025, and other SEC filings. We encourage you to review these filings carefully. Today's discussion may also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the first quarter 2025 earnings presentation on our investor relations website at investors.robinhood.com. This annual meeting is being held pursuant to Delaware law and our bylaws. Mediant has certified that notice of this meeting was distributed beginning May 7 to all stockholders of record as of April 28, along with instructions on how to access the materials. Brian Bennett from Mediant, our Inspector of Elections, has confirmed that a majority of the outstanding voting power is represented at the meeting, either in person or by proxy. Accordingly, a quorum is present, and we may proceed with the meeting. A representative of Ernst & Young LLP, our independent audit firm, has also joined us and is available to respond to appropriate questions. The meeting is called to order. The time is 2:01 P.M. Eastern, and the polls are now open. Only stockholders as of the close of business on April 28, the record date for this meeting, are entitled to vote today. If you haven't already voted or you wish to change your vote, you may do so now through the virtual meeting portal. Now, Vlad, over to you. Hello, everyone. Thank you for being here and for being with us on this journey. Our SAY Q&A platform has been open to our shareholders across the world, and I'm looking forward to hearing your questions. Joining me on the call today in his annual stockholder meeting debut, Lucas Moskowitz, our General Counsel and Corporate Secretary. Hey, Lucas. Good. I'd also like to thank members of the Robinhood team for working tirelessly to get us to where we are today. Also, I'd like to introduce the other members of our board of directors who are here watching from our bustling New York City office. We have with us Jonathan Rubinstein, our lead independent director, my co-founder Baiju Bhatt, Nikki Malka, Paula Loop, Susan Siegel, Dara Treseder, Robert Zoellick, and additionally, we're excited that we have two new independent directors, Christopher Payne, who some of you may have noticed, recently bought some shares in Robinhood as well. Excited for Chris to join us, and John Hegeman, who has joined us recently as an independent director as well. We're grateful for our board's service and commitment to the company. Let's talk about the business, shall we? During our investor day in December, we shared the long-term vision for Robinhood, and I thought it would be a good time to give a little bit of an update on where we are today and how it's going. As a reminder, our vision is to make it possible for anywhere, anyone, to buy or sell or hold any financial asset action through Robinhood. The strategy to get there is threefold. Number one, become the number one platform for active traders. Number two, become the number one in wallet share for the next generation. Three, build the number one global financial ecosystem. I'm really excited about the progress we've made across all three of these goals thus far. Let's start with active traders. I talked in December about how our brand needs to evolve over time. We've been known for being a great place to start trading, but we want to grow beyond that and be known as a platform for the most cutting-edge trading tools. A platform so powerful that active traders would be at a disadvantage going anywhere else. Legend, our desktop platform built for active traders, will play an important role here. Since December, we've shipped a ton of new features and improvements on Legend, including crypto, index options, more than 80 indicators and new widgets, options charts, and much more. On the heels of our successful presidential election market, I said we'd need a more comprehensive events product. Now, this is a new innovative asset class. At the time, we didn't know what to call it. The industry hadn't consolidated on what to call it. Since then, not just us, but the industry has landed on prediction markets. We launched our prediction markets hub and expanded our selection to economic, political, and sports contracts, with new events being added continuously. Our customers have traded more than 1.5 billion event contracts since launch. I also mentioned back in December that we need to improve our charting tools. Just last week, we've launched our new advanced mobile charts, bringing the great charting tools our traders have come to love from Legend to their mobile devices. There is much more to come on this front at HUD Summit, our active trader event that we'll be bringing back this fall. Stay tuned to hear more about that. Now, let's talk a little bit about wallet share, which, as you remember, is our five-year arc. Really, this is about transitioning from serving traders to serving all of our customers' financial needs. One area we've been growing is retirement, which now has more than $18 billion in retirement assets. We're also expanding into new categories like advisory. Just a few months ago, we launched Robinhood Strategies, and already the team is managing nearly $350 million in assets for nearly 100,000 funded accounts. We also closed our acquisition of Trade PMR, bringing in a powerful RIA custody and portfolio management platform to connect financial advisors to a new generation of investors. We announced Robinhood Banking to bring the private banking experience to Robinhood Gold members. We're looking forward to launching banking in the coming months, and I think you're really going to love it. Okay, now let's go to building the number one global financial ecosystem, which is our 10-year arc. I said in December that you'd see us rounding out our offerings with new assets and capabilities in the U.K. and European Union. We've added options and Robinhood Legend in the U.K., two highly requested products for active traders. We've also launched crypto staking in the E U. Further rounding out our international offerings, we've closed our acquisition of Bitstamp, adding an institutional business, our first exchange, more than 50 active licenses and registrations globally, not to mention 500,000 funded customers outside of the U.S. We agreed to acquire WonderFi, marking our expansion into Canada. We expect that deal to close in the second half of this year. Finally, I would be remiss not to mention two major technological shifts that Robinhood is well positioned to lead in, and we're delivering on both. The first, artificial intelligence. We're about to ship our first consumer AI product, Robinhood Cortex, which is an investing assistant that gives traders an edge with up-to-date news and market data from the highest quality data sources. We're also making AI central to how we operate key parts of our business. In customer support, 65% of our cases are now handled and solved by AI, and we actually believe we're world-class here. We're also leveraging AI in engineering and seeing dramatic increases in the usage of tools by our engineers and also in the code that's generated by AI. The second technological shift we're focused on is crypto. Obviously, we've been in this space a little while, and we've recently shipped a bunch of improvements to our crypto products across both the U.S. and in the E U. I've long believed crypto is more than just a speculative asset. It's the future backbone of our global financial system. To that end, we're holding Robinhood Presents to Catch a Token, our first ever international keynote from Cannes in the French Riviera next week. We've got some exciting things to announce there, so tune into the live stream on June 30 to hear more. Thank you again for your continued support. Now, why don't we hear some questions, shall we? All right, thanks, Vlad. First question comes from Mike T, who asks, when will Robinhood Banking launch? Will it offer all the same services as a traditional bank, for example, checks? Yeah, thanks for the question. Robinhood Banking is on track to launch this fall. We've gone through internal testing, and we are using it, and I think you're really going to like it. To answer the specific question, yes, we will offer all the traditional banking services that you've come to expect from a traditional bank, including checks. We will also include a suite of products that are traditionally reserved for the wealthy or high-net-worth customers, including high-yield savings with $2.5 million of FDIC insurance, access to estate planning and tax advice, cash delivery, which is an innovative feature that I'm very excited about, net worth tracking, and much more. The idea really behind banking is to bring the private banking experience, which is typically only reserved for elite, high-net-worth customers for the mass market. We're excited to bring this to customers, all with great technology and an amazing customer experience that you can expect from Robinhood. Stay tuned. Great. Next question comes from Griffin A, who asks, when will the credit card be rolled out to more people? Yes. Actually, we just talked about banking. The credit card app will become the banking app. As you can tell, as we've seen from social, people are very excited about the credit card. Even when we post about unrelated things, you have just a stream of people asking for access. We have been methodical, as it's important to validate the economics of the card. So far, we really like what we're seeing. We're pleased with the data that we're seeing. We rolled out to 100,000 customers last year. We added another 100,000 in Q1, which got us to 200,000 total. We doubled what we did last year just in Q1. We've continued to roll out in Q2, and we're on track to be at about 300,000 cardholders by the middle of the year. A lot of people want it, but the rollout has been accelerating tremendously. We're excited to keep accelerating that and to get it into the hands of more customers. I think it's an amazing product. More and more people will have it. Just appreciate your patience. Next question comes from Elias R, who asks, where do we see Robinhood in five years? Stock, stocks, crypto, contracts? What's the next major RH move? Yeah, yeah, that's a great question. As a reminder, we've got three arcs in our business that we're continually making progress on. Number one, in active traders, we expect to achieve this, and we kind of measure our progress here by market share in all tradable assets. We expect to get there in the next two to three years for the bulk of assets, most, if not all, that we offer. We've been seeing good progress there given the tremendous product velocity. Robinhood Legend has been going very well. Futures and index options, I'd say, have surprised us with how quickly they're gaining market share and adoption. The growth in our margin book, since we became competitive and started offering the lowest rates in the industry, the margin book has grown very, very quickly. Now, more recently, last week, we announced advanced charting and tooling from Robinhood Legend coming to the mobile device, which I think will be very, very big. It'll include the ability to trade from the chart, which I think is an innovative feature that our active traders are really going to love. Number one, in wallet share, you should see a lot of progress here over the next five years. The goal is for Robinhood to be the place where you keep all of your financial assets, not just the assets that you intend to trade, but also your retirement, your advisory, your paycheck direct deposit should land in Robinhood Banking. You should have very little need to move your cash outside of our ecosystem. We should be able to help customers with everything. You'll continue to see rapid progress there too. For number one, global financial ecosystem, this is us expanding Robinhood across two linearly independent vectors. One from retail only to business and institutional, and the other from U.S. only to fully global. This is our 10-year arc, but we're continuing to make good progress. You should expect more jurisdictions. Robinhood should be live anywhere you can download apps to your smartphone, more institutional services. As Bitstamp continues to get integrated, you should see us doing more and more there, and a broader crypto product offering, as we discussed a little bit earlier. Great. The next question comes from Matt Essen. We're excited to have Matt joining us live. Matt. Oh, that's exciting. Hey, how's it going, Vlad? Good to see you, Matt. Thanks for joining us. Yeah, thank you for having me. Appreciate it. My question is, when will Robinhood issue its own yielding stablecoin? Oh, thank you for asking that. Obviously, stablecoins have been in the news very much recently. I think Robinhood is strategically positioned to benefit tremendously from an increase in stablecoin adoption and as regulatory clarity comes in. We're actually doing a lot here. Number one, we're part of the global dollar network. The goal of USDG is to distribute revenues among participants. We're partnering with Paxos and a number of great companies on USDG. Distributing revenues among participants, in turn, allows customers to receive yield from holding dollars in stablecoin form. We believe this is going to be critical to encourage customers to not just use stablecoin as a funding rail, but to actually hold their dollars in that form. Actually, hot off the press, USDG recently received approval in the European Union as one of the only compliant USD-based stablecoins, which we're really excited about. You'll hear plenty more about what that means for our European customers later. Looking at recent legislative changes in the U.S., in particular, the Genius Act. Genius Act passed in the Senate. Actually, since we aren't directly an issuer and instead we're deeply partnering with the issuer of USDG, Paxos, we're excited that there are ways for us to pass yield to customers directly. I think that's going to be extremely valuable, as we spoke about earlier. Finally, we believe we can leverage our technology to support institutional use of stablecoins, not just retail. Robinhood Connect, which is our on-and-off ramp that is already integrated with top wallets like MetaMask, and Crypto as a Service through Bitstamp, which provides white labeling solutions to our institutional customers and businesses, including Revolut and Stripe. For now, we think Genius Bill is great for Robinhood. We're going to continue to accelerate through USDG and also through USDC and other stablecoins that we offer on our various platforms. I think we're well positioned to be a big player in this market. Thank you. The next question comes from Christopher H, who asks, when will custodial accounts be available so we can teach our children how to invest? Yeah, that's a great question. Definitely something that we're hearing from our customers, and it's on our radar. Currently, to use Robinhood, you have to be 18 years of age or older. We're definitely looking to expand to younger customers. Similarly, I should mention Invest America. This is a new initiative. We were just at the White House discussing it with a great team of leaders. This is an initiative, part of the reconciliation bill, that would provide each child born in the US with $1,000 invested in a tax-advantaged brokerage account. You may have seen that while I was at the White House, I shared a prototype, a real live working version on iOS that was very well received. I think we're ready. It's going to have to obviously make its way through Treasury, and we believe we'll be a part of the design of how everything works there. We've committed and devoted technology resources, design resources to make this a reality because I think this is incredibly important. Getting every child access to the magic of compounding, getting them to be a part of our capitalist system and be literally invested with skin in the game, I think is going to be incredibly meaningful. Stay tuned on that, but that's another exciting element for serving young potential Robinhood customers. Next, we have another question from Griffin A, who asks, does Robinhood have plans around S&P 500 inclusion? Yeah, great question. It's a difficult thing to plan for. I think it's one of those things that hopefully happens. As of today, I do believe we meet the eligibility requirements, but ultimately, this is dependent on companies being removed, and then there's a committee over at S&P that decides who gets in. We are focused on growing our business, continuing to deliver for customers. I think all of these things are kind of an output of that. We are going to continue delivering, growing our business, shipping new products. Over time, I think index inclusions will come. The next question comes from Jeremy J, who asks, when will we get a dividend forecasting/tracking tool? Yes. Yeah, this is one that we get asked about from time to time as well. I would tell you that the team is hard at work shipping lots of products. I think we've been very busy. You've seen us make good progress over the past year. Eventually, we'll get to everything. We will have a dividend forecasting tracking tool for customers. I think the challenge is, with so many good opportunities, which do you tackle first? I think that's some of the challenges that we have to deal with, with management and leadership. I don't have anything to announce in the near term. We are thinking about it. You'll see the product keep getting better and better. Our final question comes from Emmanuel O, who is joining us live. Emmanuel? Hi guys. Hope you had a good morning. Hey, Emmanuel. Hi. So my question is, how long before investors can see we be able to invest into fixed assets like CDs and bonds? And how long before we can invest in the international markets, maybe through a program like Stock Connect in China? Yeah, that's a great question. Thanks for joining live to ask it. What you can do today on the platform is invest in fixed income ETFs. We also, of course, offer high-yield cash sweep for our Gold customers. I think for a lot of use cases, that's enough. We do know that additional fixed income options, as well as things like mutual funds, are important to getting the total wallet share for our customers. They're on our radar. We want to deliver all of the assets, all of the selection and capabilities our customers need to over time. We've added new things. Obviously, futures and index options are relatively new assets on the platform. Prediction markets as well is a new innovative asset class. Again, it's what I mentioned earlier. There are so many things to build. We're in the privileged position of having to decide among multiple good options. I think if you look at the medium-term arc, being number one in wallet share for the next generation, this is all included there. It will take some time to get through all of the requests. Stay tuned. Appreciate your patience. I know there are so many things to build. That's it, huh? That's it. Thank you for those questions. Thank you again to the stockholders who submitted questions for participating in the annual meeting and for being a stockholder, putting your trust in the company. We are excited about the year ahead. We are full steam ahead. There is so much to do. We look forward to sharing more updates with all of you. Over to you, sir. Thanks, Vlad. There are three proposals before our stockholders today. Voting will close right after we present proposal three. The first proposal is the election of 10 director nominees to serve until the 2026 annual meeting. Robinhood's board has nominated and recommends the election of the following nominees: Vlad Tenev, Baiju Bhatt, John Hegeman, Paula Loop, Nikki Malka, Christopher Payne, Jonathan Rubinstein, Susan Siegel, Dara Treseder, and Robert Zoellick. As there were no other nominations, the nominations are now closed. The second proposal is the advisory vote to approve the compensation of our named executive officers. Our board recommends that stockholders vote for this proposal. The third proposal is to ratify the appointment of Ernst & Young as the company's independent registered public accounting firm for 2025. EY does not wish to make a statement. Our board recommends that stockholders vote for this proposal. There are no other proposals or business for the meeting. Please note that now is the final opportunity to submit any votes in order for them to be counted. It's 2:23 P.M. Eastern, and the polls are now closed. Thank you, everyone, for your participation. Our Inspector of Elections has provided the preliminary voting results. All 10 director nominees have been elected. The advisory vote on executive compensation has passed. The appointment of Ernst & Young as our independent registered public accounting firm for 2025 has been ratified. We will file a Form 8-K with the SEC to report the final results. The business portion of the meeting is now concluded. Vlad, back to you for closing remarks. Great. Thank you. Thanks again for joining us. We think the work we're doing today is going to not only shape, but it'll change financial lives of many of our customers. We are grateful to have you along the journey. To that end, do not forget to join our livestream for Robinhood Presents: The Catch a Token, which will be on June 30th in a couple of days. There, we are going to be unveiling the next chapter of Robinhood's crypto products and ambitions globally. Time for Lucas and I have to get back to work. As always, the roadmap is full. There is so much to do. Thank you and be well.