Incremental Margins
Q: Are 75% incremental margins sustainable?
A: Jason Warnick explained that the company achieved 75% incremental margins ex-stock-based compensation and noted that about 90% of their cost structure is fixed, allowing substantial revenue to drop to the bottom line. He emphasized that even with increased marketing spend, they expect opportunities to expand margins going forward.

Capital Allocation Strategy
Q: How will you use the $5B cash on balance sheet?
A: Jason Warnick stated they have over $5 billion of corporate cash and highlighted three ways to use it: investing in organic growth, pursuing M&A opportunities, and returning capital to shareholders. He mentioned the recent $600 million share buyback and that they are actively looking at opportunities to accelerate their product roadmap.

Promotions and Asset Growth
Q: Can deposit promotions be sustained long-term?
A: Vladimir Tenev and Jason Warnick expressed confidence in sustaining deposit promotions, noting that the 1% and 3% match promotions have attractive payback periods of less than one year and two to three years respectively. They believe their scalable platform allows them to offer such promotions and that they are effectively taking market share from incumbents.

Gold Card Economics
Q: How will the Gold Card impact profitability?
A: Jason Warnick discussed that the Gold Card is strategically aligned with their vision and they expect it to be profitable by leveraging their scale, achieving lower customer acquisition costs with over 1 million customers on the waitlist, and benefiting from better economics like a 300 basis point improvement in cost of funds. They plan a prudent rollout to tens of thousands of customers, focusing on high-quality, prime or higher credit rating customers.

Momentum into Q2
Q: What is the momentum heading into Q2?
A: Jason Warnick reported continued strong trading across equities, options, and crypto. Net deposits were nearly $5 billion in Q1, and retirement assets crossed over $7 billion. He highlighted strength across the business, including new Gold subscribers, and mentioned upcoming product launches that could further boost performance.

Crypto Business Post Wells Notice
Q: How is the crypto business after the Wells notice?
A: Vladimir Tenev noted they have been extremely selective with the assets offered and are confident none are securities. They have seen increases in volumes and market share in crypto, and are expanding in the EU. The focus is on enhancing the product experience while navigating regulatory considerations.

Surge in Crypto Volumes
Q: What's driving the surge in crypto volumes?
A: Vladimir Tenev and Jason Warnick explained that while crypto activity tracks the broader market, they've gained market share by offering great pricing and improving communication to customers. The recent increase in volumes was primarily from the U.S. business, with modest contributions from Europe.

Index Options Rollout
Q: When will index options launch and impact profitability?
A: Vladimir Tenev confirmed index options will launch in Q4, aiming to provide competitive economics while being profitable. They plan to offer a great user experience and value for customers, including trading around the clock, without significant cannibalization of existing options trading.

MAU Growth Breakdown
Q: What's driving MAU growth?
A: Jason Warnick indicated that the increase in monthly active users was broad-based, with contributions from equities, options, crypto, retirement accounts, Gold members, and net deposits. Crypto interest surges had an impact, but overall growth was seen across all areas.

Customer Transfers from Other Brokerages
Q: How do new customers from other brokerages compare?
A: Jason Warnick stated that 25% of net transfers came from other brokerages, with these customers being similar to their existing base but bringing in higher average balances. They are engaging with products in ways that generate revenue, reflected in attractive payback periods on promotions.