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(1) Net Cumulative Funded Accounts

The total number of New Funded Accounts since inception, excluding Churned Users and including Resurrected Users as of the end of a period. A New Funded Account is an account into which a user has made an initial deposit or money/asset transfer, of any amount. Churned Users are previously New Funded Accounts with an account balance that drops to zero dollars or below for 45 consecutive calendar days. Resurrected Users are previously Churned Users that experience an account balance increase above zero in the current period. Churned Users and Resurrected Users are determined after excluding certain credits initiated by Robinhood.

(2) Monthly Active Users

Number of unique users who make a debit card transaction, transitions between two different screens on a mobile device while logged into their account or who loads a page in a web browser, at any point during the relevant month. Figures are for the last month of each period presented.

(3) Assets Under Custody

The fair value of all equities, options, cryptocurrency and cash held by users in their accounts, net of customer margin balances and other receivables from customers, as of a stated date or period end on a trade date basis.

(4) Organic/Referred New Customers

Percentage of new customers during the stated fiscal quarter who joined the Robinhood platform organically or through the referral program. A new customer is someone who is approved for a Robinhood account and who has never previously had a Robinhood account. A new customer is considered to have joined organically if we cannot attribute that customer’s acquisition to a paid marketing channel, such as broad-scale advertising or clicking through an online advertisement, or to the Robinhood Referral Program.