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  "documentTitle": "Bakkt | Results Presentation Deck | 31 slides",
  "authorId": "bakkt",
  "authorName": "Bakkt",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2022-11-01 00:00:00",
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  "pageNumber": 8,
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      "kind": "chart",
      "text": "Apex Crypto trading volume; 106% CAGR; 2022E, 2025E",
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      "text": "Free cash flow from strategic initiatives; Total cumulative incremental free cash flow of ~$80mm; 2023E, 2024E, 2025E",
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      "text": "Expect Apex Crypto to be accretive to revenue growth rate and adjusted EPS in the first full year following deal close\nTargeting operating margin expansion in 2023 of >20%1\nExpect free cash flow of ~$80mm through 2025 from the acquisition² and associated restructuring initiatives\nExpect cash savings through 2025 of ~$20-$25mm, primarily due to headcount and technology efficiencies",
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      "text": "1 Assumes full year impact on operating margin\n2 Excluding deal costs",
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      "kind": "title",
      "text": "Acquisition enhances our path to profitability",
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      "evidence": "The golden circle is visible in the presentation's structure, from why (connecting the digital economy) to how (through acquisitions and partnerships) to what (financial results)",
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