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  "documentTitle": "Bakkt | Results Presentation Deck | 26 slides",
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  "presentationDate": "2023-05-01 00:00:00",
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      "text": "Free Cash Flow is a non-GAAP financial measure. Free Cash Flow is cash flow from operations adjusted for \"capitalized internal use software development costs and other capital expenditures\" and \"interest income.\" We adjust for capitalized expenses associated with internally developed software for our technology platforms given they are a large component of our ongoing expense base given our position as a technology platform company.",
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      "text": "We provide Free Cash Flow because we believe that Free Cash Flow, when viewed with our results under GAAP, provides useful information for the reasons noted above. However, Free Cash Flow is not a measure of liquidity under GAAP and, accordingly, should not be considered as an alternative to net cash used in operating activities as an indicator of liquidity.",
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      "text": "Note: All financial data on this slide in unaudited. Free Cash Flow is a non-GAAP financial measure.",
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      "text": "$mm's\nNet cash used in operating activities\nCapitalized internal-use software development costs and other capital expenditures\nInterest income, net\nFree cash flow\n1Q23\n(47.2)\n(3.7)\n(1.6)\n$(52.5)\n4Q22\n$(23.7)\n(8.0)\n(1.0)\n$(32.7)\n1Q22\n$(33.2)\n(3.1)\n(0.1)\n$(36.4)",
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      "kind": "title",
      "text": "Free cash flow reconciliation – Non-GAAP",
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