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  "docSlug": "317b6bf68884d467c375d849fc7c46f7",
  "documentTitle": "Bakkt | Results Presentation Deck | 30 slides",
  "authorId": "bakkt",
  "authorName": "Bakkt",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-08-01 00:00:00",
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  "pageNumber": 16,
  "pageCount": 30,
  "prevPage": 15,
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  "slideType": "kpi_overview",
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  "notes": "Note: All financial data on this slide is unaudited. Bar chart not fit to scale. Other comprised of Professional services, Technology & communication, Acquisition-related expenses, Depreciation & amortization, Related party expenses, Restructuring expenses, Impairments of long-lived assets, and Other operating expenses.",
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  "slideHref": "/slides/019de516-47a5-76d9-ab6a-e5bd2e869b09/16",
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      "text": "Expenses ($MM) 2Q22, 3Q22, 4Q22, 1Q23, 2Q23. Compensation, SG&A, Crypto costs and execution, clearing and brokerage fees, Other, Goodwill & intangible assets impairments.",
      "attrs": {
        "series_names": [
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        "x_axis_labels": [
          "2Q22",
          "3Q22",
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          "$1,608.1",
          "$1,547.7",
          "$347.9",
          "$274.4",
          "$57.6",
          "$13.1",
          "$9.8",
          "$34.2",
          "$0.4",
          "$14.4",
          "$7.8",
          "$37.8",
          "$73.5",
          "$0.5",
          "$32.9",
          "$8.4",
          "$31.9",
          "$60.4",
          "$0.3",
          "$58.7",
          "$17.5",
          "$6.7",
          "$34.1",
          "$0.4",
          "$398.7",
          "$30.1",
          "$334.0",
          "$7.6",
          "$27.1"
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      "componentId": "0bcd7ff9-287e-4b3f-a9ba-d043f4871f97",
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      },
      "kind": "list",
      "text": "Compensation and benefits expenses of $27.1mm were down 21% YoY, primarily due to lower headcount and share-based compensation expense",
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      "kind": "list",
      "text": "Other¹ expenses of $30.1mm includes $17.0mm of acquisition-related expenses of which $10.4mm is a non-cash accrual related to the contingent stock earnout per the Apex Crypto purchase agreement",
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      "kind": "list",
      "text": "SG&A expenses of $7.6mm decreased 23% YoY primarily driven by a reduction in marketing expense. Increase of 13% QoQ due to impact from Apex Crypto",
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      "kind": "list",
      "text": "Total operating expenses of $398.7mm includes $334.0mm of crypto costs and execution, clearing and brokerage fees, related to Apex Crypto acquisition",
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      "kind": "paragraph",
      "text": "2Q23 results include Apex Crypto, which we acquired on April 1, 2023. In accordance with GAAP, we are presenting our crypto costs and execution, clearing and brokerage fees on a gross basis",
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      "text": "Note: All financial data on this slide is unaudited. Bar chart not fit to scale. 1 Other comprised of Professional services, Technology & communication, Acquisition-related expenses, Depreciation & amortization, Related party expenses, Restructuring expenses, Impairments of long-lived assets, and Other operating expenses.",
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      "text": "2Q23 Operating expenses",
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      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Satisfaction",
      "beatSlug": "monroes-sequence-satisfaction",
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      "position": 2,
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6fc647c4-a6a3-4a1a-bc54-0a1d7a0a2695",
      "evidence": "The deck implies that not using Bakkt's services would result in missed opportunities",
      "position": 0,
      "objective": "Highlighting the benefits of Bakkt's crypto capabilities",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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