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  "documentTitle": "Bakkt | Results Presentation Deck | 30 slides",
  "authorId": "bakkt",
  "authorName": "Bakkt",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-08-01 00:00:00",
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      "kind": "paragraph",
      "text": "Gross crypto services revenue netted against crypto costs and execution, clearing and brokerage fees represents crypto trading's contribution to margin",
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      "text": "UPDATED GUIDANCE\nPRIOR GUIDANCE\nCOMMENTS\nRevenues\nTotal revenues of ~$2,132mm - ~$3,771mm\nGross crypto revenues of ~$2,077mm - ~$3,716mm\nNet loyalty revenues of ~$55mm\nNet revenues of $62mm - $72mm\nCrypto revenue driven by Apex Crypto, including international expansion\nLoyalty transaction volumes are growing at a slower pace following a strong 2022 post-covid rebound\nCrypto trading costs\n~$2,069mm - ~$3,702mm\nN/A\nin line with gross crypto revenues\nOperating cash flow usage\n~($78mm) - ~($84mm)\n($100mm) - ($110mm)\nPrudent expense management\nFree cash flow (non-GAAP) usage\n~($90mm) - ~($96mm)\n($105mm) - ($115mm)\n2H23 outlook reflects ~70-80% reduction from 1H23 reflecting our focus on prudent expense management",
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      "text": "Updated guidance for full year 2023",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck implies that not using Bakkt's services would result in missed opportunities",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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