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  "authorName": "Bakkt",
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  "presentationDate": "2023-11-01 00:00:00",
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      "kind": "paragraph",
      "text": "We expect to be approximately breakeven on an adjusted EBITDA basis by the end of 2024 fueled by gross crypto revenue growth",
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      "text": "Note: All financial data on this slide is unaudited. Free cash flow is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation.",
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      "text": "UPDATED 2023 OUTLOOK\nUPDATED OUTLOOK\nPRIOR OUTLOOK\nCOMMENTS\nRevenues\nTotal revenues of ~$750mm - ~$1,268mm\nGross crypto revenues of ~$697mm - ~$1,215mm\nNet loyalty revenues of ~$53mm\nTotal revenues of ~$2,132mm - ~$3,771mm\nGross crypto revenues of ~$2,077mm - ~$3,716mm\nNet loyalty revenues of ~$55mm\nCrypto revenue impacted by industrywide volumes, timing of international activations and lower activity levels from Webull Pay customers\nLoyalty transaction volumes are growing at a slower pace following a strong 2022 post-covid rebound\nCrypto costs and ECB\n~$693mm - ~$1,208mm\n~$2,069mm - ~$3,702mm\nIn line with gross crypto revenues\nOperating cash flow usage\n~($86mm - ~$89mm)\n~($78mm - ~$84mm)\nFree cash flow (non-GAAP) usage\n~($99mm - ~$102mm)\n~($90mm - ~$96mm)\nLower revenue partially offset by reductions in operating expenses",
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      "text": "PRELIMINARY 2024 OUTLOOK\nOUTLOOK\nRevenues\nTotal revenues of ~$3,461mm - ~$9,071mm\nGross crypto revenues of ~$3,406mm - ~$9,015mm\nNet loyalty revenues of ~$55mm\nCrypto costs and ECB\n~$3,386mm - ~$8,976mm\nOperating cash flow usage\n~($35mm - ~$55mm)\nFCF (non-GAAP) usage\n~($43mm - ~$63mm)",
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