{ "docId": "019de518-384d-762c-8987-b2cf4749ac45", "docSlug": "8b4286c8f9802c758657dee87d10e455", "documentTitle": "Bakkt | Results Presentation Deck | 28 slides", "authorId": "bakkt", "authorName": "Bakkt", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-03-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 10, "pageCount": 28, "prevPage": 9, "nextPage": 11, "slideType": "kpi_overview", "function": "summarize", "density": "overcrowded", "nDataPoints": 30, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de518-384d-762c-8987-b2cf4749ac45/10", "deckHref": "/decks/019de518-384d-762c-8987-b2cf4749ac45", "deckJsonHref": "/decks/019de518-384d-762c-8987-b2cf4749ac45.json", "deckAnchorHref": "/decks/019de518-384d-762c-8987-b2cf4749ac45#slide-10", "components": [ { "bbox": { "h": 0.63, "w": 0.43, "x": 0.047, "y": 0.24 }, "kind": "list", "text": "Total revenues of $214.5mm reflects significant increase YoY in gross crypto trading revenue driven by our acquisition of Bakkt Crypto\nTotal operating expenses of $293.0mm reflects significant increase in crypto trading expenses driven by our acquisition of Bakkt Crypto\nIn accordance with GAAP, we took non-cash intangible assets impairments of $37.2mm and non-cash long-lived assets impairments of $30.2mm.\nThese charges do not have an impact on future operations\nOperating expenses (excluding crypto costs, execution, clearing and brokerage fees and goodwill, intangible and long-lived assets impairments) of $27.8mm decreased by 55% YoY, primarily due to lower compensation and benefits costs and acquisition-related expenses\nAs of 12/31/2023 total shares outstanding of 274.8mm¹\nClass A 94.8mm shares\nClass V 180.0mm shares\nAs of 3/15/2024 total shares outstanding of 321.7mm²\nClass A 141.8mm shares\nClass V 179.9mm shares", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "891c7489-7fc5-4c2e-80c3-8f74581e7fb5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.91, "x": 0.047, "y": 0.12 }, "kind": "paragraph", "text": "4Q23 results include Apex Crypto, now known as Bakkt Crypto, which we acquired on April 1, 2023. In accordance with GAAP, we are presenting crypto services revenue and crypto costs and execution, clearing and brokerage fees on a gross basis", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8844b2c8-b552-444f-b9d1-6aae90b7e8cd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.84, "x": 0.047, "y": 0.89 }, "kind": "source-note", "text": "Note: All financial data on this slide is unaudited.\n1 As of December 31, 2023, Intercontinental Exchange, Inc. (\"ICE\") owned an aggregate of 64% of shares, consisting of both Class A and Class V, based on a Schedule 13D/A filed with the SEC by ICE and its affiliates on April 28,2023.\n2 Shares do not include ICE's warrants or the shares they may purchase under the registered direct securities purchase agreement, the closing of which is expected to occur in the coming months. As of March 15, 2024, ICE owned an aggregate of 55% of shares, consisting of both Class A and Class V, based on a Schedule 13D/A filed with the SEC by ICE and its affiliates on March 4, 2024.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "60784c85-56cc-420d-9122-26ecce7d9a6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.66, "w": 0.47, "x": 0.479, "y": 0.24 }, "kind": "table", "text": "Smm's\nCrypto services\nLoyalty services, net\nTotal revenues\nCrypto costs and execution, clearing and brokerage fees\nGoodwill, intangible and long-lived assets impairments\nOperating expenses, excluding crypto costs, execution, clearing and brokerage fees and goodwill, intangible and long-lived assets impairments\nTotal operating expenses\nOperating loss\nInterest income, net\n(Loss) gain from change in FV of warrant liability\nOther (expense) income, net\nLoss before income taxes\nIncome tax (expense) benefit\nNet loss\nLess: Net loss for noncontrolling interest\nNet loss attributable to Bakkt Holdings, Inc.\nWeighted average basic shares (mm)\nWeighted average diluted shares (mm)\nNet loss per basic share\nNet loss per diluted share", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1e86f79a-db4c-458a-8e86-521360f16d8d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.66, "x": 0.047, "y": 0.045 }, "kind": "title", "text": "Summary of 4Q23 condensed results", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a950104f-915a-4739-803e-759168327988", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "59eb10d7-eb42-4a93-8bdd-c16267f21bb7", "evidence": "table/data: $mm's Crypto services Loyalty services, net Total revenues Crypto costs and execution, clearing and brokerage fees Goodwill, intangible and long-lived assets impairments Operating expenses, excluding crypto c", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 20, "from": 7, "beatId": "3771f809-2244-48a0-af1a-fc3c1a297ec6", "arcName": "Monroe's Motivated Sequence", "arcSlug": "monroes-sequence", "beatName": "Satisfaction", "beatSlug": "monroes-sequence-satisfaction", "evidence": "Bakkt presents its solutions, including expanding retail and institutional crypto capabilities, and provides an updated outlook for 2024, satisfying the audience's need for growth and profitability.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [ { "to": 20, "from": 7, "name": "Why Now", "slug": "15-why-now", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "matchId": "64cb8848-18c1-4a92-b5fb-cef0ba3d2abe", "evidence": "Bakkt presents its solutions and updated outlook, indicating that current market conditions and its platform make it an optimal time for growth and profitability.", "position": 1, "objective": "Why is now the right time to execute on key priorities?", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "confidence": 0.6, "description": "Create temporal urgency by proving that the window of opportunity is opening or closing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }