Bakkt Holdings Inc (BKKT) 2022 Q2 法說會逐字稿

Greetings, and welcome to the Bakkt Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

大家好，歡迎來到 Bakkt 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I will now turn it over to Ann DeVries, Head of Investor Relations at Bakkt. Please go ahead.

我現在將把它交給 Bakkt 投資者關係主管 Ann DeVries。請繼續。

Good morning, and thank you for joining us for Bakkt second quarter earnings call. Today's presentation, including the separate earnings call presentation that can be found on our Investor Relations website at www.investors.bakkt.com will contain certain forward-looking statements about Bakkt. These statements are based on the current expectations of the management of Bakkt and are subject to uncertainty and changes in circumstances, many of which are beyond Bakkt's control, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements.

早上好，感謝您加入我們的 Bakkt 第二季度財報電話會議。今天的演示文稿，包括可在我們的投資者關係網站 www.investors.bakkt.com 上找到的單獨的收益電話演示文稿，將包含有關 Bakkt 的某些前瞻性陳述。這些陳述基於 Bakkt 管理層當前的預期，並受不確定性和情況變化的影響，其中許多情況超出 Bakkt 的控制範圍，這可能導致實際結果與此類前瞻性陳述中明示或暗示的結果存在重大差異.

For a more complete discussion of forward-looking statements and the uncertainties related to Bakkt's business, please refer to its filings with the Securities and Exchange Commission, including the discussion of Bakkt's Risk Factors in its most recent annual report on Form 10-K and its subsequent quarterly report on Form 10-Q.

有關前瞻性陳述和與 Bakkt 業務相關的不確定性的更完整討論，請參閱其提交給美國證券交易委員會的文件，包括其最近的 10-K 表格年度報告中對 Bakkt 風險因素的討論及其隨後的 10-Q 表季度報告。

During today's presentation, in addition to discussing results that are calculated in accordance with generally accepted accounting principles, we will refer to certain non-GAAP financial measures. For more information on this, the basis of the presentation for our financial results and our non-GAAP measures, please refer to our earnings release, which was filed this morning with the SEC.

在今天的演講中，除了討論根據公認會計原則計算的結果外，我們還將參考某些非 GAAP 財務指標。有關這方面的更多信息、我們財務業績的介紹基礎和我們的非 GAAP 措施，請參閱我們今天上午向美國證券交易委員會提交的收益報告。

Joining me on today's call are Gavin Michael, Chief Executive Officer; and Karen Alexander, Chief Financial Officer. After our prepared remarks, we will answer questions we receive from our investors through the Say Technologies platform. After that, Gavin and Karen will be available to answer questions from the analyst community.

與我一起參加今天電話會議的還有首席執行官 Gavin Michael；和首席財務官 Karen Alexander。在我們準備好的評論之後，我們將通過 Say Technologies 平台回答投資者提出的問題。之後，Gavin 和 Karen 將可以回答分析師社區的問題。

I'll now turn it over to Gavin.

我現在將其交給加文。

Thank you, Ann. Good morning, everyone, and thanks for joining. We've stated our vision before, to be the leading platform that is connecting the digital economy. This means power in commerce and enabling consumers, businesses and institutions to unlock value from digital assets while providing trust and transparency. I'm incredibly proud of the strong momentum we've gained as we continue to grow during what's been a very challenging environment.

謝謝你，安。大家早上好，感謝您的加入。我們之前已經闡明了我們的願景，即成為連接數字經濟的領先平台。這意味著商業的力量，使消費者、企業和機構能夠從數字資產中釋放價值，同時提供信任和透明度。我為我們在充滿挑戰的環境中繼續發展而獲得的強勁勢頭感到無比自豪。

And let me talk about the market for a moment. It shifted considerably around us from both a macroeconomic and market perspective. There are a lot of headwinds to consumers and businesses with inflation, higher interest rates, risk of recession and volatility in the markets across many asset classes. The crypto market has clearly been challenging as the collapse of some coins and other company failures caused stress to investors, lending platforms and a broader selloff. These external factors have clearly weighed on the market with some companies elongating decision time lines on strategic priorities such as their crypto plans.

讓我談談市場。從宏觀經濟和市場的角度來看，它在我們周圍發生了很大變化。通貨膨脹、利率上升、衰退風險和許多資產類別的市場波動對消費者和企業來說有很多不利因素。加密貨幣市場顯然一直充滿挑戰，因為一些代幣的崩潰和其他公司的倒閉給投資者、借貸平台帶來壓力，並引發更廣泛的拋售。這些外部因素顯然對市場造成了壓力，一些公司延長了戰略優先事項的決策時間線，例如他們的加密計劃。

Recent events have also led to more attention from regulators on the crypto space, and the market anticipates more stringent rules and customer protections to come. Our view is unchanged. Greater regulatory clarity will bring additional clarity to the crypto economy and help the market mature. We will continue to watch this space closely and collaborate with regulators as the conversation evolves.

最近的事件也引起了監管機構對加密領域的更多關注，市場預計未來會出現更嚴格的規則和客戶保護措施。我們的觀點沒有改變。更高的監管透明度將為加密經濟帶來更多透明度，並幫助市場走向成熟。隨著對話的發展，我們將繼續密切關注這個領域並與監管機構合作。

Beyond crypto, we're seeing the impact of summer travel supply constraints reduce opportunities for consumers to redeem their loyalty points for travel experiences like flights. Even amid all of this challenge, we remain in a solid position with $315 million of available cash and other liquid assets at the end of Q2. We are well capitalized to continue building through this time so that we can be opportunistic and ready for the eventual upswing.

除了加密貨幣之外，我們還看到夏季旅行供應限制的影響減少了消費者將忠誠度積分兌換為航班等旅行體驗的機會。即使面臨所有這些挑戰，我們在第二季度末仍擁有 3.15 億美元的可用現金和其他流動資產，保持穩固的地位。我們有足夠的資金在這段時間繼續建設，這樣我們就可以抓住機會，為最終的好轉做好準備。

Our platform has diverse revenue streams across loyalty, crypto and payments that provide stability in a volatile environment. It's what's helped us achieve strong revenue growth (technical difficulty) more tech-savvy customer or enabling consumers to use a brand's rewards points to pay for their everyday purchases. There is real consumer demand driving these shifts. Our robust risk management framework enables partners to feel assured that we are well-prepared for various market environments. Our infrastructure provides multiple layers of protection and provides heightened security and compliance, and we'll go deeper on what that means in just a moment.

我們的平台在忠誠度、加密貨幣和支付方面擁有多樣化的收入來源，可在動蕩的環境中提供穩定性。它幫助我們實現了強勁的收入增長（技術難度），吸引了更多精通技術的客戶，或者使消費者能夠使用品牌的獎勵積分來支付日常購買費用。真正的消費者需求推動了這些轉變。我們強大的風險管理框架使合作夥伴能夠放心，我們已為各種市場環境做好充分準備。我們的基礎架構提供多層保護並提供更高的安全性和合規性，稍後我們將深入探討這意味著什麼。

And we're disciplined in our capital allocation decisions. We're ruthlessly prioritizing our product plans to ensure we can build both our long-term road map and whether any slowness in the market. Strong companies use challenging market conditions to be opportunistic and come out of the cycle even stronger. While others are slowing and halting growth demands, we continue to hire and expand for future growth, and it's been a great market to do so. We are well positioned to be the safe, trusted and innovative platform of choice to deliver widespread utility to our partners and consumers.

我們在資本分配決策方面受到紀律處分。我們正在無情地優先考慮我們的產品計劃，以確保我們能夠建立我們的長期路線圖以及市場是否有任何放緩。強大的公司利用充滿挑戰的市場條件來投機取巧，並從周期中走出來變得更加強大。當其他人正在放緩和停止增長需求時，我們繼續招聘和擴大未來的增長，這是一個很好的市場。我們有能力成為安全、值得信賴和創新的首選平台，為我們的合作夥伴和消費者提供廣泛的效用。

Let's talk about how our platform meets shifts in the market. First and foremost, crypto isn't going away, and there's still interest and momentum with our partners, many of whom are multinational companies who've been watching this space for a long time and understand the peaks and troughs. Consumer interest in crypto also remains solid. Our recent Morning Consult study shows only a 3% drop in U.S. adults considering crypto purchases from January to June of this year. With that being said, we anticipate that some partners may move at a slightly more conservative pace than we previously expected. We continue to make steady progress with our partners across the board and still expect to activate our crypto services in the second half of this year with an increased ramp up in 2023.

讓我們談談我們的平台如何滿足市場的變化。首先，加密並沒有消失，我們的合作夥伴仍有興趣和動力，其中許多是長期關注這個領域並了解高峰和低谷的跨國公司。消費者對加密貨幣的興趣也依然濃厚。我們最近的 Morning Consult 研究顯示，今年 1 月至 6 月考慮購買加密貨幣的美國成年人僅下降了 3%。話雖如此，我們預計一些合作夥伴的行動步伐可能會比我們之前預期的略微保守。我們將繼續與我們的合作夥伴全面取得穩步進展，並且仍然希望在今年下半年激活我們的加密服務，並在 2023 年增加產量。

We're continuing to innovate our crypto capabilities to meet shifting market demands. As crypto shifts from being viewed as an investable asset to more widespread utility across consumers, businesses and institutions, we're excited to work with our partners to unleash its full functionality and utility. In loyalty, we're seeing recent shifts in consumer behavior. Consumers are valuing their loyalty points even more in a challenging economic environment as a way to offset rising costs.

我們將繼續創新我們的加密功能，以滿足不斷變化的市場需求。隨著加密貨幣從被視為一種可投資資產轉變為在消費者、企業和機構中更廣泛的用途，我們很高興與我們的合作夥伴合作，以釋放其全部功能和實用性。在忠誠度方面，我們看到了最近消費者行為的轉變。在充滿挑戰的經濟環境中，消費者更加重視他們的忠誠度積分，以此作為抵消不斷上升的成本的一種方式。

Consumers are looking to find ways to maximize their buying power. This presents an opportunity for loyalty programs to differentiate their brand and drive affinity by providing additional opportunities for customers to redeem their points. And that's where we come in. We are increasing engagement with our royalty platform users through funded offers and incentives and expanding our store front options to provide much more choice.

消費者正在尋找方法來最大化他們的購買力。這為忠誠度計劃提供了一個機會，可以通過為客戶提供更多兌換積分的機會來區分其品牌並提高親和力。這就是我們的切入點。我們正在通過資助的優惠和激勵措施增加與我們的版稅平台用戶的互動，並擴大我們的店面選項以提供更多選擇。

Crypto Rewards also plays into this opportunity, either through a redemption of points for crypto or earning crypto through everyday spending. Consumers have an opportunity to passively acquire a new asset class and brands can attract new customers through innovative loyalty initiatives.

Crypto Rewards 也抓住了這個機會，要么通過兌換積分兌換加密貨幣，要么通過日常消費賺取加密貨幣。消費者有機會被動地獲得新的資產類別，品牌可以通過創新的忠誠度計劃吸引新客戶。

So let's discuss how our platform is designed to make us a trusted and reliable partner. From inception, fact was built to enable investors and consumers alike to transact in cryptocurrency and other digital assets using a platform that meets the highest standards to security (technical difficulty) investors and minimizes potential conflicts of interest.

因此，讓我們討論一下我們的平台是如何設計的，以使我們成為值得信賴和可靠的合作夥伴。從一開始，fact 的建立就是為了讓投資者和消費者能夠使用滿足安全（技術難度）投資者最高標準並最大限度地減少潛在利益衝突的平台來進行加密貨幣和其他數字資產交易。

Bakkt's marketplace holds a virtual currency license or bit license from the New York State Department of Financial Services or NYDFS. This is often considered the gold standard of state financial service regulators. Bakkt marketplace also has money transmitter licenses from every state in the U.S. where required, including New York. Bakkt Trust Company is a limited purpose trust company, supervised by NYDFS. It's overseen by a separate and independent Board of managers, whose focus is on the safe and effective operation of our crypto custody operations. Its custody solution leverages both warm and cold storage with insurance policies.

Bakkt 的市場持有紐約州金融服務部或 NYDFS 頒發的虛擬貨幣許可證或比特許可證。這通常被認為是國家金融服務監管機構的黃金標準。 Bakkt 市場還根據需要從美國每個州（包括紐約）獲得匯款許可證。 Bakkt Trust Company 是一家有限目的信託公司，受 NYDFS 監管。它由一個單獨且獨立的管理委員會監督，其重點是我們的加密貨幣託管業務的安全有效運行。其託管解決方案利用保險政策的暖庫和冷庫。

Crypto health is solely regarded as the consumers' property, and it's never used for lending, pledging or other similar purpose. Lastly, all cryptocurrency that is made available to consumers within the Bakkt ecosystem is sourced by Bakkt marketplace from its bilateral trading arrangements with other institutional trading firms. When that crypto is brought into the ecosystem, Bakkt uses industry-leading blockchain analysis techniques to ensure that it is not linked to illegal or illicit activities.

加密健康僅被視為消費者的財產，不得用於借貸、質押或其他類似目的。最後，Bakkt 生態系統內向消費者提供的所有加密貨幣均來自 Bakkt 市場與其他機構交易公司的雙邊交易安排。當該加密貨幣被引入生態系統時，Bakkt 使用行業領先的區塊鏈分析技術來確保它不與非法或非法活動相關聯。

The cryptocurrency market, it's volatile by nature, and that's not always a bad thing. Volatility presents opportunities for investors and meet increased transactor activity. But with volatility, you need a strong partner platform to operate on, one that isn't going to make any risky decisions and disappear when those bets don't play in their favor. Our platform is built for this, and we will continue to lean into our compliance-first approach because it will lead to long-term sustainability of our business.

加密貨幣市場本質上是不穩定的，這並不總是壞事。波動性為投資者提供了機會，並滿足了交易活動的增加。但是由於波動性，您需要一個強大的合作夥伴平台來運營，這個平台不會做出任何冒險的決定，並且當這些賭注對他們不利時就會消失。我們的平台就是為此而構建的，我們將繼續採用我們的合規第一方法，因為這將導致我們業務的長期可持續性。

Our platform provides a foundation for broad and long-term utility of digital assets. Our diverse product suite, including our crypto and loyalty platform capabilities, enables us to work with partners on several fronts to take advantage of market opportunities. We're investing in things that have staying power. And while the opportunity for our partners may be plentiful, it's important to understand that our platform is really designed for simplicity.

我們的平台為數字資產的廣泛和長期效用奠定了基礎。我們多樣化的產品套件，包括我們的加密和忠誠度平台功能，使我們能夠在多個方面與合作夥伴合作，以利用市場機會。我們正在投資具有持久力的事物。雖然我們的合作夥伴可能有很多機會，但重要的是要了解我們的平台確實是為簡單而設計的。

We have a single platform with flexible APIs and institutional-grade tech stack. What we're doing is changing the presentation of the technology so the scalability across our platform is highly leverageable. It is designed to integrate quickly and support our partners at scale and create solutions they need to engage customers at every step of their journey. Flexible, simple, powerful, safe, compliance-focused. These are what differentiate us and make Bakkt the platform of choice for partners and consumers alike.

我們擁有一個具有靈活 API 和機構級技術堆棧的單一平台。我們正在做的是改變技術的呈現方式，以便我們平台的可擴展性具有高度可利用性。它旨在快速集成並大規模支持我們的合作夥伴，並創建他們需要的解決方案來吸引客戶在他們旅程的每一步。靈活、簡單、強大、安全、合規。這些使我們與眾不同，並使 Bakkt 成為合作夥伴和消費者的首選平台。

Our platform provides a stable foundation upon which our partners can innovate to develop products and services that really delight their customers. We bring their creative ideas to life, enabling new and innovative customer experiences. We are built to make these types of opportunities easy with low barriers to entry. With complexity that comes with crypto and an increasing regulatory focus, the Bakkt's platform continues to grow in relevance to partners that see the staying power of digital assets.

我們的平台提供了一個穩定的基礎，我們的合作夥伴可以在此基礎上進行創新，以開發真正令客戶滿意的產品和服務。我們將他們的創意變為現實，實現全新的創新客戶體驗。我們旨在以較低的進入門檻使這些類型的機會變得容易。隨著加密帶來的複雜性和監管重點的日益增加，Bakkt 的平台與看到數字資產持久力的合作夥伴的相關性不斷提高。

We remain steadfastly focused on execution. We continue to deliver results to our partners and our customers even in this challenging macro environment. Since our last earnings announcement, we've remained hard at work on our partner product integration, engaging with new partners and launching new offerings.

我們仍然堅定不移地專注於執行。即使在這個充滿挑戰的宏觀環境中，我們也會繼續為我們的合作夥伴和客戶提供成果。自上次發布財報以來，我們一直致力於合作夥伴產品整合、與新合作夥伴接洽並推出新產品。

Now a few examples of what we've accomplished this last quarter, we've signed a strategic alliance with Visa, and we're excited to provide our solutions to Visa's extensive network. We're delighted to be working with the mayor of Miami to activate the city's crypto ecosystem. We've signed a partnership with Sullivan Bank, making them the newest bank to join the Bakkt Crypto Connect platform.

現在舉幾個例子來說明我們在上個季度取得的成就，我們已經與 Visa 簽署了戰略聯盟，我們很高興為 Visa 廣泛的網絡提供我們的解決方案。我們很高興與邁阿密市長合作，以激活該市的加密生態系統。我們與 Sullivan Bank 簽署了合作夥伴關係，使他們成為最新加入 Bakkt Crypto Connect 平台的銀行。

We've collaborated closely with Fiserv to enhance our market readiness processes, and this includes training, developing sales collateral and launching on their app market. We've processed more than 50 billion royalty point redemptions on our platform in the first half of 2022, and we continue to grow our redemption offerings. For example, we've introduced cruises onto the platform, and we continue to look for additional opportunities to collaborate with partners to delight customers. We're making progress every day towards achieving our vision, and we're not slowing down. Every step we take brings us closer to achieving our vision of connecting the digital economy.

我們與 Fiserv 密切合作，以加強我們的市場準備流程，這包括培訓、開發銷售材料和在他們的應用程序市場上發布。 2022 年上半年，我們在平台上處理了超過 500 億個特許權使用費點贖回，並且我們將繼續增加贖回產品。例如，我們在平台上引入了遊輪，我們將繼續尋找更多機會與合作夥伴合作以取悅客戶。我們每天都在朝著實現我們的願景邁進，而且我們沒有放慢腳步。我們邁出的每一步都讓我們離實現連接數字經濟的願景更近了一步。

We remain focused on building scalable and repeatable processes and working with our partners to build awareness and understanding. Our work with Fiserv is making progress in our collective go-to-market plans across engineering, sales, marketing and product. We've completed the training of Fiserv relationship managers on Crypto Connect, and we're starting to co-develop the go-to-market model on our other crypto products such as Bakkt Crypto Rewards and Bakkt Crypto Payer. This is all based on the model we've established for Bakkt Crypto Connect. We've enabled the Fiserv RMs to have active partner conversations about Bakkt and our offerings with financial institutions. The work underway with Fiserv illustrates the power of our B2B2C go-to-market approach and the scale and reach that it can help us achieve.

我們仍然專注於構建可擴展和可重複的流程，並與我們的合作夥伴合作以建立意識和理解。我們與 Fiserv 的合作正在我們跨工程、銷售、營銷和產品的集體上市計劃中取得進展。我們已經完成了 Fiserv 關係經理在 Crypto Connect 上的培訓，我們開始共同開發其他加密產品的上市模型，例如 Bakkt Crypto Rewards 和 Bakkt Crypto Payer。這一切都是基於我們為 Bakkt Crypto Connect 建立的模型。我們讓 Fiserv RM 能夠與金融機構就 Bakkt 和我們的產品進行積極的合作夥伴對話。與 Fiserv 正在進行的工作說明了我們 B2B2C 上市方法的力量以及它可以幫助我們實現的規模和範圍。

By working with our partners and making our capabilities available to their clients, we're better able to drive awareness and adoption of Bakkt crypto products that in turn can reach millions of customers. We're leveraging other partner distribution channels and have been collaborating on shared sales and marketing activities. And this means everything from educational support materials to landing pages, at marketplaces and webinars.

通過與我們的合作夥伴合作並將我們的能力提供給他們的客戶，我們能夠更好地推動對 Bakkt 加密產品的認識和採用，從而可以惠及數百萬客戶。我們正在利用其他合作夥伴分銷渠道，並一直在共同開展銷售和營銷活動。這意味著從教育支持材料到登陸頁面、市場和網絡研討會的一切。

Here is an example of the great work that we've already done with Finastra. We work closely with the sales, marketing and technology teams to go to market and our integration with them is nearly complete. We're pleased with the overall progress and we're working closely with partners to constantly test the market and evaluate our path forward.

這是我們已經用 Finastra 完成的偉大工作的一個例子。我們與銷售、營銷和技術團隊密切合作以推向市場，我們與他們的整合已接近完成。我們對整體進展感到滿意，我們正在與合作夥伴密切合作，不斷測試市場並評估我們的前進道路。

While our primary marketing strategy is joint co-marketing campaigns with our partners, we're making strides to further build out our brand awareness and provide education and thought leadership on the crypto economy. Our brand awareness is building through multiple initiatives, including the launching of our Ask the Expert series, our active product marketing campaigns, development and launching thought leadership materials and establishing primary research, which provides valuable data to inform focus areas.

雖然我們的主要營銷策略是與合作夥伴聯合開展營銷活動，但我們正在努力進一步建立我們的品牌知名度，並提供有關加密經濟的教育和思想領導力。我們的品牌知名度是通過多項舉措建立起來的，包括推出我們的專家諮詢系列、我們積極的產品營銷活動、開發和發布思想領導力材料以及建立初步研究，為重點領域提供有價值的數據。

Our Bakkt [Pact] has grown to almost 2,000 participants in only just 3 months. Despite all the work we're doing to build awareness around Bakkt, the way we go to market with our partners does not present any brand or channel consent. We operate in such a way that our partners can fully embed our platform and use their own branding rather than ours, Bakkt by Bakkt.

我們的 Bakkt [Pact] 在短短 3 個月內就發展到近 2,000 名參與者。儘管我們正在做所有的工作來提高 Bakkt 的知名度，但我們與合作夥伴一起進入市場的方式並不代表任何品牌或渠道同意。我們的運營方式使我們的合作夥伴可以完全嵌入我們的平台並使用他們自己的品牌而不是我們的 Bakkt by Bakkt。

And with that, I'm delighted to pass it along to our newly appointed CFO, Karen Alexander, to review our financial results for the quarter.

有了這個，我很高興將它傳遞給我們新任命的首席財務官 Karen Alexander，以審查我們本季度的財務業績。

Thank you, Gavin, and Good morning, everyone. I will now walk you through the second quarter financial results. As a reminder, we use the term predecessor to represent the results of Bakkt Holdings LLC prior to October 15. These results exclude any results from VPC Impact Acquisition Holding. Successor represents the results of Bakkt Holdings, Inc. from October 15 forward, which is the post-merger period. Combined represents the combination of predecessor and successor for the applicable period. This is a non-GAAP figure.

謝謝你，加文，大家早上好。我現在將向您介紹第二季度的財務業績。提醒一下，我們使用術語前身來表示 Bakkt Holdings LLC 在 10 月 15 日之前的結果。這些結果不包括 VPC Impact Acquisition Holding 的任何結果。繼任者代表 Bakkt Holdings, Inc. 從 10 月 15 日開始的結果，即合併後的時期。 Combined 代表適用期間的前任和繼任者的組合。這是一個非 GAAP 數字。

Turning to Slide 14. We have our second quarter 2022 financial results. We saw strong net revenue for the quarter of $13.6 million, which increased by $5.1 million or 60% compared to the second quarter of 2021, primarily driven by strong activity from loyalty reduction. Similar to recent quarters, the key driver here is a rebound in travel as we've come out of the pandemic. We've had $57.1 million of operating expense in the period, which is up $17.3 million or 43% year-over-year due to an increase in non-cash compensation and headcount.

轉到幻燈片 14。我們有 2022 年第二季度的財務業績。我們看到本季度的強勁淨收入為 1360 萬美元，與 2021 年第二季度相比增加了 510 萬美元或 60%，這主要是由於忠誠度降低帶來的強勁活動推動的。與最近幾個季度類似，這裡的主要驅動力是隨著我們擺脫大流行病而出現的旅行反彈。由於非現金薪酬和員工人數的增加，我們在此期間的運營費用為 5710 萬美元，同比增加 1730 萬美元或 43%。

The net loss for the quarter was $27.6 million, which resulted in a diluted net loss of $0.05 a share on an average diluted share base of 71.2 million shares. Net loss allocated to non-controlling interest in the operating company was $23.7 million, leaving a $3.9 million loss attributable to Bakkt Holdings, Inc. for a net loss of $0.05 a share on an average basic share count of 71.2 million shares.

本季度淨虧損為 2760 萬美元，平均攤薄後每股淨虧損為 7120 萬股，每股攤薄後淨虧損為 0.05 美元。分配給運營公司非控股權益的淨虧損為 2370 萬美元，Bakkt Holdings, Inc. 的淨虧損為 390 萬美元，平均基本股數為 7120 萬股，每股淨虧損為 0.05 美元。

The diluted EPS calculation considers the tax benefit from the DTL utilization that would be created if the partnership shares converted to Class A shares. As a reminder, any dilution from the partnership's shares in the future will be dependent on usage of the remaining DTL.

稀釋後的每股收益計算考慮瞭如果合夥股份轉換為 A 類股份將產生的 DTL 使用帶來的稅收優惠。提醒一下，未來合夥企業股份的任何稀釋都將取決於剩餘 DTL 的使用情況。

On Slide 15, we have our EBITDA and adjusted EBITDA for the second quarter of 2022. Adjusted EBITDA reflects adjustments for non-cash and acquisition-related items that impacted the period. EBITDA and adjusted EBITDA for the quarter were losses of $26.8 million and $29.6 million, respectively. The loss in adjusted EBITDA was primarily due to increased investment in growing the company. In the second quarter, we had $39.7 million of cash burn as we invested in our business to drive future growth. This leaves us with about $315 million of cash and other highly liquid assets readily available, representing significant liquidity. As Gavin discussed earlier, we have plenty of liquidity available to self-fund our road map should macroeconomic headwinds continue.

在幻燈片 15 上，我們有 2022 年第二季度的 EBITDA 和調整後的 EBITDA。調整後的 EBITDA 反映了影響該期間的非現金和收購相關項目的調整。本季度的 EBITDA 和調整後的 EBITDA 分別虧損 2680 萬美元和 2960 萬美元。調整後 EBITDA 的虧損主要是由於增加了對公司發展的投資。在第二季度，我們投資於我們的業務以推動未來增長，因此消耗了 3970 萬美元的現金。這使我們擁有約 3.15 億美元的現金和其他隨時可用的高流動性資產，代表著巨大的流動性。正如 Gavin 之前討論的那樣，如果宏觀經濟逆風繼續存在，我們有足夠的流動性來為我們的路線圖提供自籌資金。

On Slide 16, we show net revenue broken out between subscription and service revenue and transaction revenue. Total net revenue in the second quarter of 2022 was $13.6 million, and increased 60% compared to the second quarter of 2021. The strong revenue growth that we have seen in the most recent 2 quarters is the result of an increase in enterprise customers and return of travel volume to pre-pandemic 2019 levels through May as COVID-19 impacts have subsided. Service revenue is tied to volume in our contact centers, so it can be more variable depending on activity levels, while subscription revenue is more of a recurring stream of revenue. Transaction revenue is directly tied to customer redemption and crypto buy/sell activity.

在幻燈片 16 上，我們顯示了訂閱和服務收入與交易收入之間的淨收入。 2022 年第二季度總淨收入為 1360 萬美元，與 2021 年第二季度相比增長 60%。我們在最近兩個季度看到的強勁收入增長是企業客戶和回報增加的結果隨著 COVID-19 的影響消退，到 5 月份的旅行量將減少到 2019 年大流行前的水平。服務收入與我們聯繫中心的數量相關，因此它可能會根據活動水平變化更大，而訂閱收入更多是經常性收入流。交易收入與客戶贖回和加密貨幣買賣活動直接相關。

Turning to Slide 17. We have total operating expense. Total expense for the second quarter was $57.1 million, which was up 43% year-over-year. Total compensation expense of $34.2 million increased 72% compared to the second quarter of 2021. This is driven by non-cash compensation charges related to the issuance of restricted stock units as well as increased headcount as we invest in the business to build our product road map and public company infrastructure.

轉到幻燈片 17。我們有總運營費用。第二季度的總支出為 5710 萬美元，同比增長 43%。與 2021 年第二季度相比，薪酬總支出為 3420 萬美元，增長了 72%。這是由於與發行限制性股票單位相關的非現金薪酬費用以及我們投資於業務以構建產品道路而增加的員工人數所推動的地圖和上市公司基礎設施。

On Slide 18, we have our key performance indicators. These KPIs reflect the full breadth of how our capabilities are accessed across both partner and back experiences and across crypto and loyalty experiences. We look at transacting accounts as an important metric to reflect activity on our overall platform from our B2B to C model. Transacting accounts across the back platform were $681,000 in the second quarter of 2022, up 10% year-over-year.

在幻燈片 18 上，我們有關鍵績效指標。這些 KPI 反映瞭如何在合作夥伴和後台體驗以及加密和忠誠度體驗中訪問我們的能力的全部範圍。我們將交易賬戶視為反映我們整個平台上從 B2B 到 C 模型的活動的重要指標。 2022 年第二季度，後台平台的交易賬戶為 681,000 美元，同比增長 10%。

Digital asset conversions are a dollar-weighted measure and were directly aligned to revenue growth. Volume of $205 million for the quarter was up 60% year-over-year, which reflects strong growth that we saw in loyalty redemption, particularly travel. Crypto buy/sell volume is currently a relatively smaller portion of our overall platform activity. We expect this to increase materially in 2023 as we activate the partners we have announced as well as build new relationships. While our travel volume is seasonal and historically highest in the first quarter, we saw an increase in travel volume this quarter compared to the second quarter of 2021, reflecting strong post-COVID demand for travel.

數字資產轉換是一種美元加權指標，與收入增長直接相關。本季度的銷售額為 2.05 億美元，同比增長 60%，這反映了我們在忠誠度兌換方面看到的強勁增長，尤其是旅遊。加密貨幣買賣量目前在我們整個平台活動中所佔的比例相對較小。我們預計，隨著我們激活已宣布的合作夥伴並建立新的關係，這一數字將在 2023 年大幅增加。雖然我們的旅行量是季節性的，並且第一季度是歷史最高的，但我們發現本季度的旅行量與 2021 年第二季度相比有所增加，這反映出 COVID 後對旅行的強勁需求。

On Slide 19, we thought it would be useful to provide updated guidance for the full year of 2022. This revised outlook reflects the market conditions that Gavin described earlier. Note that our guidance assumes no further significant disruptions from the COVID-19 pandemic and any potential acquisitions are not included in our projections. Our guidance is also subject to market conditions through the remainder of the year.

在幻燈片 19 上，我們認為為 2022 年全年提供更新的指引會很有用。這一修訂後的展望反映了 Gavin 之前描述的市場狀況。請注意，我們的指南假設 COVID-19 大流行不會造成進一步的重大破壞，並且我們的預測中不包括任何潛在的收購。我們的指引也取決於今年剩餘時間的市場狀況。

Net revenue for the full year is expected to be between $57 million and $62 million, an increase of approximately 45% to 60% compared to 2021 combined net revenue. This outlook reflects the elongated decision time frames that Gavin described in the crypto market. While we expect to activate our Bakkt Crypto services of partners in the second half of this year, we now expect the increased ramp-up to occur in 2023. We are still seeing demand for crypto products from our consumers and partners. It is more a matter of when partners will develop their crypto strategies, not if.

全年淨收入預計在 5700 萬美元至 6200 萬美元之間，與 2021 年的合併淨收入相比增長約 45% 至 60%。這種前景反映了 Gavin 在加密市場中描述的延長的決策時間框架。雖然我們預計在今年下半年激活合作夥伴的 Bakkt 加密服務，但我們現在預計 2023 年會出現增長。我們仍然看到消費者和合作夥伴對加密產品的需求。更多的是合作夥伴何時制定他們的加密策略的問題，而不是是否。

The updated revenue outlook also reflects a softening in travel loyalty redemption volume that we have seen since June. There is still strong demand from consumers to use their loyalty points for travel that limited airline supply and high prices have reduced some of these opportunities. We have begun to see airfares received in late July. The low-end of our revenue guidance reflects the risk that travel volumes do not return to the 2019 seasonally adjusted levels that we saw from February to May. The high-end of our revenue guidance reflects our expectation for strong merchandise and other transaction volume during Q4.

更新後的收入前景還反映了自 6 月以來我們看到的旅行忠誠度兌換量的疲軟。消費者仍然強烈要求使用他們的忠誠度積分進行旅行，但有限的航空公司供應和高昂的價格減少了其中一些機會。我們已經開始看到 7 月下旬收到的機票。我們收入指引的低端反映了旅行量無法恢復到我們 2 月至 5 月看到的 2019 年季節性調整水平的風險。我們收入指引的高端反映了我們對第四季度商品和其他交易量強勁的預期。

As Gavin mentioned earlier, we believe the current macroeconomic conditions present opportunities for our loyalty redemption platform as consumers are looking to use rewards to increase their buying power. We've seen evidence of this in the customer activity on our loyalty platform. We are seeing a higher conversion rate of website visitors redeeming points compared to 2021.

正如 Gavin 之前提到的，我們認為當前的宏觀經濟狀況為我們的忠誠度兌換平台提供了機會，因為消費者希望使用獎勵來增加他們的購買力。我們已經在我們的忠誠度平台上的客戶活動中看到了這方面的證據。與 2021 年相比，我們發現網站訪問者兌換積分的轉化率更高。

We've responded to this volatile macroeconomic in cryptocurrency market by prudently reducing our cash burn, so we can remain well capitalized to meet market demand while building out product capabilities that have long-term utility in the cryptocurrency market. We are targeting using $135 million to $140 million of cash available in other highly liquid assets over the entire course of 2022. This estimate reflects a reduction in the second half 2022 cash burn of 15% to 20% versus the first half of 2022.

我們通過謹慎地減少現金消耗來應對加密貨幣市場這種動蕩的宏觀經濟，因此我們可以保持充足的資本來滿足市場需求，同時構建在加密貨幣市場具有長期效用的產品能力。我們的目標是在 2022 年整個過程中使用 1.35 億美元至 1.4 億美元的現金用於其他高流動性資產。這一估計反映出 2022 年下半年的現金消耗比 2022 年上半年減少了 15% 至 20%。

We are managing our capital allocation by reducing discretionary expenses while still investing in our platform. We believe these platform investments present the best opportunity to provide returns to our shareholders as they provide the foundation for future growth. We will adjust our plan as needed, according to observe business trends and as additional opportunities appear.

我們通過減少可自由支配的開支來管理我們的資本配置，同時仍然投資於我們的平台。我們相信，這些平台投資是為股東提供回報的最佳機會，因為它們為未來的增長奠定了基礎。我們將根據觀察到的業務趨勢和其他機會的出現，根據需要調整我們的計劃。

Our capital allocation strategy is expected to leave us with an estimated $250 million to $255 million in cash and other highly liquid assets at the end of the year. We are continuing to invest capital to grow our business and therefore, expect to operate at a quarterly loss throughout 2022.

我們的資本配置策略預計到年底會給我們留下約 2.5 億至 2.55 億美元的現金和其他高流動性資產。我們將繼續投資以發展我們的業務，因此預計到 2022 年整個季度都將出現虧損。

That concludes my section on the financial results. I will now turn it back over to Gavin for his closing remarks.

我關於財務結果的部分到此結束。我現在將把它交還給 Gavin 作結束語。

Our priorities remain consistent from previous earnings reports and aligned with our vision to connect the digital economy. As I've said before, we're laser focused on execution, and we're not slowing down, we're well positioned and agile being able to adapt to a shifting macro environment. We have a strong balance sheet with plenty of liquidity. We have a diversified business that provides flexibility in our revenue streams and also what we can offer our partners. We have robust risk management practices.

我們的優先事項與之前的收益報告保持一致，並與我們連接數字經濟的願景保持一致。正如我之前所說，我們非常專注於執行，而且我們並沒有放慢腳步，我們處於有利位置並且能夠敏捷地適應不斷變化的宏觀環境。我們擁有強大的資產負債表和充足的流動性。我們擁有多元化的業務，為我們的收入流以及我們可以為合作夥伴提供的服務提供了靈活性。我們擁有穩健的風險管理實踐。

The Bakkt ecosystem was created from day 1 with safety and soundness at its core, differentiating us from many other players in this space. We are highly disciplined in making capital allocation decisions, and our focus is on long-term growth. And we'll achieve this by bringing products that provide widespread utility to everyday consumers. I hope you can feel our enthusiasm and our passion for the team and our collective journey. We're committed to delivering long-term sustainable value to our partners, to our customers and to our shareholders.

Bakkt 生態系統從第一天開始就以安全和穩健為核心創建，這使我們有別於該領域的許多其他參與者。我們在製定資本配置決策時非常自律，我們的重點是長期增長。我們將通過為日常消費者提供廣泛實用的產品來實現這一目標。我希望您能感受到我們對團隊和集體旅程的熱情和熱情。我們致力於為我們的合作夥伴、我們的客戶和我們的股東提供長期可持續的價值。

I'll now turn it over to Ann to manage Q&A.

我現在將其交給 Ann 來管理問答。

Thanks, Gavin. Let's move over to questions from the investor community. Leading into our Q&A session, we'll start by answering the top questions from today ranked by number of votes. Given the value of questions we have seen, we'll look to skip those questions that were addressed in our presentation, particularly those around strategy and long-term vision, which Gavin touched upon earlier. We'll also go together questions that share common themes. After that, we'll turn to live questions from the analyst community. Our first question is from [Sourabh A] , who asked what happened to the Apple Pay integration? Gavin, can you please take this one?

謝謝，加文。讓我們轉向投資者社區的問題。在我們的問答環節之前，我們將首先回答今天按票數排名的熱門問題。鑑於我們已經看到的問題的價值，我們將跳過我們演示文稿中提到的那些問題，特別是那些圍繞戰略和長期願景的問題，Gavin 之前提到過這些問題。我們還將討論具有共同主題的問題。之後，我們將轉向分析師社區的現場提問。我們的第一個問題來自 [Sourabh A]，誰問過 Apple Pay 集成發生了什麼？加文，你能拿下這個嗎？

Yes, sure. Let me do this one. The Bakkt platform is already integrated as a payment option on Apple Pay. Our customers had the ability to seamlessly pay a deployment sale with their digital assets via the Bakkt debit card anywhere Apple Pay is accepted. Our B2B2C go-to-market strategy provides a strong distribution channel to make this functionality more widely used. For example, we went live with Wyndham Rewards members on our platform earlier this year. And now their rewards members can use their points to pay for purchases anywhere Apple Pay is accepted. Our Apple storefront available as part of our loyalty redemption offering is another great part of our platform and our relationship with Apple. That truly differentiates us from others.

是的，當然。讓我做這個。 Bakkt 平台已經集成為 Apple Pay 的支付選項。我們的客戶能夠在任何接受 Apple Pay 的地方通過 Bakkt 借記卡使用他們的數字資產無縫支付部署銷售。我們的 B2B2C 上市戰略提供了強大的分銷渠道，使該功能得到更廣泛的應用。例如，今年早些時候，我們在我們的平台上與溫德姆獎賞計劃會員一起上線。現在，他們的獎勵會員可以在任何接受 Apple Pay 的地方使用他們的積分來支付購買費用。作為我們忠誠度兌換產品的一部分，我們的 Apple 店面是我們平台和我們與 Apple 關係的另一個重要部分。這確實使我們與眾不同。

Thanks, Gavin. Karen, this next question is for you. [Justin Jay] wants to know with this current recession and being a new company, is there any concern of bankruptcy or lack of growth?

謝謝，加文。凱倫，下一個問題是給你的。 [Justin Jay] 想知道在當前的經濟衰退和作為一家新公司的情況下，是否存在破產或缺乏增長的擔憂？

Well, Ann, while there are certainly headwinds in the market, we believe we are well-positioned to be opportunistic and to continue to grow our business. We have strong liquidity with over $315 million of available cash and other highly liquid assets on our balance sheet. This capital position in a position to self-fund our road map and achieve our growth targets should the macroeconomic environment continue to remain challenging for April period.

好吧，安，雖然市場上肯定存在逆風，但我們相信我們已做好充分準備，可以把握機會並繼續發展我們的業務。我們的流動性很強，資產負債表上有超過 3.15 億美元的可用現金和其他高流動性資產。如果宏觀經濟環境在 4 月期間繼續充滿挑戰，這一資本狀況能夠為我們的路線圖提供自籌資金並實現我們的增長目標。

Furthermore, the diverse nature of our business allows us to lean into various aspects of our platform with partners depending on what their needs are. We feel confident that our platform capabilities and with an addressable market of well over 100 million users through our existing partners, we will achieve our growth plans. Also, I just want to note that in the highly unlikely event of a bankruptcy, customer assets are protected by the Bakkt Trust. Segregation of customer assets is a key mechanism for protecting them, which is why we are structured in that way.

此外，我們業務的多樣性使我們能夠根據合作夥伴的需求深入了解我們平台的各個方面。我們相信，我們的平台能力以及通過現有合作夥伴擁有超過 1 億用戶的潛在市場，我們將實現我們的增長計劃。另外，我只想指出，在極不可能發生的破產事件中，客戶資產受到 Bakkt 信託的保護。客戶資產的隔離是保護他們的關鍵機制，這就是我們以這種方式構建的原因。

Thanks, Karen. Next up, [Timothy W] asked, when will Bakkt have the ability to send crypto to an external wallet?

謝謝，凱倫。接下來，[Timothy W] 問，Bakkt 什麼時候能夠將加密貨幣發送到外部錢包？

I'll take this one. Thanks for the question. Well, we're very focused on this, enabling the ability for our partners to allow their consumers to directly deposit and withdraw crypto to the Bakkt platform remains a top priority. As with everything we do, we don't sacrifice security and regulatory compliance with any value features, products or services as we add them. So work is well underway to ensure that we have the right tools, controls and monitoring in place on the compliance side to ensure we protect our customers and comply with all of the relevant regulations. Our rollout of this capability is subject to regulatory approval, and we look forward to providing you with additional updates in the near future as more of our partners go live.

我要這個。謝謝你的問題。好吧，我們非常關注這一點，使我們的合作夥伴能夠允許他們的消費者直接向 Bakkt 平台存入和提取加密貨幣仍然是重中之重。與我們所做的一切一樣，我們不會在添加任何有價值的功能、產品或服務時犧牲安全性和法規遵從性。因此，工作正在順利進行，以確保我們在合規方面擁有正確的工具、控制和監控，以確保我們保護我們的客戶並遵守所有相關法規。我們推出此功能需要獲得監管部門的批准，隨著更多合作夥伴的上線，我們期待在不久的將來為您提供更多更新。

We'll take one more question from the same platform. Our last question is from [Working T], who notes that 8% to 10% inflation, Bakkt is losing purchasing power of its cash balance and wants to know why haven't we considered a share buyback of $40 million to $50 million? Are there limitations around ICE ownership increasing beyond a threshold?

我們將從同一平台再回答一個問題。我們的最後一個問題來自 [Working T]，他指出 8% 到 10% 的通貨膨脹，Bakkt 正在失去其現金餘額的購買力，並且想知道為什麼我們沒有考慮回購 4000 萬到 5000 萬美元的股票？ ICE 所有權增加超過閾值是否有限制？

And I can take that question. We think the best use of our cash right now especially given the current macro environment is to fund the long-term growth of our company. While we understand that it might be tempting to do a share repurchase of this environment, we do not want to make short-term decisions that could negatively impact our long-term growth goals. We think it makes more sense for us to think about returning cash to shareholders when we're generating positive adjusted EBITDA.

我可以回答這個問題。我們認為目前現金的最佳用途是為公司的長期發展提供資金，尤其是在當前的宏觀環境下。雖然我們知道在這種環境下進行股票回購可能很誘人，但我們不想做出可能對我們的長期增長目標產生負面影響的短期決策。我們認為，當我們產生積極的調整後 EBITDA 時，考慮向股東返還現金更有意義。

Thanks, Karen. And with that, I would now like to turn the call back over to the operator to open up the phone line to take questions from the analyst community.

謝謝，凱倫。有了這個，我現在想把電話轉回給接線員打開電話線來回答分析師社區的問題。

(Operator Instructions) Our first question comes from the line of Owen Lau with Oppenheimer.

（操作員說明）我們的第一個問題來自 Owen Lau 與 Oppenheimer 的對話。

Could you please add more color on your strategic alliance with Visa? How is this partnership different from the partnership with Mastercard? And if you can also give us an update on the progress of activation on MasterCard. That would be great.

您能否為您與 Visa 的戰略聯盟增添更多色彩？這種合作關係與與萬事達卡的合作關係有何不同？如果您還可以向我們提供有關萬事達卡激活進度的最新信息。那很好啊。

Sure. It's Gavin. I'll take that. Thanks for the question. With respect to Visa, look, we've just signed a strategic alliance. It's very early days. Our teams are working closely to collaborate on the scope. And we're really excited to be working with them. We don't see it creating any issues with our other partners. We have robust agreements that really don't have any conflicts when we look across our landscape. So we're excited to be working with them lot more to come.

當然。是加文。我會接受的。謝謝你的問題。關於 Visa，看，我們剛剛簽署了戰略聯盟。現在還很早。我們的團隊正在密切合作，在範圍內進行協作。我們很高興能與他們合作。我們認為它不會給我們的其他合作夥伴帶來任何問題。我們有穩健的協議，當我們縱觀我們的格局時，這些協議確實沒有任何衝突。因此，我們很高興能與他們進行更多合作。

In terms of overall activations, we continue to see strong traction in the go-to-market model across our partners. And not just part of the traction, the thing that's really helpful is that we're becoming part of their crypto marketing, their crypto sales process. And we're seeing a number of expansive opportunities ahead of us.

就整體激活而言，我們繼續看到我們的合作夥伴在進入市場模式中的強大吸引力。不僅僅是牽引力的一部分，真正有用的是我們正在成為他們的加密營銷，他們的加密銷售流程的一部分。我們看到許多廣闊的機會擺在我們面前。

We're doing significant work, as we've said before, around the integration for multiple use cases with our partners to connect our capabilities into their platforms in a very seamless way. And we're expecting to see the early wins that we've had with signing of several of the community banks. We set to see activations in the second half of this year and obviously, an increased ramp as we go through 2023. We're really working right now to ensure that what we build has robust capability behind it and is ready to launch at scale in a highly repeatable fashion.

正如我們之前所說，我們正在與合作夥伴圍繞多個用例的集成開展重要工作，以非常無縫的方式將我們的功能連接到他們的平台。我們期待看到我們在簽署幾家社區銀行時取得的早期勝利。我們將在今年下半年看到激活，顯然，隨著我們到 2023 年，激活量會增加。我們現在確實在努力確保我們構建的產品具有強大的支持能力，並準備好在 2023 年大規模推出一種高度可重複的時尚。

Another thing just to note is that we are a B2B2C business model, but there's an enormous amount of work that happens with the middle be with our partners, goes on behind the scenes that not many people really get to see. The collaboration is across our joint engineering teams, our go-to-market teams. And going live with each of these partners is obviously not an endeavor that we take lightly in any respect. What we're doing is being very thoughtful and very careful so that when we do go live, it's a very seamless experience for our partners and for their customers. We truly believe that we want to see our partners get the very best, and that's what we're striving to deliver for them. So we expect to see activations in the second half and then ramping through '23.

另一件需要注意的事情是，我們是一個 B2B2C 的商業模式，但是中間有大量的工作發生在我們的合作夥伴身上，這些工作在幕後進行，但沒有多少人真正看到。合作是在我們的聯合工程團隊、我們的上市團隊之間進行的。與這些合作夥伴中的每一個一起生活顯然不是我們在任何方面掉以輕心的努力。我們正在做的是非常周到和非常小心，這樣當我們上線時，這對我們的合作夥伴和他們的客戶來說是一種非常無縫的體驗。我們堅信我們希望看到我們的合作夥伴獲得最好的，這就是我們正在努力為他們提供的。因此，我們預計會在下半年看到激活，然後在 23 年逐漸增加。

Got it. That's very helpful. My follow-up is, could you please share more information about your engagement with the Mayor of Miami. What are the use cases you're exploring with your payout capabilities? But I guess, more broadly, how do you see the penetration of the blockchain application in the payment space overall? Do you see more pushback? Or do you see the adoption continues more broadly speaking?

知道了。這很有幫助。我的後續行動是，你能否分享更多關於你與邁阿密市長接觸的信息。您正在使用支付功能探索哪些用例？但我想，更廣泛地說，您如何看待區塊鏈應用程序在支付領域的整體滲透？你看到更多的阻力了嗎？還是您認為採用範圍更廣？

Yes, we're excited to be working with the ear. It's early days again in the collaboration. We see allowing our payout capability to be used to allow people to get paid in crypto. We've spoken about that before, where we see traction and appeal with people wanting to receive a portion of their wages or salaries or fees in crypto. And that's another example of some of the work that we're doing. We also see a broader application as we bring utility to the crypto economy to allow payments and rewards to really come to life inside of the work that we're doing.

是的，我們很高興能與耳朵一起工作。合作還處於早期階段。我們看到允許我們的支付能力被用來允許人們以加密方式獲得報酬。我們之前已經談到過這一點，我們看到人們希望通過加密貨幣獲得部分工資或薪水或費用的吸引力和吸引力。這是我們正在做的一些工作的另一個例子。我們還看到了更廣泛的應用，因為我們將實用程序帶入加密經濟，讓支付和獎勵真正融入我們正在做的工作中。

More broadly, yes, we're seeing a shift in narrative around the way that the crypto is being viewed. We see a move from providing not just the ability for people to buy and hold crypto for people to be able to earn it and get paid in it, that's really just the very beginning. The store of value use case is certainly there over time, and we really believe that digital gold narrative alone is too limiting. It was designed as a peer-to-peer electronic cash, and that's the way it's meant to be used. It's not meant to be just held.

更廣泛地說，是的，我們看到圍繞加密貨幣的看待方式的敘述發生了轉變。我們看到了一種轉變，不僅是為人們提供購買和持有加密貨幣的能力，讓人們能夠賺取它並從中獲得報酬，這真的只是一個開始。隨著時間的推移，價值存儲用例肯定會存在，我們真的認為僅憑數字黃金的敘述就太局限了。它被設計為點對點電子現金，這就是它的使用方式。它並不意味著只是舉行。

So while we see that people have shown a desire to acquire crypto with the hope of participating in some form of appreciation over time, we don't believe that takes away from the applications and the utility of it in a much broader sense. So whilst we see the digital gold is the first, we don't see it as the last application of Bitcoin. And so we're working to understand how you could programmatically pay with bitcoin, how you can look and stream as you think of it as a new form of payment. We're looking to how do we establish new forms of payment through the use of the technology over time. That's the focus as we move forward.

因此，雖然我們看到人們表現出獲得加密貨幣的願望，希望隨著時間的推移參與某種形式的升值，但我們認為這不會從更廣泛的意義上剝奪其應用程序和實用性。因此，雖然我們看到數字黃金是第一個，但我們並不認為它是比特幣的最後一個應用。因此，我們正在努力了解如何以編程方式使用比特幣進行支付，如何將其視為一種新的支付方式。隨著時間的推移，我們正在研究如何通過使用該技術來建立新的支付方式。這是我們前進的重點。

Our next question comes from the line of Trevor Williams with Jefferies.

我們的下一個問題來自 Trevor Williams 與 Jefferies 的對話。

Great. So on some of the big partnerships, I'm thinking Finastra, Fiserv, Mastercard, I know you just touched on those, but maybe asked a different way, just Gavin, with the time that's lapsed since those were announced. Maybe just give us a sense for kind of how things are tracking relative to what your expectations would have been at the time of the announcement, maybe where you've been surprised both positively and negatively? And if you're expecting any contribution from either of the 3 in the second half? It sounds like you're thinking now kind of a steeper ramp in 2023, but any help there would be great.

偉大的。因此，關於一些大型合作夥伴關係，我在想 Finastra、Fiserv、萬事達卡，我知道你剛剛提到了這些，但也許問的是不同的方式，只是加文，自宣布這些合作以來已經過去了一段時間。也許只是讓我們了解事情是如何相對於您在宣佈時的期望進行跟踪的，也許您在積極和消極方面都感到驚訝？如果你期待下半場三人中的任何一個做出貢獻？聽起來您現在正在考慮在 2023 年實現更陡峭的斜坡，但任何幫助都會很棒。

Yes. Thanks for the question. We certainly -- the partnerships themselves certainly present the same degree of potential they did when we announced them. We're excited by the leverage that these give us in the B2B2C model by expanding our reach. We spoke during the presentation about the work that's happening with Fiserv and with Finastra as we enable their go-to-market and their sales teams. And you continue to see us announce partners that come through that -- those relationships like Sullivan Bank today.

是的。謝謝你的問題。我們當然 - 合作夥伴關係本身肯定具有與我們宣布合作夥伴關係時相同程度的潛力。通過擴大我們的影響力，這些為我們在 B2B2C 模型中提供的槓桿作用讓我們感到興奮。在演示過程中，我們談到了 Fiserv 和 Finastra 在幫助他們進入市場和銷售團隊方面所做的工作。你會繼續看到我們宣布通過這種方式建立的合作夥伴 - 像今天的 Sullivan Bank 這樣的關係。

Our focus has really been on getting the integration of the platforms to happen in a very seamless way. And we expect to see the early activations through the second half and then the ramp in 2023. I think that's always been our belief as we've entered into these partnerships. And whilst the macro presents some potential challenges in the way decisions are being made, we still see the full potential that we saw when we originally announced the partnerships.

我們的重點實際上是讓平台的集成以一種非常無縫的方式發生。我們希望在下半年看到早期的激活，然後在 2023 年看到斜坡。我認為這一直是我們建立這些夥伴關係時的信念。儘管宏觀環境對決策方式提出了一些潛在挑戰，但我們仍然看到了我們最初宣布合作夥伴關係時所看到的全部潛力。

Got it. Okay. No, that's great. And then just on the cut to the second half cash burn on the lower expenses. Can you just put a little finer point on where specifically you're pulling back in terms of investment, if there's anything specifically you'd call out on the product road map that's getting pushed out or if it's more on the sales and marketing side? Any color there would be great.

知道了。好的。不，那太好了。然後只是削減下半年的現金消耗以降低支出。你能不能更詳細地說明你在投資方面具體撤回的地方，如果你在產品路線圖上特別提到什麼被推出，或者它是否更多地在銷售和營銷方面？任何顏色都會很棒。

Sure. Trevor, I could take that one. As we are continuing to work on investing in the product road map to activate those and be ready for the activations that will start happening on the partner side in 2022 and really ramp up in 2023. We had originally anticipated a certain amount of expense associated with partner activations happening at a higher volume in the second half of 2022. So that's certainly a piece of it. And then even beyond that in this macroeconomic environment, really taking a look at the discretionary expenses to make sure that we're laser-focused on the expenses that will build out the road map and activate partnerships and respond to where we see that we can meet our -- the needs of our customers and partners is really where those cuts are coming from.

當然。特雷弗，我可以接受那個。隨著我們繼續致力於對產品路線圖進行投資以激活這些產品，並為將於 2022 年在合作夥伴方面開始並在 2023 年真正增加的激活做好準備。我們最初預計會有一定數量的費用與合作夥伴激活在 2022 年下半年以更高的數量發生。所以這肯定是其中的一部分。然後甚至超越這個宏觀經濟環境，真正看看可自由支配的費用，以確保我們專注於建立路線圖和激活合作夥伴關係的費用，並對我們認為可以的地方做出反應滿足我們的——我們的客戶和合作夥伴的需求才是這些削減的真正來源。

Our next question comes from the line of Pete Christiansen with Citi.

我們的下一個問題來自花旗的皮特·克里斯蒂安森。

I just want to hit on the last point real quick. I think it makes sense, variable cash spend would go down with some revenue being pushed out, and you talked about being increasingly prudent in this environment. But in terms of the reduced cash burn outlook and juxtaposing that with what you said earlier about continuing to hire and to scale and given that the current environment actually is conducive for that. How should we internal scaling at this point and the pace of it? And do you still remain on track for that internal scaling?

我只想快點說到最後一點。我認為這是有道理的，可變現金支出會隨著一些收入的減少而下降，你談到在這種環境下要越來越謹慎。但就減少現金消耗的前景而言，並將其與你之前所說的繼續招聘和擴大規模並列考慮到目前的環境實際上有利於這一點。我們應該如何在這一點上進行內部擴展和步伐呢？您是否仍保持內部擴展的軌道？

As Gavin mentioned, we are continuing to hire. We do believe this is a good market, actually, just given what's going on in the environment to find great talent that can help us build out our product road map. And looking at our hires, we're really focused on the hires that, frankly, draw a direct line to the revenue growth that we expect to see as we build out and activate the partnerships. And so I think where -- one of the areas where we being more prudent in hiring is really looking at the more the non-sales in non-tech development areas where we can work smarter, more efficiently, really look for efficiencies with our service providers to make sure that the hires and the investments that we are making are directly contributing to the build-out of the products and the activation of the cars, but we are still hiring.

正如加文所說，我們正在繼續招聘。實際上，我們確實相信這是一個很好的市場，只是考慮到環境中正在發生的事情，以尋找可以幫助我們制定產品路線圖的優秀人才。看看我們的員工，坦率地說，我們真正關注的是那些與我們在建立和激活合作夥伴關係時期望看到的收入增長直接相關的員工。因此，我認為我們在招聘時更加謹慎的領域之一是真正關注非技術開發領域的非銷售人員，在這些領域我們可以更聰明、更高效地工作，真正尋求我們服務的效率供應商確保我們正在招聘的員工和投資直接有助於產品的擴建和汽車的激活，但我們仍在招聘。

Okay. That's helpful. And as a follow-up, Gavin, I was just wondering if we could dig a little bit into some of the elongation of decision-making that you're seeing here. Just trying to understand how broad-based is that? Is it really concentrated on just a select few of integrations or sign-ons? Or is it something more broadly given what we've seen in regulatory on the crypto side, but also just the price levels coming down? And then a follow-up to that is how are you feeling about this development productivity at this point given similar corrections we've seen in the market?

好的。這很有幫助。作為後續行動，加文，我只是想知道我們是否可以深入了解您在這裡看到的一些決策延長。只是想了解它的基礎有多廣泛？它真的只專注於少數幾個集成或登錄嗎？還是考慮到我們在加密貨幣方面的監管中看到的更廣泛的東西，而且只是價格水平下降？然後，鑑於我們在市場上看到的類似修正，您對目前的開發生產力有何看法？

Pete, thanks for the question. Nice to hear from you. With respect to the decision cycles, I think what we've said and what we're seeing is crypto is here to stay, it's got proven staying power. What we are seeing is -- and the power of our platform is that our partners are looking for different entries into the crypto economy. We're able to offer them simple trading solutions. Maybe there's a hesitancy and whether they want to enter that given the volatility of the market. If you switch that around, you talk about what we can do with crypto rewards, how we can enable crypto payout. And all of a sudden, the discussions take on a new bend.

皮特，謝謝你的提問。很高興聽到你的消息。關於決策週期，我認為我們已經說過和我們看到的是加密貨幣將繼續存在，它已被證明具有持久力。我們所看到的是——我們平台的力量在於我們的合作夥伴正在尋找進入加密經濟的不同入口。我們能夠為他們提供簡單的交易解決方案。考慮到市場的波動性，他們可能會猶豫是否要進入。如果你換個角度，你會談論我們可以用加密獎勵做什麼，我們如何啟用加密支付。突然之間，討論出現了新的轉折。

I think what you see and what we've emphasized constantly is the ability for us to be able to expose our capabilities in new and creative ways to allow our partners to be able to innovate on our platform in a very safe, secure and scalable manner. So when we talk about an elongation, it's not that crypto is going away. It's just simply that people are forming what's the right entry point into the market. And the great thing about the platform is it allows us to be able to have those discussions in those varying contexts. With respect to the second part, I mean our view is that -- actually can you just remind me of the second part?

我認為你所看到的和我們一直強調的是我們能夠以新的和創造性的方式展示我們的能力，讓我們的合作夥伴能夠以非常安全、可靠和可擴展的方式在我們的平台上進行創新.因此，當我們談論延長時，並不是說加密貨幣正在消失。只是人們正在形成進入市場的正確切入點。該平台的偉大之處在於它使我們能夠在不同的環境中進行這些討論。關於第二部分，我的意思是我們的觀點是-- 實際上你能提醒我第二部分嗎？

Well, yes, first, I wanted to follow up on what you just said and then I'll ask the second part again. But is there any concern on your potential pipeline here and the partners there associated with it, are they given -- we're starting to start to see a lot more on the legislative front, particularly in crypto. Has that become a hang up at all in their decision processing?

嗯，是的，首先，我想跟進你剛才說的，然後我再問第二部分。但是，您對這裡的潛在管道以及與之相關的合作夥伴是否有任何擔憂，他們是否給出了 - 我們開始在立法方面開始看到更多，特別是在加密方面。這是否成為他們決策過程中的一個障礙？

No. As I said, people realize it's here to stay. Our partners realize it's here to stay and they're looking for different and increasingly innovative ways to enter the market, and that's the strength of the platform. The ability to be able to redeem a set of points into crypto, there better be ability to be able to earn crypto on an everyday spend is a very different proposition from a simple buy-sell and trading capability. So we're excited still by the fact that we're able to service a range of the range of these customer and partner dialogues.

不，正如我所說，人們意識到它會一直存在。我們的合作夥伴意識到它會繼續存在，他們正在尋找不同的、越來越創新的方式進入市場，這就是該平台的優勢。能夠將一組積分兌換成加密貨幣的能力，最好能夠在日常消費中賺取加密貨幣的能力與簡單的買賣和交易能力截然不同。因此，我們仍然很高興能夠為這些客戶和合作夥伴對話提供一系列服務。

With respect to productivity around our sales team, it continues to grow as we get more refined in the way the messages are being delivered, and you saw some of that in the way in which we're doing the marketing and brand building. We now have Ask the Expert series. We have product marketing functionality. We have great short leadership that's coming out. And importantly, and to the point about what a partner is seeing, we have primary research capability now which helps verify and validate many of the concepts and products that we're taking to market. So I think the productivity continues to increase, and the engagement is still there with our partners.

關於我們銷售團隊的生產力，隨著我們在傳遞信息的方式上變得更加完善，它繼續增長，你在我們進行營銷和品牌建設的方式中看到了其中的一些。我們現在有“請教專家”系列。我們有產品營銷功能。我們有很好的短期領導能力。重要的是，就合作夥伴所見而言，我們現在擁有主要的研究能力，這有助於驗證和驗證我們正在推向市場的許多概念和產品。所以我認為生產力會繼續提高，我們的合作夥伴的參與度仍然存在。

No, that's helpful. And that's actually good news given regulatory shifts there that not deferring any activity here. One last one, and you just talked about this refining the marketing message and showing the number of the surveys that you offer, I think, are pretty (technical difficulty) be interested in things.

不，那很有幫助。這實際上是個好消息，因為那裡的監管轉變不會推遲這裡的任何活動。最後一個，你剛剛談到了這個改進營銷信息並顯示你提供的調查數量，我認為，這是非常（技術難度）感興趣的事情。

Pete, apologies, but you cut out for a couple of seconds. Can you repeat the question, please?

皮特，抱歉，你打斷了幾秒鐘。請你重複這個問題好嗎？

Yes, yes. As it relates to refining your marketing messages, and I know that you've put forth a lot of compelling survey work, which can be convincing, I think, for a potential partner, have partners or prospects considered surveys within their own community to see how adoption of crypto loyalty programs and so on and so forth would be applicable to their own offering?

是的是的。因為它涉及到完善你的營銷信息，我知道你已經提出了很多令人信服的調查工作，我認為這對於潛在合作夥伴來說是有說服力的，讓合作夥伴或潛在客戶考慮在他們自己的社區內進行調查以了解採用加密忠誠度計劃等等如何適用於他們自己的產品？

So I think, Pete, they're taking a combination of approaches. They're obviously looking internally into the customer segments as a service, both are proactively and reactively given inbound inquiries that they often get from their own customer set. They're using our research to help validate hypotheses across the broader market because much of what we're doing when we work with them is not just about trying to deepen the engagement within their own consumer space, then helping them -- helping them acquire new customers. So understanding the appeal of an offering, both with your existing customers and then in a broader base allows them to make those decisions in a far more expedited way and, importantly, in a data-driven way so that they're able to understand, validate their business cases, their assumptions by surveying internally and externally, and we help them with both.

所以我認為，Pete，他們正在採取多種方法。很明顯，他們在內部將客戶群視為一種服務，主動和被動地接受他們經常從自己的客戶群獲得的入站查詢。他們正在使用我們的研究來幫助驗證整個市場的假設，因為我們在與他們合作時所做的很多事情不僅僅是試圖加深他們自己的消費空間中的參與度，然後幫助他們 - 幫助他們獲得新客戶。因此，了解產品的吸引力，無論是對現有客戶還是對更廣泛的客戶群，都可以讓他們以更快的方式做出這些決定，重要的是，以數據驅動的方式做出這些決定，這樣他們就能夠理解，通過內部和外部調查來驗證他們的業務案例和假設，我們會在這兩個方面幫助他們。

Our next question comes from the line of John Roy with Water Tower Research.

我們的下一個問題來自 John Roy 與 Water Tower Research 的合作。

Great. So given all in -- everything all in together, what is your thinking on your path to profitability? Has that shifted out? Or is it just a matter of you're going to invest more? Maybe actually things will be cheaper? What's your thinking on your path to profitability?

偉大的。因此，全力以赴——一切都在一起，你對盈利之路有何看法？那移出來了嗎？或者這只是你要投資更多的問題？也許實際上東西會更便宜？您對盈利之路有何看法？

Yes, John, I could take that question. When we initially did the transaction in October of 2021 with VIH, that gave us a significant cash investment that the -- and the intent always was to use the first 2 years of the business plan post that transaction to build out the road map and activated partners and capabilities. So we -- at this point, while not giving guidance beyond 2022 at this point, our longer-term expectation has always been that we can work with this investment to activate our products and activate partnerships to get to an adjusted EBITDA, breakeven EBITDA in year 3, which would basically be 2024, if you look at when that time line began with the transaction.

是的，約翰，我可以回答這個問題。當我們最初於 2021 年 10 月與 VIH 進行交易時，這給了我們一筆可觀的現金投資——而且我們的意圖始終是利用交易後業務計劃的前 2 年來構建路線圖並激活合作夥伴和能力。所以我們 - 在這一點上，雖然此時沒有給出 2022 年以後的指導，但我們的長期期望一直是我們可以通過這項投資來激活我們的產品並激活合作夥伴關係以實現調整後的 EBITDA，盈虧平衡的 EBITDA第 3 年，基本上是 2024 年，如果您查看該時間線從交易開始的時間。

Great. And maybe, Gavin, one thing on -- I know you've talked obviously a lot about the crypto and the changing narrative there. Maybe if you could kind of summarize what you see is happening in the broader space. Are we going to a 2 coin world? Or what are you actually seeing out there and what people are telling you about the narrative around crypto and its usages?

偉大的。也許，加文，有一件事——我知道你顯然已經談了很多關於加密貨幣和那裡不斷變化的敘述。也許如果您可以總結一下您在更廣闊的空間中看到的情況。我們要去一個2硬幣的世界嗎？或者你在那裡實際看到了什麼，人們告訴你關於加密貨幣及其用法的敘述是什麼？

So thanks for the question. Look, we're definitely seeing, as I've said before, that there's a changing narrative. We see from a shift of store of value to a more widespread utility across consumers across businesses, across institutions. Our goal is to work with the partners to unleash its full functionality, it's full utility and to provide them with optionality. We don't know exactly how it's all going to unfold and the power of the platform is the ability for us to be able to be very agile and adapt, whether that's a discussion that starts with, I want my consumers to be able to buy and trade or I want to reward them differently.

所以謝謝你的問題。看，正如我之前所說，我們肯定會看到敘述正在發生變化。我們看到，從價值存儲的轉變到跨企業、跨機構的消費者之間更廣泛的效用。我們的目標是與合作夥伴合作，釋放其全部功能、全部實用性並為他們提供可選性。我們不知道這一切將如何展開，平台的力量是我們能夠非常敏捷和適應的能力，無論是從討論開始，我希望我的消費者能夠購買和交易，或者我想以不同的方式獎勵他們。

They're able to come to us through a single set of APIs and get access to a single solution that will scale as their thinking matures. So it's about that shift in narrative, it's about helping us unleash its full functionality and utility. And importantly, it's about being agile and creating opportunity and optionality for our partners and for our consumers.

他們能夠通過一組 API 來找我們，並訪問一個單一的解決方案，該解決方案將隨著他們的思維成熟而擴展。所以這是關於敘事的轉變，它是關於幫助我們釋放它的全部功能和實用性。重要的是，它是關於敏捷並為我們的合作夥伴和消費者創造機會和選擇權。

Thank you for your questions. There are currently no more questions registered. So I will pass the call back to Ann DeVries for closing remarks. Thank you.

謝謝你的問題。目前沒有更多的問題登記。因此，我會將電話轉回給 Ann DeVries，請其發表結束語。謝謝你。

Thank you, everyone, for attending our earnings call this morning. We look forward to connecting with you again soon.

謝謝大家今天早上參加我們的財報電話會議。我們期待很快再次與您聯繫。

This concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。