Bakkt Holdings Inc (BKKT) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Bakkt First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

大家好，歡迎來到 Bakkt 2023 年第一季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the conference call over to our host, Ann DeVries, Head of Investor Relations at Bakkt. Please go ahead.

我現在想將電話會議轉交給我們的主持人，Bakkt 投資者關係主管 Ann DeVries。請繼續。

Good morning, and thank you for joining us for Bakkt's first 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. These statements are based on management's current expectations and are subject to risks and uncertainties which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. For a more complete discussion of forward-looking statements and the risks and uncertainties related to Bakkt's business, please refer to its filings with the Securities and Exchange Commission.

早上好，感謝您加入我們參加 Bakkt 第一季度財報電話會議。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，將包含某些前瞻性陳述。這些陳述基於管理層當前的預期，並受到風險和不確定性的影響，這些風險和不確定性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。有關前瞻性陳述以及與 Bakkt 業務相關的風險和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。

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 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，我們的財務業績和我們的非 GAAP 措施的介紹基礎，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 received 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。

Thank you, Ann. Good morning, everyone, and thanks for joining. Our differentiated platform is positioned to win in this environment through the combination of our premiere, secure custody solution and Apex Crypto's advanced trading capabilities, we are poised to be the crypto infrastructure provider of choice. In this current environment, clients are seeking a trusted partner, and our regulatory and compliance-first approach sets us apart. We separate the entities facilitating crypto trading and custody functions, and we've built a broad network that provides scale, reaching millions of users across client verticals, including the fast-growing fintech industry.

謝謝你，安。大家早上好，感謝您的加入。我們的差異化平台定位於通過結合我們首屈一指的安全託管解決方案和 Apex Crypto 的高級交易功能在這種環境中取勝，我們準備成為首選的加密基礎設施提供商。在當前環境下，客戶正在尋求值得信賴的合作夥伴，而我們的監管和合規第一方法使我們與眾不同。我們將促進加密貨幣交易和託管功能的實體分開，我們已經建立了一個廣泛的網絡來提供規模，覆蓋客戶垂直領域的數百萬用戶，包括快速增長的金融科技行業。

Our priorities for this year further strengthened our competitive mode. We're investing in our crypto capabilities, including custody. We're building upon this core capability to enhance and expand flexibility. We are seeing significant inbound interest for our custody offering. And our SOC 1 and SOC 2 certification, along with our separate trust entity structure and overall secure approach, are really setting us apart in those conversations. We're investing in our crypto trading capabilities to expand to new international markets alongside our existing clients while strategically investing to enhance our capabilities.

我們今年的工作重點進一步強化了我們的競爭模式。我們正在投資我們的加密功能，包括託管。我們正在構建這一核心能力，以增強和擴展靈活性。我們看到對我們的託管產品的大量入境興趣。我們的 SOC 1 和 SOC 2 認證，以及我們獨立的信任實體結構和整體安全方法，真正讓我們在這些對話中脫穎而出。我們正在投資我們的加密貨幣交易能力，以與現有客戶一起擴展到新的國際市場，同時進行戰略投資以增強我們的能力。

We remain committed to activating and broadening our already robust network. This means continuing to collaborate with existing clients to drive trading volumes, partnering with these same clients to collectively bring new platform capabilities to market.

我們仍然致力於激活和擴大我們已經強大的網絡。這意味著繼續與現有客戶合作以推動交易量，與這些相同的客戶合作共同將新的平台功能推向市場。

I also wanted to highlight our disciplined approach to strategically allocating capital. We are opportunistically deploying capital and remain highly focused on managing expenses. We apply rigorous analysis to inform capital allocation decisions across the organization, intentionally investing in the areas that have the most growth potential for our organization and being prudent across other aspects, leveraging the resources we already have in place.

我還想強調我們嚴格的戰略性資本分配方法。我們正在機會主義地部署資本，並繼續高度關注管理費用。我們應用嚴格的分析來為整個組織的資本分配決策提供信息，有意投資於對我們組織最具增長潛力的領域，並在其他方面保持謹慎，利用我們已有的資源。

Moving to our acquisition of Apex Crypto, which we're really pleased, closed on the first day of the second quarter. As we've shared, Apex Crypto is transformational for our crypto capabilities, and with the powerful combination of our secure custody and Apex's advanced trading capabilities, Bakkt is holistically positioned to be the crypto infrastructure provider of choice for a broad spectrum of businesses.

轉向我們對 Apex Crypto 的收購，我們非常高興，它在第二季度的第一天結束。正如我們所分享的那樣，Apex Crypto 對我們的加密功能具有變革性，並且憑藉我們的安全託管和 Apex 的高級交易功能的強大組合，Bakkt 的整體定位是成為廣泛企業的首選加密基礎設施提供商。

The acquisition provides immediate scale to our platform with more than 5.8 million crypto-enabled accounts, along with significant expansion of distribution opportunities to new markets and new customer segments. It fast tracks our approach to bring new crypto capabilities to market and bolsters our path to profitability while adding a pool of extremely talented employees across product, engineering and operations to our team. We're focused on executing on the integration seamlessly to ensure that we realize the full potential of the acquisition and capitalize on new opportunities. This includes making thoughtful decisions about our offerings.

此次收購為我們的平台提供了超過 580 萬個加密賬戶的直接規模，同時顯著擴大了向新市場和新客戶群的分銷機會。它快速跟踪我們將新的加密功能推向市場的方法，並加強我們的盈利之路，同時為我們的團隊增加了一批在產品、工程和運營方面非常有才華的員工。我們專注於無縫執行整合，以確保我們實現收購的全部潛力並利用新機會。這包括對我們的產品做出深思熟慮的決定。

Following the closing of our acquisition, we conducted a detailed analysis of the coins against our listing policy and made the decision to delist a number of coins on the platform. Our clients and their customers' best interests are our core commitment, and our review process ensures that those interests are best served when we contemplate the most up-to-date regulatory environment.

在我們的收購完成後，我們根據我們的上市政策對代幣進行了詳細分析，並決定從平台上退市一些代幣。我們的客戶及其客戶的最大利益是我們的核心承諾，我們的審查流程確保在我們考慮最新的監管環境時能夠最好地滿足這些利益。

We are working to expand into international markets through our client base, many of which have operations internationally today. The regions that we're most excited about and focused on in the near term are the UK, EU and Southeast Asia, and we'll continue to make investments in capabilities that have near-term growth opportunity as well as work with Apex Fintech Solutions as part of our commercial agreement to provide new services to their client base.

我們正在努力通過我們的客戶群擴展到國際市場，其中許多客戶如今已在國際上開展業務。近期我們最感興趣和關注的地區是英國、歐盟和東南亞，我們將繼續投資具有近期增長機會的能力，並與 Apex Fintech Solutions 合作作為我們向其客戶群提供新服務的商業協議的一部分。

Our acquisition significantly broadens our client reach to include fintechs, neobanks, trading platforms and wealth managers, in addition to our clients in TradFi, travel and entertainment and merchants. This group represents an attractive addressable market, and it's noteworthy that we're now serving the rapidly-growing fintech industry.

我們的收購顯著擴大了我們的客戶範圍，除了我們在 TradFi、旅遊和娛樂以及商家方面的客戶之外，還包括金融科技、新銀行、交易平台和財富管理公司。這個群體代表了一個有吸引力的潛在市場，值得注意的是，我們現在正在為快速發展的金融科技行業服務。

Fintech firms are much more agile. They have shorter activation time lines and serve attractive customer demographics, including younger, more tech savvy individuals who are more likely to understand and trade crypto.

金融科技公司更加敏捷。他們的激活時間線更短，服務於有吸引力的客戶群，包括更年輕、更精通技術的個人，他們更有可能理解和交易加密貨幣。

With the Apex Crypto acquisition closed, we also have a big opportunity to deepen relationships with the current roster of clients, and as you can see on the right-hand side of the slide, we're serving some amazing clients in Webull, Stash, Public.com, M1 Finance and many more. We're actively exploring how we can collaborate more closely to elevate crypto trading capabilities and increased platform volumes.

隨著 Apex Crypto 收購的結束，我們也有很大的機會加深與當前客戶名單的關係，正如您在幻燈片右側看到的那樣，我們正在為 Webull、Stash、 Public.com、M1 Finance 等等。我們正在積極探索如何更緊密地合作，以提升加密貨幣交易能力和增加平台交易量。

We know from our research that customers are looking to get their crypto from the companies that they already know and trust for ease and simplification. Our latest crypto research study is finding that consumers believe purchasing crypto through an investing or personal finance provider is more trustworthy than purchasing crypto through a traditional crypto exchange.

從我們的研究中我們知道，客戶希望從他們已經知道並信任的公司那裡獲得加密貨幣，以方便和簡化。我們最新的加密貨幣研究發現，消費者認為通過投資或個人理財提供商購買加密貨幣比通過傳統加密貨幣交易所購買加密貨幣更值得信賴。

Also, consumers who primarily purchased crypto through a fintech provider have less safety and regulation concerns than those who purchased crypto through a traditional exchange.

此外，與通過傳統交易所購買加密貨幣的消費者相比，主要通過金融科技提供商購買加密貨幣的消費者對安全和監管的擔憂更少。

Further, we are seeing that clients we serve, like fintechs, are looking for new ways to increase the ways they serve their customers, with more opportunities to drive engagement and power revenue growth through new offerings like crypto.

此外，我們看到我們服務的客戶，如金融科技公司，正在尋找新的方法來增加他們為客戶服務的方式，並有更多機會通過加密等新產品來推動參與和推動收入增長。

The Apex platform is complementary to our offerings and accelerates our ability to offer advanced capabilities to our clients.

Apex 平台是對我們產品的補充，並加速了我們為客戶提供高級功能的能力。

Now, let's look more deeply at what we're able to offer now that the acquisition is complete. By partnering with several top liquidity providers, we're able to provide unparalleled liquidity and price quality. Customers receive deep, tight and transparent pricing as well as redundant markets, which enable 100% uptime. Clients integrate seamlessly with a rich set of APIs that enable them to be in production on the platform in around 45 days. We enable clients to offer investing in multiple asset classes from the same platform and a broad range of account types, along with instant fund settlement for customers with no prefunding required.

現在，讓我們更深入地了解收購完成後我們能夠提供什麼。通過與多家頂級流動性提供商合作，我們能夠提供無與倫比的流動性和價格質量。客戶可以獲得深入、嚴格和透明的定價以及冗餘市場，從而實現 100% 的正常運行時間。客戶與一組豐富的 API 無縫集成，使他們能夠在大約 45 天內在平台上投入生產。我們使客戶能夠從同一平台和廣泛的賬戶類型提供對多個資產類別的投資，並為客戶提供即時資金結算，無需預存資金。

The ability for customers to seamlessly invest and settle between multiple asset classes is a significant competitive advantage and provides strong opportunity to deepen relationships and drive activity with these clients and their end users. Additionally, failover protection ensures customers can access our platform 24/7, just as the crypto markets operate all the time.

客戶在多個資產類別之間無縫投資和結算的能力是一項重要的競爭優勢，並為加深與這些客戶及其最終用戶的關係和推動活動提供了強大的機會。此外，故障轉移保護確保客戶可以 24/7 全天候訪問我們的平台，就像加密市場一直在運行一樣。

A full spectrum of order types with broad execution capabilities including quantity order denomination, block trading and allocations, multiple fee structures such as trade fees that can be customized per order, cost base of services, gifting and coin transfers with sending and receiving of Bitcoin, light coin and Bitcoin cash, with more coming soon.

具有廣泛執行能力的全系列訂單類型，包括數量訂單面額、大宗交易和分配、多種費用結構，例如可以為每個訂單定制的交易費用、服務成本基礎、贈送和硬幣轉移以及比特幣的發送和接收，輕硬幣和比特幣現金，更多即將推出。

We remain committed to the U.S. market, but we also recognize there are compelling growth opportunities internationally. We're already seeing demand from our clients to expand into new markets together. Based on those conversations, we see the greatest interest in the EU, the U.K. and Southeast Asia.

我們仍然致力於美國市場，但我們也認識到國際上存在引人注目的增長機會。我們已經看到客戶要求共同開拓新市場。根據這些對話，我們看到歐盟、英國和東南亞最感興趣。

Not only are these markets appealing to our clients, but we've seen enhanced regulatory clarity. For example, the European Parliament's progress with MiCA. The U.K. is introducing legislation to position itself as a hub for crypto. Hong Kong unveiled a proposed set of rules to regulate crypto activity, and South Korean lawmakers recently approved an initial review of a comprehensive crypto regulation bill. These regions also boast positive consumer sentiment towards crypto with really impressive levels of transaction volumes and progressing consumer adoption.

這些市場不僅對我們的客戶具有吸引力，而且我們已經看到監管的透明度提高了。例如，歐洲議會在 MiCA 方面取得的進展。英國正在出台立法，將自己定位為加密中心。香港公佈了一套監管加密活動的擬議規則，韓國立法者最近批准了對一項全面的加密監管法案的初步審查。這些地區還擁有積極的消費者對加密貨幣的信心，交易量水平令人印象深刻，消費者採用率不斷提高。

Now turning to Apex Crypto key performance indicators. This quarter, we're showing historical performance of the Apex Crypto platform. But going forward, we'll be reporting the company's combined key performance indicators.

現在轉向 Apex Crypto 關鍵績效指標。本季度，我們展示了 Apex Crypto 平台的歷史表現。但展望未來，我們將報告公司的綜合關鍵績效指標。

As you can see, the number of crypto-enabled accounts have continued to grow throughout the past several months even when there was volatility across crypto market, reinforcing the attractiveness of the market segment served by Apex Crypto. When you look at the active accounts, we see the figures hold steady, but we expect to see these numbers increase as we see green shoots begin to emerge in crypto markets.

如您所見，即使在整個加密市場出現波動時，啟用加密的賬戶數量在過去幾個月中仍在持續增長，從而增強了 Apex Crypto 服務的細分市場的吸引力。當你查看活躍賬戶時，我們會看到這些數字保持穩定，但隨著我們看到加密市場開始出現萌芽，我們預計這些數字會增加。

Within the notional traded crypto volume, it's clear that this metric aligns with the pullback that we saw in the broader crypto market at the end of last year and the beginning of positive momentum in the first quarter. You can also see a positive trend reflected in the first quarter assets under custody, where a lift can be attributed to an increase in crypto prices with a specific emphasis on Bitcoin.

在名義交易的加密貨幣交易量中，很明顯，該指標與我們在去年年底在更廣泛的加密貨幣市場中看到的回調以及第一季度積極勢頭的開始相吻合。您還可以看到第一季度託管資產反映出積極趨勢，其中提振可歸因於加密貨幣價格的上漲，尤其是比特幣。

Following the fallout from last year and so many direct crypto exchanges going out of business, we benefit from the flight to quality in the industry, with retail customers utilizing their existing relationships like those with fintechs and trading apps to buy and trade crypto. As the crypto winter turns to spring, we're seeing signs of life. And while it takes time to translate into tangible revenue, Apex Crypto continues to win new business as clients seek to do more to drive engagement and drive growth with their customers. We are poised to capture increasing market share, both domestically and internationally, as the market improves.

繼去年的後果和如此多的直接加密貨幣交易所倒閉之後，我們受益於行業向質量的轉變，零售客戶利用他們現有的關係，例如與金融科技和交易應用程序的關係來購買和交易加密貨幣。隨著加密貨幣的冬天變成春天，我們看到了生命的跡象。雖然轉化為有形收入需要時間，但 Apex Crypto 繼續贏得新業務，因為客戶尋求做更多工作來推動與客戶的互動和增長。隨著市場的改善，我們準備在國內和國際上獲得越來越大的市場份額。

Now, I'll hand it over to Karen to guide us through our expected outlook for Apex Crypto and the rest of our financial results.

現在，我將把它交給 Karen 來指導我們完成我們對 Apex Crypto 的預期前景和我們其他的財務業績。

Thank you, Gavin, and good morning, everyone. Let's now turn to Apex Crypto's recent financial performance in 2022 and a preliminary look at the expected outlook for 2023.

謝謝你，加文，大家早上好。現在讓我們來看看Apex Crypto 2022年的近期財務表現以及2023年的預期展望。

In accordance with GAAP reporting, we showed 2 line items here. Gross revenue, which captures all revenue associated with transactions, assets under management and fees on a gross basis. The gross revenue presentation aligns with Apex Crypto's role as a principal in trade with customers. We also show crypto cost and execution clearing and brokerage fees associated with the trading activity, which captures the cost of crypto, partner revenue share and other fees. Crypto costs and fees will generally follow the same trend as gross revenue. Netting these 2 line items will provide the profit contribution from creating activity, which is a non-GAAP figure.

根據 GAAP 報告，我們在這裡顯示了 2 個項目。總收入，包括與交易、管理資產和費用相關的所有收入總額。總收入的呈現符合 Apex Crypto 作為與客戶進行交易的委託人的角色。我們還顯示與交易活動相關的加密成本和執行清算和經紀費用，其中包括加密成本、合作夥伴收入分成和其他費用。加密成本和費用通常會遵循與總收入相同的趨勢。淨算這 2 個項目將提供創建活動的利潤貢獻，這是一個非 GAAP 數字。

Let's move on to the numbers. You can see here that 2022 was a story of 2 halves. The first half of the year was very strong, with customer transaction activity driving $2.2 billion in gross revenue. Then the crypto market turmoil stalled activity levels for the overall industry, and we saw second half gross revenue declined by over 50% to $899 million, consistent with the broader total crypto market volume as illustrated on the prior slide. We evaluated 2023 expected gross revenue performance in light of where the markets ended in the second half of 2022. We saw Q1 2023 volume start to rebound from Q4 2022 levels, consistent with industry trends, and we expect similar volumes in the second quarter.

讓我們繼續討論數字。你可以在這裡看到 2022 年是一個分為兩半的故事。今年上半年非常強勁，客戶交易活動推動了 22 億美元的總收入。然後，加密市場動盪使整個行業的活動水平停滯不前，我們看到下半年總收入下降超過 50% 至 8.99 億美元，與上一張幻燈片所示的更廣泛的加密市場總量一致。我們根據 2022 年下半年市場結束時的情況評估了 2023 年的預期總收入表現。我們看到 2023 年第一季度的交易量開始從 2022 年第四季度的水平反彈，這與行業趨勢一致，我們預計第二季度的交易量類似。

Accordingly, our outlook for the first half of 2023 is similar to what we saw in the second half of 2022. We expect crypto market activity levels to recover as 2023 progresses, and our second half 2023 outlook reflects that. This outlook also reflects an estimate of the impact of the coin delisting actions Gavin described earlier.

因此，我們對 2023 年上半年的展望與我們在 2022 年下半年看到的情況相似。我們預計加密貨幣市場活動水平將隨著 2023 年的進展而恢復，我們對 2023 年下半年的展望反映了這一點。這一前景也反映了對 Gavin 之前描述的硬幣退市行動影響的估計。

Taking all of these factors into account, our gross revenue outlook for the full year is in the range of approximately $1.9 billion to $2.4 billion. We expect crypto costs to be proportionate with these revenue levels, which you can see on this slide. Apex Crypto provides a strong lift to our revenue base even in a year with a tough environment for the crypto market. We're excited about the positive impact it will have on our path to profitability as the environment continues to recover.

考慮到所有這些因素，我們全年的總收入預期在大約 19 億美元至 24 億美元之間。我們希望加密貨幣成本與這些收入水平成正比，您可以在這張幻燈片上看到這一點。即使在加密市場環境艱難的一年裡，Apex Crypto 也為我們的收入基礎提供了強大的提升。隨著環境的持續復甦，我們很高興它將對我們的盈利之路產生積極影響。

Moving to the next page. I will now walk you through the first quarter financial results. A quick reminder that since our acquisition of Apex Crypto closed on April 1, 2023, their results are not reflected in the financials I'm going to walk you through. Apex Crypto will be included in our financial results beginning with second quarter 2023 earnings.

移至下一頁。我現在將向您介紹第一季度的財務業績。快速提醒一下，自從我們於 2023 年 4 月 1 日完成對 Apex Crypto 的收購以來，他們的業績並未反映在我將向您介紹的財務數據中。從 2023 年第二季度的收益開始，Apex Crypto 將包含在我們的財務業績中。

Turning to Slide 12, we have our first quarter 2023 financial results. We had net revenue for the quarter of $13.0 million, which increased by $500,000 or 4% compared to the first quarter of 2022, primarily driven by transaction activity from loyalty redemptions.

轉到幻燈片 12，我們有 2023 年第一季度的財務業績。我們本季度的淨收入為 1300 萬美元，與 2022 年第一季度相比增加了 500,000 美元或 4%，這主要是由忠誠度兌換的交易活動推動的。

Operating expenses were $58.4 million in the period, which is down $2.6 million or 4% year-over-year. The current quarter operating expense includes a nonrecurring restructuring expense of $4.3 million related to our actions earlier this year around headcount reduction. Excluding the nonrecurring restructuring expense, expenses were down 11% year-over-year, driving strong improvement in our operating margin as revenue growth, coupled with efficiencies in our expense base, improved margins.

該期間的運營費用為 5840 萬美元，同比下降 260 萬美元或 4%。本季度的運營費用包括 430 萬美元的非經常性重組費用，這與我們今年早些時候圍繞裁員採取的行動有關。不包括非經常性重組費用，費用同比下降 11%，隨著收入增長推動我們的營業利潤率強勁改善，加上我們費用基礎的效率提高了利潤率。

The net loss for the quarter was $44.9 million, which resulted in a diluted loss of $0.17 per share on an average diluted share base of 81.9 million shares. Net loss allocated to the noncontrolling interest in the operating company was $30.9 million, leaving a $14.0 million loss attributable to Bakkt Holdings, Inc. or a net loss of $0.17 per share at an average basic share count of 81.9 million shares.

本季度的淨虧損為 4,490 萬美元，平均攤薄後每股虧損 0.17 美元，平均攤薄後股份為 8,190 萬股。分配給運營公司非控股權益的淨虧損為 3,090 萬美元，Bakkt Holdings, Inc. 的虧損為 1,400 萬美元，或每股淨虧損為 0.17 美元，平均基本股數為 8,190 萬股。

Our total share count as of March 31 was 265.9 million shares. ICE remains our largest shareholder with ownership at 66% of aggregate shares, which has remained relatively consistent with their shareholding as of December 31, 2022.

截至 3 月 31 日，我們的總股數為 2.659 億股。 ICE 仍然是我們最大的股東，擁有總股份的 66%，這與他們截至 2022 年 12 月 31 日的持股比例保持相對一致。

On Slide 13, we have our EBITDA and adjusted EBITDA for the first quarter of 2023. Adjusted EBITDA reflects adjustments for noncash and acquisition-related items that impacted the period. EBITDA and adjusted EBITDA for the quarter were losses of $43.4 million and $28.9 million, respectively. Adjusted EBITDA loss was unchanged versus the prior year period, primarily due to higher nonshare-based and unit-based compensation costs related to higher headcount as we grew the company in the earlier part of the year, offset by lower marketing costs and professional service fees.

在幻燈片 13 上，我們有 2023 年第一季度的 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 4340 萬美元和 2890 萬美元。調整後的 EBITDA 虧損與上年同期相比沒有變化，這主要是由於我們在今年早些時候擴大了公司規模，與員工人數增加相關的非股票和單位薪酬成本增加，但被較低的營銷成本和專業服務費所抵消.

On Slide 14, we show net revenue broken out between subscription and service revenue and transaction revenue. The total net revenue in the first quarter of 2023 was $13.0 million, which is up 4% year-over-year. Transaction revenues of $7.5 million increased 15% year-over-year. The first quarter is typically seasonally strong for travel bookings, which is reflected in the significant increase you saw in air travel volume. However, this was partially offset by lower hotel and car booking volumes which have remained under pressure since the latter half of 2022.

在幻燈片 14 中，我們顯示了訂閱和服務收入與交易收入之間的淨收入。 2023 年第一季度總淨收入為 1300 萬美元，同比增長 4%。交易收入為 750 萬美元，同比增長 15%。第一季度通常是旅行預訂的季節性旺季，這反映在航空旅行量的顯著增長上。然而，這部分被酒店和汽車預訂量下降所抵消，自 2022 年下半年以來，酒店和汽車預訂量一直面臨壓力。

Subscription and service revenues of $5.5 million declined 8% year-over-year, primarily due to a reduction in volume-based service revenue. Service revenue has a variable component, and it's driven by activity levels at our customer call centers and technology development work out on behalf of our clients. Subscription revenue increased slightly in the year-over-year period.

訂閱和服務收入為 550 萬美元，同比下降 8%，這主要是由於基於數量的服務收入減少。服務收入有一個可變的組成部分，它是由我們客戶呼叫中心的活動水平和代表我們客戶進行的技術開發工作驅動的。訂閱收入同比略有增長。

Turning to Slide 15, we have total operating expense. Total expense for the first quarter of $58.4 million decreased 4% year-over-year. Excluding the $4.3 million salary restructuring expense we took this quarter, operating expenses were down 11% year-over-year. The year-over-year decline in operating expenses was primarily driven by a decrease in depreciation and amortization and SG&A expenses as marketing expenses declined. Total compensation expense of $34.1 million declined 3% compared to the first quarter of 2022 due to a decrease in noncash compensation expense. Other expense of $17.6 million increased 7% year-over-year and included the $4.3 million restructuring expense related to our recent actions around headcount reduction.

轉到幻燈片 15，我們有總運營費用。第一季度的總支出為 5840 萬美元，同比下降 4%。不包括我們本季度支付的 430 萬美元的薪資重組費用，運營費用同比下降 11%。營業費用同比下降主要是由於營銷費用下降導致折舊和攤銷以及 SG&A 費用減少。由於非現金補償費用的減少，總補償費用為 3410 萬美元，與 2022 年第一季度相比下降了 3%。其他費用為 1760 萬美元，同比增長 7%，其中包括與我們最近圍繞裁員採取的行動相關的 430 萬美元重組費用。

Looking ahead, we expect to recognize $6 million to $7 million acquisition-related deal expenses in the second quarter of 2023. We expect our compensation expense to decline for the remaining quarters of this year as the impact from our recent headcount reductions become fully reflected in our financials starting in the second quarter. As a reminder, we expect the impact from the restructuring actions in 2023 to be $29 million in expense savings and an incremental $7 million of expense savings is expected in 2024.

展望未來，我們預計將在 2023 年第二季度確認 600 萬至 700 萬美元的收購相關交易費用。我們預計今年剩餘季度的補償費用將下降，因為我們最近裁員的影響已充分反映在我們的財務數據從第二季度開始。提醒一下，我們預計 2023 年重組行動的影響將是節省 2900 萬美元的費用，預計到 2024 年將增加 700 萬美元的費用節省。

On Slide 16, we have our key performance indicators. These KPIs reflect the full breadth of how our capabilities are accessed across both partner and Bakkt experiences and across crypto and loyalty experiences. Transacting accounts across the Bakkt platform were 690,000.

在幻燈片 16 上，我們有關鍵績效指標。這些 KPI 反映瞭如何在合作夥伴和 Bakkt 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。 Bakkt 平台上的交易賬戶為 690,000。

Digital asset conversions are a dollar-weighted measure and more directly aligned to revenue growth. Volume of $193 million was up 6% year-over-year. Activity levels reflect strong year-over-year growth in air travel volume, while hotel and car bookings were down. As a reminder, the first quarter is generally seasonally strong for traveling volumes. While volumes reflected this to some degree, the year-over-year growth rates in the first quarter were more muted than what we experienced in 2022, when we had a very strong rebound coming out of the pandemic.

數字資產轉換是一種美元加權指標，更直接地與收入增長掛鉤。銷售額為 1.93 億美元，同比增長 6%。活動水平反映了航空旅行量同比強勁增長，而酒店和汽車預訂量下降。提醒一下，第一季度的旅行量通常是季節性的。雖然數量在一定程度上反映了這一點，但第一季度的同比增長率比我們在 2022 年經歷的要低，當時我們從大流行中出現了非常強勁的反彈。

A quick reminder that our fourth quarter is seasonally strong due to the holiday season, which is why there is a quarter-on-quarter decline in these metrics. We continue to see strong interest in our platform from consumers, with a 10% increase year-over-year in website visitors to our platform.

快速提醒一下，由於假期旺季，我們的第四季度季節性強勁，這就是這些指標環比下降的原因。我們繼續看到消費者對我們平台的濃厚興趣，我們平台的網站訪問者同比增長 10%。

Gavin shared with you earlier on the call the key performance indicators related to Apex Crypto that we expect to report going forward. As a result of our acquisition, starting next quarter, the KPIs that we report will change to reflect the metrics for the combined company.

Gavin 早些時候在電話會議上與您分享了我們希望在未來報告的與 Apex Crypto 相關的關鍵績效指標。由於我們的收購，從下個季度開始，我們報告的 KPI 將發生變化，以反映合併後公司的指標。

Turning to Slide 17, we have our condensed balance sheet. We ended the first quarter with $117.6 million of cash, cash equivalents and available-for-sale securities. In the first quarter, we had several significant nonrecurring items, which resulted in cash usage of $121.8 million. These nonrecurring uses of cash included the $67.2 million of cash moved into an escrow account for the closing of the Apex Crypto transaction. This was comprised of the $55 million cash purchase price and $12 million for Apex Crypto's cash.

轉到幻燈片 17，我們有簡明的資產負債表。第一季度結束時，我們擁有 1.176 億美元的現金、現金等價物和可供出售的證券。第一季度，我們有幾個重要的非經常性項目，導致現金使用量為 1.218 億美元。這些非經常性現金使用包括為完成 Apex Crypto 交易而轉入託管賬戶的 6720 萬美元現金。這包括 5500 萬美元的現金購買價格和 1200 萬美元的 Apex Crypto 現金購買價格。

First quarter cash usage also reflected $13.6 million of seasonably high payable settlements, which included $4.1 million of acquisition-related expenses. This is consistent with the fourth quarter being seasonably higher for redemption volume, which drives settlements with suppliers and purchasing facilities. First quarter cash usage also included $4.3 million of cash severance costs related to the fourth quarter '22 and first quarter '23 restructuring, and $2.8 million of cash that was moved into restricted cash is collateral for surety bonds.

第一季度現金使用情況還反映了 1360 萬美元的季節性高額應付結算，其中包括 410 萬美元的收購相關費用。這與第四季度贖回量季節性增加相一致，這推動了與供應商和採購機構的結算。第一季度現金使用還包括與 22 年第四季度和 23 年第一季度重組相關的 430 萬美元現金遣散費，以及轉移到受限制現金中的 280 萬美元現金作為擔保債券的抵押品。

During the quarter, we also used $1.4 million of cash to settle withholding taxes on vested stock awards. I wanted to highlight that although we don't have an official stock buyback program, by using cash to withhold to cover taxes, we're actually reducing shareholder dilution from the shares that otherwise would have been released to the market. Excluding these items, our cash usages for the quarter was approximately $33 million.

在本季度，我們還使用了 140 萬美元的現金來支付既得股票獎勵的預扣稅。我想強調的是，雖然我們沒有正式的股票回購計劃，但通過使用現金預扣稅款，我們實際上是在減少股東稀釋，否則這些股票將被釋放到市場上。不包括這些項目，我們本季度的現金使用量約為 3300 萬美元。

With regards to Apex Crypto, we will recognize the impact from their operations in our results starting in the second quarter. Excluding deal cost, we expect the inclusion of Apex Crypto's operations for the remainder of 2023 to be approximately free cash flow breakeven.

關於 Apex Crypto，我們將從第二季度開始認識到他們的運營對我們業績的影響。不計交易成本，我們預計 Apex Crypto 的運營在 2023 年剩餘時間內將大致實現自由現金流收支平衡。

I will now pass it back to Gavin for his closing remarks.

我現在將把它傳回給加文，讓他發表閉幕詞。

Thanks, Karen. Just a few final thoughts. We are really well positioned for improving crypto market conditions. We brought together a winning combination of industry-leading crypto custody solutions and advanced trading capabilities. Coupled with our regulatory and compliance-first focused approach, our platform is truly differentiated in the current market, and our company is built for sustainable growth. Our key priorities for 2023 are highly focused on areas that will drive near-term results while building for a long-term future. This includes initiatives to significantly expand our network of clients both in the U.S. and internationally. We have a great opportunity to collaborate with our existing client base and meet their needs to expand internationally, especially in markets that are providing regulatory clarity.

謝謝，凱倫。只是一些最後的想法。我們確實有能力改善加密貨幣市場狀況。我們匯集了行業領先的加密貨幣託管解決方案和高級交易功能的成功組合。再加上我們以監管和合規為先的方法，我們的平台在當前市場上真正脫穎而出，我們的公司是為可持續發展而建立的。我們 2023 年的主要優先事項高度關注將推動近期成果同時為長期未來建設的領域。這包括顯著擴大我們在美國和國際客戶網絡的舉措。我們有很好的機會與我們現有的客戶群合作，並滿足他們在國際上擴張的需求，尤其是在監管清晰的市場中。

We're continuing to have active conversations with prospects across the board. Although there remains some ongoing caution regarding the regulatory environment in the U.S., we are seeing some pockets of green shoots. We continue to strategically allocate capital to further strengthen our business, and we'll continue to evaluate growth opportunities while driving efficiencies in expense management and being highly disciplined with our decisions around how we deploy capital.

我們將繼續與全面的潛在客戶進行積極對話。儘管對美國的監管環境仍持謹慎態度，但我們看到了一些萌芽。我們將繼續戰略性地分配資本以進一步加強我們的業務，我們將繼續評估增長機會，同時提高費用管理的效率，並嚴格遵守我們關於如何部署資本的決策。

This is a pivotal moment for our growth. We are confident with how we are positioned, and as the environment improves, we are really ready to take off.

這是我們成長的關鍵時刻。我們對自己的定位充滿信心，隨著環境的改善，我們真的準備好起飛了。

Thank you for joining us today. I'll now turn it over to Ann to manage our Q&A.

感謝您今天加入我們。現在我將把它交給 Ann 來管理我們的問答。

Thanks, Gavin. Let's move over to questions from the investor community. (Operator Instructions)

謝謝，加文。讓我們轉向投資者社區的問題。 （操作員說明）

Our first question comes from Rajeev S. Who asks, is it possible that Bakkt will get acquired by a larger company?

我們的第一個問題來自 Rajeev S。誰問，Bakkt 是否有可能被更大的公司收購？

Gavin, can you please take this question?

加文，你能回答這個問題嗎？

Yes. So, look, happy to take the question.

是的。所以，看，很高興接受這個問題。

Look, we've built a great platform with a really strong value proposition that's attractive to a lot of companies. We're always monitoring the markets and making sure that we are evaluating opportunities that provide maximum value to our shareholders. We get approached about a lot of things leading to actions like our acquisition of Apex Crypto. That said, our team is really committed to building our business, and we're excited about the path ahead with Apex Crypto in the fall.

看，我們已經建立了一個偉大的平台，具有非常強大的價值主張，對很多公司都有吸引力。我們一直在監控市場，並確保我們正在評估為股東提供最大價值的機會。我們接觸了很多導致我們收購 Apex Crypto 等行動的事情。也就是說，我們的團隊真正致力於建立我們的業務，我們對秋季 Apex Crypto 的前進道路感到興奮。

Next question is from [Syed H.] would like an update on our Mastercard partnership.

下一個問題來自 [Syed H.]，想了解我們萬事達卡合作夥伴關係的最新情況。

Gavin, can you give an update here?

加文，你能在這裡更新一下嗎？

Yes. So no trouble.

是的。所以沒有麻煩。

Continuing to work with Mastercard on our crypto rewards offering, we remain highly committed to this and making it successful. Unfortunately, we've seen that the regulatory environment in the U.S. around crypto slowed down the activation of many of our TradFi partners. Much of the integration and go-to-market work with our TradFi partners has been completed, and many are now waiting for the right time to enter the market.

繼續與萬事達卡合作提供我們的加密貨幣獎勵產品，我們將繼續高度致力於此並使其取得成功。不幸的是，我們已經看到美國圍繞加密的監管環境減緩了我們許多 TradFi 合作夥伴的激活。與我們的 TradFi 合作夥伴的大部分整合和上市工作已經完成，許多現在正在等待合適的時機進入市場。

Given these headwinds facing TradFi, the closing of our acquisition of Apex Crypto could not have happened at a better time. Our ability to expand into fintech verticals and internationally through our existing client base is even more compelling right now.

鑑於 TradFi 面臨的這些不利因素，我們完成對 Apex Crypto 的收購恰逢其時。我們通過現有客戶群向金融科技垂直領域和國際擴張的能力現在更加引人注目。

Next question is from [Samori F.] who asked, when will XRP be a part of your platform and why aren't you listing it? .

下一個問題來自 [Samori F.]，他問，XRP 什麼時候會成為你們平台的一部分，你們為什麼不上市？ .

Karen, can you answer this one?

凱倫，你能回答這個問題嗎？

Yes, I can take the question.

是的，我可以接受這個問題。

Bakkt has a rigorous listing policy that takes into account a number of factors to determine if a coin is suitable and safe for listing through our partners and to their users. One of the primary factors considered is regulatory status. Bakkt is committed to complying with the relevant laws and regulations in the markets we serve, and there is currently limited guidance as to the legal status of a number of coins. Given these factors, we are taking a prudent approach to the crypto tokens that we are offering on our platform at this time. We will continue to monitor the regulatory environment as it evolves and we'll make potential changes to the coins that we list if and when appropriate.

Bakkt 有嚴格的上市政策，該政策考慮了許多因素來確定一種代幣是否適合併安全地通過我們的合作夥伴及其用戶上市。考慮的主要因素之一是監管狀態。 Bakkt 致力於遵守我們所服務市場的相關法律法規，目前關於一些代幣的法律地位的指導有限。鑑於這些因素，我們目前對我們在平台上提供的加密代幣採取謹慎的態度。隨著監管環境的發展，我們將繼續監控監管環境，並且我們將在適當的時候對我們列出的硬幣進行潛在的更改。

Our next question is from working P who wants to know what are your tangible plans to drive revenue? Pay with crypto, Bitcoin custody internationally while we await regulatory clarity in the U.S.?

我們的下一個問題來自工作 P，他想知道您有哪些具體計劃來增加收入？在我們等待美國監管明確的同時，用加密支付，比特幣在國際上託管？

Karen, can you jump in here?

凱倫，你能跳進來嗎？

Yes. First, I want to reiterate that we are absolutely committed to staying in the U.S. That said, as working P's question alludes to, there are jurisdictions around the world that have progressed a bit further than the U.S. with regards to crypto regulation. It's the right time to pursue these markets given the clear regulatory environment and strong demand to offer our capabilities there from our existing clients. This is an incredible opportunity to bring our secure crypto capabilities, like crypto trading, into these new markets.

是的。首先，我想重申，我們絕對致力於留在美國。也就是說，正如 working P 的問題所暗示的那樣，世界上有一些司法管轄區在加密貨幣監管方面比美國取得了更大的進步。鑑於明確的監管環境和現有客戶對我們在那裡提供能力的強烈需求，現在是進軍這些市場的最佳時機。這是將我們的安全加密功能（如加密交易）帶入這些新市場的難得機會。

While I won't provide any specific timing on this right now, I will say that this is something that we really focused on and actively engaged in trying to launch before July. Just like we did in the U.S. when we first built our business, we are careful to ensure that everything that we do is secure, compliant and well thought out. Our regulatory and compliance-first approach is part of our DNA and is at the forefront of any decisions and actions that we're going to take as we look to expand.

雖然我現在不會提供任何具體時間，但我會說這是我們真正關注並積極參與的事情，試圖在 7 月之前推出。就像我們最初在美國開展業務時所做的那樣，我們小心翼翼地確保我們所做的一切都是安全、合規且經過深思熟慮的。我們的監管和合規第一方法是我們 DNA 的一部分，並且在我們尋求擴展時處於我們將要採取的任何決策和行動的最前沿。

Great. Our final question from the Say Platform is from working P who asked, are you considering the dilutive impact of issuing an additional 26 million shares to employees? While I understand the business needs to compensate adequately, are you enforcing accountability for delivering tangible business impact?

偉大的。我們 Say 平台的最後一個問題來自工作 P，他問，你是否考慮向員工額外發行 2600 萬股的稀釋影響？雖然我了解企業需要充分補償，但您是否正在執行責任以產生切實的業務影響？

Karen, can you take this one?

凱倫，你能接受這個嗎？

Sure, happy to. First, I want to clarify that the pool of 26 million shares would cover equity grants over a 3-year period. Our firm's equity compensation program is absolutely tied to performance goals for both our overall company as well as teams and individual employees. Our company's ability to execute against these concrete goals determines the available pool of equity awards for our employees. We will not pay out these equity awards if we do not deliver on metrics that include revenue and cash expense targets, among others. Our compensation program is subject to our rigorous process and is governed by the Compensation Committee of the Board.

當然，很高興。首先，我想澄清一下，2600 萬股股票將涵蓋 3 年期間的股權授予。我們公司的股權薪酬計劃絕對與我們整個公司以及團隊和員工個人的績效目標掛鉤。我們公司執行這些具體目標的能力決定了我們員工可用的股權獎勵池。如果我們沒有實現包括收入和現金支出目標等在內的指標，我們將不會支付這些股權獎勵。我們的薪酬計劃遵循嚴格的流程，並由董事會薪酬委員會管理。

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.

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 Andrew Bond of Rosenblatt Securities.

（操作員說明）我們的第一個問題來自 Rosenblatt Securities 的 Andrew Bond。

Gavin, Karen and Ann.

加文、凱倫和安。

Just a couple on Apex. You've always discussed growth outside the U.S. as an opportunity down the road for Apex, but this now seems to be a greater priority and just understanding there is demand from customers. But to what extent has the regulatory environment in the U.S. has been a driver here as you're looking to grow in other countries? So in speaking with other industry participants, it seems that the regulators in current administration are doing their best to make it more difficult for brokers to allow crypto trading on their platform. So are you experiencing this post acquisition and receiving more feedback like this from clients or potential clients in the U.S.?

Apex 上只有一對。你一直在討論美國以外的增長作為 Apex 未來的機會，但現在這似乎是一個更重要的優先事項，只是了解客戶的需求。但是，當您希望在其他國家/地區發展時，美國的監管環境在多大程度上成為了這裡的驅動因素？因此，在與其他行業參與者交談時，本屆政府的監管機構似乎正在盡最大努力讓經紀商更難允許在其平台上進行加密貨幣交易。那麼，您是否正在經歷這種收購後的情況，並從美國的客戶或潛在客戶那裡收到更多這樣的反饋？

Andrew, it's Gavin. Let me take that one.

安德魯，是加文。讓我拿那個。

I think when we talk about the change in positive with respect to accelerating that growth internationally, it's coming for a couple of reasons. I think, firstly, we're getting strong demand from the existing client base to enter these markets. As we're seeing legislation in other markets start to favor crypto and it's a more conducive environment, many want to take advantage of that and that provides us with an easy route into these markets. So we've spoken about the U.K., we've spoken about the EU and Southeast Asia.

我認為，當我們談論在加速國際增長方面的積極變化時，它的到來有幾個原因。我認為，首先，我們從現有客戶群那裡得到了進入這些市場的強烈需求。正如我們看到其他市場的立法開始支持加密貨幣，這是一個更有利於加密貨幣的環境，許多人希望利用這一點，這為我們提供了進入這些市場的便捷途徑。所以我們談到了英國，我們談到了歐盟和東南亞。

We're still very much committed here to the U.S., so we see -- we see the potential in the U.S. market, we see the growth opportunities. But we're trying to maximize where we grow in the short term efficiently and effectively. And so their near-term focus for us is really engaging actively with the client base to move as quickly as we can into these new markets while being thoughtful. And I think the change has been generated by the fact that post the Apex close, we now have a route into those markets that has a reasonably low barrier of entry together with the fact that those markets are becoming more crypto producer and the fact that we are being led by this client base into those spaces.

我們仍然非常致力於美國，所以我們看到了——我們看到了美國市場的潛力，我們看到了增長機會。但我們正試圖在短期內高效且有效地最大化我們的增長。因此，他們對我們的近期關注點是真正積極地與客戶群接觸，以便我們在深思熟慮的同時盡快進入這些新市場。而且我認為這種變化是由於 Apex 關閉後的事實產生的，我們現在有一條進入那些進入壁壘相當低的市場的途徑，以及這些市場正在成為更多的加密貨幣生產者這一事實以及我們由這個客戶群引導進入這些空間。

Okay. Great. And just a follow-up on custody. You spoke to a significant increase in inbound for your custody solution, I mean particularly following the banking crisis. So is this starting to translate to wins for the business? And what's the time line look like to convert more of this pipeline and interest?

好的。偉大的。只是監護權的後續行動。你談到你的託管解決方案的入境顯著增加，我的意思是特別是在銀行危機之後。那麼這是否開始轉化為業務的勝利？轉換更多管道和興趣的時間線是什麼樣的？

Yes, we're certainly seeing a continued traction in those discussions. We're setting ourselves apart by the way we run our custody solution. SOC 1, SOC 2 certifications, a separate trust entity structure, the overall secure approach are really appealing to many crypto firms that have crypto that they want to be able to store with a custody provider like us. So there's very strong traction in those discussions. We expect to see momentum through the second half. And as we've said, we continue to invest in our custody solution to be able to broaden the basic structure and then also expand into other areas around how custody operates.

是的，我們肯定會看到這些討論的持續發展。我們通過運行託管解決方案的方式使自己與眾不同。 SOC 1、SOC 2 認證、獨立的信任實體結構、整體安全方法對許多擁有加密貨幣的加密貨幣公司非常有吸引力，他們希望能夠將加密貨幣存儲在像我們這樣的託管提供商處。因此，這些討論具有很強的吸引力。我們希望在下半年看到勢頭。正如我們所說，我們將繼續投資於我們的託管解決方案，以擴大基本結構，然後擴展到託管運作方式的其他領域。

We're very excited by the custody space. It's been a core competency of ours from our founding, and we continue to use that as an advantage to a great anchor product when we're talking to many folks about starting down this pathway with us.

我們對託管空間感到非常興奮。從我們成立以來，它一直是我們的核心競爭力，當我們與許多人談論與我們一起走這條路時，我們繼續將其作為一個偉大的主力產品的優勢。

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

我們的下一個問題來自 Jefferies 的 Trevor Williams。

Great. Gavin, maybe just to start kind of higher level on the regulatory environment. I know you're mentioning -- I think this may be a little bit of a change in tone just around kind of international markets that have been at least providing a bit more regulatory clarity.

偉大的。加文，也許只是為了在監管環境上開始更高層次的工作。我知道你在提到——我認為這可能是圍繞某種國際市場的基調發生了一點變化，這些市場至少提供了更多的監管清晰度。

But maybe just to focus on the U.S., just kind of where you see the state of the union from both, A, on the legislative side, if there's anything that you guys are expecting to progress at all through the rest of this year? And then obviously, there's just a bunch of noise with some of the enforcement actions that have been coming down, maybe just kind of how you see the regulatory environment today versus 3 or 6 months ago here in the U.S.? That would be helpful.

但也許只是關注美國，只是在立法方面從 A 兩個方面看到聯盟的狀況，你們是否希望在今年餘下的時間裡取得任何進展？然後很明顯，一些執法行動一直在下降，這只是一堆噪音，也許只是你如何看待今天的監管環境與 3 或 6 個月前在美國的監管環境？那會很有幫助。

Trevor, look, I think we're pleased to see that the Congress and the federal regulators have certainly stepped up their attention to the crypto space. When you think about the high-profile failures through last year, it's clear to us and logical that the federal regulatory framework is needed in order to restore confidence in the market for everyone, for investors, for consumers and partners. We support the enforcement actions against bad actors in the space.

特雷弗，你看，我認為我們很高興看到國會和聯邦監管機構肯定加強了對加密領域的關注。當你想到去年備受矚目的失敗事件時，我們很清楚並且合乎邏輯的是，需要聯邦監管框架來恢復每個人、投資者、消費者和合作夥伴對市場的信心。我們支持對該領域的不良行為者採取執法行動。

But when you think about it, a good regulatory framework, a comprehensive regulatory framework shouldn't just define where the third rails are. It needs to clearly outline how good actors can conduct their operations in a highly compliant way. But also allowing for innovation and for us to be able to bring the benefits of those innovations to market in a very safe and transparent way.

但仔細想想，一個好的監管框架，一個全面的監管框架不應該只是定義第三軌在哪裡。它需要清楚地概述優秀的參與者如何以高度合規的方式開展業務。但也允許創新，讓我們能夠以非常安全和透明的方式將這些創新的好處推向市場。

So we're getting more involved directly in the conversations, both on capital as well and with the relevant regulators as they consider these issues. And we acknowledge that these issues are complex, but they're very important that we get it right. We see ourselves as a resource to them as these discussions continue.

因此，我們越來越多地直接參與對話，包括資本以及相關監管機構在考慮這些問題時的對話。我們承認這些問題很複雜，但它們對我們解決問題非常重要。隨著這些討論的繼續，我們將自己視為他們的資源。

I'm still hopeful that through '23, we'll see clarity in the space. We're seeing moves. The recent stable coin discussions have been very encouraging. But it's a space that we desperately need to protect the U.S. consumers in, but it's also important that we ensure that innovation happens here in the U.S. and it's not all driven offshore.

我仍然希望通過 23 年，我們會看到這個領域的清晰度。我們看到了動作。最近關於穩定幣的討論非常鼓舞人心。但這是我們迫切需要保護美國消費者的空間，但同樣重要的是，我們要確保創新發生在美國，而不是全部轉移到海外。

Whilst we look at the other markets where we're seeing regulatory clarity evolve, that sets up a reasonable template to how these discussions can move forward. And there's a lot of similar threads whether it be with how MiCA has been put together, what Hong Kong has just come out with the U.K. paper from Treasury. All of these papers have common threads about using existing regulatory frameworks to be able to drive the way that this space should evolve.

在我們觀察監管清晰度不斷提高的其他市場的同時，這為這些討論如何向前發展建立了一個合理的模板。並且有很多相似的線索，無論是關於 MiCA 的組合方式，還是香港剛剛從財政部發布的英國文件。所有這些論文都有關於使用現有監管框架來推動該領域發展方式的共同思路。

So pleased to see that the attention that we're getting. Hopeful that through the course of this year, we'll see the clarity. And we need to move away from just defining where the third rail is and into something that is a comprehensive framework that allows us to operate the business and continue to innovate.

很高興看到我們受到關注。希望在今年的過程中，我們會看到清晰度。我們需要從僅僅定義第三條軌道的位置轉變為一個全面的框架，使我們能夠經營業務並繼續創新。

Okay. That's helpful. And then, Karen, I don't think we heard anything incrementally on the 2023 revenue outlook that you gave last quarter. So I'm just wondering if we should still be assuming the $62 million to $72 million range on revenue is still the base expectation?

好的。這很有幫助。然後，凱倫，我認為我們沒有聽到關於你上個季度給出的 2023 年收入前景的任何增量。所以我只是想知道我們是否仍然應該假設 6200 萬到 7200 萬美元的收入範圍仍然是基本預期？

And then as a part of that, the Apex contribution for this year, I just want to make sure, am I understanding the slides correctly as Apex contributing $6 million to $8 million to full year net revenue post close? Or is that the full year number and you're only going to get a portion of that for the 3 quarters that you had in the revenue base?

然後作為其中的一部分，今年的 Apex 貢獻，我只是想確定，我是否正確理解幻燈片，因為 Apex 在收盤後為全年淨收入貢獻了 600 萬至 800 萬美元？或者這是全年的數字，您只會在收入基礎中的 3 個季度中獲得其中的一部分？

Happy to answer that. So in terms of the guidance that we gave last quarter, which was obviously excluding Apex Crypto, we did not provide an update on that. Typically, what we do is as we do our midyear update as far as the second quarter review, that's our time to look at whether we need to provide any updates to that guidance. And certainly, we would do that on a combined company basis now that we have closed on Apex. So no updates to revenue guidance there.

很高興回答這個問題。因此，就我們上個季度給出的指導而言，顯然不包括 Apex Crypto，我們沒有提供更新。通常，我們所做的是在第二季度審查之前進行年中更新，這是我們研究是否需要對該指南進行任何更新的時間。當然，既然我們已經關閉了 Apex，我們將在合併後的公司基礎上這樣做。所以那裡沒有更新收入指導。

In terms of the presentation, the numbers that you were seeing in terms of the $6 million to $8 million are full year numbers. So if you think about the fact that we will pick up those revenues starting in the second quarter, I can say that for the first quarter of 2023, the Apex net gross margin or net contribution was $1.3 million. So you could basically say the rest of that in that range is what we'd expect now that they are part of our results.

就演示而言，您看到的 600 萬至 800 萬美元的數字是全年數字。因此，如果你考慮一下我們將從第二季度開始獲得這些收入這一事實，我可以說在 2023 年第一季度，Apex 的淨毛利率或淨貢獻為 130 萬美元。所以你基本上可以說這個範圍內的其餘部分是我們現在所期望的，因為它們是我們結果的一部分。

Our next question comes from the line of Peter Christiansen of Citigroup.

我們的下一個問題來自花旗集團的 Peter Christiansen。

Just a couple on Apex. I mean it looks like at least the net take rate was kind of like mid- to high 20s last year. It's kind of been drifting higher. Now kind of low 30s, like 33, 34 basis points, somewhere around there. Can you talk about what's driving that? Is it underlying client mix or token mix activity-wise? And then I have a follow-up.

Apex 上只有一對。我的意思是，看起來至少去年的淨接受率有點像 20 多歲的中高水平。它有點飄高了。現在有點低 30s，比如 33、34 個基點，大約在那裡。你能談談是什麼推動了它嗎？它是基礎客戶組合還是令牌組合活動？然後我有一個後續行動。

Pete, I'd be happy to take that one. So similar to how we've talked about how the organic Bakkt crypto offerings work, every Apex client has an agreed upon spread upon which we -- that we add to crypto buyers themselves. And so that does differ client by client. And then from there, beyond just the cost of the billing and the purchases of crypto, there is what has been termed a correspondence. That's really a rev share with the clients. Again, that is -- differs client by client. So if you are seeing mixes there, it tends to be driven by the relative trading volume by each client's underlying customer mix.

皮特，我很樂意接受那個。與我們談論有機 Bakkt 加密產品如何運作的方式非常相似，每個 Apex 客戶都有一個商定的價差，我們將其添加到加密買家自己。因此，這確實因客戶而異。然後從那裡開始，除了計費成本和購買加密貨幣之外，還有所謂的通信。這真的是與客戶的收益分享。再次強調，客戶因客戶而異。因此，如果您在那裡看到混合，它往往是由每個客戶的基礎客戶組合的相對交易量驅動的。

That's helpful. And then looking at the outlook for Apex to be free cash flow breakeven, I'm assuming that at current crypto prices, if we were to test that like scenario analysis, maybe plus 10%, minus 10% for crypto values, I would imagine the free cash flow change would be kind of like single millions of dollars. Is that the right assumption and the way to think about it as we stress test our models?

這很有幫助。然後看看 Apex 的自由現金流盈虧平衡的前景，我假設在當前的加密貨幣價格下，如果我們像情景分析那樣測試它，我想加密價值可能會增加 10%，負 10%，我想自由現金流的變化有點像數百萬美元。當我們對模型進行壓力測試時，這是正確的假設和思考方式嗎？

Obviously, the gross revenue is -- as crypto prices go up, gross revenue goes up, but then also the cost of the crypto that we provide in the rev share goes up proportionally. So I mean, I would think about it in terms of that take rate being about the same. But certainly, the -- it's based on gross volume that is being influenced by both crypto prices and the actual volume of coins that are being actively bought and sold, yes.

顯然，總收入是——隨著加密貨幣價格上漲，總收入上升，但我們在收入份額中提供的加密貨幣成本也會按比例上升。所以我的意思是，我會考慮採用率大致相同的情況。但可以肯定的是，它是基於受加密貨幣價格和正在積極買賣的硬幣的實際數量影響的總量，是的。

Okay. I just wanted to understand the fixed cost relationship down to operating income. Okay.

好的。我只是想了解固定成本與營業收入的關係。好的。

Our next question comes from the line of Jeff Cantwell of Wells Fargo.

我們的下一個問題來自富國銀行的 Jeff Cantwell。

Congrats on closing Apex Crypto. I wanted to ask you a couple on that. If we go to Slide 10 of your presentation, can you walk us through your assumptions for the back half of this year for Apex Crypto gross revenue? What are sort of the underlying assumptions that would drive the gross revenue to improve sequentially versus the front half of the year?

恭喜關閉 Apex Crypto。我想問你幾個。如果我們轉到您演示文稿的幻燈片 10，您能否向我們介紹一下您對今年下半年 Apex Crypto 總收入的假設？與上半年相比，推動總收入環比改善的基本假設是什麼？

I'm just trying to think through some of the underlying drivers in terms of active accounts and assets on the custody and crypto-enabled accounts, and so forth. So what were the assumptions that you're currently contemplating for the back half of this year?

我只是想從託管賬戶和啟用加密賬戶的活躍賬戶和資產等方面思考一些潛在的驅動因素。那麼，您目前正在考慮今年下半年的假設是什麼？

I can certainly take that. So if you think about how we make money at the crypto activity, obviously, it starts with the access to the number of accounts we have now. We acquired over 5.5 million active accounts when we closed the deal. The percentage of those accounts actively trading in any period and at what notional and how frequently is really one of the behavioral drivers that we look at.

我當然可以接受。因此，如果你考慮我們如何在加密貨幣活動中賺錢，顯然，它首先要訪問我們現在擁有的賬戶數量。當我們完成交易時，我們獲得了超過 550 萬活躍賬戶。這些賬戶在任何時期內活躍交易的百分比以及名義上的交易頻率和交易頻率實際上是我們關注的行為驅動因素之一。

So we look at that activity over time in the trend. So even for instance, if we didn't pick up an additional client relationship for the end of the year, one of the things that we've ranged is, based on the data we have over time, what do we expect that transaction behavior to look like.

因此，我們在趨勢中隨著時間的推移觀察該活動。因此，即使舉例來說，如果我們在年底沒有建立額外的客戶關係，我們已經確定的其中一件事是，根據我們隨時間推移獲得的數據，我們對交易行為的預期是什麼看起來像。

And then on top of that, as we've mentioned, Apex brought to us a great pipeline of additional client opportunities. So we are actively working on -- some of them are signed in and in the process of activating, others are getting to the sign phase. So that range also reflects our analysis in terms of additional clients coming on to the platform and bringing their customers with them.

然後最重要的是，正如我們所提到的，Apex 為我們帶來了大量額外的客戶機會。因此，我們正在積極開展工作——其中一些已經登錄並正在激活過程中，其他人正在進入簽名階段。因此，該範圍也反映了我們對更多客戶進入該平台並將其客戶帶到平台方面的分析。

Okay. Great. And then to follow up on Trevor's question earlier about the prior guidance that you gave for the full year. Can you -- without -- it doesn't sound like you give numbers this quarter, but you will next quarter. But can you help us think through what you're thinking is now about -- there's so much happening with macro and so forth, but what is your thinking about the business now relative to 3 months ago? Or any kind of color you can give us in terms of just sort of providing us an update on how you're thinking about how the full year will play out?

好的。偉大的。然後跟進 Trevor 早些時候提出的關於您為全年提供的先前指導的問題。你能不能——沒有——聽起來你本季度沒有給出數字，但下個季度你會。但是你能幫我們想想你現在在想什麼——宏觀上發生了很多事情等等，但相對於 3 個月前，你現在對業務的看法是什麼？或者你可以給我們任何一種顏色，只是向我們提供你對全年將如何發展的看法的最新情況？

Yes. So when we talked last quarter about the revenue guidance, obviously, one of the things we talked about is we've got a steady-state long history with our loyalty business that provides a range. And then we also talked about the crypto contribution pre-Apex coming from our traditional pipeline of traditional finance clients more at the end of the year. So one of the things that we are constantly looking at is where do we see the momentum to start picking up activations on the TradFi space.

是的。因此，當我們上個季度談到收入指導時，很明顯，我們談到的一件事是我們的忠誠度業務有著穩定的長期歷史，提供了一個範圍。然後我們還談到了在年底更多地來自傳統金融客戶的傳統管道的 Apex 前加密貨幣貢獻。因此，我們一直在關注的一件事是，我們在哪裡可以看到開始在 TradFi 空間上獲得激活的勢頭。

And one of the things that -- as we think about now, the fact that Apex is part of the combined company, depending on what we see in the environment especially from a regulatory perspective, this now allows us the chance to pivot resources and focus to these subset for instance. We continue to see softness on traditional finance companies wanting to estimate because of the uncertainty in the U.S. regulatory environment. We will very quickly pivot to focusing more on the efforts where we see more of the immediate opportunities for activation and expansion. So I think all of this has come together as we think about and prepare for how we want to update our investors as part of second quarter earnings in terms of the combined potential of the company.

其中一件事——正如我們現在所想的那樣，Apex 是合併後公司的一部分，這取決於我們在環境中看到的情況，尤其是從監管角度來看，這現在讓我們有機會調整資源並集中精力例如這些子集。由於美國監管環境的不確定性，我們繼續看到希望進行估算的傳統金融公司疲軟。我們將很快轉向更多地關注我們看到更多立即激活和擴展機會的工作。因此，我認為在我們考慮並準備我們希望如何根據公司的綜合潛力向投資者更新第二季度收益的一部分時，所有這些都匯集在一起。

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

我們的下一個問題來自 Water Tower Research 的 John Roy。

So Karen, obviously, there's been a lot of discussion about Apex. I was wondering, have you given any thought or can you give us any color on what new metrics or line items we might be seeing when you start doing disclosure, combine the company? That would be helpful.

所以 Karen，顯然，關於 Apex 的討論很多。我想知道，當你開始披露、合併公司時，你有沒有想過或能給我們一些關於我們可能會看到的新指標或項目的任何顏色？那會很有幫助。

Yes. So great question, John. One of the things that I'm sure people have noticed when they looked at Page 10 of our presentation and we are talking in terms of gross revenue, and that is a different way of presenting compared to how we have talked about our legacy loyalty business, which is on a net revenue basis. Some of that is just based on the accounting rules around how we have to report that crypto activity relative to how we fill this buy/sell orders. So in accounting jargon, we are considered the principal in these transactions. So every gross dollar -- crypto that we sell becomes first revenue, and then we separately have to identify the cost of fulfilling those orders like the cost of goods sold as well as the correspondent fees, the business share and any brokerage fee to really get to the net contribution.

是的。這麼好的問題，約翰。我敢肯定，人們在查看我們演示文稿的第 10 頁時已經註意到的一件事是，我們談論的是總收入，與我們談論傳統忠誠度業務的方式相比，這是一種不同的呈現方式，以淨收入為基礎。其中一些只是基於關於我們如何報告與我們如何填寫此買/賣訂單相關的加密活動的會計規則。所以用會計術語來說，我們被認為是這些交易的委託人。因此，我們出售的每一美元——加密貨幣都會成為第一筆收入，然後我們必須分別確定履行這些訂單的成本，如銷售商品的成本以及相應的費用、業務份額和任何經紀費用，才能真正獲得對淨貢獻。

So one of the things that you'll see in the second quarter is how we will come together now with 2 very different income statement presentations for the 2 sides of our business. Apex Crypto activity, which will be on a gross basis, and then our loyalty business that will continue to be on that basis. We definitely intend, as Gavin mentioned, to complement that and expand that with the other KPIs that we were presenting historically. So if you think about things like number of asset accounts and the dollar value of transactions for transactions, that has relevance on both the loyalty and the crypto side of our business.

因此，您將在第二季度看到的一件事是，我們現在將如何為我們的業務雙方提供 2 份截然不同的損益表。 Apex Crypto 活動將以總額為基礎，然後我們的忠誠度業務將繼續以此為基礎。正如 Gavin 所提到的，我們絕對打算用我們過去提出的其他 KPI 來補充和擴展它。因此，如果您考慮諸如資產賬戶數量和交易交易的美元價值之類的事情，這與我們業務的忠誠度和加密方面都有相關性。

So we look forward to seeing that, present that on a combined basis so investors can really understand what is our reach in terms of customers and active customers on our platform every quarter and what type of growth activity in dollar terms is going through the platform so investors can really see the impact, the contribution of all that activity to, call it, net revenue or gross profit.

因此，我們期待看到，在綜合的基礎上展示這一點，以便投資者能夠真正了解我們每個季度在我們平台上的客戶和活躍客戶方面的影響力，以及通過該平台進行的以美元計算的增長活動類型，所以投資者可以真正看到所有這些活動對淨收入或毛利潤的影響和貢獻。

The other thing that you heard us mention on Page 9, even looking at the total number of crypto-enabled accounts we think will provide a very good measure of how we continue to sign new clients and then activate our underlying customers. And then the notional crypto volumes, again, is something that we will show and compare to what we are seeing in the industry. So far, what we have seen is Apex Crypto, prior to the acquisition, performed very consistently with the broader market trends. So we think continuing to provide that data will be helpful for our investors to understand the performance and the potential of the company.

您聽到我們在第 9 頁提到的另一件事，即使查看我們認為啟用加密貨幣的帳戶總數，也可以很好地衡量我們如何繼續與新客戶簽約，然後激活我們的潛在客戶。然後，我們將再次展示名義上的加密貨幣數量，並將其與我們在行業中看到的進行比較。到目前為止，我們所看到的是，在收購之前，Apex Crypto 的表現與更廣泛的市場趨勢非常一致。因此，我們認為繼續提供這些數據將有助於我們的投資者了解公司的業績和潛力。

Great. And on the expense management side, obviously, you've taken a fair number of actions this quarter and previously. I was -- and you had a cash burn of, what, $33 million this quarter. Is that likely to continue to be that way in terms of the cash burn? Can you give us any color there?

偉大的。在費用管理方面，顯然，您在本季度和之前採取了相當多的行動。我是 - 這個季度你有 3300 萬美元的現金消耗。就現金消耗而言，這種情況可能會繼續下去嗎？你能給我們任何顏色嗎？

That's going to go down. I mean, one of the things that you'll see go down most notably in the second quarter is when we think about our compensation expense, the tough decisions that we had to make around headcount in March, those aren't going to really manifest themselves in the compensation expense until we get to the second quarter. .

那會下降的。我的意思是，你會在第二季度看到最顯著下降的事情之一是當我們考慮我們的薪酬支出時，我們必須在 3 月份圍繞員工人數做出艱難的決定，這些不會真正體現出來在我們進入第二季度之前，他們自己承擔補償費用。 .

So we certainly expect compensation expense to go down. As I mentioned, there will continue to be some one-timers in the second quarter as we pay deal costs associated with Apex Crypto loans. But generally speaking, I would say that Q1 is a high, even on a normalized basis, it is a -- probably the highest cash burn quarter that we're going to have, and we certainly expect those expenses to continue to decline.

因此，我們當然預計補償費用會下降。正如我所提到的，在我們支付與 Apex Crypto 貸款相關的交易成本時，第二季度將繼續有一些一次性的。但總的來說，我會說第一季度很高，即使在正常化的基礎上，這可能是我們將擁有的最高現金消耗季度，我們當然預計這些費用將繼續下降。

As there are no additional questions waiting at this time, I'd like to hand the conference back over to the management team for closing remarks.

由於此時沒有其他問題等待，我想將會議交還給管理團隊以作閉幕詞。

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

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。祝你有美好的一天。

Ladies and gentlemen, this concludes our event. You may now disconnect your lines.

女士們，先生們，我們的活動到此結束。您現在可以斷開線路。