Bakkt Holdings Inc (BKKT) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Bakkt quarter four and full-year 2023 earnings conference call. (Operator Instructions)

您好，歡迎參加 Bakkt 第四季和 2023 年全年財報電話會議。 （操作員說明）

As a reminder, this conference call is being recorded. I will now turn the call over to Andrew Weiss, Head of Investor Relations at Bakkt. Please go ahead.

謹此提醒，本次電話會議正在錄音中。我現在會把電話轉給 Bakkt 投資人關係主管 Andrew Weiss。請繼續。

Good evening, and thank you for joining us for Bakkt's fourth-quarter earnings call. Today's presentation, including 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.

晚上好，感謝您參加 Bakkt 第四季財報電話會議。今天的簡報，包括單獨的收益電話會議簡報（可在我們的投資者關係網站 www.investors.bakkt.com 上找到）將包含某些前瞻性陳述。這些陳述是基於管理階層目前的預期，並受到風險和不確定性的影響，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有重大差異。

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.

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，請參閱其向美國證券交易委員會提交的文件。

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 afternoon with the SEC.

在今天的演示中，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公認會計準則財務指標。有關此方面的更多資訊、我們的財務表現和非公認會計原則衡量標準的列報基礎，請參閱今天下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 Andy Main, Bakkt's incoming Chief Executive Officer; and Karen Alexander, Chief Financial Officer. After our prepared remarks, we will answer questions we receive from our investors through the same technologies platform. After that, Andy and Karen will be available to answer questions from the analyst community.

參加今天電話會議的還有 Bakkt 即將上任的執行長 Andy Main；和凱倫·亞歷山大，首席財務官。在我們準備好的發言之後，我們將透過同一技術平台回答投資人提出的問題。之後，安迪和凱倫將回答分析師社群的問題。

I'll now turn it over to Andy.

我現在把它交給安迪。

Thank you, Andrew, and good evening, everyone. It's great to speak to you on my first Bakkt's earnings call. Let me first start off by saying how excited to be Bakkt's CEO. I want to thank you for being here today and for your ongoing interest in Bakkt. Seeing it's our first time together, I thought I should do a quick introduction with a focus on my most recent experience.

謝謝你，安德魯，大家晚上好。很高興在我的第一次 Bakkt 財報電話會議上與您交談。首先我要說的是，成為 Bakkt 的執行長是多麼興奮。我要感謝您今天來到這裡以及您對 Bakkt 的持續關注。看到這是我們第一次在一起，我想我應該做一個簡短的介紹，重點介紹一下我最近的經歷。

I've been working in digital platforms, championing technologies and selling products for the bulk of my career. Starting in 2013, I was the head of Deloitte Digital, and over seven years, grew that business from a startup into a multi-billion-dollar business and a globally recognized brand.

我職業生涯的大部分時間都在數位平台工作，倡導科技並銷售產品。從 2013 年開始，我擔任德勤數位部門的負責人，七年多的時間裡，該業務從一家新創公司發展成為價值數十億美元的企業和全球知名品牌。

After that, in 2020, I moved on to become Ogilvy's Global CEO, where I led a rapid turnaround of a then lagging business to become the world's leading creative agency in just two years, one year ahead of market expectations. I have also been a Bakkt Board member since October 2021. I've certainly gained a lot of satisfaction from achieving the ambitions of those businesses. So that's enough about me.

此後，2020年，我出任奧美全球首席執行官，帶領當時落後的業務迅速扭虧為盈，在短短兩年內成為全球領先的創意機構，比市場預期提前了一年。自 2021 年 10 月起，我也成為 Bakkt 董事會成員。我確實從實現這些企業的雄心壯誌中獲得了極大的滿足感。我就夠了。

And now, onto talking about Bakkt. So on page 4, I'm excited to share my perspectives on the business. Let's first start by talking about what's happening in the markets. 2023 undoubtedly brought some challenges and as the market spent the first half of the year rebounding from the industry events of 2022. But with the new milestones, like the approval of Spot Bitcoin ETFs and new record bitcoin price highs, we finally began to see strong tailwinds.

現在，談談 Bakkt。因此，在第 4 頁，我很高興分享我對業務的看法。讓我們先討論市場上正在發生的事情。 2023 年無疑帶來了一些挑戰，上半年市場從 2022 年的行業事件中反彈。但隨著新的里程碑，例如現貨比特幣 ETF 的批准和比特幣價格創下新高，我們終於開始看到強勁的表現順風。

In Q1 2024, we are already seeing higher transaction volumes from our retail clients as their target audiences and customers are showing greater interest in crypto. So we're cautiously optimistic that with all the positive developments we have seen in crypto, the markets will continue to stabilize and improve.

在 2024 年第一季度，我們已經看到零售客戶的交易量增加，因為他們的目標受眾和客戶對加密貨幣表現出了更大的興趣。因此，我們謹慎樂觀地認為，隨著我們在加密貨幣領域看到的所有積極發展，市場將繼續穩定和改善。

Moving on to Bakkt, we have a strong foundation, and I'm very proud of what the company has accomplished to date. Our team has spent significant time and resources developing the Bakkt platform. And I can say with confidence that our products are in a strong position. We have robust custody and trading solutions that appeal to both institutional and retail clients, who along with Bakkt, are positioned to benefit from the positive market turn.

轉向 Bakkt，我們擁有堅實的基礎，我對公司迄今為止所取得的成就感到非常自豪。我們的團隊花費了大量時間和資源來開發 Bakkt 平台。我可以自信地說，我們的產品處於有利地位。我們擁有強大的託管和交易解決方案，對機構和零售客戶都有吸引力，他們與 Bakkt 一起將從積極的市場轉變中受益。

My perspective on our clients and partnerships is that we are well positioned to grow from the strong base. We provide a strong value proposition to clients and emphasize that we offer the leading client experience in the industry. For example, taking as little as a few weeks to activate our solutions for our clients. The speed of activation makes Bakkt a strong partner for growth. And in fact, Bakkt, your partner for growth, it is the North Star for business, which we will amplify and demonstrates via our behavior in the marketplace.

我對我們的客戶和合作夥伴的看法是，我們處於有利的地位，可以在堅實的基礎上成長。我們為客戶提供強大的價值主張，並強調我們提供業內領先的客戶體驗。例如，只需幾週的時間即可為客戶啟動我們的解決方案。活化速度使 Bakkt 成為強大的成長合作夥伴。事實上，Bakkt，您的成長合作夥伴，它是業務的北極星，我們將透過我們在市場上的行為來放大和展示這一點。

Next, I'd like to address what this movement means for the company. The reason the Board appointed me as CEO is because Bakkt is at an inflection point. Given our strong position with the Bakkt platform, the focus at this particular inflection point is now to scale the business. And to build on what I said as part of my introduction, I've got the experience in commercializing powerful product platforms, scaling young businesses, and being market, client, and partner focused. And the Board believes that these are some of the ingredients and the skills that Bakkt needs now.

接下來，我想談談這項運動對公司意味著什麼。董事會任命我為執行長的原因是 Bakkt 正處於轉折點。鑑於我們在 Bakkt 平台上的強勢地位，現在這個特定拐點的重點是擴大業務規模。基於我在介紹中所說的內容，我在將強大的產品平台商業化、擴展年輕企業以及以市場、客戶和合作夥伴為中心方面擁有豐富的經驗。董事會認為，這些是 Bakkt 現在需要的一些要素和技能。

In addition to the inflection point around scale, we are also at a financial inflection point. We were pleased to quickly close the transaction of our recent capital raise and can confidently that for the proceeds and the other available cash alleviate the conditions that initially raised out about our ability to continue as a going-concern. This additional capital significantly adds to our balance sheet and will help fund the future of our business, providing stability as we continue to focus on executing for our clients and partners, broadening our network and driving revenue.

除了規模拐點之外，我們還處於財務拐點。我們很高興能迅速完成最近的融資交易，並且可以自信地認為，所得款項和其他可用現金緩解了最初提出的有關我們持續經營能力的條件。這筆額外資本顯著增加了我們的資產負債表，並將有助於為我們業務的未來提供資金，為我們繼續專注於為客戶和合作夥伴執行、擴大我們的網絡和增加收入提供穩定性。

I understand the circumstances of the transaction have resulted in dilution of our stock, which has contributed to the drop in our share price. As you recently received notice from the New York Stock Exchange that our stock price does not currently meet the minimum share price requirement, I want to assure folks that we are committed to remaining publicly listed. We understand disappointment and frustration in response to this recent news, but it's important to note that this notice does not result in immediate delisting.

我了解交易的情況導致我們的股票被稀釋，從而導致我們的股價下跌。由於您最近收到紐約證券交易所的通知，表示我們的股價目前未達最低股價要求，我想向大家保證，我們致力於保持公開上市。我們理解人們對最近的消息感到失望和沮喪，但值得注意的是，該通知不會導致立即除名。

To resolve this issue, we plan to pursue a reverse stock split, which we subject to shareholder vote. Ultimately, we strongly believe that this capital raise was the best path forward to scale our business and drive back towards profitability.

為了解決這個問題，我們計劃進行反向股票分割，並接受股東投票。最終，我們堅信此次融資是擴大我們業務並恢復獲利的最佳途徑。

Now is the time for growth. And the good news is that I believe we have the right platform, the right products, the right strategy, and the right team in place to make that happen. We are laser-focused on enhancing shareholder value by executing on top-line growth and being disciplined about costs. We will focus on scaling the business by driving efficient and focused execution.

現在是成長的時期。好消息是，我相信我們有正確的平台、正確的產品、正確的策略和正確的團隊來實現這一目標。我們專注於透過實現營收成長和嚴格控製成本來提高股東價值。我們將專注於透過推動高效、專注的執行來擴大業務。

Over time, you'll see us shift our business mix to include more recurring revenue streams, which is not only great for our clients, but helps Bakkt of longer-term predictable client relationships. We'll also focus on prudent expense management to demonstrate strong operational performance. I believe there are several opportunities we can focus on to fine tune our operations and put us on the Bakkt's path towards profitability. Together, these actions will accelerate our drive towards self sustainable growth.

隨著時間的推移，您會看到我們改變業務組合，納入更多經常性收入來源，這不僅對我們的客戶有利，而且有助於 Bakkt 建立長期可預測的客戶關係。我們也將專注於審慎的費用管理，以展現強勁的營運績效。我相信我們可以抓住幾個機會來微調我們的運營，讓我們走上 Bakkt 的獲利之路。這些行動將共同加速我們實現自我永續成長。

Lastly, I look forward to capitalizing on the market opportunity in crypto. We see that the demand environment is improving, which is driving increased volumes through the Bakkt platform. And I'm very excited about the position we are in.

最後，我期待著利用加密貨幣的市場機會。我們看到需求環境正在改善，這推動了 Bakkt 平台交易量的增加。我對我們所處的位置感到非常興奮。

Moving on to slide 5, I'd like to elaborate on the overall strength and efficiency of the Bakkt platform, which we've spent years investing in, is unique in the market, and differentiates us from most other crypto providers. When you look at why our clients choose Bakkt, there are three compelling reasons I'd like to walk through today.

轉到幻燈片5，我想詳細介紹Bakkt 平台的整體實力和效率，我們花了數年時間投資該平台，該平台在市場上是獨一無二的，並使我們與大多數其他加密貨幣提供商區分開來。當您了解我們的客戶選擇 Bakkt 的原因時，我今天想介紹三個令人信服的理由。

First and foremost, Bakkt stands out because of our status as a highly regulated public company listed on the New York Stock Exchange. Our clients can have confidence that Bakkt will prioritize the safety of their assets.

首先，Bakkt 之所以脫穎而出，是因為我們是一家在紐約證券交易所上市、受到嚴格監管的上市公司。我們的客戶可以相信 Bakkt 會優先考慮其資產的安全。

And let's not forget about the Bakkt Trust. Our custody solution is operated under Bakkt Trust Company, LLC, NYDFS regulated custodian. We keep Bakkt's custody and trading function separates to provide additional protection and minimize potential conflicts of interest. Bakkt's custody entity maintains a separate and independent Board, solely focused on holding safe and effective operations.

我們不要忘記 Bakkt 信託基金。我們的託管解決方案由受 NYDFS 監管的託管人 Bakkt Trust Company, LLC 營運。我們將 Bakkt 的託管和交易功能分開，以提供額外的保障並最大程度地減少潛在的利益衝突。 Bakkt 的託管實體設有一個單獨且獨立的董事會，僅專注於安全有效的營運。

Our experience and expertise in the complexity of security and compliance give our clients the peace of mind that they reserve and they need. And in fact, we continue to invest heavily in these areas and incorporate the latest standards and best practices. And a great example of this is our recently launched collaborative custody, which addresses single point of failure risk.

我們在安全性和合規性複雜性方面的經驗和專業知識讓我們的客戶高枕無憂。事實上，我們繼續在這些領域進行大量投資，並採用最新的標準和最佳實踐。我們最近推出的協作託管就是一個很好的例子，它解決了單點故障風險。

The second compelling reasons why clients choose us is that we partner with clients to enable their growth. Crypto moves fast and so does our ability to scale up and grow quickly when the markets shift. The Bakkt platform is very versatile, and we work closely alongside our clients to help their product offerings to grow, which creates a compelling growth flywheel for Bakkt's own business.

客戶選擇我們的第二個令人信服的理由是我們與客戶合作以促進他們的成長。加密貨幣發展得很快，當市場改變時，我們擴大規模和快速成長的能力也隨之增強。 Bakkt 平台用途廣泛，我們與客戶密切合作，幫助他們的產品成長，這為 Bakkt 自身業務創造了引人注目的成長飛輪。

And the third reason why clients choose Bakkt is that we help solve for accessibility. Our experience across both traditional finance and crypto means that we can help our clients navigate both worlds seamlessly. Bakkt serves as the on-ramp to crypto for our clients, so in turn, they can offer dynamic flexible solutions for their customers.

客戶選擇 Bakkt 的第三個原因是我們協助解決無障礙問題。我們在傳統金融和加密領域的經驗意味著我們可以幫助我們的客戶無縫地駕馭這兩個世界。 Bakkt 是我們客戶進入加密貨幣的入口，因此他們可以為客戶提供動態且靈活的解決方案。

Moving along to slide 6. In the year ahead, we're going to be laser-focused on three strategic priorities. Firstly, growing our client network and going deeper with existing relationships. Secondly, expanding our products solutions and the Bakkt ecosystem. And thirdly, prudently managing our expenses.

繼續看投影片 6。在未來的一年裡，我們將專注於三個策略重點。首先，擴大我們的客戶網絡並加深現有關係。其次，擴展我們的產品解決方案和 Bakkt 生態系統。第三，審慎管理開支。

Let me just touch on each of these very quickly. So what does that look like in practice on the client side? Well, that means continuing to execute on our land-and-expand strategy, expanding our business internationally, forming new relationships globally, and growing the network of crypto native neobank and fintech clients.

讓我快速地談談其中的每一個。那麼在客戶端的實踐中這是什麼樣的呢？嗯，這意味著繼續執行我們的土地擴張策略，在國際上擴展我們的業務，在全球範圍內建立新的關係，並發展加密原生新銀行和金融科技客戶網絡。

On the product side, not only will be bringing Bakkt's products to more businesses, but we'll also expand our product offering by introducing complementary institutional cryptic capabilities such as collaborative custody and institutional trading. And as we do this, a major driver is the strength and extent of Bakkt ecosystem and create greater focus on our marketplace relationships with our business partners.

在產品方面，我們不僅將 Bakkt 的產品帶給更多企業，還將透過引入協作託管和機構交易等互補的機構加密功能來擴大我們的產品範圍。當我們這樣做時，主要驅動力是 Bakkt 生態系統的實力和範圍，並更加關注我們與業務合作夥伴的市場關係。

And then on the expense side, we're going to clearly grow our business while prudently managing expenses. We've already made progress on this front, and we're going to continue to identify opportunities to strategically allocate capital and manage our operating costs. So these three strategic priorities are how we will accomplish our goals of creating sustainable shareholder value and reinvigorating our investors' confidence in us.

然後在費用方面，我們將在審慎管理費用的同時明確發展我們的業務。我們已經在這方面取得了進展，我們將繼續尋找機會來策略性地分配資本和管理我們的營運成本。因此，這三個策略重點是我們如何實現創造永續股東價值和重振投資者對我們信心的目標。

Moving on to slide 7, I'd like to talk about retail crypto trading as a driver of our growth in 2024. Our crypto trade offering is a dynamic platform that allows us to offer a suite of solutions, including trade, coin transfer, and fee on ramps. Throughout 2023, we strengthened our product offerings and signed new clients to our retail trading network, which positions us to drive revenue in 2024. We will be providing our advanced end-to-end capabilities to new retail clients, including notable crypto names like Mobilum and BitGen.

轉到幻燈片 7，我想談談零售加密貨幣交易是我們 2024 年成長的驅動力。我們的加密貨幣交易產品是一個動態平台，使我們能夠提供一套解決方案，包括交易、代幣轉帳和坡道費。 2023 年全年，我們加強了產品供應，並為我們的零售交易網絡簽署了新客戶，這使我們能夠在2024 年推動收入成長。我們將為新零售客戶提供先進的端到端功能，包括Mobilum等著名的加密貨幣名稱和 BitGen。

International expansion also continues to be a key focus when it comes to scaling our business. We recently shared that we've gone live with a digital brokerage, SogoTrade in Hong Kong and Singapore, both very fast-moving crypto hubs. We continued to expand the long-term relationship with Hapi, a stock trading platform. We're now live together in Brazil, Guatemala, and Spain, which builds already on live capabilities in Argentina and Mexico.

在擴大我們的業務方面，國際擴張也仍然是關鍵焦點。我們最近透露，我們已經在香港和新加坡與數位經紀公司 SogoTrade 合作，這兩個國家都是快速發展的加密貨幣中心。我們持續擴大與股票交易平台 Hapi 的長期合作關係。我們現在在巴西、瓜地馬拉和西班牙一起生活，這已經建立在阿根廷和墨西哥的現場能力之上。

Since these recent expansions, we've also been live in Taiwan, which will broaden our reach in Asian markets even further. As we enter new international markets, we're working with our clients to cater to their preferences and position Bakkt's technology and offering to meet each market's demands. This includes investing in the support of new coin pairs in order to lay the groundwork for more trading volume as we expand.

自從最近的這些擴張以來，我們也已在台灣開展業務，這將進一步擴大我們在亞洲市場的影響力。當我們進入新的國際市場時，我們正在與客戶合作，以滿足他們的偏好，並定位 Bakkt 的技術和產品，以滿足每個市場的需求。這包括投資支持新的貨幣對，以便為我們擴張時增加交易量奠定基礎。

We have built a broad network of clients that allows us to take advantage of the tailwinds we've seeing industry wide. Our notional trading volumes have been very strong this month, with March [quarterly] volume up over 26% from Q4 2023. Our client assets under custody also continues to trend upwards, having recently surpassed USD1 billion. The crypto industry has undoubtedly been volatile over the past few years, but I believe we're beginning to see indications that the trading environment is improving and Bakkt is well positioned to take advantage of this positive market shift.

我們建立了廣泛的客戶網絡，使我們能夠利用我們在整個行業中看到的順風車。本月我們的名目交易量非常強勁，3 月份[季度]交易量較 2023 年第四季度增長了 26% 以上。我們託管的客戶資產也繼續呈上升趨勢，最近已超過 10 億美元。加密貨幣行業在過去幾年中無疑一直在波動，但我相信我們開始看到交易環境正在改善的跡象，並且 Bakkt 處於有利位置，可以利用這種積極的市場轉變。

Moving ahead to slide 8, let's talk about how we will further expand our institutional crypto capabilities, which will provide significant opportunities for growth. Since Bakkt relaunched our custody platform in Q4, we witnessed that the industry reached important milestones such as the SEC approval for Spot Bitcoin ETFs. This had led to astonishing institutional interest in growth in crypto.

繼續看投影片 8，我們將討論如何進一步擴展我們的機構加密能力，這將提供重大的成長機會。自從 Bakkt 在第四季度重新推出我們的託管平台以來，我們見證了該行業達到了重要的里程碑，例如 SEC 批准現貨比特幣 ETF。這引起了機構對加密貨幣成長的驚人興趣。

For our institutional client segment, Bakkt's highly secure and compliants-first approach to crypto, as well as our institutional-grade customer foundation, uniquely positions us. For example, I'm very excited to share that Bakkt has signed an agreement and intends to provide our secure custodian services to a new bitcoin ETF provider, 7RCC. When they're investment manager launching ETF combining bitcoin and carbon credits, we are in advanced discussions with other bitcoin ETF providers as well.

對於我們的機構客戶群來說，Bakkt 高度安全且合規第一的加密方法以及我們的機構級客戶基礎使我們處於獨特的地位。例如，我非常高興地告訴大家，Bakkt 已簽署協議，並打算向新的比特幣 ETF 提供者 7RCC 提供我們的安全託管服務。當他們作為投資經理人推出結合比特幣和碳信用額的 ETF 時，我們也在與其他比特幣 ETF 提供者進行深入討論。

We also serve as a custodian for newly signed client, BlockWater, a full stack fintech infrastructure platform that has a focus on payments, but also offers custody, trading, and banking. We've also been appointed as a customer provider for Two Prime, an SEC registered investment advisor that works with family offices, institutions, and corporate treasuries, seeking exposure to digital assets. The company has an expertise in risk management and utilizes bespoke investment strategies for each client.

我們也擔任新簽約客戶 BlockWater 的託管人，BlockWater 是一個全端金融科技基礎設施平台，專注於支付，但也提供託管、交易和銀行服務。我們也被任命為 Two Prime 的客戶提供者，Two Prime 是一家 SEC 註冊投資顧問，與家族辦公室、機構和企業財務部合作，尋求數位資產投資。該公司擁有風險管理方面的專業知識，並為每位客戶採用客製化的投資策略。

Our custody solution is highly sticky, and we will build incremental higher-margin solutions on the stock. For example, we've added additional capabilities to our institutional crypto offerings. Bakkt is now available as a key agent for Unchained's enterprise collaborative custody product. This model helps bitcoin holders increase security when safeguarding their assets through the use of a vault, secured by multiple institutional key agents.

我們的託管解決方案具有很高的黏性，我們將在庫存上建立增量更高利潤的解決方案。例如，我們為我們的機構加密產品添加了額外的功能。 Bakkt 現已成為 Unchained 企業協作託管產品的主要代理商。這種模式可以幫助比特幣持有者透過使用由多個機構關鍵代理保護的金庫來保護其資產，從而提高安全性。

By enabling access to NYDFS regulated custody through Unchained's unique platform, we've created a simple and efficient way for us to continue to scale our custodian business. We are also actively working to launch our own high-performance institutional trading venue, also known as an electronic communications network, or ECN. For those not familiar, an ECN is a technology-based solution that enables streamlined, high-speed access, lower costs, and lower latency to spot crypto transactions for institutional clients.

透過 Unchained 獨特的平台存取 NYDFS 監管的託管服務，我們創建了一種簡單而有效的方式來繼續擴展我們的託管業務。我們也積極致力於推出我們自己的高效能機構交易場所，也稱為電子通訊網路或 ECN。對於那些不熟悉的人來說，ECN 是一種基於技術的解決方案，可以為機構客戶提供簡化、高速存取、更低的成本和更低的延遲來發現加密交易。

Collaborative custody and ECN are perfect examples of high-demand products that can be developed at speed by taking advantage of the investment in consumable services that already exist on the Bakkt platform. In turn, this further sharpens our competitive edge and enables opportunities for high-quality revenue streams at low costs, with minimal capital requirements driving us towards profitability.

協作託管和 ECN 是高需求產品的完美範例，這些產品可以透過利用 Bakkt 平台上已有的消費服務投資來快速開發。反過來，這進一步增強了我們的競爭優勢，並為以低成本獲得高品質收入流提供了機會，以最低的資本要求推動我們實現盈利。

I'm excited to share more about our growing capabilities throughout 2024. Now, I'm going to turn over to Karen, who will speak about our financial results. So, Karen, over to you.

我很高興能更多地分享我們在 2024 年不斷增長的能力。現在，我將請凱倫發言，她將談論我們的財務表現。那麼，凱倫，交給你了。

Thanks, Andy. I'll now walk you through our fourth-quarter financial results.

謝謝，安迪。現在我將向您介紹我們第四季的財務表現。

A quick reminder that in accordance with GAAP, we present crypto services revenue and crypto costs and execution clearing and brokerage fees on a gross basis since we are in principal in the crypto services we provide our customers. By contrast, we are an agent in the loyalty redemption services we provide our loyalty customers. So royalty revenue is represented on a one-line net basis.

快速提醒一下，根據公認會計原則，我們以總額為基礎呈現加密服務收入和加密成本以及執行清算和經紀費用，因為我們原則上是為客戶提供加密服務。相較之下，我們是為忠誠客戶提供忠誠兌換服務的代理商。因此，特許權使用費收入是以單行淨值為基礎表示的。

Crypto costs and execution clearing and brokerage fees, which we will refer to as crypto costs and ECB for the remainder of this call, drive growth crypto services revenue. And the difference between these line items represents crypto's trading contribution to margin. Please see the notes section of our earnings presentation for additional detail on crypto services revenue and related costs.

加密成本以及執行清算和經紀費用（在本次電話會議的其餘部分中，我們稱之為加密成本和歐洲央行）推動了加密服務收入的成長。這些項目之間的差異代表了加密貨幣對保證金的交易貢獻。請參閱我們收益演示的註釋部分，以了解有關加密服務收入和相關成本的更多詳細資訊。

Turning to slide 10, we have our fourth-quarter 2023 financial results. We had total revenue of $214.5 million, of which $199.4 million was gross crypto services revenue. Total revenue has increased significantly year over year due to our acquisition of Bakkt Crypto, which close on April 1, 2023. We had $15.1 million of net loyalty services revenue.

轉向投影片 10，我們看到了 2023 年第四季的財務表現。我們的總收入為 2.145 億美元，其中 1.994 億美元是加密服務總收入。由於我們收購了 Bakkt Crypto（該收購於 2023 年 4 月 1 日完成），總收入較去年同期大幅成長。我們的忠誠度服務淨收入為 1,510 萬美元。

Operating expenses were $293 million, which reflects a significant year-over-year increase in crypto costs and ECB, driven by related crypto services activity.

營運支出為 2.93 億美元，反映出加密成本和歐洲央行在相關加密服務活動的推動下同比大幅增長。

During the fourth quarter, in accordance with generally accepted accounting principles, we conducted our annual goodwill and intangible asset impairment testing. Earlier this year, we spoke about strategically allocating more of our capital towards the crypto business, while maintaining existing offerings and relationships in the loyalty business.

第四季度，我們依照公認會計原則進行了年度商譽和無形資產減損測試。今年早些時候，我們談到了策略性地將更多資本分配給加密業務，同時維持忠誠度業務中的現有產品和關係。

Given the pullback and significant investments in the loyalty business, we'd lowered long-term revenue growth expectations for this business. Additionally, the impairment accounting rules do not allow us to consider operating forecasts for new products and markets without an observable performance track record. As a result, we recognized non-cash intangible asset impairments of $37.2 million and non-cash long-lived asset impairments of $30.2 million. These charges are non-cash and do not have any impact on our future operations or our liquidity or cash flow from operating activities.

鑑於忠誠度業務的回落和大量投資，我們降低了對該業務的長期收入成長預期。此外，減損會計規則不允許我們在沒有可觀察業績記錄的情況下考慮新產品和市場的營運預測。因此，我們確認了 3,720 萬美元的非現金無形資產減損和 3,020 萬美元的非現金長期資產減損。這些費用是非現金的，不會對我們未來的營運或我們的流動性或經營活動的現金流產生任何影響。

Operating expenses, excluding crypto costs and ECB and non-cash goodwill intangible assets and long-lived asset impairment charges were $27.8 million. This represents a decrease of 55% year over year. This improvement is primarily due to a reduction in total compensation and benefits and acquisition-related expenses and reflects our commitment to maintaining disciplined expense management.

不包括加密貨幣成本、歐洲央行和非現金商譽無形資產以及長期資產減損費用的營運費用為 2,780 萬美元。這意味著同比下降了 55%。這項改善主要是由於薪資和福利總額以及收購相關費用的減少，反映了我們對維持嚴格的費用管理的承諾。

The net loss for the quarter was $78.7 million, which resulted in a diluted net loss of $0.29 per share on an average diluted share base of 93.1 million shares. Net loss allocated to the non-controlling interest in the operating company was $52 million, leaving a $26.7 million loss attributable to our Bakkt Holdings, Inc., or a net loss of $0.29 per share and an average basic share count of 93.1 million shares.

本季淨虧損為 7,870 萬美元，平均稀釋後股本為 9,310 萬股，每股攤薄淨虧損 0.29 美元。分配給營運公司非控股權益的淨虧損為 5,200 萬美元，Bakkt Holdings, Inc. 的虧損為 2,670 萬美元，即每股淨虧損 0.29 美元，平均基本股數為 9,310 萬股。

Following our recent capital raise, our total share count as of March 15 is 321.7 million shares. Following the capital raise, ICE still remains our largest shareholder as they own 55% of our aggregate shares. Note that their percent ownership is down due to new Class A share issuances and not due to the sale of shares by ICE.

在我們最近的融資之後，截至 3 月 15 日，我們的總股數為 3.217 億股。此次融資後，ICE 仍然是我們的最大股東，擁有我們總股份的 55%。請注意，他們的所有權百分比下降是由於新 A 類股票的發行，而不是由於 ICE 出售股票。

On slide 11, we have our full-year 2023 financial results. Total revenue of $780.1 million increased significantly year over year due to our acquisition of Bakkt Crypto. Net loyalty services revenue of $53.1 million was in line with previously provided guidance.

在投影片 11 上，我們展示了 2023 年全年財務表現。由於我們收購了 Bakkt Crypto，總營收年增 7.801 億美元。忠誠度服務淨收入為 5,310 萬美元，與先前提供的指導一致。

Total operating expenses of [$1,008 million] represents a significant year-over-year increase in crypto costs and ECB, driven by related crypto services activity. Operating expenses, excluding crypto costs and impairment charges, were $195 million, down 19% year over year, driven by lower compensation and benefits expense resulting from the execution of firm-wide expense management initiatives over the course of the year.

在相關加密服務活動的推動下，總營運支出為 [10.08 億美元]，顯示加密成本和歐洲央行較去年同期顯著增加。不包括加密成本和減損費用的營運費用為 1.95 億美元，年減 19%，這是由於全年執行全公司費用管理計畫導致薪酬和福利費用降低。

On slide 12, we have our EBITDA and adjusted EBITDA for the fourth quarter of 2023. 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 $76.4 million and $19 million, respectively.

在投影片 12 上，我們列出了 2023 年第四季的 EBITDA 和調整後 EBITDA。調整後 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 EBITDA 和調整後 EBITDA 分別虧損 7,640 萬美元和 1,900 萬美元。

On slide 13, we show revenues for the company. Total revenue in the fourth quarter of 2023 was $214.5 million. Gross crypto services revenue for the quarter was $199.4 million. The quarter-over-quarter increase that we saw in the fourth quarter was due to higher overall industry-wide transaction activity levels.

在幻燈片 13 上，我們顯示了該公司的收入。 2023 年第四季的總營收為 2.145 億美元。該季度加密服務總收入為 1.994 億美元。我們在第四季度看到的環比增長是由於整個行業的整體交易活動水平較高。

Net loyalty revenues of $15.1 million decreased 2% year over year. This was driven by a 9% year-over-year decline in subscription and services revenue to $7.1 million, as volume-based service revenue, which includes technology development services that we offer our loyalty clients, came in lower. Note that revenue related to development services can be lumpy as it varies based on timing of client customized development requests.

忠誠度淨收入為 1,510 萬美元，年減 2%。這是由於基於數量的服務收入（包括我們為忠誠客戶提供的技術開發服務）下降，訂閱和服務收入較去年同期下降 9% 至 710 萬美元。請注意，與開發服務相關的收入可能會不穩定，因為它會根據客戶客製化開發請求的時間而變化。

Transaction revenue of $8 million was up 2% year over year. This improvement was primarily due to higher travel and merchandise-related redemption revenue.

交易收入800萬美元，年增2%。這一改善主要是由於旅行和商品相關的兌換收入增加。

Turning to slide 14, we have total operating expense. Total expense for the quarter of $293 million includes $197.8 million of crypto costs and ECB. These costs are driven by crypto trading volumes. As we mentioned earlier on the call, in accordance with generally accepted accounting principles, we recognized non-cash intangible asset impairments of $37.2 million and non-cash long-lived asset impairments of $30.2 million during the quarter.

轉向投影片 14，我們有總營運費用。本季 2.93 億美元的總支出包括 1.978 億美元的加密成本和歐洲央行費用。這些成本是由加密貨幣交易量所驅動的。正如我們之前在電話會議上提到的，根據公認會計原則，我們在本季確認了 3,720 萬美元的非現金無形資產減損和 3,020 萬美元的非現金長期資產減損。

SG&A expenses of $11.7 million increased 39% year over year due to the recognition of a $3.6 million marketing expense associated with a strategic marketing agreement. Total compensation expense of $16.2 million declined 49% compared to the fourth quarter of 2022 due to lower headcount and a decrease in incentive bonuses and benefits. Other expenses of $30.2 million includes the non-cash long-lived asset impairment charge I referred to earlier.

由於確認了與策略行銷協議相關的 360 萬美元行銷費用，SG&A 費用為 1,170 萬美元，年增 39%。由於員工人數減少以及激勵獎金和福利減少，總薪資支出為 1,620 萬美元，較 2022 年第四季下降 49%。 3020 萬美元的其他費用包括我之前提到的非現金長期資產減損費用。

We're pleased with the continued progress we have been making in reducing our expense base through are disciplined approach towards allocating capital. This will remain a key focus for us as we look ahead for the remainder of the year, and we're committed to continuing this trend as I'll describe further when I address our outlook for 2024.

我們對透過嚴格的資本分配方法在減少支出基礎方面取得的持續進展感到高興。在我們展望今年剩餘時間時，這仍將是我們的一個重點關注點，我們致力於繼續這一趨勢，我將在談到 2024 年展望時進一步描述這一點。

Turning to slide 15, we have a slide comparing gross crypto services revenue and crypto costs and ECB. Gross crypto services revenue of $199.4 million increased 4% quarter over quarter and was impacted by improving industry by volumes. This was offset by lower activity levels from Webull Pay customers, a trend we first discussed last quarter and continued in the fourth quarter. Crypto costs and ECB were $197.8 million for the quarter.

轉向幻燈片 15，我們有一張幻燈片將加密服務總收入和加密成本與歐洲央行進行了比較。加密服務總收入為 1.994 億美元，環比增長 4%，這受到行業銷量改善的影響。這被微牛支付客戶活動水準的下降所抵消，這是我們上季度首次討論的趨勢，並在第四季度繼續存在。本季加密貨幣成本和歐洲央行成本為 1.978 億美元。

As a reminder, we continue to recognize the benefit related to the adjustments that we made to our revenue share agreement with Webull Pay to increase revenue retained by Bakkt while Webull Pay engagement stabilizes. This was reflected in our results for the quarter and acts as a partial offset to the declining gross revenue. The difference between crypto services gross revenue and crypto costs and ECB represents the net revenue contribution of retail crypto trading services.

提醒一下，我們繼續認識到與我們對與 Webull Pay 的收入分成協議進行調整相關的好處，以在 Webull Pay 參與度穩定的同時增加 Bakkt 保留的收入。這反映在我們本季的業績中，並部分抵銷了總收入下降的影響。加密服務總收入和加密成本與歐洲央行之間的差異代表了零售加密交易服務的淨收入貢獻。

On a percentage basis, the net contribution for Q4 '24 of $1.6 million is a take rate of approximately 80 basis points. This is higher than Bakkt Crypto's historical take rate of approximately 30 to 40 basis points prior to Q3 '23, due to the adjustment of the Webull Pay revenue share payment in Q3. We expect the take rate to revert Bakkt closer to pre-Q3 '23 levels as Webull Pay activity levels increase.

以百分比計算，24 年第 4 季的淨貢獻為 160 萬美元，採用率約為 80 個基點。由於第三季 Webull Pay 營收分成支付的調整，這高於 Bakkt Crypto 在 23 年第三季之前約 30 至 40 個基點的歷史接受率。我們預計，隨著 Webull Pay 活動水準的增加，Bakkt 的採用率將恢復到接近 23 年第三季之前的水準。

On slide 16, we have our key performance indicators. As a reminder, we have included Bakkt Crypto in the historical KPI figures on this slide for comparison purposes. We have 6.2 million crypto-enabled accounts at the end of the fourth quarter, which reflects a steady increase over time.

在投影片 16 上，我們列出了關鍵績效指標。提醒一下，我們已將 Bakkt Crypto 納入本投影片的歷史 KPI 資料中，以進行比較。截至第四季末，我們擁有 620 萬個啟用加密貨幣的帳戶，這反映了隨著時間的推移穩步增長。

Next, we have our transacting accounts, which we break out into crypto and loyalty accounts. There were 915,000 transacting accounts in the fourth quarter, of which 700,000 were for royalty redemption and 215,000 were for crypto trades. Loyalty redemption transacting accounts were down 13% year over year due to a decline in hotel, rental car, and gift card activity. Crypto transacting accounts were down 53% sequentially as the third quarter reflected increased activity related to the delisting of certain clients.

接下來，我們有交易帳戶，我們將其分為加密帳戶和忠誠度帳戶。第四季有 91.5 萬個交易帳戶，其中 70 萬個用於特許權使用費兌換，21.5 萬個用於加密貨幣交易。由於飯店、租車和禮品卡活動減少，忠誠度兌換交易帳戶較去年同期下降 13%。由於第三季與某些客戶退市相關的活動增加，加密貨幣交易帳戶較上季下降了 53%。

While the number of transacting accounts declined sequentially, we saw an increase of about 80% of the notional amount per trade. This led to a sequential increase in national trade of volume for crypto, which we will cover next. Total notional trade of volume was $442 million, of which $203 million was from crypto and $239 million was related to loyalty redemption.

雖然交易帳戶數量連續下降，但每筆交易的名目金額增加了約 80%。這導致全國加密貨幣交易量持續增加，我們將在接下來介紹。名目交易總額為 4.42 億美元，其中 2.03 億美元來自加密貨幣，2.39 億美元與忠誠度兌換相關。

On this chart, we also have included crypto industry trading volumes, which is the orange line. As depicted here, our crypto trading volumes were up 6% on a sequential basis, but less than the overall industry, which was up over 100%, sequentially.

在此圖表中，我們還包括了加密貨幣行業的交易量，即橙色線。如圖所示，我們的加密貨幣交易量較上季成長了 6%，但低於整個產業的環比成長超過 100%。

During the fourth quarter, our volumes continue to be impacted by the lower activity levels from Webull Pay customers. Also, recall that in the third quarter, our activity levels were elevated related to the delisting of certain clients. While we don't normally provide inter-quarter updates, I was happy that Andy could share the additional color on what we're seeing in Q1 '24 trading engagement to date. We're pleased with the increased volume activity and higher coin prices we have seen in the market so far this year.

在第四季度，我們的交易量持續受到微牛支付客戶活動水準較低的影響。另外，請記住，在第三季度，我們的活動水平因某些客戶的退市而增加。雖然我們通常不提供季度間更新，但我很高興 Andy 能夠分享我們在 24 年第一季迄今為止的交易參與中看到的更多資訊。我們對今年迄今為止市場上看到的交易量增加和代幣價格上漲感到滿意。

Meanwhile, loyalty redemption volume was down 9% year over year due to lower redemption activity across most categories. While overall volumes were down, we did have some benefit related to the mix shift from lower-margin products such as air travel to higher-margin products such as hotels. Our assets under custody of $702 million increased 39% sequentially due to higher coin prices. As Andy mentioned earlier on the call, this kind of continued into 2024, with our current assets under custody surpassing $1 billion.

同時，由於大多數類別的兌換活動減少，忠誠度兌換量較去年同期下降 9%。雖然整體銷售下降，但我們確實從航空旅行等利潤率較低的產品轉向酒店等利潤率較高的產品的組合轉變中獲得了一些好處。由於代幣價格上漲，我們託管的資產達 7.02 億美元，比上一季成長了 39%。正如安迪之前在電話會議上提到的那樣，這種情況一直持續到 2024 年，我們目前託管的資產超過 10 億美元。

Turning to slide 17, we have our condensed balance sheet as of December 31, 2023. We ended the year with $70.3 million of cash, cash equivalents, and available-for-sale securities. Our cash usage for the fourth quarter was $20.8 million and included $4.4 million of insurance spend.

轉向投影片 17，我們擁有截至 2023 年 12 月 31 日的簡明資產負債表。年底，我們擁有 7,030 萬美元的現金、現金等價物和可供出售證券。我們第四季的現金使用量為 2,080 萬美元，其中包括 440 萬美元的保險支出。

Our cash usage for the full year was $169.1 and includes the $55 million of cash used to purchase Bakkt Crypto. Our cash usage from quarter to quarter may include contractual payments where timing is not always consistent as well as normal operating expenses. Excluding some of these lumpier items, we are continuing to see improvements in our operating expense base, which I'll cover more on the next slide.

我們全年的現金使用量為 169.1 美元，其中包括用於購買 Bakkt Crypto 的 5,500 萬美元現金。我們每季的現金使用情況可能包括時間並不總是一致的合約付款以及正常營運費用。排除其中一些較大的項目，我們的營運費用基礎繼續得到改善，我將在下一張投影片中詳細介紹這一點。

Our recent capital raise strengthens our balance sheet and provides us with additional liquidity to fund our operations for at least the next 12 months. As of February 29, 2024, we had $38.1 million of cash, cash equivalents, and available-for-sale securities. Our January and February cash burn was unusually high due to the timing of certain annual payments such as taxes on stock vesting, as well as a $4.9 million increase in cash collateral required by our surety bond insurer.

我們最近的融資增強了我們的資產負債表，並為我們提供了額外的流動性，為至少未來 12 個月的營運提供資金。截至 2024 年 2 月 29 日，我們擁有 3,810 萬美元的現金、現金等價物和可供出售證券。由於某些年度付款的時間表，例如股票歸屬稅，以及我們的保證債券保險公司要求增加 490 萬美元的現金抵押品，我們 1 月和 2 月的現金消耗異常高。

We received net proceeds of approximately $38 million from the preliminary close of the capital raise on March 4. We expect to have cash, cash equivalents, and available-for-sale securities of between $68 million to $72 million at the end of March. Our expected cash burn for the month of March includes a $7 million increase in restricted cash due to the conversion of the compensating balance arrangement for a purchasing card facility to a pledged escrow account. We are committed to maintaining a strong liquidity position through prudent expense management and judicious capital allocation decisions.

3 月 4 日融資初步結束後，我們收到了約 3,800 萬美元的淨收益。我們預計到 3 月底我們將擁有 6,800 萬至 7,200 萬美元的現金、現金等價物和可供出售證券。我們預計 3 月的現金消耗包括因將採購卡設施的補償餘額安排轉換為質押託管帳戶而導致限制性現金增加 700 萬美元。我們致力於透過審慎的費用管理和明智的資本配置決策來維持強勁的流動性狀況。

In 2023, we brought down our expense base significantly, with second-half 2023 operating expenses excluding crypto costs and impairment charges declining 42% from the first half of the year. As Andy mentioned, expense management will remain a key priority for us in 2024. We expect to continue to bring down expenses, with full-year 2024 operating expenses expected to decline 13% to 18% from 2023.

2023 年，我們大幅降低了支出基礎，2023 年下半年的營運支出（不包括加密成本和減損費用）比上半年下降了 42%。正如 Andy 所提到的，費用管理仍將是我們 2024 年的首要任務。我們預計將繼續降低費用，2024 年全年營運費用預計將比 2023 年下降 13% 至 18%。

We are proud that we were able to take the necessary measures, some of which require very difficult decisions to alleviate the conditions that raise substantial doubt about our ability to continue as a going-concern. We are committed to doing everything possible to move onward, succeed as a business, and we are focused on enhancing value to our shareholders.

我們感到自豪的是，我們能夠採取必要的措施，其中一些措施需要做出非常艱難的決定，以緩解對我們持續經營能力產生重大懷疑的情況。我們致力於盡一切可能繼續前進，取得企業成功，並且我們致力於提高股東的價值。

Moving then to slide 19, we have updated the 2024 full-year outlook, which we first provided as preliminary guidance on last quarter's earnings call. Since we provided that preliminary guidance, we've had a few months of client activity and engagement metrics to fine tune the wide range that we provided in November.

然後轉到第 19 張投影片，我們更新了 2024 年全年展望，這是我們在上個季度財報電話會議上首次提供的初步指導。自從我們提供初步指導以來，我們已經有幾個月的客戶活動和參與度指標來微調我們在 11 月提供的廣泛範圍。

Accordingly, we are updating our expected outlook for 2024. We expect total revenues to be in the range of $3,292 million to $5,114 million. This range includes gross crypto's revenue at $3,239 million to $5,057 million.

因此，我們正在更新 2024 年的預期展望。我們預計總收入將在 32.92 億美元至 51.14 億美元之間。這一範圍包括加密貨幣總收入 32.39 億美元至 50.57 億美元。

There are several factors that could influence that wide range. First, we have considered a range of potential trading engagement metrics based on observed trading engagement in 2023 as well as longer-term historical trading engagement metrics, with the third quarter of 2023 being a low point for both our platform as well as the broker market. As we mentioned earlier, we've seen improved trading activities be so far in the first quarter of 2024, with March volume today being exceptionally strong.

有幾個因素可能會影響這個大範圍。首先，我們根據 2023 年觀察到的交易參與度以及長期歷史交易參與度指標考慮了一系列潛在的交易參與度指標，其中 2023 年第三季是我們平台和經紀商市場的低點。正如我們之前提到的，我們看到 2024 年第一季迄今的交易活動有所改善，今天 3 月的交易量異常強勁。

Our expected revenue range for the full-year 2024 considers a reversion to 2023 engagement metrics at the low end of the range and a steady improvement in engagement metrics at the high end of the range. It does not assume that the exceptional trading volume we are observing this month will continue for the rest of the year.

我們對 2024 年全年的預期收入範圍考慮了在該範圍的低端回歸到 2023 年的參與度指標，以及在該範圍的高端的參與度指標的穩步改善。它並不假設我們本月觀察到的異常交易量將持續到今年剩餘時間。

Second, we have considered a range of possible scenario for the activation of new clients currently in our pipeline. The range of assumed timing and conversion rate of these pipeline opportunities is reflected in the range of expected gross crypto revenue in 2024. One metric we have considered is the increase in crypto-enabled accounts from new clients. We are expecting our crypto trading accounts to grow by 2 to 3 times with a significant portion of that growth coming from new clients.

其次，我們考慮了激活當前管道中的新客戶的一系列可能情況。這些管道機會的假設時間和轉換率範圍反映在 2024 年的預期總加密貨幣收入範圍。我們考慮的一項指標是新客戶支援加密貨幣的帳戶的增加。我們預計我們的加密貨幣交易帳戶將成長 2 到 3 倍，其中很大一部分是來自新客戶。

Third, as Andy had mentioned earlier, we are enhancing our trading platform to support crypto coin pair trading offerings that are in high demand by international retail traders. The expected revenue range assumes that crypto coin pairs will be activated in the second half of 2024 to support this demand.

第三，正如安迪之前提到的，我們正在增強我們的交易平台，以支援國際零售交易者需求旺盛的加密貨幣對交易產品。預期收入範圍假設加密貨幣對將在 2024 年下半年啟動以支持此需求。

Finally, our expected gross crypto revenue range assumes the addition of institutional clients beginning in the second quarter of 2024, with steady ramp up in AUC from those clients in the second half of 2024. We expect net royalty revenues of $53 million to $57 million, consistent with the performance of our business 2023.

最後，我們預期的加密貨幣總收入範圍假設從2024 年第二季開始增加機構客戶，這些客戶的AUC 在2024 年下半年穩步上升。我們預期淨特許權使用費收入為5,300 萬美元至5,700 萬美元，與我們 2023 年的業務表現一致。

We expect crypto costs and ECB of $3,220 million to $5,027 million, driven by the range of expected gross crypto revenue. We expect total operating expenses of $160 million to $170 million. This range assumes expense efficiencies that we believe we will achieve through the integration of our regulated crypto trading entities beginning in 2024. It does not anticipate any acquisition or inorganic transaction expenses like the acquisition expenses we incurred in 2023 related to the acquisition of Bakkt Crypto.

我們預計加密成本和歐洲央行將在 32.20 億美元至 50.27 億美元之間，這是由預期加密總收入範圍推動的。我們預計總營運費用為 1.6 億至 1.7 億美元。這個範圍假設我們相信我們將透過從2024 年開始整合受監管的加密貨​​幣交易實體來實現費用效率。它預計不會出現任何收購或無機交易費用，例如我們在2023 年發生的與收購Bakkt Crypto 相關的收購費用。

Included in operating expenses are $13 million to $16 million of non-cash compensation and about $1 million of depreciation and amortization. The range of expected operating expenses assume no further long-lived asset and intangible asset impairment charges and non-cash compensation expenses consistent with 2023 levels.

營運費用包括 1,300 萬至 1,600 萬美元的非現金補償以及約 100 萬美元的折舊和攤提。預期營運費用範圍假設不再有長期資產和無形資產減損費用以及非現金補償費用與 2023 年水準一致。

The net of operating expenses and non-cash expenses represents our expected operating expenses for 2024. Expected operating cash flow usage of $58 million to $72 million reflects both the expected revenue and expense ranges I have walked through. Free cash flow, which is a non-GAAP metric, is expected to be a usage of between $65 million to $79 million.

營運費用和非現金費用淨額代表我們 2024 年的預期營運費用。預計營運現金流量使用量為 5,800 萬美元至 7,200 萬美元，反映了我經歷過的預期收入和費用範圍。自由現金流為非 GAAP 指標，預計使用量在 6,500 萬美元至 7,900 萬美元之間。

We expect to end the year with $35 million to $50 million of available cash, cash equivalents, and available-for-sale securities. We believe we have sufficient cash to fund our operations in 2024. As you will note from this range, we expect our cash utilization to reduce over the course of 2024 as we achieve our revenue growth and expense reduction targets.

我們預計到年底會有 3,500 萬至 5,000 萬美元的可用現金、現金等價物和可供出售證券。我們相信我們有足夠的現金來為2024 年的營運提供資金。正如您從這個範圍中註意到的那樣，隨著我們實現收入成長和費用減少的目標，我們預計我們的現金利用率將在2024 年期間減少。

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

現在我將把它傳回給安迪，讓他作結語。

Thanks, Karen, for taking us through the financials. Before we close, I just want to emphasize how excited I am to be in this role alongside the rest of the Bakkt team at this pivotal time. Bakkt has built a formidable platform and product suite, serving a real human need to help businesses bring the benefits of crypto to their customers and grow alongside the ever-changing digital economy.

謝謝凱倫帶我們了解財務狀況。在結束之前，我只想強調，在這個關鍵時刻，我與 Bakkt 團隊的其他成員一起擔任這個角色是多麼興奮。 Bakkt 打造了一個強大的平台和產品套件，滿足人類的真正需求，幫助企業為客戶帶來加密貨幣的好處，並與不斷變化的數位經濟一起發展。

Our focus on compliance, security, and a flexible and scalable solutions gives our clients the confidence they need to incorporate the latest technology innovations, specifically crypto, directly into their own products.

我們對合規性、安全性以及靈活和可擴展的解決方案的關注使我們的客戶有信心將最新的技術創新（特別是加密技術）直接融入自己的產品中。

While there've been ups and downs in the last few years, now that we're able to put the going-concern behind us, we look forward to leveraging our product suite for our clients, while expanding the client base to more businesses so they can better serve their customers. With the recent momentum in the crypto markets, we are now intensely focused on enhancing shareholder value and excited about the opportunity ahead.

雖然過去幾年經歷了起起落落，但現在我們能夠把持續經營拋在腦後，我們期待著為我們的客戶利用我們的產品套件，同時將客戶群擴展到更多企業，以便他們可以更好地為客戶服務。隨著加密貨幣市場近期的勢頭，我們現在專注於提高股東價值，並對未來的機會感到興奮。

And at the end of the day, Bakkt helps our clients innovate their business models to solve for unmet or even unknown human needs. And this is why this market is so exciting and why Bakkt is very well positioned.

最終，Bakkt 幫助我們的客戶創新其商業模式，以解決未滿足甚至未知的人類需求。這就是為什麼這個市場如此令人興奮，也是 Bakkt 定位非常有利的原因。

People are buying and selling crypto, investing in it, paying with it, and holding onto it to see the power it has to transform our global financial system. They see the innovation, the convenience, and they want to participate firsthand in that innovation. In some cases, they want to own a piece of this. And in order to do these things, they turn the companies they trust to help meet their needs, while managing the risk that's inherent in new innovations. And that's the same reason why our clients turn to Bakkt.

人們買賣加密貨幣、投資它、用它來支付並持有它，以看到它改變我們全球金融體系的力量。他們看到了創新和便利，並且希望親自參與創新。在某些情況下，他們想擁有其中的一部分。為了做到這些事情，他們求助於他們信任的公司來幫助滿足他們的需求，同時管理新創新的固有風險。這也是我們的客戶轉向 Bakkt 的原因。

Thank you everyone for your ongoing interest in Bakkt. And I'll now turn it over to Ann to manage the Q&A. So, Ann, over to you.

感謝大家對 Bakkt 的持續關注。現在我將把它交給 Ann 來管理問答。那麼，安，交給你了。

Thanks, Andy. 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 Say, ranked by number of votes. We have consolidated some of the questions that address similar themes. After that, we'll turn to live questions from the analyst community.

謝謝，安迪。讓我們轉向投資者群體的問題。在問答環節中，我們將首先回答 Say 提出的最熱門問題（以得票數排名）。我們整合了一些針對類似主題的問題。之後，我們將轉向分析師社群的即時提問。

The first question we will address is around our share price. A number of investors, including [Jason S. and Rajiv S.] would like to understand why our stock price is underperforming while prices for bitcoin and other crypto have been very strong this year.

我們要解決的第一個問題是我們的股價。包括 [Jason S. 和 Rajiv S.] 在內的許多投資者想了解為什麼我們的股價表現不佳，而今年比特幣和其他加密貨幣的價格卻非常強勁。

Karen, can you please provide your thoughts on this?

凱倫，你能談談你對此的看法嗎？

Sure, I can take that question. First off, I want to convey that I understand the frustration from our shareholders over the stock price. As a fellow shareholder with a vested interest in seeing our company and stock price do well, it's been incredibly difficult to witness our stock underperform the market by so much.

當然，我可以回答這個問題。首先，我想表示，我理解股東對股價的不滿。身為股東，對我們的公司和股價表現良好有著既得利益，目睹我們的股票表現落後於市場如此之多是非常困難的。

There are a few factors which have negatively impacted our stock. The first is related to a series of amended SEC filings, which contain certain statements around risks to our ability to continue with a going-concern that were negatively interpreted by some participants in the media and investors. These amended SEC filings were part of process for us to obtain an effective shelf registration in order to access the capital markets.

有一些因素對我們的庫存產生了負面影響。第一個與一系列經修訂的美國證券交易委員會文件有關，其中包含有關我們持續經營能力面臨的風險的某些聲明，這些聲明受到了一些媒體參與者和投資者的負面解讀。這些修改後的 SEC 文件是我們獲得有效擱置註冊以進入資本市場的過程的一部分。

As you may recall, we started the process of seeking an effective shelf in April of 2023 and worked diligently with the SEC throughout the course of the year to meet the requirements. This process took an extraordinarily long time. By the time our shelf is deemed effective, we needed to raise a relatively large amount of capital to address the risk of whether we could continue as a going-concern under the conservative forecasting parameters required by the accounting rules.

您可能還記得，我們​​於 2023 年 4 月開始尋求有效擱置，並在這一年中與 SEC 努力合作以滿足要求。這個過程花了非常長的時間。當我們的貨架被認為有效時，我們需要籌集相對大量的資本來解決在會計準則要求的保守預測參數下我們是否能夠繼續持續經營的風險。

The capital raise in and of itself also created downward pressure on our stock price as the relatively large size created dilution to our shareholders. Notably, we now believe we have alleviated the issues that led to the disclosure of the going-concern risk.

此次融資本身也對我們的股價造成了下行壓力，因為相對較大的規模對我們的股東造成了稀釋。值得注意的是，我們現在相信我們已經緩解了導致揭露持續經營風險的問題。

I know many of you have been frustrated that we haven't been in the news recently with updates around our positive achievements. As a public company, we are held to the highest standards around compliance. We pride ourselves on our approach to being compliance-first focused in everything we do.

我知道你們中的許多人都對我們最近沒有出現在新聞中有關我們積極成就的最新情況感到沮喪。作為一家上市公司，我們在合規方面遵守最高標準。我們為我們所做的一切都以合規為先的態度而感到自豪。

That's what differentiates us to our clients and prospects. We take this very seriously. As a public company, we have to obey the rules around blackout periods in the weeks leading up to our earnings release, where we are restricted in what we are able to share publicly.

這就是我們與客戶和潛在客戶的不同之處。我們非常重視這一點。作為一家上市公司，我們必須遵守收益發布前幾週的封鎖期規則，在此期間我們能夠公開分享的內容受到限制。

I know the last few months have been challenging, and I hope that you will remain patient. We believe our stock price will react positively once we're able to demonstrate a consistent track record of building scale and driving financial results towards profitability.

我知道過去幾個月充滿挑戰，希望您保持耐心。我們相信，一旦我們能夠展示出在擴大規模和推動財務業績實現盈利方面的一貫記錄，我們的股價將會做出積極反應。

Thanks, Karen. Our next question is from [Working P], who wants to understand why Bakkt has not been named a custodian for the bitcoin ETFs and what we are doing to address this. Karen, can you please take that question?

謝謝，凱倫。我們的下一個問題來自 [Working P]，他想了解為什麼 Bakkt 沒有被指定為比特幣 ETF 的託管人，以及我們正在採取哪些措施來解決這個問題。凱倫，你能回答這個問題嗎？

Yes, I can jump in here. As Andy mentioned earlier on this call, we are pleased to have signed an agreement with our intention to be the custody provider for 7RCC, which is an investment manager launching an ETF combining bitcoin and carbon credits. We're excited to be entering the bitcoin ETF space. We're in advanced conversations with several other market participants and hope to have additional updates on our progress in this space with [East Bay].

是的，我可以跳到這裡。正如安迪早些時候在本次電話會議上提到的那樣，我們很高興簽署了一項協議，我們打算成為7RCC 的託管提供商，7RCC 是一家投資管理公司，推出了結合比特幣和碳信用額的ETF。我們很高興進入比特幣 ETF 領域。我們正在與其他幾位市場參與者進行深入對話，並希望獲得有關我們與[東灣]在這一領域的進展的更多最新資訊。

Thanks. Next up, investors including Laura H. and Brandon C. would like to understand what Bakkt plans to do to increase share price and break out of penny stock territory. Andy, can you please answer this question?

謝謝。接下來，包括 Laura H. 和 Brandon C. 在內的投資者希望了解 Bakkt 計劃採取哪些措施來提高股價並突破細價股領域。安迪，你能回答這個問題嗎？

Ann, thanks so much for the question. I think Karen touched on this before, but we believe by demonstrating a consistent track record of building scale and driving our financial results towards profitability will ultimately be the impetus for driving long-term shareholder value. We are committed to making this happen, and we'll put our resources behind this to drive us forward to that successful outcome.

安，非常感謝你的提問。我認為凱倫之前曾談到過這一點，但我們相信，透過展示建立規模和推動我們的財務表現來實現盈利的一貫記錄，最終將成為推動長期股東價值的動力。我們致力於實現這一目標，我們將投入資源來推動我們取得成功。

In order to resolve potential delisting issues around our current stock price in the short term, we plan to pursue a reverse stock split, which will be subject to shareholder vote.

為了在短期內解決圍繞當前股價的潛在退市問題，我們計劃進行反向股票分割，這將取決於股東投票。

Thanks, Andy. Next up, [Jonathan and Braden L. and Syed H.] want to better understand the future of the company, our growth plans, and whether we can remain in business. Andy, can you please take this one too?

謝謝，安迪。接下來，[Jonathan、Braden L. 和 Syed H.] 希望更了解公司的未來、我們的成長計劃以及我們是否可以繼續經營。安迪，你能也拿走這個嗎？

Yes, Ann. I'm very happy to. So we are intensely focused on making every possible effort to increase value for our shareholders. We spent the time and resources to build a robust foundation for the company, which includes being publicly traded and NYDFS regulated embedded crypto platform, with separate trading and custody functions and comprehensive security and operational controls. And as I mentioned earlier, we believe we are at an inflection point.

是的，安。我很高興。因此，我們高度重視盡一切可能為股東增加價值。我們花了時間和資源為公司建立了堅實的基礎，其中包括公開交易且受 NYDFS 監管的嵌入式加密平台，具有獨立的交易和託管功能以及全面的安全和營運控制。正如我之前提到的，我們相信我們正處於一個轉折點。

Our key focus as we move forward is on leveraging a robust foundation to commercialize and scale our platform to drive shareholder value. We'll achieve this with our partnerships and growing the Bakkt ecosystem, strategically shifting our business mix to more recurring revenue streams, prudently managing expenses to demonstrate strong operational leverage, and continuing to innovate our products by building upon our acquisition of Bakkt Crypto and growing our institutional capabilities.

我們前進的重點是利用堅實的基礎來商業化和擴展我們的平台，以提高股東價值。我們將透過我們的合作夥伴關係和發展Bakkt 生態系統來實現這一目標，策略性地將我們的業務組合轉向更多的經常性收入來源，審慎地管理費用以展示強大的營運槓桿，並透過收購Bakkt Crypto 和不斷成長的業務來繼續創新我們的產品。我們的機構能力。

I firmly believe we have the right platform, the right products, the right strategy, and the right team in place to drive growth for our company. And I'm excited to be joining the company at this time to lead us onward.

我堅信我們擁有合適的平台、合適的產品、正確的策略和合適的團隊來推動我們公司的成長。我很高興此時加入公司並帶領我們前進。

Thanks, Andy. Our last question from the Say platform is from Syed H., who wants to know what Bakkt will do to regain the confidence of our shareholders. Andy, can you take this one as well?

謝謝，安迪。 Say 平台的最後一個問題來自 Syed H.，他想知道 Bakkt 將採取什麼措施來重新獲得股東的信心。安迪，你也可以拿走這個嗎？

Yes, sure. Thanks so much for the question. I know that we've obviously had a lot of activity lately, which have been the ups and downs of building a cutting-edge digital business. You, our shareholders, have dealt with much of this volatility, and I thank you for your continued support to us.

是的，當然。非常感謝您的提問。我知道我們最近顯然有很多活動，這些活動在建立尖端數位業務方面經歷了起起落落。你們，我們的股東，已經應對了大部分的波動，我感謝你們對我們的持續支持。

I'm excited too about our opportunities ahead to efficiently scale and deliver financial results that we as a team can be proud of. I'm eager to deliver strong results for our shareholders. While you don't know me well yet, I'm confident that with my experience, combined with Bakkt’s strong product foundation and co-competencies, we can deliver results that will help us regain confidence from the market.

我也對我們未來的機會感到興奮，可以有效地擴展規模並提供我們作為一個團隊可以引以為傲的財務成果。我渴望為我們的股東帶來強勁的業績。雖然您還不太了解我，但我相信，憑藉我的經驗，再加上 Bakkt 強大的產品基礎和共同能力，我們能夠交付成果，幫助我們重獲市場信心。

Thanks, Andy. 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，安迪。現在，我想將電話轉回給接線員，以開通電話線路，回答分析師群體的問題。

(Operator Instructions) Andrew Bond, Rosenblatt Securities.

（操作員指令）安德魯邦德，羅森布拉特證券。

Thanks. Hey, good evening. Andy, you mentioned the goal of being EBITDA breakeven with kind of no target. And I think that the company's original target was the end of 2024. So I just wanted to know when you think you guys can reach that adjusted EBITDA breakeven target.

謝謝。嘿，晚上好。安迪，您提到了實現 EBITDA 損益平衡的目標，但沒有任何目標。我認為公司最初的目標是 2024 年底。所以我只是想知道你們認為什麼時候可以達到調整後的 EBITDA 損益平衡目標。

Hey, Andrew. It's Karen. Good to talk to you. So in our comments and obviously in how we've been organizing our targets, we're still striving to achieve that breakeven on an adjusted EBITDA basis. And we're actually optimistic about our ability to continue to activate revenue from new clients, manage expenses, and recognize the synergies from the integration of the regulated entities, which we received approval on last week.

嘿，安德魯。是凱倫。很高興和你說話。因此，在我們的評論中，以及顯然在我們如何組織目標方面，我們仍在努力在調整後的 EBITDA 基礎上實現收支平衡。事實上，我們對繼續啟動新客戶收入、管理費用並認識到受監管實體整合帶來的協同效應的能力持樂觀態度，上週我們獲得了批准。

To be candid, some of the noise that we experienced in the recent disclosures about conditions that raised doubt about our ability to continue as a going-concern did impact the timing of some of our commercial execution. We were obviously very pleased to report on this call and in the 10-K that we have resolved that risk. And that is providing the tailwinds that we need to make sure that we are reinvigorating those commercial discussions and we're seeing good traction on those.

坦白說，我們在最近披露的有關條件的披露中所經歷的一些噪音確實影響了我們一些商業執行的時間安排，這些噪音引起了人們對我們持續經營能力的懷疑。我們顯然非常高興地報告這次電話會議，並在 10-K 中報告我們解決了該風險。這為我們提供了所需的順風，以確保我們正在重振這些商業討論，並且我們看到這些討論具有良好的吸引力。

So given the disruption that we saw over the past month with some of those disclosures, we haven't put any comments on here in terms of timing to breakeven on an adjusted EBITDA basis, although it still remains our longer-term goal. Again, we want to just take a quarter or two to process through what's happened in terms of the pacing here of our commercial discussions before we provide a more specific outlook.

因此，考慮到過去一個月我們看到的一些揭露所帶來的干擾，我們沒有就調整後 EBITDA 實現盈虧平衡的時機發表任何評論，儘管這仍然是我們的長期目標。同樣，在我們提供更具體的前景之前，我們只想花一兩個季度的時間來處理我們商業討論的節奏所發生的事情。

Got it. Follow-up in terms of the custody business, and you mentioned some potential growth from some of the ETF providers. But Bakkt made a bunch of announcements around partnerships and enhancements to the platform and potential wins. So just in terms of visibility of revenue growth, when can you expect to see some of this kind of hit the top line?

知道了。後續在託管業務方面，您提到了一些ETF提供者的一些潛在成長。但 Bakkt 發布了一系列有關合作夥伴關係、平台增強功能以及潛在勝利的公告。那麼，就收入成長的可見性而言，您什麼時候可以看到此類收入達到頂線？

Yes, that's a great question. So when we provided guidance both back in November and then what you saw today, I haven't broken out the institutional portion of crypto. Historically, it has not been material to our results, but we do expect that to pick up, especially in the second half of the year.

是的，這是一個很好的問題。因此，當我們在 11 月提供指導以及您今天看到的內容時，我還沒有詳細說明加密貨幣的機構部分。從歷史上看，這對我們的業績並不重要，但我們確實預計這種情況會有所好轉，尤其是在今年下半年。

So we are seeing traction in terms of names, for instance, the Unchained relationship that we announced the other week, the exciting announcement that we have with 7RCC. It's just going to take until the second half of the year before you start seeing that contribute to the overall crypto revenue picture.

因此，我們看到了名稱方面的吸引力，例如，我們上周宣布的 Unchained 關係，以及我們與 7RCC 的令人興奮的公告。直到今年下半年你才會開始看到這對整體加密貨幣收入的貢獻。

Got it. And just lastly on the trading volume quarter-to-date increase, I believe it's 260% from last quarter. How does that translate -- or how should we think about that from a net revenue perspective?

知道了。最後，關於本季迄今交易量的成長，我認為比上季成長了 260%。這如何轉化——或者我們應該如何從淨收入的角度來考慮這一點？

Yes. So in terms of just the revenue for the year for crypto, that range that we have now on a net basis of $20 million to $30 million, we are definitely expecting a strong first quarter. We have, at the moment, we're almost finished with March. We see volumes, notional volumes going in the range of $560 million so far for March. So we expected it to be a strong-volume quarter.

是的。因此，就加密貨幣今年的營收而言，我們現在的淨收入範圍為 2,000 萬美元至 3,000 萬美元，我們肯定預計第一季將會強勁。目前，三月已經快結束了。到目前為止，我們預計 3 月份的交易量（名目交易量）將達到 5.6 億美元。因此，我們預計這將是一個銷售強勁的季度。

In terms of the take rate on that, our take rate, as I mentioned, has been influenced by the adjustment that we had with our rev share agreement with Webull Pay. So we were in 80-basis-point take rate for Q4. I expect that to come down a little bit, but I still think it's going to be higher than the 30 to 40 bps that we had seen before Q3. So I would expect to -- I think we're excited to be able to share the full Q1 trading results, but you'll see a significant uptick in the contribution of retail trading.

就接受率而言，正如我所提到的，我們的接受率受到了我們與微牛支付的收益分成協議的調整的影響。因此，我們第四季的利率為 80 個基點。我預計這個數字會下降一點，但我仍然認為它會高於我們在第三季之前看到的 30 到 40 個基點。因此，我認為我們很高興能夠分享第一季的完整交易結果，但您會看到零售交易的貢獻顯著上升。

Cool. Got it, Karen. Thank you.

涼爽的。明白了，凱倫。謝謝。

Peter Christiansen, Citi.

彼得克里斯蒂安森，花旗銀行。

Thank you. Good evening. Welcome, Andy. Wish you the best of luck here.

謝謝。晚安.歡迎，安迪。祝您在這裡一切順利。

Thank you.

謝謝。

Karen, the guide for the year-end cash, is that free and unrestricted or that include restricted cash?

凱倫，年終現金指南，是免費無限制的還是包含限制性現金？

Hey, Pete, it's Karen again. That does not include any restricted cash. So that's truly cash that we have available to fund our operations. Our restricted cash has had some movement in it, as I mentioned during the call. So in 2024 to date, we did actually have to post some additional collateral related to the surety bonds that were required to hold.

嘿，皮特，又是凱倫。這不包括任何受限制的現金。因此，這確實是我們可以用來資助我們營運的現金。正如我在電話會議中提到的，我們的受限現金發生了一些變化。因此，到 2024 年為止，我們實際上必須提供一些與需要持有的擔保債券相關的額外抵押品。

We did also move some cash that we've always disclosed as supporting the Bank of America purchasing card facility into a facility that will not be restricted cash. So we've taken all of that into account when I have provided the expectation that we'll end the year at about $35 million to $50 million.

我們確實還將一些我們一直披露為支持美國銀行購買卡設施的現金轉移到了不受限制的現金設施中。因此，當我提出年底收入約為 3500 萬至 5000 萬美元的預期時，我們已經考慮了所有這些因素。

That's super helpful. And then as I think about the business going through a scaling phase, I would assume that would require additional collateral for some of your business lines. How are you thinking about that and factoring that throughout this year?

這非常有幫助。然後，當我考慮業務正在經歷擴展階段時，我認為這將需要為您的某些業務線提供額外的抵押品。您如何看待這一點並在今年將其考慮在內？

Yeah. So as I mentioned, we saw an exceptionally strong Q1, an exceptionally strong March in particular. We actually work with a number of liquidity providers to make sure that we have multiple sources of liquidity for our bitcoin we offer on the platform. So we've been able to manage those liquidity relationships with the cash flows that we have on hand.

是的。正如我所提到的，我們看到了異常強勁的第一季度，尤其是異常強勁的三月。實際上，我們與許多流動性提供者合作，以確保我們在平台上提供的比特幣擁有多種流動性來源。因此，我們能夠利用我們手邊的現金流來管理這些流動性關係。

The forecast that I provided has what we believe to be the best estimate in terms of what's truly available for cash and operations and does not anticipate any significant increases in, for instance, segregated restricted cash accounts in that regard. And so far, with what we've seen in trading in March, that has sustained. That assumption has sustained itself.

我提供的預測是我們認為對真正可用於現金和營運的最佳估計，並且預計這方面的獨立受限現金帳戶不會出現任何顯著增加。到目前為止，從我們在三月的交易中看到的情況來看，這種情況一直持續著。這種假設已經成立。

That's helpful. And then I guess, I mean, thinking towards the end of the year, I'm not going to make any presumptions about 2025 and the need for cash at that point. But assuming that the company will need to raise further capital, and given the process, filing the shelf and stuff, is that something you feel like you're in a better position to expedite for potential future funding? Just want to get a sense of that. Thank you.

這很有幫助。然後我想，我的意思是，考慮到今年年底，我不會對 2025 年以及屆時對現金的需求做出任何假設。但假設公司需要籌集更多資金，考慮到流程、歸檔和其他東西，你是否覺得自己處於更好的位置來加快未來潛在的融資？只是想了解一下。謝謝。

Yeah. So certainly, having the shelf helps us quickly access additional liquidity should we need that. As I mentioned on the call, we believe we have sufficient liquidity for at least the next 12 months. Since it's not 12 months and we fall off, there's at least 12 months from how we have to think about disclosing the liquidity position of the company. So at the moment, there is no anticipation in the near term that we would have to access the capital markets again, but certainly, having the effective S-3 gives us the ability to do that should a situation change.

是的。當然，如果我們需要的話，擁有這個貨架可以幫助我們快速獲得額外的流動性。正如我在電話會議中提到的，我們相信至少在未來 12 個月內我們擁有充足的流動性。由於還不到 12 個月，我們就下降了，因此距離我們必須考慮如何揭露公司的流動性狀況至少還有 12 個月的時間。因此，目前預計短期內我們不會再次進入資本市場，但可以肯定的是，擁有有效的 S-3 使我們有能力在情況發生變化時做到這一點。

That's great. And then I guess I wanted to ask Andy real quick about collaborative custody and the positive demand that you're seeing there. I was just wondering if you could put some color on that business and some of the demands that you're seeing from clients for this product and really how Bakkt fits in.

那太棒了。然後我想我想快速詢問安迪有關協作監護以及您在那裡看到的積極需求的問題。我只是想知道您是否可以對該業務以及您從客戶那裡看到的對該產品的一些需求以及 Bakkt 的真正適應情況進行一些說明。

Yeah, yeah. So thanks for the question. So that's a really exciting area for this. And it's -- we view it's really innovative, right? So what it does, right? And we're working with Unchained Capital as our partner in bringing this to market.

是啊是啊。謝謝你的提問。所以這是一個非常令人興奮的領域。我們認為它確實具有創新性，對吧？那麼它是做什麼的，對吧？我們正在與 Unchained Capital 作為我們的合作夥伴合作，將其推向市場。

But unlike traditional custody, where we, as custodians, have full control over the clients key material, in collaborative custody, we only hold a secure portion of the key. So it's just like a really good solution to give clients more control over their assets, which is super important for an offer.

但與傳統託管不同的是，在傳統託管中，我們作為託管人可以完全控制客戶的金鑰材料，而在協作託管中，我們只持有金鑰的安全部分。因此，這就像一個非常好的解決方案，可以讓客戶更好地控制自己的資產，這對於報價來說非常重要。

So you're right, it's opening the door to new revenue streams. And so, we're really going after the market here. And we think with this, it will increase our assets under custody as a result, which is only good for Bakkt's overall revenue picture.

所以你是對的，它打開了新收入來源的大門。所以，我們真的是在追求這裡的市場。我們認為，這樣一來，我們所託管的資產就會增加，這只會有利於 Bakkt 的整體收入狀況。

That's helpful. Thanks all for the deep transparency. Thank you.

這很有幫助。感謝大家的高度透明。謝謝。

John Roy, Water Tower Research.

約翰·羅伊，水塔研究。

Thank you. Andy, certainly, there's been a lot of discussion about scaling up this year and in future years. I wonder if you could give us a little more color on your experience that would relate to how you would scale up and how your background can help manage this process.

謝謝。安迪，當然，關於今年和未來幾年擴大規模的討論很多。我想知道您是否可以給我們更多關於您的經歷的信息，這將涉及到您將如何擴大規模以及您的背景如何幫助管理這個過程。

Yes, thanks for the question. So I think a lot of people also have that same question as well.

是的，謝謝你的提問。所以我想很多人也有同樣的疑問。

So first of all, I know Bakkt super well, because I was on the Board for the last couple of years, even before the [destock]. So I've been very intimately involved with the business. And particularly in my role on the Board, I was working a lot with product development, marketing and sales. So I was really helping in the market with our teams there. So that's built-in relationships.

首先，我非常了解 Bakkt，因為過去幾年我一直在董事會任職，甚至在 [去庫存] 之前也是如此。所以我一直非常密切地參與這項業務。特別是在我擔任董事會職務期間，我在產品開發、行銷和銷售方面做了很多工作。所以我確實為我們的團隊在市場上提供了幫助。這就是內在的關係。

And then, secondly, the crypto market overall has been something I'm very passionate about in terms of the needs it solves for people who want to participate in this, not only -- and consumers also, like institutions who are taking positions in crypto on behalf of theirs, so larger investors too.

其次，總體而言，加密市場一直是我非常熱衷的領域，因為它不僅解決了想要參與其中的人們的需求，還解決了消費者的需求，例如在加密貨幣領域佔據頭寸的機構代表他們的利益，也代表更大的投資者。

And then, most recently, I would say that I am a business builder. And I think that's been evidence from the fact that I was one of the folks who scaled Deloitte Digital into a multi-billion business from a fairly -- it's basically a start-up to begin with, clearly, with a large company. But we scaled that into a very large business.

然後，最近，我會說我是一名業務建設者。我認為，這一事實證明了我是那些將德勤數位公司從一個相當大的新創公司擴大到數十億美元業務的人之一。顯然，它基本上是一家大公司的新創公司。但我們將其擴展為一個非常大的業務。

And then recently, I was the Global CEO of Ogilvy, the advertising, marketing, creative agency company, and basically led a turnaround of that business and got it back on a path to sustainable growth and higher profitability, but did that also well ahead of market expectations. So bringing all these things together, I believe, is a really good confluence and all these intersections that will work in the context of that.

最近，我擔任廣告、行銷、創意代理公司奧美的全球首席執行官，基本上領導了該業務的扭虧為盈，使其回到了可持續增長和更高盈利能力的道路上，而且這也遠遠領先市場預期。因此，我相信，將所有這些東西結合在一起，是一種非常好的融合，所有這些交叉點都將在這種背景下發揮作用。

And then just when I was at Deloitte Digital, as Bakkt as a digital platform business, Deloitte Digital very much as part of this business was all about digital platforms like connectivity, speed, convenience, with great branding and great service and all that good stuff in the latest technology and certainly got a very good attitude towards how to build and get leverage from digital platforms. And one thing that excites me about Bakkt is that we built this amazing platform and we've got all these services that are therefore consumable to build on future offers.

然後，當我在Deloitte Digital 工作時，Bakkt 作為數位平台業務，Deloitte Digital 作為該業務的一部分，主要是關於數位平台，如連接性、速度、便利性，以及偉大的品牌和優質的服務以及所有這些好東西。掌握最新技術，並且對如何建立數位平台並利用數位平台有著非常好的態度。 Bakkt 讓我興奮的一件事是，我們建立了這個令人驚嘆的平台，並且我們擁有所有這些服務，因此可以在未來的產品和服務的基礎上使用這些服務。

So our ROI on what we built thus far should be super good because we've got all that to play with to take us forward. So that's why I do that. My prior experience can come in very helpful in this role at Bakkt that I've taken on.

因此，我們迄今為止所建立的投資回報率應該非常好，因為我們已經擁有了所有可以推動我們前進的東西。這就是我這樣做的原因。我之前的經驗對於我在 Bakkt 擔任的這個角色非常有幫助。

All right. Thanks, Andy. So, Karen, as a slightly different question, if you look at the linearity of net revenue through the year, can you give us any kind of color on how we should be thinking of that from a modeling perspective?

好的。謝謝，安迪。那麼，凱倫，作為一個稍微不同的問題，如果你看看全年淨收入的線性關係，你能為我們提供一些關於我們應該如何從建模角度思考這一點的顏色嗎？

Sorry, John, were you asking about the revenue or the operating expenses? Because I didn't catch that piece of it.

抱歉，約翰，您是問收入還是營運費用？因為我沒有抓住那部分。

Revenue, net revenue.

收入，淨收入。

Yeah. So, I mean, in terms of -- yeah, we've obviously provided a guidance range. When you take the revenue numbers that we have provided on the crypto side and deduct the crypto costs and ECB from the gross crypto revenues, we're getting a range of $20 million to $30 million. And so what we've tried to do in thinking about that range is consider a variety of potential things that could influence where we land.

是的。所以，我的意思是，是的，我們顯然已經提供了一個指導範圍。當您取得我們在加密貨幣方面提供的收入資料並從加密貨幣總收入中扣除加密成本和 ECB 時，我們將獲得 2,000 萬至 3,000 萬美元的範圍。因此，我們在考慮該範圍時試圖做的就是考慮可能影響我們著陸地點的各種潛在因素。

One of them is clearly what we are seeing in terms of retail crypto trading demand. As we mentioned several times, March has been exceptionally strong. In the high of my range, I'm not assuming that that exceptionally strong levels continue at the same level. But I do think that -- when you think about how the platform has performed in '22 and '23, I think we are coming out of the dirt of trading that we saw in the third quarter of '23.

其中之一顯然是我們在零售加密貨幣交易需求方面看到的情況。正如我們多次提到的，三月異常強勁。在我的範圍的最高點，我並不認為異常強勁的水平會繼續保持在同一水平。但我確實認為，當你考慮到該平台在 22 年和 23 年的表現時，我認為我們正在擺脫 23 年第三季的交易困境。

I also commented a bit in terms of what we are expecting and working on in terms of new client activation. So there's certainly timing considerations there. There's also things where, as Andy mentioned, we've been listening to the voice of our customer in terms of what's going to make them and their customers most successful in terms of what they're seeking out of crypto. So for instance, internationally, we know that USBC and crypto coin pairs is really important to that customer. So we're working on getting that stood up, and we should see some influence on that in the second half of the year.

我還對我們在新客戶激活方面的期望和工作發表了一些評論。所以肯定有時間上的考慮。正如安迪所提到的，我們一直在傾聽客戶的聲音，並了解如何才能使他們及其客戶在從加密貨幣中尋求最成功的東西。例如，在國際上，我們知道 USBC 和加密貨幣對對該客戶來說非常重要。所以我們正在努力讓這一點站起來，我們應該會在今年下半年看到一些影響。

And then thinking about what we're seeing on the institutional side, as I mentioned from our previous call, I think you're really going to see that start picking up with us getting assets under custody in the second quarter and then seeing those steadily ramp up through the year. So hopefully, that gives our investors some sense in terms of the things that we're looking at both internally and within the market that will influence where we'll land on a revenue basis.

然後想想我們在機構方面看到的情況，正如我在之前的電話會議中提到的那樣，我認為您真的會看到隨著我們在第二季度託管資產，然後穩步看到這些情況開始回升全年不斷增加。因此，希望這能讓我們的投資者對我們在內部和市場上關注的事情有所了解，這些事情將影響我們在收入基礎上的定位。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。