Bakkt Holdings Inc (BKKT) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Bakkt first-quarter 2024 earnings conference call.

您好，歡迎參加 Bakkt 2024 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）謹此提醒，本次電話會議正在錄音。

I'll now turn it over to Olivia Keavey, Senior Lead of Communications at Bakkt.

現在我將把它交給 Bakkt 通訊高級主管 Olivia Keavey。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining us on Bakkt's first-quarter earnings call.

下午好，感謝您參加 Bakkt 第一季財報電話會議。

Today's presentation, including the separate earnings call presentation that can be found at our Investor Relations website at www.investor.bakkt.com will contain certain forward-looking statements.

今天的演示文稿，包括可在我們的投資者關係網站 www.investor.bakkt.com 上找到的單獨收益電話會議演示文稿，將包含某些前瞻性陳述。

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.

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 on 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.

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。

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.

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 Chief Executive Officer; and Karen Alexander, Chief Financial Officer.

參加今天電話會議的還有 Bakkt 執行長 Andy Main；和凱倫·亞歷山大，首席財務官。

After our prepared remarks, we will answer questions we received from our investors through the Say Technologies platform.

在我們準備好的發言之後，我們將回答投資人透過 Say Technologies 平台提出的問題。

After that, Andy and Karen will be available to answer questions from the analyst community.

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, Olivia, and good afternoon, everyone.

謝謝奧利維亞，大家下午好。

Thank you for joining Bakkt's earnings call.

感謝您參加 Bakkt 的財報電話會議。

It's great to speak to you all again.

很高興能再次與大家交談。

I want to start today by recapping three key priorities that we laid out in detail on our last quarter call and provide an update on the progress that we've already made in the first few months of the year against these goals.

我想從今天開始回顧我們在上一季度電話會議中詳細列出的三個關鍵優先事項，並提供我們在今年頭幾個月針對這些目標所取得的進展的最新情況。

So beginning on slide 4, as we outlined last quarter, we are laser focused on three key strategic priorities in the year ahead.

因此，從幻燈片 4 開始，正如我們上季度概述的那樣，我們將重點關注未來一年的三個關鍵策略重點。

First, growing our client network and deepening our existing client relationships; secondly, expanding our product solutions and extending the bank ecosystem; and third, realigning our costs and prudently managing expenses.

首先，擴大我們的客戶網絡並深化我們現有的客戶關係；其次，拓展我們的產品解決方案，延伸銀行生態系；第三，調整成本，審慎管理費用。

So I'd like to provide a few highlights for each of our priorities.

因此，我想為我們的每個優先事項提供一些要點。

On the client side, I've had the opportunity to speak with a number of our clients over the past few weeks for both our loyalty and crypto businesses.

在客戶端方面，過去幾週我有機會與一些客戶就我們的忠誠度和加密業務進行了交談。

Our focus on being our clients' partner in growth, combined with our robust solutions and winning client experience, is resonating well.

我們專注於成為客戶的成長合作夥伴，結合我們強大的解決方案和贏得客戶體驗，引起了良好的共鳴。

On the product side, we've continued to enhance our trading and custody platform, which caters to both institutional and retail clients.

在產品方面，我們持續增強我們的交易和託管平台，以滿足機構和零售客戶的需求。

This broad market positioning, combined with the rigor we apply to the complexities of security and compliance in crypto allows us to serve a diverse range of clients.

這種廣泛的市場定位，加上我們對加密貨幣安全性和合規性複雜性的嚴格要求，使我們能夠為各種客戶提供服務。

Our appeal to the market is further enhanced by the trust clients have in us.

客戶對我們的信任進一步增強了我們對市場的吸引力。

This can be attributed to the discipline we apply to being a publicly traded company and our NYDFS-regulated custody platform.

這可以歸因於我們作為上市公司所遵守的紀律以及我們受 NYDFS 監管的託管平台。

In terms of our expense realignment, we've also significantly reduced our operating expenses through company-wide initiatives.

在費用調整方面，我們也透過全公司範圍內的措施大幅減少了營運費用。

Notably, we conducted a reduction in force on May 2 that will yield cost savings.

值得注意的是，我們在 5 月 2 日減少了兵力，這將節省成本。

This is in addition to the year-over-year expense reduction of 16% that is reflected in the Q1 2024 actuals.

這還不包括 2024 年第一季實際費用所反映的 16% 的年比費用減少。

Although challenging, these decisions are crucial as we navigate towards profitability and to allocate our strategic investments to growth areas.

儘管具有挑戰性，但這些決策對於我們實現盈利並將策略投資分配到成長領域至關重要。

Overall, we believe these actions will strengthen our financial foundation as we move forward and optimize our goals to scale.

總的來說，我們相信這些行動將在我們前進的過程中加強我們的財務基礎，並優化我們的規模目標。

Now I'd like to turn to slide 5 to discuss our Q1 financial update and operational updates.

現在我想轉向投影片 5，討論我們第一季的財務更新和營運更新。

This update demonstrates the success of the team's efforts.

此更新證明了團隊努力的成功。

Q1 revenue net of crypto services revenue, crypto costs and execution, and clearing and brokerage fees was $17 million, up approximately 33% from Q1 last year.

扣除加密服務收入、加密成本和執行費用以及清算和經紀費用後，第一季收入為 1700 萬美元，比去年第一季增長約 33%。

These results were driven by robust crypto trading activity across our platform with notional crypto volume up 94% compared to the same period last year.

這些結果是由我們平台上強勁的加密貨幣交易活動所推動的，與去年同期相比，名目加密貨幣交易量增加了 94%。

Further, OpEx, excluding crypto costs and execution and clearing and brokerage fees, decreased by 16% versus Q1 last year as a result of our cost restructuring initiatives over the past few quarters, the combination of higher revenues and driving down costs helped us improve our net loss by 53% year over year, and our adjusted EBITDA loss by approximately 44% year over year.

此外，由於過去幾季我們採取了成本重組舉措，營運支出（不包括加密成本以及執行、清算和經紀費用）與去年第一季度相比下降了16%，收入增加和成本降低相結合幫助我們改善了營運成本。 淨虧損年增 53%，調整後 EBITDA 虧損年增約 44%。

On the operational side of things, I'd like to call out the progress we're making towards the MVP launch of our Electronic Consumer Network or ECN on offering for institutional trading and custody.

在營運方面，我想強調我們在為機構交易和託管提供電子消費者網路或 ECN 的 MVP 推出方面所取得的進展。

This will represent a significant milestone in expanding our client base potential and tapping into new market opportunities.

這將是擴大我們的客戶群潛力和開拓新市場機會的重要里程碑。

Additionally, our strategic partnerships with Unchained and Swan Bitcoin have enhanced our collaborative custody and trading efforts.

此外，我們與 Unchained 和 Swan Bitcoin 的策略合作夥伴關係增強了我們的協作託管和交易工作。

Our assets under custody at the end of the first quarter grew to a record $1.1 billion.

截至第一季末，我們託管的資產增至創紀錄的 11 億美元。

And finally, our loyalty business is performing consistently well for some of the largest credit card programs in the USA and incentive programs in Canada.

最後，我們的忠誠度業務在美國一些最大的信用卡計劃和加拿大的獎勵計劃中表現始終良好。

This business is benefiting from the changing and growing interest from consumers and all things loyalty.

這項業務受益於消費者不斷變化和不斷增長的興趣以及忠誠度。

The consumer trends driving the sector forwards include maximizing the value of earned loyalty points through a broad range of services and products as well as leveraging alternative currencies in the market, given the broader macroeconomic pressures on the value of cash.

推動該行業向前發展的消費趨勢包括透過廣泛的服務和產品來最大限度地提高所賺取的忠誠度積分的價值，以及考慮到更廣泛的宏觀經濟對現金價值的壓力，利用市場上的替代貨幣。

We remain excited about the loyalty business and the growth opportunities it presents for Bakkt and our clients.

我們對忠誠度業務及其為 Bakkt 和我們的客戶帶來的成長機會仍然感到興奮。

Moving to slide 6, as evidenced in our trading volumes in Q1, we've begun to see positive green shoots in the market and the overall demand environment improving with more industry activity, higher coin prices and overall higher retail trading volume.

轉向幻燈片6，正如我們第一季的交易量所證明的那樣，我們已經開始看到市場出現積極的萌芽，並且隨著行業活動的增加、代幣價格的上漲和零售交易量的整體增加​​，整體需求環境正在改善。

Bakkt is taking advantage of this trend as we have experienced high volume driving through our platform.

Bakkt 正在利用這一趨勢，因為我們已經透過我們的平台體驗到了高交易量。

In Q1 2024, our notional traded volume was 324% higher than Q4 2023, while overall market activity was up 65%.

2024 年第一季度，我們的名目交易量比 2023 年第四季高出 324%，而整體市場活動則成長了 65%。

In March 2024, volume on the Bakkt crypto platform had an all-time high since we acquired it in April 2023 at $593 million.

2024 年 3 月，Bakkt 加密貨幣平台的交易量創下了自我們於 2023 年 4 月以 5.93 億美元收購該平台以來的歷史新高。

In April 2024, trading volume dipped slightly from March but was still 134% higher than the 2023 average.

2024 年 4 月，交易量較 3 月略有下降，但仍比 2023 年平均值高 134%。

Moving on to slide 7, we are upping the pace on rightsizing our cost structure by intensifying our expense restructuring efforts.

轉到投影片 7，我們正在透過加強費用重組工作來加快調整成本結構的步伐。

Notably, on May 2, we completed a workforce reduction of 28 employees that will take effect during the second quarter as part of our broader expense restructuring initiative.

值得注意的是，5 月 2 日，我們完成了 28 名員工的裁員，該裁員將在第二季生效，作為我們更廣泛的費用重組計劃的一部分。

The total restructuring plan, which also includes future closure of certain open roles and optimization of Bakkt's contact center resources is expected to reduce Bakkt's planned headcount by 20% at the end of 2024.

整體重組計畫還包括未來關閉某些空缺職位以及優化 Bakkt 聯絡中心資源，預計到 2024 年底，Bakkt 的計畫員工人數將減少 20%。

These actions are estimated to yield $13 million in cash savings on an annualized basis going forward, of which $7 million will be realized in 2024, excluding any one-time severance costs.

這些行動預計將在未來每年節省 1,300 萬美元的現金，其中 700 萬美元將在 2024 年實現，不包括任何一次性遣散費。

This was not a decision taken lightly and was carefully planned, so our team can continue executing on our key priorities and serving our clients effectively.

這不是一個輕易做出的決定，而是經過精心規劃的，因此我們的團隊可以繼續執行我們的關鍵優先事項並有效地為我們的客戶提供服務。

This was in addition to the $9.5 million lower year-over-year OpEx, excluding crypto costs and execution, including some brokerage fees in Q1 2024.

除此之外，營運支出較去年同期下降了 950 萬美元，不包括加密成本和執行費用，包括 2024 年第一季的一些經紀費用。

In addition to this headcount reduction, we will also continue to prioritize cost savings and look for ways to streamline our operations and cost structure, including reducing vendor and discretionary spend.

除了裁員之外，我們還將繼續優先考慮節省成本，並尋找簡化營運和成本結構的方法，包括減少供應商和可自由支配的支出。

Moving on to slide number 8, I'd just like to say that the Board appointed me as CEO to scale the business and guide it towards profitability.

轉到第 8 張幻燈片，我只想說，董事會任命我為首席執行官，以擴大業務規模並引導其實現盈利。

The performance required will be achieved by working at the intersections of processing people, platform and products, and with our partners.

所需的性能將透過在處理人員、平台和產品的交叉點以及與我們的合作夥伴的合作來實現。

Using this framework, let's talk more about what the future holds for our business and what we have coming down the pipeline.

使用這個框架，讓我們更多地討論我們業務的未來以及我們即將發生的事情。

So slide 9, I'd like to dive into what we see as a massive untapped market.

在投影片 9 中，我想深入探討我們所看到的巨大的未開發市場。

The crypto trading industry has been built primarily for everyday retail investors who use a central limit order book trading structure.

加密貨幣交易行業主要是為使用中央限價訂單簿交易結構的日常散戶投資者而建立的。

Meanwhile, institutional investors who are offering bitcoin ETFs are increasingly finding that the retail central limit order book structure is not meeting their large-scale needs.

同時，提供比特幣ETF的機構投資者越來越發現，零售中央限價訂單簿結構無法滿足他們的大規模需求。

Bakkt has designed a groundbreaking solution to uniquely appeal to the needs of institutional investors.

Bakkt 設計了一個突破性的解決方案來獨特地滿足機構投資者的需求。

So moving on to slide number 10, this is where our ECN, which we call BakktX, comes in.

繼續看第 10 張幻燈片，這就是我們的 ECN（我們稱之為 BakktX）的用武之地。

Unlike a central limit order book, this platform will be a trading venue designed for institutional traders and market participants within our existing approved regulatory footprint.

與中央限價訂單簿不同，該平台將成為我們現有批准的監管範圍內為機構交易者和市場參與者設計的交易場所。

We believe BakktX will be a differentiated innovative platform to enable institutional crypto trading with high performance, low latency, and low costs.

我們相信 BakktX 將成為一個差異化的創新平台，以實現高性能、低延遲和低成本的機構加密貨幣交易。

The platform is expected to be an industry first, the first foreign exchange-style ECN in the digital asset space that will offer institutional clients a reliable and low-cost trading experience.

該平台預計將成為業界首創，數位資產領域首個外匯式ECN，將為機構客戶提供可靠且低成本的交易體驗。

The brokerage side of our business will be amongst the first clients.

我們業務的經紀業務將是首批客戶之一。

We believe this improvement in trading technology will harden our existing relationships and open the door to new clients that demand the most from their infrastructure providers.

我們相信交易技術的改進將鞏固我們現有的關係，並為對基礎設施提供者要求最高的新客戶打開大門。

Second, when combined with our custody capabilities, we will shift from a pure custody provider to a partner that offers more complete solutions for our institutional clients.

其次，結合我們的託管能力，我們將從純粹的託管提供者轉變為為機構客戶提供更完整解決方案的合作夥伴。

With the mature retail trading markets, institutional investors are eager and ready for a trading venue tailor-made for institutional requirements, and we believe this is the opportune time to launch an innovative market solution serving our targeted high-value segments.

隨著零售交易市場的成熟，機構投資者渴望並準備好為機構需求量身定制的交易場所，我們相信現在是推出服務於我們目標高價值細分市場的創新市場解決方案的最佳時機。

Moving on to page number 11, another key element in shaping Bakkt's progression is the vitality of the ecosystem in which we operate.

轉到第 11 頁，影響 Bakkt 發展的另一個關鍵因素是我們運作的生態系統的活力。

We have a strong marketplace of relationships that enhance our solutions and processes, which continues to evolve as we innovate our offerings.

我們擁有強大的關係市場，可以增強我們的解決方案和流程，並隨著我們的產品創新而不斷發展。

As I mentioned, we have many high-value client segments, including brokerages, trading desks, asset managers, and crypto natives.

正如我所提到的，我們擁有許多高價值客戶群，包括經紀公司、交易櫃檯、資產管理公司和加密貨幣原生公司。

In collaboration with our go-to market technology providers, our capabilities allow us to deepen liquidity for our clients and enhance data and pricing aggregation and analytics.

透過與我們的市場技術提供者合作，我們的能力使我們能夠加深客戶的流動性，並增強數據和定價聚合和分析。

Our goal is to cultivate an ecosystem of solutions tailored to the needs of those diverse clients.

我們的目標是培育一個適合這些不同客戶需求的解決方案生態系統。

The mission of the Bakkt ecosystem is to bring further value to our clients through comprehensive aggregation analytics, high-performance execution, robust liquidity supporting tight spreads, secure clearing and settlement processes, upholding the integrity of each transaction, and our New York Department of Financial Services-regulated custody solution.

Bakkt 生態系統的使命是透過全面的聚合分析、高效能執行、支援小點差的強大流動性、安全的清算和結算流程、維護每筆交易的完整性以及我們的紐約金融部門，為我們的客戶帶來更多價值。

This integrated approach with our partners ensures that Bakkt stands out as the comprehensive ecosystem that empowers our client network to trade confidently and successfully.

這種與我們合作夥伴的整合方法確保 Bakkt 作為綜合生態系統脫穎而出，使我們的客戶網路能夠自信、成功地進行交易。

So thank you for the time allowing me to share more about our current performance and further progress for 2024.

感謝您抽出時間讓我分享更多有關我們當前業績和 2024 年進一步進展的資訊。

Now I'll turn it over to Karen, who will speak to our financial results.

現在我將把它交給凱倫，她將談論我們的財務表現。

Thanks, Andy.

謝謝，安迪。

I will now walk you through our first-quarter KPIs and financial results.

現在，我將向您介紹我們第一季的 KPI 和財務表現。

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 a principal in the crypto services we provide our customers.

快速提醒一下，根據公認會計原則，我們按總額列報加密服務收入和加密成本以及執行、清算和經紀費用，因為我們是為客戶提供的加密服務的主體。

By contrast, we are an agent in the loyalty redemption services that we provide our loyalty customers.

相較之下，我們是為忠誠客戶提供忠誠兌換服務的代理商。

So loyalty revenue is presented out of one-line net basis.

因此，忠誠度收入是在單行淨值基礎上呈現的。

Crypto costs and execution, clearing, and brokerage fees, which we refer to as crypto costs and ECD for the remainder of this call, drive gross crypto services revenue.

加密成本以及執行、清算和經紀費用（我們在本次電話會議的其餘部分中稱之為加密成本和 ECD）推動了加密服務總收入。

And the difference between these two line items represent crypto trading's contribution to margins.

這兩個項目之間的差異代表了加密貨幣交易對利潤的貢獻。

Please see the notes section of our earnings presentation for additional detail on crypto services revenue and related costs.

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。

Starting on slide 13, we have our Q1 KPIs that we believe provide a snapshot to the health of the underlying trends that drive our business.

從幻燈片 13 開始，我們提供了第一季 KPI，我們相信這些 KPI 提供了推動我們業務的基本趨勢的健康狀況的快照。

As a reminder, we have included Bakkt crypto in historical KPI figures on this slide for comparison purposes.

提醒一下，我們已將 Bakkt 加密貨幣納入本投影片的歷史 KPI 資料中，以進行比較。

We had 6.3 million crypto-enabled accounts at the end of the first quarter, which reflects a steady increase over the past 12 months.

截至第一季末，我們擁有 630 萬個支援加密貨幣的帳戶，這反映了過去 12 個月的穩定成長。

Next, we have our transacting accounts, which we break out into crypto and loyalty accounts.

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。

There were 779,000 transacting accounts in the first quarter, of which 484,000 were for loyalty redemption, and 295,000 were crypto trades.

第一季有 779,000 個交易帳戶，其中 484,000 個用於忠誠度兌換，295,000 個是加密貨幣交易。

While the number of crypto-transacting accounts declined year over year, we saw an approximately 235% increase in the notional amount per trade year over year.

雖然加密貨幣交易帳戶的數量同比下降，但我們看到每筆交易的名義金額比去年同期增長了約 235%。

This led to a European increase in the notional traded volume for crypto, which we will cover next.

這導致歐洲加密貨幣名目交易量的增加，我們將在接下來介紹。

Total notional traded volume was $1,041 million, of which $860 million was from crypto and $181 million was related to loyalty redemptions.

名目交易總額為 10.41 億美元，其中 8.6 億美元來自加密貨幣，1.81 億美元與忠誠度兌換相關。

On this chart, we have also included the crypto industry trading volumes, which is the orange line.

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。

As depicted here, our crypto trading volumes were up 324% on a sequential basis, outperforming the overall industry, which was up only 65% sequentially.

如圖所示，我們的加密貨幣交易量較上季成長了 324%，表現優於整個產業，後者僅較上季成長了 65%。

Meanwhile, loyalty redemption volume was down 6% year over year due to lower redemption activity in travel and gift cards.

同時，由於旅行和禮品卡兌換活動減少，忠誠度兌換量較去年同期下降 6%。

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.

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。

At the end of Q1, our assets under custody increased 76% year over year to $1,233.2 million and higher coin prices.

截至第一季末，我們託管的資產年增 76%，達到 12.332 億美元，幣價也更高。

On slide 14, we show revenue for the company.

在幻燈片 14 上，我們顯示了該公司的收入。

Total revenue for the first quarter of 2024 was $854.6 million.

2024 年第一季的總收入為 8.546 億美元。

Gross crypto services revenue for the quarter was $841.3 million.

該季度加密服務總收入為 8.413 億美元。

As Andy noted earlier, our Q1 '24 gross crypto notional traded volume increased 324% on a quarter-over-quarter basis, outperforming the 65% quarter-over-quarter increase in the overall market growth for notional traded volume.

正如 Andy 之前指出的那樣，我們 24 年第一季的總加密貨幣名目交易量環比增長了 324%，超過了整體市場名目交易量 65% 的環比增幅。

Our Q1 '24 traded volume was the strongest in March, where we saw particularly strong demand for certain main points.

我們 24 年第一季的交易量在 3 月最為強勁，我們看到某些要點的需求特別強勁。

Net royalty revenues of $13.2 million increased 3% year over year.

淨特許權使用費收入為 1,320 萬美元，年增 3%。

This was driven by 20% year-over-year increase in subscription and service revenues to 6.6 million.

這是由訂閱和服務收入年增 20% 至 660 萬所推動的。

Approximately half of the increase was driven by an adjustment to the remaining life of one of our service contracts, with the remaining increase driven by higher volume-based service revenues.

大約一半的成長是由我們一項服務合約的剩餘期限調整所推動的，其餘的成長則是由基於數量的服務收入增加所推動的。

Transaction revenues of $6.6 million were down 9% year over year, primarily due to lower redemption volume in travel and lower-redemption margin and merchandise.

交易收入為 660 萬美元，年減 9%，主要是由於旅行兌換量下降以及兌換利潤和商品下降。

Turning to slide 15, we have a slide comparing gross crypto services revenue, crypto costs, and ECB.

轉向幻燈片 15，我們有一張幻燈片比較加密服務總收入、加密成本和歐洲央行。

Gross crypto services revenue of $841.3 million increased 322% sequentially and was impacted by improving industry-wide volumes.

加密服務總收入為 8.413 億美元，環比成長 322%，這受到全行業交易量成長的影響。

Crypto costs and ECB were $837.6 million for the quarter.

本季加密貨幣成本和歐洲央行成本為 8.376 億美元。

The difference between crypto services gross revenue and crypto costs and ECB represents the net revenue contribution of retail crypto trading services.

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 revenue contribution for Q1 '24 of $3.7 million is a take rate of approximately 44 basis points.

以百分比計算，2024 年第一季的淨收入貢獻為 370 萬美元，採用率約為 44 個基點。

This is lower than Bakkt Crypto's take rate of 80 basis points in Q4 '23 due to the adjustment of the Webull Pay revenue share agreement in Q3 '23.

由於 Webull Pay 營收分成協議在 23 年第三季的調整，這低於 Bakkt Crypto 在 23 年第四季 80 個基點的接受率。

As I've commented in prior quarters, we had expected the take rate to revert back to the pre-Q3 '23 historical take rates of approximately 30 to 40 basis points prior to Q3 '23, as Webull Payactivity levels increased.

正如我在前幾個季度所評論的那樣，隨著微牛支付活動水準的增加，我們預計採用率將恢復到23 年第三季之前的歷史採用率，約為23 年第三季之前的30至40 個基點。

Turning to slide 16, we have total operating expense.

轉向投影片 16，我們有總營運費用。

Total expense for the first quarter of $886.4 million includes $837.6 million of crypto costs from ECB.

第一季的總支出為 8.864 億美元，其中包括歐洲央行的 8.376 億美元加密成本。

These costs are driven by crypto trading volumes.

這些成本是由加密貨幣交易量所驅動的。

SG&A expense of $7.8 million includes a $900,000 marketing expense associated with the strategic marketing agreement.

780 萬美元的 SG&A 費用包括與策略行銷協議相關的 90 萬美元行銷費用。

Excluding this payment, SG&A expenses were roughly flat to Q1 '23.

排除這筆付款，SG&A 費用與 2023 年第一季大致持平。

Total compensation expense of $24.5 million declined 28% compared to the first quarter of 2023 due to lower headcount and a decrease in incentive bonuses and benefits.

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 2,450 萬美元，較 2023 年第一季下降 28%。

Note that the Q4 '23 compensation expense included reversals of $6.5 million of incentive and non-cash compensation expenses to adjust this accrual to lower achievement of performance targets.

請注意，23 年第 4 季的薪酬費用包括沖銷 650 萬美元的激勵和非現金薪酬費用，以調整應計費用以適應較低的績效目標實現。

Other expenses of $15.4 million includes $6.1 million of non-recurring restructuring expenses.

1540 萬美元的其他費用包括 610 萬美元的非經常性重組費用。

Operating expenses, excluding crypto costs and ECB and non-cash goodwill intangible assets and long-lived asset impairment charges, were $48.8 million.

營運費用（不包括加密成本、歐洲央行和非現金商譽無形資產以及長期資產減損費用）為 4,880 萬美元。

This represents a decrease of 16% year over year.

這意味著同比下降了 16%。

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.

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。

We're pleased with the continued progress we have been making in reducing our expense base through our disciplined approach towards allocating capital.

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。

As Andy noted, this will remain a key focus for us as we look ahead to the remainder of the year, and we are committed to continuing this trend.

正如安迪指出的那樣，展望今年剩餘時間，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。

As I will describe further when I address our updated outlook for 2024.

正如我在談到 2024 年更新展望時將進一步描述的那樣。

On slide 17, we have our EBITDA and adjusted EBITDA for the first quarter of 2024.

在投影片 17 上，我們列出了 2024 年第一季的 EBITDA 和調整後 EBITDA。

Adjusted EBITDA reflects adjustments for non-cash, restructuring, and acquisition-related items that impacted the period.

調整後的 EBITDA 反映了影響該期間的非現金、重組和收購相關項目的調整。

EBITDA and adjusted EBITDA for the quarter were losses of $22.0 million and $16.3 million, respectively.

本季 EBITDA 和調整後 EBITDA 分別虧損 2,200 萬美元和 1,630 萬美元。

As Andy noted earlier, our adjusted EBITDA losses have narrowed significantly over the last 12 months, reflecting our expense management efforts.

正如安迪之前指出的，我們調整後的 EBITDA 損失在過去 12 個月中大幅收窄，反映出我們在費用管理方面所做的努力。

Turning to slide 18, we have our first quarter 2024 condensed financial statements.

轉投投影片 18，我們有 2024 年第一季的簡明財務報表。

I've already covered revenue and operating expenses on the previous slides, so I'll just jump to the bottom-line items.

我已經在之前的幻燈片中介紹了收入和營運費用，因此我將直接跳至底線專案。

Net loss for the quarter was $21.3 million, which resulted in a diluted loss of $1.86 per share on an average diluted share base of 4.4 million shares.

本季淨虧損為 2,130 萬美元，導致平均稀釋後股本為 440 萬股，每股攤薄虧損 1.86 美元。

Net loss allocated to the non-controlling interest in the operating company was $13.1 million, resulting in an $8.2 million loss attributable to Bakkt Holdings, Inc. for a net loss of $1.86 per share at an average basic share count of 4.4 million shares.

分配給營運公司非控制權益的淨虧損為 1,310 萬美元，導致 Bakkt Holdings, Inc. 虧損 820 萬美元，平均基本股數為 440 萬股，每股淨虧損為 1.86 美元。

Following a recent capital raise and after giving effect to our 1 to 25 reverse stock split that occurred on April 26, 2024, our total share count as of May 3 is 13.4 million shares.

在最近的一次融資以及 2024 年 4 月 26 日進行的 1 至 25 股反向股票分割生效後，截至 5 月 3 日，我們的總股數為 1,340 萬股。

Following the capital raise, ICE still remains our largest shareholder as they own 56% of our aggregate shares.

此次融資後，ICE 仍然是我們的最大股東，擁有我們總股份的 56%。

Note that their percentage ownership is down due to new Class A. share issuances and not due to the sale of shares by ICE.

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。

Turning to slide 19, we have our condensed balance sheet as of March 31, 2024.

轉向投影片 19，我們擁有截至 2024 年 3 月 31 日的簡明資產負債表。

We ended the quarter with $74.6 million of cash, cash equivalents, and available-for-sale securities.

截至本季末，我們擁有 7,460 萬美元的現金、現金等價物和可供出售證券。

After giving effect to the registered direct offering proceeds, our cash usage for the first quarter was $33.7 million.

註冊直接發行收益生效後，我們第一季的現金使用量為 3,370 萬美元。

Our cash usage from quarter to quarter may include contractual payments where the timing is not always consistent as well as normal operating expenses.

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。

Cash usage for the first-quarter 2024 included a $4.9 million increase to surety bond collateral and a $7.0 million transfer of available cash to restricted cash related to our purchasing card facility.

2024 年第一季的現金使用包括增加 490 萬美元的擔保債券抵押品，以及將 700 萬美元的可用現金轉移到與我們的採購卡設施相關的限制性現金。

Excluding some of these lumpier items, we are continuing to see improvements in our cash usage run rate from a lower operating expense base, which I will cover more in the guidance slide.

排除其中一些較大的項目，我們繼續看到我們的現金使用率在較低的營運費用基礎上有所改善，我將在指導幻燈片中詳細介紹這一點。

Before moving on to our guidance, I would like to address the material weakness in our internal controls as noted in our 10-Q filed this afternoon.

在繼續我們的指導之前，我想解決我們今天下午提交的 10-Q 中指出的內部控制的重大缺陷。

The issue stems from an error made by a Big Four third-party valuation specialist in the fair-value measurement of our Class 1 and Class 2 warrants that were issued in the March registered direct offering.

此問題源自於四大第三方估價專家在 3 月註冊直接發行中發行的 1 類和 2 類認股權證的公允價值計量中犯下的錯誤。

Generally accepted accounting principles require that we recognize these warrants as liabilities and measure them at fair value every reporting period.

公認的會計原則要求我們將這些認股權證確認為負債，並在每個報告期間以公允價值計量。

The valuation of these warrants requires the use of a complex valuation model with a number of sensitive assumptions that must be made from the perspective of the market participants.

這些認股權證的估值需要使用複雜的估值模型，其中必須從市場參與者的角度做出許多敏感假設。

This issue is solely related to our Class 1 and Class 2 warrants and is non-cash in nature.

本次發行僅與我們的 1 級和 2 級認股權證相關，且本質上是非現金。

We have resolved the valuation issue specific to our Class 1 and Class 2 warrants in the financial position and results of operations presented today and reported in our first-quarter 10-Q.

我們已經解決了今天公佈並在第一季 10 季度報告的財務狀況和營運業績中針對 1 級和 2 級認股權證的估值問題。

We are actively addressing the identified material weakness in our internal controls to make sure such discrepancies are identified and managed more effectively in the future.

我們正在積極解決內部控制中已發現的重大缺陷，以確保未來更有效地識別和管理此類差異。

Moving on to slide 20, we have updated our 2024 full-year outlook.

轉到幻燈片 20，我們更新了 2024 年全年展望。

Since our Q4 '23 earnings release, we've had a few months of client activity and engagement metrics to fine-tune the wide range that we provided in March.

自 23 年第 4 季收益發布以來，我們已經有幾個月的客戶活動和參與度指標來微調我們 3 月提供的廣泛範圍。

Accordingly, we are updating our expected outlook for 2024.

因此，我們正在更新 2024 年的預期展望。

We expect total revenues to be in the range of $3,002 million to $4,447 million dollars.

我們預計總收入將在 30.02 億美元至 44.47 億美元之間。

This range includes gross crypto revenue of $2,949 million to $4,390 million.

這一範圍包括 29.49 億美元至 43.90 億美元的加密貨幣總收入。

There are several factors that influence that wide range.

有幾個因素會影響這個大範圍。

First, we consider a range of potential trading engagement metrics based on observed trading engagement in Q1 '24 as well as longer-term historical trading engagement metrics, with the third-quarter '23 being a low point for both our platform as well as the broader market.

首先，我們根據 24 年第一季觀察到的交易參與度以及長期歷史交易參與度指標考慮一系列潛在的交易參與度指標，其中 23 年第三季是我們平台和更廣泛的市場。

As we mentioned earlier, we saw improved trading activity so far in the first quarter of 2024, with March volume being exceptionally strong.

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，其中 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 steady improvement engagement metrics at the high end of the range.

我們對 2024 年全年的預期收入範圍考慮在該範圍的低端回歸到 2023 年的參與度指標，並在該範圍的高端考慮穩步改進參與度指標。

This does not assume that the exceptional trading volume we observed in March will continue for the rest of the year.

這並不意味著我們在三月觀察到的異常交易量將持續到今年剩餘時間。

Secondly, we have updated our range of possible scenarios for the activation of new clients currently in our pipeline.

其次，我們更新了目前管道中啟動新客戶的可能場景範圍。

The range of assumed timing and conversion rate of those pipeline opportunities is reflected in the range of expected gross crypto revenue in 2024.

這些管道機會的假設時間和轉換率範圍反映在 2024 年預計總加密貨幣收入範圍。

One metric we have considered is the increase in crypto-enabled accounts from new clients.

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。

We are expecting our crypto trading accounts to grow by approximately 1 to 3 times with a significant portion of that growth coming from new clients.

我們預計我們的加密貨幣交易帳戶將成長約 1 到 3 倍，其中很大一部分是成長來自新客戶。

Based on our current view of pipeline and current client growth, we have reduced our expectation for crypto trading account growth relative to the guidance I provided in March, while maintaining the general expectation of continued growth from crypto trading accounts.

根據我們目前對通路和當前客戶成長的看法，相對於我在 3 月提供的指導，我們降低了對加密貨幣交易帳戶成長的預期，同時維持了加密貨幣交易帳戶持續成長的整體預期。

Third, we continue to expect that crypto coin pairs will be activated in the second half of 2024 to support high demand by international retail traders.

第三，我們繼續預期加密貨幣對將在 2024 年下半年激活，以支持國際零售交易者的高需求。

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.

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，並在 2024 年下半年這些客戶的 AUC 穩步上升。

We have not adjusted our expectation for net royalty revenue of $53 million to $57 million, consistent with the performance of that business in 2023.

我們沒有調整淨特許權使用費收入 5,300 萬美元至 5,700 萬美元的預期，這與該業務 2023 年的業績一致。

We expect crypto costs from ECB of $2,934 million to $4,365 million, driven by the range of expected gross crypto revenue.

我們預期歐洲央行的加密成本為 29.34 億美元至 43.65 億美元，主要受預期加密總收入範圍的影響。

We expect total operating expenses of $155 million to $165 million, updated to reflect the May 2024 restructuring actions.

我們預計總營運費用為 1.55 億至 1.65 億美元，更新後反映了 2024 年 5 月的重組行動。

This guidance does not anticipate any acquisition or inorganic transaction expenses like the acquisition expenses we incurred in 2023 related to the acquisition of Bakkt Crypto.

本指南並未預期任何收購或無機交易費用，例如我們在 2023 年因收購 Bakkt Crypto 而產生的收購費用。

The net of operating expenses and non-cash expenses represents our expected cash operating expenses for 2024.

營運費用和非現金費用淨額代表我們 2024 年的預期現金營運費用。

Expected operating cash flow usage of $58 million to $72 million reflects both expected revenue and expense ranges that I've walked through.

預計營運現金流使用量為 5,800 萬美元至 7,200 萬美元，反映了我經歷過的預期收入和支出範圍。

Free cash flow, which is a non-GAAP metric, is expected to be a usage of between $64 million to $78 million.

自由現金流為非 GAAP 指標，預計使用量在 6,400 萬美元至 7,800 萬美元之間。

We expect to end the year with $42 million to $57 million of available cash, cash equivalents, and available-for-sale securities.

我們預計到年底會有 4,200 萬至 5,700 萬美元的可用現金、現金等價物和可供出售證券。

This range reflects both the $7 million cash savings from the May restructuring actions, as well as the $5 million reduction in the net revenue contribution from crypto trading.

這一範圍既反映了 5 月重組行動帶來的 700 萬美元現金節省，也反映了加密貨幣交易帶來的淨收入貢獻減少了 500 萬美元。

It also reflects our updated expectations for capital efficiencies driven from legal entity integration of our regulated entities, including a $9 million reduction of restricted cash as we eliminate duplicate surety bond requirements.

它也反映了我們對受監管實體的法人實體整合所驅動的資本效率的最新預期，包括由於我們消除了重複的保證金要求而減少了 900 萬美元的限制性現金。

We continue to believe we have sufficient cash to fund our operations in 2024.

我們仍然相信我們有足夠的現金來為 2024 年的營運提供資金。

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 curve.

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曲線，我們預計我們的現金利用率將在 2024 年期間減少。

Or I'll now pass it back to Andy for his closing remarks.

或者我現在將其傳回給安迪，讓他作結束語。

Thank you, Karen, for taking us through the financials.

謝謝你，凱倫，帶我們了解財務狀況。

Between our ongoing focus on providing the winning client experience, the strategic broadening of our product offering, and prudent management of our expenses, I believe we are positioned to scale and take advantage of a turning market.

在我們持續專注於提供成功的客戶體驗、策略性地擴大我們的產品供應以及謹慎管理我們的費用之間，我相信我們有能力擴大規模並利用不斷變化的市場。

I look forward to sharing more about our progress in the months to come.

我期待在未來幾個月分享更多有關我們進展的資訊。

Thank you, everyone, for your ongoing interest in Bakkt.

感謝大家對 Bakkt 的持續關注。

I will now turn it over to Olivia to manage the Q&A.

我現在將把它交給 Olivia 來管理問答。

Thanks, Andy.

謝謝，安迪。

Let's move over to questions from the investor community.

讓我們轉向投資者群體的問題。

Leading into our Q&A session, we'll start by answering the top questions from Say Technology ranked by number of votes.

在問答環節中，我們將首先回答 Say Technology 中按票數排名的熱門問題。

We have consolidated some of the questions that address similar themes.

我們整合了一些針對類似主題的問題。

After that, we'll turn to live questions from the analyst community.

之後，我們將轉向分析師社群的即時提問。

Our first question from the investor community comes from Sahid H. and William I. Somewhat the same question but combined here for time.

我們來自投資者界的第一個問題來自 Sahid H. 和 William I。

As the United States embarks on a new era of bitcoin and cryptocurrency advancements, how is Bakkt positioning itself at the forefront of this movement, particularly with the support of the Intercontinental Exchange and ultimately restoring confidence to shareholders?

隨著美國開啟比特幣和加密貨幣進步的新時代，Bakkt 如何將自己定位在這項運動的最前沿，特別是在洲際交易所的支持下，並最終恢復股東的信心？

Andy, can you share your perspective here?

安迪，你能在這裡分享你的觀點嗎？

Thank you, Sahid and William, for your question and being fellow stockholders of Bakkt.

謝謝 Sahid 和 William 的提問，謝謝你們作為 Bakkt 的股東。

Just like we mentioned, we are laser focused on our three key priorities.

正如我們所提到的，我們專注於三個關鍵優先事項。

Firstly, expanding our client network; secondly, broadening our product offerings within the bank ecosystem, primarily our anticipated institutional BakktX ECN offering; and thirdly, enhancing our cost-management strategies.

一是擴大客戶網絡；其次，擴大我們在銀行生態系統內的產品供應，主要是我們預期的機構 BakktX ECN 產品；第三，加強我們的成本管理策略。

Having ICE in our corner for support has been a huge help as we leveraged our established infrastructure and market presence.

當我們利用現有的基礎設施和市場影響力時，ICE 的支持為我們提供了巨大的幫助。

We believe the support in implementing these priorities in due time will bring this company to the forefront of the ever-evolving crypto landscape.

我們相信，在適當的時候實施這些優先事項的支持將使該公司走在不斷發展的加密貨幣領域的最前沿。

We're always looking forward and pursuing ways to stay ahead of the curve and ultimately deliver value to our stockholders like you.

我們始終期待並尋求保持領先地位並最終為像您這樣的股東創造價值的方法。

Next question is from Jeffrey C. Jeffrey asks, why did you pursue the reverse split so quickly after shareholder approval when you had several months to regain good standing on the New York Stock Exchange?

下一個問題來自傑弗裡·C。

Karen, can you take this one?

凱倫，你能拿走這個嗎？

Of course.

當然。

Our primary goal was to promptly address the compliance issues with the New York Stock Exchange's minimum price requirements, ensuring the stability and continued listing of our stock.

我們的首要目標是及時解決紐約證券交易所最低價格要求的合規問題，確保我們股票的穩定性和持續上市。

Acting quickly on the reverse split allowed us to minimize uncertainty for our investors and stabilize the market perception of Bakkt's financial health, including opening new doors for institutional investors who may have minimum price requirements for their investments.

在反向分拆方面迅速採取行動，使我們能夠最大程度地減少投資者的不確定性，並穩定市場對Bakkt 財務健康狀況的看法，包括為可能對其投資有最低價格要求的機構投資者打開新的大門。

This action is part of a broader strategy to secure our company's financial foundation and improve investor confidence.

這項行動是確保公司財務基礎並提高投資者信心的更廣泛策略的一部分。

Next question is from [Working P.] Working asks, has your company explored the possibility of collaborating with ICE to secure cryptocurrency custody business from the top four to five ETF providers?

下一個問題來自[Working P.]Working 問，貴公司是否探索過與 ICE 合作以獲取前四到五家 ETF 提供商的加密貨幣託管業務的可能性？

Additionally, what steps must Bakkt undertake to successfully acquire business in this sector?

此外，Bakkt 必須採取哪些步驟才能成功收購該領域的業務？

Andy, can you provide your thoughts here?

安迪，你能在這裡發表你的想法嗎？

Thank you.

謝謝。

Yes, indeed, we've been and will continue to leverage ICE's established infrastructure and market presence.

是的，確實如此，我們一直並將繼續利用 ICE 現有的基礎設施和市場影響力。

We aim to develop robust customer solutions that meet the complex needs of these institutional players.

我們的目標是開發強大的客戶解決方案，以滿足這些機構參與者的複雜需求。

To successfully acquire business in this sector, we are focusing on enhancing our technological capabilities, ensuring compliance with regulatory standards and building a product suite that aligns with the specific requirements of these large institutional clients.

為了成功收購該領域的業務，我們專注於增強我們的技術能力，確保遵守監管標準並建立符合這些大型機構客戶特定要求的產品套件。

Our ongoing product development and strategic partnerships are geared towards creating a compelling value proposition in the institutional crypto markets and securing a large portion of the available market share.

我們正在進行的產品開發和策略合作夥伴關係旨在在機構加密貨幣市場中創造令人信服的價值主張，並確保大部分可用市場份額。

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

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) John Roy, Water Tower Research.

（操作員說明）John Roy，水塔研究中心。

Thank you.

謝謝。

So Karen, on this increase in the estimate for the end-of-the-year cash, you're going to $42 million and $57 million.

凱倫，根據年終現金預估的增加，您將分別增加 4,200 萬美元和 5,700 萬美元。

Is that mainly savings in OpEx and expense management, or is there some non-OpEx factors that are going on?

這主要是營運支出和費用管理的節省，還是存在一些非營運支出因素？

Yes, thanks, John.

是的，謝謝，約翰。

Thanks so much for the question.

非常感謝您的提問。

Obviously, as you could tell from Q1 so far, there's a lot of things going on with our available cash that are beyond just what we're seeing from operations with the ins and outs of what we have to hold as restricted cash.

顯然，正如您從第一季到目前為止所看到的那樣，我們的可用現金發生了很多事情，超出了我們從營運中看到的、我們必須持有的受限現金的來龍去脈。

So thinking about where we are so far, as you mentioned, we ended the quarter with $74.6 million of available cash.

因此，考慮我們到目前為止的情況，正如您所提到的，我們在本季結束時擁有 7,460 萬美元的可用現金。

If you think about the burn rate that's inherent in that number, given -- after giving effect to the RDO, we burned about $33.7 million of cash during the quarter.

如果你考慮這個數字所固有的燒錢率，考慮到 RDO 生效後，我們在本季度燒掉了約 3,370 萬美元的現金。

But there's definitely some one-timers in there that I had mentioned on the call.

但其中肯定有一些我在電話中提到的一次性者。

So if you think about the increases that we had set aside for surety bond collaterals and collateral for our purchasing card facility, that's over $10 million of that usage.

因此，如果您考慮我們為保證金抵押品和採購卡設施抵押品預留的增量，那麼該用途就超過 1000 萬美元。

So I certainly would -- do not want to give investors the impression that that $33.7 million is -- can just be divided by three and that would be a monthly run rate.

因此，我當然不想給投資者留下這樣的印象：3,370 萬美元可以除以三，這就是每個月的運行率。

As you could see from the numbers, our run rate is going to come down pretty significantly.

正如您從數字中看到的那樣，我們的運行率將大幅下降。

So between the $74.6 million that we ended Q1 with, and then if I maybe take that down to roughly $49.5 million, which is the midpoint of my guidance range, that's a change of $25 million, approximately.

因此，我們第一季末的收入為 7460 萬美元，如果我可以將其降至大約 4950 萬美元（我的指導範圍的中點），則變化約為 2500 萬美元。

Included in there, as I mentioned, is about $10 million of restricted cash release that we've built into the expectation of the cash balance, given the fact that we are now able to get some of the efficiencies from being able to integrate our regulated entities.

正如我所提到的，其中包括大約 1000 萬美元的限制性現金釋放，我們已將其納入現金餘額的預期中，因為我們現在能夠透過整合我們的受監管的方式來提高一些效率。

So when you factor that in to something that looks more like roughly $35 million, $36 million cash utilization from operations for the rest of the year, that's more like a $4 million run rate on a monthly basis for the rest of the year.

因此，當你將這一數字考慮到今年剩餘時間營運的現金利用率約為 3,500 萬美元、3,600 萬美元時，這更像是今年剩餘時間每月運行費用為 400 萬美元。

Keep in mind also, though, that our cash usage is not straight line, so you could certainly see it in the first quarter where we had more cash utilization.

但請記住，我們的現金使用量不是直線的，因此您肯定可以在第一季看到我們有更多的現金使用量。

The $4 million is a simplified straight-line number, but what we'll see is it varies from quarter to quarter, which is why I wanted to give the end-of-year balance as a better indication of what we would utilize for the rest of the year.

400 萬美元是一個簡化的直線數字，但我們會看到它每個季度都有所不同，這就是為什麼我想提供年終餘額，以更好地表明我們將用於今年剩餘的時間。

Great.

偉大的。

That really does kind of clear things up.

這確實讓事情變得清晰起來。

Thanks, Karen.

謝謝，凱倫。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Thanks.

謝謝。

Hey, good afternoon.

嘿，下午好。

Andy, maybe a bigger-picture question just on the regulatory backdrop and being in an election year.

安迪，也許是一個關於監管背景和選舉年的更大問題。

Maybe just give us a sense for kind of how you see State of the Union on the regulatory side; how you're expecting things to evolve over the next 12, 24 months; and just how you guys are positioning the business for a different range of outcomes on the regulatory front.

也許只是讓我們了解一下您在監管方面如何看待國情咨文；您預計未來 12、24 個月內事情會如何發展；以及你們如何為監管方面的不同結果定位業務。

Thank you.

謝謝。

Yes, Trevor.

是的，特雷弗。

Thanks so much for the question.

非常感謝您的提問。

So Bakkt being a publicly traded crypto company, we are just extremely focused on the regulatory front, particularly with the NYDFS and certainly complying to the SEC regulations.

因此，Bakkt 作為一家公開交易的加密貨幣公司，我們非常關注監管方面，特別是 NYDFS 的監管，當然也要遵守 SEC 的監管規定。

Clearly, with the election coming up, we certainly are proceeding on the basis that the US government will certainly support the current crypto regulations, and we'll be in a position to support additional licensees for entrants coming into this market.

顯然，隨著選舉的臨近，我們肯定會在美國政府肯定支持當前的加密貨幣法規的基礎上繼續前進，並且我們將能夠為進入該市場的進入者提供更多的許可。

So we're fairly buoyant on the fact that the government, SEC in particular, will support its current crypto position to help this part of the economy develop and flourish.

因此，我們對政府（尤其是美國證券交易委員會）將支持其當前的加密貨幣立場以幫助這部分經濟的發展和繁榮這一事實感到相當樂觀。

So that's very much the position we're taking as we go forward here.

這就是我們在此前進時所採取的立場。

Terrific.

了不起。

Thank you, guys.

感謝你們。

We have no further questions at this time.

目前我們沒有進一步的問題。

So I'll pass call back to the management team for any closing remarks.

因此，我將回電給管理團隊以徵求結束語。

Thank you, everyone, for attending our earnings call this afternoon.

謝謝大家參加今天下午的財報電話會議。

We look forward to catching up with you again soon.

我們期待很快再次與您聯繫。

That concludes today's call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。