BKKT - Earnings call transcript Q1 2022

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Operator

Greetings! Welcome to the Bakkt First Quarter 2022 Earnings Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation.

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

Ann DeVries

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

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

presentation, generally calculated discussing in financial measures. results During principles, to to non-GAAP are refer accounting will accepted that addition certain today's with accordance in we

SEC. of our this, and presentation our this our for the was our with of release basis results filed morning the information refer which measures, financial earnings please non-GAAP more to For

to Officer; Joining will After our that are Michael, me the and questions Platform. to Technologies turn Gavin. receive and the through Officer. answer Say it questions Gavin from I'll on now from Financial Gavin Drew will we prepared Chief today's Chief answer Executive LaBenne, analyst we available be over call After remarks, community. our Drew investors

Gavin Michael

assets. the digital unlocking commerce for Bakkt morning thanks are joining. value connecting Ann. by Good you, Thank Powering At everyone from digital and economy. we

just we really our also partners relationships deepening with our let's this ecosystem, and Momentum across built are growing to new opportunity. in a strong We for products future so new building foundation business partnerships growth, we're is businesses one partners activating proven had economy digital our existing forging Crypto and create pillars. while Bakkt’s of dynamic up. are has our power catch that's in our the that actively assets. helping help and crypto play We by driven services core begin. participate it new and staying

rapidly services Our increase businesses products user relevant to need to their to changing customer. and and enable meet

some our capabilities. walk core through on updates Let's

capabilities they buy/sell to already our transacting Bakkt’s connects partners Crypto customers crypto crypto, Our connect, are or where digitally.

experience trusted includes done embedded the attention to of benefits brand experience upon same customer with environment. environment, ecosystem is live will Rather their in help can and deposits while realizing out solutions. their manage embedded through be used flow within today core than Our and experience seamless being exchanges, a banking in onboard to of to their watching in soon of capability partners keep services their customers, all this crypto built reps. buy/sell banks a It market innovative crypto the our this is number these of capabilities,

We increase new also a This today. enable and for customer acquisition, especially of segment everyone our partners competing to demographics. is is younger

the with Finastra and and signed we’ve launch technology our to year. crypto and continue partnerships platforms number of them a connect member like our our is banks BXBXC of go-to-market to users. scale us us of potentially allows this platform efficiently capability and partnerships to and to are with so to Fiserv critical this This quickly later Our banks as offering approach build build roll where to hundreds out enable millions end

by This recent of our approach addition including traction live. first to bank the the is Back, which in is Our slated go shown announcement, has market. American the

second this strong in acceleration a year. expected the to see half We of

the crypto. single sector. past is employers payout Transformation turn backed for allows opportunities to Let's happening crypto We and receive impacting gig backed next We in quickly war their innovation differentiate either portion all in from payout. in employees to is their currency. their base talent crypto that economy know to XX% allowing like and that crypto found the workers and by a others surveyed a of or every nearly to their the pay all receive pay of would portion

partner is who their today delivery enterprises food spaces Latrobe crypto. to BringMeThat, in a market get excited to portion place a be are Latrobe We're partners. platform. also we a pay the on projects, gig in Starting of that first paid or our able through Our all creative of [ph] soon worker announce SMEs and will adding for service creators list take

market to continue payout this work make our capability industries with crypto to partners segments. platform We of to and available multitude a

gaming employers. The applicability acquire payout creator audiences economy fact, the to larger uptake. for economy, In across increase strong crypto further the crypto only adoption sharing will ability and places, market gambling, and traditional has and passively

get through to we believe can democratize their which a entry engage everyone. deeply this earn for activity believe moving terrific we be that crypto, significantly they by crypto amounts to research crypto Consumers access crypto to next is Crypto in inclusivity more economy. and is increases are and So crypto rewards, our as adoption of buy the people many live for they point year. can small knowledge likely and showing daily later more in passive their and a more even and will way access rewards

for option through credit financial points these to Fiserv uChoose Card the and serving their instructions will in debt soon programs have cards. with their crypto. directly redeem First holders program, Rewards

go are loyalty crypto into crypto once their working integrate We for partners, specifically, across working are to to cards MasterCard both to platform we with to programs. and easy make With rewards implement together merchant multiple we within live. earning it credit clients enable

of found this and year this on as this check right more currency, fit of Brands of half a are the the our who partners. crypto XX% balances, crypto purchased this past the that at points are create to crypto the looking drive leading that ensure collaborating points. buyers back crypto once truly and loyalty our can that seamless experience being for buyers months are crypto get least earning all and about trend. and over also the joint deeper for likely engagement, connection for, to released rewards are to six to are growth. innovative and charge differentiated consumers frequently crypto offering customer they clear brand's we and rewards time credibility currency those we very and that market so interested for crypto come holders Study taking leading It’s on earlier experience, the have in a instead redeem are that we loyalty in product, create We improved rewards customer crypto to

live redemption and points Pay this opportunity integration Rewards. Apple With are Google more page, members launch Wyndham use Pay this to to next and anywhere the really excited wide a and Wyndham with their Rewards pay capability of we to type the moving So extension we're universal it’s to can pay bring with points can Pay points with that of traditional accepted. brand. point enables

We are more payment able to loyalty ease create of flexible and use unmatched points.

capabilities. this the consumers As with stated saw stay brands to that in as for more industry, We market them offers in capability points of are ease say available points that of likely the that terrific also a participants pay payment to program they compared step of can payment compete see redemption. This brands other loyalty. as brand wise speed affinity, XXXX feature, market, providing driving value for embedded functionalities their of the that [inaudible] with lots increases our also storefront linking loyalty to like and this options funds a take creates Wyndham to of capability, capability. customers this retention when that and for XX% faster study, with a advantage is while ways a the to their partners showing themselves, pay of in forward with increased differentiate big new sources We use

the are out an functionality integrated in to paying familiar terrific we’re ecosystem. embedded simply able a that merchants. and array This for to brands product For experience looking checking of broad points of we scalability experience, and their really has in this bring

just regulatory our customers to understanding standards partners to work to they We evolving regulators and Bakkt with customers, on crypto space. their customers. required with that are ensure of the does this compliant offer more them our technology Turning to than work provide the with help our platform, and to their much overall

regulated and rigorous core measures risk of by operate. controls and management at are the how compliance we We practices are our NYDFS

infrastructure highly regulatory right be bank required trust and the compliant in have place, bid We charters, to state every license, in secure. NTLs

products. also XX/X about really provide their enabled support to customer sell marketing We and sales service, with collateral educate along help backed crypto that and partners co-branded consumers our

the to working some clarity crypto from gain are of various regulatory statements recent bodies. the on We regarding

with with working navigate closely partners excited We Global announced our We're our partnerships. We thoroughly. about through regulation to a strategic alliance recent Payments. are

cases, as starting customer service to for and offered prepaid enabling Card then to their currency, agreement, supporting this of solution. debit, clients and a range currency technologies linking wide of use virtual Bank be a redemption Payments loyalty As access will part into leveraging our include credit crypto expanding insurance crypto ultimately Global programs its banking by and offerings and with

working global payment areas, these acceptance. multinational broadly them with to payments addition on in are In with we collaborating merchant

credit which signed recently to more we X,XXX and bringing unions crypto we'll PSCU unions payment capabilities than credit digital and In banking partner the to their solutions across be banks. Another with PSCU. partnership back country. include members, is They connect provide

that of they for new of partners our for to can platform financial that Drew our And really areas bring broader really businesses subsequently are each it I’ll that, of value with We represent. results work pass collaboration, and our excited to all to review consumers the of quarter. and ecosystem to the this a with illustrate along activate to these

Drew LaBenne

morning Gavin, the quarter walk results. first you, you now Thank I and through everyone. financial good will

to reminder figure. results Holdings, we Holdings. results results represents from is of VPC a Impact Acquisition of applicable to Incorporated of and predecessor These October Bakkt the Combined, the use the This is XX. non-GAAP which period. term results LLC Successor the the Successor the any represent in combination XX exclude forward Predecessor the post-merger prior As from Holdings period. a Bakkt represents October

us. year-over-year quarter investment remaining We quarter for we adjusted to on due the Revenue primarily pandemic. We no seasonally you'll million strong new shares. which $X.XX loss this XX% and was to have million loss $X.X driven utilization is million allocated XXXX, would the shares had for our partnership EPS EBITDA Incorporated million which for base operating was share loyalty in diluted up increased per loss million, XXXX to out the company count an Net had financial $XXX.X primarily million shares. period, quarter strong $X.XX or share loss of $XX.X $XX XX, million net strong share increase as diluted of by is rebound in the Bakkt which of of in and our shares non-cash of leaves invest $XX.X the XX% leaving XX.X interest first created the $X.X first representing if the as operating of Turning quarter readily Holdings quarter EBITDA resulted attributable to with to loss quarter in million, for or partnership in we of saw revenue The quarter non-controlling coming fourth quarter-over-quarter the VIH company. from $XX.X down partnership the due net compared the quarter of The the compensation net average from adjustments losses of expense net travel that dilution we the recall results. DTL million for an in loss On Adjusted stage million per and liquidity slide that first adjusted $XXX from the headcount. to in redemption, available, future from In created we acquisition increased an was the dependent in the on due million share to tax activity will Class EBITDA to the merger. at a was of quarter future growth. DTL The we for impacted business in basic and had of shares are by million to particularly and or on a average the burn, impact EBITDA $XX.X non-cash of slide first be on respectively. growth. items investment the over converted A the and the to cash fund benefit us shares. of XX, XXXX. impact period. of quarter have drive EBITDA This Any be cash the significant the DTL. our had growing a reflects In that adjusted were the dilutive such related previous $XX.X $XX.X continued we EBITDA to due $XX.X

investment and partnerships. Our we priority with marketing areas go-to-market our as capabilities spend term in include our near continued platform increased

We have net across of On in subscription revenue first that any and between in $XX.X revenue enterprise be Strong XXXX slide we is subsided. come the broken transaction in of an expansion service million, available in should as interesting Combined dry revenue. out COVID-XX the plenty XXXX. an show opportunities. customers of revenue powder XX, and and revenue growth a quarters the result last increase XX% two impacts seen first compared increase in quarter that economy the of have we've as improvement an quarter to

restricted charges expense of quarter the XX, units. compensation have up $XX.X increased million to by of XXXX. million, for stock Turning we Total XX% to the $XX quarter of expense operating which to slide was This non-cash issuance XXX% was compensation first the was driven Total related total expense. year-over-year. compared

XX% weighted SG&A BXBXC institutions We overall measure for slide growth. XX% KPIs platform also and in growth. our to are our are storefront our first in up partner accessed to Transacting were was from XXXX, across accounts at the we across how year-over-year, of as overall saw indicators. directly $X.X have season debt. to revenue continue or of platform year-over-year to trusted in Digital activity. portion XX more impact of the the quarter asset as platform reflects Bakkt aligned Bakkt saw conversions and This and of smaller breadth through important Bakkt the $X up year-over-year. full large XXX,XXX On a key in These to our million redemption the reflect on increase activity business the heavy We financial volume model. is Crypto quarter. counts a measure loyalty for a invest capabilities metric strong the transacting performance we we a community growth an loyalty whether relatively our travel which XX% digital look bank’s reflect through first experiences, platform, buy/sell a currently the both

the expect We as just as Class A sold consideration Class XX. holder necessarily spoke B lock-up shares we Class future merger partners on their as A shares expired one-for-one not for were B shares well this exchange on does The be basis a may mean relationships. that near the April Gavin increase to new the exchanged an has for in that in the activate as shares the to build for market. issued that about,

exchanges done for tax some or for are other reasons. example, For purposes

X% of not and their As Class has totaled this exchanges Class remaining the of B ICE call shares have Class holds B total Class of shares. any of $XX.X million XX% shares B exchanged or B shares. now

on our million $XXX reminder, end million through and growing ample As $XX partnerships $XXX turn year to business my new the midway quarter us the The our used full activating and call. the to million plan yielding high guidance back net of $XX future. million quarter to for revenue year financial on Gavin gave the leaving cash for our liquidity those we I ended provide on of We earnings guidance and will a XXXX investing updates second of concludes burn of closing to That it revenue consumer to for has and over on his implementations. for remarks. section guidance be last on growth results. now our based

Gavin Michael

aligned activate digital connected our our with and the consistent remain priorities build out economy, and Our vision to partnership.

our with real the to and out time on the quarter remainder funding throughout points to We launched roadmap We this we and expect are quarter. of we and this end capability. the Last laid of by laser ramp our year. roll year, pay this out products expect investing to focused in activate and up partnerships

we launch expect innovative pain on We the many day other of to them items we their Deepening partner to relationships partners, with every our of are our with activities. platform points. continue to half to in actively breadth And execute the have. to our the expansion capabilities existing bring that this year. entire working find to working finally, the second of We're set solutions existing

and now and to I'll updated with markets, to Ann turn our initiatives new growth capabilities forward keeping these new are product we really Q&A. manage that, as We to look you other prioritizing continue on to And opportunities, I execute.

Ann DeVries

Gavin. Thanks

Leading questions the our we’ll answering by move by start to Let’s community. top investor over from from the session, into ranked Say, votes. of Q&A questions number

Given that Community. Analyst group skip volume our great After presentation from together common seen, to the questions we'll the live questions that, have of in we’ll to questions we that were themes. questions we’ll share addressed look and turn those

Our strategy. first of growth around is our group questions

strategy asked, take that’s revenues. do and others customer is and you to and adoption what Gavin, Tee here that growth to your increased Luke want Specifically drive one?

Gavin Michael

we I'll customer We've growth discussed We these sticking know as Near we and new all and ultimately activate know revenue the more Yeah of it. come said, business to that adoption capabilities our we loyalty up our that sure, take of growth priorities our just consistent. areas I’ve in look growth ramp we're will the to remain as from priorities the of. and capable expect deliver term other platform.

are of told and with teams all to the Our we’ve working activate hard you urgency about. moving things

our very flow these customers, our time start on experience their the growth ultimately work taking for confident see that to onto seamless we to you partners provide we’re and we more broadly, a is end closely that to one ensure we integration, going relationships are activate very, scale. So with platform. to When the

market over of million well XXX an have addressable users. We

million with available have reach XXX cash. what we incredible have in We Further, over we’ve built.

to and future investing capitalized growth. our drive to well business exceptionally are in We continue

Ann DeVries

Gavin. Thanks

out do What plan is rolling cost on can marketing do building answer a He this one? current a is How Our Drew, next acquisition? the on you plan soon? base? question for you from M. Matthew customer asked, you campaign

Drew LaBenne

to. happy Sure,

mirrors strategy. our strategy marketing business Our

Our areas. few marketing focuses a on key

First through we marketing core building BXB our and product products products, out are rolling content those against where and campaigns activations. out

delivered our activate such us Then conjunction done attract help business areas And platform our finally, bonus brand their partners core with who points majority payouts. first us consumer partners as a The exploring awareness focus activations sponsorships our their for facing and believe of will we case or consumer rewards drive incentives on of and help incentives exploring crypto and model, then Next, with through will testing with incentives messages transaction. of facing be studies. digital marketing where to our crypto for of can marketing elements adoption. and/or to customers payments provide and partners, our mostly in partner

will the also build well at will say is already a early We smaller some direct direct-to-consumer amounts invest and as but Bakkt don't with model through disclose below as marketing other activations we've brand. We digital demonstrating that seen CAC testing, our CAC, to our partner investments effective. BXBXC we channels, that

Ann DeVries

Thanks Drew.

will our to cap have market price and $X our to to we you can P, which color in your going questions investors? investments? and please improve went on increase related from What the to how Next some the stock plan your few They $XX field provide to others. Santosh out level? you improve to look What price a stock from Oscar numerous shareholders mid going forward Timothy ask, Kumar, do your this? for is you Gavin, T are

Gavin Michael

stocks us challenging and shareholders. went support, shareholder your first, frustration. a and our fintech public. We being for since for in easy The incredibly Yeah, by to and we volatile macro I’ll has current everyone in environment. standing not understand been stock very one. been markets as their take growth the thanks have this It's volatile Look

sustainable with ultimately and for result road our will in deliver our we’ll building momentum focus stock the enhancements Our returns financial that partnerships on our platform is executing company and map, positive term drive the like shareholders, growth a our on long price.

you. value focused execute, what's we're all on, That's generate opportunity our of for what market that's to the long increase execute. is pretty simple, going best So term to cap execute,

Ann DeVries

future Nicolai about up, M., our Thanks this and Gavin, Gavin! partnerships. Kevin for you. Next is to others want D one know

Gavin Michael

build to question. great Yeah, are with and hard marketing teams prospective sales working relationships partners. Look, our

Global customer of We've we’ve entryways our these to Simultaneously, recently to partners. payments, new points Bank forward This we’re such us, against deliver partnerships our know American You all for and that a we an into are we're in These one strong segments ability and is active really with partners; base. and new to got time pipeline Latrobe. priorities relationships look priority. several signed key to new this potential provide deepen confident new you proof existing partners when and the communicating the is also of working our industries, appropriate.

to capability to create platform them we're the working bring so they innovative with businesses. to constantly their know actively in with their their pain to to and points solutions breadth them You businesses working new and entire we’re that see the

Ann DeVries

Gavin. Thanks

who have question backed from the enable crypto P we creators? for Next a strategy our payments what to Working asks, is [ph]

Drew LaBenne

I love question. this

Latrobe, You earnings of know enterprises we enabled SMEs of a to our just form the We for entered list with as well create as payment, crypto. crypto to get mentioned partners. partnership as during to a and marketplace people for curator in call paid that an opportunity a into we've

starting in freelance able this creators be take Latrobe project of to Bakkt. So jobs professional with a going crypto on to portion paid are fees the get who soon,

announced these in launching. We for recipients new BringMeThat, huge to different economy back is which believe also along many with thread, engage in the opportunity we know digital gig with opportunities there's exciting same new of our and partnership assets. December close You payment and to a the getting segments

points space, Our any platforms We're with and proof capabilities gather. and that employees in in we've new reward really the to forward you attract I retain options. to momentum really with this and the can already that see think are partners for differentiators to really exciting starting create looking for continuing but build fact payment announced, the to key and marketplaces employer

Ann DeVries

debit Samuel one Great! R.S., the We crypto same from the for more for platform. time card? question there is plan have still

Gavin Michael

can branded year, rolled Apple crypto it card, fund which or Pay with today, one I'll out visa Yeah this our debit backed use you at look, you Pay Google accepted. well. last as tell is Well, anywhere can we you

to provides for spending, and their leverage crypto Our without a first card really for option convenient having to make select have to to consumers to it transferred purchase. a the wait real life bank

enabled points earned, we've crypto, to their the we're pay value addition to in they've of to ability to rewards to consumers daily the that such for life In crypto the use the for also as and know points, lives. with thrilled digital you consumers bring these assets points and unlocking ability

Ann DeVries

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

Operator

Instructions] [Operator the Absolutely! question comes Williams first from Trevor The with of line Jeffries.

You may proceed.

Trevor Williams

partnerships got …You’ve that enough have…

Operator

Trevor?

Trevor Williams

Yes, hear me? you hello! Can

Gavin Michael

morning good Yeah, Trevor!

Ann DeVries

question now, can the but We got off. of first Trevor! the cut Hi part

you start beginning the from If again. could

Trevor Williams

Yeah, I you. for very guys! got ramp know sure, rolling a mean new in course. Gavin, number to the I life one’s still cycle. Good So products of partnerships The this company out. still we’re early morning yet of

market. that the we see C-change to in that the against started balancing Just

to any in more Just sounds you're like change that over call been getting XX six it priorities of the a six next XX orient running what and I announced you of lot. into priorities to insight would but Thanks focus, kind key love about months. great. thinking it months to would staying you're how up in to be the partnerships the is strategic key any would prioritizing us we’ll just terms has mean focus, your there next, down, heads the over

Gavin Michael

So good for the question. morning, Thanks Trevor!

of change. mean execution same with all the I now focus, that I and no activation. right mean, So

with You know have today’s partners, keen you’ve platform that a terrific anxious together activate. partners seen previously through announced we’re of earnings, and and ecosystem growing we to

opportunity the strong crypto market banking embed for to for a traction solution, our range We of wide the connect solutions. buy/sell the in are us seeing ability into

continue and payout, driving We want the crypto to emerging to opportunities products for spaces on be like see us. new strong really newer to traction from platform, able see where we

about rewards the and growth you loyalty when these be proposition, two opportunities. know that we’ve happening are crypto that within the that’s work think see You space, asked. with BringMeThat the all And Latrobe marketing you our

to that customers deepening well. are to we new top and So partners the the their as parts, growth, about they improving with opportunity talking our relationship net them customers existing new activate have giving line really

So down, partners, right now set execute, no Thanks prospectus. change, of mate! great great heads

Trevor Williams

next Got you. just it, And clear. on Thank that's question my then crypto. is very

for prices, should to see the think that guys But in continued you you said we down to about Specifically, for outlook the in crypto time $XX this are And a $XX mean quickly know sense impact? Drew million have we small I Can percentage and your later Thanks. how have prices what think activity? drift the going update million but a within are to we I still guys real guide, I mean should moved. year. volumes continued drift know year. you related give how just prices, revenue that with I in how overall you volume, it's us of a if a if we about seeing impacting transaction down the

Drew LaBenne

sure. Yeah,

and crypto been So differences in right they saying, happening market. I levels what's We're and the still obviously a low mean of are we seeing these now running. activity to prices the up in watching - partnerships we've lot not terms till we're of are get they the as

as to said, it traded get that to reiterating, in our but watching also are necessarily and mid-year I plays think not we update very and and low it are a guidance wait based opportunity we’re extrapolate prices But on the into view it's as the closely out we trends buying related most see two have may to crypto. activity. markets, And you mean forecast. that we'll our we some that market the worth lower into liquid does how well and We’ll Ether. to know seeing Bitcoin out,

Gavin Michael

I guys. it appreciate No, perfect! you. Thank Okay,

Operator

The with line Sandler. you, comes Thank question Mr. of Repetto from next Rich the Piper William.

You may proceed.

Rich Repetto

traded, my is And guess think I but well. space you third Yes, follow know bankruptcy have are you of your sort got Gavin. you you good for on crypto a as the on in the issues a a of crypto publicly hold question And – positioning, morning I with of these party up new that going risk. unique if some estate disclose disclosures the the and

can you and even I guess, there that? anywhere So involved you with just your whether relationship clarify are

Drew LaBenne

Rich! hey It’s LaBenne. Drew Yeah,

you’re XXX SAB that talking in think I about the came up SEC.

Rich Repetto

Exactly!

Drew LaBenne

for, working really details are that we guidance we haircut so a up crypto to words, on then the holding in relates QX I'll starting my on and will we risk assets. Which custody providing need as need do it balance so you're reserved the you of clarity. are or sustaining sheet that hold specific the this of – purposes, being our know custodian a accounting the for there's – update worked yeah, to gross these for still to getting the services for the with to still aspect in is that own sort – crypto assets, – you is call and There

clean waiting what's think our We are least from we've for guidance helpful on but I more our on performance very historical at perspective had that, is, currency managing assets. crypto

need, the manage need we place we believe we to We highly are have crypto all assets. that controls we in effectively regulated; that

positioned a good this So future. to spot custodian a adopt and strong we feel like to we're in in the are well

Rich Repetto

in you did but you assets this, missed custody? I if disclose how have sorry I’m crypto much And

Drew LaBenne

starting QX I No, But with we didn’t in along other think that. disclose disclose custodians, all we’ll that yet.

Rich Repetto

it. Got

guess forward revenue close revenue. I going question. right evenly partnerships, growth the now last to you know contributed revenues, one and and is on transaction of subscription Okay, Gavin to target you as

tilt? you which year, for then at and term longer way that steady mix guess it of pace or the – see next sort the over a I that So should

Gavin Michael

pretty Rich, now we question So future, evenly the near good morning! Good yes, see continue to it in right paced.

term the near we occur, slightly to we the over Definitely the to a higher in revenue as as see see expect the for – expect rate. you said, see would subscription traction the at marketplace, maybe we as payment. continue equal grow longer As activations term the to

Rich Repetto

thanks Okay, That's very helpful. much.

Operator

back to Thank remarks. no I the questions are you. would any conference this waiting [Operator Ann time. Instructions]. There to at closing pass for like

Ann DeVries

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

Operator

gentlemen, that event. concludes and Ladies our

You disconnect. may now

Bakkt (BKKT) 12 May 222022 Q1 Earnings call transcript