will Gavin. quarter revenue, are revenue. walk April present basis on crypto Thanks, A presenting XXXX. quarter a we our and executive well brokerage to customers. of services Crypto distinct execution that since our we revenue such and the on I are you that we materially increases our second a this financial with as we In services crypto component we includes acquired cost through reminder a Crypto, results. our Apex X, gross quick which GAAP, crypto crypto as now results now revenue fees Apex service accordance of clearing principal as service provide
provide are By redemption the agent we an our loyalty in services customers. contrast, we loyalty
the difference will additional trading as execution, ECB drive crypto line presentation revenue margins. contribution line remainder crypto clearing of and one and on Crypto crypto's the loyalty services and crypto is notes detail cost costs a services to earnings represents X presented net will to section we call the this these revenue fees, for So refer and and brokerage Please on for of items which basis. between related see revenue costs. our
Slide Turning XX. to
services revenues services net due We Crypto. our loyalty have $XXX.X financial Apex crypto total results. increased million, million XXXX which which million second We had acquisition was gross significantly of $XX.X revenue. had quarter of our $XXX.X to We revenue, of of
in were and crypto which crypto driven the ECB, period, related a in expenses significant activity. $XXX.X by services cost reflects Operating million increase the
with our acquisition-related this a was stack the burn-out noncash During $XX.X million acquisition Crypto of of contingent had of through the associated $XX.X of related accrual XXXX. million value estimated Apex fair the expenses, quarter, to we
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our As reporting. such, XXXX XXXX changes. change of to XX as the approved and stock of forecast revenue part The will June earn-out is be XXXX year-end our as finalized earn-outs as and subject XXXX
and were million. crypto ECB costs excluding $XX.X expenses, Operating
reduction per net in leaving operating was $XX.X as of XX.X $X.XX basic decrease Excluding compensation of $XX.X to loss company expense expenses which million acquisition-related the interest year-over-year, per expenses, loss from see share on base shares. of share for due to the which a benefits total loss to a million, shares. of in a loss diluted XX.X average share starting quarter an benefit a $XX.X represents Holdings in the Inc. net Net noncontrolling were diluted average to are resulted was Bakkt $X.XX net XX% million loss operating The count of primarily we allocated earlier the million, of actions. attributable share $XX.X million, a million or an
remained our count aggregate XX of remains ICE own shares. our consistent was shares, shareholder slightly due as of due shares by in A they to share prior share the shareholding has largest that to total new issuances prior of ICE. down ownership from as XXX.X periods. June with our which Class not XX% million relatively the is percentage and Note sale periods Our
the of Slide adjustments lower XX, adjusted adjusted reflects to and our $XX.X losses respectively. due and acquisition-related of versus EBITDA $XX.X the the primarily the EBITDA prior quarter noncash costs. EBITDA Adjusted year period. second and and that quarter period, have items impacted million, and loss were for XXXX. for benefit we EBITDA million Adjusted compensation On EBITDA for EBITDA improved
XX, On revenues for show company. Slide the we
revenue. our from loyalty and in crypto we resulting presenting detail out revenue subscription of between are Apex revenue service crypto Crypto, revenue for and broken in to the acquisition increase the transaction Given now and revenue addition revenue
revenue quarter XXXX in $XXX.X second million. the was of Total
gross As I on services a noted reported revenue earlier, crypto is basis.
due of revenue a driven crypto service services Net from for million, $XX.X increased the quarter, Apex $XXX.X which decline year-over-year. revenues to the This second X% saw the gross result service down was our in year-over-year. volume-based was were For of down revenue. of transaction lower revenues, $X acquisition Crypto. volumes crypto was million The subscription loyalty primarily which the and by here million reduction quarter, we XX% were was
million variable work behalf levels by of centers a in is technology and travel Loyalty air X% development $X.X our has transaction activity year-over-year component and our at clients. driven increase call an to volume. revenues increased revenue customer Service on of due
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Slide XX. to Turning
have expense expenses by costs the includes in We are was for million crypto down operating total trading XX% $XX.X XXXX and lower reduction due $X.X compensation of second noncash to of the expense. quarter a in million, volume. million costs $XXX.X year-over-year crypto decrease million compensation driven quarter second to Total SG&A of in ECB. These were Total due of declined expenses. expense. a XX% head marketing to $XXX.X expense count
the million contingent is noncash noted previously. $XX.X expenses, included Other which million as of earn-out of acquisition-related expenses $XX.X $XX.X stock accrual of Apex of million
starting gross margins in our expense the pleased are that We prudent our we're actions. benefits to from management see
we a earlier the $XX incremental expected million of savings expect actions of savings in to reminder, is restructuring As in XXXX. from and $X impact be million expense expense XXXX an
Turning to Slide XX.
gross revenue crypto quarterly services ECB and crypto costs a on new slide have a We and basis. comparing
chart can a gap crypto contribution and for period Gross activities. see margin of on million performance how were costs activity $XXX.X May cost the lower columns the services you crypto to The revenue. was in net trading crypto X ECB in revenue time $XXX.X slide. gross will the levels of million on depicts drive ECB this You crypto from by given services revenue line impacted Crypto in industry-wide our and next levels. with see key indicators in as
key XX, indicators. we Slide On have performance our
on additional for Crypto. We legacy have activity made provide details to Apex updates to our KPI disclosures volume
Although on Apex closed figures we included Crypto XXXX, KPI our acquisition in comparison of for Apex on slide purposes. the Crypto historical have April this X,
accounts, not are will crypto-enabled custody. be The accounts, disclosing trade under we volume KPIs asset transacting in notional and
these metrics, the on note of For section information divide our how more earnings presentation. we please see
We had over a steady the end which of time. $X.X the reflects million crypto-enabled at accounts quarter, second increase
Next, There trading. sequentially activities. in X.X we XXX,XXX were May. slowdown loyalty accounts. Loyal were down quarter, market XXX,XXX redemption and due of into loyalty we to the million transacting transacting travel year-over-year the industry-wide transacting which X% due accounts to crypto second the have higher crypto our accounts, were or were in accounts out in XX% break which Crypto and up transacting for activity crypto air accounts redemption
notional Notional line. $XXX was crypto crypto chart, which out traded crypto volume was this orange industry On traded is of also million broken and is volumes, to also we volume between redemptions. million, was trading included the from and loyalty loyalty which redemption. $XXX million Total $XXX have related
during business depicted market was while outperformed trading crypto volumes period. As over sequentially, down overall here, our the were industry, our XX% which XX% same down time the
year-over-year X% down was by activity. volume car redemption redemption loyalty merchandise driven and hotel, lower Meanwhile, rental
to due prices. coin declined million under reduction sequentially assets $XXX X% of a Our custody certain in
the cash, securities. quarter Slide our million with second XX, available-for-sale and the cash have had cash million. equivalents of condensed we ended we $XX.X $XX.X of quarter, We second to sheet. balance Turning usage In
included usage a $X.X cash partnership $X.X of quarter million insurance million acquisition-related costs. and $X.X for Second marketing million payment expenses,
On Slide outlook. updated year our XX, have full XXXX we
and current basis guidance as taking a updated Apex market the Crypto, as of from acquisition consideration well disclosure reflects associated gross revenues on the costs Our trading into the impact of the crypto environment.
range Crypto. includes crypto to expect approximately million approximately impact million, from year in $X,XXX to $X,XXX to full $X,XXX revenues of be million the million. $X,XXX the Apex For gross This which we includes XXXX, revenues the of
and crypto forecast made signing recent solid industry-wide international have revised as the new expansion, up seen clients as volumes. progress we we've slowdown reflects market well in the also Our
This XXXX year with full expect gross revenues. costs $X,XXX million crypto million. We is for to the crypto in in of range trading to our line be expectations $X,XXX
million. XXXX around Our full $XX year net be to expected loyalty revenues outlook for is
growth transaction be post-COVID where XXXX relatively to loyalty our loyalty contrasts This with coming strong at the beginning from transaction a business expected the volumes year expect for of continued off We in levels. revenues we expectations rebound. the flat XXXX
What our We've is we also lower far volumes royalty of which effectively XXXX year reflect the transaction loyalty loyalty the recent updated this so post-COVID. have quarters. revenue experienced we've outlook service durability volume, in seen to reset the
we earlier the was reminder, a As million. guidance gave net year this $XX revenue for million to $XX
$XX revenues, If you to against net to contribution revenue net is loyalty and to our the gross million. margin crypto costs that crypto add $XX services million expected
operating For million. million $XX the cash be year full $XX to expect net XXXX, to in used we activities
year provided on guidance so was $XXX You of million, disciplined significant to operating due will $XXX the that a we to usage improvement our earlier expense management. in here the million recall cash focus
Free flow a on million cash usage compares expected continue our to half This flow is free flow XX% our free in the be to the cash to reflects first $XX as million. for managing prior the to $XX half second This versus guidance of million. focus million XX% prudently year $XXX base. usage of to expense of to reduction we usage $XXX cash
I'll it to pass for remarks. now back Gavin closing his
