we quarter Andy. and crypto with financial provide through we and GAAP, a provide our crypto in redemption results. we present services Thanks, I basis that on By brokerage principal our accordance quick loyalty fees our revenue, A loyalty since now you costs services will the clearing that a in we in are the first agent are crypto customers. an and in customers. walk reminder services KPIs we execution, contrast, group
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this we X.X had reminder, first We purposes. reflects KPI have the historical million a which of the crypto-enabled As back figures increase slide past quarter, end XX for the comparison crypto over a at included in steady on accounts months.
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Turning XX. to Slide
cryptor basis, quarter. crypto a revenue of agreement We cost Gross back retail take 'XX $XXX.X points. sequentially net between the 'XX volumes. $X.X by million million difference QX for in basis slide adjustment contribution lower were net the basis scripted QX ECB XX encryptor Webull The Services services. have was share the Crypto Crypto percentage approximately crypto increased in revenue, costs of of comparing costs rate rate revenue This than points and in gross ECB. gross of a XX% the represents to the services 'XX. $XXX.X of contribution revenue crypto's services improving a is take revenue and for ECB On QX impacted Pay and due of in million is XX revenue, industry-wide trading
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XX. to Turning Slide
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our X on May million our of giving stock Following XXXX, share effect to split after XX.X total XX as is April occurred X to capital reverse an shares. raise, XX, count our that recent
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Turning XX. to Slide
our sheet of to condensed proceeds, the direct operating our have million. the giving We for of equivalents for cash balance as was securities. and We usage XX, $XX.X March After million ended XXXX. with effect the $XX.X registered first quarter cash, quarter cash available sale
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Moving on to Slide XX.
year that our wide have months in we XXXX. for engagement had outlook. fine-tune provided QX Since few release, We our our client metrics XXXX are and March. updating updated full Accordingly, range earnings of the outlook to activity we've 'XX expected we a
$X,XXX includes that This of gross to to revenues There total expect of are $X,XXX factors We million. in range several million the range. revenue to influence that wide $XXX range crypto $XXXX be million. million
consider we well observed engagement metrics. engagement potential range a 'XX trading First, in as engagement of longer-term an metrics, QX trading trading historical as
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international the to to will half by in continue traders. expect care high pain crypto of we second XXXX support activated be that retail Third, demand
our assumes the second quarter clients Finally, range from in gross XXXX, institutional expected ramp-up XXXX. the half the ECB revenue in of in addition with of beginning crypto clients of second steady those
of business for that performance to $XX million of adjusted not royalty XXXX. expectation our net million, with $XX We consistent in revenue have the
of We ECB by gross driven million crypto costs revenue. expected from of $X,XXX $X.XXX the expect range crypto to million,
net represents to metric, we of usage expense in $XX We flow or a anticipate reflects operating operating $XXX like cash This cash our million Free updated related usage expected ranges between does expenses flow, total non-GAAP million, for expect revenue guidance acquisition expenses be to inorganic May the is of million restructuring million. to noncash the the $XX XXXX million to incurred to Bakkt's XXXX acquisition Expected reflect and of expenses expected and of $XX expenses operating $XXX crypo. acquisition The both transaction actions. to $XX is expenses which expected operating cash any of not million, that XXXX. I've. a expenses,
we available reflects year sale May equivalents from $XX notes, savings also with restricted This reflects reduction both as bond reduction the in We the $X the regulated as $XX million integration It our action contribution $XX requirements. cash, as eliminate net the of of million entity efficiencies expect driven for crypto-trading. surety million and the of restructuring $X our typically revenue capital from updated to end cash cash legal well including duplicate from million million range for cash available expectations securities. a
believe our We continue fund operations XXXX. in we sufficient to cash to have
over expense closing we Andy achieve pass utilization remarks. you course expect growth and as cash back from revenue of his the range, it As note reduction XXXX we our this for I'll to now will our reduce to curve.
