BTM - Earnings call transcript Q3 2023

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Operator

Good morning, and welcome to Bitcoin Depot's Third Quarter 2023 Conference Call. My name is Dustin, and I will be your operator today.

Before this call, Bitcoin Depot issued its financial results for the third quarter ended September 30, 2023, in the press release, a copy of which will be furnished, a report on Form 8-K filed with the SEC and will be available in the Investor Relations section of the company's website.

Joining on us today are Bitcoin Depot's CEO, Brandon Mintz; CFO, Glen Leibowitz; and COO, Scott Buchanan.

Following their remarks, we will open the call for questions.

Kovtun Group Alex brief make begin, statement. introductory we from will Gateway a Before Mr. proceed. please Kovtun,

Alex Kovtun

you, Thank Bitcoin Conference Quarter to morning, Depot's XXXX Great. Call. Good Third operator. everyone, and welcome

their making today uncertainties. be to begins Before and would securities statements may remarks, of involve some we're that a considered like number management statements remind formal under everyone law forward-looking we and risks

cause our factors, caution results could a there of statements. which that to we events in materially actual number you those many result, control, are differ beyond As a are of described which forward-looking and from the

detailed law. disclaim and in occur made, forward-looking our as more forward-looking obligation to undertaking any and made statements relating disclosures statements, and the statements release are to Securities public filings or reflect that any For our events risks, forward-looking circumstances uncertainties or earnings with by after update the We please to except date Commission. see the the assumptions Exchange required

Commission non-GAAP our encourage release carefully We tables metrics. as measures recent for with earnings our also limited and filings. our you other in in and and Securities our and disclosures uncertainties to to business risks to, the you Exchange circumstances, including, of applicable metrics consider reconciliation caption, you the disclosures our discuss We well Factors as these the will Risk filings descriptions read GAAP to financial refer and uncertainties not as detailed variable but identified under and

is Relations everyone replay link and www.sec.gov. call being Bitcoin would be in by via the at visiting website. Depot's of this I and for Bitcoin the free available available will Securities remind SEC to get Exchange Investor Depot's a Commission recorded may for section filings made You like website that

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Brandon Mintz

recent as conference you earnings our start I our a call confidence strategy. and Alex, in the XXXX quarter pleased and to joining quarter by progress and I'd third with going in secure to the in call good a and We're service Thanks, easy for public business hard in report advancing and like to recent strong our us we've to masses bring business mission thanking second briefly morning, their for company. share made our Bitcoin quick, want another everyone. Thank growth to developments employees way. advancing some ongoing what discussing across our forward. work gives begin our and

business the strength Our results model. to our of and continue this demonstrate profitability quarter

as $XXX.X third footprint revenue third see the well. typically quarter, of over with million, we up year continue ramp During to a optimize by analysis, time transaction locations regularly and of our relocated continue and that first year-over-year From operation, is more underperforming in X% relocating as their deployments they volumes to our kiosk profitable operating kiosk a We kiosks ones cohort trend from to quarter in kiosks attract kiosks we installed with than accelerated from the grew volume customers have this see to fleet volume. XXXX. our we generate and in while smaller additional actually found

expand a X,XXX Bitcoin physical at no our ultimately approximately convert kiosk. our is hardware without participating BDCheckout remained cash share. third transaction for remained also our users to We're It user quarter users. solution which access allows strong engagement use us and points maintained program, XXXX, size the locations. expand quarter to retail Bitcoin to we the customer our our our as also to allows and retention our second market BDCheckout to continuing purchase Importantly, during median with of consistent industry-leading deploying

And app. InComm Bitcoin Louisiana global buy provide partnership BDCheckout Iowa technology XXX year with Depot last our our across we a through payments footprint recently retail users using and expanded with another to launched option Payments, their leading ongoing to new wallet We with Bitcoin locations company.

reduction other We According market BTM believe prepared the see BTM of large of filing redeployed a was operating decline early in We XXXX be to approximately BTMs was grow locations. has the continue and large XX,XXX of growth number considering opportunities This U.S. in down BTMs, Bitcoin their Depot XXXX, of of for the share BTMs November or in coinatmradar.com, the BTMs in significant as to leaves XXXX bankruptcy due all kiosks. the new U.S. some to number kiosks for peaked X,XXX in the to operators to of Depot operators accelerated portion the one this U.S. at shutting operating opportunity X, Bitcoin XX,XXX. for August and of to

We vast testing sold majority hardware the our and versus last existing a reduce a significantly of fleet. continued the expenditures Depot's expansion makes could in have of kiosk since This of in called placed kiosks type has at consistent company also a fleet. Universal the manufacturer capital begun which Kiosk, new price kiosk reduced the up order by show Bitcoin a use Depot growth entire potentially EBITDA bulk Bitcoin to of we XXXX.

in adjusted operating EBITDA of In growth achieved adjusted XXXX. of XXXX, $XX.X improving months the first EBITDA we was our X and adjusted in XXXX in months compared of kiosks with while first generated million million of reduced to the of EBITDA margin. XX% X [ This a ] $XX.X number

also access tailwinds to to As believe we our our continue we several witnessing points that continue are we purchase will support Bitcoin, trajectory. to expand growth

and now the Bitcoin are payment a method. past grown retailers as has accepting adoption a the First, Bitcoin X years over of of number dramatically

store several be value. or our say adoption spot will investment transfer users awareness believe and of ecosystem for or to regulatory they use than as our Bitcoin A pending can that we and to continue are increase purchases purchasing that payment ETFs Bitcoin and to are of rather online it Bitcoin business there X/X able approval an money remittances about Second, stronger Bitcoin. as benefit

Bitcoin our acquisitions through certain profitability, achieve operators take and Additionally, industry in position kiosk to we ATM growth of share locations. small advantage leadership to our market failed to additional as retail in the hope expand

we remain trends to business foundation we summary, encouraged the we've future the positioned increased continue year-to-date scale seeing In firmly the momentum establish growth, we're and profitability. as for across well are experienced our and by

our Now Leibowitz, who our I'll into over turn outlook. and business Glen? the floor will CFO, to more Glen insights in-depth financial provide performance

Glen Leibowitz

XXXX increased transaction and the everyone. volume good be the and in of cryptocurrency of transaction operated attributable kiosks. Year-to-date an per we X% -- of third record margin in to kiosks kiosk. this the ] ] while expanded the and even kiosk Gross Revenues which largely compared third growth to previous average $XX.X as rental costs is in allows key of XX.X% [ quarter dollar quarter to year. footprint transacting of to kiosks to continues third increase Thanks, to number $XXX.X increase increase X.X% users for our amount relocation including our a by user, of Brandon, compared million $XX.X smaller to revenue quarter to quarter for This was XXXX $XXX.X fixed levels at The maximizing third million the the quarter by XXXX. our million adoption Gross relocated the increased XXXX was compared revenue million largely effort, new the at in compared retail us margin margin an XXXX. for for per morning, reduce increased to driven third of and the growth of BTMs XX% the of XXXX. is profit third [ for quarter of space driven

of third in and $XX.X which costs and the other general for $XX.X included Total amortization operating $X.X million, XXXX and expenses quarter depreciation were of selling, administrative expenses. million million

operating ago as several we also equity agreement. in expenses million. $XX.X expenses the filed the were quarter year the These were support comparable amended period, SEC and documents For elevated

XXXX. line come compared related of improvement to trend third transaction. increase to EBITDA, change in to we our our listing, value in quarter. Adjusted fourth compared quarter decrease quarter included of the XXXX which a in the third down and embedded XX% second net EBITDA a XXXX during as continue for of measure related This is million to PIPE income the million was for third non-GAAP recognition of $X.X net an We $X.X the XXXX, the adjusted was from XXXX for GAAP will expect for that million, of and existing was of DFAC noncash move third million anticipate a fair for million expenses a we to with quarter third quarter revenue in the quarter divided professional $XX.X derived the Adjusted prior by agreement. net charge of the third to to the loss of quarter attributable quarter in of which in away public the margin, million farther quarter X%, the to the of X% income margin from quarter XXXX $X.X was increased the adjusted of XXXX. $X EBITDA of XXXX. lower service $XX.X of the compared third EBITDA The XX% derivatives expenses

cash Lastly, on equivalents million our balance and quarter and with in the $XX.X $XX.X million debt. cash approximately third sheet, in we ended

$XXX from the we X% quarter. turning XX% last Now million in an of revenue XXXX $XXX had expect on which compared conditions, to year to to million, what $XXX guidance, the revenue current unchanged for we 'XX. between market range is our introduced full improvement Based previously and million to

financial over a range to adjusted completes adjusted $XX my our million it to of representing Scott? in to summary. growth in XX% COO, XX% strategy. expect We million, EBITDA now Scott our I'll pass EBITDA Buchanan, $XX the discuss year-over-year. That increase the to

Christopher Buchanan

agreement, announcements a the -- we transaction. share briefly in major which had Through I'd Glen. this we we time highlight to equity our support DFAC our put action, like had place accomplished recent of structure. at to In goals. the October, related we which X amended few Thanks,

support convertible institutional small a were purchase from able select the million X.X investors regarded highly investor. year-to-date roughly equity to of preferred of Depot shares original Bitcoin group agreement First,

it have shares structure important technical we base our believe And significantly, overhang on shareholder we long-term is eliminated, the which what our Second, been, build we capital a out in term. continue as near fundamental our could to investors. third, value-oriented simplified with

growth in stock. repurchase up of the confidence to repurchase Additionally, long-term commitment that Bitcoin significantly creating $XX shareholders. announced our outstanding trajectory, ability move allows also sustainable are reinforces and shares generate undervalued, Depot company's underscores our which to profitability our share authorization, value flow highlights to meaningful for our common cash beliefs to a we our Class A our This million and

we remain focused into quarter. growth As outlined on key head we last XXXX, opportunities

to largest our optimizing expenses reducing on growth. note and while high-traffic and as effectively we our expansion customer footprint First, and of organic increasing optimize sustained among foster we kiosk our relocating enhance existing new the growth evidenced our boost locations, primary Simultaneously, improving that to volume. are focus that as by to since to important customer kiosk our footprint focused by transaction and goal mentioned, been margins. accomplished fleet revenue to fleet, aim pricing Brandon profitability previously It's markups our vendor and year optimizing we've has XXXX kiosks our

are actively we our additional pursuing Second, licenses for kiosks.

Louisiana our InComm program quarter, the During we into with Payments. BDCheckout partnership our through locations third XXX and expanded across ongoing Iowa

our to New opportunity We to granted, productive our opportunity kiosks, the New or as can discussions a for is in our individual license Texas of state. continue license to if comparable ongoing that a Florida. believe for be with York such operate state some expansion remains regulators to states we large and our York largest secure have in

to opportunities. M&A explore we Lastly, continue

previously our market from acquisitions for opportunity significant industry-leading operators. are and market As a evaluating still our presents we share strategic mentioned, consolidation

years America our coming remain think positioned good for to strong results is that While us deliver guidance America, in expand currently as quarter the well. summary, also opportunity our we we and there's year. of this focus North the to full In for within outside North delivered well a

With that, Operator? we your take are to happy questions. now

Operator

our [Operator Wainwright. first of comes from from Colonnese Instructions] With question Mike H.C. that, the line

Michael Colonnese

provide us help potential And It is tapping partnership like seems And partnership on from into existing interesting the really CORD. that one opportunity and first really hoping opportunity. on if was you with I there's size arrangement? a Depot color additional can if any could total network Bitcoin for My CORD's you your relationships.

Brandon Mintz

the This Thanks is Brandon. for Mike. question,

get work one And retail we large not ATM machines parties internal addition that CORD So cash place us if that aware, to third our sure sales is industry. but in number largest traditional the I'm retailers team. you're those a of to operators in inside with of relationships help

they with the a get in with. CORD So to work also acting retailers cash CORD affiliate ATMs about as in locations. third-party lot door the X,XXX is to X,XXX that essentially of own has a help us their

and us, cash system size for So as similar processing are XX,XXX own also process a to operations ATMs. well, ATM but they their they

to of a size significant work it well, our X,XXX have a well. to convenience the with independent So expand large couple Energy and has TriStar with they lot is name opportunity retailers stores also Global they allow them, retailers us of reach because of and as will [ work Partners, ] with a lot as then they which

Michael Colonnese

in then as second Bitcoin source And provide And as well should that, about just annual kiosk the new of you Depot deployments as me. the specific if terms for we to a growth. going one think any for forward follow-up how targets, net of can the

partnerships term, the you expansion are new it which hear Just drive be existing from of curious partnerships? retail near think over most to going or be segments the growth incremental whether to

Brandon Mintz

as have prepared mentioned, we roughly just be Well, X,XXX kiosks we redeployed. to

large working those can. our lot been but well could kiosks work signing possibly as longer individual also the of year, is some cycle saw up. retail have all just plan we as redeploy machines take those stores to opportunities as than while of of sales been that this on on a soon We that There's we bulk a we're we

Operator

Our line Riley from next of question Securities. Hal comes from Goetsch the B.

Harold Goetsch

part efforts year just Are maybe for Or the plus of that of now? a process? on Could repositioning kind thoughts give this DNA, continual your whole share something will Like, on repositioning? continuous the process. a a is been right us place we thoughts improvement your is Can of you that taking now? you better reaching it end be this -- the with some of us have that part is

Brandon Mintz

question. Thanks, Hal, the for

from had success a So somewhere with And of started lot of deployed we around we've kiosks. XXXX, this lot effort of underperforming where new the relocation locations. to X,XXX a machines

buildup or redeploy. been the of past there's a over kiosk that year So to needed so we've

within been months, location just old over seeing from to and improvement new taking XXX% typically the we've the And a moving them them location. few

machines a stores. machines relocation of seeing pulled underperforming of bulk bit, the out are slow the that of We down we've now the

of to next anticipate year. and down new reinstallation we machines So do the in slow locations removal

Harold Goetsch

efficiency adding expanding And but new a I the with follow-up regard you're all? low of an ATM, it's your to locations. know emphasis to the it Has capital at changed can BDCheckout, -- quite anything on BDCheckout productivity it's you capital of with those and stores, and status from I productivity very us share compared if know you What's efficient. share. kind of can

Brandon Mintz

It's And less still it's pretty a quarters, percentage our business, our from changed really small numbers than been X% the of overall, really previous of revenue. stagnant. haven't

Harold Goetsch

plans? you been I capital are you the announced for Can very in to share purchasing question on us you the very your On last depressed, show pretty decent. allocation, me, market The shares stock the allocation capital have X And if -- buyback. Momentum has The share looking cheap. any with can. been

Christopher Buchanan

now. Buchanan is Yes. Scott This

been going and executive it having it's find about the the team, definitely have participate and sense and just to market company haven't We in in. conversations something the make with Board to that shareholders. the we're makes we're and for the We right the yet, time actively sure but

Operator

Our next comes from of NOBLE the from question line Markets. Capital McCann Pat

Patrick McCann

on for Pat is Mike This Kupinski.

acquire have What roughly twofold the to on have question to to And the do of you a of bit I same purchase X,XXX little is to which kind could kiosks. you any -- cost I the possibility question, that need kiosks inventory? the a more think would on ready said be like you new the potentially first if much mentioned to think reducing I is my how question, an and you give you earlier that kiosks. you able new then just have circling more back sort -- of kiosks wonder visibility color at that you with of cost deploy. the reduce

Brandon Mintz

Thanks again. for Brandon is question. the This

then there that to this pass redeploying are market. X,XXX in buy would though there price on redeployed want now, But significantly the can't if kiosks likely hardware kiosks there even we potential these up, full out do a just we some X,XXX opportunities buy haven't to But we there additional at out deal a some is right So first. reduced used focus we yet.

on terms were Now we This kiosk what kiosk in versus these price will paying new reduced the cheaper. of of the be universal least kiosks. type at of type on $X,XXX new

$X,XXX a kiosk. per So in we be think to $X,XXX somewhere order it around will bulk

Patrick McCann

expanding the still? release in full and said partnership the that what's are press mentioned partnership the new Jackson up typically stores time already something wondering, with of like line Or kind get to sign you in Food. if then that of process you you your done? And into so, And was that's a that? I'm capacity And when is their would

Brandon Mintz

stores initial A pretty Stores, kiosks these stores is much do most portion we'll larger some a for to in, on continue If early done part. And times we'll their data And retailers left Yes, once of that couple what install to that's Jacksons it deployment. left at lot based be on. utmost. then of the as a are would there our we of with dozen we expand. in, take us in is, get Food for

the you names past our lot in numbers just retailer A and premature those bit the to try sales to fully expand it's the of We continue in best deck, really still names, than we're names look the evaluate evaluate is that little we've investor locations. to data. stores. a lot a lot of which of producing profitable highest we're stores. the A at less of year, in all the if signed So those half not within their

Patrick McCann

of so it will I questions answered, the my rest been think have pass on. already I

Operator

of line from Rob Kulkarni Our Rohit from next MKM. question comes the

Rohit Kulkarni

your concerned, a maybe second your on Obviously, position the trend I ecosystem, up follow-ups that Brandon, of questions, then about Maybe A show X in as customers, I a of in impact directly years. have And year sign price your ability perhaps business? very as a having does could. the very How high-level your best for if a Bitcoin couple to such new is in partnerships, Glen. far business, year is good question. appreciation get and the has this talk indirectly just your ability new to couple awareness. probably

Brandon Mintz

year, our or this cryptocurrencies. bitcoin of increase price to really correlated bitcoin been the never other the on Based it's Historically, price to correlating not we've Yes. business.

However, bitcoin up, the is more and increased long-term being in news and us. which for industry of revenues creates just impactful the overall about trend Generally, the adoption mentioned believe a think, as going cryptocurrencies base grows, to translates hype larger bitcoin ATMs, price we seems user bitcoin be helpful. the because we adoption and to for more that

Rohit Kulkarni

how And flow investments should you're then growth in any provide Glen, think the or good progress through just terms year year. should this profitability you we terms heading balancing 'XX color, Clearly, incremental in versus into of of you've had a 'XX? about margin to margins? extent, can pretty how How incremental incremental

Glen Leibowitz

at looking Scott the all still deployments we're So as Brandon and mentioned.

had process. think I of is new I gross professional We've we going believe And margin any process, as growth where that the expense expectation costs be significant been changes we coming gross a it IPO as margin lot through. see stack new on relocations don't deployments. through So we have we'll those services the to -- and any to machines, and see deployments relates on we're impactful through side.

see goal efficient we just So more going reduced side. expenses expense in be is our the I to assessing on can and where think XXXX

Rohit Kulkarni

constraints Typically, -- just X, of I Perhaps next ask units do X, as Just a just XX if but units sign in hear investors And far out takes and months in again, obviously, than months at governors and that a all typically versus you level those the think the that? how X, X of to Scott, are after basic just physical set, behind thoughts. the how to about as how couldn't takes subsequent partnership, deploy XX more rollout? should Okay. I locations. one it on are can specific you there puts a would imagine, Maybe rolled you to around signing to flow-through partnerships. you could terms what why month love your partnership sometimes

Christopher Buchanan

Yes.

to, partner. we partnership their the about definitely each retail it's to So to approach. at ready example, just if for the have once space, the talking installation. generally shipped in is unique stores your If best say, with to it's we're find get the deploy of ready the reason we've to at obviously them installation. question we store rejected the large Circle is. place where will K, because a out distributor But for are to that let's phased or a for in sure to aren't kiosks make and And just have we locations the month, X,XXX half make they can't stores out all them place the the have partnerships signed, work They

over And all our half so and control we deploy. it's in to them, really after have with partner not

or it and continuing we generally, as and that we're over it's process account But direct that same back a to go up in what hired partners, existing to point, with distributors large ramps time relationships relationship retail do that retailer. specific whether also expansion. But on is the out build speed

we've even So in more come like they and certain originally, and back We we with time have XX as space major tails seeing reassess and going open say, XX, do kiosks. done the long these XX, up let's back back space remodel more deployment in XX those these stores." retailers, XXX their guys where and and And already locations. see of, come over say, didn't so we'd stores those put we're can "Hey, if kiosks to you

Operator

from [Operator Louis Capital. line Camhi comes of now question next RLH Instructions] from the Our

Louis Camhi

redeployed, that had those X,XXX Just to are quarter? the X,XXX net kiosks to the you is Or trying new to understand be in number? this included on that

Christopher Buchanan

X,XXX the already that quarter. are in Yes. to Those are deployed addition this

Louis Camhi

per looks about like on X,XXX, and Is your million. gross if X,XXX just -- it profit so basis, right guys' -- take the an for If kiosk $XX that trying by the we're think framework I thinking impact of just something of the like impact? annualized incremental it's those multiply under to And that

Christopher Buchanan

Yes. they're from see performance on performance ramp-up deployed, they're But some that the already the and time. standpoint, perform from done couple got you've right, as ballpark with several X. That's quarters. a right? built the should day ramp a of not we'll But, them though up months over as max But roughly right. factors, they're That is There's they though, Once average you doing that deployed. of because that others. deployments in the add said, should over we've yes, past and amount of profit gross on also

Louis Camhi

and And but to puts guess, lot your Or point, 'XX a impact? there's is impact? I 'XX is a that a through that of XXXX of going that is more -- takes,

Christopher Buchanan

to Well, large the going it's the of retailers. depend timing on

see think your expect I it not it I of in to the would maybe portion XXXX, in most see large XXXX. you'll $XX of but million, example, not a full -- in maybe

Louis Camhi

this revenue Can EBITDA. QX -- the you and a we had of of partnerships. $XX million repositioning didn't know your you from drivers there. through just there's And QX like QX, the initiatives And you down through some of these then was comparisons. can and million we QX, if walk the about Or QX, trends talking at to there? of million of seasonality year-over-year but $XX about help bridge? exceptionally you of $XXX and imply know us quarter-over-quarter, ATMs of you're range of QX color kind us the in strong, I I for But implied of the I midpoint the in revenue lot surprised of guess gave could then kind the think see same versus if think if down but new kind speak again, just then I was EBITDA, some of to some on

Brandon Mintz

This is Brandon.

seasonality the past in QX we Based QX we years, over years. be our starting to past point that. those it quarters, the in of But of start there's trends some to lot even X, X business. low But year. kiosks, quarter the seen those the we retailer believe the expansions things, the the our some a has we've should past in existing months of be as if highest the if kiosk years. redeploy QX do been QX, as X on few those said, counterbalance lower last in So may accounts, And only X typically do we old. do in X the than is we've

So still they're it phases for highest their the year kiosk potential, performance. key early ramping about to of in end true of till takes it's up get because to X typically its a

Louis Camhi

if quick X sorry, more just ones may. then, And me, for I

onetime that mentioned, away DFAC do some in You in QX further other be as expect to or we QX? from regard Is and onetime were get expenses I know PIPE an from some expense there transaction-related the transaction, clean going and expenses. standpoint? Or you still

Christopher Buchanan

think be it. PIPE to we'll be I terms structure refinanced that refinancing of clean, October. X where very at think early we'll in very, I occurred [indiscernible] in The did that close don't we

up deal than very that low related to some But other add terms PIPE. be those costs the to we're be of last expenses. and backs cleaning going to piece there's of So going that, that in of

Louis Camhi

the just then And last one.

realize growth call. discipline. got clear that guidance about -- and clear that, on As we these partnerships, we've investors growth to it's probably How thinking think outlook? the from 'XX, ATMs expense some comes the about I be do and want next you It's

kind help color it our just additional can try out like that any growth, we to pretty if pencils So kind there you of EBITDA of sharpen sounds but wondering lay as there's be healthy some should there.

Brandon Mintz

we're still still Well, ramping continuing and to we that BTMs have them. lot relocated relocate a these are of

months the than we few X,XXX we are within now, that what next the have Our goal that, the be would of kiosks that and also X,XXX top there relocating. hope then redeploy would be pipeline retailer locations to existing those more so. or would On with we

we So buying those next be hope kiosks additional deploying would to year in well. as

and So ATMs of by so that a with would we're ever at of the mention, year. What say to to Not comes. installed to about a for we numbers now we guidance, that in had highest will is, something we of much acquisition next we contribute be Bitcoin that include have of can of the and we will still opportunity until contribute because conversations lot not base expect We don't the should lot growth. end we've know in just organic the just but growth guidance don't well. how opportunities. That's to as size is likely it something and that know can operators that

Operator

at to I no now questions like There And over turn this at Mintz. point. would Brandon this Instructions] question-and-answer further this to the session. back our are [Operator call time, concludes

Brandon Mintz

everyone, you, Thank Bitcoin interest and to We helping bring profitability joining to to continue and to as call for Depot. our on look you masses. we updates today your Bitcoin forward future providing in focus for

Operator

Thank Bitcoin for Depot's us today conference you call. joining for

You disconnect. now may

Bitcoin Depot (BTM) 13 Nov 232023 Q3 Earnings call transcript