Bakkt Holdings, Inc. (NYSE:BKKT) Q4 2022 Earnings Conference Call March 9, 2023 5:00 PM ET

Company Participants

Ann DeVries – Head of Investor Relations

Gavin Michael – Chief Executive Officer

Karen Alexander – Chief Financial Officer

Marc D'Annunzio – General Counsel and Corporate Secretary

Conference Call Participants

Andrew Bond – Rosenblatt

Jeff Cantwell – Wells Fargo

Yvonne Jeng – Jefferies

Pete Christian – Citi

John Roy – Water Tower Research

Operator

Greetings and welcome to the Bakkt Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, all participants are in a 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 it over to Ann DeVries, Head of Investor Relations at Bakkt. Please proceed.

Ann DeVries

Good afternoon and thank you for joining us for Bakkt's fourth quarter earnings call. Today's presentation, including the separate earnings call presentation that can be found on our Investor Relations website at www.investors.bakkt.com, will contain certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which cause actual results to differ materially from those expressed or implied in such forward-looking statements.

For a more complete discussion on forward-looking statements and the risks and uncertainties related to Bakkt's business, please refer to its filing with the Securities and Exchange Commission. 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. 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.

Joining me on today's call are Gavin Michael, Chief Executive Officer; and Karen Alexander, Chief Financial Officer; and given the market's recent interest in the regulatory environment, Marc D'Annunzio, our General Counsel and Corporate Secretary, is also joining us today. After our prepared remarks, we will answer questions we received from our investors through the Say Technologies platform. After that, Gavin, Karen, and Marc will be available to answer questions from the analyst community.

I'll now turn it over to Gavin.

Gavin Michael

Thank you, Ann. Good afternoon everyone, and thanks for joining. Despite a challenging macro environment and a tumultuous crypto market, we're proud of our 2022 accomplishments. We delivered on our product roadmap for the year and we've made significant progress with our partner network and we signed a definitive agreement to acquire Apex Crypto, which we believe will enable us to break into new client verticals and tap into a universe of 5 million crypto enabled accounts. We have a differentiated approach and platform we have built to endure. Our competitive mode comes from our regulatory and compliance-first approach, our culture of risk management, our embedded finance solution that meets customers where they are either through APIs or web-based experiences, and our balance sheet strength.