Bakkt Holdings, Inc. (NYSE:BKKT) Q1 2024 Results Conference Call May 15, 2024 5:00 PM ET

Company Participants

Olivia Keavey - Senior Lead of Communications
Andy Main - CEO
Karen Alexander - CFO

Conference Call Participants

John Roy - Water Tower Research
Trevor Williams - Jefferies

Operator

Greetings, and welcome to the Bakkt First Quarter 2024 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 the call over to Olivia Keavey, Senior Lead of Communications at Bakkt. Please go ahead.

Olivia Keavey

Good afternoon, and thank you for joining us on Bakkt's First Quarter Earnings Call. Today's presentation, including the separate earnings call that can be found at 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 may 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 filings 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 the non-GAAP financial measures. For more information on this of presentation of 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 Andy Main, Chief Executive Officer; and Karen Alexander, Chief Financial Officer. After our prepared remarks, we will answer questions we received from our investors through the Say Technologies platform. After that, Andy and Karen will be available to answer questions from the analyst community.

I'll now turn it over to Andy.

Andy Main

Thank you, Olivia, and good afternoon, everyone. Thank you for joining Bakkt's earnings call. It's great to speak to you all again. I want to start today by recapping three key priorities that we laid out in detail on our last quarter call and provide an update on the progress that we've already made in the first few months of the year against these goals.

Beginning on Slide 4, as we outlined last quarter, we are laser-focused on three key strategic priorities in the year ahead. First, growing our client network and deepening our existing client relationships. Secondly, expanding our product solutions and extending the Bakkt ecosystem. And third, realigning our costs and prudently managing expenses. I'd like to provide a few highlights for each of our priorities. On the client side, I've had the opportunity to speak with a number of our clients over the past few weeks. For both our Loyalty and Crypto businesses, our focus on being our clients' partner in growth, combined with our robust solutions and winning client experience is resonating well. On the product side, we've continued to enhance our trading and custody platform, which caters to both institutional and retail clients. This broad market positioning combined with the rigor we apply to the complexities of security and compliance in crypto, allows us to serve a diverse range of clients.