Bakkt Results Presentation Deck
NOTES
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure, which we define as earnings before interest, income taxes, depreciation,
amortization, acquisition-related expenses, share-based and unit-based compensation expense, goodwill and intangible
assets impairments, restructuring charges, changes in the fair value of our warrant liability and certain other non-cash
and/or non-recurring items that do not contribute directly to our evaluation of operating results and are not components of
our core business operations. Adjusted EBITDA provides management with an understanding of earnings before the impact
of investing and financing transactions and income taxes, and the effects of aforementioned items that do not reflect the
ordinary earnings of our operations. This measure may be useful to an investor in evaluating our performance. Adjusted
EBITDA is not a measure of our financial performance under GAAP and should not be considered as an alternative to net
income (loss) or other performance measures derived in accordance with GAAP. Our definition of Adjusted EBITDA may not
be comparable to similarly tied measures used by other companies.
Non-GAAP financial measures like Adjusted EBITDA have limitations, should be considered as supplemental in nature and
are not meant as a substitute for the related financial information prepared in accordance with GAAP. The non-GAAP
financial measures should be considered alongside other financial performance measures, including net loss and our other
financial results presented in accordance with GAAP.
A
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