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,
certain non-cash and/or non-recurring items (which items do not contribute directly to our evaluation of operating results), and interest income,
other income and income tax benefit (which items 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. 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 and has certain limitations, including:
o unit-based compensation expense, which has been excluded from Adjusted EBITDA because the amount of such expenses in any specific
period may not directly correlate to the underlying performance of our business operations, has been, and will continue to be for the
foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy;
the intangible assets being amortized, and property and equipment being depreciated, may have to be replaced in the future, and the
non-GAAP financial measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or
other capital commitments; and
o non-GAAP measures do not reflect changes in, or cash requirements for, our working capital needs.
Because of these limitations, Adjusted EBITDA should be considered alongside other financial performance measures, including net loss and our
other financial results presented in accordance with GAAP. Our definition of Adjusted EBITDA may not be comparable to similarly titled
measures used by other companies.
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