Bakkt Digital Assets Presentation
Growth and Margins Compare Favorably to Peers
75.2%
|bakkt
'21E-'25E CAGR
Total Revenue Less Transaction-
Based Expenses
55.3%
bakkt
'25E EBITDA Margin (2)
Revenue Growth CAGR ('20E-'22E)
29.4%
18.5%
(1)
PayPal
◉Square
57.9%
36.3%
afterpay
S
'21E Adjusted EBITDA Margin (2)
29.8%
16.1%
17.0%
12.7%
PayPal
Square(1)
afterpay
S
bakkt
Source: Wall Street research as of January 8, 2021.
Note: Peers are (as shown from left to right) Paypal (NASDAQ: PYPL), Square (NYSE:SQ), AfterPay (ASX:APT) and Shopfiy (NYSE:SHOP). The accounting for revenues from cryptocurrency transactions is currently under review and subject to change. See "Accounting for
Cryptocurrency Transactions" on slide 2. Estimates are based on broker and represent calendar years for all companies regardless of fiscal year. Bakkt projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy.
Revenue calculated as total revenue less transaction and bitcoin costs.
(2)
Measured as Adjusted EBITDA divided by Total Revenue Less Transaction-Based Expenses. For Square represents adjusted EBITDA over total revenue less transaction and bitcoin costs. Peer companies may calculate non-GAAP measures such as Adjusted EBITDA differently
from how Bakkt calculates its Adjusted EBITDA, which reduces its overall usefulness as a comparative measure.
33
33View entire presentation