Bakkt Results Presentation Deck
NOTES
Free cash flow reconciliation - Non-GAAP
Free Cash Flow is a non-GAAP financial measure. Free Cash Flow is cash flow from operations adjusted for "capitalized internal use software
development costs and other capital expenditures" and "interest income." We adjust for capitalized expenses associated with internally
developed software for our technology platforms given they are a large component of our ongoing expense base given our position as a
technology platform company.
We provide Free Cash Flow because we believe that Free Cash Flow, when viewed with our results under GAAP, provides useful information for
the reasons noted above. However, Free Cash Flow is not a measure of liquidity under GAAP and, accordingly, should not be considered as an
alternative to net cash used in operating activities as an indicator of liquidity.
$ in millions
Net cash used in operating activities
Capex
Interest income, net
Free Cash Flow
A
FY 2023E
Low
($86)
(8)
(5)
($99)
Note: All financial data on this slide in unaudited. Free Cash Flow is a non-GAAP financial measure.
High
($89)
(8)
(5)
($102)
FY 2024E
Low
($35)
(4)
(4)
($43)
High
($55)
(4)
(4)
($63)
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