Bakkt Digital Assets Presentation
Investment Plan
Projected Operating Expenses
2021E
($ millions)
Personnel (1)
Marketing
Technology
D&A
Other
Total
(2)
Commentary
•
2022E
2023E
2024E
2025E
$103
$120
$129
$141
$156
106
117
102
65
60
19
26
31
33
36
20
41
54
56
46
11
12
15
18
$259
$316
$331
$314
21
$320
Investment focused on data & analytics capabilities, engineering personnel and sales & marketing to drive growth
•
Ability to flex variable cost structure
•
Significant operating leverage
.
No additional investment anticipated to achieve positive cash flow, expected in 2023
•
Cost structure advantage, leverage ICE relationship and significant infrastructure investments to-date
Note: Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy. There may be decimal differences due to rounding.
bakkt (2)
(1)
Personnel expense includes capitalized software development costs and executive compensation (both cash and non-cash), with the exception of an incentive equity grant to the incoming CEO, which is being finalized.
Other includes professional fees, technology, occupancy, merchant processing fees, business insurance, risk and compliance services, intercompany charges - ICE, and other operating costs.
30View entire presentation