Bakkt Results Presentation Deck
NOTES
Adjusted EBITDA
reconciliation - Non-GAAP
bakkt
$mm's
Net loss
Depreciation and amortization
Interest (income) expense
Income tax (benefit) expense'
EBITDA
Acquisition-related transaction
costs
Share-based and unit-based
compensation expense
Loss from change in fair value
of warrant liability
Other²
Adjusted EBITDA
Successor
10/15/21 -
12/31/21
($153.1)
5.4
(0.0)
0.1
($147.6)
1.6
44.5
79.4
0.3
($21.8)
10/1/21-
10/14/21
($49.7)
0.5
0.0
(0.8)
($49.9)
12.7
33.9
3.6
$0.3
Three Months
Ended 9/30/21
Predecessor
($28.8)
3.3
0.1
0.0
($25.5)
1.8
0.6
($24.1)
Three Months
Ended 12/31/20
($29.6)
2.6
0.1
0.4
($26.5)
1.9
1.7
11.8
($11.0)
Year Ended
12/31/20
($79.6)
8.2
(0.1)
0.4
($71.2)
13.4
2.1
15.7
($40.0)
¹ Income tax (benefit) expense for Successor reflects management's current estimate. See "Basis of Presentation." As a result, Income tax benefit (expense) and
items derived from it are subject to change
2 Includes restructuring charges, impairment of long-lived assets, cancellation of common units, gain on extinguishment of software license liability, ICE transition
services expense, non-recurring bitcoin sale income, net and transition services to Bakkt clearing
Note: Adjusted EBITDA is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation
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