Bakkt Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 25, 2024.
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FY2023 · Filed Mar 25, 2024
BKKT$4.17-10.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, 2023 | Year Ended December 31, 2022 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(225,812) | $(1,989,934) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation and amortization | 13,932 | 25,350 |
| Change in fair value of contingent consideration liability | (2,952) | — |
| Non-cash lease expense | 3,058 | 2,679 |
| Share-based compensation expense | 15,452 | 31,557 |
| Unit-based compensation expense | 1,309 | 557 |
| Forfeiture and cancellation of common units | (13) | (185) |
| Deferred income taxes | — | (11,594) |
| Impairment of long-lived assets | 30,265 | 11,494 |
| Goodwill and intangible assets impairments | 60,499 | 1,822,089 |
| Loss on disposal of assets | 75 | 3,834 |
| Loss (gain) from change in fair value of warrant liability | 1,571 | (16,638) |
| Other | 19 | 285 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (10,036) | (7,164) |
| Prepaid insurance | 9,773 | 9,384 |
| Deposits with clearinghouse | 14,991 | 1 |
| Accounts payable and accrued liabilities | (7,985) | 744 |
| Due to related party | 2,062 | 551 |
| Deferred revenue | 396 | (2,364) |
| Operating lease liabilities | (3,029) | 4,150 |
| Customer funds payable | 32,334 | 40 |
| Other assets and liabilities | 3,394 | (2,433) |
| Net cash used in operating activities | (60,697) | (117,597) |
| Cash flows from investing activities: | ||
| Capitalized internal-use software development costs and other capital expenditures | (9,433) | (30,543) |
| Purchase of available-for-sale securities | (61,829) | (306,593) |
| Proceeds from the maturity of available-for-sale securities | 185,765 | 165,175 |
| Acquisition of Bumped Financial, LLC | (631) | — |
| Acquisition of Apex Crypto LLC, net of cash acquired | (47,902) | — |
| Net cash provided by (used in) investing activities: | 65,970 | (171,961) |
| Cash flows from financing activities: | ||
| Repurchase and retirement of Class A common stock | (2,634) | (2,586) |
| Proceeds from the exercise of warrants | — | 2 |
| Net cash used in financing activities: | (2,634) | (2,584) |
| Effect of exchange rate changes | 436 | (850) |
| Net increase (decrease) in cash, cash equivalents, deposits, restricted cash and customer funds | 3,075 | (292,992) |
| Cash, cash equivalents, deposits, restricted cash and customer funds at the beginning of the period | 115,423 | 408,415 |
| Cash, cash equivalents, deposits, restricted cash and customer funds at the end of the period | $118,498 | $115,423 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for income taxes | $239 | $— |
| Non-cash operating lease right-of-use asset acquired | 3,788 | 11,006 |
| Supplemental disclosure of non-cash investing and financing activity: | ||
| Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities | 478 | 3,900 |
| Reconciliation of cash, cash equivalents, deposits, restricted cash and customer funds to consolidated balance sheets: | ||
| Cash and cash equivalents | $52,882 | $98,332 |
| Restricted cash | 31,838 | 16,500 |
| Customer funds | 32,925 | 591 |
| Deposits (See Note 6) | $853 | $— |
| Total cash, cash equivalents, deposits, restricted cash and customer funds | $118,498 | $115,423 |
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