Coinbase Global, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights
  • Revenue: $2 billion in net revenue, representing a significant increase from Q1 2021.
  • Trading Volume: $462 billion total trading volume for the quarter.
  • Adjusted EBITDA: $1.1 billion.
  • Subscription and Services Revenue: $103 million, ~5% of total revenue, showing diversification beyond trading.
  • Retail Monthly Transacting Users (MTUs): Increased usage of multiple products with 27% of retail users engaging in more than one Coinbase product, up from 25% in Q1.
  • Staking: 1.7 million users staking crypto assets, compared to nearly zero a year prior.
  • Earn Campaign Engagement: 2.3 million users participated.
Key Business Trends & Strategic Developments
  • Growing Trend of Crypto Use Cases: Increasing user engagement with staking, borrowing/lending, Coinbase Card usage, in addition to trading.
  • Embracing Decentralization: Expanding services to support DeFi, NFTs, Web3.0 via Coinbase Wallet and upcoming "crypto app store". Focused on listing more assets with 22 added in Q2.
  • International Expansion: Key area of focus as Coinbase looks to scale access globally.

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Operator: Good afternoon. My name is Maria, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Second Quarter 2021 Earnings Call. Call lines have been placed on mute to prevent any background noise. After the speakers' presentation, there will be a question-and-answer session. [Operator instructions] And I would now like to turn the call over to your first speaker, Anil Gupta, Vice President of Investor Relations. You may begin your conference. Anil Gupta: Good afternoon and welcome to the Coinbase Second Quarter 2021 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO, and Alesia Haas, CFO. I hope you've all had the opportunity to read our shareholder letter which was published on our Investor Relations website earlier today. Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties, and other factors that could cause results to differ from these forward-looking statements is included in our SEC filings and shareholder letter available on our IR website, @investor.coinbase.com. Our discussion today will include references to adjusted EBITDA, a non-GAAP financial measure. We believe that certain non-GAAP measures of financial results provide useful information to management and investors regarding trends relating to our financial condit

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