Coinbase Global, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Net Revenue: $803 million (Down 31% QoQ from Q1 2022 revenue of $1.165 billion)
  • Transaction Revenue: $655 million (Down 35% from Q1)
  • Subscription & Services Revenue: $147 million (Up 44% YoY; Q2 2021: ~$102 million)
  • Monthly Transacting Users (MTUs): 9 million (Down 2% QoQ from 9.2 million in Q1 2022)
  • Trading Volume: $217 billion (Down 30% QoQ from $309 billion in Q1 2022)
  • Net Loss: $1.1 billion (includes non-cash crypto asset impairments; adjusted net loss: $647 million)
  • Adjusted EBITDA: -$151 million
  • Cash & Equivalents: $6.2 billion (includes cash, cash equivalents, and USDC)
  • Expense Guidance: Full-year adjusted to $4-4.25 billion (from $4.25-5.25 billion)
  • Status/Outlook: Company aims to stay within a $500 million adjusted EBITDA loss for 2022 but cautioned further deterioration in crypto market could breach the guardrail.

Product Focus & Strategic Highlights

  • Coinbase focused on five core product areas: Retail App, Coinbase Prime (institutional), Staking, Coinbase Cloud (developer APIs), and Web3 (Wallet, NFTs, DApps).

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Operator: Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Second Quarter 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions] Anil Gupta, Vice President, Investor Relations, you may begin your conference. Anil Gupta: Thank you. Good afternoon, and welcome to the Coinbase second quarter 2022 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; and Emilie Choi, President and COO; and Alesia Haas, CFO. I hope you've all had the opportunity to read our shareholder letter, which was published on our IR site 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 these results to differ is included in our SEC filings. Our discussion today will include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our IR website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures. We are once again using the Say Technologies platform to enable our shareholders to post questions. And in addition, we will take some live questions from our researc

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