Coinbase Global, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Financial Performance:
    • Third consecutive quarter of positive adjusted EBITDA, reaching $181 million in Q3 2023.
    • Transaction revenue: $289 million, down 12% quarter-over-quarter (QoQ).
    • Crypto trading volume down 17% QoQ vs. global spot market down 24%.
    • Subscription and services revenue: $334 million, flat QoQ despite declining crypto prices and volatility.
    • Net loss: Only $2 million; improved by $82 million gain from debt repurchase and $50 million gain on strategic investment.
    • Total operating expenses: $754 million, down 4% QoQ.
  • Guidance and Forecast:
    • October transaction revenue: ~$105 million.
    • Subscription and services revenue expected to remain flat from Q3 levels.
    • Q4 expenses: Tech, development, and G&A expected between $525M–$575M. Sales and marketing forecasted between $85M–$95M.
    • Expected to deliver “meaningful positive adjusted EBITDA” for full-year 2023, an improvement from prior goal of Y/Y improvement over 2022’s metrics.

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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 Third Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Anil Gupta, Vice President, Investor Relations. You may begin your conference. Anil Gupta: Good afternoon, and welcome to the Coinbase third quarter 2023 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer. I hope you've all had the opportunity to read our shareholder letter, which was published earlier today on our Investor Relations website. 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 also include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in our 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 Say Technologies to enable o

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