It's always a yellow flag to me when management stops providing a KPI and doesn't either replace it and/or explain the discontinuation.

In Q3, Coinbase didn't provider their Verified Users KPI, which they had provided not just every quarter since coming public in April 2021 but even going so far as to provide it for the 6 quarters before they came public. Funny enough, Q2'22 was the slowest sequential growth they had reported so one can only assume Q3'22 would've been even worse or possibly even negative.

Well, they did it again, this time they didn't provide Average Transaction Revenue Per User (ATRPU). They had provided it for FY'19 ($34.00), FY'20 ($45.00), and FY'21 ($64.00) and even had been providing YTD in FY'22 through Q3... when it had fallen to $24.00. Q4? Nothing. The KPI is just gone. No explanation. No reasoning.

I'll peruse the transcript when it comes out to see if they mention it or if an analyst asks about it but this is just another strike against Coinbase's management for me.