Alkami Announces Second Quarter 2024 Financial Results
Alkami Technology (Nasdaq: ALKT) reported strong Q2 2024 financial results, with total revenue reaching $82.2 million, up 24.9% year-over-year. The company's GAAP gross margin improved to 59.4% from 53.9% in the previous year, while non-GAAP gross margin rose to 63.2%. Despite a GAAP net loss of $(12.3) million, Alkami achieved a positive Adjusted EBITDA of $4.6 million, compared to a loss in the year-ago quarter.
The company added 2.7 million live registered users, bringing the total to 18.6 million. Alkami signed eight new digital banking clients in Q2, including a tier one credit union and a large Midwestern bank. The company's subscription revenue grew by 28%, outpacing overall revenue growth.
Alkami Technology (Nasdaq: ALKT) ha riportato risultati finanziari solidi per il Q2 2024, con un fatturato totale di 82,2 milioni di dollari, in aumento del 24,9% rispetto all'anno precedente. Il margine lordo GAAP della società è migliorato al 59,4% rispetto al 53,9% dell'anno scorso, mentre il margine lordo non GAAP è salito al 63,2%. Nonostante una perdita netta GAAP di $(12,3) milioni, Alkami ha conseguito un EBITDA rettificato positivo di 4,6 milioni di dollari, rispetto a una perdita nel trimestre dell'anno precedente.
La società ha aggiunto 2,7 milioni di utenti registrati attivi, portando il totale a 18,6 milioni. Alkami ha firmato otto nuovi clienti nel settore bancario digitale nel Q2, tra cui una credit union di primo livello e una grande banca del Midwest. I ricavi da abbonamento della società sono cresciuti del 28%, superando la crescita dei ricavi complessivi.
Alkami Technology (Nasdaq: ALKT) informó resultados financieros fuertes para el Q2 2024, con ingresos totales que alcanzaron $82.2 millones, lo que representa un aumento del 24.9% en comparación con el año anterior. El margen bruto GAAP de la compañía mejoró al 59.4% desde el 53.9% del año pasado, mientras que el margen bruto no GAAP aumentó al 63.2%. A pesar de una pérdida neta GAAP de $(12.3) millones, Alkami logró un EBITDA Ajustado positivo de $4.6 millones, en comparación con una pérdida en el trimestre del año anterior.
La compañía añadió 2.7 millones de usuarios registrados activos, llevando el total a 18.6 millones. Alkami firmó ocho nuevos clientes de banca digital en el Q2, incluyendo una credit union de primer nivel y un gran banco del Medio Oeste. Los ingresos por suscripciones de la compañía crecieron un 28%, superando el crecimiento de los ingresos totales.
알카미 기술 (Nasdaq: ALKT)은 2024년 2분기 재무 결과로 강력한 성과를 보고했으며, 총 수익이 8,220만 달러에 도달하고 전년 대비 24.9% 증가했습니다. 회사의 GAAP 총 이익률은 전년도 53.9%에서 59.4%로 개선되었고, 비 GAAP 총 이익률은 63.2%로 상승했습니다. GAAP 기준 순손실이 $(1,230만) 달러였음에도 불구하고, 알카미는 조정 EBITDA가 $460만 달러로 긍정적인 결과를 달성했으며, 이는 작년 같은 분기에서의 손실에 비해 개선된 수치입니다.
회사는 270만 명의 활성 등록 사용자를 추가하여 총 1,860만 명으로 증가했습니다. 알카미는 2분기 동안 8명의 새로운 디지털 은행 고객과 계약을 체결했으며, 여기에는 1급 신용 조합과 대형 중서부 은행이 포함됩니다. 회사의 구독 수익은 28% 증가하여 전체 수익 성장률을 초과했습니다.
Alkami Technology (Nasdaq: ALKT) a publié de solides résultats financiers pour le Q2 2024, avec un chiffre d'affaires total atteignant 82,2 millions de dollars, en hausse de 24,9 % par rapport à l'année précédente. La marge brute GAAP de l'entreprise a amélioré à 59,4 %, contre 53,9 % l'année dernière, tandis que la marge brute non GAAP a augmenté à 63,2 %. Malgré une perte nette GAAP de (12,3 millions de dollars), Alkami a réalisé un EBITDA ajusté positif de 4,6 millions de dollars, par rapport à une perte au cours du trimestre de l'année précédente.
L'entreprise a ajouté 2,7 millions d'utilisateurs enregistrés actifs, portant le total à 18,6 millions. Alkami a signé huit nouveaux clients dans le secteur bancaire numérique au Q2, y compris une caisse de crédit de premier ordre et une grande banque du Midwest. Les revenus d'abonnement de l'entreprise ont augmenté de 28 %, dépassant ainsi la croissance globale des revenus.
Alkami Technology (Nasdaq: ALKT) berichtete über starke Q2 2024 Finanzresultate, mit einem Gesamtumsatz von 82,2 Millionen Dollar, was einem Anstieg von 24,9% im Vergleich zum Vorjahr entspricht. Die GAAP-Bruttomarge des Unternehmens verbesserte sich von 53,9% im Vorjahr auf 59,4%, während die non-GAAP-Bruttomarge auf 63,2% anstieg. Trotz eines GAAP-Nettoverlusts von $(12,3) Millionen erzielte Alkami ein positives bereinigtes EBITDA von 4,6 Millionen Dollar im Vergleich zu einem Verlust im Vorjahresquartal.
Das Unternehmen fügte 2,7 Millionen aktive registrierte Benutzer hinzu und erhöhte die Gesamtzahl auf 18,6 Millionen. Alkami unterzeichnete im Q2 acht neue Kunden im Bereich digitales Banking, darunter eine Spitzen-Credit-Union und eine große Bank aus dem Mittleren Westen. Der Abonnementumsatz des Unternehmens wuchs um 28% und übertraf das allgemeine Umsatzwachstum.
- Total revenue increased by 24.9% year-over-year to $82.2 million
- Non-GAAP gross margin improved to 63.2% from 58.7% in the previous year
- Adjusted EBITDA turned positive at $4.6 million, compared to a loss of $(2.5) million last year
- Added 2.7 million live registered users, reaching a total of 18.6 million
- Signed eight new digital banking clients, including a tier one credit union
- Subscription revenue grew by 28%, outpacing overall revenue growth
- GAAP net loss of $(12.3) million, although improved from $(17.8) million in the year-ago quarter
Alkami Technology's Q2 2024 results demonstrate robust growth and improved profitability, signaling positive momentum for the cloud-based digital banking solutions provider. The 24.9% year-over-year increase in total revenue to
The company's gross margin improvements are particularly noteworthy. The GAAP gross margin increase from
While Alkami still reports a GAAP net loss of
The addition of 2.7 million live registered users year-over-year, bringing the total to 18.6 million, showcases Alkami's ability to scale its user base. This growth, coupled with eight new digital banking clients signed in Q2, including a tier one credit union, suggests strong market traction and potential for future revenue expansion.
However, investors should note that the company has not provided specific guidance for the full year 2024, which could indicate some uncertainty in future performance or market conditions. Overall, Alkami's Q2 results paint a picture of a company on a positive trajectory, with improving financials and strong customer acquisition, positioning it well in the competitive digital banking solutions market.
Alkami's Q2 2024 results offer valuable insights into the digital banking solutions market, particularly for regional and community financial institutions. The company's ability to secure eight new digital banking clients, including four credit unions and four banks, indicates a growing demand for advanced digital banking platforms among smaller financial institutions.
The win of a tier one credit union and a large Midwestern bank with a robust commercial banking strategy is particularly significant. It suggests that Alkami's solutions are scalable and sophisticated enough to meet the needs of larger, more complex financial institutions. This could potentially open up new market segments for the company and drive future growth.
The cross-selling success with the Midwestern bank, which was initially an ACH Alert client, highlights the effectiveness of Alkami's product ecosystem and upselling strategy. This approach could lead to increased revenue per client and stronger client relationships over time.
The growth in live registered users to 18.6 million represents a substantial user base for a company focused on regional and community financial institutions. This large user base could provide valuable data insights and potentially attract more financial institutions looking to leverage advanced digital banking capabilities.
Alkami's claim of leading the industry in end-user satisfaction and market share gains is noteworthy. If substantiated, this could be a significant competitive advantage in a market where user experience is crucial. However, it would be beneficial to see independent third-party data supporting these claims.
The digital banking solutions market is likely to remain competitive, with both established players and new entrants vying for market share. Alkami's focus on regional and community financial institutions appears to be a successful niche strategy, but the company may face challenges as larger tech companies and established core banking providers enhance their digital offerings. Continued innovation and maintaining high customer satisfaction will be important for Alkami to sustain its growth trajectory in this dynamic market.
Second Quarter 2024 Financial Highlights
- GAAP total revenue of
$82.2 million 24.9% compared to the year-ago quarter; - GAAP gross margin of
59.4% , compared to53.9% in the year-ago quarter; - Non-GAAP gross margin of
63.2% , compared to58.7% in the year-ago quarter; - GAAP net loss of
$(12.3) million $(17.8) million - Adjusted EBITDA of
$4.6 million $(2.5) million
Comments on the News
Alex Shootman, Chief Executive Officer, said, "In the second quarter, we delivered another quarter of tremendous operating and financial results. We ended the second quarter with 18.6 million live registered users, up 2.7 million compared to the prior-year quarter, and delivered excellent performance from new client wins, add-on sales and renewals. Alkami continues to lead the industry in terms of end user satisfaction and gains in market share, underscoring our commitment to deliver the best digital banking solution to regional and community financial institutions."
Shootman added, "In the second quarter we signed eight new digital banking clients, including four credit unions and four banks. One of the wins was a tier one credit union that will be among our top clients in terms of ARR. We also won a large Midwestern bank that possesses a robust commercial banking growth strategy. The bank was an existing ACH Alert client where we cultivated a strong relationship and ultimately cross-sold our digital banking platform."
Bryan Hill, Chief Financial Officer, said, "We achieved total revenue growth of
2024 Financial Outlook
Alkami's financial outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement Regarding Forward-Looking Statements."
Alkami is providing guidance for its third quarter ending September 30, 2024 of:
- GAAP total revenue in the range of
$83.8 million $85.3 million - Adjusted EBITDA in the range of
$5.8 million $6.8 million
Alkami is providing guidance for its fiscal year ending December 31, 2024 of:
- GAAP total revenue in the range of
$330.5 million $333.5 million - Adjusted EBITDA in the range of
$22.0 million $24.0 million
Conference Call Information
The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 1-800-836-8184 and internationally at 1-646-357-8785 using passcode 83045. A replay will be available in the Investor Relations section of the Alkami website.
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking" statements relating to Alkami Technology, Inc.'s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "expects," "believes," "plans," or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients' use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company's filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Explanation of Non-GAAP Financial Measures and Key Business Metrics
The company reports its financial results in accordance with accounting principles generally accepted in
The company defines "Non-GAAP Cost of Revenues" as cost of revenues, excluding (1) amortization and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.
The company defines "Non-GAAP Gross Margin" as gross profit, plus (1) amortization and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.
The company defines "Non-GAAP Research and Development Expense" as research and development expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ongoing expenditures related to product innovation.
The company defines "Non-GAAP Sales and Marketing Expense" as sales and marketing expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ongoing expenditures related to its sales and marketing strategies.
The company defines "Non-GAAP General and Administrative Expense" as general and administrative expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's underlying expense structure to support corporate activities and processes.
The company defines "Non-GAAP Net Loss" as net loss, plus (1) provision for income taxes (2) (loss) gain on financial instruments, (3) amortization, (4) stock-based compensation expense, and (5) acquisition-related expenses. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.
The company defines "Adjusted EBITDA" as net loss plus (1) provision for income taxes, (2) (loss) gain on financial instruments, (3) interest income, net, (4) depreciation and amortization (5) stock-based compensation expense, and (6) acquisition-related expenses. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.
In addition, the Company also uses the following important operating metrics to evaluate its business:
The company defines "Annual Recurring Revenue (ARR)" by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.
The company defines "Registered Users" as an individual or business related to an account holder of an FI client on our digital banking platform who has registered to use one or more of our solutions and has current access to use those solutions as of the last day of the reporting period presented. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.
The company defines "Revenue per Registered User (RPU)" by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.
The company does not provide a reconciliation of our adjusted EBITDA outlook to GAAP net loss because certain significant information required for such reconciliation is not available without unreasonable efforts, including provision for income taxes, loss on financial instruments, stock-based compensation expense, and acquisition-related expenses, net, all of which may be significant.
ALKAMI TECHNOLOGY, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In thousands, except share and per share data) | |||
(UNAUDITED) | |||
June 30, | December 31, | ||
2024 | 2023 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 61,432 | $ 40,927 | |
Marketable securities | 25,962 | 51,196 | |
Accounts receivable, net | 38,952 | 35,499 | |
Deferred costs, current | 11,478 | 10,329 | |
Prepaid expenses and other current assets | 14,132 | 10,634 | |
Total current assets | 151,956 | 148,585 | |
Property and equipment, net | 19,539 | 16,946 | |
Right-of-use assets | 15,180 | 15,754 | |
Deferred costs, net of current portion | 32,542 | 30,734 | |
Intangibles, net | 32,414 | 35,807 | |
Goodwill | 148,050 | 148,050 | |
Other assets | 4,176 | 3,949 | |
Total assets | $ 403,857 | $ 399,825 | |
Liabilities and Stockholders' Equity | |||
Current liabilities | |||
Accounts payable | $ 5,794 | $ 7,478 | |
Accrued liabilities | 20,879 | 19,763 | |
Deferred revenues, current portion | 12,572 | 10,984 | |
Lease liabilities, current portion | 1,275 | 1,205 | |
Total current liabilities | 40,520 | 39,430 | |
Deferred revenues, net of current portion | 16,445 | 15,384 | |
Deferred income taxes | 1,760 | 1,713 | |
Lease liabilities, net of current portion | 17,736 | 18,052 | |
Other non-current liabilities | 212 | 305 | |
Total liabilities | 76,673 | 74,884 | |
Stockholders' Equity | |||
Preferred stock, | — | — | |
Common stock, | 99 | 97 | |
Additional paid-in capital | 786,201 | 760,210 | |
Accumulated deficit | (459,116) | (435,366) | |
Total stockholders' equity | 327,184 | 324,941 | |
Total liabilities and stockholders' equity | $ 403,857 | $ 399,825 | |
ALKAMI TECHNOLOGY, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(In thousands, except share and per share data) | |||||||
(UNAUDITED) | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues | $ 82,160 | $ 65,763 | $ 158,287 | $ 125,759 | |||
Cost of revenues(1) | 33,389 | 30,289 | 65,484 | 58,147 | |||
Gross profit | 48,771 | 35,474 | 92,803 | 67,612 | |||
Operating expenses: | |||||||
Research and development | 23,909 | 20,866 | 46,729 | 41,415 | |||
Sales and marketing | 16,964 | 13,883 | 30,807 | 24,761 | |||
General and administrative | 20,612 | 18,207 | 39,927 | 35,318 | |||
Acquisition-related expenses | 135 | 34 | 195 | 220 | |||
Amortization of acquired intangibles | 358 | 357 | 717 | 717 | |||
Total operating expenses | 61,978 | 53,347 | 118,375 | 102,431 | |||
Loss from operations | (13,207) | (17,873) | (25,572) | (34,819) | |||
Non-operating income (expense): | |||||||
Interest income | 1,261 | 2,016 | 2,343 | 3,742 | |||
Interest expense | (74) | (1,826) | (147) | (3,583) | |||
(Loss) gain on financial instruments | (112) | 10 | — | 220 | |||
Loss before income taxes | (12,132) | (17,673) | (23,376) | (34,440) | |||
Provision for income taxes | 185 | 88 | 374 | 284 | |||
Net loss | $ (12,317) | $ (17,761) | $ (23,750) | $ (34,724) | |||
Net loss per share attributable to common stockholders: | |||||||
Basic and diluted | $ (0.13) | $ (0.19) | $ (0.24) | $ (0.37) | |||
Weighted average number of shares of common stock outstanding: | |||||||
Basic and diluted | 98,103,527 | 93,334,725 | 97,524,379 | 92,868,623 | |||
(1) Includes amortization of acquired technology of | |||||||
ALKAMI TECHNOLOGY, INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In thousands) | |||
(UNAUDITED) | |||
Six months ended June 30, | |||
2024 | 2023 | ||
Cash flows from operating activities: | |||
Net loss | $ (23,750) | $ (34,724) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expense | 5,175 | 5,146 | |
Accrued interest on marketable securities, net | (787) | (1,179) | |
Stock-based compensation expense | 28,565 | 24,399 | |
Amortization of debt issuance costs | 65 | 80 | |
Gain on financial instruments | — | (177) | |
Deferred taxes | 47 | 85 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (3,453) | (1,906) | |
Prepaid expenses and other current assets | (3,790) | (1,882) | |
Accounts payable and accrued liabilities | (653) | (2,126) | |
Deferred costs | (2,569) | (2,856) | |
Deferred revenues | 2,649 | (185) | |
Net cash provided by (used in) operating activities | 1,499 | (15,325) | |
Cash flows from investing activities: | |||
Purchase of marketable securities | (15,588) | (62,640) | |
Proceeds from sales, maturities and redemptions of marketable securities | 41,609 | 65,622 | |
Purchases of property and equipment | (731) | (417) | |
Capitalized software development costs | (3,015) | (2,661) | |
Net cash provided by (used in) investing activities | 22,275 | (96) | |
Cash flows from financing activities: | |||
Principal payments on debt | — | (1,063) | |
Debt issuance costs paid | — | (341) | |
Proceeds from Employee Stock Purchase Plan issuances | 2,598 | 2,407 | |
Payment of holdback funds from acquisition | — | (1,000) | |
Payments for taxes related to net settlement of equity awards | (12,795) | (6,825) | |
Proceeds from stock option exercises | 6,928 | 2,802 | |
Net cash used in financing activities | (3,269) | (4,020) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 20,505 | (19,441) | |
Cash and cash equivalents and restricted cash, beginning of period | 40,927 | 112,337 | |
Cash and cash equivalents and restricted cash, end of period | $ 61,432 | $ 92,896 | |
ALKAMI TECHNOLOGY, INC. | |||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
(In thousands, except per share data) | |||||||
(UNAUDITED) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP total revenues | $ 82,160 | $ 65,763 | $ 158,287 | $ 125,759 | |||
June 30, | |||||||
2024 | 2023 | ||||||
Annual Recurring Revenue (ARR) | $ 321,284 | $ 256,811 | |||||
Registered Users | 18,584 | 15,849 | |||||
Revenue per Registered User (RPU) | $ 17.29 | $ 16.20 | |||||
Non-GAAP Cost of Revenues | |||||||
Set forth below is a presentation of the company's "Non-GAAP Cost of Revenues." Please reference the "Explanation of Non- | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP cost of revenues | $ 33,389 | $ 30,289 | $ 65,484 | $ 58,147 | |||
Amortization | (1,793) | (1,638) | (3,568) | (3,237) | |||
Stock-based compensation expense | (1,347) | (1,487) | (2,525) | (2,633) | |||
Non-GAAP cost of revenues | $ 30,249 | $ 27,164 | $ 59,391 | $ 52,277 | |||
Non-GAAP Gross Margin | |||||||
Set forth below is a presentation of the company's "Non-GAAP Gross Margin." Please reference the "Explanation of Non-GAAP | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP gross margin | 59.4 % | 53.9 % | 58.6 % | 53.8 % | |||
Amortization | 2.2 % | 2.5 % | 2.3 % | 2.5 % | |||
Stock-based compensation expense | 1.6 % | 2.3 % | 1.6 % | 2.1 % | |||
Non-GAAP gross margin | 63.2 % | 58.7 % | 62.5 % | 58.4 % | |||
Non-GAAP Research and Development Expense | |||||||
Set forth below is a presentation of the company's "Non-GAAP Research and Development Expense." Please reference the | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP research and development expense | $ 23,909 | $ 20,866 | $ 46,729 | $ 41,415 | |||
Stock-based compensation expense | (4,256) | (3,963) | (8,254) | (7,738) | |||
Non-GAAP research and development expense | $ 19,653 | $ 16,903 | $ 38,475 | $ 33,677 | |||
Non-GAAP Sales and Marketing Expense | |||||||
Set forth below is a presentation of the company's "Non-GAAP Sales and Marketing Expense." Please reference the | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP sales and marketing expense | $ 16,964 | $ 13,883 | $ 30,807 | $ 24,761 | |||
Stock-based compensation expense | (2,291) | (1,813) | (4,322) | (3,403) | |||
Non-GAAP sales and marketing expense | $ 14,673 | $ 12,070 | $ 26,485 | $ 21,358 | |||
Non-GAAP General and Administrative Expense | |||||||
Set forth below is a presentation of the company's "Non-GAAP General and Administrative Expense." Please reference the | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP general and administrative expense | $ 20,612 | $ 18,207 | $ 39,927 | $ 35,318 | |||
Stock-based compensation expense | (7,119) | (5,489) | (13,464) | (10,222) | |||
Non-GAAP general and administrative expense | $ 13,493 | $ 12,718 | $ 26,463 | $ 25,096 | |||
Non-GAAP Net Loss | |||||||
Set forth below is a presentation of the company's "Non-GAAP Net Loss." Please reference the "Explanation of Non-GAAP | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP net loss | $ (12,317) | $ (17,761) | $ (23,750) | $ (34,724) | |||
Provision for income taxes | 185 | 88 | 374 | 284 | |||
Loss (gain) on financial instruments | 112 | (10) | — | (220) | |||
Amortization | 2,151 | 1,995 | 4,285 | 3,954 | |||
Stock-based compensation expense | 15,013 | 12,752 | 28,565 | 23,996 | |||
Acquisition-related expenses | 135 | 34 | 195 | 220 | |||
Non-GAAP net loss | $ 5,279 | $ (2,902) | $ 9,669 | $ (6,490) | |||
Adjusted EBITDA | |||||||
Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP | |||||||
Three Months Ended | Year Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP net loss | $ (12,317) | $ (17,761) | $ (23,750) | $ (34,724) | |||
Provision for income taxes | 185 | 88 | 374 | 284 | |||
Loss (gain) on financial instruments | 112 | (10) | — | (220) | |||
Interest income, net | (1,187) | (190) | (2,196) | (159) | |||
Depreciation and amortization | 2,613 | 2,560 | 5,175 | 5,146 | |||
Stock-based compensation expense | 15,013 | 12,752 | 28,565 | 23,996 | |||
Acquisition-related expenses | 135 | 34 | 195 | 220 | |||
Adjusted EBITDA | $ 4,554 | $ (2,527) | $ 8,363 | $ (5,457) | |||
Investor Relations Contact
Steve Calk
ir@alkami.com
Media Relations Contacts
Marla Pieton
marla.pieton@alkami.com
Valerie Kerner
alkami@fullyvested.com
View original content:https://www.prnewswire.com/news-releases/alkami-announces-second-quarter-2024-financial-results-302211396.html
SOURCE Alkami Technology, Inc.
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