Alkami Announces Third Quarter 2024 Financial Results
Alkami Technology (ALKT) reported strong Q3 2024 results with total revenue of $85.9 million, up 26.9% year-over-year. The company improved its GAAP gross margin to 58.9% from 54.0%, while non-GAAP gross margin reached 62.8%. GAAP net loss narrowed to $(9.4) million from $(15.5) million, and Adjusted EBITDA increased to $8.3 million from $0.8 million.
The company added nine new digital banking clients and renewed 14 existing clients. Live registered users grew by 2.6 million to 19.5 million compared to the prior year. Alkami was recognized as the top digital banking provider in credit union market share by FI Navigator.
Alkami Technology (ALKT) ha riportato risultati robusti per il terzo trimestre del 2024 con entrate totali di 85,9 milioni di dollari, in aumento del 26,9% rispetto all'anno precedente. L'azienda ha migliorato il proprio margine lordo GAAP al 58,9% rispetto al 54,0%, mentre il margine lordo non GAAP è arrivato al 62,8%. La perdita netta GAAP si è ridotta a $(9,4) milioni rispetto a $(15,5) milioni, e l'EBITDA rettificato è aumentato a 8,3 milioni di dollari rispetto a 0,8 milioni di dollari.
L'azienda ha acquisito nove nuovi clienti bancari digitali e ha rinnovato 14 clienti esistenti. Gli utenti registrati in live sono aumentati di 2,6 milioni, raggiungendo 19,5 milioni, rispetto all'anno precedente. Alkami è stata riconosciuta come il principale fornitore di servizi bancari digitali nel mercato delle cooperative di credito da FI Navigator.
Alkami Technology (ALKT) reportó resultados sólidos para el tercer trimestre de 2024 con ingresos totales de 85,9 millones de dólares, un aumento del 26,9% en comparación con el año anterior. La compañía mejoró su margen bruto GAAP al 58,9% desde el 54,0%, mientras que el margen bruto no GAAP alcanzó el 62,8%. La pérdida neta GAAP se redujo a $(9,4) millones desde $(15,5) millones, y el EBITDA ajustado aumentó a 8,3 millones de dólares desde 0,8 millones de dólares.
La empresa agregó nueve nuevos clientes de banca digital y renovó 14 clientes existentes. Los usuarios registrados activos crecieron en 2,6 millones, alcanzando 19,5 millones en comparación con el año anterior. Alkami fue reconocida como el principal proveedor de banca digital en participación de mercado de cooperativas de crédito por FI Navigator.
Alkami Technology (ALKT)는 2024년 3분기에 총 수익 8,590만 달러로 보고하며, 지난해보다 26.9% 증가했다고 발표했습니다. 회사는 GAAP 총 이윤률을 54.0%에서 58.9%로 개선했으며, 비 GAAP 총 이윤률은 62.8%에 도달했습니다. GAAP 순손실은 $(1,940만)에서 $(1,550만)으로 줄어들었고, 조정 EBITDA는 80만 달러에서 830만 달러로 증가했습니다.
회사는 아홉 개의 새로운 디지털 은행 고객을 추가하고 14개의 기존 고객과 계약을 갱신했습니다. 실시간 등록 사용자 수는 지난해보다 260만 명 증가하여 1950만 명에 도달했습니다. Alkami는 FI Navigator에 의해 신용 조합 시장 점유율에서 최고의 디지털 은행 서비스 제공업체로 인정받았습니다.
Alkami Technology (ALKT) a annoncé des résultats solides pour le troisième trimestre 2024 avec des revenus totaux de 85,9 millions de dollars, en hausse de 26,9 % par rapport à l'année précédente. L'entreprise a amélioré sa marge brute GAAP à 58,9 % contre 54,0 %, tandis que la marge brute non GAAP a atteint 62,8 %. La perte nette GAAP s'est réduite à $(9,4) millions contre $(15,5) millions, et l'EBITDA ajusté a augmenté pour atteindre 8,3 millions de dollars contre 0,8 million de dollars.
L'entreprise a ajouté neuf nouveaux clients bancaires numériques et a renouvelé 14 clients existants. Le nombre d'utilisateurs enregistrés actifs a augmenté de 2,6 millions pour atteindre 19,5 millions par rapport à l'année précédente. Alkami a été reconnue par FI Navigator comme le principal fournisseur de services bancaires numériques en parts de marché dans le secteur des coopératives de crédit.
Alkami Technology (ALKT) meldete starke Ergebnisse für das dritte Quartal 2024 mit Gesamterlösen von 85,9 Millionen Dollar, was einem Anstieg von 26,9 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verbesserte seine GAAP-Bruttomarge von 54,0 % auf 58,9 %, während die nicht-GAAP-Bruttomarge 62,8 % erreichte. Der GAAP-Nettoverlust verringerte sich von $(15,5) Millionen auf $(9,4) Millionen, und das bereinigte EBITDA stieg von 0,8 Millionen Dollar auf 8,3 Millionen Dollar.
Das Unternehmen gewann neun neue Kunden im digitalen Bankwesen und erneuerte 14 bestehende Kunden. Die aktiv registrierten Nutzer wuchsen im Vergleich zum Vorjahr um 2,6 Millionen auf 19,5 Millionen. Alkami wurde von FI Navigator als führender Anbieter für digitales Bankwesen im Marktanteil bei Kreditgenossenschaften anerkannt.
- Revenue growth of 26.9% YoY to $85.9 million
- Significant improvement in GAAP gross margin to 58.9% from 54.0%
- Adjusted EBITDA increased to $8.3 million from $0.8 million
- Net loss reduced by $6.1 million YoY
- Added nine new digital banking clients and renewed 14 existing clients
- User base expanded by 2.6 million to 19.5 million registered users
- Continued GAAP net loss of $9.4 million
Insights
Alkami's Q3 2024 results demonstrate robust financial performance with significant year-over-year improvements. Revenue growth of
The reduction in net loss to
The client acquisition metrics and renewal rates indicate strengthening market position in the digital banking sector. Securing nine new clients while maintaining a strong renewal rate with 14 existing clients extending contracts to 2031 demonstrates both market leadership and customer satisfaction. The diversified client base across credit unions and banks suggests broad market appeal. Recognition as the top digital banking provider in credit union market share by FI Navigator validates the company's competitive advantage and positions it well for continued growth in the fintech sector.
Third Quarter 2024 Financial Highlights
- GAAP total revenue of
$85.9 million 26.9% compared to the year-ago quarter; - GAAP gross margin of
58.9% , compared to54.0% in the year-ago quarter; - Non-GAAP gross margin of
62.8% , compared to58.7% in the year-ago quarter; - GAAP net loss of
$(9.4) million $(15.5) million - Adjusted EBITDA of
$8.3 million $0.8 million
Comments on the News
Alex Shootman, Chief Executive Officer, said, "In the third quarter, we delivered continued out performance on both our financial and operating metrics. We ended Q3 with 19.5 million live registered users, up 2.6 million compared to the prior-year quarter, and delivered again on new logos, add-on sales and renewals."
Shootman added, "In the third quarter we signed nine new digital banking clients, including six credit unions and three banks. We also renewed 14 clients, with several clients extending to 2031 and adding an additional 7 products to their portfolios. Alkami continues to distinguish itself as the leading digital banking provider as evidenced by several industry awards, including being named the top digital banking provider in credit union market share by FI Navigator and Best Banking App by Tearsheet."
Bryan Hill, Chief Financial Officer, said, "We achieved total revenue growth and subscription 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 fourth quarter ending December 31, 2024 of:
- GAAP total revenue in the range of
$89.0 million $90.0 million - Adjusted EBITDA in the range of
$8.5 million $9.0 million
Alkami is providing guidance for its fiscal year ending December 31, 2024 of:
- GAAP total revenue in the range of
$333.2 million $334.2 million - Adjusted EBITDA in the range of
$25.2 million $25.7 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 68447. 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 (1) stock-based compensation expense and (2) secondary offering costs. 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 Income (loss) before income taxes" as loss before income taxes, plus (1) gain on financial instruments, (2) amortization, (3) stock-based compensation expense, (4) secondary offering costs, 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 (benefit) for income taxes, (2) gain on financial instruments, (3) interest income, net, (4) depreciation and amortization (5) stock-based compensation expense, (6) secondary offering costs, and (7) 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) | |||
September 30, | December 31, | ||
2024 | 2023 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 80,956 | $ 40,927 | |
Marketable securities | 20,033 | 51,196 | |
Accounts receivable, net | 42,408 | 35,499 | |
Deferred costs, current | 12,046 | 10,329 | |
Prepaid expenses and other current assets | 13,563 | 10,634 | |
Total current assets | 169,006 | 148,585 | |
Property and equipment, net | 21,038 | 16,946 | |
Right-of-use assets | 14,875 | 15,754 | |
Deferred costs, net of current portion | 34,666 | 30,734 | |
Intangibles, net | 30,718 | 35,807 | |
Goodwill | 148,050 | 148,050 | |
Other assets | 3,840 | 3,949 | |
Total assets | $ 422,193 | $ 399,825 | |
Liabilities and Stockholders' Equity | |||
Current liabilities | |||
Accounts payable | $ 5,591 | $ 7,478 | |
Accrued liabilities | 28,049 | 19,763 | |
Deferred revenues, current portion | 13,088 | 10,984 | |
Lease liabilities, current portion | 1,309 | 1,205 | |
Total current liabilities | 48,037 | 39,430 | |
Deferred revenues, net of current portion | 16,267 | 15,384 | |
Deferred income taxes | 1,774 | 1,713 | |
Lease liabilities, net of current portion | 17,395 | 18,052 | |
Other non-current liabilities | 216 | 305 | |
Total liabilities | 83,689 | 74,884 | |
Stockholders' Equity | |||
Preferred stock, | — | — | |
Common stock, | 100 | 97 | |
Additional paid-in capital | 806,962 | 760,210 | |
Accumulated deficit | (468,558) | (435,366) | |
Total stockholders' equity | 338,504 | 324,941 | |
Total liabilities and stockholders' equity | $ 422,193 | $ 399,825 | |
ALKAMI TECHNOLOGY, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(In thousands, except share and per share data) | |||||||
(UNAUDITED) | |||||||
Three months ended | Nine months ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues | $ 85,906 | $ 67,703 | $ 244,193 | $ 193,462 | |||
Cost of revenues(1) | 35,289 | 31,153 | 100,773 | 89,300 | |||
Gross profit | 50,617 | 36,550 | 143,420 | 104,162 | |||
Operating expenses: | |||||||
Research and development | 24,133 | 21,755 | 70,862 | 63,170 | |||
Sales and marketing | 14,406 | 11,933 | 45,213 | 36,694 | |||
General and administrative | 22,147 | 18,290 | 62,074 | 53,608 | |||
Acquisition-related expenses | — | — | 195 | 220 | |||
Amortization of acquired intangibles | 359 | 359 | 1,076 | 1,076 | |||
Total operating expenses | 61,045 | 52,337 | 179,420 | 154,768 | |||
Loss from operations | (10,428) | (15,787) | (36,000) | (50,606) | |||
Non-operating income (expense): | |||||||
Interest income | 1,147 | 2,080 | 3,490 | 5,822 | |||
Interest expense | (180) | (1,931) | (327) | (5,514) | |||
Gain on financial instruments | — | 201 | — | 421 | |||
Loss before income taxes | (9,461) | (15,437) | (32,837) | (49,877) | |||
Provision (benefit) for income taxes | (19) | 39 | 355 | 323 | |||
Net loss | $ (9,442) | $ (15,476) | $ (33,192) | $ (50,200) | |||
Net loss per share attributable to common stockholders: | |||||||
Basic and diluted | $ (0.09) | $ (0.16) | $ (0.34) | $ (0.54) | |||
Weighted average number of shares of common stock outstanding: | |||||||
Basic and diluted | 99,435,002 | 94,675,358 | 98,165,903 | 93,477,486 | |||
(1) Includes amortization of acquired technology of |
ALKAMI TECHNOLOGY, INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In thousands) | |||
(UNAUDITED) | |||
Nine months ended | |||
2024 | 2023 | ||
Cash flows from operating activities: | |||
Net loss | $ (33,192) | $ (50,200) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expense | 7,854 | 7,841 | |
Accrued interest on marketable securities, net | (928) | (2,059) | |
Stock-based compensation expense | 43,822 | 37,914 | |
Amortization of debt issuance costs | 161 | 110 | |
Gain on financial instruments | — | (430) | |
Gain on lease modification | — | (375) | |
Deferred taxes | 61 | 118 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,909) | (5,020) | |
Prepaid expenses and other current assets | (2,619) | (2,631) | |
Accounts payable and accrued liabilities | 6,316 | 5,223 | |
Deferred costs | (5,067) | (3,959) | |
Deferred revenues | 2,987 | 1,271 | |
Net cash provided by (used in) operating activities | 12,486 | (12,197) | |
Cash flows from investing activities: | |||
Purchase of marketable securities | (30,721) | (109,593) | |
Proceeds from sales, maturities and redemptions of marketable securities | 62,812 | 97,852 | |
Purchases of property and equipment | (1,036) | (774) | |
Capitalized software development costs | (5,009) | (3,843) | |
Net cash provided by (used in) investing activities | 26,046 | (16,358) | |
Cash flows from financing activities: | |||
Principal payments on debt | — | (2,125) | |
Debt issuance costs paid | (363) | (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 | (12,820) | (11,029) | |
Proceeds from stock option exercises | 12,082 | 7,287 | |
Net cash provided by (used in) financing activities | 1,497 | (4,801) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 40,029 | (33,356) | |
Cash and cash equivalents and restricted cash, beginning of period | 40,927 | 112,337 | |
Cash and cash equivalents and restricted cash, end of period | $ 80,956 | $ 78,981 | |
ALKAMI TECHNOLOGY, INC. | |||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||
(In thousands, except per share data) | |||||||
(UNAUDITED) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP total revenues | $ 85,906 | $ 67,703 | $ 244,193 | $ 193,462 | |||
September 30, | |||||||
2024 | 2023 | ||||||
Annual Recurring Revenue (ARR) | $ 342,101 | $ 274,976 | |||||
Registered Users | 19,499 | 16,891 | |||||
Revenue per Registered User (RPU) | $ 17.54 | $ 16.28 | |||||
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-GAAP Measures" section. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP cost of revenues | $ 35,289 | $ 31,153 | $ 100,773 | $ 89,300 | |||
Amortization | (1,895) | (1,686) | (5,463) | (4,923) | |||
Stock-based compensation expense | (1,407) | (1,507) | (3,932) | (4,140) | |||
Non-GAAP cost of revenues | $ 31,987 | $ 27,960 | $ 91,378 | $ 80,237 | |||
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 Measures" section. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP gross margin | 58.9 % | 54.0 % | 58.7 % | 53.8 % | |||
Amortization | 2.3 % | 2.5 % | 2.3 % | 2.6 % | |||
Stock-based compensation expense | 1.6 % | 2.2 % | 1.6 % | 2.1 % | |||
Non-GAAP gross margin | 62.8 % | 58.7 % | 62.6 % | 58.5 % | |||
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 "Explanation of Non-GAAP Measures" section. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP research and development expense | $ 24,133 | $ 21,755 | $ 70,862 | $ 63,170 | |||
Stock-based compensation expense | (4,492) | (4,116) | (12,746) | (11,854) | |||
Non-GAAP research and development expense | $ 19,641 | $ 17,639 | $ 58,116 | $ 51,316 | |||
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 "Explanation of Non-GAAP Measures" section. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP sales and marketing expense | $ 14,406 | $ 11,933 | $ 45,213 | $ 36,694 | |||
Stock-based compensation expense | (2,327) | (1,906) | (6,649) | (5,309) | |||
Non-GAAP sales and marketing expense | $ 12,079 | $ 10,027 | $ 38,564 | $ 31,385 | |||
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 "Explanation of Non-GAAP Measures" section. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP general and administrative expense | $ 22,147 | $ 18,290 | $ 62,074 | $ 53,608 | |||
Stock-based compensation expense | (7,031) | (6,389) | (20,495) | (16,611) | |||
Secondary offering costs | (810) | — | (810) | — | |||
Non-GAAP general and administrative expense | $ 14,306 | $ 11,901 | $ 40,769 | $ 36,997 | |||
Non-GAAP Income (Loss) Before Income Taxes | |||||||
Set forth below is a presentation of the company's "Non-GAAP Income (Loss) Before Income Taxes." Please reference the "Explanation of Non-GAAP Measures" section. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP loss before income taxes | $ (9,461) | $ (15,437) | $ (32,837) | $ (49,877) | |||
Gain on financial instruments | — | (201) | — | (421) | |||
Amortization | 2,254 | 2,045 | 6,539 | 5,999 | |||
Stock-based compensation expense | 15,257 | 13,918 | 43,822 | 37,914 | |||
Secondary offering costs | 810 | — | 810 | — | |||
Acquisition-related expenses | — | — | 195 | 220 | |||
Non-GAAP Income (loss) before income taxes | $ 8,860 | $ 325 | $ 18,529 | $ (6,165) | |||
Adjusted EBITDA | |||||||
Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP Measures" section. | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP net loss | $ (9,442) | $ (15,476) | $ (33,192) | $ (50,200) | |||
Provision (benefit) for income taxes | (19) | 39 | 355 | 323 | |||
Gain on financial instruments | — | (201) | — | (421) | |||
Interest income, net | (967) | (149) | (3,163) | (308) | |||
Depreciation and amortization | 2,679 | 2,695 | 7,854 | 7,841 | |||
Stock-based compensation expense | 15,257 | 13,918 | 43,822 | 37,914 | |||
Secondary offering costs | 810 | — | 810 | — | |||
Acquisition-related expenses | — | — | 195 | 220 | |||
Adjusted EBITDA | $ 8,318 | $ 826 | $ 16,681 | $ (4,631) | |||
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 to download multimedia:https://www.prnewswire.com/news-releases/alkami-announces-third-quarter-2024-financial-results-302292029.html
SOURCE Alkami Technology, Inc.
FAQ
What was Alkami's (ALKT) revenue growth in Q3 2024?
How many new clients did Alkami (ALKT) add in Q3 2024?
What was Alkami's (ALKT) Adjusted EBITDA in Q3 2024?
How many registered users does Alkami (ALKT) have as of Q3 2024?
