PLANO,
Texas, Oct. 30, 2024 /PRNewswire/ -- Alkami
Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based
digital banking solutions provider for financial institutions in
the U.S., today announced results for its third quarter ending
September 30, 2024.
Third Quarter 2024 Financial Highlights
- GAAP total revenue of $85.9
million, an increase of 26.9% compared to the year-ago
quarter;
- GAAP gross margin of 58.9%, compared to 54.0% in the year-ago
quarter;
- Non-GAAP gross margin of 62.8%, compared to 58.7% in the
year-ago quarter;
- GAAP net loss of $(9.4) million,
compared to $(15.5) million in the
year-ago quarter; and
- Adjusted EBITDA of $8.3 million,
compared to $0.8 million in the
year-ago quarter.
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 27% for the quarter. We once again exceeded our
gross margin and adjusted EBITDA expectations, demonstrating
continued progress towards our 2026 objectives of a non-GAAP gross
margin of 65% and adjusted EBITDA margin of 20%."
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 to $90.0 million;
- Adjusted EBITDA in the range of $8.5
million to $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 to $334.2
million;
- Adjusted EBITDA in the range of $25.2
million to $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 the United States
that enables clients to grow confidently, adapt quickly and build
thriving digital communities. Alkami helps clients transform
through retail and business banking, digital account opening,
payment security, and data and marketing solutions. To learn more,
visit www.alkami.com.
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 United States of America, or
GAAP. However, the company believes that, in order to properly
understand its short-term and long-term financial, operational and
strategic trends, it may be helpful for investors to exclude
certain non-cash or non-recurring items when used as a supplement
to financial performance measures in accordance with GAAP. These
items result from facts and circumstances that vary in both
frequency and impact on continuing operations. The company also
uses results of operations excluding such items to evaluate the
operating performance of Alkami and compare it against prior
periods, make operating decisions, determine executive
compensation, and serve as a basis for long-term strategic
planning. These non-GAAP financial measures provide the company
with additional means to understand and evaluate the operating
results and trends in its ongoing business by eliminating certain
non-cash expenses and other items that Alkami believes might
otherwise make comparisons of its ongoing business with prior
periods more difficult, obscure trends in ongoing operations,
reduce management's ability to make useful forecasts, or obscure
the ability to evaluate the effectiveness of certain business
strategies and management incentive structures. In addition, the
company also believes that investors and financial analysts find
this information to be helpful in analyzing the company's financial
and operational performance and comparing this performance to the
company's peers and competitors.
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,
$0.001 par value, 10,000,000 shares authorized and 0 shares issued
and outstanding as of September 30, 2024 and December 31,
2023
|
—
|
|
—
|
|
Common stock, $0.001
par value, 500,000,000 shares authorized; and 100,496,654 and
96,722,098 shares issued and outstanding as of September 30, 2024
and December 31, 2023, respectively
|
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
September 30,
|
|
Nine months
ended
September 30,
|
|
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 $1.3 million for both the three months ended
September 30, 2024 and 2023, and $4.0 million for both the
nine months ended September 30, 2024 and 2023.
|
|
ALKAMI TECHNOLOGY,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
thousands)
|
|
(UNAUDITED)
|
|
Nine months
ended
September 30,
|
|
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
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SOURCE Alkami Technology, Inc.