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, 2023.
Third Quarter 2023 Financial Highlights
- GAAP total revenue of $67.7 million, an increase of 27%
compared to the year-ago quarter;
- GAAP gross margin of 54.0%, compared to 51.6% in the year-ago
quarter;
- Non-GAAP gross margin of 58.7%, compared to 56.8% in the
year-ago quarter;
- GAAP net loss of ($15.4) million, compared to ($20.0) million
in the year-ago quarter; and
- Adjusted EBITDA of $0.8 million, compared to a loss of ($4.6)
million in the year-ago quarter.
Comments on the NewsAlex Shootman, Chief
Executive Officer, said, “In the third quarter, we delivered
another quarter of strong performance. Year to date, we added 23
new digital banking platform clients, including 7 in the third
quarter. We have good visibility into Q4 digital banking platform
decisions and anticipate robust new client wins as we close out the
year.”
Shootman added, “We continue to see strength in
our end markets, despite current macroeconomic and geopolitical
uncertainty. The health of community and regional financial
institutions has been remarkably resilient over decades and amidst
a variety of macroeconomic scenarios. Our research has consistently
shown that the highest performing financial institutions are those
who strategically invest in new technologies. Our clients are at
the forefront of digital transformation, and this is reflected in
our considerable and consistent growth in new client wins, add-on
sales and renewals.”
Bryan Hill, Chief Financial Officer, said, “We
exited the quarter with 16.9 million digital banking users on the
Alkami platform, up 23% from the year-ago quarter. We now have 35
new clients and significant add-on sales orders in implementation,
representing a total of $42 million in Annual Recurring Revenue. We
exited the quarter with Annual Recurring Revenue of $275 million,
up 29% compared to the year-ago quarter. Our revenue per digital
user continued to expand, ending the quarter at $16.28, driven by
add-on sales and the addition of new clients who tend to onboard at
a higher average RPU.”
2023 Financial OutlookAlkami’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 fiscal quarter
ending December 31, 2023 of:
- GAAP total revenue in the range of $70.5 million to $71.5
million;
- Adjusted EBITDA in the range of $2.5 million to $3.0
million.
Alkami is updating the guidance for its fiscal year ending
December 31, 2023 of:
- GAAP total revenue in the range of $264 million to $265
million;
- Adjusted EBITDA loss in the range of ($2.1) million to ($1.6)
million.
Conference Call InformationThe
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 1-844-746-0738 and internationally at
1-412-317-5105 using passcode 10183440. A replay will be available
in the Investor Relations section of the Alkami website.
About AlkamiAlkami 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 analytics and marketing solutions. To learn more, visit
https://www.alkami.com/.
Cautionary Statement Regarding Forward-Looking
StatementsThis 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 MetricsThe 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 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 (benefit) for income taxes (2) (gain) loss
on financial instruments, (3) amortization, (4) stock-based
compensation expense, and (5) acquisition-related expenses, net.
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) loss
on financial instruments, (3) interest (income) expense, net, (4)
depreciation and amortization (5) stock-based compensation expense,
and (6) acquisition-related expenses, net. 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, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
76,381 |
|
|
$ |
108,720 |
|
Marketable securities |
|
101,865 |
|
|
|
87,635 |
|
Accounts receivable, net |
|
31,266 |
|
|
|
26,246 |
|
Deferred implementation costs, current |
|
9,496 |
|
|
|
7,855 |
|
Prepaid expenses and other current assets |
|
13,648 |
|
|
|
11,709 |
|
Total current assets |
|
232,656 |
|
|
|
242,165 |
|
Property and equipment,
net |
|
16,249 |
|
|
|
13,561 |
|
Right of use assets |
|
16,044 |
|
|
|
14,670 |
|
Deferred implementation costs,
net of current portion |
|
27,708 |
|
|
|
24,783 |
|
Intangibles, net |
|
37,504 |
|
|
|
42,593 |
|
Goodwill |
|
148,050 |
|
|
|
148,017 |
|
Other assets |
|
3,982 |
|
|
|
3,096 |
|
Total assets |
$ |
482,193 |
|
|
$ |
488,885 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities |
|
|
|
Current portion of long-term debt |
$ |
6,375 |
|
|
$ |
3,188 |
|
Accounts payable |
|
5,693 |
|
|
|
4,291 |
|
Accrued liabilities |
|
26,302 |
|
|
|
21,643 |
|
Deferred revenues, current portion |
|
9,313 |
|
|
|
8,835 |
|
Lease liabilities, current portion |
|
1,493 |
|
|
|
3,657 |
|
Total current liabilities |
|
49,176 |
|
|
|
41,614 |
|
Long-term debt, net |
|
76,062 |
|
|
|
81,392 |
|
Deferred revenues, net of current portion |
|
14,697 |
|
|
|
13,904 |
|
Deferred income taxes |
|
1,862 |
|
|
|
1,712 |
|
Lease liabilities, net of current portion |
|
18,366 |
|
|
|
15,817 |
|
Other non-current liabilities |
|
376 |
|
|
|
400 |
|
Total liabilities |
|
160,539 |
|
|
|
154,839 |
|
Stockholders’ Equity |
|
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized and
0 shares issued and outstanding as of September 30, 2023 and
December 31, 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 500,000,000 shares authorized; and
95,361,787 and 92,112,749 shares issued and outstanding as of
September 30, 2023 and December 31, 2022, respectively |
|
95 |
|
|
|
92 |
|
Additional paid-in capital |
|
744,212 |
|
|
|
706,407 |
|
Accumulated deficit |
|
(422,653 |
) |
|
|
(372,453 |
) |
Total stockholders’ equity |
|
321,654 |
|
|
|
334,046 |
|
Total liabilities and stockholders' equity |
$ |
482,193 |
|
|
$ |
488,885 |
|
|
|
|
|
|
ALKAMI TECHNOLOGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except share and per share
data) |
(UNAUDITED) |
|
|
Three months endedSeptember
30, |
|
Nine months endedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
67,703 |
|
|
$ |
53,412 |
|
|
$ |
193,462 |
|
|
$ |
148,732 |
|
Cost of revenues(1) |
|
31,153 |
|
|
|
25,844 |
|
|
|
89,300 |
|
|
|
69,081 |
|
Gross profit |
|
36,550 |
|
|
|
27,568 |
|
|
|
104,162 |
|
|
|
79,651 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
21,755 |
|
|
|
18,222 |
|
|
|
63,170 |
|
|
|
48,973 |
|
Sales and marketing |
|
11,933 |
|
|
|
9,721 |
|
|
|
36,694 |
|
|
|
27,822 |
|
General and administrative |
|
18,290 |
|
|
|
18,337 |
|
|
|
53,608 |
|
|
|
54,114 |
|
Acquisition-related expenses, net |
|
— |
|
|
|
737 |
|
|
|
220 |
|
|
|
155 |
|
Amortization of acquired intangibles |
|
359 |
|
|
|
370 |
|
|
|
1,076 |
|
|
|
796 |
|
Total operating expenses |
|
52,337 |
|
|
|
47,387 |
|
|
|
154,768 |
|
|
|
131,860 |
|
Loss from operations |
|
(15,787 |
) |
|
|
(19,819 |
) |
|
|
(50,606 |
) |
|
|
(52,209 |
) |
Non-operating income
(expense): |
|
|
|
|
|
|
|
Interest income |
|
2,080 |
|
|
|
851 |
|
|
|
5,822 |
|
|
|
1,383 |
|
Interest expense |
|
(1,931 |
) |
|
|
(1,185 |
) |
|
|
(5,514 |
) |
|
|
(2,336 |
) |
Gain (loss) on financial instruments |
|
201 |
|
|
|
(59 |
) |
|
|
421 |
|
|
|
(446 |
) |
Loss before income taxes |
|
(15,437 |
) |
|
|
(20,212 |
) |
|
|
(49,877 |
) |
|
|
(53,608 |
) |
Provision (benefit) for income taxes |
|
39 |
|
|
|
(163 |
) |
|
|
323 |
|
|
|
80 |
|
Net loss |
$ |
(15,476 |
) |
|
$ |
(20,049 |
) |
|
$ |
(50,200 |
) |
|
$ |
(53,688 |
) |
Net loss per share
attributable to common stockholders: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.16 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.59 |
) |
Weighted-average number of
shares of common stock outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
94,675,358 |
|
|
|
91,182,235 |
|
|
|
93,477,486 |
|
|
|
90,703,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes amortization of acquired technology of
$1.3 million and $1.4 million for the three months ended
September 30, 2023 and 2022, respectively, and $4.0 million
and $2.6 million for the nine months ended September 30, 2023
and 2022, respectively. |
|
|
ALKAMI TECHNOLOGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(UNAUDITED) |
|
|
Nine months ended
September 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
Net loss |
$ |
(50,200 |
) |
|
$ |
(53,688 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization expense |
|
7,841 |
|
|
|
5,512 |
|
Accrued interest on marketable securities, net |
|
(2,059 |
) |
|
|
(67 |
) |
Stock-based compensation expense |
|
37,914 |
|
|
|
32,956 |
|
Amortization of debt issuance costs |
|
110 |
|
|
|
112 |
|
Gain on revaluation of contingent consideration |
|
— |
|
|
|
(2,700 |
) |
(Gain) loss on financial instruments |
|
(430 |
) |
|
|
446 |
|
Gain on lease modification |
|
(375 |
) |
|
|
— |
|
Deferred taxes |
|
118 |
|
|
|
(80 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(5,020 |
) |
|
|
(4,075 |
) |
Prepaid expenses and other current assets |
|
(2,631 |
) |
|
|
(2,802 |
) |
Accounts payable and accrued liabilities |
|
5,223 |
|
|
|
3,452 |
|
Deferred implementation costs |
|
(3,959 |
) |
|
|
(3,339 |
) |
Deferred revenues |
|
1,271 |
|
|
|
53 |
|
Net cash used in operating activities |
|
(12,197 |
) |
|
|
(24,220 |
) |
Cash flows from
investing activities: |
|
|
|
Purchase of marketable securities |
|
(109,593 |
) |
|
|
(164,093 |
) |
Proceeds from maturities and redemptions of marketable
securities |
|
97,852 |
|
|
|
51,500 |
|
Purchases of property and equipment |
|
(774 |
) |
|
|
(789 |
) |
Capitalized software development costs |
|
(3,843 |
) |
|
|
(2,778 |
) |
Acquisition of business, net of cash acquired |
|
— |
|
|
|
(131,339 |
) |
Net cash used in investing activities |
|
(16,358 |
) |
|
|
(247,499 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from issuance of long-term debt |
|
— |
|
|
|
85,000 |
|
Principal payments on debt |
|
(2,125 |
) |
|
|
(24,688 |
) |
Debt issuance costs paid |
|
(341 |
) |
|
|
(773 |
) |
Proceeds from ESPP issuance |
|
2,407 |
|
|
|
1,841 |
|
Payment of holdback funds from acquisition |
|
(1,000 |
) |
|
|
— |
|
Payments for taxes related to net settlement of equity awards |
|
(11,029 |
) |
|
|
(596 |
) |
Proceeds from stock option exercises |
|
7,287 |
|
|
|
2,109 |
|
Net cash (used in) provided by financing activities |
|
(4,801 |
) |
|
|
62,893 |
|
Net decrease in cash and cash
equivalents and restricted cash |
|
(33,356 |
) |
|
|
(208,826 |
) |
Cash and cash equivalents and
restricted cash, beginning of period |
|
112,337 |
|
|
|
312,954 |
|
Cash and cash equivalents and
restricted cash, end of period |
$ |
78,981 |
|
|
$ |
104,128 |
|
|
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP total revenues |
$ |
67,703 |
|
|
$ |
53,412 |
|
|
$ |
193,462 |
|
|
$ |
148,732 |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Annual Recurring Revenue
(ARR) |
$ |
274,976 |
|
|
$ |
213,640 |
|
|
|
|
|
Registered Users |
|
16,891 |
|
|
|
13,726 |
|
|
|
|
|
Revenue per Registered User
(RPU) |
$ |
16.28 |
|
|
$ |
15.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP cost of revenues |
$ |
31,153 |
|
|
$ |
25,844 |
|
|
$ |
89,300 |
|
|
$ |
69,081 |
|
Amortization |
|
(1,686 |
) |
|
|
(1,530 |
) |
|
|
(4,923 |
) |
|
|
(2,825 |
) |
Stock-based compensation
expense |
|
(1,507 |
) |
|
|
(1,244 |
) |
|
|
(4,140 |
) |
|
|
(3,278 |
) |
Non-GAAP cost of revenues |
$ |
27,960 |
|
|
$ |
23,070 |
|
|
$ |
80,237 |
|
|
$ |
62,978 |
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP gross margin |
|
54.0 |
% |
|
|
51.6 |
% |
|
|
53.8 |
% |
|
|
53.6 |
% |
Amortization |
|
2.5 |
% |
|
|
2.9 |
% |
|
|
2.6 |
% |
|
|
1.9 |
% |
Stock-based compensation
expense |
|
2.2 |
% |
|
|
2.3 |
% |
|
|
2.1 |
% |
|
|
2.2 |
% |
Non-GAAP gross margin |
|
58.7 |
% |
|
|
56.8 |
% |
|
|
58.5 |
% |
|
|
57.7 |
% |
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP research and development
expense |
$ |
21,755 |
|
|
$ |
18,222 |
|
|
$ |
63,170 |
|
|
$ |
48,973 |
|
Stock-based compensation
expense |
|
(4,116 |
) |
|
|
(3,023 |
) |
|
|
(11,854 |
) |
|
|
(7,487 |
) |
Non-GAAP research and
development expense |
$ |
17,639 |
|
|
$ |
15,199 |
|
|
$ |
51,316 |
|
|
$ |
41,486 |
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP sales and marketing
expense |
$ |
11,933 |
|
|
$ |
9,721 |
|
|
$ |
36,694 |
|
|
$ |
27,822 |
|
Stock-based compensation
expense |
|
(1,906 |
) |
|
|
(1,112 |
) |
|
|
(5,309 |
) |
|
|
(2,859 |
) |
Non-GAAP sales and marketing
expense |
$ |
10,027 |
|
|
$ |
8,609 |
|
|
$ |
31,385 |
|
|
$ |
24,963 |
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP general and
administrative expense |
$ |
18,290 |
|
|
$ |
18,337 |
|
|
$ |
53,608 |
|
|
$ |
54,114 |
|
Stock-based compensation
expense |
|
(6,389 |
) |
|
|
(6,535 |
) |
|
|
(16,611 |
) |
|
|
(19,332 |
) |
Non-GAAP general and
administrative expense |
$ |
11,901 |
|
|
$ |
11,802 |
|
|
$ |
36,997 |
|
|
$ |
34,782 |
|
|
|
|
|
|
|
|
|
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 Measures” section. |
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP net loss |
$ |
(15,476 |
) |
|
$ |
(20,049 |
) |
|
$ |
(50,200 |
) |
|
$ |
(53,688 |
) |
Provision (benefit) for income
taxes |
|
39 |
|
|
|
(163 |
) |
|
|
323 |
|
|
|
80 |
|
(Gain) loss on financial
instruments |
|
(201 |
) |
|
|
59 |
|
|
|
(421 |
) |
|
|
446 |
|
Amortization |
|
2,045 |
|
|
|
1,900 |
|
|
|
5,999 |
|
|
|
3,621 |
|
Stock-based compensation
expense |
|
13,918 |
|
|
|
11,914 |
|
|
|
37,914 |
|
|
|
32,956 |
|
Acquisition-related expenses,
net(1) |
|
— |
|
|
|
737 |
|
|
|
220 |
|
|
|
155 |
|
Non-GAAP net loss |
$ |
325 |
|
|
$ |
(5,602 |
) |
|
$ |
(6,165 |
) |
|
$ |
(16,430 |
) |
|
|
|
|
|
|
|
|
(1) Acquisition-related expenses, net, for the nine months ended
September 30, 2023 includes expenses associated with the
acquisition of Segmint, primarily related to legal, consulting, and
professional fees. Acquisition-related expenses, net, for the three
and nine months ended September 30, 2022 includes the accrual of
deferred compensation due to the former owner of ACH Alert, in
addition to expenses associated with the acquisitions of MK and
Segmint, primarily related to legal, consulting, and professional
fees. During the nine months ending September 30, 2022, these
expenses were offset by the $2.7 million gain on contingent
consideration related to the purchase of MK. |
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP net loss |
$ |
(15,476 |
) |
|
$ |
(20,049 |
) |
|
$ |
(50,200 |
) |
|
$ |
(53,688 |
) |
Provision (benefit) for income
taxes |
|
39 |
|
|
|
(163 |
) |
|
|
323 |
|
|
|
80 |
|
(Gain) loss on financial
instruments |
|
(201 |
) |
|
|
59 |
|
|
|
(421 |
) |
|
|
446 |
|
Interest (income) expense,
net |
|
(149 |
) |
|
|
334 |
|
|
|
(308 |
) |
|
|
953 |
|
Depreciation and
amortization |
|
2,695 |
|
|
|
2,550 |
|
|
|
7,841 |
|
|
|
5,512 |
|
Stock-based compensation
expense |
|
13,918 |
|
|
|
11,914 |
|
|
|
37,914 |
|
|
|
32,956 |
|
Acquisition-related expenses,
net(1) |
|
— |
|
|
|
737 |
|
|
|
220 |
|
|
|
155 |
|
Adjusted EBITDA |
$ |
826 |
|
|
$ |
(4,618 |
) |
|
$ |
(4,631 |
) |
|
$ |
(13,586 |
) |
|
|
|
|
|
|
|
|
(1) Acquisition-related expenses, net, for the nine months ended
September 30, 2023 includes expenses associated with the
acquisition of Segmint, primarily related to legal, consulting, and
professional fees. Acquisition-related expenses, net, for the three
and nine months ended September 30, 2022 includes the accrual of
deferred compensation due to the former owner of ACH Alert, in
addition to expenses associated with the acquisitions of MK and
Segmint, primarily related to legal, consulting, and professional
fees. During the nine months ending September 30, 2022, these
expenses were offset by the $2.7 million gain on contingent
consideration related to the purchase of MK. |
|
Investor Relations ContactSteve Calk
ir@alkami.com
Media Relations ContactsMarla
Pietonmarla.pieton@alkami.com
Valerie Kerneralkami@fullyvested.com
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