Alkami Technology, Inc. (NASDAQ:ALKT) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET

Company Participants

Steve Calk - Vice President and Head of Investor Relations

Alex Shootman - Chief Executive Officer

Bryan Hill - Chief Financial Officer

Conference Call Participants

Mayank Tandon - Needham

Andrew Schmidt - Citi

Jacob Stephan - Lake Street

Pat Walravens - Citizens JMP

Elysse Connor - JP Morgan

Charles Nabhan - Stephens

Chris Kennedy - William Blair

Adam Hotchkiss - Goldman Sachs

Saket Kalia - Barclays

Operator

Good afternoon ladies and gentleman and welcome to the Alkami Technology Fourth Quarter 2023 Financial Results Conference Call. At this time all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Wednesday, February 28, 2024.

I would now like to turn the conference over to Steve Calk, Vice President and Head of Investor Relations. Please go ahead.

Steve Calk

Thank you, operator. With me today on today's call are Alex Shootman, Chief Executive Officer, and Bryan Hill, Chief Financial Officer.

During today's call, we may make forward-looking statements about guidance and other matters regarding our future performance. These statements are based on management's current views and expectations and are subject to various risks and uncertainties. Our actual results may be materially different. For a summary of risk factors associated with our forward looking statements, please refer to today's press release and the sections in our latest Form 10-K entitled Risk Factors and Forward-Looking Statements.

Statements being made during the call today are being made as of today, and we undertake no obligation to update or revise these statements. Also, unless otherwise stated, financial measures discussed on this call will be on a non-GAAP basis. We believe these measures are useful to investors in understanding our financial results. A reconciliation of the comparable GAAP financial measures can be found in our earnings press release and in our filings with the SEC.

I'd like to now turn the call over to Alex.

Alex Shootman

Thank you, Steve. Good afternoon and thank you all for joining us. I'm pleased to report that Alkami delivered strong financial performance in the fourth quarter of 2023. This contributed to a great year on several fronts, including progress towards the multiyear revenue and profit guidance we discussed at the beginning of the year.

In the fourth quarter, Alkami revenue was 29%, once again ahead of Street expectations. We exited the quarter with 17.5 million live registered users on the Alkami platform, up $3 million compared to the prior year. And we generated approximately $3.1 million in adjusted EBITDA. In the full year of 2023, we delivered excellent results, including 30% revenue growth, exceeding positive adjusted EBITDA a quarter earlier than projected, and making progress on key initiatives that will deliver on our future revenue and profit targets.