Alkami Technology, Inc. (NASDAQ:ALKT) Q1 2024 Earnings Conference Call May 1, 2024 5:00 PM ET

Company Participants

Steve Calk - VP, IR
Alex Shootman - CEO & Director
Bryan Hill - CFO & Treasurer

Conference Call Participants

Patrick Walravens - Citizens JMP Securities
Mayank Tandon - Needham & Company
Jacob Stephan - Lake Street Capital Markets
Elyse Kanner - JPMorgan Securities
Jeff Van Rhee - Craig-Hallum

Operator

Good afternoon, ladies and gentlemen, and welcome to the Alkami Technology First Quarter 2024 Financial Results Conference Call. [Operator Instructions]. I'd like to turn the conference over to Steve Calk, Vice President of Investor Relations. Steve, go ahead.

Steve Calk

Thank you, operator. With me 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 10-K entitled Risk Factors and Forward-looking Statements. Statements made during the call 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 the understanding of 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 now like to turn the call over to Alex.

Alex Shootman

Thank you, Steve, and thank you all for joining us today. I'm pleased to report a another quarter of strong performance. In the first quarter of 2024, we grew revenue 27% and delivered $3.8 million in adjusted EBITDA, both above the high end of our expectations.

We ended Q1 with 18.1 million live registered users on the Alkami platform, up 3 million compared to Q1 2023. Our results are a combination of being in a vibrant market and continuing to execute on our priorities.

Since our last earnings call, I've had 32 face-to-face client meetings in four different regions of the country and common themes emerged across those conversations. First, we are in a growth market. Second, our clients are seeing the benefits from our platform investments. Third, there's a large opportunity for our data platform to drive AI. And fourth, multiple opportunities exist long term for Alkami.