Alkami Technology, Inc. (NASDAQ:ALKT) Q2 2024 Earnings Call July 31, 2024 5:00 PM ET

Company Participants

Steve Calk - Vice President, Investor Relations
Alex Shootman - Chief Executive Officer
Bryan Hill - Chief Financial Officer

Conference Call Participants

Chris Kennedy - William Blair
Mayank Tandon - Needham
Pat Walravens - JMP Securities
Jacob Stephan - Lake Street
Andrew Schmidt - Citi

Operator

Good afternoon, ladies and gentlemen, and welcome to the Alkami Technology’s Second 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. And 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 in 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. Reconciliation of the comparable GAAP financial measures can be found in our earnings press release and in our filings with the SEC.

I will now turn the call over to Alex.

Alex Shootman

Thanks, Steve, and welcome, everyone. I am pleased to report another quarter of strong performance for Alkami. In the second quarter of 2024, Alkami grew revenue 25%, once again ahead of expectations. In addition, we delivered $4.6 million in adjusted EBITDA, exceeding the high end of expectations. Since our last earnings call, we celebrated a significant product achievement. Alkami is the first digital banking solution company to be certified by J.D. Power for providing clients with an outstanding mobile banking platform experience.

As the first provider in our space to earn this certification, Alkami had passed J.D. Power’s rigorous methodology for meeting high consumer expectations. Specifically, we exceeded J.D. Power’s industry benchmark across a set of 146 best practices covering all aspects of mobile application development, design and operational functionality. Additionally, we exceeded J.D. Power’s voice of the customer benchmark, which ensures our clients, customers mobile banking experience is outstanding. This is meaningful to our business as research continues to show that the number one criteria for FI selecting a new digital banking platform is the user experience for their customers and members.