Thanks, and Stephen, good afternoon, everyone.
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XXXX. In more fourth client the quarter and represent addition, we users, of of X% our our X clients expect to sales during few digital team a have that renewed renew clients
on GAAP profitability Moving margin. and gross to
over target objective between gross to non-GAAP few XX% to achieve operating years. model Our XX% the next margin is
to XXX through We points that gross on this we and year. XXX have plan also between margin achieve non-GAAP average expanding per stated basis
of progress on our achieving be Our ahead stated continues based XXXX towards objective performance. this to
cost revenue quarter primarily scale, functions margin over with to XX%, client third modestly greater XXXX, an utilization by of our was with year. same and the client support associated revenue expansion gross efficiencies implementation, in and third-party the XXX period our non-GAAP relationships. last driven points success higher costs client basis was compared For of Expansion offset
to Moving on operating expense.
is good goal growth revenue to towards a opportunities adjusted profitability Our balance with EBITDA of or sight maintain to line and positive. investment
have where at our are correct company. large near-term a market share trade-off cost gaining current profitability we recognize to opportunity of the We in address for as and life as a market cycle the
marketing prior we XX%, R&D total to margin significant the primarily of percentage costs expansion represented margin For was enhancements personnel-related and innovation XXXX, achieved a through due perspective, to year. Despite of research expansion. prior non-GAAP million, the compared $XX.X of a revenue initiatives, basis and Total development the margin headcount event activities and Total marketing result other and combined compared higher other basis approximately are public year the expense now and to client our new to the was the adding up XXXX insurance of higher and conference revenue, client or period. expense such to XX%, sales was and annual year Total the and company, administrative a sales Higher expense addition XXX from revenue which scale. was of conference with non-GAAP period. million, third that From represented sales non-GAAP the contraction. and of third margin higher events of teams. activities, contraction prior our margin of $X as The of expense XX and legal pre-pandemic in marketing nearly revenue sales XXX XXXX, is contraction. our we in returning and marketing contraction necessary XX% resource than which of was human costs general revenue. G&A perspective, and sales driver of million. attributable investments percentage and sales points event marketing primary is platform business headcount accounting, relations, points XX% sales $XX.X third quarter expense increased represented sales GAAP incremental was The including XX% up basis and XXXX loss employee-related allocated points XXX points was cost XX% higher margin to represents million nearly of quarter which investor From personnel. quarter basis $X.X
expectations. Our loss than better quarter our the of the was for adjusted million, end $X.X EBITDA high
on sequential decline. the XX, cash the the $XXX cash at We XXXX, balance close The Moving net million cash over had is million as quarter. cash. of of on paid for MKD the primary September driver to acquisition use a the of during $XX for representing sheet
turning to guidance. Now
loss million. EBITDA of which fourth of to million early the the included revenues that is calculation to the The $XX.X contribute immaterial range revenue fee indicator important MKD For does QX of of ARR of the of not million, note revenue to December is growth, quarter an expect It's million we in million for and termination XXXX adjusted Early an in excluded million guidance. $X our amount acquisition be $X of recurring which loss fourth an $XX.X revenue that of an best over and in revenue, XXXX, ending XX% to the of annual revenue $X of XX, expected is XXXX. adjusted expect fourth repeat the fee quarter possess termination quarter of XXXX. we to $X.X from EBITDA
to Alkami December revenue $XX.X third quarter financial closing our of the EBITDA are above guidance performed comments This year ending call as public and $XXX XXXX, full million we a next an context the the team performance my a million quarters concludes quarter million. for pleased few we in in to loss For range XX, first company. financial million fourth financial for provide our before X adjusted $XX.X for to we Mike guidance. reporting the our $XXX comments now of questions. I broader will and expect have our open
