Business Context and Reporting Period
This Form 8-K Current Report was filed by Alkami Technology, Inc. on January 3, 2023, covering the date of the earliest event reported on December 30, 2022. The filing discloses the entry into a material definitive agreement regarding the company's bill payment services.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the terms of a contractual amendment rather than financial performance metrics.
Material Changes and Agreements
On December 30, 2022, the Company entered into a Sixth Amendment to its Bill Pay Service Reseller Agreement with CU Cooperative Systems, Inc. d/b/a CO-OP Solutions. Key terms of the amendment include:
- Reduction of bill payment per-transaction fees.
- Reduction of contractual minimum fees payable by the Company.
- Requirement for the Company to pay a license fee.
- Extension of the Reseller Agreement term for an additional year.
The filing notes a related party transaction, as Todd Clark, a member of Alkami's Board of Directors, serves as the President and CEO of CO-OP Solutions.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, management outlook, or specific risk factors beyond the standard disclosure that the description of the agreement is subject to the full terms of the Sixth Amendment filed as Exhibit 10.1. Certain confidential portions of the agreement were omitted from the public filing.
Investor Verification Checklist
- Review Exhibit 10.1 for the complete terms of the Sixth Amendment, including the specific amounts of the license fee and the exact duration of the term extension.
- Verify the financial impact of the reduced per-transaction and minimum fees on future operating expenses.
- Assess the implications of the related party transaction involving Board member Todd Clark.
- Confirm the effective date of the fee reductions and license fee payments.