MeridianLink Reports First Quarter 2024 Results
MeridianLink, Inc. (NYSE: MLNK) reported first-quarter revenue of $77.8 million, up 1% year-over-year, driven by lending software solutions revenue of $60.9 million, a 5% increase year-over-year. The company also announced the appointment of a new CFO and strong demand for its MeridianLink One platform. Despite a net loss of $(5.3) million, the company reported positive operating income and adjusted EBITDA figures. MeridianLink provided second quarter and full-year 2024 financial guidance, projecting revenue in the range of $311.0 million to $319.0 million for the full year.
Revenue growth of 1% year-over-year driven by lending software solutions revenue increase of 5% year-over-year.
Appointment of a new CFO to drive financial performance and create value for customers and shareholders.
Strong demand for the MeridianLink One platform demonstrating the ability to meet evolving client needs.
Operating income of $3.4 million and non-GAAP operating income of $16.3 million showing operational strength.
Adjusted EBITDA of $31.8 million and cash flows from operations of $29.0 million indicating financial stability.
Net loss of $(5.3) million reported for the quarter.
Insights
First quarter revenue of
“Our solid first quarter results highlight the team’s ability to continue executing on our strategy to empower customers to out compete with MeridianLink® One,” said Nicolaas Vlok, chief executive officer of MeridianLink®. “In the face of challenging lending conditions, we are well-positioned to capitalize on the opportunities that lie ahead with the solid foundation we have strategically invested in, bolstered by a healthy balance sheet and sound capital allocation strategy.”
Quarterly Financial Highlights:
-
Revenue of
$77.8 million 1% year-over-year
-
Lending software solutions revenue of
$60.9 million 5% year-over-year
-
Operating income of
$3.4 million 4% of revenue, and non-GAAP operating income of$16.3 million 21% of revenue
-
Net loss of
$(5.3) million $31.8 million 41% of revenue
-
Cash flows from operations of
$29.0 million 37% of revenue, and free cash flow of$27.1 million 35% of revenue
Business and Operating Highlights:
- MeridianLink welcomed Larry Katz as its new chief financial officer, bringing extensive financial expertise and strategic leadership to help drive the Company’s financial performance and create value for customers and stockholders.
- We generated solid demand for the MeridianLink One platform, enabling new and existing customers to better meet the evolving needs of clients in both consumer and mortgage lending and capture a greater share of their debt wallet.
-
MeridianLink announced Space Coast Credit Union’s successful go-live on its Advanced Decisioning capabilities, resulting in the instant decisioning of
13% more loans overall, and a53% increase in the decisioning of applications for credit tiers over 660.
- To promote data-driven decision-making, we launched MeridianLink® Insight Lite, our new interactive data analytics and reporting tool that enhances reporting functionality for MeridianLink® Consumer and Opening customers.
Business Outlook
Based on information as of today, May 7, 2024, the Company issues second quarter financial guidance and updates full year 2024 financial guidance as follows:
Second Quarter Fiscal 2024:
-
Revenue is expected to be in the range of
$76.0 million $79.0 million
-
Adjusted EBITDA is expected to be in the range of
$29.0 million $32.0 million
Full Year 2024:
-
Revenue is expected to be in the range of
$311.0 million $319.0 million
-
Adjusted EBITDA is expected to be in the range of
$123.0 million $130.0 million
Conference Call Information
MeridianLink will hold a conference call to discuss its first quarter results today, May 7, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call can be accessed by dialing (800) 549-8228 from
About MeridianLink
MeridianLink® (NYSE: MLNK) empowers financial institutions and consumer reporting agencies to drive efficient growth. MeridianLink’s cloud-based digital lending, account opening, background screening, and data verification software solutions leverage shared intelligence from a unified data platform, MeridianLink® One, to enable customers of all sizes to identify growth opportunities, effectively scale up, and support compliance efforts, all while powering an enhanced experience for staff and consumers alike.
For more than 25 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. Learn more at www.meridianlink.com.
Non-GAAP Financial Measures
To supplement the financial measures presented in accordance with generally accepted accounting principles, or GAAP, we provide certain non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin; non-GAAP operating income (loss); non-GAAP net income (loss); non-GAAP cost of revenue; non-GAAP sales and marketing expenses; non-GAAP research and development expenses; non-GAAP general and administrative expenses; and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Rather, we believe that these non-GAAP financial measures, when viewed in addition to and not in lieu of our reported GAAP financial results, provide investors with additional meaningful information to assess our financial performance and trends, enable comparison of financial results between periods, and allow for greater transparency with respect to key metrics utilized internally in analyzing and operating our business. The following definitions are provided:
- Non-GAAP operating income (loss): GAAP operating income (loss), excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, expenses associated with our initial public offering and secondary offering, restructuring related costs, and sponsor and third-party acquisition-related costs.
-
Non-GAAP net income (loss): GAAP net income (loss), excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, expenses associated with our initial public offering and secondary offering, restructuring related costs, sponsor and third-party acquisition-related costs, and the effect of income taxes, including the partial valuation allowance, on non-GAAP items. The effects of income taxes on non-GAAP items reflect a fixed long-term projected tax rate of
24% .
The Company employs a structural long-term projected non-GAAP income tax rate of
- Adjusted EBITDA: net income (loss) before interest expense, taxes, depreciation and amortization, share-based compensation expense, employer payroll taxes on employee stock transactions, expenses associated with our initial public offering and secondary offering, restructuring related costs, sponsor and third-party acquisition related costs, and deferred revenue reductions from purchase accounting for acquisitions prior to the adoption of ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which we early adopted on January 1, 2022 on a prospective basis. Deferred revenue from acquisitions prior to the adoption of ASU 2021-08 was recognized on a straight line basis through December 31, 2023.
- Non-GAAP cost of revenue: GAAP cost of revenue, excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, and amortization of developed technology.
- Non-GAAP operating expenses: GAAP operating expenses, excluding the impact of share-based compensation, employer payroll taxes on employee stock transactions, expenses associated with our initial public offering and secondary offering, and depreciation and amortization, as applicable.
- Free cash flow: GAAP cash flow from operating activities less GAAP purchases of property and equipment (Capital Expenditures) and capitalized costs related to developed technology (Capitalized Software).
Reconciliations to comparable GAAP financial measures are available in the accompanying schedules, which are posted as part of this earnings release on our website. No reconciliation is provided with respect to certain forward-looking non-GAAP financial measures as the GAAP measures are not accessible on a forward-looking basis. We cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.
Forward-Looking Statements
This release contains, and our above-referenced conference call and webcast will contain, statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Generally, these statements can be identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions, although not all forward-looking statements contain these identifying words. Further, statements describing our strategy, outlook, guidance, plans, intentions, or goals are also forward-looking statements. These forward-looking statements reflect our predictions, expectations, or forecasts, including, but not limited to, statements regarding, and guidance with respect to, our strategy, our future financial and operational performance, future economic and market conditions, our strategic initiatives, our leadership transition and plans, , our ability to retain and attract customers and product partners, the benefit to us and our customers of integrations with our product partners, our development or delivery of new or enhanced solutions and anticipated results of those solutions for our customers, our ability to effectively implement, integrate, and service our customers, our market size and growth opportunities, our competitive positioning, projected costs, technological capabilities and plans, and objectives of management. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks related to our business and industry, as well as those set forth in Item 1A. Risk Factors, or elsewhere, in our Annual Report on Form 10-K for the most recently ended fiscal year, any updates in our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K, and our other SEC filings. These forward-looking statements are based on reasonable assumptions as of the date hereof. The plans, intentions, or expectations disclosed in our forward-looking statements may not be achieved, and you should not rely upon forward-looking statements as predictions of future events. We undertake no obligation, other than as required by applicable law, to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data) |
|||||||
|
As of |
||||||
|
March 31, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
62,285 |
|
|
$ |
80,441 |
|
Accounts receivable, net |
|
36,623 |
|
|
|
32,412 |
|
Prepaid expenses and other current assets |
|
12,238 |
|
|
|
11,574 |
|
Total current assets |
|
111,146 |
|
|
|
124,427 |
|
Property and equipment, net |
|
3,011 |
|
|
|
3,337 |
|
Right of use assets, net |
|
967 |
|
|
|
1,140 |
|
Intangible assets, net |
|
238,818 |
|
|
|
251,060 |
|
Goodwill |
|
610,063 |
|
|
|
610,063 |
|
Other assets |
|
6,495 |
|
|
|
6,224 |
|
Total assets |
$ |
970,500 |
|
|
$ |
996,251 |
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
4,135 |
|
|
$ |
4,405 |
|
Accrued liabilities |
|
28,369 |
|
|
|
30,673 |
|
Deferred revenue |
|
37,683 |
|
|
|
17,224 |
|
Current portion of debt, net of debt issuance costs |
|
3,543 |
|
|
|
3,542 |
|
Total current liabilities |
|
73,730 |
|
|
|
55,844 |
|
Debt, net of debt issuance costs |
|
419,102 |
|
|
|
420,004 |
|
Deferred tax liabilities, net |
|
10,639 |
|
|
|
10,823 |
|
Long-term deferred revenue |
|
257 |
|
|
|
792 |
|
Other long-term liabilities |
|
439 |
|
|
|
541 |
|
Total liabilities |
$ |
504,167 |
|
|
$ |
488,004 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ Equity: |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
127 |
|
|
|
129 |
|
Additional paid-in capital |
|
662,403 |
|
|
|
654,634 |
|
Accumulated deficit |
|
(196,197 |
) |
|
|
(146,516 |
) |
Total stockholders’ equity |
|
466,333 |
|
|
|
508,247 |
|
Total liabilities and stockholders’ equity |
$ |
970,500 |
|
|
$ |
996,251 |
|
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Revenues, net |
$ |
77,816 |
|
|
$ |
77,135 |
|
Cost of revenues: |
|
|
|
||||
Subscription and services |
|
21,344 |
|
|
|
23,501 |
|
Amortization of developed technology |
|
4,729 |
|
|
|
4,454 |
|
Total cost of revenues |
|
26,073 |
|
|
|
27,955 |
|
Gross profit |
|
51,743 |
|
|
|
49,180 |
|
Operating expenses: |
|
|
|
||||
General and administrative |
|
25,179 |
|
|
|
22,555 |
|
Research and development |
|
9,485 |
|
|
|
13,812 |
|
Sales and marketing |
|
10,536 |
|
|
|
8,213 |
|
Restructuring related costs |
|
3,191 |
|
|
|
2,904 |
|
Total operating expenses |
|
48,391 |
|
|
|
47,484 |
|
Operating income |
|
3,352 |
|
|
|
1,696 |
|
Other (income) expense, net: |
|
|
|
||||
Interest and other income |
|
(956 |
) |
|
|
(470 |
) |
Interest expense |
|
9,582 |
|
|
|
9,031 |
|
Total other expense, net |
|
8,626 |
|
|
|
8,561 |
|
Loss before income taxes |
|
(5,274 |
) |
|
|
(6,865 |
) |
Provision for (benefit from) income taxes |
|
32 |
|
|
|
(1,199 |
) |
Net loss |
$ |
(5,306 |
) |
|
$ |
(5,666 |
) |
|
|
|
|
||||
Net loss per share: |
|
|
|
||||
Basic |
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
Weighted average common stock outstanding: |
|
|
|
||||
Basic |
|
77,335,072 |
|
|
|
80,659,978 |
|
Diluted |
|
77,335,072 |
|
|
|
80,659,978 |
|
Net Revenues by Major Source (unaudited) (in thousands) |
|||||
|
Three Months Ended March 31, |
||||
|
|
2024 |
|
|
2023 |
Subscription fees |
$ |
65,912 |
|
$ |
66,405 |
Professional services |
|
9,010 |
|
|
8,435 |
Other |
|
2,894 |
|
|
2,295 |
Total |
$ |
77,816 |
|
$ |
77,135 |
Net Revenues by Solution Type (unaudited) (in thousands) |
||||||
|
Three Months Ended March 31, |
|||||
|
|
2024 |
|
|
|
2023 |
Lending software solutions |
$ |
60,903 |
|
|
$ |
58,001 |
Data verification software solutions |
|
16,913 |
|
|
|
19,134 |
Total |
$ |
77,816 |
|
|
$ |
77,135 |
% Growth attributable to: |
|
|
|
|||
Lending software solutions |
|
4 |
% |
|
|
|
Data verification software |
|
(3 |
)% |
|
|
|
Total % growth |
|
1 |
% |
|
|
|
___________ |
|
|
|
|||
Percent Revenue Related to the Mortgage Loan Market (unaudited) |
|||
|
Three Months Ended March 31, |
||
|
2024 |
|
2023 |
Lending software solutions |
11 % |
|
11 % |
Data verification software |
58 % |
|
61 % |
Total % revenue related to mortgage loan market |
21 % |
|
24 % |
Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(5,306 |
) |
|
$ |
(5,666 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
14,524 |
|
|
|
14,531 |
|
Provision for expected credit losses |
|
234 |
|
|
|
532 |
|
Amortization of debt issuance costs |
|
212 |
|
|
|
235 |
|
Share-based compensation expense |
|
7,803 |
|
|
|
4,891 |
|
Deferred income taxes |
|
(184 |
) |
|
|
(1,198 |
) |
Loss on disposal of property and equipment |
|
6 |
|
|
|
— |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts receivable |
|
(4,444 |
) |
|
|
(5,028 |
) |
Prepaid expenses and other assets |
|
(960 |
) |
|
|
(1,636 |
) |
Accounts payable |
|
(270 |
) |
|
|
2,717 |
|
Accrued liabilities |
|
(2,501 |
) |
|
|
1,706 |
|
Deferred revenue |
|
19,924 |
|
|
|
16,997 |
|
Net cash provided by operating activities |
|
29,038 |
|
|
|
28,081 |
|
Cash flows from investing activities: |
|
|
|
||||
Capitalized software additions |
|
(1,837 |
) |
|
|
(1,924 |
) |
Purchases of property and equipment |
|
(92 |
) |
|
|
(134 |
) |
Net cash used in investing activities |
|
(1,929 |
) |
|
|
(2,058 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repurchases of common stock |
|
(44,000 |
) |
|
|
(3,490 |
) |
Proceeds from exercise of stock options |
|
191 |
|
|
|
594 |
|
Taxes paid related to net share settlement of restricted stock units |
|
(294 |
) |
|
|
(24 |
) |
Principal payments of debt |
|
(1,088 |
) |
|
|
(1,087 |
) |
Payments of deferred offering costs |
|
(74 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(45,265 |
) |
|
|
(4,007 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(18,156 |
) |
|
|
22,016 |
|
Cash and cash equivalents, beginning of period |
|
80,441 |
|
|
|
55,780 |
|
Cash and cash equivalents, end of period |
$ |
62,285 |
|
|
$ |
77,796 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||
Cash paid for interest |
$ |
9,365 |
|
$ |
9,019 |
Cash paid for income taxes |
|
32 |
|
|
50 |
Non-cash investing and financing activities: |
|
|
|
||
Shares withheld with respect to net settlement of restricted stock units |
|
294 |
|
|
24 |
Excise taxes payable included in repurchases of common stock |
|
377 |
|
|
9 |
Share-based compensation expense capitalized to software additions |
|
69 |
|
|
48 |
Purchase price allocation adjustment related to income tax effects for StreetShares acquisition |
|
— |
|
|
245 |
Purchases of property and equipment included in accounts payable and accrued liabilities |
|
44 |
|
|
79 |
Vesting of restricted stock awards and restricted stock units |
|
— |
|
|
4 |
Reconciliation from GAAP to Non-GAAP Results (unaudited) (in thousands, except share and per share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating income |
$ |
3,352 |
|
|
$ |
1,696 |
|
Add: Share-based compensation expense |
|
7,936 |
|
|
|
5,190 |
|
Add: Employer payroll taxes on employee stock transactions |
|
422 |
|
|
|
126 |
|
Add: Expenses associated with public offering |
|
1,389 |
|
|
|
— |
|
Add: Restructuring related costs(1) |
|
3,191 |
|
|
|
2,904 |
|
Non-GAAP operating income |
$ |
16,290 |
|
|
$ |
9,916 |
|
Operating margin |
|
4 |
% |
|
|
2 |
% |
Non-GAAP operating margin |
|
21 |
% |
|
|
13 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(5,306 |
) |
|
$ |
(5,666 |
) |
Add: Share-based compensation expense |
|
7,936 |
|
|
|
5,190 |
|
Add: Employer payroll taxes on employee stock transactions |
|
422 |
|
|
|
126 |
|
Add: Expenses associated with public offering |
|
1,389 |
|
|
|
— |
|
Add: Restructuring related costs(1) |
|
3,191 |
|
|
|
2,904 |
|
Subtract: Income tax effect on non-GAAP items |
|
(3,105 |
) |
|
|
(1,973 |
) |
Non-GAAP net income |
$ |
4,527 |
|
|
$ |
581 |
|
Non-GAAP basic net income per share |
$ |
0.06 |
|
|
$ |
0.01 |
|
Non-GAAP diluted net income per share |
$ |
0.06 |
|
|
$ |
0.01 |
|
Weighted average shares used to compute Non-GAAP basic net income per share |
|
77,335,072 |
|
|
|
80,659,978 |
|
Weighted average shares used to compute Non-GAAP diluted net income per share |
|
80,479,008 |
|
|
|
82,538,596 |
|
Net loss margin |
|
(7 |
)% |
|
|
(7 |
)% |
Non-GAAP net income margin |
|
6 |
% |
|
|
1 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(5,306 |
) |
|
$ |
(5,666 |
) |
Interest expense |
|
9,582 |
|
|
|
9,031 |
|
Taxes |
|
32 |
|
|
|
(1,199 |
) |
Depreciation and amortization |
|
14,524 |
|
|
|
14,531 |
|
Share-based compensation expense |
|
7,936 |
|
|
|
5,190 |
|
Employer payroll taxes on employee stock transactions |
|
422 |
|
|
|
126 |
|
Expenses associated with public offering |
|
1,389 |
|
|
|
— |
|
Restructuring related costs(1) |
|
3,191 |
|
|
|
2,904 |
|
Deferred revenue reduction from purchase accounting for acquisitions prior to 2022 |
|
— |
|
|
|
20 |
|
Adjusted EBITDA |
$ |
31,770 |
|
|
$ |
24,937 |
|
Net loss margin |
|
(7 |
)% |
|
|
(7 |
)% |
Adjusted EBITDA margin |
|
41 |
% |
|
|
32 |
% |
(1) Restructuring related costs for the three months ended March 31, 2024 and 2023 are inclusive of |
Reconciliation from GAAP to Non-GAAP Results (unaudited) (in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cost of revenue |
$ |
26,073 |
|
|
$ |
27,955 |
|
Less: Share-based compensation expense |
|
782 |
|
|
|
853 |
|
Less: Employer payroll taxes on employee stock transactions |
|
48 |
|
|
|
22 |
|
Less: Amortization of developed technology |
|
4,729 |
|
|
|
4,454 |
|
Non-GAAP cost of revenue |
$ |
20,514 |
|
|
$ |
22,626 |
|
Cost of revenue as a % of revenue |
|
34 |
% |
|
|
36 |
% |
Non-GAAP cost of revenue as a % of revenue |
|
26 |
% |
|
|
29 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
General and administrative |
$ |
25,179 |
|
|
$ |
22,555 |
|
Less: Share-based compensation expense |
|
4,393 |
|
|
|
2,264 |
|
Less: Employer payroll taxes on employee stock transactions |
|
136 |
|
|
|
51 |
|
Less: Expenses associated with public offering |
|
1,389 |
|
|
|
— |
|
Less: Depreciation expense |
|
376 |
|
|
|
495 |
|
Less: Amortization of intangibles |
|
9,419 |
|
|
|
9,582 |
|
Non-GAAP general & administrative |
$ |
9,466 |
|
|
$ |
10,163 |
|
General and administrative as a % of revenue |
|
32 |
% |
|
|
29 |
% |
Non-GAAP general and administrative as a % of revenue |
|
12 |
% |
|
|
13 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Research and development |
$ |
9,485 |
|
|
$ |
13,812 |
|
Less: Share-based compensation expense |
|
1,502 |
|
|
|
1,783 |
|
Less: Employer payroll taxes on employee stock transactions |
|
121 |
|
|
|
27 |
|
Non-GAAP research and development |
$ |
7,862 |
|
|
$ |
12,002 |
|
Research and development as a % of revenue |
|
12 |
% |
|
|
18 |
% |
Non-GAAP research and development as a % of revenue |
|
10 |
% |
|
|
16 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Sales and marketing |
$ |
10,536 |
|
|
$ |
8,213 |
|
Less: Share-based compensation expense |
|
1,259 |
|
|
|
290 |
|
Less: Employer payroll taxes on employee stock transactions |
|
117 |
|
|
|
26 |
|
Non-GAAP sales and marketing |
$ |
9,160 |
|
|
$ |
7,897 |
|
Sales and marketing as a % of revenue |
|
14 |
% |
|
|
11 |
% |
Non-GAAP sales and marketing as a % of revenue |
|
12 |
% |
|
|
10 |
% |
|
|
|
|
||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
29,038 |
|
|
$ |
28,081 |
|
Less: Capitalized software |
|
1,837 |
|
|
|
1,924 |
|
Less: Capital expenditures |
|
92 |
|
|
|
134 |
|
Free cash flow |
$ |
27,109 |
|
|
$ |
26,023 |
|
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507271211/en/
Press Contact
Becky Frost
(714) 784-5839
Media@meridianlink.com
Investor Relations Contact
Gianna Rotellini
(714) 332-6357
InvestorRelations@meridianlink.com
Source: MeridianLink, Inc.
FAQ
<p>What was MeridianLink's first quarter revenue for 2024?</p>
MeridianLink reported first-quarter revenue of $77.8 million for 2024.
<p>What was the percentage increase in revenue from lending software solutions for MeridianLink in the first quarter of 2024?</p>
Revenue from lending software solutions for MeridianLink increased by 5% year-over-year in the first quarter of 2024.
<p>Who was appointed as the new CFO of MeridianLink?</p>
Larry Katz was appointed as the new chief financial officer of MeridianLink.
<p>What new tool did MeridianLink launch to enhance data analytics and reporting functionality?</p>
MeridianLink launched MeridianLink Insight Lite, a new interactive data analytics and reporting tool.
<p>What is MeridianLink's stock symbol?</p>
MeridianLink's stock symbol is MLNK.
