MeridianLink Reports Third Quarter 2021 Results
MeridianLink, Inc. (NYSE: MLNK) reported a strong third quarter for 2021, achieving revenue of $67.4 million, reflecting a 29% year-over-year growth. The company maintained a high adjusted EBITDA margin of 46%, totaling $31.0 million in adjusted EBITDA. Despite an operating loss of $(8.8) million, MeridianLink expanded its client base significantly, adding over 60 new clients to its MeridianLink Portal. The company also raised its full-year guidance, forecasting up to $264.2 million in revenue for 2021.
- Revenue increased by 29% year-over-year to $67.4 million.
- Adjusted EBITDA of $31.0 million, or 46% of revenue.
- Acquired over 60 new clients for MeridianLink Portal.
- Raised full-year 2021 revenue guidance to $263.2 million - $264.2 million.
- Operating loss of $(8.8) million, or (13)% of revenue.
Revenue of
“We are extremely pleased with our Q3 results, which included
Quarterly Financial Highlights:
-
Revenue of
$67.4 million 29% year-over-year -
Operating loss of
$(8.8) million $17.1 million 25% of revenue -
Adjusted EBITDA of
$31.0 million 46% of revenue -
Cash flow from operations of
$19.1 million $17.6 million
Business and Operating Highlights:
-
MeridianLink secured another strong roster of new logo customers and cross-sell wins within our target markets of community banks, credit unions, and consumer reporting agencies (CRAs) -
The company expanded further into adjacent markets, including signing a consumer specialty lending client with a national footprint and a top-100 bank with greater than
$20 billion -
MeridianLink added more than 60 new and existing clients to MeridianLink Portal, our consumer lending, digital point of sale solution - The company launched several new integrations and enhancements to our data verification offerings to enable CRA clients to expand their portfolio of data services, including recurring background checks that reduce risk, and new features in our Advanced QuickApp tool that enables clients to serve customers more robustly
-
For CRAs using Mortgage Credit Link,
MeridianLink expanded verification of employment offerings to mortgage lenders through a key new integration
Business Outlook
Based on information as of today,
Fourth Quarter Fiscal 2021:
-
Revenue is expected to be in the range of
$59.5 million $60.5 million -
Adjusted EBITDA is expected to be in the range of
$21.0 million $22.0 million
Full Year 2021:
-
Revenue is expected to be in the range of
$263.2 million $264.2 million -
Adjusted EBITDA is expected to be in the range of
$119.7 million $120.7 million
Conference Call Information
About
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:
- Adjusted EBITDA: net income (loss) before interest expense, taxes, depreciation, amortization, stock/unit-based compensation expense, employer payroll taxes on employee stock transactions, certain expenses associated with our IPO, sponsor and third-party acquisition related costs, losses resulting from early repayment of debt, lease termination charges, and deferred revenue reductions from purchase accounting
- Non-GAAP operating income: GAAP income (loss) from operations, excluding the impact of stock/unit-based compensation, employer payroll taxes on employee stock transactions, and sponsor and third-party acquisition-related costs
- Non-GAAP net income: GAAP net income (loss), excluding the impact of stock/unit-based compensation, employer payroll taxes on employee stock transactions, and sponsor and third-party acquisition-related costs
- Non-GAAP cost of revenue: GAAP cost of revenue, excluding the impact of stock/unit-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 stock/unit-based compensation and employer payroll taxes on employee stock transactions
-
Free cash flow: GAAP cash flow from operating activities plus 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 and Section 21E of the Securities Exchange Act. 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 future financial and operational performance, our strategic initiatives, our development or delivery of new or enhanced solutions, our market size and growth opportunities, and our competitive positioning. 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 under the caption “Risk Factors” in our final prospectus filed on
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share/unit and per share/unit data) |
|||||
|
|
|
|
||
|
2021 |
|
2020 |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
93,029 |
|
$ |
37,739 |
Restricted cash |
— |
|
2,142 |
||
Accounts receivable, net of allowance for doubtful accounts |
28,565 |
|
22,358 |
||
Prepaid expenses and other current assets |
10,712 |
|
5,812 |
||
Related party receivable from sellers of |
— |
|
4,123 |
||
Total current assets |
132,306 |
|
72,174 |
||
Property and equipment, net |
6,300 |
|
7,600 |
||
Intangible assets, net |
309,454 |
|
328,032 |
||
Deferred tax assets, net |
3,811 |
|
9,484 |
||
|
565,048 |
|
542,965 |
||
Other assets |
3,247 |
|
3,450 |
||
Total assets |
$ |
1,020,166 |
|
$ |
963,705 |
|
|
|
|
||
Liabilities and Stockholders’ Equity/Members’ Deficit |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
1,175 |
|
$ |
2,257 |
Accrued liabilities |
22,322 |
|
21,070 |
||
Deferred revenue |
20,889 |
|
10,873 |
||
|
— |
|
85,646 |
||
Related party liability due to sellers of |
— |
|
30,000 |
||
Current portion of long-term debt, net of debt issuance costs |
— |
|
2,955 |
||
Total current liabilities |
44,386 |
|
152,801 |
||
Long-term debt, net of debt issuance costs |
419,890 |
|
516,877 |
||
Deferred rent |
425 |
|
543 |
||
Other long-term liabilities |
77 |
|
— |
||
Total liabilities |
464,778 |
|
670,221 |
||
Commitments and contingencies |
|
|
|
||
|
|
|
|
||
Class A preferred units, no par value; unlimited units authorized, 319,913 units issued and outstanding as of |
— |
|
319,913 |
||
|
|
|
|
||
Stockholders’ Equity/Members’ Deficit |
|
|
|
||
Preferred stock, |
— |
|
— |
||
Common stock, |
79 |
|
— |
||
Class B common units, no par value; unlimited units authorized, 51,492,805 units issued and outstanding as of |
— |
|
— |
||
Additional paid-in capital |
592,448 |
|
3,909 |
||
Accumulated deficit |
(37,139) |
|
(30,338) |
||
Total stockholders’ equity/members’ deficit |
555,388 |
|
(26,429) |
||
Total liabilities, preferred units, and stockholders’ equity/members’ deficit |
$ |
1,020,166 |
|
$ |
963,705 |
|
|
|
|
||
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share/unit and per share/unit data) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues, net |
$ |
67,367 |
|
|
$ |
52,254 |
|
|
$ |
203,652 |
|
|
$ |
145,407 |
|
Cost of revenues: |
|
|
|
|
|
|
|
||||||||
Subscription and services |
23,467 |
|
|
12,660 |
|
|
58,078 |
|
|
35,909 |
|
||||
Amortization of developed technology |
3,219 |
|
|
2,213 |
|
|
9,190 |
|
|
6,417 |
|
||||
Total cost of revenues |
26,686 |
|
|
14,873 |
|
|
67,268 |
|
|
42,326 |
|
||||
Gross profit |
40,681 |
|
|
37,381 |
|
|
136,384 |
|
|
103,081 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
General and administrative |
29,917 |
|
|
12,975 |
|
|
64,884 |
|
|
40,293 |
|
||||
Research and development |
13,533 |
|
|
4,549 |
|
|
27,807 |
|
|
13,582 |
|
||||
Sales and marketing |
5,994 |
|
|
2,304 |
|
|
13,817 |
|
|
6,505 |
|
||||
Total operating expenses |
49,444 |
|
|
19,828 |
|
|
106,508 |
|
|
60,380 |
|
||||
Operating income (loss) |
(8,763) |
|
|
17,553 |
|
|
29,876 |
|
|
42,701 |
|
||||
Other (income) expense, net: |
|
|
|
|
|
|
|
||||||||
Other (income) expense |
(9) |
|
|
7 |
|
|
(39) |
|
|
(17) |
|
||||
Interest expense, net |
7,165 |
|
|
8,659 |
|
|
27,073 |
|
|
26,033 |
|
||||
Loss on debt repayment |
4,351 |
|
|
— |
|
|
4,351 |
|
|
— |
|
||||
Total other expense, net |
11,507 |
|
|
8,666 |
|
|
31,385 |
|
|
26,016 |
|
||||
Income (loss) before provision for income taxes |
(20,270) |
|
|
8,887 |
|
|
(1,509) |
|
|
16,685 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
1,176 |
|
|
1,869 |
|
|
5,274 |
|
|
3,445 |
|
||||
Net income (loss) |
$ |
(21,446) |
|
|
$ |
7,018 |
|
|
$ |
(6,783) |
|
|
$ |
13,240 |
|
|
|
|
|
|
|
|
|
||||||||
Class A preferred return |
(2,780) |
|
|
(8,733) |
|
|
(20,944) |
|
|
(25,480) |
|
||||
Net loss attributable to common stockholders |
$ |
(24,226) |
|
|
$ |
(1,715) |
|
|
$ |
(27,727) |
|
|
$ |
(12,240) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common stock outstanding – basic and diluted |
71,697,083 |
|
|
51,283,143 |
|
|
58,495,073 |
|
|
51,111,568 |
|
||||
Net loss per share – basic and diluted |
$ |
(0.34) |
|
|
$ |
(0.03) |
|
|
$ |
(0.47) |
|
|
$ |
(0.24) |
|
|
|
|
|
|
|
|
|
||||||||
Net Revenues by Major Source (unaudited) (in thousands) |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Subscription fees |
$ |
58,988 |
|
$ |
46,808 |
|
$ |
179,731 |
|
$ |
129,579 |
Professional services |
5,706 |
|
3,987 |
|
16,812 |
|
11,387 |
||||
Other |
2,673 |
|
1,459 |
|
7,109 |
|
4,441 |
||||
Total |
$ |
67,367 |
|
$ |
52,254 |
|
$ |
203,652 |
|
$ |
145,407 |
|
|
|
|
|
|
|
|
||||
Net Revenues by Solution Type (unaudited) (in thousands) |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Lending software solutions |
$ |
44,657 |
|
$ |
33,362 |
|
$ |
133,034 |
|
$ |
96,700 |
Data verification software solutions |
22,710 |
|
18,892 |
|
70,618 |
|
48,707 |
||||
Total (1) |
$ |
67,367 |
|
$ |
52,254 |
|
$ |
203,652 |
|
$ |
145,407 |
% Growth attributable to: |
|
|
|
|
|
|
|
||||
TCI and TazWorks |
|
|
|
|
|
|
|
||||
Lending software solutions |
|
|
|
|
|
|
|
||||
Data verification software |
(4)% |
|
|
|
|
|
|
||||
Total % growth |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
(1) % Revenue related to mortgage loan market: |
|
|
|
|
|
|
|
||||
Lending software solutions |
|
|
|
|
|
|
|
||||
Data verification software |
|
|
|
|
|
|
|
||||
Total % revenue related to mortgage loan market |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) |
|||||
|
Nine Months Ended |
||||
|
2021 |
|
2020 |
||
Cash flows from operating activities: |
|
|
|
||
Net income (loss) |
$ |
(6,783) |
|
$ |
13,240 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||
Depreciation and amortization |
37,654 |
|
29,529 |
||
Provision for doubtful accounts |
— |
|
300 |
||
Amortization of debt issuance costs |
2,551 |
|
953 |
||
Stock/unit-based compensation expense |
26,835 |
|
2,058 |
||
Loss on disposal of fixed assets |
524 |
|
72 |
||
Loss on sublease liability |
405 |
|
— |
||
Loss on debt repayment |
4,351 |
|
— |
||
Other adjustments |
(18) |
|
— |
||
Deferred income taxes |
4,992 |
|
3,329 |
||
Changes in operating assets and liabilities: |
|
|
|
||
Accounts receivable |
(2,033) |
|
(4,660) |
||
Prepaid expenses and other assets |
(6,179) |
|
(1,063) |
||
Accounts payable |
(961) |
|
1,825 |
||
Accrued liabilities |
(2,271) |
|
559 |
||
Deferred revenue |
10,016 |
|
9,091 |
||
Deferred rent |
(71) |
|
(52) |
||
Net cash provided by operating activities |
69,012 |
|
55,181 |
||
Cash flows from investing activities: |
|
|
|
||
Acquisitions, net of cash acquired – |
(85,420) |
|
— |
||
Acquisitions, net of cash acquired – |
(35,945) |
|
— |
||
Capitalized software additions |
(3,590) |
|
(2,163) |
||
Purchases of property and equipment |
(692) |
|
(3,403) |
||
Net cash used in investing activities |
(125,647) |
|
(5,566) |
||
Cash flows from financing activities: |
|
|
|
||
Repurchases of Class A Units |
(54) |
|
(900) |
||
Repurchases of Class |
(1,887) |
|
(2,114) |
||
Proceeds from initial public offering, net of underwriters’ discounts and commissions |
247,227 |
|
— |
||
Proceeds from exercise of stock options |
1,317 |
|
— |
||
Payment due to effect of corporate conversion |
(6) |
|
— |
||
Proceeds from long-term debt |
100,000 |
|
— |
||
Principal payments of long-term debt |
(202,590) |
|
(3,117) |
||
Payments of debt issuance costs |
(1,970) |
|
— |
||
Payments of financing obligation due to related party |
— |
|
(81) |
||
Payments of Class A cumulative preferred return |
(12) |
|
(135) |
||
Payments of deferred offering costs |
(4,435) |
|
— |
||
Payment to sellers of |
(2,142) |
|
— |
||
Holdback payment to sellers of |
(25,665) |
|
— |
||
Net cash provided by (used in) financing activities |
109,783 |
|
(6,347) |
||
Net increase in cash, cash equivalents and restricted cash |
53,148 |
|
43,268 |
||
Cash, cash equivalents and restricted cash, beginning of period |
39,881 |
|
97,770 |
||
Cash, cash equivalents and restricted cash, end of period |
$ |
93,029 |
|
$ |
141,038 |
Reconciliation of cash, cash equivalents, and restricted cash |
|
|
|
||
Cash and cash equivalents |
$ |
93,029 |
|
$ |
141,038 |
Restricted cash |
— |
|
— |
||
Cash, cash equivalents, and restricted cash |
$ |
93,029 |
|
$ |
141,038 |
Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) |
|||||
|
Nine Months Ended |
||||
|
2021 |
|
2020 |
||
Supplemental disclosures of cash flow information: |
|
|
|
||
Cash paid for interest |
$ |
24,549 |
|
$ |
25,326 |
Cash paid for income taxes |
239 |
|
69 |
||
Non-cash investing and financing activities: |
|
|
|
||
Purchases of property and equipment included in accounts payable and accrued expenses |
$ |
— |
|
$ |
102 |
Stock/unit-based compensation expense capitalized to software additions |
45 |
|
— |
||
Deferred offering costs in prepaid expenses and other current assets at |
423 |
|
— |
||
Vesting of Restricted stock awards and RSUs |
85 |
|
64 |
||
Effect of corporate conversion |
320 |
|
— |
||
Related party receivable net against holdback payment to prior shareholders |
4,335 |
|
— |
||
|
|
|
|
||
Reconciliation from GAAP to Non-GAAP Results (unaudited) (in thousands, except share/unit and per share/unit data) |
|||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Operating income (loss) |
$ |
(8,763) |
|
$ |
17,553 |
|
$ |
29,876 |
|
$ |
42,701 |
||||||||||
Add: Stock/unit-based compensation expense |
25,527 |
|
745 |
|
26,835 |
|
2,058 |
||||||||||||||
Add: Employer payroll taxes on employee stock transactions |
79 |
|
— |
|
79 |
|
— |
||||||||||||||
Add: Sponsor and third-party acquisition related costs |
209 |
|
500 |
|
2,323 |
|
1,500 |
||||||||||||||
Non-GAAP operating income |
$ |
17,052 |
|
$ |
18,798 |
|
$ |
59,113 |
|
$ |
46,259 |
||||||||||
Non-GAAP operating margin |
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Net income (loss) |
$ |
(21,446) |
|
$ |
7,018 |
|
$ |
(6,783) |
|
$ |
13,240 |
||||||||||
Add: Stock/unit-based compensation expense |
25,527 |
|
745 |
|
26,835 |
|
2,058 |
||||||||||||||
Add: Employer payroll taxes on employee stock transactions |
79 |
|
— |
|
79 |
|
— |
||||||||||||||
Add: Sponsor and third-party acquisition related costs |
209 |
|
500 |
|
2,323 |
|
1,500 |
||||||||||||||
Non-GAAP net income |
$ |
4,369 |
|
$ |
8,263 |
|
$ |
22,454 |
|
$ |
16,798 |
||||||||||
Non-GAAP basic net income per share |
$ |
0.06 |
|
$ |
0.16 |
|
$ |
0.38 |
|
$ |
0.33 |
||||||||||
Non-GAAP diluted net income per share |
$ |
0.06 |
|
$ |
0.15 |
|
$ |
0.36 |
|
$ |
0.31 |
||||||||||
Weighted average shares used to compute Non-GAAP basic net income per share |
71,697,083 |
|
51,283,143 |
|
58,495,073 |
|
51,111,568 |
||||||||||||||
Weighted average shares used to compute Non-GAAP diluted net income per share |
74,764,302 |
|
54,184,668 |
|
61,552,071 |
|
54,013,093 |
||||||||||||||
Non-GAAP net income margin |
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Net income (loss) |
$ |
(21,446) |
|
$ |
7,018 |
|
$ |
(6,783) |
|
$ |
13,240 |
||||||||||
Interest expense |
7,165 |
|
8,659 |
|
27,073 |
|
26,033 |
||||||||||||||
Taxes |
1,176 |
|
1,869 |
|
5,274 |
|
3,445 |
||||||||||||||
Depreciation and amortization |
12,697 |
|
10,071 |
|
37,654 |
|
29,529 |
||||||||||||||
Stock/unit-based compensation expense |
25,527 |
|
745 |
|
26,835 |
|
2,058 |
||||||||||||||
Employer payroll taxes on employee stock transactions |
79 |
|
— |
|
79 |
|
— |
||||||||||||||
Expenses associated with IPO |
230 |
|
— |
|
424 |
|
— |
||||||||||||||
Sponsor and third-party acquisition related costs |
209 |
|
500 |
|
2,323 |
|
1,500 |
||||||||||||||
Loss on debt prepayment |
4,351 |
|
— |
|
4,351 |
|
— |
||||||||||||||
Deferred revenue reduction from purchase accounting |
122 |
|
170 |
|
624 |
|
517 |
||||||||||||||
Lease termination charges |
879 |
|
— |
|
879 |
|
— |
||||||||||||||
Adjusted EBITDA |
$ |
30,989 |
|
$ |
29,032 |
|
$ |
98,733 |
|
$ |
76,322 |
||||||||||
Adjusted EBITDA margin |
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Cost of revenue |
$ |
26,686 |
|
$ |
14,873 |
|
$ |
67,268 |
|
$ |
42,326 |
||||||||||
Less: Stock/unit-based compensation expense |
5,296 |
|
54 |
|
5,461 |
|
109 |
||||||||||||||
Less: Employer payroll taxes on employee stock transactions |
3 |
|
— |
|
3 |
|
— |
||||||||||||||
Less: Amortization of developed technology |
3,219 |
|
2,213 |
|
9,190 |
|
6,417 |
||||||||||||||
Non-GAAP cost of revenue |
$ |
18,168 |
|
$ |
12,606 |
|
$ |
52,614 |
|
$ |
35,800 |
||||||||||
As a % of revenue |
|
|
|
|
|
|
|
||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
General & administrative |
$ |
29,917 |
|
$ |
12,975 |
|
$ |
64,884 |
|
$ |
40,293 |
||||||||||
Less: Stock/unit-based compensation expense |
12,158 |
|
496 |
|
12,864 |
|
1,454 |
||||||||||||||
Less: Employer payroll taxes on employee stock transactions |
59 |
|
— |
|
59 |
|
— |
||||||||||||||
Less: Depreciation expense |
572 |
|
815 |
|
1,743 |
|
1,984 |
||||||||||||||
Less: Amortization of intangibles |
8,906 |
|
7,043 |
|
26,721 |
|
21,128 |
||||||||||||||
Non-GAAP general & administrative |
$ |
8,222 |
|
$ |
4,621 |
|
$ |
23,497 |
|
$ |
15,727 |
||||||||||
As a % of revenue |
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Research and development |
$ |
13,533 |
|
$ |
4,549 |
|
$ |
27,807 |
|
$ |
13,582 |
||||||||||
Less: Stock/unit-based compensation expense |
6,194 |
|
88 |
|
6,358 |
|
247 |
||||||||||||||
Less: Employer payroll taxes on employee stock transactions |
8 |
|
— |
|
8 |
|
— |
||||||||||||||
Non-GAAP research and development |
$ |
7,331 |
|
$ |
4,461 |
|
$ |
21,441 |
|
$ |
13,335 |
||||||||||
As a % of revenue |
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Sales and marketing |
$ |
5,994 |
|
$ |
2,304 |
|
$ |
13,817 |
|
$ |
6,505 |
||||||||||
Less: Stock/unit-based compensation expense |
1,879 |
|
107 |
|
2,152 |
|
248 |
||||||||||||||
Less: Employer payroll taxes on employee stock transactions |
9 |
|
— |
|
9 |
|
— |
||||||||||||||
Non-GAAP sales and marketing |
$ |
4,106 |
|
$ |
2,197 |
|
$ |
11,656 |
|
$ |
6,257 |
||||||||||
As a % of revenue |
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
Net cash provided by operating activities |
$ |
19,103 |
|
$ |
24,864 |
|
$ |
69,012 |
|
$ |
55,181 |
||||||||||
Less: Capital expenditures |
139 |
|
574 |
|
692 |
|
3,403 |
||||||||||||||
Less: Capitalized software |
1,374 |
|
735 |
|
3,590 |
|
2,163 |
||||||||||||||
Free cash flow |
$ |
17,590 |
|
$ |
23,555 |
|
$ |
64,730 |
|
$ |
49,615 |
||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211103006046/en/
Press Contacts
(714) 784-5839
becky.frost@meridianlink.com
Investor Relations Contact
(714) 332-6357
InvestorRelations@meridianlink.com
Source:
FAQ
What were the Q3 2021 results for MeridianLink, Inc. (MLNK)?
What is the full-year revenue guidance for MeridianLink (MLNK) in 2021?
How many new clients did MeridianLink (MLNK) add in Q3 2021?
What is the adjusted EBITDA for MeridianLink (MLNK) in Q3 2021?
