MeridianLink, Inc. - MLNK STOCK NEWS

MeridianLink's 2024 State of Digital Lending report, in collaboration with The Digital Banking Report, reveals significant challenges in digital lending despite increased mobile applications. Key findings include:

- 65% of loan applications now submitted via mobile, up from 34% in 2019
- Over 50% of organizations claim a fully digital lending process
- 90% offer online loan applications, but only 65% provide mobile options
- Consumer ability to complete online applications dropped from 76% (2021) to 57% (2024)
- Completion rates vary: 81% for credit cards, 65% for auto loans, 35% for mortgages, 17% for small business loans

The report emphasizes the need for financial institutions to rethink processes and embrace digital lending to meet modern consumer expectations.

MeridianLink, Inc. (NYSE: MLNK) announced significant efficiency gains for Broadway Bank through the implementation of MeridianLink® Mortgage. The San Antonio-based bank has reduced loan processing time by up to six days, improving banker productivity and client satisfaction. The platform has automated four manual administrative processes and implemented improved customer data reporting tools.

Broadway Bank also utilizes MeridianLink® Consumer, part of the MeridianLink® One platform, to consolidate data from all channels into a single origination point. Since early 2023, the bank has seen significant improvements in account opening and application decisioning processes. Customers have reported high satisfaction levels, citing quick document uploads and timely responses from the bank.

MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies, has appointed Elias Olmeta as its new Chief Financial Officer. Olmeta, with over 30 years of experience as a financial leader, succeeds Larry Katz, who has transitioned to the role of President. Olmeta's extensive background includes CFO positions at Vistage Worldwide and Mitchell International, where he drove growth, profitability, and digital transformation initiatives.

CEO Nicolaas Vlok expressed confidence in Olmeta's ability to contribute to MeridianLink's future success in democratizing lending. Olmeta's expertise in scaling SaaS companies and his experience in finance, corporate development, and operations leadership are expected to support the company's growth strategy and market share expansion.

MeridianLink (NYSE: MLNK) reported a second quarter revenue of $78.7 million, marking a 4% year-over-year increase. Lending software solutions drove this growth, contributing $61.6 million, up 11% year-over-year. Despite this growth, the company faced an operating loss of $1.1 million and a net loss of $9.7 million. However, non-GAAP operating income stood at $15.5 million, and adjusted EBITDA reached $31.8 million, representing 40% of revenue.

MeridianLink generated $14.4 million in cash flows from operations and $12.4 million in free cash flow. Additionally, the company repurchased $29.9 million worth of stock. Leadership changes were announced, with Larry Katz named President and Elias Olmeta appointed as the new CFO, effective August 26, 2024.

The company provides Q3 2024 guidance with revenue expectations between $78.0 to $81.0 million and adjusted EBITDA between $30.0 to $33.0 million. For the full year 2024, revenue is projected to be between $312.0 to $318.0 million, and adjusted EBITDA between $123.0 to $128.0 million.

MeridianLink (NYSE: MLNK) has announced key changes to its executive leadership team. Larry Katz, currently CFO, has been appointed as the new President of the company. Katz brings over 25 years of experience in technology and banking, having held leadership positions at StubHub, Genesys, JPMorgan Chase, and The Walt Disney Company.

Additionally, Elias Olmeta will join MeridianLink as the new Chief Financial Officer on August 26, 2024. Olmeta has extensive experience as CFO in SaaS and Services businesses, including roles at Mitchell International and Vistage Worldwide.

These appointments aim to strengthen MeridianLink's executive team and drive the company's next phase of growth. The current President of Go-To-Market, Chris Maloof, will be stepping down on August 31, 2024, to pursue opportunities outside the industry.

MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies, has announced its upcoming second quarter 2024 financial results conference call. The company will release its financial results after market close on Thursday, August 8, 2024, followed by a conference call and webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

Interested parties can access the conference call by dialing (800) 549-8228 from North America toll-free or (289) 819-1520 International with Conference ID 49245. A webcast will also be available at ir.meridianlink.com, where a replay will be archived. A telephone replay will be accessible until August 15, 2024, at 8:59 p.m. PT.

MeridianLink (NYSE: MLNK) has launched its Digital Progression Model, a framework designed to guide financial institutions in realizing the full potential of digital ecosystems. Built on 25 years of experience and data, this model helps organizations determine their current digital state, identify growth opportunities, and chart a path to achieve that growth.

The model focuses on five key areas: Consumer Experience, Data-Centricity, Share-of-Wallet Growth, Instant Decisioning, and Process Automation. It provides a tailored blueprint for each institution, offering a clear roadmap for digital growth goals. The model has already been adopted by several financial institutions, resulting in higher application completion rates, quicker processing times, and improved consumer experiences.

3Rivers Federal Credit Union has successfully implemented MeridianLink's digital lending and account opening solutions, part of the MeridianLink One platform. This collaboration streamlined lending processes, reducing application times from two days to two hours, and improved member experiences. The credit union can now offer multiple products within the same application, enhancing operational efficiency and product adoption. MeridianLink's configurable solutions have enabled 3Rivers FCU to customize workflows, allowing employees to better support and create personalized solutions for members.

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.