Fourth quarter revenue of $74.6 million grows
6% year-over-year driven by lending software solutions revenue of
$59.5 million, reflecting growth of 8% year-over-year
MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern
software platforms for financial institutions and consumer
reporting agencies, today announced financial results for the
fourth quarter and fiscal year ended December 31, 2023.
“2023 was a solid year of execution, driven by robust demand and
many innovative product and partner expansions,” said Nicolaas
Vlok, chief executive officer of MeridianLink. “Our strong fourth
quarter performance demonstrates our ability to execute in key
strategic areas of the business that accelerate growth while also
demonstrating cost discipline, which we see as a great achievement
in the face of challenging macroeconomic conditions. I am proud of
our team and am confident in our dedication to increasing the value
of MeridianLink® One for our customers and stockholders.”
Quarterly Financial Highlights:
- Revenue of $74.6 million, an increase of 6% year-over-year
- Lending software solutions revenue of $59.5 million, an
increase of 8% year-over-year
- Operating income of $6.8 million, or 9% of revenue, and
non-GAAP operating income of $15.2 million, or 20% of revenue
- Net loss of $(29.6) million, or (40)% of revenue, which
includes a one-time non-cash tax expense of $29.4 million recorded
during the quarter for the recognition of a partial valuation
allowance on certain deferred tax assets, and adjusted EBITDA of
$31.1 million, or 42% of revenue
- Cash flows from operations of $12.5 million, or 17% of revenue,
and free cash flow of $9.6 million, or 13% of revenue
2023 Fiscal Year Financial Highlights:
- Revenue of $303.6 million, an increase of 5%
year-over-year
- Lending software solutions revenue of $232.2 million, an
increase of 11% year-over-year
- Operating income of $15.5 million, or 5% of revenue, and
non-GAAP operating income of $51.1 million, or 17% of revenue
- Net loss of $(42.5) million, or (14)% of revenue, which
includes a one-time non-cash tax expense of $29.4 million recorded
during the fiscal year for the recognition of a partial valuation
allowance on certain deferred tax assets, and adjusted EBITDA of
$113.0 million, or 37% of revenue
- Cash flows from operations of $68.0 million, or 22% of revenue,
and free cash flow of $57.8 million, or 19% of revenue
Business and Operating Highlights:
- MeridianLink finished the year with strong software bookings,
driven by the cross-sell momentum of MeridianLink One, which is
evidence of the return on our Go-to-Market investment
- In the quarter, MeridianLink signed nine existing MeridianLink®
Consumer customers on the MeridianLink® Mortgage solution and won
multiple high-value platform deals, demonstrating the continued
demand for MeridianLink One
- We expanded our capabilities through a new integration between
MeridianLink® Engage and MeridianLink® Collect, allowing customers
to automatically identify and optimize the debt wallet of
pre-delinquent accounts
- MeridianLink enhanced its integration with Zest AI, a leader in
automated underwriting, to provide multiple custom credit scores
for decisioning MeridianLink Consumer loans, which increases
cross-sell opportunities for customers
- We scaled our employment screening and background verification
capabilities in our Data Verification Software Solutions by
partnering with Workato, a leading Enterprise Automation
platform
- In 2023, we signed more than 40 customers on MeridianLink®
Access and MeridianLink® Mortgage Access, our new, highly
configurable point-of-sale solutions
- MeridianLink announced the go-live of A+ Federal Credit Union,
who doubled their instant approval rates on consumer loans after
adding MeridianLink® Consulting, MeridianLink Engage, and
MeridianLink® Insight to MeridianLink One
Business Outlook
Based on information as of today, March 5, 2024, the Company
issues first quarter financial guidance and initiates full year
2024 financial guidance as follows:
First Quarter Fiscal 2024:
- Revenue is expected to be in the range of $75.0 million to
$78.0 million
- Adjusted EBITDA is expected to be in the range of $28.0 million
to $31.0 million
Full Year 2024:
- Revenue is expected to be in the range of $313.0 million to
$323.0 million
- Adjusted EBITDA is expected to be in the range of $123.0
million to $130.0 million
Conference Call Information
MeridianLink will hold a conference call to discuss its fourth
quarter results today, March 5, 2024, at 2:00 p.m. Pacific Time
(5:00 p.m. Eastern Time). The conference call can be accessed by
dialing (888) 259-6580 from North America toll-free or the
International number of (416) 764-8624 with Conference ID 63977161.
A live webcast of the conference call can be accessed from the
investor relations page of MeridianLink’s website at
ir.meridianlink.com. An archived replay of the webcast will be
available at the same website following the conclusion of the call.
A telephonic replay will be available until 8:59 p.m. Pacific Time
(11:59 p.m. Eastern Time) on Tuesday, March 12, 2024, by dialing
(877) 674-7070 from North America or the International number of
(416) 764-8692 with Playback Passcode 977161.
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.
Internal Controls
While we are still completing our assessment of the
effectiveness of our internal control over financial reporting as
of December 31, 2023, we expect to report a material weakness in
internal control over financial reporting in our Annual Report on
Form 10-K as of December 31, 2023. We have identified multiple
control deficiencies that aggregate to a material weakness related
to the design and operating effectiveness of controls over revenue
as of December 31, 2023. This was primarily caused by insufficient
controls over the set-up of customer contracts for billing and
maintaining complete contract support that were not operating
effectively. We can confirm that there has been no restatement of
prior period financial statements and no change to our previously
released financial results as a result of these control
deficiencies.
Remediation efforts are currently underway, which include
designing and implementing additional review processes, enhanced
procedures, and controls, including with respect to customer
contracts, as well as system improvements and implementations,
staffing and training.
Operational Measures Definitions
We reference bookings, which is an internal operational measure
of the business. Bookings is defined as the total of the minimum
annual contracted value for newly sold capabilities of our
software-as-a-service, or SaaS, products over a given time period,
inclusive of any corresponding vendor fees owed to Third
Parties.
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, 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, 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 24% for greater
consistency across reporting periods, eliminating effects of items
not directly related to the Company's operating structure that may
vary in size and frequency. This long-term projected non-GAAP
income tax rate is determined by analyzing a mix of historical and
projected tax filing positions, assumes no additional acquisitions
during the projection period or include the impact from the partial
deferred tax asset valuation allowance, and takes into account
various factors, including the Company’s anticipated tax structure,
its tax positions in different jurisdictions, and current impacts
from key U.S. legislation where the Company operates. We will
reevaluate this tax rate, as necessary, for significant events such
as significant alterations in the U.S. tax environment, substantial
changes in the Company’s geographic earnings mix due to acquisition
activity, or other shifts in the Company’s strategy or business
operations.
- Adjusted EBITDA: net income (loss)
before interest expense, taxes, depreciation and amortization,
share-based compensation expense, employer payroll taxes on
employee stock transactions, 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, 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, including
anticipated benefits and integration of an acquisition, our stock
repurchase program, including the execution and amount of
repurchases, our restructuring and realignment plans, including
expected associated timing, benefits, and costs, a potential
material weakness in our internal control over financial reporting,
including the sufficiency and timing of our remediation efforts
relating thereto, our ability to retain and attract customers and
product partners, the benefit to us and our customers of
integrations with our product partners, potential losses related to
any commercial disputes, 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.
Consolidated Balance
Sheets
(unaudited)
(in thousands, except share and
per share data)
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
80,441
$
55,780
Accounts receivable, net
32,412
32,905
Prepaid expenses and other current
assets
11,574
9,447
Escrow deposit
—
30,000
Total current assets
124,427
128,132
Property and equipment, net
3,337
4,245
Right of use assets, net
1,140
2,185
Intangible assets, net
251,060
297,475
Deferred tax assets, net
—
13,939
Goodwill
610,063
608,657
Other assets
6,224
4,524
Total assets
$
996,251
$
1,059,157
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
4,405
$
1,249
Accrued liabilities
30,673
32,500
Deferred revenue
17,224
16,945
Current portion of debt, net of debt
issuance costs
3,542
3,505
Total current liabilities
55,844
54,199
Debt, net of debt issuance costs
420,004
423,404
Deferred tax liabilities, net
10,823
—
Long-term deferred revenue
792
1,141
Other long-term liabilities
541
1,322
Total liabilities
488,004
480,066
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.001 par value;
50,000,000 shares authorized; zero shares issued and outstanding at
December 31, 2023 and 2022
—
—
Common stock, $0.001 par value;
600,000,000 shares authorized, 78,447,701 and 80,644,452 shares
issued and outstanding at December 31, 2023 and 2022,
respectively
129
128
Additional paid-in capital
654,634
621,396
Accumulated deficit
(146,516
)
(42,433
)
Total stockholders’ equity
508,247
579,091
Total liabilities and stockholders’
equity
$
996,251
$
1,059,157
Consolidated Statements of
Operations
(unaudited)
(in thousands, except share and
per share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenues, net
$
74,579
$
70,551
$
303,617
$
288,046
Cost of revenues:
Subscription and services
20,389
22,486
90,362
90,778
Amortization of developed technology
4,641
4,266
18,129
15,553
Total cost of revenues
25,030
26,752
108,491
106,331
Gross profit
49,549
43,799
195,126
181,715
Operating expenses:
General and administrative
22,481
22,233
92,663
82,649
Research and development
10,703
12,178
47,517
42,592
Sales and marketing
9,580
7,139
35,792
23,658
Restructuring related costs
—
—
3,621
—
Acquisition related costs
—
1,679
—
4,228
Total operating expenses
42,764
43,229
179,593
153,127
Operating income
6,785
570
15,533
28,588
Other (income) expense, net:
Interest and other income
(1,433
)
(357
)
(4,029
)
(1,063
)
Interest expense
10,031
7,578
38,158
24,227
Total other expense, net
8,598
7,221
34,129
23,164
(Loss) income before income taxes
(1,813
)
(6,651
)
(18,596
)
5,424
Provision for income taxes
27,761
(1,188
)
23,943
4,130
Net (loss) income
$
(29,574
)
$
(5,463
)
$
(42,539
)
$
1,294
Net (loss) income per share:
Basic
$
(0.38
)
$
(0.07
)
$
(0.53
)
$
0.02
Diluted
$
(0.38
)
$
(0.07
)
$
(0.53
)
$
0.02
Weighted average common stock
outstanding:
Basic
78,767,040
80,749,744
80,349,895
80,454,356
Diluted
78,767,040
80,749,744
80,349,895
82,403,679
Net Revenues by Major
Source
(unaudited)
(in thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Subscription fees
$
61,999
$
60,004
$
256,787
$
248,864
Professional services
10,107
8,250
36,250
29,320
Other
2,473
2,297
10,580
9,862
Total
$
74,579
$
70,551
$
303,617
$
288,046
Net Revenues by Solution
Type
(unaudited)
(in thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Lending software solutions
$
59,471
$
55,041
$
232,199
$
208,290
Data verification software solutions
15,108
15,510
71,418
79,756
Total (1)
$
74,579
$
70,551
$
303,617
$
288,046
% Growth attributable to:
Lending software solutions
6
%
8
%
Data verification software
(1
)%
(3
)%
Total % growth
6
%
5
%
___________
(1) Percent revenue related to the
mortgage loan market:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Lending software solutions
13
%
10
%
12
%
8
%
Data verification software
56
%
59
%
59
%
64
%
Total % revenue related to mortgage loan
market
22
%
21
%
23
%
23
%
Consolidated Statements of
Cash Flows
(unaudited)
(in thousands)
Year Ended December
31,
2023
2022
Cash flows from operating
activities:
Net (loss) income
$
(42,539
)
$
1,294
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Depreciation and amortization
57,829
53,982
Provision for expected credit losses
930
—
Amortization of debt issuance costs
1,085
2,760
Share-based compensation expense
30,550
22,761
Deferred income taxes
23,630
1,905
Loss on disposal of property and
equipment
—
678
Gain on change in fair value of
earnout
—
(162
)
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(443
)
(7,005
)
Prepaid expenses and other assets
(3,665
)
297
Accounts payable
3,170
(1,564
)
Accrued liabilities
(2,514
)
(2,281
)
Deferred revenue
(69
)
1,922
Net cash provided by operating
activities
67,964
74,587
Cash flows from investing
activities:
Capitalized software additions
(9,250
)
(8,228
)
Purchases of property and equipment
(943
)
(1,136
)
Return (payment) of escrow deposit
30,000
(30,000
)
Funds received in connection with former
business combination
1,219
—
Funds paid in connection with former
business combination
(1,219
)
—
Acquisition, net of cash acquired –
Beanstalk Networks LLC
326
(61,830
)
Acquisition, net of cash and restricted
cash acquired – StreetShares, Inc.
—
(23,137
)
Net cash provided by (used in) investing
activities
20,133
(124,331
)
Cash flows from financing
activities:
Repurchases of common stock
(61,171
)
(3,375
)
Proceeds from exercise of stock
options
2,373
211
Proceeds from employee stock purchase
plan
1,679
1,777
Taxes paid related to net share settlement
of restricted stock units
(1,667
)
(206
)
Principal payments of debt
(4,350
)
(3,263
)
Payments of deferred offering costs
(300
)
—
Payment of Regulation A+ investor note
—
(3,265
)
Net cash used in financing activities
(63,436
)
(8,121
)
Net increase (decrease) in cash and cash
equivalents
24,661
(57,865
)
Cash and cash equivalents, beginning of
period
55,780
113,645
Cash and cash equivalents, end of
period
$
80,441
$
55,780
Supplemental disclosures of cash flow
information:
Cash paid for interest
$
37,018
$
21,348
Cash paid for income taxes
2,522
1,343
Non-cash investing and financing
activities:
Shares withheld with respect to net
settlement of restricted stock units
1,667
206
Purchase price allocation adjustment for
Beanstalk Networks LLC acquisition
274
—
Excise taxes payable included in
repurchases of common stock
377
—
Share-based compensation expense
capitalized to software additions
303
311
Purchase price allocation adjustment
related to income tax effects for StreetShares acquisition
1,132
—
Purchases of property and equipment
included in accounts payable and accrued liabilities
80
72
Costs related to shelf registration on
Form S-3 included in accrued liabilities
75
—
Vesting of restricted stock awards and
restricted stock units
5
40
Regulation A+ investor note assumed in
business combination
—
3,265
Initial recognition of operating lease
liabilities
—
3,791
Initial recognition of operating lease
right-of-use assets
—
3,047
Reconciliation from GAAP to
Non-GAAP Results
(unaudited)
(in thousands, except share and
per share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Operating income
$
6,785
$
570
$
15,533
$
28,588
Add: Share-based compensation expense
8,335
6,260
31,213
22,761
Add: Employer payroll taxes on employee
stock transactions
89
20
687
350
Add: Restructuring related costs(2)
—
—
3,621
—
Add: Sponsor and third-party acquisition
related costs
—
1,679
—
4,228
Non-GAAP operating income
$
15,209
$
8,529
$
51,054
$
55,927
Operating margin
9
%
1
%
5
%
10
%
Non-GAAP operating margin
20
%
12
%
17
%
19
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net (loss) income
$
(29,574
)
$
(5,463
)
$
(42,539
)
$
1,294
Add: Share-based compensation expense
8,335
6,260
31,213
22,761
Add: Employer payroll taxes on employee
stock transactions
89
20
687
350
Add: Restructuring related costs(2)
—
—
3,621
—
Add: Sponsor and third-party acquisition
related costs
—
1,679
—
4,228
Subtract: Income tax effect on non-GAAP
items
(2,022
)
(1,910
)
(8,525
)
(6,561
)
Non-GAAP net (loss) income
$
(23,172
)
$
586
$
(15,543
)
$
22,072
Non-GAAP basic net (loss) income per
share
$
(0.29
)
$
0.01
$
(0.19
)
$
0.27
Non-GAAP diluted net (loss) income per
share
$
(0.29
)
$
0.01
$
(0.19
)
$
0.27
Weighted average shares used to compute
Non-GAAP basic net (loss) income per share
78,767,040
80,749,744
80,349,895
80,454,356
Weighted average shares used to compute
Non-GAAP diluted net (loss) income per share
78,767,040
82,413,712
80,349,895
82,403,679
Net (loss) income margin
(40
)%
(8
)%
(14
)%
—
%
Non-GAAP net (loss) income margin
(31
)%
1
%
(5
)%
8
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net (loss) income
$
(29,574
)
$
(5,463
)
$
(42,539
)
$
1,294
Interest expense
10,031
7,578
38,158
24,227
Taxes(1)
27,761
(1,188
)
23,943
4,130
Depreciation and amortization
14,441
14,234
57,829
53,982
Share-based compensation expense
8,335
6,260
31,213
22,761
Employer payroll taxes on employee stock
transactions
89
20
687
350
Restructuring related costs(2)
—
—
3,621
—
Acquisition related costs
—
1,679
—
4,228
Deferred revenue reduction from purchase
accounting for acquisitions prior to 2022
19
51
78
227
Adjusted EBITDA
$
31,102
$
23,171
$
112,990
$
111,199
Net (loss) income margin
(40
)%
(8
)%
(14
)%
—
%
Adjusted EBITDA margin
42
%
33
%
37
%
39
%
(1) Taxes reflects a one-time non-cash tax
expense of $29.4 million recorded during the quarter ended December
31, 2023, for the recognition of a partial valuation allowance on
certain deferred tax assets.
(2) Restructuring related costs are
inclusive of $663 thousand of stock-based compensation forfeitures
recorded associated with restructuring.
Reconciliation from GAAP to
Non-GAAP Results
(unaudited)
(in thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Cost of revenue
$
25,030
$
26,752
$
108,491
$
106,331
Less: Share-based compensation expense
930
1,063
3,848
4,630
Less: Employer payroll taxes on employee
stock transactions
21
6
157
127
Less: Amortization of developed
technology
4,641
4,266
18,129
15,553
Non-GAAP cost of revenue
$
19,438
$
21,417
$
86,357
$
86,021
Cost of revenue as a % of revenue
34
%
38
%
36
%
37
%
Non-GAAP cost of revenue as a % of
revenue
26
%
30
%
28
%
30
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
General and administrative
$
22,481
$
22,233
$
92,663
$
82,649
Less: Share-based compensation expense
4,519
2,552
16,456
9,499
Less: Employer payroll taxes on employee
stock transactions
30
6
246
81
Less: Depreciation expense
381
599
1,860
2,319
Less: Amortization of intangibles
9,419
9,369
37,840
36,110
Non-GAAP general & administrative
$
8,132
$
9,707
$
36,261
$
34,640
General and administrative as a % of
revenue
30
%
32
%
31
%
29
%
Non-GAAP general and administrative as a %
of revenue
11
%
14
%
12
%
12
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Research and development
$
10,703
$
12,178
$
47,517
$
42,592
Less: Share-based compensation expense
1,692
2,014
7,060
6,472
Less: Employer payroll taxes on employee
stock transactions
26
6
189
102
Non-GAAP research and development
$
8,985
$
10,158
$
40,268
$
36,018
Research and development as a % of
revenue
14
%
17
%
16
%
15
%
Non-GAAP research and development as a %
of revenue
12
%
14
%
13
%
13
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Sales and marketing
$
9,580
$
7,139
$
35,792
$
23,658
Less: Share-based compensation expense
1,194
631
3,849
2,160
Less: Employer payroll taxes on employee
stock transactions
12
2
95
40
Non-GAAP sales and marketing
$
8,374
$
6,506
$
31,848
$
21,458
Sales and marketing as a % of revenue
13
%
10
%
12
%
8
%
Non-GAAP sales and marketing as a % of
revenue
11
%
9
%
10
%
7
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net cash provided by operating
activities
$
12,478
$
7,352
$
67,964
$
74,587
Less: Capitalized software
2,246
1,905
9,250
8,228
Less: Capital expenditures
596
247
943
1,136
Free cash flow
$
9,636
$
5,200
$
57,771
$
65,223
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305574206/en/
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Media@meridianlink.com
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