Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 5, 2024

MeridianLink, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-40680	82-4844620
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3560 Hyland Avenue, Suite 200

Costa Mesa, CA 92626

(Address of principal executive offices and Zip Code)

(714) 708-6950

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	MLNK	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 5, 2024, MeridianLink, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2023. A copy of this press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

On March 5, 2024, the Company issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2023. A copy of this press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

The Company also furnishes herewith, as Exhibit 99.2, a presentation, dated March 2024, to be given to investors and others and made available on the Company's investor relations website at ir.meridianlink.com.

The information contained in this Item 2.02 and 7.01 of this Current Report on Form 8-K, including the Exhibit 99.1 and 99.2 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Exhibit Description

99.1			Press Release dated March 5, 2024 announcing the financial results for the fourth quarter and fiscal year ended December 31, 2023 .

99.2			Investor Presentation Materials.

104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	MERIDIANLINK, INC.
Date: March 5, 2024
	By:	/s/ Sean Blitchok
		Sean Blitchok
		Chief Financial Officer

Exhibit 99.1

MeridianLink Reports Fourth Quarter and Fiscal Year 2023 Results

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

COSTA MESA, Calif., March 5, 2024 — 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.

For More Information:

Press Contact

Becky Frost

(714) 784-5839

Media@meridianlink.com

Investor Relations Contact

Gianna Rotellini

(714) 332-6357

InvestorRelations@meridianlink.com

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

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Forward-Looking Statements and Disclaimers 2 Information in this presentation and the accompanying oral presentation contain forward-looking statements 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, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. All statements other than statements of historical fact included in this presentation and the accompanying oral presentation, including statements regarding, and guidance with respect to, our strategy, future operations, financial position, projected costs, our future financial and operational performance, prospects, market size and growth opportunities, future economic conditions, competitive position, strategic initiatives, development or delivery of new or enhanced solutions, technological capabilities, plans, and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. These forward-looking statements reflect our predictions, expectations, or forecasts. 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 economic and market conditions, including interest rate fluctuations; our ability to retain and attract customers; our ability to expand and evolve our offerings, features, and functionalities or respond to rapid technological changes; our ability to identify and integrate strategic initiatives, including anticipated benefits of an acquisition; our restructuring and realignment plans, including expected associated timing, benefits, and costs; our stock repurchase program, including the execution and amount of repurchases; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures, including our ability to remediate a potential material weakness in our internal control over financial reporting; our ability to compete in a highly-fragmented and competitive landscape; market demand for our products and solutions; our ability to effectively implement, integrate, and service our customers; our ability to retain and attract product partners; the benefit to us and our customers of integrations with our product partners; our commercial disputes, including potential losses related thereto; our future financial performance, including, but not limited to, trends in revenue, costs of revenue, gross profit or gross margin, operating expenses, and number of customers; and our high levels of indebtedness; 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. Information in this presentation and the accompanying oral presentation, including any statements regarding MeridianLink’s customer data and other metrics, is based on data and analyses from various sources as of December 31, 2023, unless otherwise indicated. This presentation contains statistical data, estimates, and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. Copyright Notice: All copyrightable text and graphics, the selection, arrangement, and presentation of all materials (including information in the public domain) are ©2024 MeridianLink, Inc. All rights reserved. This presentation includes trademarks, which are protected under applicable intellectual property laws and are the property of MeridianLink, Inc. or its subsidiaries. This presentation may also contain trademarks, service marks, copyrights, and trade names of other companies, which are the property of their respective owners and are used for reference purposes only. Such use should not be construed as an endorsement of the platform and products of MeridianLink. Solely for convenience, trademarks and trade names may appear without the ® or symbols, but such references are not intended to indicate that, with respect to our intellectual property, we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. MeridianLink at a Glance 3 A leading provider of cloud-based software solutions for regional and community financial institutions GROWTH AND SCALE $71.4M 5% Growth YoY $232.2M$303.6M (10)% Growth 11% Growth YoY PREDICTABLE, RECURRING & ATTRACTIVE MARGIN PROFILE 85% Subscription Fee Revenue 72% Adj. Gross Margin(3) 37% Adj. EBITDA Margin(3) Total Revenue Lending Solutions Revenue Data Verification Solutions Revenue Note: Financial data as of the fiscal year ended December 31, 2023. (1) As of December 31, 2023. (2) Source: 2023 IDC FinTech Rankings Top 100, as of September 2023 (3) Adj. gross profit and adj. EBITDA are non-GAAP Measures. Adj. gross profit is calculated by subtracting non-GAAP cost of revenue from net revenues. Adj. gross profit margin represents adj. gross profit as a percentage of revenues. Adj. EBITDA margin represents Adj. EBITDA as a percentage of revenues. For a definition and reconciliation of non-GAAP cost of revenue and adj. EBITDA, please refer to the Appendix. • Provider of digital lending, credit data, and account opening software solutions • A leading position serving ~2,000 customers across the middle market(1) • Named to IDC Global FinTech Top 50(2) • Headquartered in Costa Mesa, CA • Founded in 1998

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Strong Execution and Transformation as a Public Company 4 Rule of ~40(1) Company Operating with stable, adj. EBITDA-positive growth since IPO Transformed Go-to-Market Strategic investments in go- to-market to enable next stage of growth Next-Gen Platform Launch and Innovation Strengthened positioning by accelerating product and automation capabilities post- cloud migration M&A Execution Successfully executed two acquisitions of OpenClose and StreetShares Key Leadership Up-tiering executive leadership across key functional areas Optimized Services Accelerated implementation driving faster revenue and ACV release (1) Rule of 40 refers to the summation of year-over-year growth of total revenue and adj. EBITDA margin for the year ended December 31, 2023. Adj. EBITDA margin represents adj. EBITDA as a percentage of revenues. Adj. EBITDA is a non-GAAP measure. For a definition and reconciliation of adj. EBITDA, please refer to the Appendix.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. ©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 5 Goals for 2024 and Beyond Next phase of growth acceleration Empower customer’s growth journey and generate demand through digitalization and automation Invest in customer success to achieve full utilization of MeridianLink One, which increases retention and cross- sell opportunity Improve implementation capabilities to accelerate growth for the company through ACV release Strengthen competitive positioning and value of MeridianLink One by acquiring differentiating capabilities and increasing market share 1 2 3 4 Digital Transformation Customer Success Inorganic Growth Opportunities Accelerating Time-to- Revenue

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Investment Highlights 7 • Attractive Positioning in Large TAM with Significant Runway1 • Multiple Vectors to Sustain Future Growth5 • MeridianLink One: a Unified, Modern Cloud Native Platform4 • A Leader in Strategic Consumer Lending Ecosystem3 • Digital Transformation is Imperative, Driving Demand Among Mid-Market FIs2

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Large TAM with Significant Runway 8 MeridianLink serves nearly the entire consumer lending wallet with runway to expand across the entire addressable market Data Access: Consumer Data & CRA Enablement Total Addressable Market ~$10B$0.3B $0.6B $1.0B $2.4B $5.8B Collections Portfolio & Lending Performance Account Opening & Point-of-Sale Loan Origination(1) Source: "Total Addressable Market Study", Cornerstone Advisors, January 2021. (1) Loan origination market size is inclusive of consumer, mortgage, and commercial loan origination.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Digital Transformation Has Significantly Accelerated 9 Consumer lending is at the forefront of a 10+ year digitalization opportunity I N N O V AT O R S E A R LY A D O P T E R S E A R LY M A J O R I T Y L AT E M A J O R I T Y L A G G A R D S DIG ITA L ADOPTION CURVE 100% 0% Consumer Lending Mortgage Lending Continued digital growth expected as laggards follow the market trends COVID-19 fast-tracked the consumer adoption to digital Growth in Digital Transactions Accelerated Growth vs. pre-COVID Substantial Expected Future YoY Increases

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. FIs Continue to Prioritize Technology Investment 10 Software investment growth to drive required digitalization and optimization, empowering mid-market FIs to more effectively compete >2x DIGITAL SPEND IN 2022 (1) ~30% GROWTH IN TECH SPEND (2) DIGITAL PRIORITIZATION (3) 79% of banks and CUs plan to increase technology spend over next 2 years with digital banking, fraud, and data analytics as top priorities (1) “2023 Digital Banking Performance Metrics,” Cornerstone Advisors, May 2023 (2) “US Bank Technology Spending: Steady Investment to Stave Off Looming Competition,” Insider Intelligence, May 2022 (3) “2023 Strategic Priorities Benchmark Study: Strategic Inflection Points in 2022 Drive Market Shifts in 2023,” Jack Henry, May 2023 6–10% most common expected increase in tech spend 2022 2026E ~$86B ~$112B ~$425K per $1B assets 2022 ~$200K per $1B assets 2021

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Platform Leader Among A Generally Fragmented Competitor Set 11 More comprehensive solutions relative to incumbent and early-stage alternatives • Modern, cloud-based solution • Compelling innovation and delivery • Extensive partner marketplace • Comprehensive and diversified coverage across the consumer debt wallet • Focused on the middle market • Lending implementation efficiency Consumer Loan Origination Mortgage Loan Origination Data VerificationWhy Do We Win?

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. MeridianLink One: A Leading Cloud Native Digital Lending Platform 12 MeridianLink® One unifies the financial institution experience with a powerful, integrated mid-market lending solution to originate consumer and mortgage loans Financial Institutions Borrowers Marketing Automation Universal Portal Universal Platform Intelligent Cross-Sell Collections Data & Analytics Checking / Savings Certificates of Deposits Personal Loan Auto Loan Credit Card Mortgage Home Equity Small Business Data-driven workflows to acquire new customers and extend the financial relationship over time • Shared Data Lake • Enhanced Product Connectivity • Centralized Insights EXPECTATIONS FOR THE NEAR FUTURE

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Multi-Vector Growth Strategy 13 Multiple actionable initiatives to accelerate growth Paper-to-Digital Transition in Target Market Key Customer Themes Underpinning Growth Pursue Unrealized Upsell & Cross-Sell Expand Product Offerings Enhance Partner Marketplace Monetization Robust Pipeline of M&A Opportunities Add New Logos Capitalize on Organic Volume Growth Competition Among Financial Institutions

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. 2% (0%) 2% 5% 8% 11% 11% 11% 10% 9% 7% 5% 8% 19% 7% (3%) (9%) (2%) 1% 3% 5% 6% 7% 4% 4% 5% (4%) 8% 12% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Estimated) Credit Union Loan Growth Bank Consumer Loan Growth Resilient Target Market Growth 14Source: "Economic and Credit Union Update," TruStage, December 2023. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, October 2023 FI Loan Growth Trends Over the Long-Term (% Change Y/Y) Credit unions have continued to be the winners in consumer lending 7.7% Avg. (2009-2022) 2.6% Avg. (2009-2022)

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Targeting New Logos and Expanding the Sweet Spot for Sales 15 Focused sales strategies to strategically grow FI base up and down market <$100M AUM 3,600+ FIs $10B+ AUM 175+ FIs $100M – $1B AUM 4,250+ FIs S W E E T S P O T $1B – $10B AUM 1,200+ FIs D O W N M A R K E T U P M A R K E T Inside Sales Big Game Hunters Multi-Pronged Direct Sales Focused on Market Segments

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Increasing Platform Connectivity Unlocking Cross-Sell Opportunity 16 5 Increase deposits and liquidity Enhance loan origination pipeline to fund more loans Drive engagement and grow revenue from existing relationships Provide a consistent digital consumer experience across all loan types Consumer Scorecard

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Expansive Partner Marketplace Provides FI Flexibility 17 MeridianLink is the gateway for a deep network of 600+ (1) partners participating in originations Indirect Auto Portals Home Banking Portals Lead Gen POS Portals Credit Bureaus / Data Custom Scoring Alternative Decisioning Verification Services Fraud Detection Account Funding Switch Kit Doc Engines / Compliance Vehicle Valuation Settlement Services eSignature Core Banking Imaging Cold Storage HMDA Reporting 600+ Partners (1) As of December 31, 2023. Origination ServicesComplianceDigital Applications UnderwritingFunding & Closing

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Financial Highlights 19 • Recurring Revenue Model Helps Drive Predictable YoY Growth1 • Strong Non-GAAP Free Cash Flow Conversion and Generation5 • Efficient Operating Model with Strong Unit Economics, Generating Positive Adj. EBITDA4 • Continued Investment in Operations to Drive Future Growth3 • Lending Solutions Software: Attractive Growth Engine2 Note: Adj. EBITDA, non-GAAP free cash flow and non-GAAP operating income are non-GAAP measures. For a definition and reconciliation of non-GAAP adj. EBITDA, free cash flow and operating income, please refer to the Appendix. FCF Conversion refers to non-GAAP free cash flow / non-GAAP operating income.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Recurring Revenue Model Helps Drive Predictable Top Line Growth 20 Total Revenue Quarterly Revenue Breakdown ($ millions) ($ millions) % Subscription Professional Services OtherSubscription Fees Lending Software Solutions Revenue Data Verification Software Solutions Revenue (1) YoY Growth is calculated as current quarter financial performance divided by financial performance of the same quarter a year earlier minus one.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Lending Revenues Have Shown Continued Growth at Scale 21 Lending Solutions Revenue Data Verification Solutions Revenue FY2023A Total Revenue: $304M % YoY Lending Revenue Growth¹Revenue from Mortgage Loan Market % of Total Revenue % of Lending Software Solutions 2022 2023 8% 64% 12% 59% Mortgage Contribution to Revenue ($ millions) % of Data Verification Software Solutions (1) YoY Growth is calculated as either the LTM quarter or fiscal year financial performance divided by financial performance of the same LTM quarter a year earlier or previous fiscal year minus one.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Investing in Future Growth and Transformation 22 Adj. General & Administrative Adj. Research & Development Adj. Sales & Marketing ($ millions) ($ millions) ($ millions) S&M % of RevenueR&D % of RevenueG&A % of Revenue Note: Adj. Sales & Marketing, Adj. Research & Development, and Adj. General & Administrative expenses are non-GAAP measures. For a definition and reconciliation of non-GAAP operating expenses, please refer to the Appendix.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Attractive Margins 23 Adj. Gross Profit ($ millions) Adj. EBITDA ($ millions) Adj. EBITDA Adj. EBITDA Margin % YoY Lending Revenue Growth 32% 18% 11% Note: Adj. gross profit and adj. EBITDA are non-GAAP measures. Adj. gross profit is calculated by subtracting non-GAAP cost of revenue from net revenues. Adj. gross profit margin represents adj. gross profit as a percentage of revenues. Adj. EBITDA margin represents adj. EBITDA as a percentage of revenues. For a definition and reconciliation of non-GAAP cost of revenue and adj. EBITDA, please refer to the Appendix. Adj. Gross Profit Adj. Gross Profit Margin

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Attractive Operating Income and Free Cash Flow Conversion 24 Non-GAAP Operating Income Free Cash Flow ($ millions) Non-GAAP Operating Income Non-GAAP Operating Margin Free Cash Flow Free Cash Flow Margin Note: Non-GAAP operating income and Free Cash Flow are non-GAAP measures. Non-GAAP operating margin represents non-GAAP operating income as a percentage of revenues. Free Cash Flow margin represents Free Cash Flow as a percentage of revenues. For a definition and reconciliation of non-GAAP operating income and Free Cash Flow, please refer to the Appendix. (1) Free Cash Flow / Non-GAAP Operating Income. ($ millions) FCF Conversion(1) 119% 117% 130%

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Q4 2023 Performance 25 ($ in thousands) Q4 2022A Q4 2023A Delta Consolidated Statements of Operations Data Revenue $70,551 $74,579 $4,028 Gross profit 43,799 49,549 5,750 % Gross margin 62.1% 66.4% 4.4% Net (loss) (5,463) (29,574) (24,111) % Net (loss) margin (7.7)% (39.7)% (31.9)% Non-GAAP Financial Data Adj. EBITDA(1) 23,171 31,102 7,931 % Adj. EBITDA margin(1) 32.8% 41.7% 8.9% Note: This financial information has been prepared by and is the responsibility of our management. Our independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to this preliminary financial data or the accounting treatment thereof and does not express an opinion or any other form of assurance with respect thereto. (1) Adj. EBITDA is a non-GAAP measure. Adj. EBITDA margin represents Adj. EBITDA as a percentage of revenues. For a definition and reconciliation of Adj. EBITDA, please refer to the Appendix.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Guidance Update 26 Guidance Update Three Months Ended March 31, 2024 Year Ended December 31, 2024 ($ in thousands) Q1 2023A Low (Estimated) High (Estimated) 2023A Low (Estimated) High (Estimated) Revenue $77,155 $75,000 $78,000 $303,617 $313,000 $323,000 % Growth 6% (3)% 1% 5% 3% 6% Adj. EBITDA(1) 24,937 28,000 31,000 112,990 123,000 130,000 % Growth (27)% 12% 24% 2% 9% 15% % Margin(1) 32% 37% 40% 37% 39% 40% Note: This financial information has been prepared by and is the responsibility of our management. Our independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to this preliminary financial data or the accounting treatment thereof and does not express an opinion or any other form of assurance with respect thereto. (1) Adj. EBITDA is a non-GAAP measure. Adj. EBITDA margin represents Adj. EBITDA as a percentage of revenues. For a definition and reconciliation of Adj. EBITDA, please refer to the Appendix.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED.©2024 MERIDIA LINK, INC. ALL IGHTS RESERVED. Non-GAAP Financial Measures 28 To supplement the financial measures presented in accordance with United States 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 included in the Appendix of this presentation. 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.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Financial Reconciliations 29 ($ in thousands) 2021A 2022A 2023A Reconciliation of Net Loss to Adjusted EBITDA(1) Net income (loss) ($9,996) $1,294 ($42,539) (+) Interest expense, net 32,615 24,227 38,158 (+/-) Tax expense3 5,141 4,130 23,943 (+) Depreciation & amortization 50,453 53,982 57,829 (+) Share-based compensation expense 30,736 22,761 31,213 (+) Employer payroll taxes on employee stock transactions 95 350 687 (+) Expenses associated with IPO 424 – – (+) Restructuring related costs4 – – 3,621 (+) Sponsor and third-party acquisition related costs 2,348 4,228 – (+) Loss on debt prepayment 9,944 – – (+) Deferred revenue reduction from purchase accounting for acquisitions prior to 2022 733 227 78 (+) Lease termination charges 879 – – Adjusted EBITDA(1) $123,372 $111,199 $112,990 Net (loss) income margin (4)% 0% (14)% Adjusted EBITDA margin(2) 46% 39% 37% Non-GAAP Adjusted EBITDA (1) We define Adj. EBITDA as net income (loss) before interest expense, taxes, depreciation, amortization, share-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, impairment of trademarks, lease termination charges, and deferred revenue reductions from purchase accounting. (2) Adj. EBITDA margin represents Adj. EBITDA as a percentage of revenues. (3) 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. (4) Restructuring related costs are inclusive of $663 thousand of stock-based compensation forfeitures recorded associated with restructuring.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Financial Reconciliations (Cont’d) 30 ($ in thousands) 2021A 2022A 2023A Revenues, net $267,676 $288,046 $303,617 Cost of revenue 89,622 106,331 108,491 (-) Share-based compensation expense 6,478 4,630 3,848 (-) Employer payroll taxes on employee stock transactions 3 127 157 (-) Amortization of developed technology 12,519 15,553 18,129 Non-GAAP cost of revenue 70,622 86,021 86,357 Adjusted gross profit $197,054 $202,025 $217,260 GAAP gross margin 67% 63% 66% Adjusted gross margin 74% 70% 72% Adjusted Gross Profit ($ in thousands) 2021A 2022A 2023A Operating Income $37,655 $28,588 $15,533 (+) Share-based compensation expense 30,736 22,761 31,213 (+) Employer payroll taxes on employee stock transactions 95 350 687 (+) Sponsor and third-party acquisition related costs 2,348 4,228 – (+) Restructuring related costs1 – – 3,621 Non-GAAP operating income $70,834 $55,927 $51,054 GAAP operating margin 14% 10% 5% Non-GAAP operating margin 26% 19% 17% Non-GAAP Operating Income Note: Adj. gross profit is a non-GAAP Measure. Adj. gross profit is calculated by subtracting non-GAAP cost of revenue from net revenues. Adj. gross profit margin represents adj. gross profit as a percentage of revenues. (1) Restructuring related costs are inclusive of $663 thousand of stock-based compensation forfeitures recorded associated with restructuring. ($ in thousands) 2021A 2022A 2023A Net cash provided by operating activities $89,835 $74,587 $67,964 (-) Capital expenditures 843 1,136 943 (-) Capitalized software 4,906 8,228 9,250 Non-GAAP free cash flow $84,086 $65,223 $57,771 Net cash provided by operating activities as a % of revenue 34% 26% 22% Free cash flow as a % of revenue 31% 23% 19% Free Cash Flow

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Financial Reconciliations (Cont’d) 31 ($ in thousands) 2021A 2022A 2023A Sales and marketing $18,122 $23,658 $35,792 (-) Share-based compensation expense 2,247 2,160 3,849 (-) Employer payroll taxes on employee stock transactions 11 40 95 Non-GAAP sales and marketing $15,864 $21,458 $31,848 GAAP sales and marketing as a % of revenue 7% 8% 12% Non-GAAP sales and marketing as a % of revenue 6% 7% 10% Non-GAAP Sales and Marketing Expense ($ in thousands) 2021A 2022A 2023A Research and development $36,336 $42,592 $47,517 (-) Share-based compensation expense 7,453 6,472 7,060 (-) Employer payroll taxes on employee stock transactions 8 102 189 Non-GAAP research and development $28,875 $36,018 $40,268 GAAP research and development as a % of revenue 14% 15% 16% Non-GAAP research and development as a % of revenue 11% 13% 13% Non-GAAP Research and Development Expense ($ in thousands) 2021A 2022A 2023A General and administrative $85,160 $82,649 $92,663 (-) Share-based compensation expense 14,558 9,499 16,456 (-) Employer payroll taxes on employee stock transactions 73 81 246 (-) Depreciation expense 2,303 2,319 1,860 (-) Amortization of intangibles 35,631 36,110 37,840 Non-GAAP general and administrative $32,595 $34,640 $36,261 GAAP general and administrative as a % of revenue 32% 29% 31% Non-GAAP general and administrative as a % of revenue 12% 12% 12% Non-GAAP General and Administrative Expense

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Balance Sheet Highlights 32 ($ in thousands) 2021A 2022A 2023A Total current assets $147,956 $128,132 $124,427 Property and equipment, net 5,989 4,245 3,337 Intangible assets, net 298,597 297,475 251,060 Goodwill 564,799 608,657 610,063 Other assets 8,552 20,648 7,364 Total assets $1,025,893 $1,059,157 $996,251 Total current liabilities $43,848 $54,199 $55,844 Long-term debt, net of debt issuance costs 425,371 423,404 420,004 Other liabilities 396 2,463 12,156 Total liabilities $469,615 $480,066 $488,004 Total stockholders’ equity 556,278 579,091 508,247 Total liabilities and stockholders’ equity $1,025,893 $1,059,157 $996,251

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Net Leverage 33 ($ in thousands) 2021A 2022A 2023A 2021 Term loan $435,000 $431,738 $427,388 (-) Debt issuance costs 7,490 4,829 3,842 (-) Cash and cash equivalents 113,645 55,780 80,441 Net Leverage $313,865 $371,129 $343,105 LTM Adjusted EBITDA 123,372 111,199 112,990 Leverage multiple 2.5x 3.3x 3.0x 3.1

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Financial Supplement (1/2) 34 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Lending software solutions $189.2 $188.1 $186.4 $185.5 $182.3 $166.2 $160.0 $152.7 $151.0 Data verification software solutions $68.4 $69.3 $71.3 $73.4 $77.1 $81.8 $85.1 $87.0 $88.4 Total $257.5 $257.4 $257.7 $258.9 $259.4 $248.1 $245.1 $239.7 $239.3 Annual Recurring Revenue (ARR)¹ Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Lending software solutions 101.4% 106.0% 108.9% 113.3% 113.1% 109.1% 107.8% 107.9% 109.7% Data verification software solutions 88.5% 84.3% 83.5% 84.0% 87.0% 89.9% 92.1% 96.5% 105.2% Total 97.5% 98.8% 100.0% 102.6% 103.4% 101.8% 101.7% 103.3% 108.2% ARR Net Retention Rate² Organic Customer Growth Rate4 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Lending software solutions 1,567 1,588 1,594 1,603 1,606 1,519 1,510 1,488 1,473 Data verification software solutions 429 435 436 430 427 431 427 422 425 Total 1,996 2,023 2,030 2,033 2,033 1,950 1,937 1,910 1,898 Total Customer³ Count Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Lending software solutions (2.4)% (0.9)% 0.1% 1.5% 2.8% 3.3% 2.9% 2.3% 2.1% Data verification software solutions 0.5% 0.9% 2.1% 1.9% 0.5% 0.0% 0.2% (0.2)% 0.5% Total (1.8)% (0.5)% 0.5% 1.6% 2.3% 2.5% 2.3% 1.7% 1.7% (1) Annual Recurring Revenue, or ARR, is calculated as the total subscription fee revenues calculated in the latest twelve-month measurement period for those revenue-generating entities in place throughout the entire twelve-month measurement period plus the subscription fee revenues calculated on an annualized basis from new entity activations in the measurement period. (2) RR Net Retention Rate is calculated as the total ARR in the latest twelve-month period from the revenue-generating entities in place as of the prior-year period, expressed as a percentage of the total ARR for the prior-year period from the same cohort of entities. (3) Customer defined as a legal entity that has a contractual relationship with us to use our software solutions. (4) Organic Customer Growth Rate is the percentage increase in the number of total customers on the last day of the measurement period compared to the number of total customers on the day twelve months prior to the measurement date, which measures the change in total customers, net of both customer terminations and customer additions between the respective measurement periods.

©2024 MERIDIANLINK, INC. ALL RIGHTS RESERVED. Financial Supplement (2/2) 35 During the three months ended December 31, 2023, we refined our methodology for calculating ARR to incorporate process improvements. Using our prior calculation methodology, the ARR for the same periods is provided in the table below. Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Lending software solutions $189.3 $187.8 $185.8 $184.9 $182.1 $167.2 $161.3 $153.3 $151.8 Data verification software solutions $68.4 $69.3 $71.3 $73.4 $77.1 $81.8 $85.1 $87.0 $88.4 Total $257.7 $257.1 $257.2 $258.3 $259.2 $249.1 $246.4 $240.3 $240.1 Annual Recurring Revenue (ARR) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Lending software solutions 101.1% 104.5% 105.9% 111.4% 110.8% 106.1% 104.0% 101.4% 112.5% Data verification software solutions 87.8% 84.0% 83.3% 83.7% 80.5% 85.4% 88.2% 92.3% 104.7% Total 97.0% 97.7% 98.0% 100.9% 100.3% 98.9% 98.4% 98.1% 109.5% ARR Net Retention Rate During the three months ended December 31, 2023, we refined our methodology for calculating ARR Net Retention Rate to adjust the measurement period for which the revenue-generating entities must be in place from twenty-four months to twelve months. This refinement reflects a current view of our ARR net retention rate. Using our prior calculation methodology, the ARR Net Retention rate for the same periods is provided in the table below.

Cover	Mar. 05, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Mar. 05, 2024
Entity Registrant Name	MeridianLink, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40680
Entity Tax Identification Number	82-4844620
Entity Address, Address Line One	3560 Hyland Avenue, Suite 200
Entity Address, City or Town	Costa Mesa
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92626
City Area Code	714
Local Phone Number	708-6950
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MLNK
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001834494
Amendment Flag	false