Second quarter revenue of $78.7 million grows
4% year-over-year driven by lending software solutions revenue of
$61.6 million, reflecting growth of 11% 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
second quarter ended June 30, 2024.
“Our second quarter performance highlights the resilience of our
business model, continued demand for MeridianLink® One, and our
disciplined execution as a leading vertical SaaS company,” said
Nicolaas Vlok, chief executive officer of MeridianLink®. “Our
lending software solutions continue to perform well in the face of
macroeconomic headwinds due to the power of our platform. New and
existing customers continue to partner with MeridianLink to execute
a digital lending strategy that wins in the market.”
Quarterly Financial Highlights:
- Revenue of $78.7 million, an increase of 4% year-over-year
- Lending software solutions revenue of $61.6 million, an
increase of 11% year-over-year
- Operating loss of $(1.1) million, or (1)% of revenue, and
non-GAAP operating income of $15.5 million, or 20% of revenue
- Net loss of $(9.7) million, or (12)% of revenue, and adjusted
EBITDA of $31.8 million, or 40% of revenue
- Cash flows from operations of $14.4 million, or 18% of revenue,
and free cash flow of $12.4 million, or 16% of revenue
- MeridianLink returned $29.9 million to stockholders via 1.6
million of stock repurchases
Business and Operating Highlights:
- MeridianLink named Larry Katz President of the Company and will
welcome Elias Olmeta as our new Chief Financial Officer on August
26, 2024. Mr. Katz will continue to serve as Chief Financial
Officer until Mr. Olmeta starts. With these leadership changes, we
are enhancing our industry expertise and aligning our
customer-facing organization to further scale the business.
- New and existing customers chose MeridianLink One to enhance
their lending solutions, including a MeridianLink® Consumer
customer who adopted MeridianLink® Mortgage, Mortgage Access, and
our Debt Optimization solution.
- MeridianLink announced 3Rivers Federal Credit Union’s
successful go-live on MeridianLink® Access and Opening, resulting
in a significant decrease in loan application times.
- We enhanced our product capabilities through a new integration
between MeridianLink® Insight and Collect that provides customers
with advanced analytics to run their businesses, including a new
payment propensity index.
- To offer our customers innovative AI capabilities, we partnered
with Conductiv, a leader in providing missing, permissioned data to
meet underwriting guidelines, helping customers achieve up to a 47%
increase in approval rates without increasing losses.
Business Outlook
Based on information as of today, August 8, 2024, the Company
issues third quarter financial guidance and updates full year 2024
financial guidance as follows:
Third Quarter Fiscal 2024:
- Revenue is expected to be in the range of $78.0 to $81.0
- Adjusted EBITDA is expected to be in the range of $30.0 to
$33.0
Full Year 2024:
- Revenue is expected to be in the range of $312.0 to $318.0
- Adjusted EBITDA is expected to be in the range of $123.0 to
$128.0
Conference Call Information
MeridianLink will hold a conference call to discuss its second
quarter results today, August 8, 2024, at 2:00 p.m. Pacific Time
(5:00 p.m. Eastern Time). The conference call can be accessed by
dialing (800) 549-8228 from North America toll-free or the
International number of (289) 819-1520 with Conference ID 49245. 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 Thursday, August 15, 2024, by dialing
(888) 660-6264 from North America or the International number of
(289) 819-1325 with Playback Passcode 49245.
MeridianLink uses its investor relations website
(https://ir.meridianlink.com), press releases, SEC filings, public
conference calls and webcasts, blog posts on its website, as well
as its social media channels, such as its LinkedIn page
(www.linkedin.com/company/meridianlink), X (formerly Twitter) feed
(@meridianlink), and Facebook page
(www.facebook.com/MeridianLink/), as a means of disclosing material
information and for complying with its disclosure obligations under
Regulation FD. Information contained on or accessible through the
websites is not incorporated by reference into this release, and
links for these websites are inactive textual references only.
About MeridianLink
MeridianLink® (NYSE: MLNK) empowers financial institutions and
consumer reporting agencies to drive efficient growth.
MeridianLink’s cloud-based digital lending, account opening,
background screening, and data verification software solutions
leverage shared intelligence from a unified data platform,
MeridianLink® One, to enable customers of all sizes to identify
growth opportunities, effectively scale up, and support compliance
efforts, all while powering an enhanced experience for staff and
consumers alike.
For more than 25 years, MeridianLink has prioritized the
democratization of lending for consumers, businesses, and
communities. Learn more at www.meridianlink.com.
Non-GAAP Financial Measures
To supplement the financial measures presented in accordance
with generally accepted accounting principles, or GAAP, we provide
certain non-GAAP financial measures, such as adjusted EBITDA and
adjusted EBITDA margin; non-GAAP operating income (loss); non-GAAP
net income (loss); non-GAAP cost of revenue; non-GAAP sales and
marketing expenses; non-GAAP research and development expenses;
non-GAAP general and administrative expenses; and free cash flow.
The presentation of these financial measures is not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP. Rather, we believe that these non-GAAP financial measures,
when viewed in addition to and not in lieu of our reported GAAP
financial results, provide investors with additional meaningful
information to assess our financial performance and trends, enable
comparison of financial results between periods, and allow for
greater transparency with respect to key metrics utilized
internally in analyzing and operating our business. The following
definitions are provided:
- Non-GAAP operating income (loss):
GAAP operating income (loss), excluding the impact of share-based
compensation, employer payroll taxes on employee stock
transactions, expenses associated with our secondary offering,
restructuring related costs, expenses related to debt modification,
charges in connection with litigation unrelated to our core
business, and sponsor and third-party acquisition-related
costs.
- Non-GAAP net income (loss): GAAP
net income (loss), excluding the impact of share-based
compensation, employer payroll taxes on employee stock
transactions, expenses associated with our secondary offering,
restructuring related costs, expenses related to debt modification,
charges in connection with litigation unrelated to our core
business, 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, expenses associated with our secondary
offering, restructuring related costs, expenses related to debt
modification, charges in connection with litigation unrelated to
our core business, and deferred revenue reductions from purchase
accounting for acquisitions prior to the adoption of ASU 2021-08,
“Business Combinations (Topic 805): Accounting for Contract Assets
and Contract Liabilities from Contracts with Customers,” which we
early adopted on January 1, 2022 on a prospective basis. Deferred
revenue from acquisitions prior to the adoption of ASU 2021-08 was
recognized on a straight line basis through December 31, 2023.
- Non-GAAP cost of revenue: GAAP
cost of revenue, excluding the impact of share-based compensation,
employer payroll taxes on employee stock transactions, and
amortization of developed technology.
- Non-GAAP operating expenses: GAAP
operating expenses, excluding the impact of share-based
compensation, employer payroll taxes on employee stock
transactions, expenses associated with our secondary offering,
expenses related to debt modification, expenses related to debt
modification, charges in connection with litigation unrelated to
our core business, and depreciation and amortization, as
applicable.
- Free cash flow: GAAP cash flow
from operating activities less GAAP purchases of property and
equipment (Capital Expenditures) and capitalized costs related to
developed technology (Capitalized Software).
Reconciliations to comparable GAAP financial measures are
available in the accompanying schedules, which are posted as part
of this earnings release on our website. No reconciliation is
provided with respect to certain forward-looking non-GAAP financial
measures as the GAAP measures are not accessible on a
forward-looking basis. We cannot reliably predict all necessary
components or their impact to reconcile such financial measures
without unreasonable effort. The events necessitating a non-GAAP
adjustment are inherently unpredictable and may have a significant
impact on our future GAAP financial results.
Forward-Looking Statements
This release contains, and our above-referenced conference call
and webcast will contain, statements which are not historical facts
and are considered forward-looking within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Generally, these
statements can be identified by the use of words such as
“anticipates,” “believes,” “estimates,” “expects,” “intends,”
“may,” “plans,” “projects,” “seeks,” “should,” “will,” and
variations of such words or similar expressions, although not all
forward-looking statements contain these identifying words.
Further, statements describing our strategy, outlook, guidance,
plans, intentions, or goals are also forward-looking statements.
These forward-looking statements reflect our predictions,
expectations, or forecasts, including, but not limited to,
statements regarding, and guidance with respect to, our strategy,
our future financial and operational performance, future economic
and market conditions, our strategic initiatives, our leadership
transition and plans, our stock repurchase programs, including the
execution and amount of repurchases, the status of litigation
matters, including expected or contemplated settlements, associated
timing, and estimated fees and expenses, our ability to retain and
attract customers and product partners, the benefit to us and our
customers of integrations with our product partners, our
development or delivery of new or enhanced solutions and
anticipated results of those solutions for our customers, our
ability to effectively implement, integrate, and service our
customers, our market size and growth opportunities, our
competitive positioning, projected costs, technological
capabilities and plans, and objectives of management. Actual
results may differ materially from those described in the
forward-looking statements and will be affected by a variety of
risks and factors that are beyond our control including, without
limitation, risks related to our business and industry, as well as
those set forth in Item 1A. Risk Factors, or elsewhere, in our
Annual Report on Form 10-K for the most recently ended fiscal year,
any updates in our Quarterly Reports on Form 10-Q filed for periods
subsequent to such Form 10-K, and our other SEC filings. These
forward-looking statements are based on reasonable assumptions as
of the date hereof. The plans, intentions, or expectations
disclosed in our forward-looking statements may not be achieved,
and you should not rely upon forward-looking statements as
predictions of future events. We undertake no obligation, other
than as required by applicable law, to update any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Condensed Consolidated Balance
Sheets
(unaudited)
(in thousands, except share and
per share data)
As of
June 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
93,009
$
80,441
Accounts receivable, net
35,924
32,412
Prepaid expenses and other current
assets
11,323
11,574
Total current assets
140,256
124,427
Property and equipment, net
2,664
3,337
Right of use assets, net
806
1,140
Intangible assets, net
226,525
251,060
Goodwill
610,063
610,063
Other assets
6,622
6,224
Total assets
$
986,936
$
996,251
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
6,035
$
4,405
Accrued liabilities
30,608
30,673
Deferred revenue
28,337
17,224
Current portion of debt, net of debt
issuance costs
3,768
3,542
Total current liabilities
68,748
55,844
Debt, net of debt issuance costs
467,073
420,004
Deferred tax liabilities, net
10,928
10,823
Long-term deferred revenue
261
792
Other long-term liabilities
390
541
Total liabilities
$
547,400
$
488,004
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.001 par value;
50,000,000 shares authorized; zero shares issued and outstanding at
June 30, 2024 and December 31, 2023
—
—
Common stock, $0.001 par value;
600,000,000 shares authorized, 75,773,928 and 78,447,701 shares
issued and outstanding at June 30, 2024 and December 31, 2023,
respectively
126
129
Additional paid-in capital
675,191
654,634
Accumulated deficit
(235,781
)
(146,516
)
Total stockholders’ equity
439,536
508,247
Total liabilities and stockholders’
equity
$
986,936
$
996,251
Condensed Consolidated
Statements of Operations
(unaudited)
(in thousands, except share and
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenues, net
$
78,676
$
75,415
$
156,492
$
152,550
Cost of revenues:
Subscription and services
23,373
23,984
44,717
47,485
Amortization of developed technology
4,803
4,510
9,532
8,964
Total cost of revenues
28,176
28,494
54,249
56,449
Gross profit
50,500
46,921
102,243
96,101
Operating expenses:
General and administrative
29,237
24,409
54,416
46,964
Research and development
9,905
11,754
19,390
25,566
Sales and marketing
11,467
8,558
22,003
16,771
Restructuring related costs
988
717
4,179
3,621
Total operating expenses
51,597
45,438
99,988
92,922
Operating (loss) income
(1,097
)
1,483
2,255
3,179
Other (income) expense, net:
Interest and other income
(1,636
)
(784
)
(2,592
)
(1,254
)
Interest expense
9,797
9,316
19,379
18,347
Total other expense, net
8,161
8,532
16,787
17,093
Loss before income taxes
(9,258
)
(7,049
)
(14,532
)
(13,914
)
Provision for (benefit from) income
taxes
412
(1,819
)
444
(3,018
)
Net loss
$
(9,670
)
$
(5,230
)
$
(14,976
)
$
(10,896
)
Net loss per share:
Basic
$
(0.13
)
$
(0.06
)
$
(0.19
)
$
(0.13
)
Diluted
$
(0.13
)
$
(0.06
)
$
(0.19
)
$
(0.13
)
Weighted average common stock
outstanding:
Basic
76,527,803
80,911,113
76,923,824
80,786,427
Diluted
76,527,803
80,911,113
76,923,824
80,786,427
Net Revenues by Major
Source
(unaudited)
(in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Subscription fees
$
65,946
$
63,770
$
131,858
$
130,175
Professional services
9,559
9,002
18,569
17,437
Other
3,171
2,643
6,065
4,938
Total
$
78,676
$
75,415
$
156,492
$
152,550
Net Revenues by Solution
Type
(unaudited)
(in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Lending software solutions
$
61,644
$
55,778
$
122,547
$
113,779
Data verification software solutions
17,032
19,637
33,945
38,771
Total
$
78,676
$
75,415
$
156,492
$
152,550
% Growth attributable to:
Lending software solutions
8
%
6
%
Data verification software
(4
)%
(3
)%
Total % growth
4
%
3
%
___________
Percent Revenue Related to the
Mortgage Loan Market
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Lending software solutions
10%
13%
11%
12%
Data verification software
55%
61%
56%
61%
Total % revenue related to mortgage loan
market
20%
26%
20%
25%
Condensed Consolidated
Statements of Cash Flows
(unaudited)
(in thousands)
Six Months Ended June
30,
2024
2023
Cash flows from operating
activities:
Net loss
$
(14,976
)
$
(10,896
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
29,096
28,955
Provision for expected credit losses
561
441
Amortization of debt issuance costs
464
669
Share-based compensation expense
20,429
13,893
Deferred income taxes
105
(4,192
)
Loss on disposal of property and
equipment
6
—
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(4,073
)
(2,640
)
Prepaid expenses and other assets
(197
)
(2,395
)
Accounts payable
1,675
2,955
Accrued liabilities
(277
)
(1,663
)
Deferred revenue
10,581
9,058
Net cash provided by operating
activities
43,394
34,185
Cash flows from investing
activities:
Capitalized software additions
(3,684
)
(4,562
)
Purchases of property and equipment
(152
)
(305
)
Return of escrow deposit
—
30,000
Acquisition, net of cash acquired –
Beanstalk Networks LLC
—
326
Net cash (used in) provided by investing
activities
(3,836
)
25,459
Cash flows from financing
activities:
Repurchases of common stock
(73,788
)
(5,145
)
Proceeds from exercise of stock
options
722
1,025
Proceeds from employee stock purchase
plan
944
793
Taxes paid related to net share settlement
of restricted stock units
(1,676
)
(1,050
)
Principal payments of debt
(2,278
)
(2,175
)
Payments of deferred offering costs
(74
)
—
Proceeds from debt
50,000
—
Payments of debt issuance costs
(840
)
—
Net cash used in financing activities
(26,990
)
(6,552
)
Net increase in cash and cash
equivalents
12,568
53,092
Cash and cash equivalents, beginning of
period
80,441
55,780
Cash and cash equivalents, end of
period
$
93,009
$
108,872
Supplemental disclosures of cash flow
information:
Cash paid for interest
$
18,893
$
17,955
Cash paid for income taxes
433
2,577
Non-cash investing and financing
activities:
Shares withheld with respect to net
settlement of restricted stock units
1,676
—
Excise taxes payable included in
repurchases of common stock
505
—
Share-based compensation expense included
in capitalized software additions
138
136
Purchase price allocation adjustment
related to income tax effects for StreetShares acquisition
—
245
Purchases of property and equipment
included in accounts payable and accrued liabilities
—
3
Vesting of restricted stock awards and
restricted stock units
1
5
Reconciliation from GAAP to
Non-GAAP Results
(unaudited)
(in thousands, except share and
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Operating (loss) income
$
(1,097
)
$
1,483
$
2,255
$
3,179
Add: Share-based compensation expense
12,500
9,367
20,436
14,556
Add: Employer payroll taxes on employee
stock transactions
508
322
930
448
Add: Expenses associated with public
offering
308
—
1,698
—
Add: Litigation-related charges
1,864
—
1,864
—
Add: Expenses related to debt
modification
473
—
473
—
Add: Restructuring related costs(2)
988
717
4,179
3,621
Non-GAAP operating income
$
15,544
$
11,889
$
31,835
$
21,804
Operating margin
(1
)%
2
%
1
%
2
%
Non-GAAP operating margin
20
%
16
%
20
%
14
%
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net loss
$
(9,670
)
$
(5,230
)
$
(14,976
)
$
(10,896
)
Add: Share-based compensation expense
12,500
9,367
20,436
14,556
Add: Employer payroll taxes on employee
stock transactions
508
322
930
448
Add: Expenses associated with public
offering
308
—
1,698
—
Add: Litigation-related charges
1,864
—
1,864
—
Add: Expenses related to debt
modification
473
—
473
—
Add: Restructuring related costs(2)
988
717
4,179
3,621
Subtract: Income tax effect on non-GAAP
items
(3,994
)
(2,497
)
(7,099
)
(4,470
)
Non-GAAP net income
$
2,977
$
2,679
$
7,505
$
3,259
Non-GAAP basic net income per share
$
0.04
$
0.03
$
0.10
$
0.04
Non-GAAP diluted net income per share
$
0.04
$
0.03
$
0.09
$
0.04
Weighted average shares used to compute
Non-GAAP basic net income per share
76,527,803
80,911,113
76,923,824
80,786,427
Weighted average shares used to compute
Non-GAAP diluted net
79,291,173
83,487,132
80,020,336
82,994,599
Net loss margin
(12
)%
(7
)%
(10
)%
(7
)%
Non-GAAP net income margin
4
%
4
%
5
%
2
%
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net loss
$
(9,670
)
$
(5,230
)
$
(14,976
)
$
(10,896
)
Interest expense
9,797
9,316
19,379
18,347
Taxes
412
(1,819
)
444
(3,018
)
Depreciation and amortization
14,573
14,424
29,096
28,955
Share-based compensation expense
12,500
9,367
20,436
14,556
Employer payroll taxes on employee stock
transactions
508
322
930
448
Expenses associated with public
offering
308
—
1,698
—
Litigation-related charges(1)
1,864
—
1,864
—
Expenses related to debt modification
473
—
473
—
Restructuring related costs(2)
988
717
4,179
3,621
Deferred revenue reduction from purchase
accounting for acquisitions prior to 2022
—
19
—
39
Adjusted EBITDA
$
31,753
$
27,116
$
63,523
$
52,052
Net loss margin
(12
)%
(7
)%
(10
)%
(7
)%
Adjusted EBITDA margin
40
%
36
%
41
%
34
%
(1) Litigation-related charges pertains to
litigation settlements and related legal fees. During the three
months ended June 30, 2024, $1.5 million relates to estimated
settlements of class action lawsuits and $0.4 million relates to
third-party legal fees directly related to the settlements.
(2) Restructuring related costs for the
three months ended June 30, 2024 and 2023 are inclusive of net
acceleration (forfeitures) of share-based compensation associated
with restructuring in the amount of $0.1 million and ($0.4
million), respectively, and for the six months ended June 30, 2024
and 2023 $0.0 million and ($0.7 million), respectively.
Reconciliation from GAAP to
Non-GAAP Results
(unaudited)
(in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Cost of revenue
$
28,176
$
28,494
$
54,249
$
56,449
Less: Share-based compensation expense
1,363
1,157
2,145
2,009
Less: Employer payroll taxes on employee
stock transactions
97
88
144
109
Less: Amortization of developed
technology
4,803
4,510
9,532
8,964
Non-GAAP cost of revenue
$
21,913
$
22,739
$
42,428
$
45,367
Cost of revenue as a % of revenue
36
%
38
%
35
%
37
%
Non-GAAP cost of revenue as a % of
revenue
28
%
30
%
27
%
30
%
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
General and administrative
$
29,237
$
24,409
$
54,416
$
46,964
Less: Share-based compensation expense
6,792
5,231
11,185
7,494
Less: Employer payroll taxes on employee
stock transactions
206
107
343
158
Less: Expenses associated with public
offering
308
—
1,698
—
Less: Litigation-related charges
1,864
—
1,864
—
Less: Expenses related to debt
modification
473
—
473
—
Less: Depreciation expense
363
495
739
990
Less: Amortization of intangibles
9,407
9,419
18,825
19,001
Non-GAAP general & administrative
$
9,824
$
9,157
$
19,289
$
19,321
General and administrative as a % of
revenue
37
%
32
%
35
%
31
%
Non-GAAP general and administrative as a %
of revenue
12
%
12
%
12
%
13
%
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Research and development
$
9,905
$
11,754
$
19,390
$
25,566
Less: Share-based compensation expense
2,531
1,875
4,033
3,658
Less: Employer payroll taxes on employee
stock transactions
125
97
246
125
Non-GAAP research and development
$
7,249
$
9,782
$
15,111
$
21,783
Research and development as a % of
revenue
13
%
16
%
12
%
17
%
Non-GAAP research and development as a %
of revenue
9
%
13
%
10
%
14
%
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Sales and marketing
$
11,467
$
8,558
$
22,003
$
16,771
Less: Share-based compensation expense
1,814
1,104
3,073
1,395
Less: Employer payroll taxes on employee
stock transactions
80
30
197
56
Non-GAAP sales and marketing
$
9,573
$
7,424
$
18,733
$
15,320
Sales and marketing as a % of revenue
15
%
11
%
14
%
11
%
Non-GAAP sales and marketing as a % of
revenue
12
%
10
%
12
%
10
%
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net cash provided by operating
activities
$
14,356
$
6,104
$
43,394
$
34,185
Less: Capitalized software
1,847
2,638
3,684
4,562
Less: Capital expenditures
60
171
152
305
Free cash flow
$
12,449
$
3,295
$
39,558
$
29,318
Net cash provided by operating actives as
a % of revenue
18
%
8
%
28
%
22
%
Free cash flow as a % of revenue
16
%
4
%
25
%
19
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808766635/en/
Press Contact Sydney Wishnow (508) 808-9060
meridianlinkPR@clyde.us
Investor Relations Contact Gianna Rotellini (714)
332-6357 InvestorRelations@meridianlink.com
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