Third quarter revenue of $80.4 million grows 5%
year-over-year driven by lending software solutions revenue of
$63.0 million, reflecting growth of 7% 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 third
quarter ended September 30, 2024.
“Our solid third quarter performance highlights our disciplined
execution as a leading vertical SaaS company and proven ability to
deliver durable growth,” said Nicolaas Vlok, chief executive
officer of MeridianLink®. “While our performance is muted by the
current macro environment, we have skilled teams that deliver an
end-to-end, digital lending platform through MeridianLink® One and
value-added partner integrations that continue to drive
performance.”
Quarterly Financial Highlights:
- Revenue of $80.4 million, an increase of 5% year-over-year
- Lending software solutions revenue of $63.0 million, an
increase of 7% year-over-year
- Operating income of $2.6 million, or 3% of revenue, and
non-GAAP operating income of $18.0 million, or 22% of revenue
- Net loss of $(7.1) million, or (9)% of revenue, and adjusted
EBITDA of $33.8 million, or 42% of revenue
- Cash flows from operations of $20.6 million, or 26% of revenue,
and free cash flow of $18.7 million, or 23% of revenue
- MeridianLink returned $31.3 million to stockholders via 1.4
million of stock repurchases
Business and Operating Highlights:
- MeridianLink’s land and expand strategy generated solid demand
from customers leaning into their digital progression, choosing
both mortgage and consumer lending solutions to outcompete for
consumers in an increasingly digital market.
- We announced the successful go-live of Broadway Bank, one of
the largest privately-owned banks in Texas with more than $5.5
billion in assets, on MeridianLink® Mortgage, resulting in a
decrease in their loan processing time by up to six days.
- In the quarter, we completed a secondary public offering of 6
million shares of common stock held by certain funds managed by
Thoma Bravo, increasing our public float and providing greater
liquidity for our stock, as well as attracting new investors.
Business Outlook
Based on information as of today, November 7, 2024, the Company
issues fourth quarter financial guidance and updates full year 2024
financial guidance as follows:
Fourth Quarter Fiscal 2024:
- Revenue is expected to be in the range of $76.0 million to
$80.0 million
- Adjusted EBITDA is expected to be in the range of $29.5 million
to $32.5 million
Full Year 2024:
- Revenue is expected to be in the range of $313.0 million to
$317.0 million
- Adjusted EBITDA is expected to be in the range of $127.0
million to $130.0 million
Conference Call Information
MeridianLink will hold a conference call to discuss its third
quarter results today, November 7, 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 58111. 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, November 14, 2024, by
dialing (888) 660-6264 from North America or the International
number of (289) 819-1325 with Playback Passcode 58111.
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.
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, 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 expenses for services performed by a third party
consultant relating to efforts to remediate our material
weakness.
- 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, expenses for services performed by a third party
consultant relating to efforts to remediate our material weakness,
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, expenses for services performed by a third party
consultant relating to efforts to remediate our material weakness,
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, charges in connection with
litigation unrelated to our core business, expenses for services
performed by a third party consultant relating to efforts to
remediate our material weakness, 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
September 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
82,266
$
80,441
Accounts receivable, net
38,868
32,412
Prepaid expenses and other current
assets
12,309
11,574
Total current assets
133,443
124,427
Property and equipment, net
2,362
3,337
Right of use assets, net
639
1,140
Intangible assets, net
214,125
251,060
Goodwill
610,063
610,063
Other assets
7,311
6,224
Total assets
$
967,943
$
996,251
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
6,165
$
4,405
Accrued liabilities
31,914
30,673
Deferred revenue
29,767
17,224
Current portion of debt, net of debt
issuance costs
3,773
3,542
Total current liabilities
71,619
55,844
Debt, net of debt issuance costs
466,137
420,004
Deferred tax liabilities, net
11,369
10,823
Long-term deferred revenue
160
792
Other long-term liabilities
336
541
Total liabilities
$
549,621
$
488,004
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.001 par value;
50,000,000 shares authorized; zero shares issued and outstanding at
September 30, 2024 and December 31, 2023
—
—
Common stock, $0.001 par value;
600,000,000 shares authorized, 75,107,642 and 78,447,701 shares
issued and outstanding at September 30, 2024 and December 31, 2023,
respectively
126
129
Additional paid-in capital
692,285
654,634
Accumulated deficit
(274,089
)
(146,516
)
Total stockholders’ equity
418,322
508,247
Total liabilities and stockholders’
equity
$
967,943
$
996,251
Condensed Consolidated
Statements of Operations
(unaudited)
(in thousands, except share and
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Revenues, net
$
80,369
$
76,488
$
236,861
$
229,038
Cost of revenues:
Subscription and services
22,790
22,488
67,507
69,973
Amortization of developed technology
4,860
4,524
14,392
13,488
Total cost of revenues
27,650
27,012
81,899
83,461
Gross profit
52,719
49,476
154,962
145,577
Operating expenses:
General and administrative
29,649
23,218
84,065
70,182
Research and development
10,019
11,248
29,409
36,814
Sales and marketing
10,492
9,441
32,495
26,212
Restructuring related costs
—
—
4,179
3,621
Total operating expenses
50,160
43,907
150,148
136,829
Operating income
2,559
5,569
4,814
8,748
Other (income) expense, net:
Interest and other income
(1,371
)
(1,342
)
(3,963
)
(2,596
)
Interest expense
10,165
9,780
29,544
28,127
Total other expense, net
8,794
8,438
25,581
25,531
Loss before income taxes
(6,235
)
(2,869
)
(20,767
)
(16,783
)
Provision for (benefit from) income
taxes
816
(800
)
1,260
(3,818
)
Net loss
$
(7,051
)
$
(2,069
)
$
(22,027
)
$
(12,965
)
Net loss per share:
Basic
$
(0.09
)
$
(0.03
)
$
(0.29
)
$
(0.16
)
Diluted
$
(0.09
)
$
(0.03
)
$
(0.29
)
$
(0.16
)
Weighted average common stock
outstanding:
Basic
75,631,670
81,073,915
76,495,022
80,883,310
Diluted
75,631,670
81,073,915
76,495,022
80,883,310
Net Revenues by Major
Source
(unaudited)
(in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Subscription fees
$
67,344
$
64,613
$
199,202
$
194,788
Professional services
10,146
8,706
28,715
26,143
Other
2,879
3,169
8,944
8,107
Total
$
80,369
$
76,488
$
236,861
$
229,038
Net Revenues by Solution
Type
(unaudited)
(in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Lending software solutions
$
63,005
$
58,949
$
185,552
$
172,728
Data verification software solutions
17,364
17,539
51,309
56,310
Total
$
80,369
$
76,488
$
236,861
$
229,038
% Growth attributable to:
Lending software solutions
5
%
5
%
Data verification software
—
%
(2
)%
Total % growth
5
%
3
%
___________
Percent Revenue Related to the
Mortgage Loan Market
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Lending software solutions
10
%
12
%
11
%
12
%
Data verification software
56
%
57
%
56
%
60
%
Total % revenue related to mortgage loan
market
20
%
22
%
20
%
24
%
Condensed Consolidated
Statements of Cash Flows
(unaudited)
(in thousands)
Nine Months Ended September
30,
2024
2023
Cash flows from operating
activities:
Net loss
$
(22,027
)
$
(12,965
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
43,689
43,388
Provision for expected credit losses
604
627
Amortization of debt issuance costs
747
897
Share-based compensation expense
34,683
22,216
Deferred income taxes
546
(4,507
)
Loss on disposal of property and
equipment
90
—
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(7,060
)
(1,726
)
Prepaid expenses and other assets
(1,896
)
(4,595
)
Accounts payable
1,758
3,632
Accrued liabilities
944
(782
)
Deferred revenue
11,911
9,301
Net cash provided by operating
activities
63,989
55,486
Cash flows from investing
activities:
Capitalized software additions
(5,483
)
(7,004
)
Purchases of property and equipment
(213
)
(347
)
Return of escrow deposit
—
30,000
Funds received in connection with former
business combination
—
1,219
Acquisition, net of cash acquired –
Beanstalk Networks LLC
—
326
Net cash (used in) provided by investing
activities
(5,696
)
24,194
Cash flows from financing
activities:
Repurchases of common stock
(104,847
)
(35,660
)
Proceeds from exercise of stock
options
4,728
1,633
Proceeds from employee stock purchase
plan
944
793
Taxes paid related to net share settlement
of restricted stock units
(2,910
)
(1,403
)
Principal payments of debt
(3,468
)
(3,263
)
Payments of deferred offering costs
(75
)
—
Proceeds from debt
50,000
—
Payments of debt issuance costs
(840
)
—
Net cash used in financing activities
(56,468
)
(37,900
)
Net increase in cash and cash
equivalents
1,825
41,780
Cash and cash equivalents, beginning of
period
80,441
55,780
Cash and cash equivalents, end of
period
$
82,266
$
97,560
Supplemental disclosures of cash flow
information:
Cash paid for interest
$
28,988
$
27,498
Cash paid for income taxes
455
2,610
Non-cash investing and financing
activities:
Shares withheld with respect to net
settlement of restricted stock units
2,910
1,403
Purchase price allocation adjustment for
Beanstalk Networks LLC acquisition
—
757
Excise taxes payable included in
repurchases of common stock
704
162
Share-based compensation expense included
in capitalized software additions
206
219
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
46
611
Vesting of restricted stock awards and
restricted stock units
2
4
Reconciliation from GAAP to
Non-GAAP Results
(unaudited)
(in thousands, except share and
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Operating income
$
2,559
$
5,569
$
4,814
$
8,748
Add: Share-based compensation expense
14,254
8,322
34,690
22,879
Add: Employer payroll taxes on employee
stock transactions
301
150
1,231
598
Add: Expenses associated with public
offering
416
—
2,114
—
Add: Litigation-related charges(1)
—
—
1,864
—
Add: Expenses related to debt
modification
—
—
473
—
Add: Restructuring related costs(2)
—
—
4,179
3,621
Add: Expenses associated with material
weakness remediation(3)
507
—
507
—
Non-GAAP operating income
$
18,037
$
14,041
$
49,872
$
35,846
Operating margin
3
%
7
%
2
%
4
%
Non-GAAP operating margin
22
%
18
%
21
%
16
%
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net loss
$
(7,051
)
$
(2,069
)
$
(22,027
)
$
(12,965
)
Add: Share-based compensation expense
14,254
8,322
34,690
22,879
Add: Employer payroll taxes on employee
stock transactions
301
150
1,231
598
Add: Expenses associated with public
offering
416
—
2,114
—
Add: Litigation-related charges(1)
(172
)
—
1,692
—
Add: Expenses related to debt
modification
—
—
473
—
Add: Restructuring related costs(2)
—
—
4,179
3,621
Add: Expenses associated with material
weakness remediation(3)
507
—
507
—
Subtract: Income tax effect on non-GAAP
items(4)
(3,673
)
(2,033
)
(10,773
)
(6,504
)
Non-GAAP net income(4)
$
4,582
$
4,370
$
12,086
$
7,629
Non-GAAP basic net income per share
$
0.06
$
0.05
$
0.16
$
0.09
Non-GAAP diluted net income per share
$
0.06
$
0.05
$
0.15
$
0.09
Weighted average shares used to compute
Non-GAAP basic net income per share
75,631,670
81,073,915
76,495,022
80,883,310
Weighted average shares used to compute
Non-GAAP diluted net income per share
79,373,207
83,716,804
79,961,158
83,331,901
Net loss margin
(9
)%
(3
)%
(9
)%
(6
)%
Non-GAAP net income margin
6
%
6
%
5
%
3
%
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net loss
$
(7,051
)
$
(2,069
)
$
(22,027
)
$
(12,965
)
Interest expense
10,165
9,780
29,544
28,127
Taxes
816
(800
)
1,260
(3,818
)
Depreciation and amortization
14,593
14,433
43,689
43,388
Share-based compensation expense
14,254
8,322
34,690
22,879
Employer payroll taxes on employee stock
transactions
301
150
1,231
598
Expenses associated with public
offering
416
—
2,114
—
Litigation-related charges(1)
(172
)
—
1,692
—
Expenses related to debt modification
—
—
473
—
Restructuring related costs(2)
—
—
4,179
3,621
Expenses associated with material weakness
remediation(3)
507
—
507
—
Deferred revenue reduction from purchase
accounting for acquisitions prior to 2022
—
19
—
58
Adjusted EBITDA
$
33,829
$
29,835
$
97,352
$
81,888
Net loss margin
(9
)%
(3
)%
(9
)%
(6
)%
Adjusted EBITDA margin
42
%
39
%
41
%
36
%
(1) Litigation-related charges pertains to
litigation settlements and related legal fees. During the nine
months ended September 30, 2024, we incurred $1.5 million related
to estimated settlements of class action lawsuits and $0.4 million
related to third-party legal fees directly related to the
settlements. During the three months ended September 30, 2024, we
recognized $0.2 million gain on a favorable litigation settlement.
The gain was recognized in interest and other income on our
condensed consolidated statements of operations.
(2) Restructuring related costs for the
nine months ended September 30, 2024 and 2023 are inclusive of net
acceleration (forfeitures) of share-based compensation associated
with restructuring in the amount of $0.0 million and ($0.7
million), respectively.
(3) Expenses for services performed by a
third party consultant related to efforts to remediate our
previously identified material weakness.
(4) The amounts presented for the periods
ended September 30, 2023 in our reconciliation of net loss to
Non-GAAP net income are corrected from our previously disclosed
Non-GAAP net income for those periods. The previously disclosed
income tax effects on non-GAAP items for the periods ended
September 30, 2023 were inadvertently expressed as positive
numbers, where such figures should have been expressed as negative
numbers.
Reconciliation from GAAP to
Non-GAAP Results
(unaudited)
(in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Cost of revenue
$
27,650
$
27,012
$
81,899
$
83,461
Less: Share-based compensation expense
1,252
910
3,397
2,919
Less: Employer payroll taxes on employee
stock transactions
55
26
200
135
Less: Amortization of developed
technology
4,860
4,524
14,392
13,488
Non-GAAP cost of revenue
$
21,483
$
21,552
$
63,910
$
66,919
Cost of revenue as a % of revenue
34
%
35
%
35
%
36
%
Non-GAAP cost of revenue as a % of
revenue
27
%
28
%
27
%
29
%
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
General and administrative
$
29,649
$
23,218
$
84,065
$
70,182
Less: Share-based compensation expense
8,502
4,443
19,687
11,938
Less: Employer payroll taxes on employee
stock transactions
118
59
460
217
Less: Expenses associated with public
offering
416
—
2,114
—
Less: Litigation-related charges
—
—
1,864
—
Less: Expenses related to debt
modification
—
—
473
—
Less: Expenses associated with material
weakness remediation
507
—
507
—
Less: Depreciation expense
326
490
1,065
1,480
Less: Amortization of intangibles
9,407
9,419
28,232
28,420
Non-GAAP general & administrative
$
10,373
$
8,807
$
29,663
$
28,127
General and administrative as a % of
revenue
37
%
30
%
35
%
31
%
Non-GAAP general and administrative as a %
of revenue
13
%
12
%
13
%
12
%
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Research and development
$
10,019
$
11,248
$
29,409
$
36,814
Less: Share-based compensation expense
2,630
1,709
6,663
5,368
Less: Employer payroll taxes on employee
stock transactions
77
38
323
163
Non-GAAP research and development
$
7,312
$
9,501
$
22,423
$
31,283
Research and development as a % of
revenue
12
%
15
%
12
%
16
%
Non-GAAP research and development as a %
of revenue
9
%
12
%
9
%
14
%
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Sales and marketing
$
10,492
$
9,441
$
32,495
$
26,212
Less: Share-based compensation expense
1,870
1,260
4,943
2,654
Less: Employer payroll taxes on employee
stock transactions
51
27
248
83
Non-GAAP sales and marketing
$
8,571
$
8,154
$
27,304
$
23,475
Sales and marketing as a % of revenue
13
%
12
%
14
%
11
%
Non-GAAP sales and marketing as a % of
revenue
11
%
11
%
12
%
10
%
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net cash provided by operating
activities
$
20,595
$
21,301
$
63,989
$
55,486
Less: Capitalized software
1,799
2,442
5,483
7,004
Less: Capital expenditures
61
42
213
347
Free cash flow
$
18,735
$
18,817
$
58,293
$
48,135
Net cash provided by operating actives as
a % of revenue
26
%
28
%
27
%
24
%
Free cash flow as a % of revenue
23
%
25
%
25
%
21
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107209695/en/
For More Information:
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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